Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 24, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CRTX | ||
Entity Registrant Name | Cortexyme, Inc. | ||
Entity Central Index Key | 0001662774 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Common Stock, Shares Outstanding | 29,552,123 | ||
Entity Public Float | $ 1,370 | ||
Entity File Number | 001-38890 | ||
Entity Tax Identification Number | 90-1024039 | ||
Entity Address, Address Line One | 269 East Grand Ave. | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 415 | ||
Local Phone Number | 910-5717 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Interactive Data Current | Yes | ||
Security Exchange Name | NASDAQ | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Documents Incorporated by Reference | Part III incorporates by reference certain information from the registrant’s definitive proxy statement (the “Proxy Statement”) relating to its 2021 Annual Meeting of Stockholders. The Proxy Statement will be filed with the United States Securities and Exchange Commission within 120 days after the end of the fiscal year to which this report relates. |
Balance Sheets
Balance Sheets - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 66,841,000 | $ 51,214,000 |
Short term investments | 66,979,000 | 48,650,000 |
Prepaid expenses and other current assets | 4,042,000 | 6,192,000 |
Total current assets | 137,862,000 | 106,056,000 |
Property and equipment, net | 427,000 | 709,000 |
Operating lease right-of-use assets, net | 674,000 | 625,000 |
Long term investments | 50,464,000 | 16,763,000 |
Other assets | 39,000 | 217,000 |
Total assets | 189,466,000 | 124,370,000 |
Current liabilities: | ||
Accounts payable | 3,555,000 | 3,075,000 |
Accrued expenses and other current liabilities | 13,441,000 | 5,817,000 |
Total current liabilities | 16,996,000 | 8,892,000 |
Long-term operating lease liability | 208,000 | |
Total liabilities | 17,204,000 | 8,892,000 |
Commitments and contingencies (See Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of December 31, 2020 and 2019, respectively | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 29,543,222 and 26,869,413 issued and outstanding as of December 31, 2020 and 2019, respectively | 29,000 | 27,000 |
Additional paid in capital | 318,574,000 | 185,196,000 |
Accumulated other comprehensive income | 313,000 | 60,000 |
Accumulated deficit | (146,654,000) | (69,805,000) |
Total stockholders’ equity | 172,262,000 | 115,478,000 |
Total liabilities and stockholders’ equity | $ 189,466,000 | $ 124,370,000 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 29,543,222 | 26,869,413 |
Common stock, shares outstanding | 29,543,222 | 26,869,413 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | |||
Research and development | $ 61,307 | $ 30,214 | $ 10,085 |
General and administrative | 17,586 | 8,954 | 2,034 |
Total operating expenses | 78,893 | 39,168 | 12,119 |
Loss from operations | (78,893) | (39,168) | (12,119) |
Interest income | 2,044 | 2,188 | 806 |
Interest expense | (957) | ||
Change in fair value of derivative liability | (206) | ||
Net loss | (76,849) | (36,980) | (12,476) |
Other comprehensive income / (loss): | |||
Unrealized gain / (loss) on available for sales securities | 253 | 109 | (49) |
Total comprehensive loss | $ (76,596) | $ (36,871) | $ (12,525) |
Net loss per share - basic and diluted | $ (2.63) | $ (1.94) | $ (3.71) |
Weighted average shares of common stock outstanding - basic and diluted | 29,176,232 | 19,031,940 | 3,362,192 |
Statements of Redeemable Conver
Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Private Placement | Series A Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock | Common Stock | Common StockPrivate Placement | Additional Paid in Capital | Additional Paid in CapitalPrivate Placement | Other Comprehensive Income / (Loss) | Accumulated Deficit |
Beginning balance at Dec. 31, 2017 | $ (20,280) | $ 3 | $ 66 | $ (20,349) | ||||||
Beginning balance, shares at Dec. 31, 2017 | 9,008,919 | |||||||||
Beginning balance at Dec. 31, 2017 | $ 17,178 | |||||||||
Beginning balance, shares at Dec. 31, 2017 | 3,361,016 | |||||||||
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $157 | $ 75,688 | |||||||||
Issuance of Series B redeemable convertible preferred stock, net of issuance costs, shares | 7,890,466 | |||||||||
Issuance of Series B redeemable convertible preferred stock in connection with the conversion of convertible promissory notes and accrued interest | $ 11,027 | |||||||||
Issuance of Series B redeemable convertible preferred stock in connection with the conversion of convertible promissory notes and accrued interest, shares | 1,147,205 | |||||||||
Issuance of Series B redeemable convertible preferred stock in connection with the facility lease agreement, shares | 114,437 | |||||||||
Vesting of Series B redeemable convertible preferred stock in lieu of rent | $ 153 | |||||||||
Exercise of stock options | 24 | 24 | ||||||||
Exercise of stock options, shares | 51,350 | |||||||||
Stock based compensation | 155 | 155 | ||||||||
Other Comprehensive Income (Loss) | (49) | $ (49) | ||||||||
Net loss | (12,476) | (12,476) | ||||||||
Ending balance at Dec. 31, 2018 | (32,626) | $ 3 | 245 | (49) | (32,825) | |||||
Ending balance, shares at Dec. 31, 2018 | 9,008,919 | 9,152,108 | ||||||||
Ending balance at Dec. 31, 2018 | $ 17,178 | $ 86,868 | ||||||||
Ending balance, shares at Dec. 31, 2018 | 3,412,366 | |||||||||
Conversion of redeemable convertiblepreferred stock to common stock | 104,994 | $ 18 | 104,976 | |||||||
Conversion of redeemable convertible preferred stock to common stock, shares | (9,008,919) | (9,152,108) | ||||||||
Conversion of redeemable convertible preferred stock to common stock | $ (17,178) | $ (87,816) | ||||||||
Conversion of redeemable convertible preferred stock to common stock, shares | 18,161,027 | |||||||||
Vesting of Series B redeemable convertible preferred stock in lieu of rent | $ 948 | |||||||||
Initial public offering of common stock, net of issuance costs | 77,827 | $ 5 | 77,822 | |||||||
Initial public offering of common stock, net of issuance costs, shares | 5,073,800 | |||||||||
Exercise of stock options | 97 | $ 1 | 96 | |||||||
Exercise of stock options, shares | 194,279 | |||||||||
Stock based compensation | 2,056 | 2,056 | ||||||||
Exercise of stock warrant | 1 | 1 | ||||||||
Exercise of stock warrant, shares | 27,941 | |||||||||
Other Comprehensive Income (Loss) | 109 | 109 | ||||||||
Net loss | (36,980) | (36,980) | ||||||||
Ending balance at Dec. 31, 2019 | 115,478 | $ 27 | 185,196 | 60 | (69,805) | |||||
Ending balance, shares at Dec. 31, 2019 | 26,869,413 | |||||||||
Initial public offering of common stock, net of issuance costs | $ 117,628 | $ 2 | $ 117,626 | |||||||
Initial public offering of common stock, net of issuance costs, shares | 2,500,000 | |||||||||
Exercise of stock options | 1,282 | 1,282 | ||||||||
Exercise of stock options, shares | 173,809 | |||||||||
Stock based compensation | 14,470 | 14,470 | ||||||||
Other Comprehensive Income (Loss) | 253 | 253 | ||||||||
Net loss | (76,849) | (76,849) | ||||||||
Ending balance at Dec. 31, 2020 | $ 172,262 | $ 29 | $ 318,574 | $ 313 | $ (146,654) | |||||
Ending balance, shares at Dec. 31, 2020 | 29,543,222 |
Statements of Redeemable Conv_2
Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Series B Redeemable Convertible Preferred Stock | |||
Stock issuance costs | $ 157 | ||
Common Stock | |||
Stock issuance costs | $ 8,427 | ||
Common Stock | Private Placement | |||
Stock issuance costs | $ 7,372 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | |||
Net Loss | $ (76,849,000) | $ (36,980,000) | $ (12,476,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Non-cash interest expense related to convertible promissory notes | 263,000 | ||
Non-cash rent expense | 367,000 | 367,000 | 153,000 |
Stock based compensation | 14,470,000 | 2,056,000 | 155,000 |
Depreciation and amortization | 332,000 | 188,000 | 51,000 |
Accretion of discount on convertible promissory notes payable | 694,000 | ||
Amortization of premium / (discount) on available for sale investments | 635,000 | (812,000) | (351,000) |
Change in fair value of derivative liability | 206,000 | ||
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | 2,184,000 | (5,324,000) | (690,000) |
Other assets | 178,000 | (207,000) | 50,000 |
Accounts payable | 480,000 | 2,580,000 | (23,000) |
Accrued expenses and other current liabilities | 7,385,000 | 4,855,000 | 273,000 |
Net cash used in operating activities | (50,818,000) | (33,277,000) | (11,695,000) |
Cash flow from investing activities: | |||
Purchase of investments | (187,141,000) | (135,415,000) | (55,242,000) |
Proceeds from maturities of investments | 134,762,000 | 117,723,000 | 8,700,000 |
Purchase of property and equipment | (52,000) | (55,000) | (212,000) |
Net cash used in investing activities | (52,431,000) | (17,747,000) | (46,754,000) |
Cash flows from financing activities: | |||
Payments of finance leases | (34,000) | (559,000) | |
Proceeds from issuance of convertible promissory note payable | 250,000 | ||
Proceeds from issuance of commons stock upon exercise of stock options | 1,282,000 | 97,000 | 24,000 |
Proceeds from Series B redeemable convertible preferred stock, net of issuance costs | 75,688,000 | ||
Proceeds from stock warrant exercise | 1,000 | ||
Deferred initial public offering costs | (34,000) | ||
Proceeds from initial public offering, net of stock offering costs | 77,827,000 | ||
Proceeds from private placement offering, net of issuance costs | 117,628,000 | ||
Net cash provided by financing activities | 118,876,000 | 77,366,000 | 75,928,000 |
Net increase in cash and cash equivalents | 15,627,000 | 26,342,000 | 17,479,000 |
Cash and cash equivalents at beginning of period | 51,214,000 | 24,872,000 | 7,393,000 |
Cash and cash equivalents at end of period | 66,841,000 | 51,214,000 | 24,872,000 |
Supplemental disclosures of non-cash information: | |||
Right-of-use assets obtained in exchange for new operating lease liabilities | $ 620,000 | 878,000 | |
Series A Redeemable Convertible Preferred Stock | |||
Supplemental disclosures of non-cash information: | |||
Conversion of redeemable convertible preferred stock to common stock on initial public offering | 17,178,000 | ||
Series B Redeemable Convertible Preferred Stock | |||
Supplemental disclosures of non-cash information: | |||
Conversion of redeemable convertible preferred stock to common stock on initial public offering | 87,816,000 | ||
Acceleration of vesting of stock on initial public offering | $ 856,000 | ||
Issuance of stock in connection with conversion of convertible promissory notes and accrued interest | 11,027,000 | ||
Issuance of stock for facility lease | $ 1,100,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | Note 1. Organization Description of Business Cortexyme, Inc. (the “Company”) was incorporated in the State of Delaware in June 2012 and is headquartered in South San Francisco, California. The Company is a clinical stage biopharmaceutical company focused on developing therapeutics based on data supporting a new theory of the cause of Alzheimer’s disease and other degenerative disorders. Cortexyme is targeting a specific, infectious pathogen tied to neurodegeneration and chronic inflammation in humans and animal models. Initial Public Offering On May 8, 2019, the Company’s registration statement on Form S-1 (File No. 333-230853) for its initial public offering of common stock (“IPO”) was declared effective by the Securities and Exchange Commission (“SEC”). On May 13, 2019, the Company closed its IPO with the sale of 5,073,800 shares of common stock, which included 661,800 shares of common stock issued upon the exercise in full of the underwriters’ option to purchase additional shares, at a public offering price of $17.00 per share, resulting in net proceeds of $77.8 million, after deducting underwriting discounts and commissions and estimated offering expenses paid by the Company. In addition, in connection with the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock were automatically converted into 18,161,027 shares of common stock, and there are no shares of redeemable convertible preferred stock outstanding as of December 31, 2020. Private Investment in Public Equity (“PIPE”) In February 2020, the Company completed a private investment in public equity transaction (“PIPE Financing”). The Company entered into Stock Purchase Agreements (the “Purchase Agreements”) with certain accredited investors, including an entity affiliated with a member of the Company’s Board of Directors, pursuant to which the Company sold and issued shares of common stock for aggregate gross proceeds of $125.0 million. Costs related to the offering were $7.4 million. Pursuant to the Purchase Agreements, the Company sold 2,500,000 common shares at $50.00 per common share. In connection with the PIPE Financing, the Company filed a registration statement on Form S-1 (File No. 333-237594), with the SEC registering for resale the shares of common stock issued in the PIPE Financing. The registration statement was declared effective by the SEC on April 13, 2020 Liquidity and Capital Resources The Company has incurred losses and negative cash flows from operations since inception and expects to continue to generate operating losses for the foreseeable future. As of December 31, 2020, the Company had an accumulated deficit of $146.7 million. Since inception through December 31, 2020, the Company has funded operations primarily with the net proceeds from the issuance of convertible promissory notes, from the issuance of redeemable convertible preferred stock, from the net proceeds from the IPO and from the net proceeds from the PIPE Financing. As of December 31, 2020, the Company had cash, cash equivalents, and short-term investments of $133.8 million, which it believes will be sufficient to fund its planned operations for a period of at least 12 months from the date of the issuance of the accompanying financial statements. Management expects to incur additional losses in the future to fund its operations and conduct product research and development and may need to raise additional capital to fully implement its business plan. The Company may raise additional capital through the issuance of equity securities, debt financings or other sources in order to further implement its business plan. However, if such financing is not available when needed and at adequate levels, the Company will need to reevaluate its operating plan and may be required to delay the development of its product candidate. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the instructions of the SEC on Form 10-K through the rules and interpretive releases of the SEC under federal securities law. Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s financial statements relate to the determination of the fair value of common stock prior to the initial public offering, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. Risk and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention Segments The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing therapeutics. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance. All long-lived assets are maintained in the United States of America. Cash, Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents include marketable securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than twelve months from the balance sheet date are classified as short-term investments. Investments with a maturity beyond twelve months from the balance sheet date are classified as long-term investments. Premiums (discounts) are amortized (accreted) over the life of the related investment as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. These amounts are recorded in “interest income” in the statements of operations and comprehensive loss. Property and Equipment, Net Property and equipment are stated at cost and reduced by accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful lives of the respective assets. Depreciation and amortization begin at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized. The useful lives of property and equipment are as follows: Computer equipment 3 years Lab equipment 5 years Finance lease right of use assets Shorter of estimated useful life or lease term Leasehold improvement Shorter of estimated useful life or lease term Office furniture 3 years Concentration of Credit Risk Cash equivalents, short-term and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. The Company invests in money market funds, repurchase agreements, treasury bills and notes, government bonds, commercial paper and corporate notes. The Company limits its credit risk associated with cash equivalents, short-term and long-term investments by placing them with banks and institutions it believes are highly credit worthy and in highly rated investments. Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment charge would be recorded when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Impairment, if any, is assessed using discounted cash flows or other appropriate measures of fair value. The Company did not recognize any impairment charges for the years ended December 31, 2020, 2019 and 2018. Leases The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) as of January 1, 2019 using the modified retrospective method. The results for years ended December 31, 2019 and 2020 are presented under ASC 842. The results for the year ended December 31, 2018 were not adjusted and continue to be reported The Company determines if an arrangement includes a lease at inception. Right-of-use lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use lease asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. The Company applies a portfolio approach to the property leases to apply an incremental borrowing rate to leases with similar lease terms. The lease terms may include options to extend or terminate the lease. The Company recognizes the options to extend the lease as part of the right-of-use lease assets and lease liabilities only if it is reasonably certain that the option would be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. As a result of the adoption of the new guidance, effective January 1, 2019, the Company recorded a right-of-use lease asset of $0.9 million, a short-term lease liability of $0.3 million , Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses consist primarily of personnel costs for the Company’s research and product development employees. Also included are non-personnel costs such as professional fees payable to third parties for preclinical and clinical studies and research services, laboratory supplies and equipment maintenance, product licenses, and other consulting costs. The Company estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with contract research organizations (“CROs”) that conduct and manage preclinical and clinical studies and research services on its behalf. Expenses related to clinical studies are based on estimates of the services received and efforts expended pursuant to contracts with many research institutions, clinical research organizations and other service providers that conduct and manage clinical studies on our behalf. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee or unit price. Payments under the contracts are mainly driven by time and materials incurred by these service providers. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Expenses related to clinical studies are generally recorded based on the timing of when services that have been performed on the Company’s behalf by the service providers, clinical trial budgets and in accordance with the contracts and related amendments. The determination of timing involves reviewing open contracts and purchase orders, communicating with applicable personnel to identify the timing of when services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of actual cost. The Company periodically confirms the accuracy of estimates with the service providers and makes adjustments if necessary. Examples of estimated clinical expenses include: • fees paid to Contract Research Organizations, or CROs, in connection with clinical studies; • fees paid to investigative sites in connection with clinical studies; • fees paid to contract manufacturers in connection with the production of clinical study materials; and • fees paid to vendors in connection with preclinical development activities. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the prepaid or accrual accordingly. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are expensed as incurred. Patent Costs The Company has no historical data to support a probable future economic benefit for the arising patent applications, filing and prosecution costs. Therefore, patent costs are expensed as incurred. Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees in accordance with Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. Stock-based awards granted include stock options with service-based vesting. ASC 718 requires the recognition of compensation expense, using a fair value-based method, for costs related to all stock-based payments. The Company’s determination of the fair value of stock options with service-based vesting on the date of grant utilizes the Black-Scholes option-pricing model and is impacted by its common stock price as well as other variables including: but not limited to, expected term that options will remain outstanding, expected common stock price volatility over the term of the option awards, risk-free interest rates and expected dividends. The fair value of a stock-based award is recognized over the period during which an optionee is required to provide services in exchange for the option award, known as the requisite service period (usually the vesting period) on a straight-line basis. Stock-based compensation expense is recognized based on the fair value determined on the date of grant and is reduced for forfeitures as they occur. The Company uses a Monte Carlo Simulation method to estimate the grant date fair value of stock option awards with market-based performance conditions. Redeemable Convertible Preferred Stock The Company recorded all shares of convertible preferred stock at their respective fair values less issuance costs on the dates of issuance. The convertible preferred stock was recorded outside of stockholders’ equity (deficit) because, in the event of certain deemed liquidation events considered not solely within the Company’s control, such as a merger, acquisition and sale of all or substantially all of all the Company’s assets, the convertible preferred stock will become redeemable at the option of the holders. Additionally, holders with 60% of majority had the right to demand redemption on or after May 23, 2025. In the event of a change of control of the Company, proceeds received from the sale of such shares would have been distributed in accordance with the liquidation preferences set forth in the Company’s Amended and Restated Certificate of Incorporation unless the holders of convertible preferred stock had converted their shares of convertible preferred stock into shares of common stock. The Company determined not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because of the uncertainty of whether or when such an event would occur. In connection with the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock were automatically converted into 18,161,027 shares of common stock, and there are no shares of redeemable convertible preferred stock outstanding as of December 31, 2020 and 2019. Income Taxes The Company accounts for income taxes under the asset and liability method. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes The Company includes any penalties and interest expense related to income taxes as a component of other expense and interest expense, net, as necessary. Comprehensive Income (Loss) The Company is required to report all components of comprehensive income (loss), including net loss, in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period, resulting from transactions and other events and circumstances from non-owner sources. The Company had unrealized gain from its available-for-sale securities during the years ended December 31, 2020 and 2019 and an unrealized loss from its available-for sale securities during the year ended December 31, 2018, which are considered other comprehensive income (loss). Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents of potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, warrants and common stock options are considered to be potentially dilutive securities. Because the Company reported a net loss for the years ended December 31, 2020, 2019 and 2018, and the inclusion of the potentially dilutive securities would be antidilutive, diluted net loss per share is the same as basic net loss per share for both periods. Recent Accounting Pronouncements Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The new guidance changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. The Company adopted this effective January 1, 2020. The adoption of this pronouncement did not have a material impact on its financial statements or disclosures. In August 2018, the FASB issued ASU No. 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 (“ASU 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted the standard prospectively on January 1, 2020. The adoption of this pronouncement did not have a material impact on its financial statements. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a Smaller Reporting Company as defined by the SEC, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. Fair Value Measurements The fair value of our financial instruments reflects the amounts that we estimate we would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). We disclose and recognize the fair value of our Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The carrying amounts of the Company’s financial instruments, which include cash, accounts payable and accrued liabilities and other current liabilities approximate their fair values due to their short maturities. Our assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. During the years presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value using Level 3 inputs. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the years ended December 31, 2020 and 2019. Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of December 31, 2020 and 2019 are presented in the following tables (in thousands): Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 15,661 $ 15,661 $ — $ — Certificates of Deposit 30,765 — 30,765 — Repurchase Agreements 15,000 — 15,000 Corporate notes 75,426 — 75,426 — Government and agency notes 8,296 — 8,296 — Municipal notes 3,446 — 3,446 — Total $ 148,594 $ 15,661 $ 132,933 $ — Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Level 3 Money market funds $ 30,054 $ 30,054 $ — $ — Certificates of Deposit 20,046 — 20,046 — Repurchase Agreements 15,000 — 15,000 — Corporate notes 38,783 — 38,783 — Government notes 7,574 — 7,574 — Commercial Paper 1,096 — 1,096 — Total $ 112,553 $ 30,054 $ 82,499 $ — |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Cash, Cash Equivalents and Investments | Note 4: Cash, Cash Equivalents and Investments The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): December 31, 2020 2019 Cash and cash equivalents: Cash $ 35,690 $ 4,074 Money market funds 15,661 30,054 Repurchase agreements 15,000 15,000 Certificates of deposit 490 985 Corporate notes — 1,101 Total cash and cash equivalents $ 66,841 $ 51,214 Short-term investments: Commercial paper $ — $ 1,096 Certificates of deposit 23,387 15,428 Municipal notes 2,365 — Corporate notes 34,991 24,552 Government and agency notes 6,236 7,574 Total short-term investments $ 66,979 $ 48,650 Long-term investments Corporate notes $ 40,435 $ 13,130 Certificates of deposit 6,888 3,633 Municipal notes 1,081 — Government and agency notes 2,060 — Total long-term investments $ 50,464 $ 16,763 The investments are classified as available-for-sale securities. As of December 31, 2020, the weighted average remaining contractual maturities of available-for-sale securities was approximately 10 months. At December 31, 2020 and 2019, the balance in the Company’s accumulated other comprehensive income (loss) was comprised solely of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities for the years ended December 31, 2020, 2019 or 2018 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income for the year. The Company has a limited number of available-for-sale securities in insignificant unrealized loss positions as of December 31, 2020 and 2019, which the Company does not intend to sell and has concluded it will not be required to sell before recovery of the amortized cost for the investment at maturity. The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 15,661 $ — $ — $ 15,661 Certificates of Deposit 30,603 162 — 30,765 Repurchase Agreements 15,000 — — 15,000 Corporate notes 75,298 183 (55 ) 75,426 Government and agency notes 8,274 22 — 8,296 Municipal notes 3,445 1 — 3,446 Total cash equivalents and investments $ 148,281 $ 368 $ (55 ) $ 148,594 Classified as: Cash equivalents (maturities within 90 days) $ 31,151 Short-term investments (maturities within one year) 66,979 Long-term investments (maturities beyond 1 year) 50,464 Total cash equivalents and investments $ 148,594 Fair Value Measurements at December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 30,054 $ — $ — $ 30,054 Certificates of Deposit 19,992 54 — 20,046 Repurchase Agreements 15,000 — — 15,000 Corporate notes 38,788 — (5 ) 38,783 Government notes 7,563 11 7,574 Commercial Paper 1,096 — — 1,096 Total cash equivalents and investments $ 112,493 $ 65 $ (5 ) $ 112,553 Classified as: Cash equivalents (maturities within 90 days) $ 47,140 Short-term investments (maturities within one year) 48,650 Long-term investments (maturities beyond 1 year) 16,763 Total cash equivalents and investments $ 112,553 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Note 5: Balance Sheet Components Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Prepaid expenses $ 274 $ 129 Prepaid insurance 964 858 Prepaid research and development expenses 2,110 4,517 Other current assets 694 688 Total prepaid expenses and other current assets $ 4,042 $ 6,192 Property and equipment, net Property and equipment, net consisted of the following (in thousands): December 31, 2020 2019 Computer equipment $ 33 $ 28 Lab equipment 405 405 Finance lease right of use assets 557 559 Leasehold improvement 21 — Office furniture 26 — Less: accumulated amortization and depreciation (615 ) (283 ) Property and equipment, net $ 427 $ 709 Depreciation expense for property and equipment was $332,000, $188,000 and $51,000 for the years ended December 31, 2020, 2019, and 2018, respectively. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2020 2019 Personnel expenses $ 2,415 $ 1,261 Professional fees 141 96 Research and development expenses 10,603 4,410 Other 282 50 Total accrued expenses and other current liabilities $ 13,441 $ 5,817 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | Note 6. Leases Real Estate Operating Leases In June 2018, the Company entered into a three-year lease agreement with no renewal options with an investor in the Series B redeemable convertible preferred stock. The lease began on July 16, 2018 and provides 3,185 square feet of office and laboratory space in South San Francisco, California. The Company issued 114,437 shares of its Series B redeemable convertible preferred stock with a fair value of $1.1 million in exchange for the leased facility. No other payments are due under the lease. The common area maintenance and other operating costs are included in the base rent. 100% of the issued shares were initially subject to a repurchase option. Pursuant to the terms of the lease, each month beginning on the one-month anniversary of the commencement date of the lease, 1/36 th The Company completed its IPO on May 13, 2019 and as a result, pursuant to the terms of the lease agreement, all previously unvested shares were fully vested and as part of the IPO process, all outstanding shares of the Company’s redeemable convertible preferred stock including the Series B redeemable convertible preferred stock issued in connection with the lease agreement were converted into shares of the Company’s common stock on a 1-for-1 basis and the operating lease liability was extinguished. In May 2019, the Company entered into an amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid a one-time fee of approximately $63,000 for the additional space and the lease agreement will terminate in July 2021. No other payments are due under the lease agreement and no renewal option is available. As the entire lease is prepaid, there is no associated lease liability. In May 2020, the Company entered into a second amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company will pay rent monthly for the additional space and the lease agreement will terminate in July 2021. The Company recorded an operating lease asset and liability of $172,000 . The Company believes suitable space will be available before the July 2021 lease termination of its South San Francisco facility. In May 2020, the Company entered into a lease agreement to rent space in San Diego, California for our clinical operations team. The lease agreement is for three years which commenced August 1, 2020. Total payments under the lease will be $337,000. The Company paid a security deposit of $29,000 and is included in Other Assets on our December 31, 2020 balance sheet. At the commencement of the lease, the Company recorded an operating lease asset of $326,000, which consists of an operating lease liability of $317,000 and cash rent prepayment of $9,000. The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of December 31, 2020, future rent expense of $596,000 will be recognized over the remaining terms of 7 to 31 months on a straight-line basis over the respective lease period. Clinical Equipment Operating Lease The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreement and determined that it contains an embedded operating lease. The Company recognizes monthly the leases costs in our research and development expenses. The right of use asset and lease liability are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not provide an implicit rate. The Company used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. The remaining lease expense of $79,000 will be recognized over the remaining lease term of approximately 20 months. Clinical Equipment Financing Lease The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreements and determined that they contain embedded finance leases. The Company recognizes the depreciation expense in research and development expenses in the statements of operations and comprehensive loss and recognizes expense on a straight-line basis starting when the equipment is placed into service until the end of the contract term ranging from 20 to 34 months. Depreciation expense of the financing lease right of use asset for the years ended December 31, 2020, 2019 and 2018 were $230,000, $107,000, and $0, respectively. Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): December 31, 2020 December 31, 2019 Operating lease right of use asset, net $ 674 $ 625 Short-term operating lease liability 238 — Long-term operating lease liability 208 — $ 446 $ — Finance lease right of use asset 557 559 Finance lease accumulated amortization (337 ) (107 ) Total finance lease right of use asset, net $ 220 $ 452 Weighted average remaining lease term Operating leases 1.6 years 1.6 years Finance leases 0.9 years 2.1 years Weighted average discount rate Operating leases 2.10 % — % Finance leases — % — % Year ended December 31, Operating Lease 2021 245 2022 141 2023 70 Total lease payments 456 Less: imputed interest (10 ) Total remaining lease liability 446 Lease costs for the years ended December 31, 2020 and 2019 were approximately: Years ended December 31, 2020 2019 Lease costs: Finance lease amortization of right of use assets $ 230 $ 107 Operating lease costs 578 374 Short-term lease costs 92 11 Total lease costs $ 900 $ 492 For the year ended December 31, 2018, rent expense under operating leases computed under the previous accounting method, ASC 840, Leases, was approximately $387,000. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 7. Commitments and Contingencies Legal Matters The Company’s industry is characterized by frequent claims and litigation, including claims regarding intellectual property. As a result, the Company may be subject to various legal proceedings from time to time. The results of any future litigation cannot be predicted with certainty, and regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. Management is not aware of any pending or threatened litigation. Indemnification As permitted under Delaware law and in accordance with the Company’s bylaws, the Company is required to indemnify its officers and directors for certain events or occurrences while the officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its directors. The Company believes the fair value of the indemnification rights and agreements is minimal. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of December 31, 2020 and 2019. Contingencies From time to time, we may have certain contingent liabilities that arise in the ordinary course of our business activities. We accrue a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. |
Common Stock and Common Stock W
Common Stock and Common Stock Warrant | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Common Stock and Common Stock Warrant | Note 8. Common Stock and Common Stock Warrant Common Stock The Company had reserved shares of common stock for future issuance as follows: December 31, 2020 2019 Options issued and outstanding under the 2019 Stock Plan 5,465,327 2,393,934 Shares available for issuance under 2019 Stock Plan 269,353 2,439,779 Shares available for issuance under the Employee Stock Purchase Plan 536,989 268,295 Total 6,271,669 5,102,008 The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.001 per share. Each share of common stock is entitled to one vote. The holders of common stock are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of any preferred stock that may be outstanding at the time. The Company has never declared any dividends on common stock. As of December 31, 2020, and 2019, the Company had 29,543,222 and 26,869,413 shares of common stock issued and outstanding, respectively. Common Stock Warrant In June 2014, in connection with a research grant and license agreement, the Company issued a warrant to purchase 27,941 shares of common stock at $0.03 per share. The grant date estimated fair value of such warrants was insignificant. The warrant was immediately exercisable and expires in June 2024. The warrant was fully exercised in May 2019. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | Note 9. Equity Incentive Plans On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”), and most recently amended the 2014 Plan on April 25, 2019. The 2014 Plan was amended, restated and re-named the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective as of May 7, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2014 Plan were added to the shares reserved for issuance under the 2019 Plan. The 2019 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Company’s employees, directors, and consultants. The maximum aggregate number of shares that may be issued under the 2019 Plan is 5,131,549 shares of the Company’s common stock. In addition, the number of shares available for issuance under the 2019 Plan will be annually increased on the first day of each of its fiscal years beginning with fiscal 2020, by an amount equal to the least of (i) 2,146,354 shares of common stock; (ii) 4% of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (iii) such other amount as the Company’s Board of Directors may determine. The 2019 Plan may be amended, suspended or terminated by the Company’s Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company’s Board of Directors, the 2019 Plan will automatically terminate on April 23, 2029. As of December 31, 2020, the Company had 269,353 shares available for future issuance under the 2019 Plan. Stock Options Activity for service-based stock options under the 2019 Plan is as follows: Number of Options and Unvested Shares Weighted Average Exercise Price Weighted average remaining contractual life (years) Aggregate intrinsic value (In thousands) Balance at December 31, 2017 769,409 $ 0.39 8.89 $ 1,108 Options granted 1,316,342 2.08 — — Options exercised (51,350 ) 0.46 — — Options cancelled / forfeited (148,897 ) 0.41 — — Balance at December 31, 2018 1,885,504 $ 1.57 9.07 $ 1,253 Options granted 932,639 15.87 — — Options exercised (194,279 ) 0.51 — — Options cancelled / forfeited (229,930 ) 21.09 — — Balance at December 31, 2019 2,393,934 $ 5.35 8.62 $ 121,593 Options granted 2,798,645 42.95 — — Options exercised (173,809 ) 7.38 — — Options cancelled / forfeited (228,443 ) 42.56 — — Balance at December 31, 2020 4,790,327 $ 25.47 8.69 $ 49,723 Options vested and expected to vest to December 31, 2020 4,790,327 25.47 8.69 49,723 Options exercisable at December 31, 2020 1,471,526 $ 10.32 7.64 $ 30,633 Aggregate intrinsic value represents the difference between the Company’s estimated fair value of its common stock as of their respective balance sheet dates and the exercise price of outstanding options. The total intrinsic value of options exercised was $6,697,000, $887,000 and $91,000 for the years ended December 31, 2020, 2019 and 2018, respectively. The weighted-average grant date fair value of options granted during the years ended December 31, 2020, 2019 and 2018 was $31.21, $11.11 and $1.26 per share, respectively. The total estimated grant date fair value of options vested during the years ended December 31, 2020, 2019, and 2018 was $10.5 million, $1.2 million, and $0.1 million, respectively. In 2020, 2019 and 2018, the Company recognized $14,267,000, $2,056,000, and $155,000 respectively, of stock-based compensation expense related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements. As of December 31, 2020, total unamortized employee stock-based compensation was $72.7 million, which is expected to be recognized over the remaining estimated vesting period of 1.72 years. Performance Stock Options (“PSOs”) In December 2020, the Company granted 675,000 performance stock options (“PSOs”) under the Stock Incentive Plan to its executive and senior officers. Vesting for the options is performance based and is based on continued employment at the vesting date, with the options vesting in two installments if the Company’s average closing price in any 45 consecutive trading day period exceeds a certain amount per share prior to March 15, 2023 and March 15, 2024, respectively. PSOs represent a contingent right to purchase Common Stock upon achievement of specified market conditions. The Company recognized stock-based compensation expense of $203,000 in 2020 relating to these PSOs. The weighted-average grant date fair value of the PSOs granted during 2020 was $14.90 per share. As of December 31, 2020, total unamortized stock-based compensation related to PSOs was $9,854,000, which is expected to be recognized over the remaining estimated vesting period of 2.75 years. Total intrinsic value for PSOs outstanding was $0 for the year ended December 31, 2020. The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Average Exercise Price Weighted average remaining contractual life (years) Balance at December 31, 2019 — — — Options granted 675,000 29.60 — Options exercised — — — Options cancelled — — — Balance at December 31, 2020 675,000 29.60 9.94 Outstanding 675,000 $ 29.60 9.94 Vested — — — Stock-Based Compensation Expense The following table summarizes employee and non-employee stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 and the allocation within the statements of operations and comprehensive loss (in thousands): 2020 2019 2018 General and administrative expense $ 7,441 $ 1,378 $ 78 Research and development expense 7,029 678 77 Total stock-based compensation $ 14,470 $ 2,056 $ 155 The Company estimates the fair value of its service-based stock option awards utilizing the Black-Scholes option pricing model, which is dependent upon several variables, such as expected term, volatility, risk-free interest rate, and expected dividends. Each of these inputs is subjective and generally requires significant judgment to determine. Stock-based compensation is measured at the grant date based on the fair value of the award and is recognized as expense, over the requisite service period, which is generally the vesting period of the respective award. The Company recognizes compensation on a straight-line basis over the requisite vesting period for each award. Forfeitures are recognized as they occur. The following weighted average assumptions were used to calculate the fair value of stock-based compensation for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Expected volatility 86.69 % 80.19 % 69.6 % Expected dividend yield — % — % — % Expected term (in years) 6.23 6.25 6.25 Risk-free interest rate 0.80 % 1.90 % 2.91 % Expected Term — The Company has opted to use the “simplified method” for estimating the expected term of options, whereby the expected term equals the arithmetic average of the vesting term and the original contractual term of the option (generally 10 years). Expected Volatility—Due to the Company’s limited operating history and a lack of company specific historical and implied volatility data, the Company has based its estimate of expected volatility on the historical volatility of its own stock and the stock of companies within its defined peer group. The historical volatility data was computed using the daily closing prices for the selected companies’ shares during the equivalent period of the calculated expected term of the stock-based awards. Risk-Free Interest Rate — The risk-free rate assumption is based on the U.S. Treasury instruments with maturities similar to the expected term of the Company’s stock options. Expected Dividend — The Company has not issued any dividends in its history and does not expect to issue dividends over the life of the options and therefore has estimated the dividend yield to be zero. Fair value of Common Stock — The fair value of the shares of common stock underlying the stock-based awards has historically been determined by the board of directors, with input from management. Prior to the Company’s IPO, there has been no public market for the Company’s common stock, the board of directors determined the fair value of the common stock on the grant-date of the stock-based award by considering a number of objective and subjective factors, including enterprise valuations of the Company’s common stock performed by an unrelated third-party specialist, valuations of comparable companies, sales of the Company’s redeemable convertible preferred stock to unrelated third parties, operating and financial performance, the lack of liquidity of the Company’s capital stock, and general and industry-specific economic outlook. Subsequent to the IPO date, the board of directors uses the closing price of stock on the date of grant to determine the fair value. The board of directors intends all options granted to be exercisable at a price per share not less than the estimated per share fair value of common stock underlying those options on the date of grant. The Company estimated the grant date fair value of its market-based performance stock option awards granted during the year ended December 31, 2020 using a Monte Carlo Simulation method by applying the following assumptions: Expected share price volatility 95.0 % Contractual term, in years 10 Risk-free interest rate 0.90 % Employee Stock Purchase Plan On April 24, 2019, the Company’s Board of Directors adopted its 2019 Employee Stock Purchase Plan (“2019 ESPP”), which was subsequently approved by the Company’s stockholders and became effective on May 7, 2019, the day immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2019 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code (the “Code”) for U.S. employees. In addition, the 2019 ESPP authorizes grants of purchase rights that do not comply with Section 423 of the Code under a separate non-423 component for non-U.S. employees and certain non-U.S. service providers. The Company has reserved 268,295 shares of common stock for issuance under the 2019 ESPP. In addition, the number of shares reserved for issuance under the 2019 ESPP will be increased automatically on the first day of each fiscal year for a period of up to ten years, starting with the 2020 fiscal year, by a number equal to the lesser of: (i) 536,589 shares; (ii) 1% of the shares of common stock outstanding on the last day of the prior fiscal year; or (iii) such lesser number of shares determined by the Company’s Board of Directors. The 2019 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The Company has not yet approved an offering under the 2019 ESPP. |
Convertible Promissory Notes
Convertible Promissory Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Promissory Notes | Note 10. Convertible Promissory Notes In February 2017 the Company received $7.6 million from the issuance of convertible promissory notes to the Company’s current investors. In June 2017 the Company received an additional $150,000 from an issuance under the same note facility to a new investor. In January 2018 the Company received $250,000 from a new investor under the same note facility for a total of $8.0 million in principal value under the note facility. The notes accrue simple interest on the outstanding principal amount at the rate of 8% per annum and were set to mature on February 1, 2019. The convertible promissory notes have conversion and repayment options as follows: (a) in the event that the Company has an equity financing event of at least $10 million to new investors on or before the maturity date, then the outstanding principal amount of this convertible promissory note and any unpaid accrued interest will automatically convert in whole into equity securities sold in the qualified financing at a conversion price equal to 80% of the cash price paid per share for equity securities by the investors in the qualified financing, or (b) the Company consummates a merger of the Company where it does not maintain majority voting power or conducts a sale, lease, transfer, exclusive license or other disposition of all or substantially all of its assets while the convertible promissory notes remain outstanding, the Company shall repay the holders in cash in an amount equal to 200% of the outstanding principal and accrued interest amount of the convertible promissory notes. The Company evaluated its convertible notes and determined that the redemption premium feature qualified as a derivative liability to be separately accounted for in accordance with ASC 815. The convertible promissory notes contained put options as follows: 1. On or before the maturity date, the principal and accrued interest of the notes will automatically convert into equity securities issued and sold in the initial closing of the Company’s next qualified equity financing with gross proceeds of at least $10,000,000, exclusive of the conversion of the notes. The number of shares to be issued to the note holders will be equal to dividing the outstanding principal and any unpaid accrued interest by 80% of the price paid per share of the next equity security sold to investors. The discount in share price to note holders is not considered clearly and closely related to the debt host and results in an embedded derivative that must be bifurcated and accounted for separately from the debt host. 2. In the event of a merger or sale, lease, transfer, exclusive license or other disposition of all or substantially all of its assets prior to repayment, the outstanding principal and unpaid accrued interest will be repaid in cash, plus a repayment premium equal to 100% of the outstanding principal and accrued interest at the time of the merger or sale of assets. The premium to note holders is not considered clearly and closely related to the debt host and results in an embedded derivative that must be bifurcated and accounted for separately from the debt host. Accordingly, upon the issuance of the February 2017 convertible promissory notes, the estimated fair value of the embedded derivative liability was determined using a bond plus option valuation model and assuming a probability of 80% that a qualified financing would occur and a zero probability that a merger or sale would occur. The Company recorded the estimated fair value of these put options (embedded derivatives) as a liability of $1.55 million with an offsetting amount recorded as debt discount, which offsets the carrying amount of the debt. The debt discount is amortized over the debt’s expected term. The derivative liability is revalued at the end of each reporting period and any change in fair value is recognized in other income. Upon the issuance of the June 2017 convertible promissory notes, the estimated fair value of the embedded derivatives were determined using a bond plus option valuation model and assuming a probability of 80% that a qualified financing would occur and a zero probability that a sale or merger would occur. The Company recorded the estimated fair value of these put options (embedded derivatives) as a liability of $30,000 with an offsetting amount recorded as debt discount, which offsets the carrying amount of the debt. Upon issuance of the January 2018 convertible promissory notes, the estimated fair value of the embedded derivatives was determined using a bond plus option valuation model and assuming a probability of 90% that a qualified financing would occur and a zero probability that a merger or sale would occur. The Company recorded the estimated fair value of these put options (embedded derivatives) as a liability of $56,250 with an offsetting amount recorded as debt discount, which offsets the carrying amount of the debt. The derivative liability is revalued at the end of each reporting period and any change in fair value is recognized in “Change in fair value of redemption premium liability” in the Statement of Operations. In May 2018, the notes converted into 1,147,205 shares of the Company’s Series B redeemable convertible preferred stock in conjunction with the Company’s Series B redeemable convertible preferred stock financing (the “Series B Financing”), which was considered a Qualified Financing under the terms of the notes. In conjunction with the closing, the holders of the notes also converted their accrued and unpaid interest of $0.8 million and the Company recorded a change in the fair value of the derivative liability of $206,000. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 11. Related Party Transactions In June 2014, the Company entered into a research grant and license agreement (the Agreement) with a stockholder of the Company. The Agreement requires the Company to pay royalties to the stockholder in the amount of 3% of gross revenues not to exceed $1.05 million. This agreement was amended in April 2019 and the royalty payment provision was removed. As described in Note 1, o n February 10, 2020, the Company issued and sold shares of common stock at a purchase price of $50.00 per share in a private placement. In the private placement, the Company issued and sold 30,000 shares of common stock for an aggregate purchase price of $1,500,000 to an entity affiliated with David A. Lamond, a member of the Company’s Board of Directors. On January 13, 2021, the Company entered into an agreement with LifeSci Advisors, LLC for investor relations consulting services. The Company’s Chief Operating Officer and Chief Financial Officer, Christopher Lowe, has an investment in a sister entity to LifeSci Advisors, LLC whose business is unrelated to the services being offered by LifeSci Advisors, LLC to the Company. The Company will pay $180,000 to LifeSci Advisors, LLC over the one-year term of the agreement. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12. Income taxes From inception through 2020, the Company has only generated pretax losses in the United States and has not generated any pretax income or loss outside of the United States. The Company did not record a provision (benefit) for income taxes for the years ended December 31, 2020, 2019 and 2018. The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year ended December 31, 2020 2019 2018 Federal statutory income tax rate 21.00 % 21.00 % 21.00 % State income taxes 0.55 (1.12 ) 6.24 Income tax credits 2.14 3.67 — Non-deductible expenses and others 0.44 (0.38 ) (1.02 ) Non-deductible expenses related to the convertible promissory notes — — (1.96 ) Change in valuation allowance (24.13 ) (23.17 ) (24.26 ) — % — % — % As of December 31, 2020 and 2019, the components of the Company’s deferred tax assets are as follows (in thousands): Year ended December 31, 2020 2019 Deferred tax asset: Federal and State net operating loss carryforwards $ 28,072 $ 14,219 Stock based compensation 2,633 238 Other accruals and deferred expense 566 185 Tax credits 3,928 1,867 Gross deferred tax asset 35,199 16,509 Valuation allowance (35,034 ) (16,489 ) Total deferred tax assets 165 20 Deferred tax liabilities: Property and equipment (14 ) (20 ) Capitalized leases (151 ) — Gross deferred tax liabilities (165 ) (20 ) Net deferred tax assets $ — $ — Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, and (b) operating losses and tax credit carryforwards. The Company’s accounting for deferred taxes involves the evaluation of a number of factors concerning the realizability of its net deferred tax assets. The Company primarily considered such factors as its history of operating losses, the nature of the Company’s deferred tax assets, and the timing, likelihood and amount, if any, of future taxable income during the periods in which those temporary differences and carryforwards become deductible. At present, the Company does not believe that it is more likely than not that the deferred tax assets will be realized; accordingly, a full valuation allowance has been established and no deferred tax asset is shown in the accompanying balance sheets. The valuation allowance increased by approximately $18.5 million and $8.5 million and $3.0 million respectively for the years ended December 31, 2020, 2019 and 2018. At December 31, 2020, the Company has federal net operating loss carryforwards of approximately $128.2 million of which $112.3 million will not expire and $15.9 million begin expiring in 2034. The Company also has state net operating loss carryforwards of approximately $4.9 million which begin to expire in 2034. Additionally, the Company has federal tax credits of approximately $4.9 million which begin to expire in 2036 and state tax credits of approximately $1.1 million which do not expire. Use of the net operating loss and credit carryforwards may be subject to a substantial annual limitation due to the ownership change provisions of U.S. tax law and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before use. Pursuant to the Internal Revenue Code, as amended (the “Code”) Sections 382 and 383, annual use of a company’s NOL and research and development credit carryforwards may be limited if there is a cumulative change in ownership of greater than 50% within a three-year period. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. If limited, the related tax asset would be removed from the deferred tax asset schedule with a corresponding reduction in the valuation allowance. The Company has not completed such an analysis pursuant to Sections 382 and 383 and therefore has established a valuation allowance as the realization of such deferred tax assets has not met the more likely than not threshold requirement. Due to the existence of the valuation allowance, further changes in the Company’s unrecognized tax benefits will not impact the Company’s effective tax rate. Uncertain Tax Positions The Company follows the provisions of the FASB ASC 740-10, Accounting for Uncertainty in Income Taxes. ASC 740-10 prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of uncertain tax positions that have been taken or expected to be taken on a tax return. No liability related to uncertain tax positions is recorded in the financial statements. The Company is subject to taxation in the United States. Because of the net operating loss and research credit carryforwards, all of the Company’s tax years, from 2013 to 2020, remain open to U.S. federal, California, and other state tax examinations. There were no interest or penalties accrued at December 31, 2020, 2019 and 2018. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Year ended December 31, 2020 2019 2018 Beginning balance $ 1,059 $ 356 $ 171 Additions for tax positions taken in a prior year — 168 — Additions for tax positions taken in a current year 917 535 185 Ending balance $ 1,976 $ 1,059 $ 356 On March 27, 2020, President Trump signed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") into law. The Company has reviewed the aspects of this law as it relates to income taxes and have concluded that at this time, the CARES Act will have no material impact to the Company’s 2020 provision for income taxes. |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 13. Net Loss per Share The following table sets forth the computation of basic and diluted net loss per share (in thousands except for share and per share amounts): December 31, 2020 2019 2018 Numerator: Net loss $ (76,849 ) $ (36,980 ) $ (12,476 ) Denominator Weighted average common shares outstanding 29,176,232 19,031,940 3,362,192 Net loss per share, basic and diluted $ (2.63 ) $ (1.94 ) $ (3.71 ) The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: December 31, 2020 2019 2018 Series A convertible preferred stock — — 9,008,919 Series B convertible preferred stock — — 9,152,108 Stock options issued and outstanding 4,790,327 2,393,934 1,885,504 Performance stock options 675,000 — — Warrants — — 27,941 5,465,327 2,393,934 20,074,472 |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plan | Note 14. Employee Benefit Plan The Company sponsors a 401(k) defined contribution plan for its employees. This plan provides for pre-tax and post-tax contributions for all employees. Employee contributions are voluntary. Employees may contribute up to 100% of their annual compensation to this plan, as limited by an annual maximum amount as determined by the Internal Revenue Service. The Company may match employee contributions, and may make profit sharing contributions, in amounts to be determined at the Company’s sole discretion. The Company made no contributions to the plan for the years ended December 31, 2020, 2019, and 2018, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements and the notes thereto have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) pursuant to the instructions of the SEC on Form 10-K through the rules and interpretive releases of the SEC under federal securities law. |
Use of Estimates | Use of Estimates The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s financial statements relate to the determination of the fair value of common stock prior to the initial public offering, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates. |
Risk and Uncertainties | Risk and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals and sole source suppliers. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention |
Segments | Segments The Company operates and manages its business as one reportable and operating segment, which is the business of developing and commercializing therapeutics. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating and evaluating financial performance. All long-lived assets are maintained in the United States of America. |
Cash, Cash Equivalents and Investments | Cash, Cash Equivalents and Investments The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash equivalents include marketable securities. Management determines the appropriate classification of its investments in debt securities at the time of purchase and at the end of each reporting period. Investments with original maturities beyond three months at the date of purchase and which mature at, or less than twelve months from the balance sheet date are classified as short-term investments. Investments with a maturity beyond twelve months from the balance sheet date are classified as long-term investments. Premiums (discounts) are amortized (accreted) over the life of the related investment as an adjustment to yield using the straight-line interest method. Dividend and interest income are recognized when earned. These amounts are recorded in “interest income” in the statements of operations and comprehensive loss. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost and reduced by accumulated depreciation. Depreciation expense is recognized using the straight-line method over the estimated useful lives of the respective assets. Depreciation and amortization begin at the time the asset is placed in service. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized. The useful lives of property and equipment are as follows: Computer equipment 3 years Lab equipment 5 years Finance lease right of use assets Shorter of estimated useful life or lease term Leasehold improvement Shorter of estimated useful life or lease term Office furniture 3 years |
Concentration of Credit Risk | Concentration of Credit Risk Cash equivalents, short-term and long-term investments are financial instruments that potentially subject the Company to concentrations of credit risk. The Company invests in money market funds, repurchase agreements, treasury bills and notes, government bonds, commercial paper and corporate notes. The Company limits its credit risk associated with cash equivalents, short-term and long-term investments by placing them with banks and institutions it believes are highly credit worthy and in highly rated investments. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment charge would be recorded when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than its carrying amount. Impairment, if any, is assessed using discounted cash flows or other appropriate measures of fair value. The Company did not recognize any impairment charges for the years ended December 31, 2020, 2019 and 2018. |
Leases | Leases The Company adopted Accounting Standards Update (ASU) No. 2016-02, Leases (Topic 842) as of January 1, 2019 using the modified retrospective method. The results for years ended December 31, 2019 and 2020 are presented under ASC 842. The results for the year ended December 31, 2018 were not adjusted and continue to be reported The Company determines if an arrangement includes a lease at inception. Right-of-use lease assets and lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the commencement date. The right-of-use lease asset includes any lease payments made and excludes lease incentives. Incremental borrowing rate is used in determining the present value of future payments. The Company applies a portfolio approach to the property leases to apply an incremental borrowing rate to leases with similar lease terms. The lease terms may include options to extend or terminate the lease. The Company recognizes the options to extend the lease as part of the right-of-use lease assets and lease liabilities only if it is reasonably certain that the option would be exercised. Lease expense for minimum lease payments is recognized on a straight-line basis over the non-cancelable lease term. As a result of the adoption of the new guidance, effective January 1, 2019, the Company recorded a right-of-use lease asset of $0.9 million, a short-term lease liability of $0.3 million , |
Research and Development Expenses | Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses consist primarily of personnel costs for the Company’s research and product development employees. Also included are non-personnel costs such as professional fees payable to third parties for preclinical and clinical studies and research services, laboratory supplies and equipment maintenance, product licenses, and other consulting costs. The Company estimates preclinical and clinical study and research expenses based on the services performed, pursuant to contracts with contract research organizations (“CROs”) that conduct and manage preclinical and clinical studies and research services on its behalf. Expenses related to clinical studies are based on estimates of the services received and efforts expended pursuant to contracts with many research institutions, clinical research organizations and other service providers that conduct and manage clinical studies on our behalf. The financial terms of these agreements are subject to negotiation and vary from contract to contract and may result in uneven payment flows. Generally, these agreements set forth the scope of work to be performed at a fixed fee or unit price. Payments under the contracts are mainly driven by time and materials incurred by these service providers. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Expenses related to clinical studies are generally recorded based on the timing of when services that have been performed on the Company’s behalf by the service providers, clinical trial budgets and in accordance with the contracts and related amendments. The determination of timing involves reviewing open contracts and purchase orders, communicating with applicable personnel to identify the timing of when services that have been performed on the Company’s behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of actual cost. The Company periodically confirms the accuracy of estimates with the service providers and makes adjustments if necessary. Examples of estimated clinical expenses include: • fees paid to Contract Research Organizations, or CROs, in connection with clinical studies; • fees paid to investigative sites in connection with clinical studies; • fees paid to contract manufacturers in connection with the production of clinical study materials; and • fees paid to vendors in connection with preclinical development activities. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the prepaid or accrual accordingly. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are expensed as incurred. |
Patents Costs | Patent Costs The Company has no historical data to support a probable future economic benefit for the arising patent applications, filing and prosecution costs. Therefore, patent costs are expensed as incurred. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees in accordance with Accounting Standards Codification (“ASC”) 718, Compensation—Stock Compensation. Stock-based awards granted include stock options with service-based vesting. ASC 718 requires the recognition of compensation expense, using a fair value-based method, for costs related to all stock-based payments. The Company’s determination of the fair value of stock options with service-based vesting on the date of grant utilizes the Black-Scholes option-pricing model and is impacted by its common stock price as well as other variables including: but not limited to, expected term that options will remain outstanding, expected common stock price volatility over the term of the option awards, risk-free interest rates and expected dividends. The fair value of a stock-based award is recognized over the period during which an optionee is required to provide services in exchange for the option award, known as the requisite service period (usually the vesting period) on a straight-line basis. Stock-based compensation expense is recognized based on the fair value determined on the date of grant and is reduced for forfeitures as they occur. The Company uses a Monte Carlo Simulation method to estimate the grant date fair value of stock option awards with market-based performance conditions. |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock The Company recorded all shares of convertible preferred stock at their respective fair values less issuance costs on the dates of issuance. The convertible preferred stock was recorded outside of stockholders’ equity (deficit) because, in the event of certain deemed liquidation events considered not solely within the Company’s control, such as a merger, acquisition and sale of all or substantially all of all the Company’s assets, the convertible preferred stock will become redeemable at the option of the holders. Additionally, holders with 60% of majority had the right to demand redemption on or after May 23, 2025. In the event of a change of control of the Company, proceeds received from the sale of such shares would have been distributed in accordance with the liquidation preferences set forth in the Company’s Amended and Restated Certificate of Incorporation unless the holders of convertible preferred stock had converted their shares of convertible preferred stock into shares of common stock. The Company determined not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because of the uncertainty of whether or when such an event would occur. In connection with the closing of the IPO, all of the Company’s outstanding shares of redeemable convertible preferred stock were automatically converted into 18,161,027 shares of common stock, and there are no shares of redeemable convertible preferred stock outstanding as of December 31, 2020 and 2019. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. Current income tax expense or benefit represents the amount of income taxes expected to be payable or refundable for the current year. Deferred income tax assets and liabilities are determined based on differences between the financial statement reporting and tax bases of assets and liabilities and net operating loss and credit carryforwards and are measured using the enacted tax rates and laws that will be in effect when such items are expected to reverse. Deferred income tax assets are reduced, as necessary, by a valuation allowance when management determines it is more likely than not that some or all of the tax benefits will not be realized. The Company accounts for uncertain tax positions in accordance with ASC 740-10, Accounting for Uncertainty in Income Taxes The Company includes any penalties and interest expense related to income taxes as a component of other expense and interest expense, net, as necessary. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) The Company is required to report all components of comprehensive income (loss), including net loss, in the financial statements in the period in which they are recognized. Comprehensive income (loss) is defined as a change in equity of a business enterprise during a period, resulting from transactions and other events and circumstances from non-owner sources. The Company had unrealized gain from its available-for-sale securities during the years ended December 31, 2020 and 2019 and an unrealized loss from its available-for sale securities during the year ended December 31, 2018, which are considered other comprehensive income (loss). |
Net Loss per Share | Net Loss per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents of potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, warrants and common stock options are considered to be potentially dilutive securities. Because the Company reported a net loss for the years ended December 31, 2020, 2019 and 2018, and the inclusion of the potentially dilutive securities would be antidilutive, diluted net loss per share is the same as basic net loss per share for both periods. |
Recently Accounting Pronouncements Adopted and Recent Accounting Pronouncements Not Yet Adopted | Recent Accounting Pronouncements Adopted In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The new guidance changes disclosure requirements related to fair value measurements as part of the disclosure framework project. The disclosure framework project aims to improve the effectiveness of disclosures in the notes to the financial statements by focusing on requirements that clearly communicate the most important information to users of the financial statements. The Company adopted this effective January 1, 2020. The adoption of this pronouncement did not have a material impact on its financial statements or disclosures. In August 2018, the FASB issued ASU No. 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 (“ASU 2018-15”), which clarifies the accounting for implementation costs in cloud computing arrangements. The Company adopted the standard prospectively on January 1, 2020. The adoption of this pronouncement did not have a material impact on its financial statements. Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a Smaller Reporting Company as defined by the SEC, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property and Equipment | The useful lives of property and equipment are as follows: Computer equipment 3 years Lab equipment 5 years Finance lease right of use assets Shorter of estimated useful life or lease term Leasehold improvement Shorter of estimated useful life or lease term Office furniture 3 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis | Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of December 31, 2020 and 2019 are presented in the following tables (in thousands): Fair Value Measurements at December 31, 2020 Total Level 1 Level 2 Level 3 Money market funds $ 15,661 $ 15,661 $ — $ — Certificates of Deposit 30,765 — 30,765 — Repurchase Agreements 15,000 — 15,000 Corporate notes 75,426 — 75,426 — Government and agency notes 8,296 — 8,296 — Municipal notes 3,446 — 3,446 — Total $ 148,594 $ 15,661 $ 132,933 $ — Fair Value Measurements at December 31, 2019 Total Level 1 Level 2 Level 3 Money market funds $ 30,054 $ 30,054 $ — $ — Certificates of Deposit 20,046 — 20,046 — Repurchase Agreements 15,000 — 15,000 — Corporate notes 38,783 — 38,783 — Government notes 7,574 — 7,574 — Commercial Paper 1,096 — 1,096 — Total $ 112,553 $ 30,054 $ 82,499 $ — |
Cash, Cash Equivalents and In_2
Cash, Cash Equivalents and Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis | The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands): December 31, 2020 2019 Cash and cash equivalents: Cash $ 35,690 $ 4,074 Money market funds 15,661 30,054 Repurchase agreements 15,000 15,000 Certificates of deposit 490 985 Corporate notes — 1,101 Total cash and cash equivalents $ 66,841 $ 51,214 Short-term investments: Commercial paper $ — $ 1,096 Certificates of deposit 23,387 15,428 Municipal notes 2,365 — Corporate notes 34,991 24,552 Government and agency notes 6,236 7,574 Total short-term investments $ 66,979 $ 48,650 Long-term investments Corporate notes $ 40,435 $ 13,130 Certificates of deposit 6,888 3,633 Municipal notes 1,081 — Government and agency notes 2,060 — Total long-term investments $ 50,464 $ 16,763 |
Summary of Available-for-Sale Securities | The following table summarizes the available-for-sale securities (in thousands): Fair Value Measurements at December 31, 2020 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 15,661 $ — $ — $ 15,661 Certificates of Deposit 30,603 162 — 30,765 Repurchase Agreements 15,000 — — 15,000 Corporate notes 75,298 183 (55 ) 75,426 Government and agency notes 8,274 22 — 8,296 Municipal notes 3,445 1 — 3,446 Total cash equivalents and investments $ 148,281 $ 368 $ (55 ) $ 148,594 Classified as: Cash equivalents (maturities within 90 days) $ 31,151 Short-term investments (maturities within one year) 66,979 Long-term investments (maturities beyond 1 year) 50,464 Total cash equivalents and investments $ 148,594 Fair Value Measurements at December 31, 2019 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 30,054 $ — $ — $ 30,054 Certificates of Deposit 19,992 54 — 20,046 Repurchase Agreements 15,000 — — 15,000 Corporate notes 38,788 — (5 ) 38,783 Government notes 7,563 11 7,574 Commercial Paper 1,096 — — 1,096 Total cash equivalents and investments $ 112,493 $ 65 $ (5 ) $ 112,553 Classified as: Cash equivalents (maturities within 90 days) $ 47,140 Short-term investments (maturities within one year) 48,650 Long-term investments (maturities beyond 1 year) 16,763 Total cash equivalents and investments $ 112,553 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Balance Sheet Components [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): December 31, 2020 2019 Prepaid expenses $ 274 $ 129 Prepaid insurance 964 858 Prepaid research and development expenses 2,110 4,517 Other current assets 694 688 Total prepaid expenses and other current assets $ 4,042 $ 6,192 |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): December 31, 2020 2019 Computer equipment $ 33 $ 28 Lab equipment 405 405 Finance lease right of use assets 557 559 Leasehold improvement 21 — Office furniture 26 — Less: accumulated amortization and depreciation (615 ) (283 ) Property and equipment, net $ 427 $ 709 |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): December 31, 2020 2019 Personnel expenses $ 2,415 $ 1,261 Professional fees 141 96 Research and development expenses 10,603 4,410 Other 282 50 Total accrued expenses and other current liabilities $ 13,441 $ 5,817 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Supplemental Balance Sheet Information Related To Leases | Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates): December 31, 2020 December 31, 2019 Operating lease right of use asset, net $ 674 $ 625 Short-term operating lease liability 238 — Long-term operating lease liability 208 — $ 446 $ — Finance lease right of use asset 557 559 Finance lease accumulated amortization (337 ) (107 ) Total finance lease right of use asset, net $ 220 $ 452 Weighted average remaining lease term Operating leases 1.6 years 1.6 years Finance leases 0.9 years 2.1 years Weighted average discount rate Operating leases 2.10 % — % Finance leases — % — % Year ended December 31, Operating Lease 2021 245 2022 141 2023 70 Total lease payments 456 Less: imputed interest (10 ) Total remaining lease liability 446 |
Summary of Lease Costs | Lease costs for the years ended December 31, 2020 and 2019 were approximately: Years ended December 31, 2020 2019 Lease costs: Finance lease amortization of right of use assets $ 230 $ 107 Operating lease costs 578 374 Short-term lease costs 92 11 Total lease costs $ 900 $ 492 |
Common Stock and Common Stock_2
Common Stock and Common Stock Warrant (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Reserved Shares of Common Stock for Future Issuance | The Company had reserved shares of common stock for future issuance as follows: December 31, 2020 2019 Options issued and outstanding under the 2019 Stock Plan 5,465,327 2,393,934 Shares available for issuance under 2019 Stock Plan 269,353 2,439,779 Shares available for issuance under the Employee Stock Purchase Plan 536,989 268,295 Total 6,271,669 5,102,008 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Summary of Employee and Non-Employee Stock-Based Compensation Expense | The following table summarizes employee and non-employee stock-based compensation expense for the years ended December 31, 2020, 2019 and 2018 and the allocation within the statements of operations and comprehensive loss (in thousands): 2020 2019 2018 General and administrative expense $ 7,441 $ 1,378 $ 78 Research and development expense 7,029 678 77 Total stock-based compensation $ 14,470 $ 2,056 $ 155 |
Service Based Stock Options | |
Summary of Stock Option Activity | Activity for service-based stock options under the 2019 Plan is as follows: Number of Options and Unvested Shares Weighted Average Exercise Price Weighted average remaining contractual life (years) Aggregate intrinsic value (In thousands) Balance at December 31, 2017 769,409 $ 0.39 8.89 $ 1,108 Options granted 1,316,342 2.08 — — Options exercised (51,350 ) 0.46 — — Options cancelled / forfeited (148,897 ) 0.41 — — Balance at December 31, 2018 1,885,504 $ 1.57 9.07 $ 1,253 Options granted 932,639 15.87 — — Options exercised (194,279 ) 0.51 — — Options cancelled / forfeited (229,930 ) 21.09 — — Balance at December 31, 2019 2,393,934 $ 5.35 8.62 $ 121,593 Options granted 2,798,645 42.95 — — Options exercised (173,809 ) 7.38 — — Options cancelled / forfeited (228,443 ) 42.56 — — Balance at December 31, 2020 4,790,327 $ 25.47 8.69 $ 49,723 Options vested and expected to vest to December 31, 2020 4,790,327 25.47 8.69 49,723 Options exercisable at December 31, 2020 1,471,526 $ 10.32 7.64 $ 30,633 |
Summary of Weighted Average Assumptions to Calculate the Fair Value of Stock-Based Compensation | The following weighted average assumptions were used to calculate the fair value of stock-based compensation for the years ended December 31, 2020, 2019 and 2018: 2020 2019 2018 Expected volatility 86.69 % 80.19 % 69.6 % Expected dividend yield — % — % — % Expected term (in years) 6.23 6.25 6.25 Risk-free interest rate 0.80 % 1.90 % 2.91 % |
Performance Stock Options | |
Summary of Stock Option Activity | The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information: Shares Subject to Outstanding PSOs Weighted Average Exercise Price Weighted average remaining contractual life (years) Balance at December 31, 2019 — — — Options granted 675,000 29.60 — Options exercised — — — Options cancelled — — — Balance at December 31, 2020 675,000 29.60 9.94 Outstanding 675,000 $ 29.60 9.94 Vested — — — |
Market Based Performance Stock Options | |
Summary of Weighted Average Assumptions to Calculate the Fair Value of Stock-Based Compensation | The Company estimated the grant date fair value of its market-based performance stock option awards granted during the year ended December 31, 2020 using a Monte Carlo Simulation method by applying the following assumptions: Expected share price volatility 95.0 % Contractual term, in years 10 Risk-free interest rate 0.90 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Provision for Income Taxes Differs From the Amount Expected by Applying the Federal Statutory Rate to Loss Before Taxes | The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year ended December 31, 2020 2019 2018 Federal statutory income tax rate 21.00 % 21.00 % 21.00 % State income taxes 0.55 (1.12 ) 6.24 Income tax credits 2.14 3.67 — Non-deductible expenses and others 0.44 (0.38 ) (1.02 ) Non-deductible expenses related to the convertible promissory notes — — (1.96 ) Change in valuation allowance (24.13 ) (23.17 ) (24.26 ) — % — % — % |
Schedule of Components of Deferred Tax Assets | As of December 31, 2020 and 2019, the components of the Company’s deferred tax assets are as follows (in thousands): Year ended December 31, 2020 2019 Deferred tax asset: Federal and State net operating loss carryforwards $ 28,072 $ 14,219 Stock based compensation 2,633 238 Other accruals and deferred expense 566 185 Tax credits 3,928 1,867 Gross deferred tax asset 35,199 16,509 Valuation allowance (35,034 ) (16,489 ) Total deferred tax assets 165 20 Deferred tax liabilities: Property and equipment (14 ) (20 ) Capitalized leases (151 ) — Gross deferred tax liabilities (165 ) (20 ) Net deferred tax assets $ — $ — |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands): Year ended December 31, 2020 2019 2018 Beginning balance $ 1,059 $ 356 $ 171 Additions for tax positions taken in a prior year — 168 — Additions for tax positions taken in a current year 917 535 185 Ending balance $ 1,976 $ 1,059 $ 356 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands except for share and per share amounts): December 31, 2020 2019 2018 Numerator: Net loss $ (76,849 ) $ (36,980 ) $ (12,476 ) Denominator Weighted average common shares outstanding 29,176,232 19,031,940 3,362,192 Net loss per share, basic and diluted $ (2.63 ) $ (1.94 ) $ (3.71 ) |
Schedule of Outstanding Potentially Dilutive Ordinary Shares Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: December 31, 2020 2019 2018 Series A convertible preferred stock — — 9,008,919 Series B convertible preferred stock — — 9,152,108 Stock options issued and outstanding 4,790,327 2,393,934 1,885,504 Performance stock options 675,000 — — Warrants — — 27,941 5,465,327 2,393,934 20,074,472 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | May 13, 2019 | Feb. 29, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Entity incorporation date | 2012-06 | |||
Proceeds from issuance of common stock, net of underwriting discounts and commissions and offering expenses | $ 77,827 | |||
Accumulated deficit | $ (146,654) | (69,805) | ||
Cash, cash equivalents, and short-term investments | 133,800 | |||
Long term investments | $ 50,464 | $ 16,763 | ||
IPO | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Issuance of stock (in shares) | 5,073,800 | |||
Public offering price per share | $ 17 | |||
Proceeds from issuance of common stock, net of underwriting discounts and commissions and offering expenses | $ 77,800 | |||
Conversion of redeemable convertible preferred stock to common stock | 18,161,027 | 18,161,027 | ||
Convertible redeemable preferred stock, shares outstanding | 0 | 0 | ||
Underwriters | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Issuance of stock (in shares) | 661,800 | |||
Private Placement | ||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||
Issuance of stock (in shares) | 2,500,000 | |||
Public offering price per share | $ 50 | |||
Agreement date | Feb. 10, 2020 | |||
Proceeds from issuance of common stock | $ 125,000 | |||
Costs related to offering | $ 7,400 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2020USD ($)Segmentshares | May 31, 2020USD ($) | Dec. 31, 2019USD ($)shares | May 13, 2019shares | Jan. 01, 2019USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||||
Number of reportable segment | Segment | 1 | ||||
Number of operating segment | Segment | 1 | ||||
Operating lease asset | $ 674,000 | $ 172,000 | $ 625,000 | ||
Short-term operating lease liability | 238,000 | ||||
Long-term operating lease liability | 208,000 | ||||
Accumulated deficit | $ (146,654,000) | $ (69,805,000) | |||
Percentage of holders demanded on redemption of stock | 60.00% | ||||
IPO | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Conversion of redeemable convertible preferred stock to common stock | shares | 18,161,027 | 18,161,027 | |||
Convertible redeemable preferred stock, shares outstanding | shares | 0 | 0 | |||
Accounting Standards Update 2016-02 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Operating lease asset | $ 900,000 | ||||
Short-term operating lease liability | 300,000 | ||||
Long-term operating lease liability | 600,000 | ||||
Accounting Standards Update 2016-02 | Revision of Prior Period, Accounting Standards Update, Adjustment | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Accumulated deficit | $ 0 | ||||
Accounting Standards Update 2018-03 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | false | ||||
Accounting Standards Update 2018-15 | |||||
Summary Of Significant Accounting Policies [Line Items] | |||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2020 | ||||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | false |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Computer Equipment | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | 3 years |
Lab Equipment | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | 5 years |
Finance Lease Right of Use Assets | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | Shorter of estimated useful life or lease term |
Leasehold Improvement | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | Shorter of estimated useful life or lease term |
Office Furniture | |
Property Plant And Equipment [Line Items] | |
Useful lives of property and equipment | 3 years |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Fair value assets level 1 to level 2 | $ 0 | $ 0 |
Fair value assets level 2 to level 1 | 0 | 0 |
Fair value assets transfers into level 3 | 0 | 0 |
Fair value assets transfers out of level 3 | $ 0 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | $ 148,594 | $ 112,553 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 15,661 | 30,054 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 30,765 | 20,046 |
Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 15,000 | 15,000 |
Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 75,426 | 38,783 |
Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 8,296 | 7,574 |
Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 3,446 | |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 1,096 | |
Level 1 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 15,661 | 30,054 |
Level 1 | Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 15,661 | 30,054 |
Level 2 | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 132,933 | 82,499 |
Level 2 | Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 30,765 | 20,046 |
Level 2 | Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 15,000 | 15,000 |
Level 2 | Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 75,426 | 38,783 |
Level 2 | Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | 8,296 | 7,574 |
Level 2 | Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | $ 3,446 | |
Level 2 | Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Financial assets and liabilities | $ 1,096 |
Cash, Cash Equivalents and In_3
Cash, Cash Equivalents and Investments - Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | $ 31,151 | $ 47,140 |
Short term investments | 66,979 | 48,650 |
Long term investments | 50,464 | 16,763 |
Fair Value on Recurring | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 66,841 | 51,214 |
Short term investments | 66,979 | 48,650 |
Long term investments | 50,464 | 16,763 |
Fair Value on Recurring | Cash | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 35,690 | 4,074 |
Fair Value on Recurring | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 15,661 | 30,054 |
Fair Value on Recurring | Certificates of Deposit | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 490 | 985 |
Short term investments | 23,387 | 15,428 |
Long term investments | 6,888 | 3,633 |
Fair Value on Recurring | Repurchase Agreements | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 15,000 | 15,000 |
Fair Value on Recurring | Corporate Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash and cash equivalents | 1,101 | |
Short term investments | 34,991 | 24,552 |
Long term investments | 40,435 | 13,130 |
Fair Value on Recurring | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short term investments | 1,096 | |
Fair Value on Recurring | Municipal Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short term investments | 2,365 | |
Long term investments | 1,081 | |
Fair Value on Recurring | Government and Agency Notes | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Short term investments | 6,236 | $ 7,574 |
Long term investments | $ 2,060 |
Cash, Cash Equivalents and In_4
Cash, Cash Equivalents and Investments - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Fair Value Disclosures [Abstract] | |||
Weighted average remaining contractual maturities of available-for-sale securities | 10 months | ||
Realized gains or losses on the sale or maturity of available-for-sale securities | $ 0 | $ 0 | $ 0 |
Amounts reclassify out of accumulated other comprehensive income | $ 0 |
Cash, Cash Equivalents and In_5
Cash, Cash Equivalents and Investments - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 148,281 | $ 112,493 |
Unrealized Gains | 368 | 65 |
Unrealized Losses | (55) | (5) |
Financial assets and liabilities | 148,594 | 112,553 |
Cash equivalents (maturities within 90 days) | 31,151 | 47,140 |
Short-term investments (maturities within one year) | 66,979 | 48,650 |
Long-term investments (maturities beyond 1 year) | 50,464 | 16,763 |
Total cash equivalents and investments | 148,594 | 112,553 |
Money Market Funds | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 15,661 | 30,054 |
Financial assets and liabilities | 15,661 | 30,054 |
Certificates of Deposit | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 30,603 | 19,992 |
Unrealized Gains | 162 | 54 |
Financial assets and liabilities | 30,765 | 20,046 |
Repurchase Agreements | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 15,000 | 15,000 |
Financial assets and liabilities | 15,000 | 15,000 |
Corporate Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 75,298 | 38,788 |
Unrealized Gains | 183 | |
Unrealized Losses | (55) | (5) |
Financial assets and liabilities | 75,426 | 38,783 |
Government and Agency Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 8,274 | 7,563 |
Unrealized Gains | 22 | 11 |
Financial assets and liabilities | 8,296 | 7,574 |
Municipal Notes | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 3,445 | |
Unrealized Gains | 1 | |
Financial assets and liabilities | $ 3,446 | |
Commercial Paper | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 1,096 | |
Financial assets and liabilities | $ 1,096 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid expenses | $ 274 | $ 129 |
Prepaid insurance | 964 | 858 |
Prepaid research and development expenses | 2,110 | 4,517 |
Other current assets | 694 | 688 |
Total prepaid expenses and other current assets | $ 4,042 | $ 6,192 |
Balance Sheet Components - Sc_2
Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Less: accumulated amortization and depreciation | $ (615) | $ (283) |
Property and equipment, net | 427 | 709 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 33 | 28 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 405 | 405 |
Finance Lease Right of Use Assets | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 557 | $ 559 |
Leasehold Improvement | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 21 | |
Office Furniture | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 26 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Prepaid Expense And Other Assets Current [Abstract] | |||
Depreciation | $ 332,000 | $ 188,000 | $ 51,000 |
Balance Sheet Components - Sc_3
Balance Sheet Components - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued Liabilities Current [Abstract] | ||
Personnel expenses | $ 2,415 | $ 1,261 |
Professional fees | 141 | 96 |
Research and development expenses | 10,603 | 4,410 |
Other | 282 | 50 |
Total accrued expenses and other current liabilities | $ 13,441 | $ 5,817 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||||
May 31, 2020USD ($) | May 31, 2019USD ($) | Jun. 30, 2018USD ($)ft²shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 13, 2019 | |
Lessee Lease Description [Line Items] | |||||||
Renewal options | false | ||||||
Operating lease payments | $ 0 | $ 0 | |||||
Repurchase option percentage | 100.00% | ||||||
Operating leases period | 3 years | ||||||
Operating lease payments paid for additional space | $ 63,000 | ||||||
Operating lease termination month and year | 2021-07 | 2021-07 | |||||
Operating lease liability | $ 172,000 | $ 0 | $ 446,000 | ||||
Operating lease asset | $ 172,000 | 674,000 | $ 625,000 | ||||
Operating lease liability | 208,000 | ||||||
Future rent expense | 596,000 | ||||||
Depreciation expense of finance lease right-of-use asset | 230,000 | $ 107,000 | $ 0 | ||||
Operating lease rent expense | $ 387,000 | ||||||
Clinical Equipment | |||||||
Lessee Lease Description [Line Items] | |||||||
Remaining lease expense | $ 79,000 | ||||||
Remaining lease term | 20 months | ||||||
Minimum | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease remaining term on a straight-line basis | 7 months | ||||||
Finance lease amortized period on equipment service | 20 months | ||||||
Maximum | |||||||
Lessee Lease Description [Line Items] | |||||||
Operating lease remaining term on a straight-line basis | 31 months | ||||||
Finance lease amortized period on equipment service | 34 months | ||||||
San Diego, California | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease agreement period | 3 years | ||||||
Operating lease payments | $ 337,000 | ||||||
Operating lease asset | 326,000 | ||||||
Operating lease liability | 317,000 | ||||||
Rent prepayment | 9,000 | ||||||
San Diego, California | Other Assets | |||||||
Lessee Lease Description [Line Items] | |||||||
Security deposit paid | $ 29,000 | ||||||
Series B Redeemable Convertible Preferred Stock | |||||||
Lessee Lease Description [Line Items] | |||||||
Lease agreement period | 3 years | ||||||
Renewal options | false | ||||||
Area under lease | ft² | 3,185 | ||||||
Shares issued | shares | 114,437 | ||||||
Convertible preferred stock, fair value | $ 1,100,000 | ||||||
Series B Redeemable Convertible Preferred Stock | IPO | |||||||
Lessee Lease Description [Line Items] | |||||||
Conversion of redeemable convertible preferred stock to common stock ratio | 100.00% |
Leases - Supplemental Balance S
Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) | Dec. 31, 2020 | May 31, 2020 | Dec. 31, 2019 | May 31, 2019 |
Leases [Abstract] | ||||
Operating lease right-of-use assets, net | $ 674,000 | $ 172,000 | $ 625,000 | |
Short-term operating lease liability | $ 238,000 | |||
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesCurrent | |||
Long-term operating lease liability | $ 208,000 | |||
Operating lease liability | 446,000 | 172,000 | $ 0 | |
Finance lease right of use asset | 557,000 | 559,000 | ||
Finance lease accumulated amortization | (337,000) | (107,000) | ||
Total finance lease right of use asset, net | $ 220,000 | $ 452,000 | ||
Weighted average remaining lease term | ||||
Operating leases | 1 year 7 months 6 days | 1 year 7 months 6 days | ||
Finance leases | 10 months 24 days | 2 years 1 month 6 days | ||
Weighted average discount rate | ||||
Operating leases | 2.10% | |||
Operating Lease, Liability, Payment, Due [Abstract] | ||||
2021 | $ 245,000 | |||
2022 | 141,000 | |||
2023 | 70,000 | |||
Total lease payments | 456,000 | |||
Total lease payments | 456,000 | |||
Less: imputed interest | (10,000) | |||
Operating lease liability | $ 446,000 | $ 172,000 | $ 0 |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease costs: | ||
Finance lease amortization of right of use assets | $ 230 | $ 107 |
Operating lease costs | 578 | 374 |
Short-term lease costs | 92 | 11 |
Total lease costs | $ 900 | $ 492 |
Common Stock and Common Stock_3
Common Stock and Common Stock Warrant - Schedule of Reserved Shares of Common Stock for Future Issuance (Details) - shares | Dec. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Total | 6,271,669 | 5,102,008 |
Options Issued And Outstanding Under The 2019 Stock Plan | ||
Class Of Stock [Line Items] | ||
Total | 5,465,327 | 2,393,934 |
Shares Available for Issuance Under 2019 Stock Plan | ||
Class Of Stock [Line Items] | ||
Total | 269,353 | 2,439,779 |
Shares Available for Issuance Under Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Total | 536,989 | 268,295 |
Common Stock and Common Stock_4
Common Stock and Common Stock Warrant - Additional Information (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Jun. 30, 2014 | |
Equity [Abstract] | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, par value | $ 0.001 | $ 0.001 | |
Common stock, shares issued | 29,543,222 | 26,869,413 | |
Common stock, shares outstanding | 29,543,222 | 26,869,413 | |
Common stock, voting rights | Each share of common stock is entitled to one vote. | ||
Warrants to purchase common stock | 27,941 | ||
Warrants to purchase common stock, per share | $ 0.03 | ||
Warrant expiration date | 2024-06 | ||
Warrant exercised month and year | 2019-05 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($)Installmentshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / shares | May 07, 2019shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Common stock reserved for issuance | shares | 6,271,669 | 6,271,669 | 5,102,008 | ||
Total intrinsic value of options exercised | $ 6,697,000 | $ 6,697,000 | $ 887,000 | $ 91,000 | |
Weighted average grant date fair value of options granted | $ / shares | $ 31.21 | $ 11.11 | $ 1.26 | ||
Total estimated grant date fair value of options vested | $ 10,500,000 | $ 1,200,000 | $ 100,000 | ||
Stock-based compensation expense related to options granted | 14,470,000 | 2,056,000 | 155,000 | ||
Income tax benefits recognized | 0 | ||||
Unamortized employee stock-based compensation | 72,700 | $ 72,700 | |||
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period | 1 year 8 months 19 days | ||||
Dividend yield | 0.00% | ||||
Arithmetic Average | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term | 10 years | ||||
Performance Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total intrinsic value of options exercised | 0 | $ 0 | |||
Weighted average grant date fair value of options granted | $ / shares | $ 14.90 | ||||
Stock-based compensation expense related to options granted | $ 203,000 | ||||
Unamortized employee stock-based compensation | $ 9,854,000 | $ 9,854,000 | |||
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period | 2 years 9 months | ||||
Options granted | shares | 675,000 | ||||
Number of installments | Installment | 2 | ||||
Number of consecutive trading days | 45 days | ||||
Employees and Non-Employees | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Stock-based compensation expense related to options granted | $ 14,267,000 | $ 2,056,000 | $ 155,000 | ||
2019 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Maximum aggregate number of shares that may be issued under the plan | shares | 5,131,549 | ||||
Increase in number of shares available for issuance as proportion of shares of common stock | shares | 2,146,354 | 2,146,354 | |||
Percentage of common stock outstanding | 4.00% | ||||
Common stock reserved for issuance | shares | 269,353 | 269,353 | |||
2019 Plan | Performance Stock Options | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted average grant date fair value of options granted | $ / shares | $ 29.60 | ||||
Options granted | shares | 675,000 | ||||
2019 ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Increase in number of shares available for issuance as proportion of shares of common stock | shares | 536,589 | 536,589 | |||
Percentage of common stock outstanding | 1.00% | ||||
Common stock reserved for issuance | shares | 268,295 | ||||
Maximum period for common stock shares reserved for future issuance | 10 years |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Activity for Service-based Stock Options (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Aggregate Intrinsic Value | $ 6,697,000 | $ 887,000 | $ 91,000 | |
Service Based Stock Options | 2019 Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of Options and Unvested Shares, beginning balance | 2,393,934 | 1,885,504 | 769,409 | |
Number of Options and Unvested Shares, granted | 2,798,645 | 932,639 | 1,316,342 | |
Number of Options and Unvested Shares, exercised | (173,809) | (194,279) | (51,350) | |
Number of Options and Unvested Shares, Options cancelled / forfeited | (228,443) | (229,930) | (148,897) | |
Number of Options and Unvested Shares, ending balance | 4,790,327 | 2,393,934 | 1,885,504 | 769,409 |
Number of Options and Unvested Shares, vested and expected to vest | 4,790,327 | |||
Number of Options and Unvested Shares, exercisable | 1,471,526 | |||
Weighted Average Exercise Price, beginning balance | $ 5.35 | $ 1.57 | $ 0.39 | |
Weighted Average Exercise Price, granted | 42.95 | 15.87 | 2.08 | |
Weighted Average Exercise Price, exercised | 7.38 | 0.51 | 0.46 | |
Weighted Average Exercise Price, cancelled/forfeited | 42.56 | 21.09 | 0.41 | |
Weighted Average Exercise Price, ending balance | 25.47 | $ 5.35 | $ 1.57 | $ 0.39 |
Weighted Average Exercise Price, vested and expected to vest | 25.47 | |||
Weighted Average Exercise Price, exercisable | $ 10.32 | |||
Weighted Average Remaining Contractual Life | 8 years 8 months 8 days | 8 years 7 months 13 days | 9 years 25 days | 8 years 10 months 20 days |
Weighted Average Remaining Contractual Life, vested and expected to vest | 8 years 8 months 8 days | |||
Weighted Average Remaining Contractual Life, exercisable | 7 years 7 months 20 days | |||
Aggregate Intrinsic Value | $ 49,723,000 | $ 121,593,000 | $ 1,253,000 | $ 1,108,000 |
Aggregate Intrinsic Value, vested and expected to vest | 49,723,000 | |||
Aggregate Intrinsic Value, exercisable | $ 30,633,000 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Activity Under Performance Stock Options (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted Average Exercise Price, Options Granted | $ 31.21 | $ 11.11 | $ 1.26 | |
Performance Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares Subject to Outstanding PSOs, Options granted | 675,000 | |||
Weighted Average Exercise Price, Options Granted | $ 14.90 | |||
2019 Plan | Performance Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares Subject to Outstanding PSOs, Options granted | 675,000 | |||
Shares Subject to Outstanding PSOs, Ending Balance | 675,000 | 675,000 | ||
Shares Subject to Outstanding PSOs, Outstanding | 675,000 | 675,000 | ||
Weighted Average Exercise Price, Options Granted | $ 29.60 | |||
Weighted Average Exercise Price, Ending Balance | $ 29.60 | 29.60 | ||
Weighted Average Exercise Price, Outstanding | $ 29.60 | $ 29.60 | ||
Weighted Average Remaining Contractual Life | 9 years 11 months 8 days |
Equity Incentive Plans - Summ_3
Equity Incentive Plans - Summary of Employee and Non-Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | $ 14,470 | $ 2,056 | $ 155 |
General and Administrative Expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | 7,441 | 1,378 | 78 |
Research and Development Expense | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Total stock-based compensation | $ 7,029 | $ 678 | $ 77 |
Equity Incentive Plans - Summ_4
Equity Incentive Plans - Summary of Weighted Average Assumptions to Calculate the Fair Value of Stock-Based Compensation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | ||
Service Based Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 86.69% | 80.19% | 69.60% |
Expected term (in years) | 6 years 2 months 23 days | 6 years 3 months | 6 years 3 months |
Risk-free interest rate | 0.80% | 1.90% | 2.91% |
Market Based Performance Stock Options | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 95.00% | ||
Expected term (in years) | 10 years | ||
Risk-free interest rate | 0.90% |
Convertible Promissory Notes -
Convertible Promissory Notes - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | 24 Months Ended | |||
May 31, 2018 | Jan. 31, 2018 | Jun. 30, 2017 | Feb. 28, 2017 | Dec. 31, 2018 | Jan. 31, 2019 | |
Debt Instrument [Line Items] | ||||||
Proceeds from issuance of convertible promissory note payable | $ 250,000 | $ 150,000 | $ 7,600,000 | $ 250,000 | ||
Convertible promissory notes, Principal amount | $ 8,000,000 | |||||
Change in fair value of derivative liability | (206,000) | |||||
Series B Redeemable Convertible Preferred Stock | ||||||
Debt Instrument [Line Items] | ||||||
Conversion of redeemable convertible preferred stock to common stock, shares | 1,147,205 | |||||
Issuance of stock in connection with conversion of convertible promissory notes and accrued interest | $ 800,000 | $ 11,027,000 | ||||
Change in fair value of derivative liability | $ 206,000 | |||||
Convertible Promissory Notes | ||||||
Debt Instrument [Line Items] | ||||||
Convertible promissory notes interest rate | 8.00% | |||||
Convertible promissory notes maturity date | Feb. 1, 2019 | |||||
Minimum equity financing threshold for promissory note conversion into equity securities | $ 10,000,000 | |||||
Conversion price percentage | 80.00% | 80.00% | ||||
Percentage of outstanding principle and accrued interest amount repayment | 200.00% | |||||
Minimum gross proceeds equity financing threshold for promissory note conversion into equity securities | $ 10,000,000 | |||||
Percentage of repayment premium equal to outstanding principle and accrued interest | 100.00% | |||||
Debt instrument convertible conversion probability percentage in event of equity financing | 90.00% | 80.00% | 80.00% | |||
Debt instrument repayment probability percentage in event of merger or sale | 0.00% | 0.00% | 0.00% | |||
Estimated fair value of embedded derivatives liability | $ 56,250 | $ 30,000 | $ 1,550,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | Jan. 13, 2021 | Feb. 10, 2020 | Feb. 29, 2020 | Jun. 30, 2014 |
Related Party Transaction [Line Items] | ||||
Percentage of royalties payment to stockholders in amount of gross revenues | 3.00% | |||
LifeSci Advisors, LLC | Consulting Services | Subsequent Event | ||||
Related Party Transaction [Line Items] | ||||
Payable under agreement | $ 180,000 | |||
Term of agreement | 1 year | |||
Private Placement | ||||
Related Party Transaction [Line Items] | ||||
Agreement date | Feb. 10, 2020 | |||
Number of shares issued and sold | 2,500,000 | |||
Proceeds from issuance of common stock | $ 125,000,000 | |||
Offering price per share | $ 50 | |||
Private Placement | David A. Lamond | ||||
Related Party Transaction [Line Items] | ||||
Agreement date | Feb. 10, 2020 | |||
Number of shares issued and sold | 30,000 | |||
Proceeds from issuance of common stock | $ 1,500,000 | |||
Offering price per share | $ 50 | |||
Maximum | ||||
Related Party Transaction [Line Items] | ||||
Payment of royalties to stockholders | $ 1,050,000 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Provision (benefit) for income taxes | $ 0 | $ 0 | $ 0 |
Deferred tax asset | 0 | 0 | |
Valuation allowances increased | 18,500,000 | 8,500,000 | 3,000,000 |
Liability related to uncertain tax positions | 0 | ||
Interest or penalties accrued | 0 | $ 0 | $ 0 |
Earliest Tax Year | U.S. Federal | |||
Income Taxes [Line Items] | |||
Open tax year | 2013 | ||
Earliest Tax Year | California State Tax Examinations | |||
Income Taxes [Line Items] | |||
Open tax year | 2013 | ||
Latest Tax Year | U.S. Federal | |||
Income Taxes [Line Items] | |||
Open tax year | 2020 | ||
Latest Tax Year | California State Tax Examinations | |||
Income Taxes [Line Items] | |||
Open tax year | 2020 | ||
U.S. Federal | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | 128,200,000 | ||
Operating loss carryforwards, not subject to expiration | 112,300,000 | ||
Operating loss carryforwards, subject to expiration | $ 15,900,000 | ||
Operating loss carryforwards begin to expire | 2034 | ||
Tax credit carryforwards | $ 4,900,000 | ||
Tax credits carryforwards begin to expire | 2036 | ||
State | |||
Income Taxes [Line Items] | |||
Operating loss carryforwards | $ 4,900,000 | ||
Operating loss carryforwards begin to expire | 2034 | ||
Tax credit carryforwards | $ 1,100,000 | ||
Internal Revenue Code | |||
Income Taxes [Line Items] | |||
Period of cumulative change in ownership | 3 years | ||
Minimum | Internal Revenue Code | |||
Income Taxes [Line Items] | |||
Cumulative change in ownership percentage | 50.00% |
Income Taxes - Schedule of Prov
Income Taxes - Schedule of Provision for Income Taxes Differs From the Amount Expected by Applying the Federal Statutory Rate to Loss Before Taxes (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State income taxes | 0.55% | (1.12%) | 6.24% |
Income tax credits | 2.14% | 3.67% | |
Non-deductible expenses and others | 0.44% | (0.38%) | (1.02%) |
Non-deductible expenses related to the convertible promissory notes | (1.96%) | ||
Change in valuation allowance | (24.13%) | (23.17%) | (24.26%) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Deferred Tax Assets (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax asset: | ||
Federal and State net operating loss carryforwards | $ 28,072,000 | $ 14,219,000 |
Stock based compensation | 2,633,000 | 238,000 |
Other accruals and deferred expense | 566,000 | 185,000 |
Tax credits | 3,928,000 | 1,867,000 |
Gross deferred tax asset | 35,199,000 | 16,509,000 |
Valuation allowance | (35,034,000) | (16,489,000) |
Total deferred tax assets | 165,000 | 20,000 |
Deferred tax liabilities: | ||
Property and equipment | (14,000) | (20,000) |
Capitalized leases | (151,000) | |
Gross deferred tax liabilities | (165,000) | (20,000) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance | $ 1,059 | $ 356 | $ 171 |
Additions for tax positions taken in a prior year | 168 | ||
Additions for tax positions taken in a current year | 917 | 535 | 185 |
Ending balance | $ 1,976 | $ 1,059 | $ 356 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | |||
Net loss | $ (76,849) | $ (36,980) | $ (12,476) |
Denominator | |||
Weighted average common shares outstanding | 29,176,232 | 19,031,940 | 3,362,192 |
Net loss per share - basic and diluted | $ (2.63) | $ (1.94) | $ (3.71) |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of earnings per share, amount | 5,465,327 | 2,393,934 | 20,074,472 |
Series A Convertible Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of earnings per share, amount | 9,008,919 | ||
Series B Convertible Preferred Stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of earnings per share, amount | 9,152,108 | ||
Stock Options Issued and Outstanding | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of earnings per share, amount | 4,790,327 | 2,393,934 | 1,885,504 |
Performance Stock Options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of earnings per share, amount | 675,000 | ||
Warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from calculation of earnings per share, amount | 27,941 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |||
Percentage of employee contribution of their annual compensation | 100.00% | ||
Contributions | $ 0 | $ 0 | $ 0 |
Defined contribution plan name | 401(k) | ||
Defined Contribution Plan, Plan Name [Extensible List] | us-gaap:QualifiedPlanMember |