Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2019 | Dec. 06, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | RAPT | |
Entity Registrant Name | RAPT Therapeutics, Inc. | |
Entity Central Index Key | 0001673772 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Current Reporting Status | Yes | |
Entity Shell Company | false | |
Entity File Number | 001-38997 | |
Entity Tax Identification Number | 47-3313701 | |
Entity Address, Address Line One | 561 Eccles Avenue | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 650 | |
Local Phone Number | 489-9000 | |
Entity Common Stock, Shares Outstanding | 21,831,103 | |
Entity Interactive Data Current | Yes | |
Title of 12(b) Security | Common Stock $0.0001 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | DE | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 48,310 | $ 63,798 |
Prepaid expenses and other current assets | 2,914 | 1,264 |
Total current assets | 51,224 | 65,062 |
Property and equipment, net | 4,002 | 4,159 |
Other assets | 3,143 | 389 |
Total assets | 58,369 | 69,610 |
Current liabilities: | ||
Accounts payable | 1,590 | 1,771 |
Accrued expenses | 3,410 | 2,488 |
Other current liabilities | 457 | 384 |
Total current liabilities | 5,457 | 4,643 |
Deferred rent, net of current portion | 2,219 | 969 |
Commitments | ||
Convertible preferred stock | 175,490 | 161,111 |
Stockholders' equity (deficit): | ||
Preferred stock | ||
Common stock | 1 | 1 |
Additional paid-in capital | 23,923 | 22,441 |
Related party promissory note for the purchase of common stock | (598) | |
Accumulated other comprehensive income/(loss) | 13 | (4) |
Accumulated deficit | (148,734) | (118,953) |
Total stockholders' (deficit) equity | (124,797) | (97,113) |
Total liabilities, convertible preferred stock and stockholders' (deficit) | $ 58,369 | $ 69,610 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 8,582 | $ 9,181 | $ 24,720 | $ 23,387 |
General and administrative | 1,733 | 1,364 | 6,094 | 3,889 |
Total operating expenses | 10,315 | 10,545 | 30,814 | 27,276 |
Loss from operations | 10,315 | 10,545 | 30,814 | 27,276 |
Other income: | ||||
Other income, net | 344 | 261 | 1,033 | 559 |
Net loss | (9,971) | (10,284) | (29,781) | (26,717) |
Other comprehensive income/(loss) | 15 | (4) | 17 | (4) |
Total comprehensive loss | $ (9,956) | $ (10,288) | $ (29,764) | $ (26,721) |
Net loss per share, basic and diluted | $ (12.41) | $ (15.90) | $ (40.15) | $ (45.11) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 803,229 | 646,800 | 741,711 | 592,237 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Unaudited) - USD ($) $ in Thousands | Total | Convertible Preferred Stock | Series C Convertible Preferred Stock | Series C-2 Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Related Party Promissory Notes for the Purchase of Common Stock | Accumulated Deficit | Accumulated Other Comprehensive Income/(Loss) |
Beginning balance at Dec. 31, 2017 | $ 108,643 | ||||||||
Beginning balance, shares at Dec. 31, 2017 | 75,563,784 | ||||||||
Beginning balance at Dec. 31, 2017 | $ (62,405) | $ 1 | $ 21,005 | $ (605) | $ (82,806) | ||||
Beginning balance, shares at Dec. 31, 2017 | 880,191 | ||||||||
Issuance cost related to convertible preferred stock | $ (4) | ||||||||
Issuance of common stock upon exercise of stock options, net of repurchase | 90 | 90 | |||||||
Issuance of common stock upon exercise of stock options, net of repurchase, shares | 5,159 | ||||||||
Repurchase of common stock from related party | 17 | 17 | |||||||
Repurchase of common stock from related party, shares | (8,333) | ||||||||
Interest on promissory notes from related parties for purchase of common stock | (3) | (3) | |||||||
Stock-based compensation | 294 | 294 | |||||||
Net loss | (8,232) | (8,232) | |||||||
Ending balance at Mar. 31, 2018 | (70,239) | $ 1 | 21,389 | (591) | (91,038) | ||||
Ending balance, shares at Mar. 31, 2018 | 75,563,784 | ||||||||
Ending balance at Mar. 31, 2018 | $ 108,639 | ||||||||
Ending balance, shares at Mar. 31, 2018 | 877,017 | ||||||||
Beginning balance at Dec. 31, 2017 | $ 108,643 | ||||||||
Beginning balance, shares at Dec. 31, 2017 | 75,563,784 | ||||||||
Beginning balance at Dec. 31, 2017 | (62,405) | $ 1 | 21,005 | (605) | (82,806) | ||||
Beginning balance, shares at Dec. 31, 2017 | 880,191 | ||||||||
Forgiveness of promissory notes from related parties for purchase of common stock | 0 | ||||||||
Net loss | (26,717) | ||||||||
Ending balance at Sep. 30, 2018 | (88,048) | $ 1 | 22,077 | (596) | (109,526) | $ (4) | |||
Ending balance, shares at Sep. 30, 2018 | 88,618,468 | ||||||||
Ending balance at Sep. 30, 2018 | $ 138,557 | ||||||||
Ending balance, shares at Sep. 30, 2018 | 868,892 | ||||||||
Beginning balance at Mar. 31, 2018 | $ 108,639 | ||||||||
Beginning balance, shares at Mar. 31, 2018 | 75,563,784 | ||||||||
Beginning balance at Mar. 31, 2018 | (70,239) | $ 1 | 21,389 | (591) | (91,038) | ||||
Beginning balance, shares at Mar. 31, 2018 | 877,017 | ||||||||
Issuance of convertible preferred stock, net of issuance costs | $ 29,918 | ||||||||
Issuance of convertible preferred stock, net of issuance costs, shares | 13,054,684 | ||||||||
Issuance of common stock upon exercise of stock options, net of repurchase | 47 | 47 | |||||||
Issuance of common stock upon exercise of stock options, net of repurchase, shares | (5,849) | ||||||||
Interest on promissory notes from related parties for purchase of common stock | (2) | (2) | |||||||
Stock-based compensation | 286 | 286 | |||||||
Net loss | (8,204) | (8,204) | |||||||
Ending balance at Jun. 30, 2018 | (78,112) | $ 1 | 21,722 | (593) | (99,242) | ||||
Ending balance, shares at Jun. 30, 2018 | 88,618,468 | ||||||||
Ending balance at Jun. 30, 2018 | $ 138,557 | ||||||||
Ending balance, shares at Jun. 30, 2018 | 871,169 | ||||||||
Issuance of common stock upon exercise of stock options, net of repurchase | 60 | 60 | |||||||
Issuance of common stock upon exercise of stock options, net of repurchase, shares | (2,277) | ||||||||
Interest on promissory notes from related parties for purchase of common stock | (3) | (3) | |||||||
Stock-based compensation | 295 | 295 | |||||||
Foreign currency translation adjustment | (4) | (4) | |||||||
Net loss | (10,284) | (10,284) | |||||||
Ending balance at Sep. 30, 2018 | (88,048) | $ 1 | 22,077 | (596) | (109,526) | (4) | |||
Ending balance, shares at Sep. 30, 2018 | 88,618,468 | ||||||||
Ending balance at Sep. 30, 2018 | $ 138,557 | ||||||||
Ending balance, shares at Sep. 30, 2018 | 868,892 | ||||||||
Beginning balance at Dec. 31, 2018 | $ 161,111 | $ 161,111 | $ 59,770 | $ 22,554 | |||||
Beginning balance, shares at Dec. 31, 2018 | 98,491,880 | 98,491,880 | 26,109,363 | 9,873,412 | |||||
Beginning balance at Dec. 31, 2018 | $ (97,113) | $ 1 | 22,441 | (598) | (118,953) | (4) | |||
Beginning balance, shares at Dec. 31, 2018 | 878,413 | 878,413 | |||||||
Issuance of convertible preferred stock, net of issuance costs | $ 6,947 | ||||||||
Issuance of convertible preferred stock, net of issuance costs, shares | 3,039,908 | ||||||||
Issuance of common stock upon exercise of stock options, net of repurchase | $ 66 | 66 | |||||||
Issuance of common stock upon exercise of stock options, net of repurchase, shares | 3,685 | ||||||||
Repurchase of common stock from related party | 109 | 109 | |||||||
Repurchase of common stock from related party, shares | (53,649) | ||||||||
Interest on promissory notes from related parties for purchase of common stock | (2) | (2) | |||||||
Stock-based compensation | 377 | 377 | |||||||
Net loss | (9,188) | (9,188) | |||||||
Ending balance at Mar. 31, 2019 | (105,751) | $ 1 | 22,884 | (491) | (128,141) | (4) | |||
Ending balance, shares at Mar. 31, 2019 | 101,531,788 | ||||||||
Ending balance at Mar. 31, 2019 | $ 168,058 | ||||||||
Ending balance, shares at Mar. 31, 2019 | 828,449 | ||||||||
Beginning balance at Dec. 31, 2018 | $ 161,111 | $ 161,111 | $ 59,770 | $ 22,554 | |||||
Beginning balance, shares at Dec. 31, 2018 | 98,491,880 | 98,491,880 | 26,109,363 | 9,873,412 | |||||
Beginning balance at Dec. 31, 2018 | $ (97,113) | $ 1 | 22,441 | (598) | (118,953) | (4) | |||
Beginning balance, shares at Dec. 31, 2018 | 878,413 | 878,413 | |||||||
Forgiveness of promissory notes from related parties for purchase of common stock | $ 382 | ||||||||
Net loss | (29,781) | ||||||||
Ending balance at Sep. 30, 2019 | $ (124,797) | $ 1 | 23,923 | (148,734) | 13 | ||||
Ending balance, shares at Sep. 30, 2019 | 104,803,325 | 104,803,325 | 26,109,363 | 16,184,857 | |||||
Ending balance at Sep. 30, 2019 | $ 175,490 | $ 175,490 | $ 59,770 | $ 36,933 | |||||
Ending balance, shares at Sep. 30, 2019 | 935,040 | 935,040 | |||||||
Beginning balance at Mar. 31, 2019 | $ 168,058 | ||||||||
Beginning balance, shares at Mar. 31, 2019 | 101,531,788 | ||||||||
Beginning balance at Mar. 31, 2019 | $ (105,751) | $ 1 | 22,884 | (491) | (128,141) | (4) | |||
Beginning balance, shares at Mar. 31, 2019 | 828,449 | ||||||||
Issuance of convertible preferred stock, net of issuance costs | $ 7,451 | ||||||||
Issuance of convertible preferred stock, net of issuance costs, shares | 3,271,537 | ||||||||
Issuance of common stock upon exercise of stock options, net of repurchase | 34 | 34 | |||||||
Issuance of common stock upon exercise of stock options, net of repurchase, shares | 13,996 | ||||||||
Repurchase of common stock from related party | 65 | 65 | |||||||
Repurchase of common stock from related party, shares | (29,686) | ||||||||
Paydown of promissory notes from related parties for purchase of common stock | 73 | 73 | |||||||
Forgiveness of promissory notes from related parties for purchase of common stock | 353 | $ 353 | |||||||
Stock-based compensation | 347 | 347 | |||||||
Foreign currency translation adjustment | 2 | 2 | |||||||
Net loss | (10,622) | (10,622) | |||||||
Ending balance at Jun. 30, 2019 | (115,499) | $ 1 | 23,265 | (138,763) | (2) | ||||
Ending balance, shares at Jun. 30, 2019 | 104,803,325 | ||||||||
Ending balance at Jun. 30, 2019 | $ 175,509 | ||||||||
Ending balance, shares at Jun. 30, 2019 | 812,759 | ||||||||
Issuance cost related to convertible preferred stock | $ (19) | ||||||||
Issuance of common stock upon exercise of stock options, net of repurchase | 227 | 227 | |||||||
Issuance of common stock upon exercise of stock options, net of repurchase, shares | 122,281 | ||||||||
Stock-based compensation | 431 | 431 | |||||||
Foreign currency translation adjustment | 15 | 15 | |||||||
Net loss | (9,971) | (9,971) | |||||||
Ending balance at Sep. 30, 2019 | $ (124,797) | $ 1 | $ 23,923 | $ (148,734) | $ 13 | ||||
Ending balance, shares at Sep. 30, 2019 | 104,803,325 | 104,803,325 | 26,109,363 | 16,184,857 | |||||
Ending balance at Sep. 30, 2019 | $ 175,490 | $ 175,490 | $ 59,770 | $ 36,933 | |||||
Ending balance, shares at Sep. 30, 2019 | 935,040 | 935,040 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Operating activities | ||
Net loss | $ (29,781) | $ (26,717) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,011 | 943 |
Stock-based compensation expense | 1,155 | 874 |
Loss on disposal of capital equipment | 9 | 54 |
Gain on foreign currency translation | 17 | (4) |
Noncash interest income (loss), net | 20 | (8) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other long-term assets | (4,404) | (400) |
Accounts payable and accrued liabilities | 2,187 | 1,516 |
Net cash used in operating activities | (29,786) | (23,742) |
Investing activities | ||
Purchase of property and equipment | (863) | (1,846) |
Net cash used in investing activities | (863) | (1,846) |
Financing activities | ||
Proceeds from the sale of convertible preferred stock, net of issuance costs | 14,379 | 29,914 |
Proceeds from issuance of common stock, net of repurchases | 782 | 198 |
Net cash provided by financing activities | 15,161 | 30,112 |
Net increase in cash and cash equivalents | (15,488) | 4,524 |
Cash and cash equivalents at beginning of period | 63,798 | 47,517 |
Cash and cash equivalents at end of period | 48,310 | 52,041 |
Supplemental disclosures of non-cash investing and financing information | ||
Deferred offering costs included in accounts payable and accrued expenses | 454 | 0 |
Property and equipment included in accounts payable | 0 | 409 |
Forgiveness of promissory notes from related parties for purchase of common stock | $ 382 | $ 0 |
Organization and Liquidity Risk
Organization and Liquidity Risks | 9 Months Ended |
Sep. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Liquidity Risks | 1. Organization and Liquidity Risks Description of the Business RAPT Therapeutics, Inc. ( “ ” “ ” Initial Public Offering On November 4, 2019, the Company completed its initial public offering (“IPO”). The Company’s Registration Statement on Form S-1 (File Nos. 333-232572) relating to the IPO was declared effective by the Securities and Exchange Commission (“SEC”) on October 30, 2019. The shares began trading on the Nasdaq Global Market on October 31, 2019. The Company issued 3,000,000 shares of its common stock at an offering price at $12.00 per share. Immediately prior to the closing of the Company’s IPO on November 4, 2019, all outstanding shares of the Company’s convertible preferred stock converted into 17,467,184 shares of the Company’s common stock. per share In connection with the completion of its IPO, on November 4, 2019, the Company’s certificate of incorporation was amended and restated to provide for 500,000,000 authorized shares of common stock with a par value of $0.0001 per share and 50,000,000 authorized shares of preferred stock with a par value of $0.0001 per share. Liquidity and Management Plans The accompanying condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. However, since inception, the Company has incurred net losses and negative cash flows from operations and such losses are expected to continue for the foreseeable future. As of September 30, 2019, the Company had an accumulated deficit of $148.7 million, cash and cash equivalents of $48.3 million and working capital of $45.8 million. Management plans to continue to incur substantial costs in order to conduct research and development activities and additional capital will be needed to undertake these activities. The Company intends to raise such capital through the issuance of additional equity, borrowings, and strategic alliances with other companies. However, if such arrangements are not available at adequate levels or on acceptable terms, the Company would be required to significantly reduce operating expenses and delay or reduce the scope of or eliminate some of its development programs. Management believes that the Company’s current cash and cash equivalents, including the net proceeds of approximately $33.8 million from the closing of its IPO in November 2019 as described above, will provide sufficient funds to enable the Company to meet its obligations for at least twelve months from the filing date of this report. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ( “ ” ’ Reverse Stock Split On July 19, 2019, the Company filed an amendment to the Company ’ ’ ’ Deferred Offering Costs Deferred offering costs consisting of direct legal, accounting, printing and other fees and costs related to the IPO are capitalized. The deferred offering costs were reclassified to additional paid-in capital upon the effectiveness of the IPO in November 2019. As of September 30, 2019 and . Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration of potential dilutive securities. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the potential dilutive effects of potential dilutive securities outstanding during the period calculated in accordance with the treasury stock method. Diluted net loss per share is the same as basic net loss per share since the effect of potentially dilutive securities is anti-dilutive. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), we meet the definition of an emerging growth company, and have elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. Recently Issued Accounting Pronouncement Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires lessees to put most leases on their balance sheet while recognizing expense in a manner similar to existing accounting. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new accounting guidance is effective for the Company for fiscal periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently assessing the timing of adoption and the impact that the adoption will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. This standard is effective for the Company’s fiscal year beginning after December 31, 2020. Early adoption is permitted for all entities. The Company is currently assessing the timing of adoption and the impact that the adoption of ASU 2016-13 will have on its condensed consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides greater clarity to preparers on the treatment of certain items within an entity’s statement of cash flows. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance is effective for the Company on January 1, 2019, and the Company is currently evaluating the impact that the adoption of ASU 2016-15 will have on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-Employee Share-Based Payment Accounting as part of the FASB simplification initiative. ASU 2018-07 expands the scope of Topic 718, allowing the Company to apply the requirements of Topic 718 to certain non-employee awards to acquire goods and services from non-employees. This ASU will be effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently assessing the timing of adoption and the impact that the adoption of ASU 2018-07 will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement as part of the FASB’s disclosure framework project. ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement by removing the requirement to disclose amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for Level 3 fair value measurements. This ASU also modifies existing disclosure requirements by clarifying that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date, and it adds required disclosures for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This ASU will be effective for the Company for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently assessing the impact of this ASU on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (ASC 808): Clarifying the Interaction between ASC 808 and ASC 606, which clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in ASC 606 should be applied, including recognition, measurement, presentation and disclosure requirements. ASU 2018-18 adds unit-of-account guidance in ASC 808 to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606, and requires that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under ASC 606 is precluded if the collaborative arrangement participant is not a customer. ASU 2018-18 will be effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently assessing the impact of this ASU on its condensed consolidated financial statements. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Fair value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis (at least annually). Financial instruments include cash and cash equivalents, accounts payable and accrued liabilities that approximate fair value due to their relatively short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: Level 1 — Level 2 — Level 3 — Financial assets subject to fair value measurements on a recurring basis comprise money market funds that are measured using Level 1 inputs. The money market funds subject to fair value measurements at September 30, 2019 and December 31, 2018 were $48.3 million and $63.8 million, respectively, and are included in cash and cash equivalents. |
Property and Equipment
Property and Equipment | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consisted of the following (in thousands): September 30, December 31, 2019 2018 Laboratory equipment $ 5,832 $ 5,466 Leasehold improvements 3,294 2,989 Computer equipment 316 308 Furniture and fixtures 394 365 Total property and equipment 9,836 9,128 Less accumulated depreciation and amortization (5,834 ) (4,969 ) Property and equipment, net $ 4,002 $ 4,159 Depreciation and amortization expenses were $0.3 million and $0.3 million for the three months ended September 30, 2019 and 2018, respectively, and $1.0 million and $0.9 million for the nine months ended September 30, 2019 and 2018, respectively. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consist of the following (in thousands): September 30, December 31, 2019 2018 Accrued clinical expenses $ 973 $ 519 Accrued compensation 1,604 1,433 Accrued professional and consulting services 662 182 Accrued property and equipment — 202 Accrued lab supplies 78 80 Other 93 72 Total accrued expenses $ 3,410 $ 2,488 |
Related-Party Promissory Notes
Related-Party Promissory Notes | 9 Months Ended |
Sep. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Promissory Notes | 6. Related-Party Promissory Notes In August 2015 and June 2016, the Company entered into limited recourse promissory notes with the Company ’ ’ ’ In March 2018, the Board of Directors reduced the number of performance-based options of its former chief operating officer by 8,333 shares resulting in a $17,000 reduction to the principal of the COO Note. In March 2019, the chief operating officer resigned from the Company and, under the terms of a separation agreement, there were 63,019 vested shares and 28,645 unvested shares subject to repurchase. In March 2019, the Company reduced the principal on the COO Note by $0.1 million relating to the unvested shares, which shares were cancelled and returned to the option pool. In July 2019, the Company repurchased 29,686 vested shares from the chief operating officer in exchange for canceling $0.1 million of principal and interest on the COO Note. The Company received cash proceeds of $0.1 million as payment for the remaining principal and interest on the COO Notes relating to the remaining 33,333 vested shares. |
Convertible Preferred Stock and
Convertible Preferred Stock and Stockholders Deficit | 9 Months Ended |
Sep. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock and Stockholders Deficit | 7. Convertible Preferred Stock and Stockholders’ Deficit Convertible preferred stock In June 2018, the Company closed a subsequent sale of Series C convertible preferred stock at $2.2925 per share for $29.9 million in gross proceeds. In December 2018, the Company closed the sale of Series C-2 convertible preferred stock at $2.2925 per share for $22.6 million in gross proceeds, and between January 2019 and June 2019, the Company closed additional sales of Series C-2 convertible preferred stock at $2.2925 per share for $14.4 million in gross proceeds. As of September 30, 2019, convertible preferred stock outstanding consisted of the following (in thousands, except share amounts): Shares Net Aggregate Shares Issued and Carrying Liquidation Authorized Outstanding Value Preference Series A 37,509,105 37,509,105 $ 28,861 $ 37,509 Series B 25,000,000 25,000,000 49,926 50,000 Series C 26,109,363 26,109,363 59,770 59,856 Series C-2 29,271,007 16,184,857 36,933 37,104 Total convertible preferred stock 117,889,475 104,803,325 $ 175,490 $ 184,469 As of December 31, 2018, convertible preferred stock consisted of the following (in thousands, except share amounts): Shares Net Aggregate Shares Issued and Carrying Liquidation Authorized Outstanding Value Preference Series A 37,509,105 37,509,105 $ 28,861 $ 37,509 Series B 25,000,000 25,000,000 49,926 50,000 Series C 26,109,363 26,109,363 59,770 59,856 Series C-2 15,400,000 9,873,412 22,554 22,635 Total convertible preferred stock 104,018,468 98,491,880 $ 161,111 $ 170,000 Immediately prior to the closing of the Company’s IPO on November 4, 2019, all outstanding shares of the Company’s convertible preferred stock converted into 17,467,184 |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Common Stock | 8. Common Stock The holders of the Company ’ ’ As of September 30, 2019 and December 31, 2018, 935,040 shares and 878,413 shares of common stock were outstanding, respectively As of September 30, 2019, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance as follows: Series A convertible preferred stock outstanding 6,251,502 Series B convertible preferred stock outstanding 4,166,663 Series C convertible preferred stock outstanding 4,351,554 Series C-2 convertible preferred stock outstanding 2,697,465 Options issued and outstanding 943,610 Options available for future grants 461,904 Total 18,872,698 |
Stock Option Plan
Stock Option Plan | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Option Plan | 9. Stock Option Plan The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) which was adopted by the Company’s Board of Directors on June 27, 2019 and approved by the Company’s stockholders on July 18, 2019, Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Shares Price Per Term Value Available Outstanding Share (Years) (in thousands) Balances at December 31, 2018 693,879 768,239 $ 4.62 8.84 $ 1,291 Stock options authorized — — Stock options granted (416,919 ) 416,919 $ 8.63 Stock options exercised — (141,707 ) $ 4.37 Unvested common shares repurchased 85,103 — $ 1.02 Stock options forfeited 99,841 (99,841 ) $ 5.07 Balances at September 30, 2019 461,904 943,610 6.82 8.79 $ 6,416 Employee stock option valuation The assumptions used to value employee and director stock option awards granted under the 2015 Plan during the three and nine months ended September 30, 2019 and 2018, using the Black-Scholes option pricing model, were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Fair value of common stock $13.62 $6.18 $13.62 $6.18 Expected term (in years) 5.01 - 6.07 5.96 - 6.08 5.01 - 6.08 5.67 - 6.08 Volatility 83.29% - 84.81% 81.37% - 81.48% 83.00% - 84.81% 80.69% - 81.48% Risk-free interest rate 1.58% - 1.62% 2.88% 1.58% - 2.23% 2.62% - 2.88% Dividend yield — — — — Stock options granted to nonemployees Stock-based compensation related to stock options granted to non-employees is recognized as services are rendered. The assumptions used to value non-employee stock option awards granted under the 2015 Plan during the three and nine months ended September 30, 2019 and 2018, using the Black-Scholes option pricing model, were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Expected term (in years) 5.60 - 9.99 6.60 - 9.70 5.60 - 9.99 6.60 - 9.70 Volatility 82.30% - 83.79% 80.12% - 81.73% 81.43% - 83.79% 80.02% - 82.32% Risk-free interest rate 1.44% - 2.02% 2.75% - 3.02% 1.44% - 2.67% 2.39% - 3.02% Dividend yield — — — — Early exercise of stock options ’ Stock-based compensation expense Total stock-based compensation recognized for both employees and non-employees was as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Research and development $ 212 $ 131 $ 611 $ 404 General and administrative 219 164 544 470 Total stock-based compensation expense $ 431 $ 295 $ 1,155 $ 874 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes The Company did not record a provision for income taxes for the nine months ended September 30, 2019 and 2018 because all of its taxable income is expected to be fully offset by net operating losses generated in prior years. In addition, the Company’s deferred tax assets continue to be subject to a full valuation allowance. |
Net Loss Per Share
Net Loss Per Share | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. Net Loss Per Share Net loss per share The following table sets forth the computation of the basic and diluted net loss per share for the nine months ended September 30, 2018 and 2019 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ 9,971 $ 10,284 $ 29,781 $ 26,717 Denominator: Weighted average common shares outstanding 838,961 867,565 822,644 864,855 Less: weighted-average unvested restricted common stock subject to repurchase (19,097 ) (124,514 ) (45,451 ) (150,868 ) Less: weighted-average unvested common shares subject to repurchase (16,635 ) (96,251 ) (35,482 ) (121,750 ) Weighted-average shares used to compute net loss per share, basic and diluted 803,229 646,800 741,711 592,237 Net loss per share, basic and diluted $ 12.41 $ 15.90 $ 40.15 $ 45.11 Outstanding potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive As of September 30, 2019 2018 Convertible preferred stock 104,803,325 88,618,468 Common stock options issued and outstanding 943,610 768,406 Total 105,746,935 89,386,874 Immediately prior to the closing of the Company’s IPO on November 4, 2019, all outstanding shares of the Company’s convertible preferred stock converted into 17,467,184 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events On December 1, 2019, the Company entered into a Collaboration and License Agreement (“Agreement”) with Hanmi Pharmaceutical Co., LTD. for FLX475. Under the terms of the Agreement, the Company will receive $10.0 million in an upfront and expected near-term milestone payment. Additionally, the Company will be eligible to receive additional contingent payments of up to $108.0 million upon the achievement of specified milestones, consisting of up to $48.0 million upon the achievement of development milestones and up to $60.0 million upon the achievement of sales milestones, as well as double-digit royalties on future net sales of FLX475 in specified territories. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ( “ ” ’ |
Reverse Stock Split | Reverse Stock Split On July 19, 2019, the Company filed an amendment to the Company ’ ’ ’ |
Deferred Offering Costs | Deferred Offering Costs Deferred offering costs consisting of direct legal, accounting, printing and other fees and costs related to the IPO are capitalized. The deferred offering costs were reclassified to additional paid-in capital upon the effectiveness of the IPO in November 2019. As of September 30, 2019 and . |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the period, without consideration of potential dilutive securities. Diluted net loss per common share is computed by dividing the net loss by the sum of the weighted average number of common shares outstanding during the period plus the potential dilutive effects of potential dilutive securities outstanding during the period calculated in accordance with the treasury stock method. Diluted net loss per share is the same as basic net loss per share since the effect of potentially dilutive securities is anti-dilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (“FASB”) or other standard setting bodies and adopted by us as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our condensed consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), we meet the definition of an emerging growth company, and have elected the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncement Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases. ASU 2016-02 requires lessees to put most leases on their balance sheet while recognizing expense in a manner similar to existing accounting. ASU 2016-02 states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term. The new accounting guidance is effective for the Company for fiscal periods beginning after December 15, 2019 and early adoption is permitted. The Company is currently assessing the timing of adoption and the impact that the adoption will have on its consolidated financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13 Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 amended guidance on reporting credit losses for assets held at amortized cost basis and available-for-sale debt securities. For available-for-sale debt securities, credit losses will be presented as an allowance rather than as a write-down. This standard is effective for the Company’s fiscal year beginning after December 31, 2020. Early adoption is permitted for all entities. The Company is currently assessing the timing of adoption and the impact that the adoption of ASU 2016-13 will have on its condensed consolidated financial statements and related disclosures. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230), which provides greater clarity to preparers on the treatment of certain items within an entity’s statement of cash flows. ASU 2016-15 is intended to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The guidance is effective for the Company on January 1, 2019, and the Company is currently evaluating the impact that the adoption of ASU 2016-15 will have on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-Employee Share-Based Payment Accounting as part of the FASB simplification initiative. ASU 2018-07 expands the scope of Topic 718, allowing the Company to apply the requirements of Topic 718 to certain non-employee awards to acquire goods and services from non-employees. This ASU will be effective for the Company for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, with early adoption permitted. The Company is currently assessing the timing of adoption and the impact that the adoption of ASU 2018-07 will have on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement as part of the FASB’s disclosure framework project. ASU 2018-13 modifies the disclosure requirements on fair value measurements in Topic 820, Fair Value Measurement by removing the requirement to disclose amounts of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for timing of transfers between levels, and the valuation process for Level 3 fair value measurements. This ASU also modifies existing disclosure requirements by clarifying that the measurement uncertainty disclosure is to communicate information about the uncertainty in measurement as of the reporting date, and it adds required disclosures for the changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period, and the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements. This ASU will be effective for the Company for fiscal years and interim periods within those fiscal years, beginning after December 15, 2019. The Company is currently assessing the impact of this ASU on its consolidated financial statements. In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (ASC 808): Clarifying the Interaction between ASC 808 and ASC 606, which clarifies that certain transactions between collaborative arrangement participants should be accounted for as revenue under ASC 606 when the collaborative arrangement participant is a customer in the context of a unit of account. In those situations, all the guidance in ASC 606 should be applied, including recognition, measurement, presentation and disclosure requirements. ASU 2018-18 adds unit-of-account guidance in ASC 808 to align with the guidance in ASC 606 (that is, a distinct good or service) when an entity is assessing whether the collaborative arrangement or a part of the arrangement is within the scope of ASC 606, and requires that in a transaction with a collaborative arrangement participant that is not directly related to sales to third parties, presenting the transaction together with revenue recognized under ASC 606 is precluded if the collaborative arrangement participant is not a customer. ASU 2018-18 will be effective for the Company for fiscal years beginning after December 15, 2020, and interim periods within fiscal years beginning after December 15, 2021. The Company is currently assessing the impact of this ASU on its condensed consolidated financial statements. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): September 30, December 31, 2019 2018 Laboratory equipment $ 5,832 $ 5,466 Leasehold improvements 3,294 2,989 Computer equipment 316 308 Furniture and fixtures 394 365 Total property and equipment 9,836 9,128 Less accumulated depreciation and amortization (5,834 ) (4,969 ) Property and equipment, net $ 4,002 $ 4,159 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): September 30, December 31, 2019 2018 Accrued clinical expenses $ 973 $ 519 Accrued compensation 1,604 1,433 Accrued professional and consulting services 662 182 Accrued property and equipment — 202 Accrued lab supplies 78 80 Other 93 72 Total accrued expenses $ 3,410 $ 2,488 |
Convertible Preferred Stock a_2
Convertible Preferred Stock and Stockholders Deficit (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Convertible Preferred Stock Outstanding | As of September 30, 2019, convertible preferred stock outstanding consisted of the following (in thousands, except share amounts): Shares Net Aggregate Shares Issued and Carrying Liquidation Authorized Outstanding Value Preference Series A 37,509,105 37,509,105 $ 28,861 $ 37,509 Series B 25,000,000 25,000,000 49,926 50,000 Series C 26,109,363 26,109,363 59,770 59,856 Series C-2 29,271,007 16,184,857 36,933 37,104 Total convertible preferred stock 117,889,475 104,803,325 $ 175,490 $ 184,469 As of December 31, 2018, convertible preferred stock consisted of the following (in thousands, except share amounts): Shares Net Aggregate Shares Issued and Carrying Liquidation Authorized Outstanding Value Preference Series A 37,509,105 37,509,105 $ 28,861 $ 37,509 Series B 25,000,000 25,000,000 49,926 50,000 Series C 26,109,363 26,109,363 59,770 59,856 Series C-2 15,400,000 9,873,412 22,554 22,635 Total convertible preferred stock 104,018,468 98,491,880 $ 161,111 $ 170,000 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Equity [Abstract] | |
Summary of Reserved Shares of Common Stock on Converted Basis for Future Issuance | As of September 30, 2019, the Company had reserved the following shares of common stock, on an as-converted basis, for future issuance as follows: Series A convertible preferred stock outstanding 6,251,502 Series B convertible preferred stock outstanding 4,166,663 Series C convertible preferred stock outstanding 4,351,554 Series C-2 convertible preferred stock outstanding 2,697,465 Options issued and outstanding 943,610 Options available for future grants 461,904 Total 18,872,698 |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Summary of Stock Option Activity | A summary of the Company’s stock option activity under the 2015 Plan for the nine months ended September 30, 2019 is as follows: Weighted Weighted Average Average Remaining Aggregate Number of Exercise Contractual Intrinsic Shares Shares Price Per Term Value Available Outstanding Share (Years) (in thousands) Balances at December 31, 2018 693,879 768,239 $ 4.62 8.84 $ 1,291 Stock options authorized — — Stock options granted (416,919 ) 416,919 $ 8.63 Stock options exercised — (141,707 ) $ 4.37 Unvested common shares repurchased 85,103 — $ 1.02 Stock options forfeited 99,841 (99,841 ) $ 5.07 Balances at September 30, 2019 461,904 943,610 6.82 8.79 $ 6,416 |
Summary of Stock-based Compensation Expense | Total stock-based compensation recognized for both employees and non-employees was as follows (in thousands): For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Research and development $ 212 $ 131 $ 611 $ 404 General and administrative 219 164 544 470 Total stock-based compensation expense $ 431 $ 295 $ 1,155 $ 874 |
Employee and Director | |
Summary of Assumptions Used to Value Stock Option Awards under 2015 Plan | The assumptions used to value employee and director stock option awards granted under the 2015 Plan during the three and nine months ended September 30, 2019 and 2018, using the Black-Scholes option pricing model, were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Fair value of common stock $13.62 $6.18 $13.62 $6.18 Expected term (in years) 5.01 - 6.07 5.96 - 6.08 5.01 - 6.08 5.67 - 6.08 Volatility 83.29% - 84.81% 81.37% - 81.48% 83.00% - 84.81% 80.69% - 81.48% Risk-free interest rate 1.58% - 1.62% 2.88% 1.58% - 2.23% 2.62% - 2.88% Dividend yield — — — — |
Non-employees | |
Summary of Assumptions Used to Value Stock Option Awards under 2015 Plan | The assumptions used to value non-employee stock option awards granted under the 2015 Plan during the three and nine months ended September 30, 2019 and 2018, using the Black-Scholes option pricing model, were as follows: For the Three Months Ended For the Nine Months Ended September 30, September 30, 2019 2018 2019 2018 Expected term (in years) 5.60 - 9.99 6.60 - 9.70 5.60 - 9.99 6.60 - 9.70 Volatility 82.30% - 83.79% 80.12% - 81.73% 81.43% - 83.79% 80.02% - 82.32% Risk-free interest rate 1.44% - 2.02% 2.75% - 3.02% 1.44% - 2.67% 2.39% - 3.02% Dividend yield — — — — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of the basic and diluted net loss per share for the nine months ended September 30, 2018 and 2019 (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2019 2018 2019 2018 Numerator: Net loss $ 9,971 $ 10,284 $ 29,781 $ 26,717 Denominator: Weighted average common shares outstanding 838,961 867,565 822,644 864,855 Less: weighted-average unvested restricted common stock subject to repurchase (19,097 ) (124,514 ) (45,451 ) (150,868 ) Less: weighted-average unvested common shares subject to repurchase (16,635 ) (96,251 ) (35,482 ) (121,750 ) Weighted-average shares used to compute net loss per share, basic and diluted 803,229 646,800 741,711 592,237 Net loss per share, basic and diluted $ 12.41 $ 15.90 $ 40.15 $ 45.11 |
Outstanding Potentially Dilutive Securities not Included in Diluted per Share Calculations | Outstanding potentially dilutive securities that were not included in the diluted per share calculations because they would be anti-dilutive As of September 30, 2019 2018 Convertible preferred stock 104,803,325 88,618,468 Common stock options issued and outstanding 943,610 768,406 Total 105,746,935 89,386,874 |
Organization and Liquidity Ri_2
Organization and Liquidity Risks - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 04, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | |||
Accumulated deficit | $ 148,734 | $ 118,953 | |
Cash and cash equivalents | 48,310 | $ 63,798 | |
Working capital | $ 45,800 | ||
Subsequent Event | Common Stock | |||
Class Of Stock [Line Items] | |||
Conversion of convertible preferred stock, common stock shares issued | 17,467,184 | ||
Subsequent Event | Initial Public Offering | |||
Class Of Stock [Line Items] | |||
Shares issued during period | 3,000,000 | ||
Shares issued, price per share | $ 12 | ||
Net proceeds received after deducting underwriting discounts and other offering related costs | $ 33,800 | ||
Authorized shares of common stock | 500,000,000 | ||
Common stock, par value | $ 0.0001 | ||
Authorized shares of preferred stock | 50,000,000 | ||
Preferred stock, par value | $ 0.0001 | ||
Subsequent Event | Underwriters Exercised Option to Purchase at IPO | |||
Class Of Stock [Line Items] | |||
Shares issued during period | 427,360 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions | Jul. 19, 2019 | Sep. 30, 2019USD ($) |
Other Assets | ||
Significant Accounting Policies [Line Items] | ||
Deferred offering costs | $ 2.8 | |
Common Stock | ||
Significant Accounting Policies [Line Items] | ||
Reverse stock split, description | On July 19, 2019, the Company filed an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a one-for-six basis (the “Reverse Stock Split”). In connection with the Reverse Stock Split, the conversion ratio for the Company’s outstanding convertible preferred stock was proportionately adjusted such that the common stock issuable upon conversion of such preferred stock was decreased in proportion to the Reverse Stock Split. The par value of the common stock was not adjusted as a result of the Reverse Stock Split. | |
Reverse stock split, conversion ratio | 0.17 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2019 | Dec. 31, 2018 |
Recurring | Level 1 | Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Money market fund, fair value | $ 48.3 | $ 63.8 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 9,836 | $ 9,128 |
Less accumulated depreciation and amortization | (5,834) | (4,969) |
Property and equipment, net | 4,002 | 4,159 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 5,832 | 5,466 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 3,294 | 2,989 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 316 | 308 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 394 | $ 365 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization expenses | $ 300 | $ 300 | $ 1,011 | $ 943 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued clinical expenses | $ 973 | $ 519 |
Accrued compensation | 1,604 | 1,433 |
Accrued professional and consulting services | 662 | 182 |
Accrued property and equipment | 202 | |
Accrued lab supplies | 78 | 80 |
Other | 93 | 72 |
Total accrued expenses | $ 3,410 | $ 2,488 |
Related-Party Promissory Notes
Related-Party Promissory Notes - Additional Information (Details) - Promissory Notes - USD ($) | 1 Months Ended | ||||||
Jul. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2016 | Aug. 31, 2015 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||||
Total outstanding balances including accrued interest | $ 600,000 | ||||||
Chief Executive Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Principal amount of loan | $ 300,000 | ||||||
Interest rate percentage | 1.82% | ||||||
Forgiveness of principal amount and accrued interest due on note | $ 400,000 | ||||||
Chief Operating Officer | |||||||
Related Party Transaction [Line Items] | |||||||
Principal amount of loan | $ 300,000 | ||||||
Interest rate percentage | 1.41% | ||||||
Reduction of promissory note | $ (100,000) | $ (17,000) | |||||
Vested shares subject to repurchase | 63,019 | ||||||
Unvested shares subject to repurchase | 28,645 | ||||||
Repurchase of vested shares | 29,686 | ||||||
Principal and interest on promissory note cancelled for repurchase of vested shares | $ 100,000 | ||||||
Proceeds from remaining number of vested shares | $ 100,000 | ||||||
Remaining number of vested shares issued | 33,333 | ||||||
Chief Operating Officer | Performance-based Options | |||||||
Related Party Transaction [Line Items] | |||||||
Reduction of performance-based options | 8,333 |
Convertible Preferred Stock a_3
Convertible Preferred Stock and Stockholders' Deficit - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Nov. 04, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Sep. 30, 2019 | Sep. 30, 2018 |
Temporary Equity [Line Items] | ||||||
Proceeds from the sale of convertible preferred stock, net of issuance costs | $ 14,379 | $ 29,914 | ||||
Subsequent Event | Common Stock | ||||||
Temporary Equity [Line Items] | ||||||
Conversion of convertible preferred stock, common stock shares issued | 17,467,184 | |||||
Series C Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Shares issued, price per share | $ 2.2925 | |||||
Proceeds from the sale of convertible preferred stock, net of issuance costs | $ 29,900 | |||||
Series C-2 Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Shares issued, price per share | $ 2.2925 | $ 2.2925 | ||||
Proceeds from the sale of convertible preferred stock, net of issuance costs | $ 22,600 | $ 14,400 |
Convertible Preferred Stock a_4
Convertible Preferred Stock and Stockholders' Deficit - Schedule of Convertible Preferred Stock Outstanding (Details) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Temporary Equity [Line Items] | ||
Shares Authorized | 117,889,475 | 104,018,468 |
Shares Issued | 104,803,325 | 98,491,880 |
Shares Outstanding | 104,803,325 | 98,491,880 |
Net Carrying Value | $ 175,490 | $ 161,111 |
Aggregate Liquidation Preference | $ 184,469 | $ 170,000 |
Series A Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 37,509,105 | 37,509,105 |
Shares Issued | 37,509,105 | 37,509,105 |
Shares Outstanding | 37,509,105 | 37,509,105 |
Net Carrying Value | $ 28,861 | $ 28,861 |
Aggregate Liquidation Preference | $ 37,509 | $ 37,509 |
Series B Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 25,000,000 | 25,000,000 |
Shares Issued | 25,000,000 | 25,000,000 |
Shares Outstanding | 25,000,000 | 25,000,000 |
Net Carrying Value | $ 49,926 | $ 49,926 |
Aggregate Liquidation Preference | $ 50,000 | $ 50,000 |
Series C Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 26,109,363 | 26,109,363 |
Shares Issued | 26,109,363 | 26,109,363 |
Shares Outstanding | 26,109,363 | 26,109,363 |
Net Carrying Value | $ 59,770 | $ 59,770 |
Aggregate Liquidation Preference | $ 59,856 | $ 59,856 |
Series C-2 Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 29,271,007 | 15,400,000 |
Shares Issued | 16,184,857 | 9,873,412 |
Shares Outstanding | 16,184,857 | 9,873,412 |
Net Carrying Value | $ 36,933 | $ 22,554 |
Aggregate Liquidation Preference | $ 37,104 | $ 22,635 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)voteshares | Dec. 31, 2018USD ($)shares | |
Equity [Abstract] | ||
Number of votes for each share of common stock | The holders of the Company’s common stock have one vote for each share of common stock held by them | |
Number of votes per share | vote | 1 | |
Dividends declared | $ | $ 0 | $ 0 |
Common stock shares outstanding | shares | 935,040 | 878,413 |
Common Stock - Summary of Reser
Common Stock - Summary of Reserved Shares of Common Stock on Converted Basis for Future Issuance (Detail) | Sep. 30, 2019shares |
Class Of Stock [Line Items] | |
Total shares reserved | 18,872,698 |
Series A Convertible Preferred Stock | |
Class Of Stock [Line Items] | |
Total shares reserved | 6,251,502 |
Series B Convertible Preferred Stock | |
Class Of Stock [Line Items] | |
Total shares reserved | 4,166,663 |
Series C Convertible Preferred Stock | |
Class Of Stock [Line Items] | |
Total shares reserved | 4,351,554 |
Series C-2 Convertible Preferred Stock | |
Class Of Stock [Line Items] | |
Total shares reserved | 2,697,465 |
Options Issued and Outstanding | |
Class Of Stock [Line Items] | |
Total shares reserved | 943,610 |
Options Available for Future Grants | |
Class Of Stock [Line Items] | |
Total shares reserved | 461,904 |
Stock Option Plan - Summary of
Stock Option Plan - Summary of Stock Option Activity (Details) - 2015 Stock Plan - Share-based Payment Arrangement, Option $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares Available, Beginning Balance | 693,879 | |
Shares Available, Stock options granted | (416,919) | |
Shares Available, Unvested common shares repurchased | 85,103 | |
Shares Available, Stock options forfeited | 99,841 | |
Shares Available, Ending Balance | 461,904 | 693,879 |
Number of Shares Outstanding, Beginning Balance | 768,239 | |
Number of Shares Outstanding, Stock options granted | 416,919 | |
Number of Shares Outstanding, Stock options exercised | (141,707) | |
Number of Shares Outstanding, Stock options forfeited | (99,841) | |
Number of Shares Outstanding, Ending Balance | 943,610 | 768,239 |
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 4.62 | |
Weighted Average Exercise Price Per Share, Stock options granted | $ / shares | 8.63 | |
Weighted Average Exercise Price Per Share, Stock options exercised | $ / shares | 4.37 | |
Weighted Average Exercise Price Per Share, Unvested common shares repurchased | $ / shares | 1.02 | |
Weighted Average Exercise Price Per Share, Stock options forfeited | $ / shares | 5.07 | |
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares | $ 6.82 | $ 4.62 |
Weighted Average Remaining Contractual Term (Years), Balance | 8 years 9 months 14 days | 8 years 10 months 2 days |
Aggregate Intrinsic Value | $ | $ 6,416 | $ 1,291 |
Stock Option Plan - Summary o_2
Stock Option Plan - Summary of Assumptions Used to Value Stock Option Awards under 2015 Plan (Details) - Share-based Payment Arrangement, Option - 2015 Stock Plan - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee and Director | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 13.62 | $ 6.18 | $ 13.62 | $ 6.18 |
Volatility, minimum | 83.29% | 81.37% | 83.00% | 80.69% |
Volatility, maximum | 84.81% | 81.48% | 84.81% | 81.48% |
Risk-free interest rate | 2.88% | |||
Risk-free interest rate, minimum | 1.58% | 1.58% | 2.62% | |
Risk-free interest rate, maximum | 1.62% | 2.23% | 2.88% | |
Employee and Director | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 3 days | 5 years 11 months 15 days | 5 years 3 days | 5 years 8 months 1 day |
Employee and Director | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 25 days | 6 years 29 days | 6 years 29 days | 6 years 29 days |
Non-employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Volatility, minimum | 82.30% | 80.12% | 81.43% | 80.02% |
Volatility, maximum | 83.79% | 81.73% | 83.79% | 82.32% |
Risk-free interest rate, minimum | 1.44% | 2.75% | 1.44% | 2.39% |
Risk-free interest rate, maximum | 2.02% | 3.02% | 2.67% | 3.02% |
Non-employees | Minimum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 7 months 6 days | 6 years 7 months 6 days | 5 years 7 months 6 days | 6 years 7 months 6 days |
Non-employees | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 9 years 11 months 26 days | 9 years 8 months 12 days | 9 years 11 months 26 days | 9 years 8 months 12 days |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Details) - 2015 Stock Plan - USD ($) shares in Millions, $ in Millions | 9 Months Ended | |
Sep. 30, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares not vested and subject to repurchase | 0.1 | 0.2 |
Cash received from early exercise of unvested options | $ 0.1 | $ 0.2 |
Award vesting period | 48 months |
Stock Option Plan - Summary o_3
Stock Option Plan - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 431 | $ 295 | $ 1,155 | $ 874 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 212 | 131 | 611 | 404 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 219 | $ 164 | $ 544 | $ 470 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0 |
Net Loss Per Share - Computatio
Net Loss Per Share - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Numerator: | ||||||||
Net loss | $ 9,971 | $ 10,622 | $ 9,188 | $ 10,284 | $ 8,204 | $ 8,232 | $ 29,781 | $ 26,717 |
Denominator: | ||||||||
Weighted average common shares outstanding | 838,961 | 867,565 | 822,644 | 864,855 | ||||
Less: weighted-average unvested common stock subject to repurchase | (16,635) | (96,251) | (35,482) | (121,750) | ||||
Weighted-average shares used to compute net loss per share, basic and diluted | 803,229 | 646,800 | 741,711 | 592,237 | ||||
Net loss per share, basic and diluted | $ 12.41 | $ 15.90 | $ 40.15 | $ 45.11 | ||||
Restricted Stock | ||||||||
Denominator: | ||||||||
Less: weighted-average unvested common stock subject to repurchase | (19,097) | (124,514) | (45,451) | (150,868) |
Net Loss Per Share - Outstandin
Net Loss Per Share - Outstanding Potentially Dilutive Securities not Included in Diluted per Share Calculations (Details) - shares | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Outstanding potentially dilutive securities | 105,746,935 | 89,386,874 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Outstanding potentially dilutive securities | 104,803,325 | 88,618,468 |
Common Stock Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Outstanding potentially dilutive securities | 943,610 | 768,406 |
Net Loss Per Share - Additional
Net Loss Per Share - Additional Information (Details) - Common Stock - $ / shares | Nov. 04, 2019 | Sep. 30, 2019 |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Basic and diluted unaudited pro forma net loss per share | $ 1.69 | |
Subsequent Event | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Conversion of convertible preferred stock, common stock shares issued | 17,467,184 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Collaboration and License Agreement - Hanmi Pharmaceutical Co., LTD - Subsequent Event | Dec. 01, 2019USD ($) |
Subsequent Event [Line Items] | |
Upfront and expected near-term milestone payment | $ 10,000,000 |
Maximum | |
Subsequent Event [Line Items] | |
Development milestone payment upon achievement | 48,000,000 |
Sales milestone payment upon achievement | 60,000,000 |
Additional contingent payments upon Achievement of specified milestones | $ 108,000,000 |