Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 26, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ALNA | |
Entity Registrant Name | ALLENA PHARMACEUTICALS, INC. | |
Entity Central Index Key | 0001624658 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 20,816,064 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 51,755 | $ 61,643 |
Prepaid expenses and other current assets | 1,316 | 2,826 |
Total current assets | 53,071 | 64,469 |
Property and equipment, net | 486 | 514 |
Operating lease assets | 866 | |
Other assets | 390 | 246 |
Total assets | 54,813 | 65,229 |
Current liabilities: | ||
Accounts payable | 2,600 | 2,138 |
Loan payable, net of discount | 992 | |
Operating lease liabilities, net of discount | 513 | |
Accrued expenses and other current liabilities | 2,670 | 3,625 |
Total current liabilities | 6,775 | 5,763 |
Loan payable, net of current portion and discount | 8,982 | 9,980 |
Operating lease liabilities, net of current portion and discount | 361 | |
Other liabilities | 16 | 30 |
Total liabilities | 16,134 | 15,773 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Undesignated preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares authorized, issued or outstanding | ||
Common stock, $0.001 par value; 125,000,000 shares authorized; 20,816,064 and 20,809,025 shares issued and outstanding at March 31, 2019 and December 31, 2018, respectively | 21 | 21 |
Additional paid-in capital | 167,682 | 167,040 |
Accumulated deficit | (129,024) | (117,605) |
Total stockholders’ equity | 38,679 | 49,456 |
Total liabilities and stockholders’ equity | $ 54,813 | $ 65,229 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Undesignated preferred stock, par value | $ 0.001 | $ 0.001 |
Undesignated preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Undesignated preferred stock, shares issued | 0 | 0 |
Undesignated preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 20,816,064 | 20,809,025 |
Common stock, shares outstanding | 20,816,064 | 20,809,025 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating expenses: | ||
Research and development | $ 9,128 | $ 5,931 |
General and administrative | 2,431 | 2,042 |
Total operating expenses | 11,559 | 7,973 |
Loss from operations | (11,559) | (7,973) |
Other income (expense): | ||
Interest income, net | 151 | 100 |
Other expense, net | (11) | (7) |
Other income (expense), net | 140 | 93 |
Net loss | $ (11,419) | $ (7,880) |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.55) | $ (0.38) |
Weighted-average common shares outstanding—basic and diluted | 20,814,715 | 20,695,386 |
Net loss | $ (11,419) | $ (7,880) |
Comprehensive loss | $ (11,419) | $ (7,880) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2017 | $ 82,870 | $ 20 | $ 164,807 | $ (81,957) |
Balance, Shares at Dec. 31, 2017 | 20,694,658 | |||
Exercise of common stock options | 1 | 1 | ||
Exercise of common stock options, shares | 898 | |||
Stock-based compensation | 404 | 404 | ||
Issuance costs related to initial public offering | 13 | 13 | ||
Net loss | (7,880) | (7,880) | ||
Balance at Mar. 31, 2018 | 75,408 | $ 20 | 165,225 | (89,837) |
Balance, Shares at Mar. 31, 2018 | 20,695,556 | |||
Balance at Dec. 31, 2018 | $ 49,456 | $ 21 | 167,040 | (117,605) |
Balance, Shares at Dec. 31, 2018 | 20,809,025 | 20,809,025 | ||
Exercise of common stock options | $ 13 | 13 | ||
Exercise of common stock options, shares | 7,039 | |||
Stock-based compensation | 629 | 629 | ||
Net loss | (11,419) | (11,419) | ||
Balance at Mar. 31, 2019 | $ 38,679 | $ 21 | $ 167,682 | $ (129,024) |
Balance, Shares at Mar. 31, 2019 | 20,816,064 | 20,816,064 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (11,419) | $ (7,880) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 629 | 404 |
Depreciation expense | 40 | 19 |
Non-cash interest expense | 2 | 75 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 1,510 | 612 |
Operating lease assets | 125 | |
Other assets | (144) | (42) |
Accounts payable | 534 | 529 |
Accrued expenses | (962) | (616) |
Operating lease liabilities | (125) | |
Other liabilities | 3 | |
Net cash used in operating activities | (9,810) | (6,896) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (84) | (31) |
Net cash used in investing activities | (84) | (31) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 13 | 1 |
Payments of common stock offering costs | (186) | |
Other | (7) | |
Repayment of loan payable | (1,000) | |
Net cash provided by (used in) financing activities | 6 | (1,185) |
Net decrease in cash and cash equivalents | (9,888) | (8,112) |
Cash and cash equivalents, beginning of period | 61,643 | 94,494 |
Cash and cash equivalents, end of period | 51,755 | $ 86,382 |
Supplemental disclosures: | ||
Cash paid in connection with operating lease liabilities | 132 | |
Right-of-use assets obtained in exchange of operating lease obligations | $ 992 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Allena Pharmaceuticals, Inc. (the “Company”) is a late-stage clinical biopharmaceutical company dedicated to developing and commercializing first-in-class, oral enzyme therapeutics to treat patients with rare and severe metabolic and kidney disorders. The Company is focused on metabolic disorders that result in excess accumulation of certain metabolites that can cause kidney stones, damage the kidney, and potentially lead to chronic kidney disease (“CKD”), and end-stage renal disease. The Company’s lead product candidate, reloxaliase (formerly known as ALLN-177), is a first-in-class, oral enzyme therapeutic that it is developing for the treatment of hyperoxaluria, a metabolic disorder commonly associated with kidney stones, CKD and other serious kidney diseases. The Company was incorporated under the laws of the State of Delaware on June 24, 2011 and is located in Newton, Massachusetts. The Company is subject to risks common to companies in the biotechnology industry, including but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any drug product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations, reliance on third party manufacturers, ability to transition from pilot-scale manufacturing to large-scale production of products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company had an accumulated deficit of $129.0 million at March 31, 2019, and will require substantial additional capital to fund operations. The future success of the Company is dependent on its ability to identify and develop its product candidates and ultimately upon its ability to attain profitable operations. At March 31, 2019, the Company had $51.8 million of cash and cash equivalents. The Company believes that its cash and cash equivalents as of March 31, 2019 will be sufficient to fund the Company’s operating plan through at least the first half of 2020. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2018 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 7, 2019. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to present fairly the Company’s financial position as of March 31, 2019, the results of its operations for the three months ended March 31, 2019 and March 31, 2018 and cash flows for the three months ended March 31, 2019 and March 31, 2018. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2019 are not necessarily indicative of the results for the year ending December 31, 2019, or for any future period. Principles of Consolidation The consolidated financial statements include the accounts of Allena Pharmaceuticals, Inc. and its wholly owned subsidiaries Allena Pharmaceuticals Security Corporation (“Security Corporation”), which was incorporated in December 2014, and Allena Pharmaceuticals Ireland Limited, which was incorporated in March 2017. All intercompany transactions and balances have been eliminated. Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC Topic 820, Fair Value Measurement Level 1 inputs: Quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3 inputs: Unobservable inputs developed using estimates or assumptions developed by the Company, which reflect those that a market participant would use in pricing the asset or liability. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Leases ASU No. 2016-02, Leases (Topic 842) A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases. Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company’s utilizes its incremental borrowing rate at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. Finance lease assets are amortized to depreciation expense using the straight-line method over the shorter of the useful life of the related asset or the lease term. Finance lease payments are bifurcated into (i) a portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the lease. The Company separates lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option. Operating leases are recorded in “Operating lease assets,” “Operating lease liabilities” and “Operating lease liabilities, net of current portion” on the Company’s condensed consolidated balance sheet. The Company did not have any finance leases recorded on its condensed consolidated balance sheet as of March 31, 2019. The remainder of the Company’s significant accounting policies are described in the Annual Report filed on Form 10-K for the year ended December 31, 2018 that was filed with the United States Securities and Exchange Commission on March 7, 2019. Recently Adopted Accounting Pronouncements In 2016, the FASB issued ASC 842, which amends a number of aspects of lease accounting and requires entities to recognize right-of-use assets and liabilities on the balance sheet. ASC 842 was effective on January 1, 2019. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements The Company elected the package of transition practical expedients for leases that commenced prior to January 1, 2019, allowing it not to reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification for any expired or existing leases and (iii) the initial indirect costs for any existing leases. The Company recorded, upon adoption of ASC 842 on January 1, 2019, right-of-use assets of $1.0 million and corresponding liabilities of $1.0 million related to its operating leases. The Company did not have any leases at January 1, 2019 that would qualify as finance leases. These adjustments had no impact on the Company’s consolidated statement of operations and had no impact on the Company’s accumulated deficit. Refer to Note 6, “Commitments and Contingencies,” for further information regarding the Company’s leases as well as certain disclosures required by ASC 842. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting Recently Issued Accounting Pronouncements In 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement |
Net Loss per Share
Net Loss per Share | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 3. Net Loss per Share Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company has computed diluted net loss per common share after giving consideration to all potentially dilutive common shares, including options to purchase common stock, restricted common stock, convertible preferred stock and warrants to purchase convertible preferred stock, outstanding during the period determined using the treasury-stock and if-converted methods, except where the effect of including such securities would be antidilutive. Because the Company has reported net losses since inception, these potential common shares have been anti-dilutive and basic and diluted loss per share have been the same. Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (11,419 ) $ (7,880 ) Net loss attributable to common stockholders $ (11,419 ) $ (7,880 ) Denominator: Weighted-average common shares—basic and diluted 20,814,715 20,695,386 Net loss per share attributable to common stockholders—basic and diluted $ (0.55 ) $ (0.38 ) The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares): Three Months Ended March 31, 2019 2018 Warrants 9,040 9,040 Stock options 2,956,726 2,043,924 Total 2,965,766 2,052,964 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value at March 31, 2019 and December 31, 2018, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description March 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 51,655 $ 51,655 $ — $ — Total assets $ 51,655 $ 51,655 $ — $ — Description December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 61,415 $ 61,415 $ — $ — Total assets $ 61,415 $ 61,415 $ — $ — At March 31, 2019 and December 31, 2018, all of the Company’s cash equivalents were comprised of money market funds. There were no changes to the valuation methods during the three months ended March 31, 2019 and the year ended December 31, 2018. There were no transfers within the fair value hierarchy during the three months ended March 31, 2019 and the year ended December 31, 2018. The carrying amounts reflected in the consolidated balance sheets for cash and cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their carrying values. The Company believes the terms of the loan payable reflect current market conditions for an instrument with similar termsc and maturity, therefore the carrying value of the Company’s debt approximates its fair value based on Level 3 of the fair value hierarchy. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following (in thousands): March 31, 2019 December 31, 2018 Payroll and employee-related expenses $ 866 $ 1,690 Third-party research and development expenses 1,256 1,514 Professional fees 359 299 Loan interest 47 46 Other 142 76 Total accrued expenses $ 2,670 $ 3,625 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies The Company is a party to operating leases for approximately 7,795 square feet of office space in Newton, MA (Newton Lease), and for approximately 7,564 square feet of laboratory and office space in Sudbury, MA (Sudbury Lease). The Newton Lease expires on December 31, 2020 and the Sudbury Lease expires on February 28, 2021. Annualized base rent for the Newton Lease and the Sudbury lease is approximately $0.3 million and $0.2 million, respectively. Aggregate Lease Information Related to the Application of ASC 842 Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of March 31, 2019 are as follows (in thousands): Remainder of 2019 $ 356 2020 539 2021 29 Total maturities 924 Less: Amount representing interest (50 ) Present value of operating lease liabilities $ 874 Lease costs included in the Company’s condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2019 was $0.1 million. The Company’s operating leases had a weighted average remaining lease term of 1.7 years and a weighted average discount rate of 5.5% at March 31, 2019. Additional Lease Information Related to the Application of ASC 840 The following information is disclosed in accordance with ASC 840, Leases (Topic 840) December 31, 2018 2019 $ 487 2020 539 2021 30 $ 1,056 During the three months ended March 31, 2018, rent expense was $0.1 million. |
Loan and Security Agreement
Loan and Security Agreement | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Loan and Security Agreement | 7. Loan and Security Agreement In August 2014, the Company entered into a Loan Agreement with Silicon Valley Bank (“SVB”) and borrowed $7.0 million under the loan. In May 2016, the Loan Agreement was amended (“Amended Loan Agreement”) to borrow up to $10.0 million with a portion of the proceeds to be used to pay down the outstanding balance of the original $7.0 million of advances. At the time of the Amended Loan Agreement, SVB advanced a gross amount of $7.5 million to the Company. Net proceeds received by the Company were $1.6 million after deducting $5.3 million for repayment of the original advances and $0.6 million for final interest due upon maturity or prepayment of the original advances. In December 2016, upon the achievement of certain milestones, SVB advanced the remaining $2.5 million available under the Amended Loan Agreement. The borrowings were secured by a lien on all Company assets, excluding intellectual property. The May 2016 and December 2016 advances had a floating per annum interest rate equal to the greater of 4.0% or 0.5% above the prime rate. In December 2016, the interest only period was extended to 18 months. Upon the expiration of the interest only period, amounts borrowed were to be repaid over 30 equal monthly payments of principal and interest. At its option, the Company could prepay all, but not less than all, of the outstanding borrowings subject to a prepayment premium as defined in the Amended Loan Agreement. The Company was also required to make a final payment equal to 8.25% of the total borrowings (“Final Payment”) on the earliest of the loan maturity date, an acceleration of the loan as defined in the Amended Loan Agreement or at the time of prepayment. On June 29, 2018 the Company also entered into a loan agreement with Pacific Western Bank (“PWB Loan Agreement”) providing up to $12.0 million of borrowings, of which $10.0 million was advanced on June 29, 2018. The remaining $2.0 million of borrowings available under the PWB Loan Agreement are available to the Company through one additional advance request until the end of the interest only period as defined below. Borrowings are secured by a lien on all Company assets, excluding intellectual property, and amounts borrowed have a floating per annum interest rate of the greater of 5.0% or the prime rate. The PWB Loan Agreement has a term of 48 months and an initial interest only period of 18 months. If the Company receives at least $50M of gross proceeds from the sale of its equity securities or upfront cash payment from a strategic partnership prior the expiration of the initial interest only period, the interest only period will be extended an additional six months. Upon the expiration of the initial interest only period on December 31, 2019, amounts borrowed will be repaid over 30 equal monthly payments of principal plus accrued but unpaid interest. If the interest only period is extended an additional six months, amounts borrowed will be repaid over 24 equal monthly payments of principal plus accrued but unpaid interest beginning July 1, 2020. At its option, the Company may prepay all, but not less than all, of the outstanding borrowings subject to a prepayment premium as defined in the Loan Agreement. Upon the closing of one or more financings, in which the Company receives aggregate gross proceeds of at least $25 million, a success fee will be paid to the Lender. If the gross proceeds are received on or before June 30, 2019, the Success Fee is $200,000, and f the gross proceeds are received after June 30, 2019, the Success Fee is $300,000. The Company’s obligation to pay this Success Fee survives termination of the Agreement. The PWB Loan Agreement contains negative covenants restricting the Company’s activities, including limitations on dispositions, mergers or acquisitions, incurring indebtedness or liens, paying dividends or making investments and certain other business transactions. There are no financial covenants associated with the PWB Loan Agreement. The obligations under the PWB Loan Agreement are subject to acceleration upon the occurrence of specified events of default, including a material adverse change in the Company’s business, operations or financial or other condition. The Company has determined that the risk of subjective acceleration under the material adverse events clause is remote and therefore has classified the outstanding principal based on scheduled principal payments. The Company evaluated the PWB Loan Agreement for embedded features that require bifurcation, noting certain features were required to be bifurcated, but were concluded to be de minimis in value at March 31, 2019 and December 31, 2018. |
Stockholders' Deficit
Stockholders' Deficit | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders' Deficit | 8. Stockholders’ Deficit Common Stock The holders of common stock are entitled to one vote for each share held. Common stockholders are not entitled to receive dividends, unless declared by the Board of Directors. The Company has reserved for future issuances the following shares of common stock as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Warrants 9,040 9,040 Stock options 5,087,663 4,262,341 Employee stock purchase plan 405,742 405,742 Total 5,502,445 4,677,123 |
Stock Incentive Plan
Stock Incentive Plan | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plan | 9. Stock Incentive Plan On October 31, 2017, the Company adopted the 2017 Stock Option and Incentive Plan (“2017 Plan”). Upon the adoption of the 2017 Plan, no further grants would be made under the 2011 Stock Incentive Plan (“2011 Plan”). The 2017 Plan initially provided for the grant of awards for 2,038,021 shares of common stock. In addition to the shares available for grant under the 2017 Plan, any awards outstanding under the 2011 Plan as of the October 31, 2017 are cancelled, forfeited or otherwise terminated without being exercised, the number of shares underlying such awards will be available for future grant under the 2017 Plan. The 2017 Plan also provides that an additional number of shares will automatically be added to the shares authorized for issuance under the 2017 Plan on January 1 of each year. The number of shares added each year will be equal to the lesser of: (i) 4% of the outstanding shares on the immediately preceding December 31 or (ii) such amount as determined by the Compensation Committee of the registrant’s Board of Directors. On January 1, 2018, the shares available for grant under the 2017 Plan was automatically increased by 827,786 shares. On January 1, 2019, the shares available for grant under the 2017 Plan was automatically increased by an additional 832,361 shares. All of the Company’s employees, officers, directors, consultants and advisors are eligible to be granted options, restricted stock units (“RSUs”), and other share-based awards under the terms of the 2017 Plan. As of March 31, 2019, 2,130,937 shares of common stock were available for future grant under the 2017 Plan. All stock option grants are nonstatutory stock options except option grants to employees (including officers and directors) intended to qualify as incentive stock options under the Internal Revenue Code of 1986, as amended. Incentive stock options may not be granted at less than the fair market value of the Company’s common stock on the date of grant, as determined in good faith by the Board of Directors at its sole discretion. Nonqualified stock options may be granted at an exercise price established by the Board of Directors at its sole discretion (which has not been less than fair market value on the date of grant) and the vesting periods may vary. Vesting periods are generally four years and are determined by the Board of Directors or a delegated subcommittee. Stock options become exercisable as they vest. Options granted under both the 2011 Plan and 2017 Plan expire no more than 10 years from the date of grant. Stock-based compensation expense included in the Company’s statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended March 31, 2019 2018 Research and development $ 255 $ 90 General and administrative 374 314 Total $ 629 $ 404 The fair value of each stock option granted to employees and directors was estimated on the date of grant using the Black-Scholes option-pricing model, with the following range of assumptions as follows: Three Months Ended March 31, 2019 2018 Risk-free interest rate 2.5%-2.6% 2.3%-2.7% Expected dividend yield —% —% Expected term (in years) 5.8-6.8 5.9-6.1 Expected volatility 82% 81%-89% A summary of the stock option activity under the 2011 and 2017 Plans is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 2,141,527 4.32 7.7 $ 4,959 Granted 825,250 6.84 Exercised (7,039 ) 1.85 Cancelled (3,012 ) 8.54 Outstanding at March 31, 2019 2,956,726 $ 5.02 8.2 $ 7,239 Exercisable at March 31, 2019 1,274,158 $ 2.34 6.7 $ 6,046 As of March 31, 2019, total unrecognized stock-based compensation expense relating to unvested stock options was $7.7 million. This amount is expected to be recognized over a weighted-average period of 3.2 years. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (ASU) of the Financial Accounting Standards Board (“FASB”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2018 and notes thereto, included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on March 7, 2019. The unaudited interim consolidated financial statements have been prepared on the same basis as the audited financial statements. In the opinion of the Company’s management, the accompanying unaudited interim condensed consolidated financial statements contain all adjustments which are necessary to present fairly the Company’s financial position as of March 31, 2019, the results of its operations for the three months ended March 31, 2019 and March 31, 2018 and cash flows for the three months ended March 31, 2019 and March 31, 2018. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2019 are not necessarily indicative of the results for the year ending December 31, 2019, or for any future period. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements include the accounts of Allena Pharmaceuticals, Inc. and its wholly owned subsidiaries Allena Pharmaceuticals Security Corporation (“Security Corporation”), which was incorporated in December 2014, and Allena Pharmaceuticals Ireland Limited, which was incorporated in March 2017. All intercompany transactions and balances have been eliminated. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received upon sale of an asset or paid to transfer a liability between market participants at measurement dates. ASC Topic 820, Fair Value Measurement Level 1 inputs: Quoted prices in active markets for identical assets or liabilities. Level 2 inputs: Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Level 3 inputs: Unobservable inputs developed using estimates or assumptions developed by the Company, which reflect those that a market participant would use in pricing the asset or liability. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. Accordingly, the degree of judgment exercised by the Company in determining fair value is greatest for instruments categorized in Level 3. A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. |
Leases | Leases ASU No. 2016-02, Leases (Topic 842) A lease qualifies as a finance lease if any of the following criteria are met at the inception of the lease: (i) there is a transfer of ownership of the leased asset to the Company by the end of the lease term, (ii) the Company holds an option to purchase the leased asset that it is reasonably certain to exercise, (iii) the lease term is for a major part of the remaining economic life of the leased asset, (iv) the present value of the sum of lease payments equals or exceeds substantially all of the fair value of the leased asset, (v) the nature of the leased asset is specialized to the point that it is expected to provide the lessor no alternative use at the end of the lease term. All other leases are recorded as operating leases. Finance and operating lease assets and liabilities are recognized at the lease commencement date based on the present value of the lease payments over the lease term using the discount rate implicit in the lease. If the rate implicit is not readily determinable, the Company’s utilizes its incremental borrowing rate at the lease commencement date. Operating lease assets are further adjusted for prepaid or accrued lease payments. Operating lease payments are expensed using the straight-line method as an operating expense over the lease term. Finance lease assets are amortized to depreciation expense using the straight-line method over the shorter of the useful life of the related asset or the lease term. Finance lease payments are bifurcated into (i) a portion that is recorded as imputed interest expense and (ii) a portion that reduces the finance liability associated with the lease. The Company separates lease and non-lease components when determining which lease payments to include in the calculation of its lease assets and liabilities. Variable lease payments are expensed as incurred. If a lease includes an option to extend or terminate the lease, the Company reflects the option in the lease term if it is reasonably certain it will exercise the option. Operating leases are recorded in “Operating lease assets,” “Operating lease liabilities” and “Operating lease liabilities, net of current portion” on the Company’s condensed consolidated balance sheet. The Company did not have any finance leases recorded on its condensed consolidated balance sheet as of March 31, 2019. The remainder of the Company’s significant accounting policies are described in the Annual Report filed on Form 10-K for the year ended December 31, 2018 that was filed with the United States Securities and Exchange Commission on March 7, 2019. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In 2016, the FASB issued ASC 842, which amends a number of aspects of lease accounting and requires entities to recognize right-of-use assets and liabilities on the balance sheet. ASC 842 was effective on January 1, 2019. In July 2018, the FASB issued ASU No. 2018-11, Leases (Topic 842): Targeted Improvements The Company elected the package of transition practical expedients for leases that commenced prior to January 1, 2019, allowing it not to reassess (i) whether any expired or existing contracts contain leases, (ii) the lease classification for any expired or existing leases and (iii) the initial indirect costs for any existing leases. The Company recorded, upon adoption of ASC 842 on January 1, 2019, right-of-use assets of $1.0 million and corresponding liabilities of $1.0 million related to its operating leases. The Company did not have any leases at January 1, 2019 that would qualify as finance leases. These adjustments had no impact on the Company’s consolidated statement of operations and had no impact on the Company’s accumulated deficit. Refer to Note 6, “Commitments and Contingencies,” for further information regarding the Company’s leases as well as certain disclosures required by ASC 842. In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract In 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): Three Months Ended March 31, 2019 2018 Numerator: Net loss $ (11,419 ) $ (7,880 ) Net loss attributable to common stockholders $ (11,419 ) $ (7,880 ) Denominator: Weighted-average common shares—basic and diluted 20,814,715 20,695,386 Net loss per share attributable to common stockholders—basic and diluted $ (0.55 ) $ (0.38 ) |
Summary of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss per Share | The following table sets forth the potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to include them would be anti-dilutive (in common stock equivalent shares): Three Months Ended March 31, 2019 2018 Warrants 9,040 9,040 Stock options 2,956,726 2,043,924 Total 2,965,766 2,052,964 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets and Liabilities Measured at Fair Value | The following tables present information about the Company’s financial assets and liabilities that have been measured at fair value at March 31, 2019 and December 31, 2018, and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description March 31, 2019 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 51,655 $ 51,655 $ — $ — Total assets $ 51,655 $ 51,655 $ — $ — Description December 31, 2018 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Assets: Money market funds, included in cash and cash equivalents $ 61,415 $ 61,415 $ — $ — Total assets $ 61,415 $ 61,415 $ — $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): March 31, 2019 December 31, 2018 Payroll and employee-related expenses $ 866 $ 1,690 Third-party research and development expenses 1,256 1,514 Professional fees 359 299 Loan interest 47 46 Other 142 76 Total accrued expenses $ 2,670 $ 3,625 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Operating Leased Assets [Line Items] | |
Schedule of Future Minimum Commitments under Operating Leases | The following information is disclosed in accordance with ASC 840, Leases (Topic 840) December 31, 2018 2019 $ 487 2020 539 2021 30 $ 1,056 |
ASC 842 | |
Operating Leased Assets [Line Items] | |
Schedule of Maturities of Operating Lease Liabilities | Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of March 31, 2019 are as follows (in thousands): Remainder of 2019 $ 356 2020 539 2021 29 Total maturities 924 Less: Amount representing interest (50 ) Present value of operating lease liabilities $ 874 |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Summary of Shares of Common Stock Reserved | The Company has reserved for future issuances the following shares of common stock as of March 31, 2019 and December 31, 2018: March 31, 2019 December 31, 2018 Warrants 9,040 9,040 Stock options 5,087,663 4,262,341 Employee stock purchase plan 405,742 405,742 Total 5,502,445 4,677,123 |
Stock Incentive Plan (Tables)
Stock Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Summary of Stock-based Compensation Expense | Stock-based compensation expense included in the Company’s statements of operations and comprehensive loss is as follows (in thousands): Three Months Ended March 31, 2019 2018 Research and development $ 255 $ 90 General and administrative 374 314 Total $ 629 $ 404 |
Summary of Stock Option Activity | A summary of the stock option activity under the 2011 and 2017 Plans is as follows: Shares Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2018 2,141,527 4.32 7.7 $ 4,959 Granted 825,250 6.84 Exercised (7,039 ) 1.85 Cancelled (3,012 ) 8.54 Outstanding at March 31, 2019 2,956,726 $ 5.02 8.2 $ 7,239 Exercisable at March 31, 2019 1,274,158 $ 2.34 6.7 $ 6,046 |
Employees and Directors | |
Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options | The fair value of each stock option granted to employees and directors was estimated on the date of grant using the Black-Scholes option-pricing model, with the following range of assumptions as follows: Three Months Ended March 31, 2019 2018 Risk-free interest rate 2.5%-2.6% 2.3%-2.7% Expected dividend yield —% —% Expected term (in years) 5.8-6.8 5.9-6.1 Expected volatility 82% 81%-89% |
Nature of Business - Additional
Nature of Business - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accumulated deficit | $ 129,024 | $ 117,605 |
Cash and cash equivalents | $ 51,755 | $ 61,643 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2019 | Jan. 01, 2019 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Entity incorporated date | Dec. 31, 2014 | |
Lease, practical expedients, package | true | |
Operating lease, right-of-use assets | $ 866,000 | $ 1,000,000 |
Operating lease, liabilities | 1,000,000 | |
Finance lease, right-of-use assets | 0 | |
Finance lease, liabilities | $ 0 | |
Allena Pharmaceuticals Security Corporation | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity incorporated date | Dec. 31, 2014 | |
Allena Pharmaceuticals Ireland Limited | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Entity incorporated date | Mar. 31, 2017 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Numerator: | ||
Net loss | $ (11,419) | $ (7,880) |
Net loss attributable to common stockholders | $ (11,419) | $ (7,880) |
Denominator: | ||
Weighted-average common shares—basic and diluted | 20,814,715 | 20,695,386 |
Net loss per share attributable to common stockholders—basic and diluted | $ (0.55) | $ (0.38) |
Net Loss per Share - Summary _2
Net Loss per Share - Summary of Anti-dilutive Securities Excluded from Calculation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 2,965,766 | 2,052,964 |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 9,040 | 9,040 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from the calculation of loss per share | 2,956,726 | 2,043,924 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets and Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | $ 51,655 | $ 61,415 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total assets | 51,655 | 61,415 |
Money market funds, included in cash and cash equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | 51,655 | 61,415 |
Money market funds, included in cash and cash equivalents | Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market funds, included in cash and cash equivalents | $ 51,655 | $ 61,415 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | ||
Change in valuation methods or transfers | $ 0 | $ 0 |
Transfers within fair value hierarchy | $ 0 | $ 0 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Payroll and employee-related expenses | $ 866 | $ 1,690 |
Third-party research and development expenses | 1,256 | 1,514 |
Professional fees | 359 | 299 |
Loan interest | 47 | 46 |
Other | 142 | 76 |
Total accrued expenses | $ 2,670 | $ 3,625 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2019USD ($)ft² | Mar. 31, 2018USD ($) | |
Operating Leased Assets [Line Items] | ||
Lease costs | $ 0.1 | |
Operating lease, weighted average remaining lease term | 1 year 8 months 12 days | |
Operating lease, weighted average discount rate | 5.50% | |
Operating leases, rent expense, net | $ 0.1 | |
Newton, MA | ||
Operating Leased Assets [Line Items] | ||
Rentable office space under operating lease | ft² | 7,795 | |
Base rent for office space | $ 0.3 | |
Operating lease expiration date | Dec. 31, 2020 | |
Sudbury, MA | ||
Operating Leased Assets [Line Items] | ||
Rentable office space under operating lease | ft² | 7,564 | |
Base rent for office space | $ 0.2 | |
Operating lease expiration date | Feb. 28, 2021 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
Lessee Lease Description [Line Items] | ||
Present value of operating lease liabilities | $ 1,000 | |
ASC 842 | ||
Lessee Lease Description [Line Items] | ||
Remainder of 2019 | $ 356 | |
2020 | 539 | |
2021 | 29 | |
Total maturities | 924 | |
Less: Amount representing interest | (50) | |
Present value of operating lease liabilities | $ 874 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Commitments under Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2019 | $ 487 |
2020 | 539 |
2021 | 30 |
Total future operating lease commitment | $ 1,056 |
Loan and Security Agreement - A
Loan and Security Agreement - Additional Information (Details) - Loan Agreement - USD ($) | Jun. 29, 2018 | Dec. 31, 2016 | May 31, 2016 | Mar. 31, 2019 | Aug. 31, 2014 |
SVB | |||||
Debt Instrument [Line Items] | |||||
Loan agreement, maximum borrowing capacity | $ 10,000,000 | $ 7,000,000 | |||
Proceeds from loan agreement | $ 2,500,000 | 7,500,000 | |||
Net proceeds from loan agreement | 1,600,000 | ||||
Repayment under loan agreement | 5,300,000 | ||||
Payment for final interest due upon maturity or prepayment of the original advances | $ 600,000 | ||||
Loan agreement, stated interest rate | 4.00% | 4.00% | |||
Loan agreement, interest rate above prime rate | 0.50% | 0.50% | |||
Loan agreement, extended interest only payment period | 18 months | ||||
Loan agreement, number of monthly payments | 30 months | ||||
Loan agreement, frequency of payments | monthly | ||||
Percentage of final payment based on total borrowings | 8.25% | ||||
PWB | |||||
Debt Instrument [Line Items] | |||||
Loan agreement, maximum borrowing capacity | $ 12,000,000 | ||||
Loan agreement, interest rate above prime rate | 5.00% | ||||
Loan agreement, extended interest only payment period | 6 months | ||||
Loan agreement, number of monthly payments | 30 months | ||||
Loan agreement, frequency of payments | monthly | ||||
Loan agreement, advanced amount | $ 10,000,000 | ||||
Loan agreement, remaining borrowing capacity | $ 2,000,000 | ||||
Loan agreement, term | 48 months | ||||
Loan agreement, interest only payment period | 18 months | ||||
Expiration of initial interest only period | Dec. 31, 2019 | ||||
Loan agreement, extended additional interest only payment period | 6 months | ||||
Loan agreement, number of additional monthly payments | 24 months | ||||
Aggregate gross proceeds for success fee to be paid | $ 25,000,000 | ||||
Success fee if gross proceeds received before June 30, 2019 | 200,000 | ||||
Success fee if gross proceeds received after June 30, 2019 | 300,000 | ||||
PWB | Minimum | |||||
Debt Instrument [Line Items] | |||||
Gross proceeds from sale of equity securities or upfront cash payment | $ 50,000,000 |
Stockholders' Deficit - Additio
Stockholders' Deficit - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Common stock, voting rights | one vote for each share held |
Stockholders' Deficit - Summary
Stockholders' Deficit - Summary of Shares of Common Stock Reserved (Details) - shares | Mar. 31, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 5,502,445 | 4,677,123 |
Warrants | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 9,040 | 9,040 |
Stock Options | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 5,087,663 | 4,262,341 |
Employee Stock Purchase Plan | ||
Class of Stock [Line Items] | ||
Shares of common stock reserved for future issuances | 405,742 | 405,742 |
Stock Incentive Plan - Addition
Stock Incentive Plan - Additional Information (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Jan. 01, 2018 | Oct. 31, 2017 | Mar. 31, 2019 |
2011 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized for grant | 0 | |||
2011 Plan | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based award, vesting period | 4 years | |||
2011 Plan | Stock Options | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based award, expiration period | 10 years | |||
2017 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock option grant effective date | Oct. 31, 2017 | |||
Share based award, description | Upon the adoption of the 2017 Plan, no further grants would be made under the 2011 Stock Incentive Plan (“2011 Plan”). The 2017 Plan initially provided for the grant of awards for 2,038,021 shares of common stock. In addition to the shares available for grant under the 2017 Plan, any awards outstanding under the 2011 Plan as of the October 31, 2017 are cancelled, forfeited or otherwise terminated without being exercised, the number of shares underlying such awards will be available for future grant under the 2017 Plan. The 2017 Plan also provides that an additional number of shares will automatically be added to the shares authorized for issuance under the 2017 Plan on January 1 of each year. The number of shares added each year will be equal to the lesser of: (i) 4% of the outstanding shares on the immediately preceding December 31 or (ii) such amount as determined by the Compensation Committee of the registrant’s Board of Directors. On January 1, 2018, the shares available for grant under the 2017 Plan was automatically increased by 827,786 shares. On January 1, 2019, the shares available for grant under the 2017 Plan was automatically increased by an additional 832,361 shares. | |||
Percentage criteria for additional shares granted | 4.00% | |||
Additional shares available for grant | 832,361 | 827,786 | ||
2017 Plan | Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares available for future grant | 2,130,937 | |||
Stock-based award, vesting period | 4 years | |||
2017 Plan | Stock Options | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based award, expiration period | 10 years | |||
2017 Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares authorized for grant | 2,038,021 | |||
2011 And 2017 Plans | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense related to unvested employee stock options | $ 7.7 | |||
Unrecognized stock-based compensation expense, weighted average period for recognition | 3 years 2 months 12 days |
Stock Incentive Plan - Summary
Stock Incentive Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 629 | $ 404 |
Research and Development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | 255 | 90 |
General and Administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock-based compensation expense | $ 374 | $ 314 |
Stock Incentive Plan - Schedule
Stock Incentive Plan - Schedule of Assumptions Used in Black-Scholes Option Pricing Model to Estimate Fair Value of Stock Options (Details) - Stock Options - Employees and Directors | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate, minimum | 2.50% | 2.30% |
Risk-free interest rate, maximum | 2.60% | 2.70% |
Expected volatility | 82.00% | |
Expected volatility, minimum | 81.00% | |
Expected volatility, maximum | 89.00% | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 5 years 9 months 18 days | 5 years 10 months 24 days |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 9 months 18 days | 6 years 1 month 6 days |
Stock Incentive Plan - Summar_2
Stock Incentive Plan - Summary of Stock Option Activity (Details) - 2011 And 2017 Plans - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Outstanding, Beginning balance | 2,141,527 | |
Shares, Granted | 825,250 | |
Shares, Exercised | (7,039) | |
Shares, Cancelled | (3,012) | |
Shares, Outstanding, Ending balance | 2,956,726 | 2,141,527 |
Shares, Exercisable | 1,274,158 | |
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ 4.32 | |
Weighted-Average Exercise Price, Granted | 6.84 | |
Weighted-Average Exercise Price, Exercised | 1.85 | |
Weighted-Average Exercise Price, Cancelled | 8.54 | |
Weighted-Average Exercise Price, Outstanding, Ending balance | 5.02 | $ 4.32 |
Weighted-Average Exercise Price, Exercisable | $ 2.34 | |
Weighted-Average Remaining Contractual Life (in years), Outstanding | 8 years 2 months 12 days | 7 years 8 months 12 days |
Weighted-Average Remaining Contractual Life (in years), Exercisable | 6 years 8 months 12 days | |
Aggregate Intrinsic Value, Outstanding | $ 7,239 | $ 4,959 |
Aggregate Intrinsic Value, Exercisable | $ 6,046 |