Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | ITRM | |
Entity Registrant Name | Iterum Therapeutics plc | |
Entity Central Index Key | 1,659,323 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 14,159,423 |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 84,901 | $ 8,485 |
Short-term investments | 50,370 | 30,731 |
Prepaid expenses and other current assets | 6,442 | 4,957 |
Total current assets | 141,713 | 44,173 |
Property and equipment, net | 735 | 747 |
Restricted cash | 120 | |
Other assets | 2,902 | 1,837 |
Total assets | 145,470 | 46,757 |
Current liabilities: | ||
Accounts payable | 8,169 | 3,152 |
Accrued expenses | 4,121 | 3,974 |
Total current liabilities | 12,290 | 7,126 |
Long-term debt | 14,505 | |
Other liabilities | 145 | 80 |
Total liabilities | 26,940 | 7,206 |
Commitments and contingencies (Note 11) | ||
Shareholders’ equity: | ||
Ordinary shares, $0.01 par value per share: 44,557,606 shares authorized, 14,159,423 shares issued at June 30,2018; 7,956,715 shares authorized 413,110 shares issued at December 31, 2017 | 142 | 4 |
Additional paid-in capital | 201,018 | 94,227 |
Accumulated deficit | (82,630) | (54,737) |
Total shareholders' equity | 118,530 | 39,494 |
Total liabilities, convertible preferred shares and shareholders’ equity | $ 145,470 | 46,757 |
Series A Convertible Preferred Shares | ||
Current liabilities: | ||
Convertible preferred shares | 30 | |
Series B Convertible Preferred Shares | ||
Current liabilities: | ||
Convertible preferred shares | $ 27 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Ordinary shares, par value | $ 0.01 | $ 0.01 |
Ordinary shares, shares authorized | 44,557,606 | 7,956,715 |
Ordinary shares, shares issued | 14,159,423 | 413,110 |
Series A Convertible Preferred Shares | ||
Temporary equity, par value | $ 0.01 | $ 0.01 |
Temporary equity, shares authorized | 3,032,463 | 3,032,463 |
Temporary equity, shares issued | 0 | 3,032,457 |
Series B Convertible Preferred Shares | ||
Temporary equity, par value | $ 0.01 | $ 0.01 |
Temporary equity, shares authorized | 4,801,493 | 3,696,943 |
Temporary equity, shares issued | 0 | 2,654,206 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenue | $ 185 | $ 376 | ||
Operating expenses: | ||||
Research and development | (13,725) | $ (5,290) | (24,604) | $ (9,824) |
General and administrative | (1,886) | (1,123) | (3,401) | (2,131) |
Total operating expenses | (15,611) | (6,413) | (28,005) | (11,955) |
Operating loss | (15,426) | (6,413) | (27,629) | (11,955) |
Interest (expense) / income, net | (76) | 46 | 9 | 46 |
Other (expense) / income, net | (177) | 165 | (116) | 97 |
Total other (expense) / income | (253) | 211 | (107) | 143 |
Loss before income taxes | (15,679) | (6,202) | (27,736) | (11,812) |
Income tax expense | (68) | (78) | (157) | (305) |
Net loss and comprehensive loss | (15,747) | (6,280) | (27,893) | (12,117) |
Net loss attributable to ordinary shareholders | $ (15,747) | $ (6,280) | $ (27,893) | $ (12,117) |
Net loss per share attributable to ordinary shareholders – basic and diluted | $ (2.22) | $ (39.44) | $ (6.72) | $ (82.82) |
Weighted average ordinary shares outstanding – basic and diluted | 7,085,655 | 159,221 | 4,148,535 | 146,311 |
Consolidated Statements of Cash
Consolidated Statements of Cash flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net loss | $ (27,893) | $ (12,117) | |
Adjustments to reconcile net loss to cash used in operating activities: | |||
Depreciation | 64 | 14 | $ 65 |
Share-based compensation expense | 404 | 180 | |
Non-cash (loss) / gain on short term investments | (62) | 20 | |
Interest on short-term investments | (71) | (97) | |
Amortization of debt discount and deferred financing costs | 138 | ||
Other | 245 | ||
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (1,563) | (3,165) | |
Other assets | (1,065) | (584) | |
Accounts payable | 5,014 | 624 | |
Accrued expenses | 94 | (242) | |
Income taxes | 60 | 239 | |
Other liabilities | 65 | 84 | |
Net cash used in operating activities | (24,570) | (15,044) | |
Cash flows from investing activities: | |||
Purchases of property and equipment | (53) | (612) | |
Purchases of short-term investments | (53,727) | (33,785) | |
Proceeds from sale of short-term investments | 34,150 | ||
Net cash used in investing activities | (19,630) | (34,397) | |
Cash flows from financing activities: | |||
Proceeds from issuance of debt, net of debt issuance costs | 14,507 | ||
Proceeds from issuance of ordinary shares, net of issuance costs | 74,155 | ||
Net cash provided by financing activities | 120,835 | 45,867 | |
Effect of exchange rates on cash and cash equivalents | (99) | ||
Net increase / (decrease) in cash, cash equivalents and restricted cash | 76,536 | (3,574) | |
Cash, cash equivalents and restricted cash, at beginning of period | 8,485 | 24,809 | 24,809 |
Cash, cash equivalents and restricted cash, at end of period | 85,021 | 21,235 | $ 8,485 |
Series B Convertible Preferred Shares | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Series B convertible preferred shares | $ 32,173 | $ 45,867 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation Iterum Therapeutics plc (the “Company”) was incorporated under the laws of the state of Ireland in June 2015 as a limited company and reregistered as a public limited company on March 20, 2018. The Company maintains its registered office at Block 2 Floor 3, Harcourt Centre, Harcourt Street, Dublin 2, Ireland. The Company commenced operations in November 2015. The Company licensed global rights to its novel anti-infective compound, sulopenem, from Pfizer Inc. (“Pfizer”). The Company is a clinical-stage pharmaceutical company dedicated to developing and commercializing sulopenem to be the first and only oral and intravenous (“IV”) branded penem available globally. Since inception, the Company has devoted substantially all of its efforts to research and development, recruiting management and technical staff, and raising capital, and has financed its operations through the issuance of ordinary and convertible preferred shares, debt raised under a financing arrangement with Silicon Valley Bank (“SVB”) and a sub-award from the Trustees of Boston University under the Combating Antibiotic Resistant Bacteria Biopharmaceutical Accelerator (“CARB-X”) program . The Company has not generated any product revenue. The Company is subject to risks and uncertainties common to early-stage companies in the pharmaceutical industry, including, but not limited to, failure to successfully develop and commercialize its product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, 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 preclinical and clinical testing and regulatory approval prior to commercialization. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of the Company and its subsidiaries. On May 15, 2018, the Company’s shareholders approved a consolidation of its ordinary shares and convertible preferred shares at a 1-for-15.71 ratio (the “Reverse Share Split”), effective on that date. Fractional entitlements to ordinary shares and convertible preferred shares arising as a result of the Reverse Share Split were rounded down to the nearest whole number for each holder of ordinary shares and convertible preferred shares. Those fractional entitlements were aggregated and surrendered to the Company for cancellation. Immediately following the Reverse Share Split, the Company redenominated its ordinary shares and convertible preferred shares from $0.01571 (the nominal value resulting from the Reverse Share Split) per share to $0.01 per share (the “Renominalisation”). All issued and outstanding ordinary shares, convertible preferred shares, options for ordinary shares, restricted stock awards, warrants and per share amounts have been retroactively adjusted to reflect this Reverse Share Split and Renominalisation for all periods presented. On May 30, 2018, the Company completed an initial public offering (“IPO”) of its ordinary shares, and issued and sold 6,150,000 ordinary shares at a public offering price of $13.00 per share, resulting in net proceeds of $71.8 million after deducting underwriting discounts and commissions and offering costs payable by the Company. On June 26, 2018, the Company issued and sold an additional 200,000 ordinary shares at the IPO price of $13.00 per share pursuant to the underwriters’ partial exercise of their option to purchase additional ordinary shares, resulting in additional net proceeds of $2.4 million after deducting underwriting discounts and commissions and costs payable by the Company. Aggregate net proceeds from the IPO totaled $74.2 million after deducting underwriting discounts and commissions and offering costs. In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) The Company has incurred operating losses since inception, including net losses of $27,893 and $12,117 for the six month periods ended June 30, 2018 and June 30, 2017, respectively, and a net loss of $29,406 for the year ended December 31, 2017. The Company had an accumulated deficit of $82,630 as of June 30, 2018. The Company expects to continue to incur net losses for the next several years and is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing to fund its operations. Management believe that its cash and cash equivalents balance of $84,901 and short-term investments balance of $50,370 at June 30, 2018, are sufficient to fund operations through the fourth quarter of 2019. In making this assessment management have considered the Company’s available cash resources, the $15.0 million available under the secured credit facility with SVB, future financing options available to the Company, the planned operations of the Company and the ability to adjust its plans if required. The Company will then seek additional funding through public or private financing of debt or equity or collaboration agreements. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. Interim Financial Information The condensed consolidated balance sheet at December 31, 2017 was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2018, and for six months ended June 30, 2018 and 2017, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2017, included in the Company’s final prospectus for its initial public offering filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”) with the SEC on May 25, 2018. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2018, and results of operations for the six months ended June 30, 2018 and 2017, and cash flows for the six months ended June 30, 2018 and 2017 have been made. The results of operations for the six months ended June 30, 2018 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2018. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies 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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses, revenue from grant awards, the valuation of restricted ordinary shares and the valuation of share-based compensation 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 could differ materially from those estimates. Net Loss Per Ordinary Share Basic and diluted net loss per ordinary share is determined by dividing net loss attributable to ordinary shareholders by the weighted-average ordinary shares outstanding during the period; in accordance with Accounting Standard Codification (ASC) 260, Earnings per Share The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding as they would be anti-dilutive: Six months ended June 30, 2018 June 30, 2017 Options to purchase ordinary shares 696,112 66,832 Preferred shares convertible into ordinary shares — 5,686,667 Unvested restricted ordinary shares 143,076 246,282 Unvested restricted stock units 36,924 — Warrants 19,890 — Total 896,002 5,999,781 Segment Information The Company determines and presents operating segments based on the information that is internally provided to the Chief Executive Officer, Chief Scientific Officer, Chief Financial Officer and Chief Commercial Officer, who together are considered the Company’s chief operating decision maker, in accordance with ASC 280, Segment Reporting The distribution of total operating expenses by geographical area was as follows: Three months ended June 30, Six months ended June 30, Operating expenses 2018 2017 2018 2017 Ireland $ 12,811 $ 5,205 $ 22,775 $ 9,674 U.S. 2,800 1,208 5,230 2,281 Total $ 15,611 $ 6,413 $ 28,005 $ 11,955 The distribution of long-lived assets by geographical area was as follows: Long lived assets June 30, 2018 December 31, 2017 Ireland $ 3,388 $ 2,341 U.S. 369 243 Total $ 3,757 $ 2,584 Recent Accounting Pronouncements In July 2017, the Financial Accounting Standards Board ( Earnings Per Share Distinguishing Liabilities from Equity Derivatives and Hedging Part I applies to entities that issue financial instruments such as warrants, convertible debt or convertible preferred shares that contain down-round features. Part II replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. ASU 2017-11 is required to be adopted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-11 is not expected to have a significant impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases |
Fair Value of Financial Assets
Fair Value of Financial Assets | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets | 3. Fair Value of Financial Assets The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2017 and June 30, 2018 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value. June 30, 2018 Assets Total Level 1 Level 2 Level 3 Short-term investments $ 50,370 $ 50,370 — — Other asset – advance payment to supplier 1,728 — — 1,728 Total $ 52,098 50,370 — 1,728 December 31, 2017 Assets Total Level 1 Level 2 Level 3 Short-term investments $ 30,731 30,731 — — Other asset – advance payment to supplier 1,472 — — 1,472 Total $ 32,203 30,731 — 1,472 See Note 4 for further details on the short-term investments held. The other asset above relates to advance payments made to a supplier that were recorded at fair value using the discounted cash flow model (DCF), as of December 31, 2017 and June 30, 2018. Key assumptions used in the DCF include a discount rate of 15% and the expected time to recovery of the payment. See Note 11—Payments to Supplier, for further details on these advance payments. As of June 30, 2018, the estimated fair value of our borrowings under our term loan with SVB was approximately equal to its book value based on the borrowing rates currently available for variable rate loans (Level 2). |
Short Term Investments
Short Term Investments | 6 Months Ended |
Jun. 30, 2018 | |
Available For Sale Securities [Abstract] | |
Short Term Investments | 4. Short-term investments The Company classifies its short-term investments as available for sale. Short-term investments comprise highly liquid investments with minimum “A-” rated securities and as at period-ends consist of U.S. Treasury and agency bonds and corporate entity commercial paper with maturities of more than three months but less than one year at the date of purchase. Short-term investments as of June 30, 2018 have an average maturity of 0.41 years. The investments are reported at fair value with unrealized gains or losses recorded in the consolidated statements of operations and comprehensive loss. Any differences between the cost and fair value of investments are represented by unrealized gains or losses. The fair value of short-term investments are represented by Level 1 fair value measurements – quoted prices in active markets for identical assets. The following table represents the Company’s available for sale short-term investments by major security type as of June 30, 2018 and December 31, 2017: June 30, 2018 Maturity by period Unrealized Unrealized Fair Value Less than 1 Available for sale Cost Total gains (losses) Total year 1 to 5 years Commercial paper $ 47,831 58 (3 ) 47,886 47,886 — U.S. Treasury and Agency Bonds 2,477 7 — 2,484 2,484 — Total $ 50,308 65 (3 ) 50,370 50,370 — December 31, 2017 Maturity by period Unrealized Unrealized Fair Value Less than 1 Available for sale Cost Total gains (losses) Total year 1 to 5 years Commercial paper $ 22,538 8 (27 ) 22,519 22,519 — U.S. Treasury and Agency Bonds 8,205 18 (11 ) 8,212 8,212 — Total $ 30,743 26 (38 ) 30,731 30,731 — |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2018 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 5. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following: June 30, 2018 December 31, 2017 Prepaid research and development expenses $ 3,165 $ 2,289 Short-term deposits 1,195 1,346 Other prepaid assets 595 516 Value added tax receivable 592 281 Deferred IPO expenses - 180 Research and development tax credit receivable 130 133 Prepaid insurance 598 117 Interest receivable 167 95 Total $ 6,442 $ 4,957 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment and related accumulated depreciation are as follows: June 30, 2018 December 31, 2017 Leasehold improvements $ 592 $ 579 Furniture and fixtures 118 108 Laboratory equipment 81 81 Computer equipment 73 44 864 812 Less: accumulated depreciation (129 ) (65 ) $ 735 $ 747 Depreciation expense was $64 for the six month period ended June 30, 2018 and $65 for the year ended December 31, 2017. |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 7. Accrued Expenses Accrued expenses consist of the following: June 30, 2018 December 31, 2017 Accrued clinical trial costs $ 2,025 $ 594 Accrued manufacturing expenses 851 2,031 Accrued payroll and bonus expenses 920 1,059 Accrued other expenses 325 290 Total $ 4,121 $ 3,974 |
Shareholders_ Equity
Shareholders’ Equity | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Shareholders’ Equity | 8. Shareholders’ Equity The following tables present a reconciliation of our beginning and ending balances in shareholders’ equity for the six months ended June 30, 2018 and 2017: Total Shareholders' Equity Shareholders' equity at January 1, 2018 $ 39,494 Issuance of Series B convertible preferred shares 32,159 Issuance of ordinary shares 74,153 Conversion of preferred shares to ordinary shares 74 Share-based compensation expense 404 Issuance of warrants 139 Net loss (27,893 ) Shareholders' equity at June 30, 2018 $ 118,530 Total Shareholders' Equity Shareholders' equity at January 1, 2017 $ 22,668 Issuance of Series B convertible preferred shares 45,840 Share-based compensation expense 180 Net loss (12,117 ) Shareholders' equity at June 30, 2017 $ 56,571 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 9. Share-Based Compensation The Company’s Board of Directors adopted and approved the 2015 Equity Incentive Plan in November 2015 (“the 2015 Plan”). The 2015 Plan was amended most recently in May 2017. The 2015 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, and other stock awards to our employees, directors and consultants. On March 14, 2018, the Company’s Board of Directors adopted and approved the 2018 Equity Incentive Plan (the “2018 Plan”), which became effective on the execution and delivery of the underwriting agreement related to the IPO. The 2018 Plan authorizes the Company to grant up to 1,018,459 ordinary shares in the form of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units, performance stock awards, performance cash awards and other stock awards. The types of share-based awards, including share purchase rights amount, terms, and exercisability provisions of grants are determined by the Company’s Board of Directors. Since Restricted Ordinary Shares In connection with the Company’s formation, 413,110 restricted ordinary shares were issued on October 14, 2015 to the Company’s founders at par value. These ordinary shares are subject to various restrictions pursuant to ordinary share purchase agreements between the Company and each founder, including restrictions on transfer and a Company right of repurchase. The restricted ordinary shares were 25% vested as of October 14, 2016 and 1/36th of the remaining restricted ordinary shares vest on a monthly basis thereafter (subject to acceleration of vesting in connection with certain change of control transactions). A change in status occurred on November 18, 2015 when the founders became employees of the Company. The grant date of these shares is now considered to be November 18, 2015 when the fair value was $3.14 per share. The Company recorded an expense of $165 and $165 for the restricted ordinary shares for the six month periods ended June 30, 2018 and June 30, 2017, respectively. Total unamortized compensation expense related to restricted ordinary shares was $428 and $761 as of June 30, 2018 and June 30, 2017, respectively, expected to be recognized over a weighted average period of 1.38 years and 2.38 years as of June 30, 2018 and June 30, 2017, respectively. The following table summarizes restricted ordinary shares activity for the six months ended June 30, 2018: Number of Weighted Average grant date fair Shares value per share Unvested at December 31, 2017 189,342 $ 3.14 Granted — Vested (46,266 ) $ 3.14 Forfeited — Unvested at June 30, 2018 (unaudited) 143,076 $ 3.14 Stock Options The Company awarded 447,984 stock options to employees and directors for the six month period ended June 30, 2018 under the 2018 Plan. The Company awarded 17,502 stock options to employees and directors during the six month period ended June 30, 2017 under the 2015 Plan. There were 663,916 and 56,596 unvested employee options outstanding as of June 30, 2018 and June 30, 2017, respectively. Total expense recognized related to the employee stock options was $189 and $15 for the six month periods ended June 30, 2018 and June 30, 2017, respectively. Total unamortized compensation expense related to employee stock options was $3,549 and $95 as of June 30, 2018 and June 30, 2017, respectively, which is expected to be recognized over a remaining average vesting period of 3.71 years and 3.28 years as of June 30, 2018 and June 30, 2017, respectively. The assumptions that the Company used to determine the grant date fair value of employee and director options granted were as follows, presented on a weighted average basis: Six months ended June 30, 2018 2017 Volatility 60 % 60 % Expected term in years 6.25 6.25 Dividend rate 0 % 0 % Risk-free interest rate 2.16 % 1.63 % Share price $12.20 - $13.00 $ 3.30 Fair value of option on grant date $7.03 - $7.49 $ 1.88 The following table summarizes the number of options outstanding and the weighted-average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in thousands) Options outstanding December 31, 2017 248,128 $ 3.31 9.44 Granted 447,984 12.99 9.92 Exercised — Forfeited — Options outstanding June 30, 2018 696,112 $ 9.54 9.57 1,825 Vested at June 30, 2018 (unaudited) 32,196 Exercisable at June 30, 2018 (unaudited) 32,196 $ 3.17 8.15 766 Restricted stock units (RSUs) The Company granted 36,924 RSUs to directors for the six month period ended June 30, 2018. No RSUs were awarded for the six month period ended June 30, 2017. The table below shows the number of RSUs granted covering an equal number of our ordinary shares and the weighted-average grant date fair value of the RSUs granted: Number of Shares Weighted average grant date fair value per share RSUs outstanding December 31, 2017 — Granted 36,924 $ 13.00 Shares vested — Forfeited — RSUs outstanding June 30, 2018 36,924 $ 13.00 The fair value of the RSUs is determined on the date of grant based on the market price of our ordinary shares on that date. The fair value of RSUs is expensed ratably over the vesting period, which is generally one year for directors. Total expense recognized related to the RSUs was $50 for the period ended June 30, 2018. Total unamortized compensation expense related to RSUs was $431 as of June 30, 2018, which is expected to be recognized over a remaining average vesting period of 0.9 years as of June 30, 2018. The Company’s share-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (unaudited) (unaudited) Research and development expense $ 118 $ 42 $ 197 $ 85 General and administrative expense 149 48 207 95 There was a total of $4,408 and $856 unamortized share-based compensation expense for restricted ordinary shares, options and restricted stock units as of June 30, 2018 and June 30, 2017, respectively, which is expected to be recognized over a remaining average vesting period of 3.21 years and 2.48 years as of June 30, 2018 and June 30, 2017, respectively. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes In accordance with the FASB ASC Topic No. 270 “ Interim Reporting” “Income Taxes” (Topic No. 740) Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax bases of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, including the Company’s history of losses and determined that it is more-likely-than-not that these net deferred tax assets will not be realized. As of June 30, 2018, and December 31, 2017, the company has net operating loss carryforwards in Ireland of approximately $8,886 and $5,409 respectively, for which a full valuation allowance has been recognized. The net operating loss carryforwards do not expire, but are carried forward indefinitely. Realization of these deferred tax assets is dependent on the generation of sufficient taxable income. If the Company demonstrates consistent profitability in the future, the evaluation of the recoverability of these deferred tax assets may change and the remaining valuation allowance may be released in part or in whole. While management expects to realize the deferred tax assets, net of valuation allowances, changes in estimates of future taxable income or in tax laws may alter this expectation. |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Operating Leases In June 2018, the Company entered into an operating lease agreement for a commercial unit in Dublin for a period of 20 years with a 10 year break option, that commenced in June 2018. Annual lease payments are $321, subject to certain escalations at each five year interval. Under the terms of the lease, the Company provided a security deposit of $818 to the landlord, which is included in other assets in the accompanying balance sheet. In March 2018, the Company entered into an operating lease agreement for office space in Chicago for a period of five years that commenced in June 2018. Annual lease payments are $258, subject to certain escalations, with a renewal option to extend the lease for an additional five years. Under the terms of the lease, the Company provided a security deposit in the form of a letter of credit for the benefit of the landlord in the amount of $120 which amount will be reduced incrementally over the term of the lease. The letter of credit outstanding is collateralized with a certificate of deposit. In April 2017, the Company entered into an operating lease agreement for office space in Connecticut for a period of five years that commenced in July 2017. Annual lease payments are $131, subject to certain escalations, with a renewal option to extend the lease for an additional three years. Under the terms of the lease, the Company provided a security deposit of $17 to the landlord, which is included in other assets in the accompanying consolidated balance sheets. In December 2016, the Company entered into an operating lease agreement for office space in Dublin that commenced on December 1, 2016 and expires on December 1, 2026. The lease requires annual payments of $375 over the ten-year term with a renewal option to extend the lease for an additional five years. Under the terms of the lease, the Company provided a security deposit of $338 to the landlord, which is included in other assets in the accompanying consolidated balance sheets. The lease is subject to a review in December 2022. The following table summarizes the future minimum payments due under the operating leases as of June 30, 2018: Year Ending December 31, (unaudited) 2018 (remaining) $ 402 2019 962 2020 1,078 2021 1,088 2022 1,030 Thereafter 3,255 $ 7,815 License Agreement On November 18, 2015, the Company entered into a license agreement with Pfizer for the worldwide exclusive rights to research, develop, manufacture and commercialize sulopenem. As part of the license agreement, the Company is obligated to pay Pfizer potential future regulatory milestone payments, as well as sales milestones upon achievement of net sales ranging from $250.0 million to $1.0 billion for each product type. The Company is also obligated to pay Pfizer royalties ranging from a single-digit to mid-teens percentage based on marginal net sales of each licensed product. Payments to Supplier In June 2016, the Company entered into an agreement with a supplier whereby the Company would pay $2,923 to the supplier to acquire equipment which will be used solely to manufacture product for the Company. In June 2018, the Company entered into a supplemental agreement with this supplier whereby the Company would pay an additional $2,397 under the same terms as the original agreement. These payments will be offset against the price of the product to be supplied under a future supply agreement. $2,397 and $599 remained outstanding to the supplier as of June 30, 2018 and December 31, 2017, respectively. Contingencies Liabilities for loss contingencies arising from claims, assessments, litigation, fines, penalties and other sources are recorded when it is probable that a liability has been incurred and the amount can be reasonably estimated. At each reporting date the Company evaluates whether or not a potential loss amount or a potential loss range is probable and reasonably estimable under the provisions of the authoritative guidelines that address accounting for contingencies. The Company expenses costs as incurred in relation to such legal proceedings. The Company is not currently involved in any legal matters arising in the normal course of business. Under the terms of their respective employment agreements, each of the named executive officers is eligible to receive severance payments and benefits upon a termination without “cause” or due to “permanent disability”, or upon “resignation for good reason”, contingent upon the named executive officer’s delivery to the Company. |
Debt
Debt | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 12. Debt On April 27, 2018, the Company’s subsidiaries, Iterum Therapeutics International Limited, Iterum Therapeutics US Holding Limited and Iterum Therapeutics US Limited, entered into a Loan and Security Agreement with SVB and made an initial draw of $15,000 on closing. A second draw of up to $15,000 will be available to the Company through October 31, 2019, upon satisfaction of either (i) the achievement by the Company of both non-inferiority and superiority primary endpoints from its Phase 3 uncomplicated urinary tract infection (uUTI) trial, as well as reporting satisfactory safety data from the trial, or (ii) the achievement of non-inferiority primary endpoints from both its Phase 3 uUTI and complicated urinary tract infection (cUTI) trials, as well as reporting satisfactory safety data from the trials. The initial draw requires monthly amortization payments commencing on November 1, 2019; however this will extend to April 1, 2020 if the second draw is funded. Interest will accrue at a floating per annum rate equal to the greater of (i) 8.31%; or (ii) 3.89% above the Wall Street Journal prime rate, and is payable monthly in arrears. All outstanding principal, plus a 4.2% final interest payment, will be due and payable on March 1, 2022. Voluntary prepayments will be permitted at any time, subject to a prepayment fee of 3% in the first year, 2% in the second year, and 1% thereafter. In connection with the initial $15,000 draw, the Company issued to SVB and Life Sciences Fund II LLC (LSF) warrants to purchase an aggregate of 19,890 Series B convertible preferred shares (which converted to ordinary shares upon the Company’s IPO) at an exercise price of $18.85 per share. On the funding date of the second term loan, each of SVB and LSF will be automatically entitled to purchase additional ordinary shares in an aggregate amount equal to 2.5% of the second term loan divided by the applicable exercise price. The loan proceeds were allocated based on the relative fair values of the debt instrument and the warrant instrument. The fair value of the warrants and the closing costs were recorded as debt discounts and are being amortized using the effective interest rate method over the term of the loan. Amortization of the debt discount was $138 for the six months ended June 30, 2018. Scheduled principal payments on outstanding debt, as of June 30, 2018, are as follows: Year Ending December 31, (unaudited) 2018 (remaining) — 2019 1,552 2020 6,207 2021 6,207 2022 1,034 $ 15,000 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events The Company initiated its Phase 3 uUTI clinical trial, known as SU R E |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Going concern | In accordance with Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) The Company has incurred operating losses since inception, including net losses of $27,893 and $12,117 for the six month periods ended June 30, 2018 and June 30, 2017, respectively, and a net loss of $29,406 for the year ended December 31, 2017. The Company had an accumulated deficit of $82,630 as of June 30, 2018. The Company expects to continue to incur net losses for the next several years and is highly dependent on its ability to find additional sources of funding in the form of debt or equity financing to fund its operations. Management believe that its cash and cash equivalents balance of $84,901 and short-term investments balance of $50,370 at June 30, 2018, are sufficient to fund operations through the fourth quarter of 2019. In making this assessment management have considered the Company’s available cash resources, the $15.0 million available under the secured credit facility with SVB, future financing options available to the Company, the planned operations of the Company and the ability to adjust its plans if required. The Company will then seek additional funding through public or private financing of debt or equity or collaboration agreements. There can be no assurances, however, that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. |
Interim Financial Information | Interim Financial Information The condensed consolidated balance sheet at December 31, 2017 was derived from audited financial statements, but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 30, 2018, and for six months ended June 30, 2018 and 2017, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2017, included in the Company’s final prospectus for its initial public offering filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”) with the SEC on May 25, 2018. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2018, and results of operations for the six months ended June 30, 2018 and 2017, and cash flows for the six months ended June 30, 2018 and 2017 have been made. The results of operations for the six months ended June 30, 2018 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2018. |
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 and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses, revenue from grant awards, the valuation of restricted ordinary shares and the valuation of share-based compensation 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 could differ materially from those estimates. |
Net Loss Per Ordinary Share | Net Loss Per Ordinary Share Basic and diluted net loss per ordinary share is determined by dividing net loss attributable to ordinary shareholders by the weighted-average ordinary shares outstanding during the period; in accordance with Accounting Standard Codification (ASC) 260, Earnings per Share The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding as they would be anti-dilutive: Six months ended June 30, 2018 June 30, 2017 Options to purchase ordinary shares 696,112 66,832 Preferred shares convertible into ordinary shares — 5,686,667 Unvested restricted ordinary shares 143,076 246,282 Unvested restricted stock units 36,924 — Warrants 19,890 — Total 896,002 5,999,781 |
Segment Information | Segment Information The Company determines and presents operating segments based on the information that is internally provided to the Chief Executive Officer, Chief Scientific Officer, Chief Financial Officer and Chief Commercial Officer, who together are considered the Company’s chief operating decision maker, in accordance with ASC 280, Segment Reporting The distribution of total operating expenses by geographical area was as follows: Three months ended June 30, Six months ended June 30, Operating expenses 2018 2017 2018 2017 Ireland $ 12,811 $ 5,205 $ 22,775 $ 9,674 U.S. 2,800 1,208 5,230 2,281 Total $ 15,611 $ 6,413 $ 28,005 $ 11,955 The distribution of long-lived assets by geographical area was as follows: Long lived assets June 30, 2018 December 31, 2017 Ireland $ 3,388 $ 2,341 U.S. 369 243 Total $ 3,757 $ 2,584 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In July 2017, the Financial Accounting Standards Board ( Earnings Per Share Distinguishing Liabilities from Equity Derivatives and Hedging Part I applies to entities that issue financial instruments such as warrants, convertible debt or convertible preferred shares that contain down-round features. Part II replaces the indefinite deferral for certain mandatorily redeemable noncontrolling interests and mandatorily redeemable financial instruments of nonpublic entities contained within ASC Topic 480 with a scope exception and does not impact the accounting for these mandatorily redeemable instruments. ASU 2017-11 is required to be adopted for annual periods beginning after December 15, 2018, including interim periods within those fiscal years. The adoption of ASU 2017-11 is not expected to have a significant impact on the consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding | The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding as they would be anti-dilutive: Six months ended June 30, 2018 June 30, 2017 Options to purchase ordinary shares 696,112 66,832 Preferred shares convertible into ordinary shares — 5,686,667 Unvested restricted ordinary shares 143,076 246,282 Unvested restricted stock units 36,924 — Warrants 19,890 — Total 896,002 5,999,781 |
Schedule of Distribution of Total Operating Expenses by Geographical Area | The distribution of total operating expenses by geographical area was as follows: Three months ended June 30, Six months ended June 30, Operating expenses 2018 2017 2018 2017 Ireland $ 12,811 $ 5,205 $ 22,775 $ 9,674 U.S. 2,800 1,208 5,230 2,281 Total $ 15,611 $ 6,413 $ 28,005 $ 11,955 |
Schedule of Distribution of Long-Lived Assets by Geographical Area | The distribution of long-lived assets by geographical area was as follows: Long lived assets June 30, 2018 December 31, 2017 Ireland $ 3,388 $ 2,341 U.S. 369 243 Total $ 3,757 $ 2,584 |
Fair Value of Financial Assets
Fair Value of Financial Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets Measured at Fair Value | The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2017 and June 30, 2018 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value. June 30, 2018 Assets Total Level 1 Level 2 Level 3 Short-term investments $ 50,370 $ 50,370 — — Other asset – advance payment to supplier 1,728 — — 1,728 Total $ 52,098 50,370 — 1,728 December 31, 2017 Assets Total Level 1 Level 2 Level 3 Short-term investments $ 30,731 30,731 — — Other asset – advance payment to supplier 1,472 — — 1,472 Total $ 32,203 30,731 — 1,472 |
Short Term Investments (Tables)
Short Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Available For Sale Securities [Abstract] | |
Schedule of Available for Sale Short-term Investments by Major Security Types | The following table represents the Company’s available for sale short-term investments by major security type as of June 30, 2018 and December 31, 2017: June 30, 2018 Maturity by period Unrealized Unrealized Fair Value Less than 1 Available for sale Cost Total gains (losses) Total year 1 to 5 years Commercial paper $ 47,831 58 (3 ) 47,886 47,886 — U.S. Treasury and Agency Bonds 2,477 7 — 2,484 2,484 — Total $ 50,308 65 (3 ) 50,370 50,370 — December 31, 2017 Maturity by period Unrealized Unrealized Fair Value Less than 1 Available for sale Cost Total gains (losses) Total year 1 to 5 years Commercial paper $ 22,538 8 (27 ) 22,519 22,519 — U.S. Treasury and Agency Bonds 8,205 18 (11 ) 8,212 8,212 — Total $ 30,743 26 (38 ) 30,731 30,731 — |
Prepaid Expenses and Other Cu23
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Summary of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following: June 30, 2018 December 31, 2017 Prepaid research and development expenses $ 3,165 $ 2,289 Short-term deposits 1,195 1,346 Other prepaid assets 595 516 Value added tax receivable 592 281 Deferred IPO expenses - 180 Research and development tax credit receivable 130 133 Prepaid insurance 598 117 Interest receivable 167 95 Total $ 6,442 $ 4,957 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment and Related Accumulated Depreciation | Property and equipment and related accumulated depreciation are as follows: June 30, 2018 December 31, 2017 Leasehold improvements $ 592 $ 579 Furniture and fixtures 118 108 Laboratory equipment 81 81 Computer equipment 73 44 864 812 Less: accumulated depreciation (129 ) (65 ) $ 735 $ 747 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following: June 30, 2018 December 31, 2017 Accrued clinical trial costs $ 2,025 $ 594 Accrued manufacturing expenses 851 2,031 Accrued payroll and bonus expenses 920 1,059 Accrued other expenses 325 290 Total $ 4,121 $ 3,974 |
Shareholders_ Equity (Tables)
Shareholders’ Equity (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Equity [Abstract] | |
Reconciliation of Beginning and Ending Balances in Shareholders' Equity | The following tables present a reconciliation of our beginning and ending balances in shareholders’ equity for the six months ended June 30, 2018 and 2017: Total Shareholders' Equity Shareholders' equity at January 1, 2018 $ 39,494 Issuance of Series B convertible preferred shares 32,159 Issuance of ordinary shares 74,153 Conversion of preferred shares to ordinary shares 74 Share-based compensation expense 404 Issuance of warrants 139 Net loss (27,893 ) Shareholders' equity at June 30, 2018 $ 118,530 Total Shareholders' Equity Shareholders' equity at January 1, 2017 $ 22,668 Issuance of Series B convertible preferred shares 45,840 Share-based compensation expense 180 Net loss (12,117 ) Shareholders' equity at June 30, 2017 $ 56,571 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Restricted Ordinary Shares Activity | The following table summarizes restricted ordinary shares activity for the six months ended June 30, 2018: Number of Weighted Average grant date fair Shares value per share Unvested at December 31, 2017 189,342 $ 3.14 Granted — Vested (46,266 ) $ 3.14 Forfeited — Unvested at June 30, 2018 (unaudited) 143,076 $ 3.14 |
Schedule of Assumptions Used to Determine Grant Date Fair Value of Employee and Director Options Granted | The assumptions that the Company used to determine the grant date fair value of employee and director options granted were as follows, presented on a weighted average basis: Six months ended June 30, 2018 2017 Volatility 60 % 60 % Expected term in years 6.25 6.25 Dividend rate 0 % 0 % Risk-free interest rate 2.16 % 1.63 % Share price $12.20 - $13.00 $ 3.30 Fair value of option on grant date $7.03 - $7.49 $ 1.88 |
Summary of Number of Options Outstanding and Weighted-average Exercise Price | The following table summarizes the number of options outstanding and the weighted-average exercise price: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Life in Years Aggregate Intrinsic Value (in thousands) Options outstanding December 31, 2017 248,128 $ 3.31 9.44 Granted 447,984 12.99 9.92 Exercised — Forfeited — Options outstanding June 30, 2018 696,112 $ 9.54 9.57 1,825 Vested at June 30, 2018 (unaudited) 32,196 Exercisable at June 30, 2018 (unaudited) 32,196 $ 3.17 8.15 766 |
Summary of Number of RSUs Granted and Weighted-average Grant Date Fair Value of RSUs | The Company granted 36,924 RSUs to directors for the six month period ended June 30, 2018. No RSUs were awarded for the six month period ended June 30, 2017. The table below shows the number of RSUs granted covering an equal number of our ordinary shares and the weighted-average grant date fair value of the RSUs granted: Number of Shares Weighted average grant date fair value per share RSUs outstanding December 31, 2017 — Granted 36,924 $ 13.00 Shares vested — Forfeited — RSUs outstanding June 30, 2018 36,924 $ 13.00 |
Summary of Share-based Compensation Expense | The Company’s share-based compensation expense was classified in the consolidated statements of operations and comprehensive loss as follows: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 (unaudited) (unaudited) Research and development expense $ 118 $ 42 $ 197 $ 85 General and administrative expense 149 48 207 95 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Payments Due under Operating Leases | The following table summarizes the future minimum payments due under the operating leases as of June 30, 2018: Year Ending December 31, (unaudited) 2018 (remaining) $ 402 2019 962 2020 1,078 2021 1,088 2022 1,030 Thereafter 3,255 $ 7,815 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of Principal Payments on Outstanding Debt | Scheduled principal payments on outstanding debt, as of June 30, 2018, are as follows: Year Ending December 31, (unaudited) 2018 (remaining) — 2019 1,552 2020 6,207 2021 6,207 2022 1,034 $ 15,000 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Details) $ / shares in Units, $ in Thousands | Jun. 26, 2018USD ($)$ / sharesshares | May 30, 2018USD ($)$ / sharesshares | May 15, 2018$ / shares | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Reverse share split | 0.0636 | |||||||
Share consolidation basis nominal value per share | $ / shares | $ 0.01571 | |||||||
Share consolidation basis renominalisation value per share | $ / shares | $ 0.01 | |||||||
Net proceeds from issuance of stock after deducting underwriting discounts,commissions and offering cost | $ 2,400 | $ 71,800 | $ 74,155 | |||||
Net losses | $ 15,747 | $ 6,280 | 27,893 | $ 12,117 | $ 29,406 | |||
Accumulated deficit | 82,630 | 82,630 | 54,737 | |||||
Cash and cash equivalents | 84,901 | 84,901 | 8,485 | |||||
Short-term investments | 50,370 | 50,370 | $ 30,731 | |||||
Cash resources available under the secured credit facility | $ 15,000 | $ 15,000 | ||||||
IPO | ||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||
Number of shares issued | shares | 200,000 | 6,150,000 | ||||||
Offering price per share | $ / shares | $ 13 | $ 13 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Details) - shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted-average shares outstanding | 896,002 | 5,999,781 |
Options to Purchase Ordinary Shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted-average shares outstanding | 696,112 | 66,832 |
Preferred Shares Convertible into Ordinary Shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted-average shares outstanding | 5,686,667 | |
Unvested Restricted Ordinary Shares | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted-average shares outstanding | 143,076 | 246,282 |
Unvested Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted-average shares outstanding | 36,924 | |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from computation of diluted weighted-average shares outstanding | 19,890 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2018Segment | |
Accounting Policies [Abstract] | |
Number of business segments | 1 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Schedule of Distribution of Total Operating Expenses by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Segment Reporting Information [Line Items] | ||||
Operating expenses | $ 15,611 | $ 6,413 | $ 28,005 | $ 11,955 |
Ireland | ||||
Segment Reporting Information [Line Items] | ||||
Operating expenses | 12,811 | 5,205 | 22,775 | 9,674 |
U.S. | ||||
Segment Reporting Information [Line Items] | ||||
Operating expenses | $ 2,800 | $ 1,208 | $ 5,230 | $ 2,281 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies - Schedule of Distribution of Long-Lived Assets by Geographical Area (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Segment Reporting Information [Line Items] | ||
Long lived assets | $ 3,757 | $ 2,584 |
Ireland | ||
Segment Reporting Information [Line Items] | ||
Long lived assets | 3,388 | 2,341 |
U.S. | ||
Segment Reporting Information [Line Items] | ||
Long lived assets | $ 369 | $ 243 |
Fair Value of Financial Asset35
Fair Value of Financial Assets (Schedule of Financial Assets Measured at Fair Value) (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 50,370 | $ 30,731 |
Other asset – advance payment to supplier | 1,728 | 1,472 |
Total | 52,098 | 32,203 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short-term investments | 50,370 | 30,731 |
Total | 50,370 | 30,731 |
Level 3 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Other asset – advance payment to supplier | 1,728 | 1,472 |
Total | $ 1,728 | $ 1,472 |
Fair Value of Financial Asset36
Fair Value of Financial Assets - Additional Information (Details) | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Disclosures [Abstract] | ||
Discounted cash flow include a discount rate | 15.00% | 15.00% |
Short Term Investments - Additi
Short Term Investments - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Available For Sale Securities [Abstract] | |
Short term investments maturity period | 4 months 28 days |
Short Term Investments - Schedu
Short Term Investments - Schedule of Available for Sale Short-term Investments by Major Security Types (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale, Cost Total | $ 50,308 | $ 30,743 |
Available for sale, Unrealized gains | 65 | 26 |
Available for sale, Unrealized (losses) | (3) | (38) |
Available for sale, Fair Value Total | 50,370 | 30,731 |
Available for sale, Maturity by period Less than 1 year | 50,370 | 30,731 |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale, Cost Total | 47,831 | 22,538 |
Available for sale, Unrealized gains | 58 | 8 |
Available for sale, Unrealized (losses) | (3) | (27) |
Available for sale, Fair Value Total | 47,886 | 22,519 |
Available for sale, Maturity by period Less than 1 year | 47,886 | 22,519 |
U.S. Treasury and Agency Bonds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Available for sale, Cost Total | 2,477 | 8,205 |
Available for sale, Unrealized gains | 7 | 18 |
Available for sale, Unrealized (losses) | (11) | |
Available for sale, Fair Value Total | 2,484 | 8,212 |
Available for sale, Maturity by period Less than 1 year | $ 2,484 | $ 8,212 |
Prepaid Expenses and Other Cu39
Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid research and development expenses | $ 3,165 | $ 2,289 |
Short-term deposits | 1,195 | 1,346 |
Other prepaid assets | 595 | 516 |
Value added tax receivable | 592 | 281 |
Deferred IPO expenses | 180 | |
Research and development tax credit receivable | 130 | 133 |
Prepaid insurance | 598 | 117 |
Interest receivable | 167 | 95 |
Total | $ 6,442 | $ 4,957 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment and Related Accumulated Depreciation (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 864 | $ 812 |
Less: accumulated depreciation | (129) | (65) |
Property and equipment, net | 735 | 747 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 592 | 579 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 118 | 108 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 81 | 81 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 73 | $ 44 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Property Plant And Equipment [Abstract] | |||
Depreciation expense | $ 64 | $ 14 | $ 65 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Accrued clinical trial costs | $ 2,025 | $ 594 |
Accrued manufacturing expenses | 851 | 2,031 |
Accrued payroll and bonus expenses | 920 | 1,059 |
Accrued other expenses | 325 | 290 |
Total | $ 4,121 | $ 3,974 |
Shareholders' Equity - Reconcil
Shareholders' Equity - Reconciliation of Beginning and Ending Balances in Shareholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Class Of Stock [Line Items] | |||||
Shareholders' equity, Beginning Balance | $ 39,494 | $ 22,668 | $ 22,668 | ||
Conversion of preferred shares to ordinary shares | 74 | ||||
Share-based compensation expense | 404 | 180 | |||
Issuance of warrants | 139 | ||||
Net loss | $ (15,747) | $ (6,280) | (27,893) | (12,117) | (29,406) |
Shareholders' equity, Ending Balance | $ 118,530 | $ 56,571 | 118,530 | 56,571 | $ 39,494 |
Series B Convertible Preferred Shares | |||||
Class Of Stock [Line Items] | |||||
Issuance of shares | 32,159 | $ 45,840 | |||
Ordinary Shares | |||||
Class Of Stock [Line Items] | |||||
Issuance of shares | $ 74,153 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 14, 2016 | Oct. 14, 2015 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 14, 2018 | Dec. 31, 2017 | Nov. 18, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock options awarded | 447,984 | ||||||
Restricted Ordinary Shares | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Shares issued in the period | 413,110 | ||||||
Percentage of remaining restricted ordinary shares vest on monthly basis | 0.0278% | ||||||
Grant date fair value | $ 3.14 | $ 3.14 | $ 3.14 | ||||
Expense recognized | $ 165 | $ 165 | |||||
Unamortized stock compensation expense | $ 428 | $ 761 | |||||
Stock-based compensation expense, expected weighted average period for recognition | 1 year 4 months 17 days | 2 years 4 months 17 days | |||||
Restricted Ordinary Shares | Tranche One | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Percentage of awards vested | 25.00% | ||||||
Employee Stock Options | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Expense recognized | $ 189 | $ 15 | |||||
Unvested employee options outstanding | 663,916 | 56,596 | |||||
Unamortized compensation expense stock options | $ 3,549 | $ 95 | |||||
Vesting period | 3 years 8 months 15 days | 3 years 3 months 10 days | |||||
Restricted Stock Units (RSUs) | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Grant date fair value | $ 13 | ||||||
Expense recognized | $ 50 | ||||||
Unamortized stock compensation expense | $ 431 | ||||||
Stock-based compensation expense, expected weighted average period for recognition | 10 months 24 days | ||||||
Number of Shares, Granted | 36,924 | 0 | |||||
Restricted Stock Units (RSUs) | Director | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
Restricted Ordinary Shares, Options and Restricted Stock Units | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Vesting period | 3 years 2 months 15 days | 2 years 5 months 23 days | |||||
Unamortized compensation expense | $ 4,408 | $ 856 | |||||
2018 Plan | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Number of shares authorized | 1,018,459 | ||||||
2018 Plan | Employees and Directors | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock options awarded | 447,984 | ||||||
2015 Plan | Employees and Directors | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock options awarded | 17,502 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Restricted Ordinary Shares Activity (Details) - Restricted Ordinary Shares | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Number of Shares | |
Number of Shares, Unvested, Beginning balance | shares | 189,342 |
Number of Shares, Vested | shares | (46,266) |
Number of Shares, Unvested, Ending balance | shares | 143,076 |
Weighted Average grant date fair value per share | |
Weighted Average grant date fair value per share, Unvested, Beginning balance | $ / shares | $ 3.14 |
Weighted Average grant date fair value per share, Vested | $ / shares | 3.14 |
Weighted Average grant date fair value per share, Unvested, Ending balance | $ / shares | $ 3.14 |
Share-Based Compensation - Sche
Share-Based Compensation - Schedule of Assumptions Used to Determine Grant Date Fair Value of Employee and Director Options Granted (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility | 60.00% | 60.00% |
Expected term in years | 6 years 3 months | 6 years 3 months |
Dividend rate | 0.00% | 0.00% |
Risk-free interest rate | 2.16% | 1.63% |
Share price | $ 3.30 | |
Fair value of option on grant date | $ 1.88 | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share price | $ 12.20 | |
Fair value of option on grant date | 7.03 | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share price | 13 | |
Fair value of option on grant date | $ 7.49 |
Share-Based Compensation - Su47
Share-Based Compensation - Summary of Number of Options Outstanding and Weighted-average Exercise Price (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Compensation Related Costs [Abstract] | ||
Number of Shares, Options outstanding Beginning Balance | 248,128 | |
Number of Shares, Granted | 447,984 | |
Number of Shares, Options outstanding Ending Balance | 696,112 | 248,128 |
Number of Shares, Vested at June 30, 2018 (unaudited) | 32,196 | |
Number of Shares, Exercisable at June 30, 2018 (unaudited) | 32,196 | |
Weighted Average Exercise Price, Options outstanding Beginning Balance | $ 3.31 | |
Weighted Average Exercise Price, Granted | 12.99 | |
Weighted Average Exercise Price, Options outstanding Ending Balance | 9.54 | $ 3.31 |
Weighted Average Exercise Price, Exercisable at June 30, 2018 (unaudited) | $ 3.17 | |
Weighted Average Remaining Contractual Life in Years, Options outstanding | 9 years 6 months 25 days | 9 years 5 months 8 days |
Weighted Average Remaining Contractual Life in Years, Granted | 9 years 11 months 1 day | |
Weighted Average Remaining Contractual Life in Years, Exercisable at June 30, 2018 (unaudited) | 8 years 1 month 24 days | |
Aggregate Intrinsic Value, Options outstanding | $ 1,825 | |
Aggregate Intrinsic Value, Exercisable at June 30, 2018 (unaudited) | $ 766 |
Share-Based Compensation - Su48
Share-Based Compensation - Summary of Number of RSUs Granted and Weighted-average Grant Date Fair Value of RSUs (Details) - Restricted Stock Units (RSUs) - $ / shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Granted | 36,924 | 0 |
Number of Shares, Unvested, Ending balance | 36,924 | |
Weighted Average grant date fair value per share, Granted | $ 13 | |
Weighted Average grant date fair value per share, Unvested, Ending balance | $ 13 |
Share-Based Compensation - Su49
Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Research and Development Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 118 | $ 42 | $ 197 | $ 85 |
General and Administrative Expense | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 149 | $ 48 | $ 207 | $ 95 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Income Tax [Line Items] | |||||
Income tax expense | $ 68 | $ 78 | $ 157 | $ 305 | |
Ireland | |||||
Income Tax [Line Items] | |||||
Net operating loss carryforwards | $ 8,886 | $ 8,886 | $ 5,409 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) | 1 Months Ended | ||||||
Jun. 30, 2018 | Mar. 31, 2018 | Apr. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Nov. 18, 2015 | |
Other Commitments [Line Items] | |||||||
Purchase obligation | $ 2,397,000 | $ 599,000 | $ 2,923,000 | ||||
Pfizer License Agreement | Minimum | |||||||
Other Commitments [Line Items] | |||||||
Potential future regulatory milestone and sales milestone payments upon achievement of net sales | $ 250,000,000 | ||||||
Pfizer License Agreement | Maximum | |||||||
Other Commitments [Line Items] | |||||||
Potential future regulatory milestone and sales milestone payments upon achievement of net sales | $ 1,000,000,000 | ||||||
Supplemental Agreement | |||||||
Other Commitments [Line Items] | |||||||
Purchase obligation | $ 2,397,000 | ||||||
Commercial Unit Lease Agreement | Dublin | |||||||
Other Commitments [Line Items] | |||||||
Operating lease agreement, term of contract | 20 years | ||||||
Operating lease agreement, break option term of contract | 10 years | ||||||
Operating lease agreement, commencement period | 2018-06 | ||||||
Annual lease payments | $ 321,000 | ||||||
Operating lease agreement, rental review | 5 years | ||||||
Security deposit | $ 818,000 | ||||||
Office Space Lease Agreement | Dublin | |||||||
Other Commitments [Line Items] | |||||||
Operating lease agreement, term of contract | 10 years | ||||||
Annual lease payments | $ 375,000 | ||||||
Operating lease agreement, renewal term | 5 years | ||||||
Operating lease agreement, commencement date | Dec. 1, 2016 | ||||||
Operating lease agreement, expiration date | Dec. 1, 2026 | ||||||
Operating lease agreement, review period | 2022-12 | ||||||
Office Space Lease Agreement | Dublin | Other Assets | |||||||
Other Commitments [Line Items] | |||||||
Security deposit | $ 338,000 | ||||||
Office Space Lease Agreement | Chicago | |||||||
Other Commitments [Line Items] | |||||||
Operating lease agreement, term of contract | 5 years | ||||||
Operating lease agreement, commencement period | 2018-06 | ||||||
Annual lease payments | $ 258,000 | ||||||
Security deposit | $ 120,000 | ||||||
Operating lease agreement, renewal term | 5 years | ||||||
Office Space Lease Agreement | Connecticut | |||||||
Other Commitments [Line Items] | |||||||
Operating lease agreement, term of contract | 5 years | ||||||
Operating lease agreement, commencement period | 2017-07 | ||||||
Annual lease payments | $ 131,000 | ||||||
Operating lease agreement, renewal term | 3 years | ||||||
Office Space Lease Agreement | Connecticut | Other Assets | |||||||
Other Commitments [Line Items] | |||||||
Security deposit | $ 17,000 |
Commitment and Contingencies 52
Commitment and Contingencies - Summary of Future Minimum Payments Due under Operating Leases (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2018 (remaining) | $ 402 |
2,019 | 962 |
2,020 | 1,078 |
2,021 | 1,088 |
2,022 | 1,030 |
Thereafter | 3,255 |
Total | $ 7,815 |
Debt - Additional Information (
Debt - Additional Information (Details) - USD ($) | Apr. 27, 2018 | Jun. 30, 2018 |
Debt Instrument [Line Items] | ||
Maximum amount available under second draw | $ 15,000,000 | |
Amortization of debt discount | $ 138,000 | |
Loan and Security Agreement | Silicon Valley Bank (SVB) | ||
Debt Instrument [Line Items] | ||
Loan and security agreement entered date | Apr. 27, 2018 | |
Initial draw amount under agreement | $ 15,000,000 | |
Remaining borrowing facility available date | Oct. 31, 2019 | |
Frequency of amortization payments | Monthly | |
Date of first required payment of initial draw | Nov. 1, 2019 | |
Extended date of first required payment if second draw funded | Apr. 1, 2020 | |
Minimum fixed interest rate per annum | 8.31% | |
Final interest rate payment on outstanding principal | 4.20% | |
Principal and interest payment date | Mar. 1, 2022 | |
Voluntary prepayment fee in first year | 3.00% | |
Voluntary prepayment fee in second year | 2.00% | |
Voluntary prepayment fee thereafter | 1.00% | |
Loan and Security Agreement | Silicon Valley Bank (SVB) | Wall Street Journal Prime Rate | ||
Debt Instrument [Line Items] | ||
Basis spread on interest rate | 3.89% | |
Loan and Security Agreement | Silicon Valley Bank (SVB) | Maximum | ||
Debt Instrument [Line Items] | ||
Maximum amount available under second draw | $ 15,000,000 | |
Silicon Valley Bank and Life Sciences Fund II LLC | ||
Debt Instrument [Line Items] | ||
Percentage of purchase additional ordinary shares equal to term loan divided by applicable exercise price | 2.50% | |
Silicon Valley Bank and Life Sciences Fund II LLC | Series B Convertible Preferred Shares | ||
Debt Instrument [Line Items] | ||
Number of warrants to purchase convertible preferred shares | 19,890 | |
Warrants to purchase convertible preferred shares, exercise price | $ 18.85 |
Debt - Schedule of Principal Pa
Debt - Schedule of Principal Payments on Outstanding Debt (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Debt Disclosure [Abstract] | |
2,019 | $ 1,552 |
2,020 | 6,207 |
2,021 | 6,207 |
2,022 | 1,034 |
Long-term Debt | $ 15,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Thousands | Aug. 14, 2018USD ($) |
Pfizer License Agreement | SUlopenem for Resistant Enterobacteriaceae (SURE) 1 | Subsequent Event | |
Subsequent Event [Line Items] | |
Liability on achieving milestones | $ 7,500 |