Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Aug. 23, 2019 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Title of 12(b) Security | Common stock, par value $0.001 per share | |
Trading Symbol | FULC | |
Security Exchange Name | NASDAQ | |
Entity Registrant Name | FULCRUM THERAPEUTICS, INC. | |
Entity Central Index Key | 0001680581 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 23,340,419 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity File Number | 001-38978 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-4839948 | |
Entity Address, Address Line One | 26 Landsdowne Street | |
Entity Address, City or Town | Cambridge | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02139 | |
City Area Code | 617 | |
Local Phone Number | 651-8851 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 49,628 | $ 72,797 |
Prepaid expenses and other current assets | 1,738 | 1,298 |
Total current assets | 51,366 | 74,095 |
Property and equipment, net | 10,005 | 10,546 |
Restricted cash | 1,092 | 1,092 |
Deferred offering costs | 2,064 | |
Other assets | 624 | 38 |
Total assets | 65,151 | 85,771 |
Current liabilities: | ||
Accounts payable | 3,081 | 1,263 |
Accrued expenses and other current liabilities | 2,793 | 2,497 |
Deferred lease incentive, current portion | 469 | 469 |
Total current liabilities | 6,343 | 4,229 |
Deferred rent, excluding current portion | 1,496 | 1,402 |
Deferred lease incentive, excluding current portion | 3,756 | 3,990 |
Other liabilities, excluding current portion | 101 | 150 |
Total liabilities | 11,696 | 9,771 |
Commitments and contingencies (Note 10) | ||
Stockholders’ deficit: | ||
Common stock, $0.001 par value; 147,500,000 and 135,000,000 shares authorized as of June 30, 2019 and December 31, 2018, respectively; 2,768,596 and 2,791,764 shares issued as of June 30, 2019 and December 31, 2018, respectively; 1,870,286 and 1,587,953 shares outstanding as of June 30, 2019 and December 31, 2018, respectively | 2 | 2 |
Additional paid-in capital | 6,453 | 4,452 |
Accumulated deficit | (118,136) | (68,124) |
Total stockholders’ deficit | (111,681) | (63,670) |
Total liabilities, convertible preferred stock, and stockholders’ deficit | 65,151 | 85,771 |
Series A Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | 59,909 | 59,909 |
Series B Convertible Preferred Stock | ||
Current liabilities: | ||
Convertible preferred stock | $ 105,227 | $ 79,761 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 147,500,000 | 135,000,000 |
Common stock, shares issued | 2,768,596 | 2,791,764 |
Common stock, shares outstanding | 1,870,286 | 1,587,953 |
Treasury stock, shares | 1,432 | 67,024 |
Series A Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, share authorized | 60,000,000 | 60,000,000 |
Convertible preferred stock, share issued | 60,000,000 | 60,000,000 |
Convertible preferred stock, share outstanding | 60,000,000 | 60,000,000 |
Convertible preferred stock, liquidation preference | $ 69,567 | |
Series B Convertible Preferred Stock | ||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 |
Convertible preferred stock, share authorized | 52,500,000 | 40,000,000 |
Convertible preferred stock, share issued | 52,500,000 | 40,000,000 |
Convertible preferred stock, share outstanding | 52,500,000 | 40,000,000 |
Convertible preferred stock, liquidation preference | $ 111,214 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating expenses: | ||||
Research and development | $ 10,860 | $ 5,788 | $ 45,489 | $ 11,361 |
General and administrative | 2,634 | 2,061 | 5,232 | 3,798 |
Total operating expenses | 13,494 | 7,849 | 50,721 | 15,159 |
Loss from operations | (13,494) | (7,849) | (50,721) | (15,159) |
Other income, net: | ||||
Interest income (expense), net | 317 | (5) | 694 | (5) |
Other income | 8 | 8 | 15 | 378 |
Net loss and comprehensive loss | (13,169) | (7,846) | (50,012) | (14,786) |
Cumulative convertible preferred stock dividends | (3,291) | (1,050) | (6,332) | (1,878) |
Net loss attributable to common stockholders | $ (16,460) | $ (8,896) | $ (56,344) | $ (16,664) |
Net loss per share attributable to common stockholders, basic and diluted | $ (9.21) | $ (7.50) | $ (32.85) | $ (15.14) |
Weighted average number of common shares used in net loss per share attributable to common stockholders, basic and diluted | 1,787 | 1,186 | 1,715 | 1,101 |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit (Unaudited) - USD ($) $ in Thousands | Total | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Common Stock | Treasury Stock | Additional Paid-In Capital | Accumulated Deficit |
Convertible preferred stock, Beginning balance, Shares at Dec. 31, 2017 | 34,666,666 | ||||||
Convertible preferred stock, Beginning balance at Dec. 31, 2017 | $ 34,587 | ||||||
Beginning balance at Dec. 31, 2017 | $ (33,265) | $ 1 | $ 2,270 | $ (35,536) | |||
Beginning balance, Shares at Dec. 31, 2017 | 972,266 | 8,036 | |||||
Issuance of convertible preferred stock | $ 12,659 | ||||||
Issuance of convertible preferred stock, Shares | 12,666,667 | ||||||
Issuance of common stock | 4 | 4 | |||||
Issuance of common stock, Shares | 125,123 | ||||||
Repurchase of unvested restricted stock awards | 12,599 | ||||||
Retirement of treasury shares | (20,635) | ||||||
Stock-based compensation expense | 429 | 429 | |||||
Net loss | (6,940) | (6,940) | |||||
Convertible preferred stock, Ending balance, Shares at Mar. 31, 2018 | 47,333,333 | ||||||
Convertible preferred stock, Ending balance at Mar. 31, 2018 | $ 47,246 | ||||||
Ending balance at Mar. 31, 2018 | (39,772) | $ 1 | 2,703 | (42,476) | |||
Ending balance, Shares at Mar. 31, 2018 | 1,097,389 | ||||||
Convertible preferred stock, Beginning balance, Shares at Dec. 31, 2017 | 34,666,666 | ||||||
Convertible preferred stock, Beginning balance at Dec. 31, 2017 | $ 34,587 | ||||||
Beginning balance at Dec. 31, 2017 | (33,265) | $ 1 | 2,270 | (35,536) | |||
Beginning balance, Shares at Dec. 31, 2017 | 972,266 | 8,036 | |||||
Net loss | (14,786) | ||||||
Convertible preferred stock, Ending balance, Shares at Jun. 30, 2018 | 60,000,000 | ||||||
Convertible preferred stock, Ending balance at Jun. 30, 2018 | $ 59,909 | ||||||
Ending balance at Jun. 30, 2018 | (47,148) | $ 1 | 3,173 | (50,322) | |||
Ending balance, Shares at Jun. 30, 2018 | 1,284,810 | ||||||
Convertible preferred stock, Beginning balance, Shares at Mar. 31, 2018 | 47,333,333 | ||||||
Convertible preferred stock, Beginning balance at Mar. 31, 2018 | $ 47,246 | ||||||
Beginning balance at Mar. 31, 2018 | (39,772) | $ 1 | 2,703 | (42,476) | |||
Beginning balance, Shares at Mar. 31, 2018 | 1,097,389 | ||||||
Issuance of convertible preferred stock | $ 12,663 | ||||||
Issuance of convertible preferred stock, Shares | 12,666,667 | ||||||
Issuance of common stock | 8 | 8 | |||||
Issuance of common stock, Shares | 187,421 | ||||||
Stock-based compensation expense | 462 | 462 | |||||
Net loss | (7,846) | (7,846) | |||||
Convertible preferred stock, Ending balance, Shares at Jun. 30, 2018 | 60,000,000 | ||||||
Convertible preferred stock, Ending balance at Jun. 30, 2018 | $ 59,909 | ||||||
Ending balance at Jun. 30, 2018 | (47,148) | $ 1 | 3,173 | (50,322) | |||
Ending balance, Shares at Jun. 30, 2018 | 1,284,810 | ||||||
Convertible preferred stock, Beginning balance, Shares at Dec. 31, 2018 | 60,000,000 | 40,000,000 | |||||
Convertible preferred stock, Beginning balance at Dec. 31, 2018 | $ 59,909 | $ 79,761 | |||||
Beginning balance at Dec. 31, 2018 | (63,670) | $ 2 | 4,452 | (68,124) | |||
Beginning balance, Shares at Dec. 31, 2018 | 1,587,953 | 67,024 | |||||
Issuance of convertible preferred stock | $ 25,466 | ||||||
Issuance of convertible preferred stock, Shares | 12,500,000 | ||||||
Issuance of common stock | 5 | 5 | |||||
Issuance of common stock, Shares | 134,013 | ||||||
Repurchase of unvested restricted stock awards | 43,922 | ||||||
Retirement of treasury shares | (110,946) | ||||||
Stock-based compensation expense | 821 | 821 | |||||
Net loss | (36,843) | (36,843) | |||||
Convertible preferred stock, Ending balance, Shares at Mar. 31, 2019 | 60,000,000 | 52,500,000 | |||||
Convertible preferred stock, Ending balance at Mar. 31, 2019 | $ 59,909 | $ 105,227 | |||||
Ending balance at Mar. 31, 2019 | (99,687) | $ 2 | 5,278 | (104,967) | |||
Ending balance, Shares at Mar. 31, 2019 | 1,721,966 | ||||||
Convertible preferred stock, Beginning balance, Shares at Dec. 31, 2018 | 60,000,000 | 40,000,000 | |||||
Convertible preferred stock, Beginning balance at Dec. 31, 2018 | $ 59,909 | $ 79,761 | |||||
Beginning balance at Dec. 31, 2018 | (63,670) | $ 2 | 4,452 | (68,124) | |||
Beginning balance, Shares at Dec. 31, 2018 | 1,587,953 | 67,024 | |||||
Net loss | (50,012) | ||||||
Convertible preferred stock, Ending balance, Shares at Jun. 30, 2019 | 60,000,000 | 52,500,000 | |||||
Convertible preferred stock, Ending balance at Jun. 30, 2019 | $ 59,909 | $ 105,227 | |||||
Ending balance at Jun. 30, 2019 | (111,681) | $ 2 | 6,453 | (118,136) | |||
Ending balance, Shares at Jun. 30, 2019 | 1,870,286 | 1,432 | |||||
Convertible preferred stock, Beginning balance, Shares at Mar. 31, 2019 | 60,000,000 | 52,500,000 | |||||
Convertible preferred stock, Beginning balance at Mar. 31, 2019 | $ 59,909 | $ 105,227 | |||||
Beginning balance at Mar. 31, 2019 | (99,687) | $ 2 | 5,278 | (104,967) | |||
Beginning balance, Shares at Mar. 31, 2019 | 1,721,966 | ||||||
Issuance of common stock | 225 | 225 | |||||
Issuance of common stock, Shares | 148,320 | ||||||
Repurchase of unvested restricted stock awards | 7,451 | ||||||
Retirement of treasury shares | (6,019) | ||||||
Stock-based compensation expense | 950 | 950 | |||||
Net loss | (13,169) | (13,169) | |||||
Convertible preferred stock, Ending balance, Shares at Jun. 30, 2019 | 60,000,000 | 52,500,000 | |||||
Convertible preferred stock, Ending balance at Jun. 30, 2019 | $ 59,909 | $ 105,227 | |||||
Ending balance at Jun. 30, 2019 | $ (111,681) | $ 2 | $ 6,453 | $ (118,136) | |||
Ending balance, Shares at Jun. 30, 2019 | 1,870,286 | 1,432 |
Consolidated Statements of Co_2
Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | |
Series A Convertible Preferred Stock | |||
Shares issued, price per share | $ 1 | $ 1 | |
Convertible preferred stock, Issuance costs | $ 5 | $ 7 | |
Series B Convertible Preferred Stock | |||
Convertible preferred stock, Issuance costs | $ 34 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Operating activities | ||||
Net loss | $ (50,012) | $ (14,786) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation expense | $ 500 | $ 200 | 1,018 | 377 |
Stock-based compensation expense | 950 | 462 | 1,771 | 891 |
In-process research and development expenses | 25,591 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | (828) | (30) | ||
Other assets | (586) | 38 | ||
Accounts payable | 451 | 503 | ||
Accrued expenses and other liabilities | 399 | 16 | ||
Deferred rent and deferred lease incentive | 225 | 952 | ||
Net cash used in operating activities | (21,971) | (12,039) | ||
Investing activities | ||||
Purchases of property and equipment | (531) | (4,589) | ||
Transaction costs associated with asset acquisition | (91) | |||
Net cash used in investing activities | (622) | (4,589) | ||
Financing activities | ||||
Proceeds from issuance of Series A convertible preferred stock, net of issuance costs | 25,322 | |||
Issuance costs associated with issuance of Series B convertible preferred stock | (34) | |||
Payment of initial public offering costs | (739) | |||
Principal payments on capital lease obligations | (21) | (49) | ||
Proceeds from issuance of common stock | 218 | 17 | ||
Net cash (used in) provided by financing activities | (576) | 25,290 | ||
Net (decrease) increase in cash, cash equivalents and restricted cash | (23,169) | 8,662 | ||
Cash, cash equivalents, and restricted cash, beginning of period | 73,889 | 407 | ||
Cash, cash equivalents, and restricted cash, end of period | 50,720 | 9,069 | 50,720 | 9,069 |
Supplemental cash flow information | ||||
Cash paid for interest | 4 | 5 | ||
Non-cash investing and financing activities: | ||||
Acquisition of in process research and development through issuance of stock | 25,500 | |||
Property and equipment purchases unpaid at end of period | 120 | 3,626 | ||
Deferred offering costs unpaid at end of period | 1,325 | |||
Cash and cash equivalents | 49,628 | 7,977 | 49,628 | 7,977 |
Restricted cash | $ 1,092 | $ 1,092 | $ 1,092 | $ 1,092 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Fulcrum Therapeutics, Inc. (the “Company” or “Fulcrum”) was incorporated in Delaware on August 18, 2015. The Company is focused on improving the lives of patients with genetically defined diseases in areas of high unmet medical need, with an initial focus on rare diseases. The Company is subject to a number of risks similar to other companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, dependence on key personnel, protection of proprietary technology, reliance on third party organizations, risks of obtaining regulatory approval for any product candidate that it may develop, development by competitors of technological innovations, compliance with government regulations, and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance-reporting capabilities. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Basis of Presentation The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The accompanying consolidated financial statements and footnotes to the financial statements have been prepared on the same basis as the most recently audited annual financial statements and, in the opinion of management, reflect all normal recurring adjustments necessary for the fair presentation of the Company’s financial position as of June 30, 2019 and the results of its operations and its cash flows for the three and six months ended June 30, 2019 and 2018. The results for the three and six months ended June 30, 2019 are not necessarily indicative of results to be expected for the year ending December 31, 2019, any other interim periods, or any future year or period. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in the Company’s final prospectus for its initial public offering (“IPO”) filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended (the “Securities Act”), with the Securities and Exchange Commission (the “SEC”) on July 18, 2019. Liquidity The Company has incurred recurring losses and negative cash flows from operations since inception and has primarily funded its operations with proceeds from the issuance of convertible notes and convertible preferred stock, and most recently, with proceeds from the IPO completed in July 2019 (Note 14). As of June 30, 2019, the Company had an accumulated deficit of $118.1 million. The Company expects its operating losses and negative operating cash flows to continue into the foreseeable future as it continues to expand its research and development efforts. The Company believes that its cash and cash equivalents as of June 30, 2019, together with the net proceeds from the IPO of the Company’s common stock completed in July 2019, will be sufficient to fund its operating expenses and capital expenditure requirements for at least twelve months from the date of filing this Quarterly Report on Form 10-Q. The Company will need additional funding to support its planned operating activities. If the Company is unable to obtain additional funding, it would be forced to delay, reduce or eliminate some or all of its research and development programs, product portfolio expansion, or commercialization efforts, which could adversely affect its business prospects. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Fulcrum Therapeutics Securities Corp., which is a Massachusetts subsidiary created to buy, sell, and hold securities. All intercompany transactions and balances have been eliminated. Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2018 included in the Company’s final prospectus for its IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on July 18, 2019 Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of expenses during the reported periods. Estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, estimates related to accrued expenses, stock-based compensation expense, the fair value of the common stock (for periods prior to the completion of the IPO of the Company’s common stock) and convertible preferred stock, and income taxes. The Company bases its estimates on historical experience and other market specific or other relevant assumptions it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results could differ from those estimates or assumptions. Deferred Issuance Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred issuance costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the planned financing be abandoned, the deferred issuance costs will be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss. Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including personnel-related expenses such as salaries, payroll taxes, benefits, and stock-based compensation expense, manufacturing and external costs related to outside vendors engaged to conduct both preclinical studies and clinical trials, laboratory supplies, depreciation on and maintenance of research equipment, and the allocable portions of facility costs, such as rent, utilities, repairs and maintenance, depreciation, and general support services. Expenditures relating to research and development are expensed in the period incurred. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Research and development expenses also include in-process research and development (“IPR&D”) expenses, which relate to IPR&D acquired as part of an asset acquisition for which there is no alternative future use. Research and development with no alternative future use is expensed as incurred. Off-Balance Sheet Risk and Concentrations of Credit Risk The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and restricted cash. The Company’s cash, cash equivalents, and restricted cash are deposited in accounts at large financial institutions. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash, cash equivalents and restricted cash are held. The Company maintains its cash equivalents in money market funds that invest in U.S. Treasury securities. Recent Accounting Pronouncements—To Be Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at June 30, 2019 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 49,628 $ 49,628 $ — $ — Total $ 49,628 $ 49,628 $ — $ — Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 72,797 $ 72,797 $ — $ — Total $ 72,797 $ 72,797 $ — $ — There have been no transfers between fair value levels during the three or six months ended June 30, 2019 or 2018. |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following (in thousands): June 30, 2019 December 31, 2018 Lab equipment $ 5,557 $ 4,847 Furniture and fixtures 548 542 Computer equipment 512 517 Software 90 90 Leasehold improvements 6,210 6,174 Construction in process — 334 Total property and equipment 12,917 12,504 Less: accumulated depreciation (2,912 ) (1,958 ) Property and equipment, net $ 10,005 $ 10,546 Depreciation expense for the three months ended June 30, 2019 and 2018 was $0.5 million and $0.2 million, respectively. Depreciation expense for the six months ended June 30, 2019 and 2018 was $1.0 million and $0.4 million, respectively. |
Additional Balance Sheet Detail
Additional Balance Sheet Detail | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Additional Balance Sheet Detail | 5. Additional Balance Sheet Detail Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2019 December 31, 2018 Prepaid expenses $ 1,249 $ 460 Prepaid sign-on bonuses subject to vesting provisions 182 99 Leasehold improvement allowance receivable — 366 Interest income receivable 96 135 Other 211 238 Total prepaid expenses and other current assets $ 1,738 $ 1,298 Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 External research and development $ 1,572 $ 437 Payroll and benefits 934 1,448 Professional services 166 254 Capital lease obligation, current portion 48 46 Restricted stock liability, current portion 15 18 Property and equipment purchases — 174 Other 58 120 Total accrued expenses and other current liabilities $ 2,793 $ 2,497 |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2019 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | 6. Convertible Preferred Stock As of June 30, 2019, 112,500,000 shares of convertible preferred stock were authorized, issued, and outstanding, of which 60,000,000 shares were designated as $0.001 par value Series A convertible preferred stock (the “Series A Preferred Stock”), and 52,500,000 shares were designated as $0.001 par value Series B convertible preferred stock (the “Series B Preferred Stock”, and together with the Series A Preferred Stock, the “Preferred Stock”). As of December 31, 2018, 100,000,000 shares of Preferred Stock were authorized, issued, and outstanding, of which 60,000,000 shares were designated as Series A Preferred Stock, and 40,000,000 shares were designated as Series B Preferred Stock. During the six months ended June 30, 2019, the Company issued 12,500,000 shares of Series B Preferred Stock in connection with the GSK Agreement (Note 9). The rights, privileges, and preferences of the Series B Preferred Stock issued in connection with the GSK Agreement are consistent with the rights, privileges, and preferences of the Series B Preferred Stock issued during the year ended December 31, 2018. No dividends have been declared since inception. Aggregate cumulative dividends associated with the Series A Preferred Stock and the Series B Preferred Stock as of June 30, 2019 were $9.6 million and $6.2 million, respectively. Aggregate cumulative dividends associated with the Series A Preferred Stock and the Series B Preferred Stock as of December 31, 2018 were $7.2 million and $2.3 million, respectively. |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Common Stock | 7. Common Stock Common stockholders are entitled to receive dividends, as may be declared by the Company’s board of directors, if any, subject to the preferential dividend rights of the Preferred Stock. No dividends have been declared or paid during the three and six months ended June 30, 2019 or 2018. During the six months ended June 30, 2019, the Company’s Certificate of Incorporation was amended to increase the number of authorized shares of common stock from 135,000,000 to 147,500,000 shares. In July 2019, the Company’s Certificate of Incorporation was amended and restated to increase the number of authorized shares of common stock from 147,500,000 to 200,000,000 shares (Note 14). The Company had reserved the following shares of common stock for the potential conversion of Preferred Stock and for the future issuance of common stock pursuant to the Company’s 2016 Stock Incentive Plan, as amended from time to time (the “2016 Plan”): June 30, 2019 December 31, 2018 Shares reserved for conversion of outstanding Series A Preferred Stock 8,571,427 8,571,427 Shares reserved for conversion of outstanding Series B Preferred Stock 7,499,991 5,714,277 Shares reserved for future issuance under the 2016 Stock Incentive Plan 280,071 919,030 16,351,489 15,204,734 |
Stock-based Compensation Expens
Stock-based Compensation Expense | 6 Months Ended |
Jun. 30, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation Expense | 8. Stock-based Compensation Expense Grants Under the 2016 Stock Incentive Plan In July 2016, the Company adopted the 2016 Plan, under which it may grant restricted stock awards, restricted stock units, incentive stock options, non-statutory stock options, and other stock-based awards to eligible employees, officers, directors, consultants, and advisors. The total number of shares of common stock that were authorized for issuance under the 2016 Plan as of June 30, 2019 and December 31, 2018 was 3,566,428 and 3,209,285, respectively. For financial reporting purposes, the Company performed common stock valuations with the assistance of a third-party specialist as of May 10, 2019, March 15, 2019, November 30, 2018, August 24, 2018, June 1, 2018, December 31, 2017, and December 31, 2016 to determine stock-based compensation expense for restricted stock awards and stock options. Shares of common stock repurchased from employees and non-employees are shares held in the Company’s treasury (“Treasury Shares”). The board of directors may, at its discretion, authorize that the Treasury Shares be returned to the pool of authorized but unissued common stock. The following table summarizes the Company’s restricted stock activity under the 2016 Plan since December 31, 2018: Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2018 757,022 $ 3.07 Granted — — Vested (198,056 ) 3.04 Repurchased (51,373 ) 3.07 Unvested at June 30, 2019 507,593 $ 3.08 The following table summarizes the Company’s stock option activity under the 2016 Plan since December 31, 2018: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2018 507,891 $ 7.12 9.84 $ 367,427 Granted 1,114,491 8.12 Exercised (28,205 ) 7.81 Cancelled (1,424 ) 6.10 Outstanding at June 30, 2019 1,592,753 $ 7.81 9.52 $ 12,278,821 Exercisable at June 30, 2019 109,951 $ 6.94 9.39 $ 942,933 The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock as of the balance sheet date for those options that had exercise prices lower than the fair value of the Company’s common stock. The weighted average grant date fair value of stock options granted during the three and six months ended June 30, 2019 was $7.75 per share and $5.74 per share, respectively. The weighted average grant date fair value of stock options granted during each of the three and six months ended June 30, 2018 was $3.46 per share. The aggregate intrinsic value of stock options exercised during each of the three and six months ended June 30, 2019 was $0.2 million. No stock options were exercised during the three and six months ended June 30, 2018. The fair value of stock options granted during the three and six months ended June 30, 2019 and 2018 under the 2016 Plan has been calculated on the date of grant using the following weighted average assumptions: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Risk-free interest rate 2.3 % 2.8 % 2.6 % 2.8 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Expected term (years) 6.1 5.9 6.0 5.9 Expected stock price volatility 80.7 % 83.7 % 81.3 % 83.7 % Grants Outside the 2016 Stock Incentive Plan The following table summarizes the Company’s restricted stock activity outside of the 2016 Plan since December 31, 2018: Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2018 446,789 $ 2.94 Granted — — Vested (56,072 ) 2.94 Repurchased — — Unvested at June 30, 2019 390,717 $ 2.94 The aggregate intrinsic value of all restricted stock awards that vested during the three and six months ended June 30, 2019 was $1.0 million and $2.4 million, respectively. Stock-based Compensation Expense The total compensation cost recognized in the statements of operations associated with all stock-based compensation awards granted by the Company is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 459 $ 270 $ 865 $ 526 General and administrative 491 192 906 365 Total stock-based compensation expense $ 950 $ 462 $ 1,771 $ 891 As of June 30, 2019, the Company had an aggregate of $10.2 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 3.11 years. |
Asset Acquisition
Asset Acquisition | 6 Months Ended |
Jun. 30, 2019 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Asset Acquisition | 9. Asset Acquisition In February 2019, the Company entered into a right of reference and license agreement (the “GSK Agreement”) with subsidiaries of GlaxoSmithKline plc (collectively referred to as “GSK”), pursuant to which the Company has been granted an exclusive worldwide license to develop and commercialize losmapimod. Under the GSK Agreement, the Company also acquired reference rights to relevant regulatory and manufacturing documents and GSK’s existing supply of losmapimod drug substance and product. The Company also has the right to sublicense its rights under the license agreement, subject to certain conditions. The Company is obligated to use commercially reasonable efforts to develop and commercialize losmapimod at its sole cost. The Company is also responsible for costs related to the filing and maintenance of the licensed patent rights. Under the GSK Agreement, the Company issued 12,500,000 million shares of Series B Preferred Stock to GSK with an estimated fair value of $25.5 million, or $2.04 per share, which was determined with the assistance of a third-party specialist contemporaneously with the issuance of the Series B Preferred Stock to GSK. In addition, the Company may owe GSK up to $37.5 million in certain specified clinical and regulatory milestones, of which $2.5 million is due upon the initiation of a Phase 2 clinical trial, and up to $60.0 million in certain specified sales milestones. The Company has agreed to pay tiered royalties on annual net sales of losmapimod that range from mid single-digit percentages to a low double-digit, but less than teens, percentage. The royalties are payable on a product-by-product and country-by-country basis, and may be reduced in specified circumstances. The Company also incurred $0.1 million of direct expenses related to the transaction, which the Company included in the total consideration for the transaction. In August 2019, the $2.5 million milestone due upon the initiation of a Phase 2 clinical trial was achieved and became payable. The GSK Agreement may be terminated by either party for a material breach by the other, subject to notice and cure provisions. Unless earlier terminated, the GSK Agreement will continue in effect until the expiration of the Company’s royalty obligations, which expire on a country-by-country basis on the later of (i) ten years after the first commercial sale in the country or (ii) approval of a generic version of losmapimod by the applicable regulatory agency. The Company concluded the arrangement did not result in the acquisition of a business, as substantially all of the fair value of the gross assets acquired was concentrated in a single in-process research and development asset, losmapimod. In addition, the Company did not obtain any substantive processes in connection to the GSK Agreement and losmapimod was not generating revenue at the time the GSK Agreement was executed. Therefore, the Company accounted for the arrangement as an asset acquisition. The Company also concluded that the acquired assets do not have an alternative future use, and therefore the fair value attributable to the GSK Agreement of $25.6 million, inclusive of transaction costs, was recorded as in-process research and development expense (a component of research and development expenses) in the Company’s consolidated statement of operations and comprehensive loss for the six months ended June 30, 2019, which is the period in which the Company obtained (i) the license to losmapimod, (ii) the right to reference relevant regulatory and manufacturing documents, and (iii) GSK’s existing supply of losmapimod drug substance and product. Additionally, the Company will recognize clinical and regulatory milestone payments when the underlying contingency is resolved and the consideration is paid or becomes payable. The milestone payments will be capitalized or expensed depending on the nature of the associated asset as of the date of recognition. The Company will record sales milestone payments and royalties as additional expense of the related product sales in the period in which the corresponding sales occur. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Operating Leases In May 2016, the Company entered into a sublease agreement for approximately 8,143 square feet of office and laboratory space at its prior corporate headquarters in Cambridge, Massachusetts. The sublease for this space terminated on June 30, 2018. Rent expense associated with this sublease for the six months ended June 30, 2018 was $0.1 million. In November 2017, the Company entered into a lease agreement for its current corporate headquarters for approximately 28,731 square feet of office and laboratory space in Cambridge, Massachusetts. The lease has a total commitment of $25.1 million over the ten year term, and includes escalating rent payments. The lease agreement requires the Company to either pay a security deposit or maintain a letter of credit of $1.1 million. The Company maintains a letter of credit for this lease and has recorded the cash held to secure the letter of credit as restricted cash on the consolidated balance sheet as of December 31, 2018 and June 30, 2019. Rent expense associated with this lease for each of the three months ended June 30, 2019 and 2018 was approximately $0.5 million. Rent expense associated with this lease for each of the six months ended June 30, 2019 and 2018 was approximately $1.0 million. The future minimum lease payments associated with the lease for the Company’s current headquarters as of June 30, 2019, are as follows (in thousands): 2019 (1) $ 1,125 2020 2,285 2021 2,354 2022 2,424 2023 2,497 Thereafter 12,187 Total minimum lease payments $ 22,872 (1) Amounts are for the six months ending December 31, 2019. Other Agreements The Company has agreements with third parties in the normal course of business under which it can license certain developed technologies. If the Company exercises its rights to license the technologies it may be subject to additional fees and milestone payments. As of June 30, 2019, the Company has not exercised its rights to license such technologies. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters arising out of the relationship between such parties and the Company. In addition, the Company has entered into indemnification agreements with members of its board of directors and senior management that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of June 30, 2019 or December 31, 2018. Legal Proceedings The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as they are incurred. No such costs have been incurred during the three or six months ended June 30, 2019 and 2018. |
Defined Contribution Plan
Defined Contribution Plan | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined Contribution Plan | 11. Defined Contribution Plan The Company has a defined contribution savings plan under Section 401(k) of the Internal Revenue Code (the “401(k) Plan”). The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants the option to elect to defer a portion of their annual compensation on a pretax basis. As currently established, the Company is not required to make and has not made any contributions to the 401(k) Plan. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 12. Net Loss per Share Net Loss per Share The following common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Series A Preferred Stock 8,571,427 8,571,427 8,571,427 8,571,427 Series B Preferred Stock 7,499,991 — 7,499,991 — Outstanding stock options 1,592,753 82,700 1,592,753 82,700 Unvested restricted stock awards 898,310 1,506,954 898,310 1,506,954 Total 18,562,481 10,161,081 18,562,481 10,161,081 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 13. Related-Party Transactions During the three and six months ended June 30, 2019 and 2018, the Company paid fees to Third Rock Ventures, LLC (“TRV”), an affiliate of one of the Company’s principal stockholders, in exchange for consulting services. The Company recorded expenses related to such fees of less than $0.1 million during each of the six months ended June 30, 2019 and 2018, and less than $0.1 million during the three months ended June 30, 2018. The Company did not record expenses related to such fees during the three months ended June 30, 2019. As of December 31, 2018, there was less than $0.1 million of amounts due to TRV for such services that were included in accounts payable and accrued expenses. As of June 30, 2019, there were no amounts due to TRV for such services that were included in accounts payable and accrued expenses. Additionally, consultants that provide services to the Company are employees of TRV. The Company has issued an aggregate of 142,284 shares of common stock to these consultants in exchange for their continuing consulting services. During each of the three and six months ended June 30, 2018, the Company recorded other income of $0.4 million related to the sale of drug material to an entity affiliated with TRV. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events Reverse Stock Split and Other On July 5, 2019, the Company effected a one-for-seven reverse stock split of the Company’s issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each of the Company’s outstanding series of Preferred Stock. All share and per share amounts in the accompanying consolidated financial statements and notes thereto have been retroactively adjusted for all periods presented to give effect to this reverse stock split, including reclassifying an amount equal to the reduction in par value of common stock to additional paid-in capital. Shares of common stock underlying outstanding stock options were proportionately reduced and the respective exercise prices, if applicable, were proportionately increased in accordance with the terms of the appropriate securities agreements. Stockholders entitled to fractional shares as a result of the reverse stock split will receive a cash payment in lieu of receiving fractional shares. On July 5, 2019, the Company eliminated the gross proceeds threshold of $45 million for a firm-commitment underwritten public offering that would result in the automatic conversion of all outstanding shares of Preferred Stock into common stock. 2019 Stock Incentive Plan In anticipation of the Company’s IPO, on July 2, 2019, the Company’s stockholders approved the 2019 Stock Incentive Plan (the “2019 Plan”), which became effective on July 17, 2019. The 2019 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards to the Company’s officers, employees, directors, consultants and advisors. The number of shares initially reserved for issuance under the 2019 Plan is 2,017,142 shares, plus the shares of common stock remaining available for issuance under the 2016 Plan as of July 17, 2019. The number of shares reserved shall be annually increased on January 1, 2020 and each January 1 thereafter through January 1, 2029 by the least of (i) 2,000,000 shares, (ii) 4% of the number of shares of the Company’s common stock outstanding on the first day of the such year or (iii) an amount determined by the Company’s board of directors. The shares of common stock underlying any awards that expire, terminate, or are otherwise surrendered, cancelled, forfeited or repurchased by the Company under the 2016 Plan or the 2019 Plan will be added back to the shares of common stock available for issuance under the 2019 Plan. As of July 17, 2019, no further awards will be made under the 2016 Plan. 2019 Employee Stock Purchase Plan On July 2, 2019, the Company’s stockholders approved the 2019 Employee Stock Purchase Plan (the “ESPP”), which became effective on July 17, 2019. A total of 252,142 shares of common stock were reserved for issuance under the ESPP. In addition, the number of shares of common stock reserved under the ESPP shall be annually increased on January 1, 2020, and each January 1 thereafter through January 1, 2029, by the least of (i) 428,571 shares of common stock, (ii) 1% of the number of shares of the Company’s common stock outstanding on the first day of each such year or (iii) an amount determined by the Company’s board of directors. Initial Public Offering On July 22, 2019, the Company completed an IPO of its common stock and issued and sold 4,500,000 shares of common stock at a public offering price of $16.00 per share, resulting in net proceeds of $63.9 million after deducting underwriting discounts and commissions and estimated offering expenses. Upon the closing of the IPO, all 112,500,000 shares of outstanding Preferred Stock automatically converted into 16,071,418 shares of common stock. Changes to Authorized Common Stock and Preferred Stock On July 22, 2019, the Company amended and restated its certificate of incorporation to authorize 200,000,000 shares of common stock and 10,000,000 shares of Preferred Stock, which shares of Preferred Stock are currently undesignated. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Fulcrum Therapeutics Securities Corp., which is a Massachusetts subsidiary created to buy, sell, and hold securities. All intercompany transactions and balances have been eliminated. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the accompanying consolidated financial statements are described in the Company’s audited consolidated financial statements for the year ended December 31, 2018 included in the Company’s final prospectus for its IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on July 18, 2019 |
Use of Estimates | Use of Estimates The preparation of financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements, and the reported amount of expenses during the reported periods. Estimates inherent in the preparation of these consolidated financial statements include, but are not limited to, estimates related to accrued expenses, stock-based compensation expense, the fair value of the common stock (for periods prior to the completion of the IPO of the Company’s common stock) and convertible preferred stock, and income taxes. The Company bases its estimates on historical experience and other market specific or other relevant assumptions it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results could differ from those estimates or assumptions. |
Deferred Issuance Costs | Deferred Issuance Costs The Company capitalizes certain legal, professional, accounting and other third-party fees that are directly associated with in-process equity issuances as deferred issuance costs until such equity issuances are consummated. After consummation of the equity issuance, these costs are recorded as a reduction in the capitalized amount associated with the equity issuance. Should the planned financing be abandoned, the deferred issuance costs will be expensed immediately as a charge to operating expenses in the consolidated statement of operations and comprehensive loss. |
Research and Development Expense | Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including personnel-related expenses such as salaries, payroll taxes, benefits, and stock-based compensation expense, manufacturing and external costs related to outside vendors engaged to conduct both preclinical studies and clinical trials, laboratory supplies, depreciation on and maintenance of research equipment, and the allocable portions of facility costs, such as rent, utilities, repairs and maintenance, depreciation, and general support services. Expenditures relating to research and development are expensed in the period incurred. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. Research and development expenses also include in-process research and development (“IPR&D”) expenses, which relate to IPR&D acquired as part of an asset acquisition for which there is no alternative future use. Research and development with no alternative future use is expensed as incurred. |
Off-Balance Sheet Risk and Concentrations of Credit Risk | Off-Balance Sheet Risk and Concentrations of Credit Risk The Company has no significant off-balance sheet risk such as foreign exchange contracts, option contracts, or other foreign hedging arrangements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash, cash equivalents, and restricted cash. The Company’s cash, cash equivalents, and restricted cash are deposited in accounts at large financial institutions. The Company believes it is not exposed to significant credit risk due to the financial strength of the depository institutions in which the cash, cash equivalents and restricted cash are held. The Company maintains its cash equivalents in money market funds that invest in U.S. Treasury securities. |
Recent Accounting Pronouncements-To Be Adopted | Recent Accounting Pronouncements—To Be Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) Leases (Topic 842): Targeted Improvements Leases In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments In July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260), Distinguishing Liabilities from Equity (Topic 480), Derivatives and Hedging (Topic 815) I. Accounting for Certain Financial Instruments with Down Round Features II. Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis and Level of Fair Value Hierarchy Utilized | The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands): Fair Value Measurements at June 30, 2019 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 49,628 $ 49,628 $ — $ — Total $ 49,628 $ 49,628 $ — $ — Fair Value Measurements at December 31, 2018 Total Level 1 Level 2 Level 3 Cash equivalents: Money market funds $ 72,797 $ 72,797 $ — $ — Total $ 72,797 $ 72,797 $ — $ — |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): June 30, 2019 December 31, 2018 Lab equipment $ 5,557 $ 4,847 Furniture and fixtures 548 542 Computer equipment 512 517 Software 90 90 Leasehold improvements 6,210 6,174 Construction in process — 334 Total property and equipment 12,917 12,504 Less: accumulated depreciation (2,912 ) (1,958 ) Property and equipment, net $ 10,005 $ 10,546 |
Additional Balance Sheet Deta_2
Additional Balance Sheet Detail (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following (in thousands): June 30, 2019 December 31, 2018 Prepaid expenses $ 1,249 $ 460 Prepaid sign-on bonuses subject to vesting provisions 182 99 Leasehold improvement allowance receivable — 366 Interest income receivable 96 135 Other 211 238 Total prepaid expenses and other current assets $ 1,738 $ 1,298 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following (in thousands): June 30, 2019 December 31, 2018 External research and development $ 1,572 $ 437 Payroll and benefits 934 1,448 Professional services 166 254 Capital lease obligation, current portion 48 46 Restricted stock liability, current portion 15 18 Property and equipment purchases — 174 Other 58 120 Total accrued expenses and other current liabilities $ 2,793 $ 2,497 |
Common Stock (Tables)
Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Equity [Abstract] | |
Schedule of Potential Conversion of Preferred Stock and Future Issuance of Common Stock | The Company had reserved the following shares of common stock for the potential conversion of Preferred Stock and for the future issuance of common stock pursuant to the Company’s 2016 Stock Incentive Plan, as amended from time to time (the “2016 Plan”): June 30, 2019 December 31, 2018 Shares reserved for conversion of outstanding Series A Preferred Stock 8,571,427 8,571,427 Shares reserved for conversion of outstanding Series B Preferred Stock 7,499,991 5,714,277 Shares reserved for future issuance under the 2016 Stock Incentive Plan 280,071 919,030 16,351,489 15,204,734 |
Stock-based Compensation Expe_2
Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity under the 2016 Plan since December 31, 2018: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term (in years) Aggregate Intrinsic Value Outstanding at December 31, 2018 507,891 $ 7.12 9.84 $ 367,427 Granted 1,114,491 8.12 Exercised (28,205 ) 7.81 Cancelled (1,424 ) 6.10 Outstanding at June 30, 2019 1,592,753 $ 7.81 9.52 $ 12,278,821 Exercisable at June 30, 2019 109,951 $ 6.94 9.39 $ 942,933 |
Weighted Average Assumptions Used to Calculate Fair Value of Stock Option | The fair value of stock options granted during the three and six months ended June 30, 2019 and 2018 under the 2016 Plan has been calculated on the date of grant using the following weighted average assumptions: Three Months Ended June 30, 2019 Three Months Ended June 30, 2018 Six Months Ended June 30, 2019 Six Months Ended June 30, 2018 Risk-free interest rate 2.3 % 2.8 % 2.6 % 2.8 % Expected dividend yield 0.0 % 0.0 % 0.0 % 0.0 % Expected term (years) 6.1 5.9 6.0 5.9 Expected stock price volatility 80.7 % 83.7 % 81.3 % 83.7 % |
Summary of Stock-Based Compensation Expense Recognized | The total compensation cost recognized in the statements of operations associated with all stock-based compensation awards granted by the Company is as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 459 $ 270 $ 865 $ 526 General and administrative 491 192 906 365 Total stock-based compensation expense $ 950 $ 462 $ 1,771 $ 891 |
Grants Under the 2016 Stock Incentive Plan | |
Summary of Restricted Stock Activity | The following table summarizes the Company’s restricted stock activity under the 2016 Plan since December 31, 2018: Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2018 757,022 $ 3.07 Granted — — Vested (198,056 ) 3.04 Repurchased (51,373 ) 3.07 Unvested at June 30, 2019 507,593 $ 3.08 |
Grants Outside the 2016 Stock Incentive Plan | |
Summary of Restricted Stock Activity | The following table summarizes the Company’s restricted stock activity outside of the 2016 Plan since December 31, 2018: Number of Shares Weighted Average Grant Date Fair Value Unvested at December 31, 2018 446,789 $ 2.94 Granted — — Vested (56,072 ) 2.94 Repurchased — — Unvested at June 30, 2019 390,717 $ 2.94 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments | The future minimum lease payments associated with the lease for the Company’s current headquarters as of June 30, 2019, are as follows (in thousands): 2019 (1) $ 1,125 2020 2,285 2021 2,354 2022 2,424 2023 2,497 Thereafter 12,187 Total minimum lease payments $ 22,872 (1) Amounts are for the six months ending December 31, 2019. |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss per Share Attributable to Common Stockholders | Net Loss per Share The following common stock equivalents were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Series A Preferred Stock 8,571,427 8,571,427 8,571,427 8,571,427 Series B Preferred Stock 7,499,991 — 7,499,991 — Outstanding stock options 1,592,753 82,700 1,592,753 82,700 Unvested restricted stock awards 898,310 1,506,954 898,310 1,506,954 Total 18,562,481 10,161,081 18,562,481 10,161,081 |
Nature of the Business and Ba_2
Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Accumulated deficit | $ 118,136 | $ 68,124 |
Summary of Fair Value Measureme
Summary of Fair Value Measurements - Financial Assets Measured at Fair Value on Recurring Basis and Level of Fair Value Hierarchy Utilized (Details) - Recurring - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Cash equivalents: | ||
Total | $ 49,628 | $ 72,797 |
Level 1 | ||
Cash equivalents: | ||
Total | 49,628 | 72,797 |
Money Market Funds | ||
Cash equivalents: | ||
Total | 49,628 | 72,797 |
Money Market Funds | Level 1 | ||
Cash equivalents: | ||
Total | $ 49,628 | $ 72,797 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value Disclosures [Abstract] | ||
Fair value transfers between levels | $ 0 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 12,917 | $ 12,504 |
Less: accumulated depreciation | (2,912) | (1,958) |
Property and equipment, net | 10,005 | 10,546 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 5,557 | 4,847 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 548 | 542 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 512 | 517 |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 90 | 90 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 6,210 | 6,174 |
Construction in Process | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 334 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 500 | $ 200 | $ 1,018 | $ 377 |
Additional Balance Sheet Deta_3
Additional Balance Sheet Detail - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepaid expenses | $ 1,249 | $ 460 |
Prepaid sign-on bonuses subject to vesting provisions | 182 | 99 |
Leasehold improvement allowance receivable | 366 | |
Interest income receivable | 96 | 135 |
Other | 211 | 238 |
Total prepaid expenses and other current assets | $ 1,738 | $ 1,298 |
Additional Balance Sheet Deta_4
Additional Balance Sheet Detail - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Balance Sheet Related Disclosures [Abstract] | ||
External research and development | $ 1,572 | $ 437 |
Payroll and benefits | 934 | 1,448 |
Professional services | 166 | 254 |
Capital lease obligation, current portion | 48 | 46 |
Restricted stock liability, current portion | 15 | 18 |
Property and equipment purchases | 174 | |
Other | 58 | 120 |
Total accrued expenses and other current liabilities | $ 2,793 | $ 2,497 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, share authorized | 112,500,000 | 100,000,000 | ||||
Convertible preferred stock, share issued | 112,500,000 | 100,000,000 | ||||
Convertible preferred stock, share outstanding | 112,500,000 | 100,000,000 | ||||
Series A Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, share authorized | 60,000,000 | 60,000,000 | ||||
Convertible preferred stock, share issued | 60,000,000 | 60,000,000 | ||||
Convertible preferred stock, share outstanding | 60,000,000 | 60,000,000 | 47,333,333 | 60,000,000 | 60,000,000 | 34,666,666 |
Convertible preferred stock, par value | $ 0.001 | $ 0.001 | ||||
Issuance of convertible preferred stock | 12,666,667 | 12,666,667 | ||||
Series B Convertible Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Convertible preferred stock, share authorized | 52,500,000 | 40,000,000 | ||||
Convertible preferred stock, share issued | 52,500,000 | 40,000,000 | ||||
Convertible preferred stock, share outstanding | 52,500,000 | 52,500,000 | 40,000,000 | |||
Convertible preferred stock, par value | $ 0.001 | $ 0.001 | ||||
Issuance of convertible preferred stock | 12,500,000 | |||||
Series B Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity, dividends declared | $ 0 | |||||
Aggregate cumulative dividends | $ 6,200,000 | $ 2,300,000 | ||||
Series B Preferred Stock | GSK Agreement | ||||||
Temporary Equity [Line Items] | ||||||
Issuance of convertible preferred stock | 12,500,000 | |||||
Series A Preferred Stock | ||||||
Temporary Equity [Line Items] | ||||||
Temporary equity, dividends declared | $ 0 | |||||
Aggregate cumulative dividends | $ 9,600,000 | $ 7,200,000 |
Common Stock - Additional Infor
Common Stock - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jul. 22, 2019 | Dec. 31, 2018 | |
Class Of Stock [Line Items] | ||||||
Dividends declared or paid | $ 0 | $ 0 | $ 0 | $ 0 | ||
Common stock, shares authorized | 147,500,000 | 147,500,000 | 135,000,000 | |||
Subsequent Event | ||||||
Class Of Stock [Line Items] | ||||||
Common stock, shares authorized | 200,000,000 |
Common Stock - Schedule of Pote
Common Stock - Schedule of Potential Conversion of Preferred Stock and Future Issuance of Common Stock (Details) - shares | Jun. 30, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | ||
Shares reserved for conversion of preferred stock and future issuance of common stock | 16,351,489 | 15,204,734 |
2016 Stock Incentive Plan | ||
Class Of Stock [Line Items] | ||
Shares reserved for future issuance | 280,071 | 919,030 |
Series A Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Shares reserved for conversion of outstanding stock | 8,571,427 | 8,571,427 |
Series B Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Shares reserved for conversion of outstanding stock | 7,499,991 | 5,714,277 |
Stock-based Compensation Expe_3
Stock-based Compensation Expense - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense | $ 10,200,000 | $ 10,200,000 | |||
Unrecognized stock-based compensation expense, weighted average period expect to recognized | 3 years 1 month 9 days | ||||
Grants Under the 2016 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares of common stock that authorized for issuance | 3,566,428 | 3,566,428 | 3,209,285 | ||
Weighted average grant date fair value | $ 7.75 | $ 3.46 | $ 5.74 | $ 3.46 | |
Aggregate intrinsic value of stock options exercised | $ 200,000 | $ 0 | $ 200,000 | $ 0 | |
Grants Outside the 2016 Stock Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Aggregate intrinsic value of restricted stock awards vested | $ 1,000,000 | $ 2,400,000 |
Stock-based Compensation Expe_4
Stock-based Compensation Expense - Summary of Restricted Stock Activity under 2016 Plan (Details) - Grants Under the 2016 Stock Incentive Plan - Restricted Stock | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning balance | shares | 757,022 |
Number of Shares, Vested | shares | (198,056) |
Number of Shares, Repurchased | shares | (51,373) |
Number of Shares, Unvested, Ending balance | shares | 507,593 |
Weighted Average Grant Date Fair Value, Unvested, Beginning balance | $ / shares | $ 3.07 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 3.04 |
Weighted Average Grant Date Fair Value, Repurchased | $ / shares | 3.07 |
Weighted Average Grant Date Fair Value, Unvested, Ending balance | $ / shares | $ 3.08 |
Stock-based Compensation Expe_5
Stock-based Compensation Expense - Summary of Stock Option Activity (Details) - Grants Under the 2016 Stock Incentive Plan - Stock Option - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Outstanding, Beginning balance | 507,891 | |
Number of Shares, Granted | 1,114,491 | |
Number of Shares, Exercised | (28,205) | |
Number of Shares, Cancelled | (1,424) | |
Number of Shares, Outstanding, Ending balance | 1,592,753 | 507,891 |
Number of Shares, Exercisable | 109,951 | |
Weighted Average Exercise Price, Outstanding, Beginning balance | $ 7.12 | |
Weighted Average Exercise Price, Granted | 8.12 | |
Weighted Average Exercise Price, Exercised | 7.81 | |
Weighted Average Exercise Price, Cancelled | 6.10 | |
Weighted Average Exercise Price, Outstanding, Ending balance | 7.81 | $ 7.12 |
Weighted Average Exercise Price, Exercisable | $ 6.94 | |
Weighted Average Remaining Contractual Term (in years), Outstanding | 9 years 6 months 7 days | 9 years 10 months 2 days |
Weighted Average Remaining Contractual Term (in years), Exercisable | 9 years 4 months 20 days | |
Aggregate Intrinsic Value, Outstanding | $ 12,278,821 | $ 367,427 |
Aggregate Intrinsic Value, Exercisable | $ 942,933 |
Stock-based Compensation Expe_6
Stock-based Compensation Expense - Summary of Weighted Average Assumptions Used to Calculate Fair Value of Stock Option (Details) - Grants Under the 2016 Stock Incentive Plan | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate | 2.30% | 2.80% | 2.60% | 2.80% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected term (years) | 6 years 1 month 6 days | 5 years 10 months 24 days | 6 years | 5 years 10 months 24 days |
Expected stock price volatility | 80.70% | 83.70% | 81.30% | 83.70% |
Stock-based Compensation Expe_7
Stock-based Compensation Expense - Summary of Restricted Stock Activity outside of 2016 Plan (Details) - Grants Outside the 2016 Stock Incentive Plan - Restricted Stock | 6 Months Ended |
Jun. 30, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning balance | shares | 446,789 |
Number of Shares, Vested | shares | (56,072) |
Number of Shares, Unvested, Ending balance | shares | 390,717 |
Weighted Average Grant Date Fair Value, Unvested, Beginning balance | $ / shares | $ 2.94 |
Weighted Average Grant Date Fair Value, Vested | $ / shares | 2.94 |
Weighted Average Grant Date Fair Value, Unvested, Ending balance | $ / shares | $ 2.94 |
Stock-based Compensation Expe_8
Stock-based Compensation Expense - Summary of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 950 | $ 462 | $ 1,771 | $ 891 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | 459 | 270 | 865 | 526 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 491 | $ 192 | $ 906 | $ 365 |
Asset Acquisition - Additional
Asset Acquisition - Additional Information (Details) - USD ($) $ / shares in Units, shares in Millions | 1 Months Ended | 6 Months Ended |
Aug. 31, 2019 | Jun. 30, 2019 | |
Research And Development Assets Acquired Other Than Through Business Combination [Line Items] | ||
In-process research and development expenses | $ 25,591,000 | |
GSK Agreement | ||
Research And Development Assets Acquired Other Than Through Business Combination [Line Items] | ||
Specified clinical and regulatory milestones phase two clinical trial | 2,500,000 | |
Direct expenses related to the transaction | 100,000 | |
GSK Agreement | Subsequent Event | ||
Research And Development Assets Acquired Other Than Through Business Combination [Line Items] | ||
Specified clinical and regulatory milestones phase two clinical trial achieved | $ 2,500,000 | |
GSK Agreement | Maximum | ||
Research And Development Assets Acquired Other Than Through Business Combination [Line Items] | ||
Specified clinical and regulatory milestones | 37,500,000 | |
Specified sales milestone | $ 60,000,000 | |
Series B Convertible Preferred Stock | GSK Agreement | ||
Research And Development Assets Acquired Other Than Through Business Combination [Line Items] | ||
Shares issued for asset acquisition | 12,500,000 | |
Shares issued for asset acquisition, estimated fair value | $ 25,500,000 | |
Shares issued, price per share | $ 2.04 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2017USD ($)ft² | May 31, 2016ft² | |
Commitments And Contingencies [Line Items] | |||||||
Total commitment | $ 22,872,000 | $ 22,872,000 | |||||
Indemnification Agreement | |||||||
Commitments And Contingencies [Line Items] | |||||||
Accrued liabilities for indemnification agreements | 0 | 0 | $ 0 | ||||
Legal Proceedings | |||||||
Commitments And Contingencies [Line Items] | |||||||
Expenses incurred for legal proceedings | 0 | $ 0 | 0 | $ 0 | |||
Cambridge, Massachusetts | Commitment for Office and Laboratory Space Lease of Prior Corporate Headquarters | |||||||
Commitments And Contingencies [Line Items] | |||||||
Square feet of office and laboratory space leased under operating lease | ft² | 8,143 | ||||||
Rent expense | 100,000 | ||||||
Cambridge, Massachusetts | Commitment for Office and Laboratory Space Lease of Current Corporate Headquarters | |||||||
Commitments And Contingencies [Line Items] | |||||||
Square feet of office and laboratory space leased under operating lease | ft² | 28,731 | ||||||
Rent expense | $ 500,000 | $ 500,000 | $ 1,000,000 | $ 1,000,000 | |||
Total commitment | $ 25,100,000 | ||||||
Operating lease term | 10 years | ||||||
Letters of credit | $ 1,100,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 1,125 |
2020 | 2,285 |
2021 | 2,354 |
2022 | 2,424 |
2023 | 2,497 |
Thereafter | 12,187 |
Total minimum lease payments | $ 22,872 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Defined contribution plan name | 401(k) |
Net Loss per Share - Schedule o
Net Loss per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss per Share Attributable to Common Stockholders (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of diluted net loss per share | 18,562,481 | 10,161,081 | 18,562,481 | 10,161,081 |
Series A Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of diluted net loss per share | 8,571,427 | 8,571,427 | 8,571,427 | 8,571,427 |
Series B Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of diluted net loss per share | 7,499,991 | 7,499,991 | ||
Outstanding Stock Options | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of diluted net loss per share | 1,592,753 | 82,700 | 1,592,753 | 82,700 |
Unvested Restricted Stock Awards | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of diluted net loss per share | 898,310 | 1,506,954 | 898,310 | 1,506,954 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Details) - TRV - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | |||||
Due to related party | $ 0 | $ 0 | |||
Common stock shares issued in exchange for services | 142,284 | ||||
Other income related to sale of drug material | $ 400,000 | $ 400,000 | |||
Consulting Services | |||||
Related Party Transaction [Line Items] | |||||
Fees paid in exchange for consulting services | $ 0 | ||||
Maximum | |||||
Related Party Transaction [Line Items] | |||||
Due to related party | $ 100,000 | ||||
Maximum | Consulting Services | |||||
Related Party Transaction [Line Items] | |||||
Fees paid in exchange for consulting services | $ 100,000 | $ 100,000 | $ 100,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ / shares in Units, $ in Millions | Jul. 22, 2019USD ($)$ / sharesshares | Jul. 05, 2019USD ($) | Jul. 02, 2019shares | Jun. 30, 2019shares | Mar. 31, 2019shares | Jun. 30, 2018shares | Mar. 31, 2018shares | Dec. 31, 2018shares |
Subsequent Event [Line Items] | ||||||||
Common stock, shares authorized | 147,500,000 | 135,000,000 | ||||||
Convertible Preferred Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Convertible preferred stock, share outstanding | 112,500,000 | 100,000,000 | ||||||
Common Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Issuance of common stock, Shares | 148,320 | 134,013 | 187,421 | 125,123 | ||||
Subsequent Event | ||||||||
Subsequent Event [Line Items] | ||||||||
Reverse stock split | one-for-seven | |||||||
Stock split | 0.14285 | |||||||
Gross proceeds threshold of automatic conversion of preferred stock eliminated | $ | $ 45 | |||||||
Common stock, shares authorized | 200,000,000 | |||||||
Preferred stock authorized | 10,000,000 | |||||||
Subsequent Event | 2019 Employee Stock Purchase Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares reserved for future issuance | 252,142 | |||||||
Increase in number of shares reserved for issuance (shares) | 428,571 | |||||||
Increase in number of shares reserved for issuance, percent of common stock outstanding | 1.00% | |||||||
Subsequent Event | IPO | ||||||||
Subsequent Event [Line Items] | ||||||||
Issuance of common stock, Shares | 4,500,000 | |||||||
Shares issued, price per share | $ / shares | $ 16 | |||||||
Net proceeds of common stock | $ | $ 63.9 | |||||||
Subsequent Event | IPO | Common Stock | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of preferred stock converted into common stock | 16,071,418 | |||||||
Subsequent Event | 2019 Stock Incentive Plan | ||||||||
Subsequent Event [Line Items] | ||||||||
Shares reserved for future issuance | 2,017,142 | |||||||
Increase in number of shares reserved for issuance (shares) | 2,000,000 | |||||||
Increase in number of shares reserved for issuance, percent of common stock outstanding | 4.00% |