Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2020 | Nov. 13, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | Praxis Precision Medicines, Inc. | |
Entity Central Index Key | 0001689548 | |
Entity Address, State or Province | MA | |
Current Fiscal Year End Date | --12-31 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | PRAX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding | 38,261,893 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 114,772 | $ 44,815 |
Prepaid expenses and other current assets | 1,079 | 681 |
Total current assets | 115,851 | 45,496 |
Property and equipment, net | 98 | 128 |
Restricted cash | 600 | 600 |
Operating lease right-of-use assets | 933 | 1,450 |
Other assets | 2,066 | 20 |
Total assets | 119,548 | 47,694 |
Current liabilities: | ||
Accounts payable | 3,452 | 2,667 |
Accrued expenses | 6,186 | 3,455 |
Operating lease liabilities | 746 | 696 |
Total current liabilities | 10,384 | 6,818 |
Long-term liabilities: | ||
Non-current portion of operating lease liabilities | 198 | 763 |
Total liabilities | 10,582 | 7,581 |
Commitments and contingencies (Note 5) | ||
Stockholders' deficit: | ||
Common stock, $0.0001 par value; 70,500,000 shares authorized as of September 30, 2020 and 46,000,000 shares authorized as of December 31, 2019; 1,681,698 shares issued and 1,672,935 shares outstanding as of September 30, 2020 and 1,670,070 shares issued and 1,621,880 shares outstanding as of December 31, 2019 | 1 | 1 |
Accumulated deficit | (123,264) | (81,009) |
Total stockholders' deficit | (123,263) | (81,008) |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | 119,548 | 47,694 |
Series A redeemable convertible preferred stock [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' deficit | ||
Redeemable convertible preferred stock | 10,416 | 9,932 |
Series B redeemable convertible preferred stock [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' deficit | ||
Redeemable convertible preferred stock | 52,648 | 49,969 |
Series B-1 redeemable convertible preferred stock [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' deficit | ||
Redeemable convertible preferred stock | 11,029 | 10,431 |
Series C redeemable convertible preferred stock [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' deficit | ||
Redeemable convertible preferred stock | 46,244 | $ 50,789 |
Series C-1 redeemable convertible preferred stock [Member] | ||
Liabilities, redeemable convertible preferred stock and stockholders' deficit | ||
Redeemable convertible preferred stock | $ 111,892 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Redeemable convertible preferred stock, shares authorized | 53,644,314 | 36,724,132 |
Redeemable convertible preferred stock, shares issued | 53,644,314 | 35,461,996 |
Redeemable convertible preferred stock, shares outstanding | 53,644,314 | 35,461,996 |
Redeemable convertible preferred stock, liquidation preference | $ 232,229 | $ 121,121 |
Common stock, par value per share | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 70,500,000 | 46,000,000 |
Common stock, shares, issued | 1,681,698 | 1,670,070 |
Common stock, shares, outstanding | 1,672,935 | 1,621,880 |
Series A redeemable convertible preferred stock [Member] | ||
Redeemable convertible preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 8,075,799 | 8,075,799 |
Redeemable convertible preferred stock, shares issued | 8,075,799 | 8,075,799 |
Redeemable convertible preferred stock, shares outstanding | 8,075,799 | 8,075,799 |
Redeemable convertible preferred stock, liquidation preference | $ 10,416 | $ 9,932 |
Series B redeemable convertible preferred stock [Member] | ||
Redeemable convertible preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 14,913,704 | 14,913,704 |
Redeemable convertible preferred stock, shares issued | 14,913,704 | 14,913,704 |
Redeemable convertible preferred stock, shares outstanding | 14,913,704 | 14,913,704 |
Redeemable convertible preferred stock, liquidation preference | $ 52,648 | $ 49,969 |
Series B-1 redeemable convertible preferred stock [Member] | ||
Redeemable convertible preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 2,666,666 | 2,666,666 |
Redeemable convertible preferred stock, shares issued | 2,666,666 | 2,666,666 |
Redeemable convertible preferred stock, shares outstanding | 2,666,666 | 2,666,666 |
Redeemable convertible preferred stock, liquidation preference | $ 11,029 | $ 10,431 |
Series C redeemable convertible preferred stock [Member] | ||
Redeemable convertible preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 8,543,692 | 11,067,963 |
Redeemable convertible preferred stock, shares issued | 8,543,692 | 9,805,827 |
Redeemable convertible preferred stock, shares outstanding | 8,543,692 | 9,805,827 |
Redeemable convertible preferred stock, liquidation preference | $ 46,244 | $ 50,789 |
Series C-1 redeemable convertible preferred stock [Member] | ||
Redeemable convertible preferred stock, par value per share | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 19,444,453 | 0 |
Redeemable convertible preferred stock, shares issued | 19,444,453 | 0 |
Redeemable convertible preferred stock, shares outstanding | 19,444,453 | 0 |
Redeemable convertible preferred stock, liquidation preference | $ 111,892 | $ 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 12,786 | $ 9,346 | $ 28,704 | $ 23,858 |
General and administrative | 3,431 | 1,308 | 7,552 | 4,437 |
Total operating expenses | 16,217 | 10,654 | 36,256 | 28,295 |
Loss from operations | (16,217) | (10,654) | (36,256) | (28,295) |
Other income: | ||||
Interest income | 1 | 48 | 134 | 171 |
Total other income | 1 | 48 | 134 | 171 |
Loss before benefit from income taxes | (16,216) | (10,606) | (36,122) | (28,124) |
Benefit from income taxes | (8) | |||
Net loss and comprehensive loss | (16,216) | (10,606) | (36,114) | (28,124) |
Accretion and cumulative dividends on redeemable convertible preferred stock | (3,943) | (1,267) | (8,046) | (3,450) |
Gain on repurchase of redeemable convertible preferred stock | 493 | |||
Net loss attributable to common stockholders | $ (20,159) | $ (11,873) | $ (43,667) | $ (31,574) |
Net loss per share attributable to common stockholders, basic and diluted | $ (12.10) | $ (7.61) | $ (26.53) | $ (21.02) |
Weighted average common shares outstanding, basic and diluted | 1,665,902 | 1,559,800 | 1,645,982 | 1,501,908 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Series A redeemable convertible preferred stock [Member] | Series B redeemable convertible preferred stock [Member] | Series B-1 redeemable convertible preferred stock [Member] | Series C redeemable convertible preferred stock [Member] | Series C redeemable convertible preferred stock [Member]Accumulated Deficit [Member] | Series C-1 redeemable convertible preferred stock [Member] |
Beginning balance at Dec. 31, 2018 | $ 9,284 | $ 46,436 | ||||||||
Beginning balance, Shares at Dec. 31, 2018 | 8,075,799 | 14,913,704 | ||||||||
Beginning balance at Dec. 31, 2018 | $ (41,038) | $ 1 | $ 326 | $ (41,365) | ||||||
Beginning balance, Shares at Dec. 31, 2018 | 1,408,677 | |||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 9,939 | |||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 2,666,666 | |||||||||
Stock-based compensation expense | 510 | 510 | ||||||||
Accretion of redeemable convertible preferred stock to redemption value | 3,405 | 836 | 2,569 | $ 485 | $ 2,630 | $ 290 | ||||
Vesting of restricted stock awards | 175,233 | |||||||||
Net loss | (28,124) | (28,124) | ||||||||
Ending balance at Sep. 30, 2019 | $ 9,769 | $ 49,066 | $ 10,229 | |||||||
Ending balance, shares at Sep. 30, 2019 | 8,075,799 | 14,913,704 | 2,666,666 | |||||||
Ending balance at Sep. 30, 2019 | (72,057) | $ 1 | (72,058) | |||||||
Ending balance, shares at Sep. 30, 2019 | 1,583,910 | |||||||||
Beginning balance at Jun. 30, 2019 | $ 9,606 | $ 48,164 | $ 10,027 | |||||||
Beginning balance, Shares at Jun. 30, 2019 | 8,075,799 | 14,913,704 | 2,666,666 | |||||||
Beginning balance at Jun. 30, 2019 | (60,460) | $ 1 | (60,461) | |||||||
Beginning balance, Shares at Jun. 30, 2019 | 1,525,500 | |||||||||
Stock-based compensation expense | 276 | 276 | ||||||||
Accretion of redeemable convertible preferred stock to redemption value | 1,267 | 276 | 991 | $ 163 | $ 902 | $ 202 | ||||
Vesting of restricted stock awards | 58,410 | |||||||||
Net loss | (10,606) | (10,606) | ||||||||
Ending balance at Sep. 30, 2019 | $ 9,769 | $ 49,066 | $ 10,229 | |||||||
Ending balance, shares at Sep. 30, 2019 | 8,075,799 | 14,913,704 | 2,666,666 | |||||||
Ending balance at Sep. 30, 2019 | $ (72,057) | $ 1 | (72,058) | |||||||
Ending balance, shares at Sep. 30, 2019 | 1,583,910 | |||||||||
Beginning balance at Dec. 31, 2019 | $ 9,932 | $ 49,969 | $ 10,431 | $ 50,789 | ||||||
Beginning balance, Shares at Dec. 31, 2019 | 35,461,996 | 8,075,799 | 14,913,704 | 2,666,666 | 9,805,827 | 0 | ||||
Beginning balance at Dec. 31, 2019 | $ (81,008) | $ 1 | (81,009) | |||||||
Beginning balance, Shares at Dec. 31, 2019 | 1,621,880 | 1,621,880 | ||||||||
Repurchase of redeemable convertible preferred stock | $ (30,493) | |||||||||
Repurchase of redeemable convertible preferred stock, shares | (5,825,243) | |||||||||
Repurchase of Series C redeemable convertible preferred stock | $ 493 | 493 | $ 500 | |||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 23,459 | $ 110,096 | ||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 4,563,108 | 19,444,453 | ||||||||
Stock-based compensation expense | 1,385 | 1,385 | ||||||||
Issuance of common stock upon exercise of stock options | $ 27 | 27 | ||||||||
Issuance of common stock upon exercise of stock options, shares | 11,628 | 11,628 | ||||||||
Accretion of redeemable convertible preferred stock to redemption value | $ 8,046 | 1,412 | 6,634 | $ 484 | $ 2,679 | $ 598 | $ 2,489 | $ 1,796 | ||
Vesting of restricted stock awards | 39,427 | |||||||||
Net loss | $ (36,114) | (36,114) | ||||||||
Ending balance at Sep. 30, 2020 | $ 10,416 | $ 52,648 | $ 11,029 | $ 46,244 | $ 111,892 | |||||
Ending balance, shares at Sep. 30, 2020 | 53,644,314 | 8,075,799 | 14,913,704 | 2,666,666 | 8,543,692 | 19,444,453 | ||||
Ending balance at Sep. 30, 2020 | $ (123,263) | $ 1 | (123,264) | |||||||
Ending balance, shares at Sep. 30, 2020 | 1,672,935 | 1,672,935 | ||||||||
Beginning balance at Jun. 30, 2020 | $ 10,254 | $ 51,749 | $ 10,828 | $ 45,359 | ||||||
Beginning balance, Shares at Jun. 30, 2020 | 8,075,799 | 14,913,704 | 2,666,666 | 8,543,692 | ||||||
Beginning balance at Jun. 30, 2020 | $ (104,084) | $ 1 | (104,085) | |||||||
Beginning balance, Shares at Jun. 30, 2020 | 1,648,165 | |||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs | $ 110,096 | |||||||||
Issuance of redeemable convertible preferred stock, net of issuance costs, shares | 19,444,453 | |||||||||
Stock-based compensation expense | 953 | 953 | ||||||||
Issuance of common stock upon exercise of stock options | 27 | 27 | ||||||||
Issuance of common stock upon exercise of stock options, shares | 11,628 | |||||||||
Accretion of redeemable convertible preferred stock to redemption value | 3,943 | $ 980 | 2,963 | $ 162 | $ 899 | $ 201 | $ 885 | $ 1,796 | ||
Vesting of restricted stock awards | 13,142 | |||||||||
Net loss | $ (16,216) | (16,216) | ||||||||
Ending balance at Sep. 30, 2020 | $ 10,416 | $ 52,648 | $ 11,029 | $ 46,244 | $ 111,892 | |||||
Ending balance, shares at Sep. 30, 2020 | 53,644,314 | 8,075,799 | 14,913,704 | 2,666,666 | 8,543,692 | 19,444,453 | ||||
Ending balance at Sep. 30, 2020 | $ (123,263) | $ 1 | $ (123,264) | |||||||
Ending balance, shares at Sep. 30, 2020 | 1,672,935 | 1,672,935 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | |
Payments Of Stock Issuance Costs | $ 1,117 | ||
Series C-1 redeemable convertible preferred stock [Member] | |||
Payments Of Stock Issuance Costs | $ 154 | 154 | |
Series C redeemable convertible preferred stock [Member] | |||
Payments Of Stock Issuance Costs | $ 41 | ||
Series B-1 redeemable convertible preferred stock [Member] | |||
Payments Of Stock Issuance Costs | $ 61 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (36,114) | $ (28,124) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 30 | 27 |
Stock-based compensation expense | 1,385 | 510 |
Non-cash operating lease expense | 517 | 477 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (398) | 829 |
Accounts payable | 544 | (356) |
Accrued expenses | 2,160 | 3,664 |
Operating lease liabilities | (515) | (468) |
Other | (4) | (25) |
Net cash used in operating activities | (32,395) | (23,466) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (103) | |
Net cash used in investing activities | (103) | |
Cash flows from financing activities: | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 133,442 | 9,939 |
Repurchase of Series C redeemable convertible preferred stock | (30,000) | |
Payment of deferred offering costs | (1,117) | |
Proceeds from exercise of options to purchase common stock | 27 | |
Net cash provided by financing activities | 102,352 | 9,939 |
Increase (decrease) in cash, cash equivalents and restricted cash | 69,957 | (13,630) |
Cash, cash equivalents and restricted cash, beginning of period | 45,415 | 18,550 |
Cash, cash equivalents and restricted cash, end of period | 115,372 | 4,920 |
Supplemental disclosures of non-cash activities: | ||
Accretion of redeemable convertible preferred stock to redemption value | 8,046 | 3,405 |
Operating lease liabilities recorded upon adoption of ASC 842 | $ 2,092 | |
Deferred offering costs included in accounts payable and accrued expenses | $ 925 |
Nature of the Business
Nature of the Business | 9 Months Ended |
Sep. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) is a clinical-stage biopharmaceutical company translating genetic insights into the development of therapies for central nervous system (“CNS”) disorders characterized by neuronal imbalance. The Company has established a broad portfolio, including five disclosed programs across multiple CNS disorders, including depression, epilepsy, movement disorders and pain syndromes, with three clinical-stage product candidates. The Company’s most advanced programs, PRAX-114 PRAX-944, Phase 2 PRAX-114 PRAX-944 T-type plans Praxis was incorporated in 2015 and commenced operations in 2016. The Company has funded its operations primarily with proceeds from the issuance of convertible debt, Series A redeemable convertible preferred stock (the “Series A Preferred Stock”), Series B redeemable convertible preferred stock (the “Series B Preferred Stock”), Series B-1 B-1 C-1 C-1 B-1 C-1 On October 8, 2020, the board of directors and the Company’s stockholders approved a one-for-2.14 paid-in On October 20, 2020, the Company completed its initial public offering (“IPO”), in which the Company issued and sold 11,500,000 shares of its common stock at a public offering price of $19.00 per share, including 1,500,000 shares of common stock sold pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock, for aggregate gross proceeds of $218.5 million. The Company raised approximately $199.9 million in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company. Upon the closing of the IPO, all of the outstanding shares of the Company’s Preferred Stock automatically converted into 25,067,977 shares of common stock. On October 20, 2020, in connection with the closing of the IPO, the Company filed its which provides that The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including but not limited to, risks associated with completing preclinical studies and clinical trials, receiving regulatory approvals for product candidates, development by competitors of new biopharmaceutical products, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Programs currently under development will require significant additional research and development efforts, including preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize revenue from product sales. Liquidity In accordance with the Financial Accounting Standards Board (“FASB”) Accounting Standards Update (“ASU”) 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40) The Company has incurred recurring losses since its inception, including net losses of $36.1 million and $28.1 million for the nine months ended September 30, 2020 and 2019, respectively. In addition, as of September 30, 2020, the Company had an accumulated deficit of $123.3 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company previously identified conditions and events that raised substantial doubt about its ability to continue as a going concern. As a result of the completion of its IPO, the Company expects that its cash and cash equivalents as of September 30, 2020 of $114.8 million, in addition to the net proceeds of $199.9 million from its IPO, will be sufficient to fund the operating expenses and capital expenditure requirements necessary to advance its research efforts and clinical trials for at least one year from the date of issuance of these condensed consolidated financial statements. The future viability of the Company is dependent on its ability to raise additional capital to finance its operations. The Company’s inability to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. There can be no assurance that the current operating plan will be achieved or that additional funding will be available on terms acceptable to the Company, or at all. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles 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 ASUs of the FASB. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements included in the Company’s final prospectus filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(4) on October 16, 2020. Since the date of those audited consolidated financial statements, there have been no changes to the Company’s significant accounting policies except as noted below. Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2020, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2019, the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 and the condensed consolidated statements of redeemable convertible preferred stock and stockholders’ deficit for the three and nine months ended September 30, 2020 and 2019 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2020, the results of its operations for the three and nine months ended September 30, 2020 and 2019 and its cash flows for the nine months ended September 30, 2020 and 2019. Financial statement disclosures for the three and nine months ended September 30, 2020 and 2019 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the year ended December 31, 2020, any other interim periods, or any future year or period. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses, stock-based compensation expense, and the valuation of equity awards . Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. Cash, Cash Equivalents and Restricted Cash The following table reconciles cash, cash equivalents and restricted cash to the total amounts on the condensed consolidated statements of cash flows (in thousands): September 30, 2020 2019 Cash and cash equivalents $ 114,772 $ 4,320 Restricted cash 600 600 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows $ 115,372 $ 4,920 Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity additional paid-in capital Stock-Based Compensation The Company utilizes significant estimates and assumptions in determining the fair value of its equity and equity-based awards. Beginning in the nine months ended September 30, 2020, the Company determined the fair value of shares of its common stock underlying stock-based awards granted using a hybrid probability-weighted expected return method (“PWERM”). The fair value of the Company’s common stock was calibrated to contemporaneous transactions in the Series C Preferred Stock and Series C-1 Other than as noted herein, there were no other changes to the Company’s stock-based compensation policy since the date of the audited consolidated financial statements included in the Company’s final prospectus filed pursuant to Rule 424(b)(4) on October 16, 2020. Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ deficit that are excluded from net loss. The Company’s comprehensive loss was equal to net loss for the three and nine months ended September 30, 2020 and 2019. Net Loss per Share The Company follows the two-class two-class two-class two-class Net loss attributable to common stockholders is equal to the net loss for the period, as adjusted for: (i) cumulative dividends accrued for redeemable convertible preferred stock, whether or not declared, (ii) increases in carrying value recorded for redeemable convertible preferred stock, including accretion on redeemable convertible preferred stock to redemption value for amounts other than cumulative dividends and (iii) gains on the redemptions of redeemable convertible preferred stock. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, which excludes shares of restricted common stock that are not vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, after giving consideration to the dilutive effect of potentially dilutive common shares. For purposes of this calculation, outstanding options to purchase shares of common stock, unvested shares of restricted common stock and shares of redeemable convertible preferred stock are considered potentially dilutive common shares. The Company has generated a net loss in all periods presented so the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. |
Fair Value of Financial Assets
Fair Value of Financial Assets | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Assets | 3. Fair Value of Financial Assets The following tables present information about the Company’s financial assets measured at fair value on a recurring ba s hierarchy As of September 30, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 114,386 $ — $ — $ 114,386 $ 114,386 $ — $ — $ 114,386 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 44,429 $ — $ — $ 44,429 $ 44,429 $ — $ — $ 44,429 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 4. Accrued Expenses Accrued expenses consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued external research and development expenses $ 3,370 $ 1,552 Accrued personnel-related expenses 1,606 1,059 Accrued license fees — 363 Accrued professional services 1,135 110 Accrued other 75 371 Total accrued expenses $ 6,186 $ 3,455 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | 5. Commitments and Contingencies In October 2018, the Company entered into a sublease agreement for office space located in Cambridge, Massachusetts that expires on December 30, 2021, with no option to renew or terminate early. The base rent increases by approximately 1% annually. The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash, which is reflected as a non-current asset on the accompanying condensed consolidated balance sheets. This lease qualifies as an operating lease. In January 2019, the Company entered into an arrangement with a third party to sublease a portion of its Cambridge, Massachusetts office space. This sublease was terminated in November 2019. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity [Abstract] | |
Redeemable Convertible Preferred Stock | 6. Redeemable Convertible Preferred Stock As of September 30, 2020, the authorized capital stock of the Company included 53,644,314 shares of $0.0001 par value Preferred Stock, of which 8,075,799 shares were designated as Series A Preferred Stock, 14,913,704 shares were designated as Series B Preferred Stock, 2,666,666 shares were designated as Series B-1 C-1 B-1 B-1 On January 20, 2020, the Company granted two investors holding 5,825,243 shares of Series C Preferred Stock that were purchased in December 2019 the option to put their shares back to the Company at the original issuance price. On February 19, 2020 and March 3, 2020, the investors exercised their put option in full via the execution of Stock Redemption and Release Agreements in order to effect the repurchase. Pursuant to the Stock Redemption and Release Agreements, the Company agreed to repurchase a total of 5,825,243 shares of Series C Preferred Stock at the original issuance price of $5.15 per share, for an aggregate cash repurchase price of $30.0 million. Under the terms of the Stock Redemption and Release Agreements, the investors waived their right to cumulative dividends that had accumulated from the original issuance date through the date of repurchase. The 5,825,243 shares of Series C Preferred Stock were retired upon repurchase, and subsequently authorized for reissuance pursuant to a waiver to the Company’s Amended and Restated Certificate of Incorporation entered into by the Company and the holders of the Preferred Stock. The Company determined that the additional put right that was granted to the investors represented a modification of the affected shares of Series C Preferred Stock, but that it did not result in incremental value to the shareholders. As there was no incremental value associated with the modification, there was no impact to the accounting for the Series C Preferred Stock. The Company also determined that the put right did not require bifurcation, as it does not contain the characteristics of a derivative instrument. Further, the Company determined that the shares of Series C Preferred Stock that were subject to repurchase did not become mandatorily redeemable until the execution of the Stock Redemption and Release Agreements because the parties did not have an unconditional legal obligation to complete the redemptions until the associated agreements were finalized. Such determination was made in consultation with legal counsel. Accordingly, the Company recorded each of the redemptions on the respective date of repurchase and recognized a gain on repurchase equal to the difference between the repurchase price and the carrying value of the Series C Preferred Stock on the respective date of repurchase. The aggregate gain of $0.5 million was recorded upon repurchase as an adjustment to accumulated deficit in the statement of redeemable convertible preferred stock and stockholders’ deficit. The gain relates exclusively to the dividends accrued on the repurchased shares, which were waived by the investors as part of the Stock Redemption and Release Agreements. On April 15, 2020 and May 8, 2020, the Company completed additional closings for the sale and issuance of its Series C Preferred Stock for a total of 4,563,108 shares at $5.15 per share for aggregate cash proceeds of $23.5 million, less an immaterial amount of issuance costs. On July 24, 2020, the Company entered into the Series C-1 , C-1 C-1 C-1 C-1 C-1 C-1 C-1 B-1 B-1 The Preferred Stock consisted of the following (in thousands, except share amounts): As of September 30, 2020 Shares Authorized Preferred Stock Issued and Outstanding Carrying Value Liquidation Preference Redemption Value Common Stock Issuable Upon Conversion Series A Preferred Stock 8,075,799 8,075,799 $ 10,416 $ 10,416 $ 10,416 3,773,820 Series B Preferred Stock 14,913,704 14,913,704 52,648 52,648 52,648 6,969,173 Series B-1 2,666,666 2,666,666 11,029 11,029 11,029 1,246,133 Series C Preferred Stock 8,543,692 8,543,692 46,244 46,244 46,244 3,992,463 Series C-1 19,444,453 19,444,453 111,892 111,892 111,892 9,086,388 53,644,314 53,644,314 $ 232,229 $ 232,229 $ 232,229 25,067,977 As of December 31, 2019 Shares Authorized Preferred Stock Issued and Outstanding Carrying Value Liquidation Preference Redemption Value Common Stock Issuable Upon Conversion Series A Preferred Stock 8,075,799 8,075,799 $ 9,932 $ 9,932 $ 9,932 3,773,820 Series B Preferred Stock 14,913,704 14,913,704 49,969 49,969 49,969 6,969,173 Series B-1 2,666,666 2,666,666 10,431 10,431 10,431 1,246,133 Series C Preferred Stock 11,067,963 9,805,827 50,789 50,789 50,789 4,582,257 36,724,132 35,461,996 $ 121,121 $ 121,121 $ 121,121 16,571,383 Common stock issuable upon conversion in the tables above represents shares of common stock issuable upon an automatic conversion in the event of a qualified public offering, pursuant to the Company’s Amended and Restated Certificate of Incorporation. As of September 30, 2020, the applicable conversion price for the Series A Preferred Stock, Series B Preferred Stock, Series B-1 C-1 The Company’s cumulative dividends on its Preferred Stock were as follows (in thousands): As of September 30, As of December 31, Series A Preferred Stock $ 2,340 $ 1,857 Series B Preferred Stock 7,907 5,228 Series B-1 1,029 431 Series C Preferred Stock 2,244 289 Series C-1 1,642 — $ 15,162 $ 7,805 |
Common Stock
Common Stock | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Common Stock | 7. Common Stock As of September 30, 2020 and December 31, 2019, the authorized capital stock of the Company included 70,500,000 and 46,000,000 shares of common stock, $0.0001 par value, respectively. Shares Reserved for Future Issuance The Company has reserved the following shares of common stock for future issuance: September 30, December 31, Series A Preferred Stock 3,773,820 3,773,820 Series B Preferred Stock 6,969,173 6,969,173 Series B-1 1,246,133 1,246,133 Series C Preferred Stock 3,992,463 4,582,257 Series C-1 9,086,388 — Shares reserved for vesting of restricted common stock 8,763 48,190 Shares reserved for exercise of outstanding stock options 5,814,944 1,634,686 Shares reserved for future awards under the 2017 Stock Incentive Plan 6,051 617,101 Total shares of authorized common stock reserved for future issuance 30,897,735 18,871,360 |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation 2017 Stock Incentive Plan The total number of shares of common stock authorized for issuance under the 2017 Stock Incentive Plan (“the 2017 Plan”) as of September 30, 2020 and December 31, 2019 was 5,937,763 shares and 2,356,927 shares, respectively. As of September 30, 2020, the Company did not hold any treasury shares. Restricted Common Stock The following table summarizes all of the Company’s restricted common stock activity: Shares Weighted Unvested as of December 31, 2019 48,190 $ 0.06 Issued — — Vested (39,427 ) 0.05 Repurchased — — Unvested as of September 30, 2020 8,763 $ 0.08 The total fair value of restricted common stock that vested during the three months ended September 30, 2020 and 2019 was $0.1 million and $0.2 million, respectively. The total fair value of restricted common stock that vested during the nine months ended September 30, 2020 and 2019 was $0.2 million and $0.5 million, respectively. Stock Options The following table summarizes the Company’s stock option activity: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding as of December 31, 2019 1,634,686 $ 2.46 Granted 4,295,618 7.54 Exercised (11,628 ) 2.32 $ 40 Cancelled or Forfeited (103,732 ) 3.26 Outstanding as of September 30, 2020 5,814,944 $ 6.20 9.41 $ 15,761 Exercisable as of September 30, 2020 959,256 $ 2.29 8.10 $ 6,350 Vested and expected to vest as of September 30, 2020 5,814,944 $ 6.20 9.41 $ 15,761 The aggregate intrinsic value of stock options outstanding, exercisable, and vested and expected to vest is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock at September 30, 2020. The aggregate intrinsic value of stock options exercised is calculated as the difference between the exercise price of the underlying stock options and the estimated fair value of the Company’s common stock on the date of exercise for those stock options that had exercise prices lower than the estimated fair value of the Company’s common stock on the exercise date. Stock Option Valuation The assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees, members of the board of directors and non-employees Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Risk-free interest rate 0.37 – 0.68 % 1.55 % 0.37 – 0.91 % 1.55 % Expected term (in years) 6.00 – 10.00 6.00 6.00 – 10.00 6.00 Expected volatility 85.74 – 87.30 % 79.09 % 85.74 – 88.11 % 79.09 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Fair value per share of common stock $ 8.27 – 8.91 $ 3.30 $ 5.59 – 8.91 $ 3.30 The weighted-average grant-date fair value of the Company’s stock options granted during the three months ended September 30, 2020 and 2019 was $6.30 per share and $2.25 per share, respectively. The weighted-average grant-date fair value of the Company’s stock options granted during the nine months ended September 30, 2020 and 2019 was $5.41 per share and $2.25 per share, respectively. Stock-Based Compensation Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 384 $ 175 $ 639 $ 316 General and administrative 569 101 746 194 Total stock-based compensation expense $ 953 $ 276 $ 1,385 $ 510 As of September 30, 2020, total unrecognized compensation cost related to unvested stock-based awards was $23.3 million, which is expected to be recognized over a weighted-average period of 3.74 years. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | 9. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net loss $ (16,216 ) $ (10,606 ) $ (36,114 ) $ (28,124 ) Accretion and cumulative dividends on redeemable convertible preferred stock (3,943 ) (1,267 ) (8,046 ) (3,450 ) Gain on repurchase of redeemable convertible preferred stock — — 493 — Net loss attributable to common stockholders $ (20,159 ) $ (11,873 ) $ (43,667 ) $ (31,574 ) Denominator: Weighted average common shares outstanding, basic and diluted 1,665,902 1,559,800 1,645,982 1,501,908 Net loss per share attributable to common stockholders, basic and diluted $ (12.10 ) $ (7.61 ) $ (26.53 ) $ (21.02 ) The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Series A Preferred Stock 3,773,820 3,773,820 3,773,820 3,773,820 Series B Preferred Stock 6,969,173 6,969,173 6,969,173 6,969,173 Series B-1 1,246,133 1,246,133 1,246,133 1,246,133 Series C Preferred Stock 3,992,463 — 3,992,463 — Series C-1 9,086,388 — 9,086,388 — Outstanding stock options 5,814,944 1,634,686 5,814,944 1,634,686 Unvested restricted common stock 8,763 86,160 8,763 86,160 30,891,684 13,709,972 30,891,684 13,709,972 The shares of common stock issuable upon conversion of the Preferred Stock assume automatic conversion in the event of a qualified public offering. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions On September 11, 2019, the Company entered into a Cooperation and License Agreement (the “License Agreement”) with RogCon Inc. (“RogCon”). Under the License Agreement, RogCon granted to the Company an exclusive, worldwide license under RogCon’s intellectual property to research, develop and commercialize products for the treatment of all forms of epilepsy and/or neurodevelopmental disorders in each case caused by any mutation of the SCN2A gene. Pursuant to the terms of the License Agreement, the Company will conduct, at its own cost and expense, the research and development activities assigned to it under the associated research plan. In addition, the Company is responsible for reimbursing RogCon for any costs associated with research and development activities RogCon performs at the request of the Company. One of the founders of RogCon became the Company’s General Counsel in June 2020. The Company continues to reimburse RogCon for its out-of-pocket out-of-pocket out-of-pocket |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events The Company considers events or transactions that occur after the balance sheet date but prior to the issuance of the condensed consolidated financial statements to provide additional evidence for certain estimates or to identify matters that require additional disclosure. In addition to those subsequent events disclosed previously, the Company has identified the following subsequent events: 2020 Stock Option and Incentive Plan and 2020 Employee Stock Purchase Plan The Company’s 2020 Stock Option and Incentive Plan (the “2020 Plan”) and 2020 Employee Stock Purchase Plan (the “2020 ESPP”) were adopted by the board of directors on September 9, 2020 and approved by the Company’s stockholders on October 8, 2020. Both the 2020 Plan and the 2020 ESPP became effective upon the date immediately preceding the date on which the Company’s registration statement filed with the SEC pursuant to Rule 424(b)(4) was declared effective by the SEC, which was October 15, 2020. The 2020 Plan replaced the 2017 Plan. However, the 2017 Plan will continue to govern outstanding equity awards granted thereunder. Under the 2020 Plan, the Company may make equity-based and cash-based incentive awards to its officers, employees, directors and consultants. The Company has initially reserved 3,271,028 shares and 327,102 shares of common stock for issuance under the 2020 Plan and the 2020 ESPP, respectively. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles 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 ASUs of the FASB. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements included in the Company’s final prospectus filed with the Securities and Exchange Commission (“SEC”) pursuant to Rule 424(b)(4) on October 16, 2020. Since the date of those audited consolidated financial statements, there have been no changes to the Company’s significant accounting policies except as noted below. |
Unaudited Interim Condensed Consolidated Financial Information | Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2020, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2019, the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019 and the condensed consolidated statements of redeemable convertible preferred stock and stockholders’ deficit for the three and nine months ended September 30, 2020 and 2019 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements, and in the opinion of management reflect all adjustments, which include only normal recurring adjustments necessary for the fair statement of the Company’s financial position as of September 30, 2020, the results of its operations for the three and nine months ended September 30, 2020 and 2019 and its cash flows for the nine months ended September 30, 2020 and 2019. Financial statement disclosures for the three and nine months ended September 30, 2020 and 2019 are condensed and do not include all disclosures required for an annual set of financial statements in accordance with GAAP. The results for the three and nine months ended September 30, 2020 are not necessarily indicative of results to be expected for the year ended December 31, 2020, any other interim periods, or any future year or period. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, the accrual for research and development expenses, stock-based compensation expense, and the valuation of equity awards . Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ materially from those estimates. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash The following table reconciles cash, cash equivalents and restricted cash to the total amounts on the condensed consolidated statements of cash flows (in thousands): September 30, 2020 2019 Cash and cash equivalents $ 114,772 $ 4,320 Restricted cash 600 600 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows $ 115,372 $ 4,920 |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity additional paid-in capital |
Stock-Based Compensation | Stock-Based Compensation The Company utilizes significant estimates and assumptions in determining the fair value of its equity and equity-based awards. Beginning in the nine months ended September 30, 2020, the Company determined the fair value of shares of its common stock underlying stock-based awards granted using a hybrid probability-weighted expected return method (“PWERM”). The fair value of the Company’s common stock was calibrated to contemporaneous transactions in the Series C Preferred Stock and Series C-1 Other than as noted herein, there were no other changes to the Company’s stock-based compensation policy since the date of the audited consolidated financial statements included in the Company’s final prospectus filed pursuant to Rule 424(b)(4) on October 16, 2020. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and certain changes in stockholders’ deficit that are excluded from net loss. The Company’s comprehensive loss was equal to net loss for the three and nine months ended September 30, 2020 and 2019. |
Net Loss per Share | Net Loss per Share The Company follows the two-class two-class two-class two-class Net loss attributable to common stockholders is equal to the net loss for the period, as adjusted for: (i) cumulative dividends accrued for redeemable convertible preferred stock, whether or not declared, (ii) increases in carrying value recorded for redeemable convertible preferred stock, including accretion on redeemable convertible preferred stock to redemption value for amounts other than cumulative dividends and (iii) gains on the redemptions of redeemable convertible preferred stock. Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, which excludes shares of restricted common stock that are not vested. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, after giving consideration to the dilutive effect of potentially dilutive common shares. For purposes of this calculation, outstanding options to purchase shares of common stock, unvested shares of restricted common stock and shares of redeemable convertible preferred stock are considered potentially dilutive common shares. The Company has generated a net loss in all periods presented so the basic and diluted net loss per share attributable to common stockholders are the same as the inclusion of the potentially dilutive securities would be anti-dilutive. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of cash, cash equivalents and restricted cash | The following table reconciles cash, cash equivalents and restricted cash to the total amounts on the condensed consolidated statements of cash flows (in thousands): September 30, 2020 2019 Cash and cash equivalents $ 114,772 $ 4,320 Restricted cash 600 600 Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows $ 115,372 $ 4,920 |
Fair Value of Financial Assets
Fair Value of Financial Assets (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Summary of financial assets measured at fair value on a recurring basis | The following tables present information about the Company’s financial assets measured at fair value on a recurring ba s hierarchy As of September 30, 2020 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 114,386 $ — $ — $ 114,386 $ 114,386 $ — $ — $ 114,386 As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 44,429 $ — $ — $ 44,429 $ 44,429 $ — $ — $ 44,429 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities [Table Text Block] | Accrued expenses consisted of the following (in thousands): September 30, 2020 December 31, 2019 Accrued external research and development expenses $ 3,370 $ 1,552 Accrued personnel-related expenses 1,606 1,059 Accrued license fees — 363 Accrued professional services 1,135 110 Accrued other 75 371 Total accrued expenses $ 6,186 $ 3,455 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Temporary Equity [Abstract] | |
Summary Of preferred stock | The Preferred Stock consisted of the following (in thousands, except share amounts): As of September 30, 2020 Shares Authorized Preferred Stock Issued and Outstanding Carrying Value Liquidation Preference Redemption Value Common Stock Issuable Upon Conversion Series A Preferred Stock 8,075,799 8,075,799 $ 10,416 $ 10,416 $ 10,416 3,773,820 Series B Preferred Stock 14,913,704 14,913,704 52,648 52,648 52,648 6,969,173 Series B-1 2,666,666 2,666,666 11,029 11,029 11,029 1,246,133 Series C Preferred Stock 8,543,692 8,543,692 46,244 46,244 46,244 3,992,463 Series C-1 19,444,453 19,444,453 111,892 111,892 111,892 9,086,388 53,644,314 53,644,314 $ 232,229 $ 232,229 $ 232,229 25,067,977 As of December 31, 2019 Shares Authorized Preferred Stock Issued and Outstanding Carrying Value Liquidation Preference Redemption Value Common Stock Issuable Upon Conversion Series A Preferred Stock 8,075,799 8,075,799 $ 9,932 $ 9,932 $ 9,932 3,773,820 Series B Preferred Stock 14,913,704 14,913,704 49,969 49,969 49,969 6,969,173 Series B-1 2,666,666 2,666,666 10,431 10,431 10,431 1,246,133 Series C Preferred Stock 11,067,963 9,805,827 50,789 50,789 50,789 4,582,257 36,724,132 35,461,996 $ 121,121 $ 121,121 $ 121,121 16,571,383 |
Schedule of cumulative dividends on Preferred Stock | The Company’s cumulative dividends on its Preferred Stock were as follows (in thousands): As of September 30, As of December 31, Series A Preferred Stock $ 2,340 $ 1,857 Series B Preferred Stock 7,907 5,228 Series B-1 1,029 431 Series C Preferred Stock 2,244 289 Series C-1 1,642 — $ 15,162 $ 7,805 |
Common Stock (Tables)
Common Stock (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
Summary of common stock reserved for future issuance | The Company has reserved the following shares of common stock for future issuance: September 30, December 31, Series A Preferred Stock 3,773,820 3,773,820 Series B Preferred Stock 6,969,173 6,969,173 Series B-1 1,246,133 1,246,133 Series C Preferred Stock 3,992,463 4,582,257 Series C-1 9,086,388 — Shares reserved for vesting of restricted common stock 8,763 48,190 Shares reserved for exercise of outstanding stock options 5,814,944 1,634,686 Shares reserved for future awards under the 2017 Stock Incentive Plan 6,051 617,101 Total shares of authorized common stock reserved for future issuance 30,897,735 18,871,360 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of stock option activity | The following table summarizes the Company’s stock option activity: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding as of December 31, 2019 1,634,686 $ 2.46 Granted 4,295,618 7.54 Exercised (11,628 ) 2.32 $ 40 Cancelled or Forfeited (103,732 ) 3.26 Outstanding as of September 30, 2020 5,814,944 $ 6.20 9.41 $ 15,761 Exercisable as of September 30, 2020 959,256 $ 2.29 8.10 $ 6,350 Vested and expected to vest as of September 30, 2020 5,814,944 $ 6.20 9.41 $ 15,761 |
Schedule of fair value of stock option awards on the grant date using the Black-Scholes option valuation model | The assumptions that the Company used in the Black-Scholes option pricing model to determine the grant-date fair value of stock options granted to employees, members of the board of directors and non-employees Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Risk-free interest rate 0.37 – 0.68 % 1.55 % 0.37 – 0.91 % 1.55 % Expected term (in years) 6.00 – 10.00 6.00 6.00 – 10.00 6.00 Expected volatility 85.74 – 87.30 % 79.09 % 85.74 – 88.11 % 79.09 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % Fair value per share of common stock $ 8.27 – 8.91 $ 3.30 $ 5.59 – 8.91 $ 3.30 |
Summary of stock-based compensation expense | Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Research and development $ 384 $ 175 $ 639 $ 316 General and administrative 569 101 746 194 Total stock-based compensation expense $ 953 $ 276 $ 1,385 $ 510 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Summary of restricted stock activity | The following table summarizes all of the Company’s restricted common stock activity: Shares Weighted Unvested as of December 31, 2019 48,190 $ 0.06 Issued — — Vested (39,427 ) 0.05 Repurchased — — Unvested as of September 30, 2020 8,763 $ 0.08 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of basic and diluted net loss per share attributable to common stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data): Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Numerator: Net loss $ (16,216 ) $ (10,606 ) $ (36,114 ) $ (28,124 ) Accretion and cumulative dividends on redeemable convertible preferred stock (3,943 ) (1,267 ) (8,046 ) (3,450 ) Gain on repurchase of redeemable convertible preferred stock — — 493 — Net loss attributable to common stockholders $ (20,159 ) $ (11,873 ) $ (43,667 ) $ (31,574 ) Denominator: Weighted average common shares outstanding, basic and diluted 1,665,902 1,559,800 1,645,982 1,501,908 Net loss per share attributable to common stockholders, basic and diluted $ (12.10 ) $ (7.61 ) $ (26.53 ) $ (21.02 ) |
Summary of antidilutive securities excluded from computation of earnings per share | The following potential shares of common stock, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for the periods indicated because including them would have been anti-dilutive: Three Months Ended September 30, Nine Months Ended September 30, 2020 2019 2020 2019 Series A Preferred Stock 3,773,820 3,773,820 3,773,820 3,773,820 Series B Preferred Stock 6,969,173 6,969,173 6,969,173 6,969,173 Series B-1 1,246,133 1,246,133 1,246,133 1,246,133 Series C Preferred Stock 3,992,463 — 3,992,463 — Series C-1 9,086,388 — 9,086,388 — Outstanding stock options 5,814,944 1,634,686 5,814,944 1,634,686 Unvested restricted common stock 8,763 86,160 8,763 86,160 30,891,684 13,709,972 30,891,684 13,709,972 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands | Oct. 20, 2020USD ($)$ / sharesshares | Oct. 08, 2020 | Sep. 30, 2020USD ($)ProgramsProduct$ / sharesshares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ProgramsProduct$ / sharesshares | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($)ProgramsProduct$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares |
Number of Programs | Programs | 5 | 5 | 5 | |||||
Number of product candidates | Product | 3 | 3 | 3 | |||||
Proceeds From Issuance Of Redeemable Convertible Preferred Stock | $ | $ 133,442 | $ 9,939 | $ 210,700 | |||||
Convertible Preferred Stock Shares Issued Upon Conversion | shares | 25,067,977 | 25,067,977 | 25,067,977 | 16,571,383 | ||||
Common Stock, Shares Authorized | shares | 70,500,000 | 70,500,000 | 70,500,000 | 46,000,000 | ||||
Common Stock, Par Value Per Share | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||||
Net loss and comprehensive loss | $ | $ (16,216) | $ (10,606) | $ (36,114) | (28,124) | ||||
Accumulated deficit | $ | (123,264) | (123,264) | $ (123,264) | $ (81,009) | ||||
Cash and cash equivalents | $ | 114,772 | $ 4,320 | 114,772 | $ 4,320 | 114,772 | $ 44,815 | ||
IPO [Member] | ||||||||
Cash and cash equivalents | $ | $ 114,800 | $ 114,800 | $ 114,800 | |||||
Subsequent Event [Member] | ||||||||
Reverse Stock Split Description | one-for-2.14 | |||||||
Common Stock, Shares Authorized | shares | 150,000,000 | |||||||
Preferred Stock, Shares Authorized | shares | 10,000,000 | |||||||
Common Stock, Par Value Per Share | $ / shares | $ 0.0001 | |||||||
Preferred Stock, Par Value Per Share | $ / shares | $ 0.0001 | |||||||
Subsequent Event [Member] | Common Stock [Member] | ||||||||
Proceeds From Issuance Initial Public Offering Gross | $ | $ 218,500 | |||||||
Proceeds From Issuance Initial Public Offering | $ | $ 199,900 | |||||||
Convertible Preferred Stock Shares Issued Upon Conversion | shares | 25,067,977 | |||||||
Subsequent Event [Member] | IPO [Member] | Common Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 11,500,000 | |||||||
Share Price | $ / shares | $ 19 | |||||||
Subsequent Event [Member] | Over-Allotment Option [Member] | Common Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | shares | 1,500,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions | Sep. 30, 2020 | Dec. 31, 2019 |
Other Assets [Member] | ||
Deferred Offering Costs | $ 2 | $ 0 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Dec. 31, 2018 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 114,772 | $ 44,815 | $ 4,320 | |
Restricted cash | 600 | 600 | 600 | |
Total cash, cash equivalents and restricted cash as shown in the condensed consolidated statement of cash flows | $ 115,372 | $ 45,415 | $ 4,920 | $ 18,550 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | $ 114,386 | $ 44,429 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | 114,386 | 44,429 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | ||
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, Fair Value Disclosure | ||
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 114,386 | 44,429 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 114,386 | 44,429 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure | ||
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and Cash Equivalents, Fair Value Disclosure |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued external research and development expenses | $ 3,370 | $ 1,552 |
Accrued personnel-related expenses | 1,606 | 1,059 |
Accrued license fees | 363 | |
Accrued professional services | 1,135 | 110 |
Accrued other | 75 | 371 |
Total accrued expenses | $ 6,186 | $ 3,455 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - Office Space in Cambridge Massachusetts [Member] | 9 Months Ended |
Sep. 30, 2020 | |
Loss Contingencies [Line Items] | |
Lease Expiration Date | Dec. 30, 2021 |
Percentage Increase In Annual Base Rent | 1.00% |
Redeemable Convertible Prefer_3
Redeemable Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 24, 2020 | May 08, 2020 | Apr. 15, 2020 | Jan. 20, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||||||||
Shares Authorized | 53,644,314 | 53,644,314 | 36,724,132 | |||||
Repurchase of Series C redeemable convertible preferred stock | $ 493 | |||||||
Payments Of Stock Issuance Costs | 1,117 | |||||||
Accumulated Deficit [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchase of Series C redeemable convertible preferred stock | $ 493 | |||||||
Series A Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Authorized | 8,075,799 | 8,075,799 | 8,075,799 | |||||
Preferred stock applicable conversion price | 2.14 | |||||||
Series B Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Authorized | 14,913,704 | 14,913,704 | 14,913,704 | |||||
Preferred stock applicable conversion price | 6.42 | |||||||
Series B-1 Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Authorized | 2,666,666 | 2,666,666 | 2,666,666 | |||||
Preferred stock applicable conversion price | 8.03 | |||||||
Issuance of preferred stock, shares | 2,666,666 | |||||||
Issuance of preferred stock | $ 9,939 | |||||||
Payments Of Stock Issuance Costs | $ 61 | |||||||
Series C Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Authorized | 8,543,692 | 8,543,692 | 11,067,963 | |||||
Repurchase of shares | 5,825,243 | |||||||
Stock retired upon repurchase | 5,825,243 | |||||||
Preferred stock applicable conversion price | 11.02 | |||||||
Issuance of preferred stock, shares | 4,563,108 | 4,563,108 | 4,563,108 | |||||
Issuance of preferred stock | $ 23,500 | $ 23,500 | $ 23,459 | |||||
Temporary Equity Value Acquired | $ 30,000 | $ (30,493) | ||||||
Share Price | $ 5.15 | $ 5.15 | $ 5.15 | |||||
Temporary Equity Shares Acquired | 5,825,243 | (5,825,243) | ||||||
Payments Of Stock Issuance Costs | $ 41 | |||||||
Series C Preferred Stock | Accumulated Deficit [Member] | ||||||||
Class of Stock [Line Items] | ||||||||
Repurchase of Series C redeemable convertible preferred stock | $ 500 | |||||||
Series C-1 Preferred Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares Authorized | 19,444,453 | 19,444,453 | 19,444,453 | 0 | ||||
Preferred stock applicable conversion price | 12.13 | |||||||
Issuance of preferred stock, shares | 19,444,453 | 19,444,453 | 19,444,453 | |||||
Issuance of preferred stock | $ 110,300 | $ 110,096 | $ 110,096 | |||||
Share Price | $ 5.67 | |||||||
Payments Of Stock Issuance Costs | $ 154 | $ 154 | ||||||
Per Share Amounts Of Preferred Dividends In Arrears | $ 0.4536 |
Redeemable Convertible Prefer_4
Redeemable Convertible Preferred Stock - Summary of Preferred Stock (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Jul. 24, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Temporary Equity [Line Items] | |||||||
Shares Authorized | 53,644,314 | 36,724,132 | |||||
Preferred Stock Issued | 53,644,314 | 35,461,996 | |||||
Preferred Stock outstanding | 53,644,314 | 35,461,996 | |||||
Carrying Value | $ 232,229 | $ 121,121 | |||||
Liquidation Preference | 232,229 | 121,121 | |||||
Redemption Value | $ 232,229 | $ 121,121 | |||||
Common Stock Issuable Upon Conversion | 25,067,977 | 16,571,383 | |||||
Series A Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Shares Authorized | 8,075,799 | 8,075,799 | |||||
Preferred Stock Issued | 8,075,799 | 8,075,799 | |||||
Preferred Stock outstanding | 8,075,799 | 8,075,799 | 8,075,799 | 8,075,799 | 8,075,799 | 8,075,799 | |
Carrying Value | $ 10,416 | $ 9,932 | |||||
Liquidation Preference | 10,416 | 9,932 | |||||
Redemption Value | $ 10,416 | $ 9,932 | |||||
Common Stock Issuable Upon Conversion | 3,773,820 | 3,773,820 | |||||
Series B Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Shares Authorized | 14,913,704 | 14,913,704 | |||||
Preferred Stock Issued | 14,913,704 | 14,913,704 | |||||
Preferred Stock outstanding | 14,913,704 | 14,913,704 | 14,913,704 | 14,913,704 | 14,913,704 | 14,913,704 | |
Carrying Value | $ 52,648 | $ 49,969 | |||||
Liquidation Preference | 52,648 | 49,969 | |||||
Redemption Value | $ 52,648 | $ 49,969 | |||||
Common Stock Issuable Upon Conversion | 6,969,173 | 6,969,173 | |||||
Series B-1 Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Shares Authorized | 2,666,666 | 2,666,666 | |||||
Preferred Stock Issued | 2,666,666 | 2,666,666 | |||||
Preferred Stock outstanding | 2,666,666 | 2,666,666 | 2,666,666 | 2,666,666 | 2,666,666 | ||
Carrying Value | $ 11,029 | $ 10,431 | |||||
Liquidation Preference | 11,029 | 10,431 | |||||
Redemption Value | $ 11,029 | $ 10,431 | |||||
Common Stock Issuable Upon Conversion | 1,246,133 | 1,246,133 | |||||
Series C Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Shares Authorized | 8,543,692 | 11,067,963 | |||||
Preferred Stock Issued | 8,543,692 | 9,805,827 | |||||
Preferred Stock outstanding | 8,543,692 | 8,543,692 | 9,805,827 | ||||
Carrying Value | $ 46,244 | $ 50,789 | |||||
Liquidation Preference | 46,244 | 50,789 | |||||
Redemption Value | $ 46,244 | $ 50,789 | |||||
Common Stock Issuable Upon Conversion | 3,992,463 | 4,582,257 | |||||
Series C-1 Preferred Stock | |||||||
Temporary Equity [Line Items] | |||||||
Shares Authorized | 19,444,453 | 19,444,453 | 0 | ||||
Preferred Stock Issued | 19,444,453 | 0 | |||||
Preferred Stock outstanding | 19,444,453 | 0 | |||||
Carrying Value | $ 111,892 | ||||||
Liquidation Preference | 111,892 | $ 0 | |||||
Redemption Value | $ 111,892 | ||||||
Common Stock Issuable Upon Conversion | 9,086,388 |
Redeemable Convertible Prefer_5
Redeemable Convertible Preferred Stock - Summary of Cumulative Dividends on Preferred Stock (Details) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Dividends preferred stock | $ 15,162 | $ 7,805 |
Series A Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends preferred stock | 2,340 | 1,857 |
Series B Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends preferred stock | 7,907 | 5,228 |
Series B-1 Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends preferred stock | 1,029 | 431 |
Series C Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends preferred stock | 2,244 | 289 |
Series C-1 Preferred Stock | ||
Class of Stock [Line Items] | ||
Dividends preferred stock | $ 1,642 | $ 0 |
Common Stock - Summary of Commo
Common Stock - Summary of Common Stock Reserved For Future Issuance (Details) - shares | Sep. 30, 2020 | Dec. 31, 2019 |
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 30,897,735 | 18,871,360 |
Share-based Payment Arrangement [Member] | 2017 Stock Incentive Plan [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 6,051 | 617,101 |
Restricted Stock [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 8,763 | 48,190 |
Share-based Payment Arrangement, Option [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 5,814,944 | 1,634,686 |
Series A redeemable convertible preferred stock [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 3,773,820 | 3,773,820 |
Series B redeemable convertible preferred stock [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 6,969,173 | 6,969,173 |
Series B-1 redeemable convertible preferred stock [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 1,246,133 | 1,246,133 |
Series C redeemable convertible preferred stock [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 3,992,463 | 4,582,257 |
Series C-1 redeemable convertible preferred stock [Member] | ||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||
Common stock for future issuances | 9,086,388 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant date fair value of stock options granted, Per share | $ 6.30 | $ 2.25 | $ 5.41 | $ 2.25 | |
Unrecognized compensation expense related to unvested stock based awards | $ 23.3 | $ 23.3 | |||
Unrecognized compensation expense expected to be recognised | 3 years 8 months 26 days | ||||
2017 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares authorized | 5,937,763 | 5,937,763 | 2,356,927 | ||
Treasury shares | 0 | 0 | |||
Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total fair value of restricted common stock that vested | $ 0.1 | $ 0.2 | $ 0.2 | $ 0.5 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock [Member] | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares beginning balance | shares | 48,190 |
Shares vested | shares | (39,427) |
Shares ending balance | shares | 8,763 |
Weighted average grant date fair value beginning balance | $ / shares | $ 0.06 |
Weighted average grant date fair value vested | $ / shares | 0.05 |
Weighted average grant date fair value ending balance | $ / shares | $ 0.08 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended |
Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares outstanding beginning balance | 1,634,686 |
Number of shares granted | 4,295,618 |
Number of shares exercised | (11,628) |
Number of shares canceled or forfeited | (103,732) |
Number of shares outstanding ending balance | 5,814,944 |
Number of shares exercisable | 959,256 |
Number of shares vested and expected to vest | 5,814,944 |
Weighted average exercise price beginning balance | $ 2.46 |
Weighted average exercise price granted | 7.54 |
Weighted average exercise price exercised | 2.32 |
Weighted average exercise price cancelled or forfeited | 3.26 |
Weighted average exercise price ending balance | 6.20 |
Weighted average exercise price exercisable | 2.29 |
Weighted average exercise price vested and expected to vest | $ 6.20 |
Weighted average remaining contractual term outstanding | 9 years 4 months 27 days |
Weighted average remaining contractual term exercisable | 8 years 1 month 6 days |
Weighted average remaining contractual term vested and expected to vest | 9 years 4 months 27 days |
Aggregate intrinsic value exercised | $ 40 |
Aggregate intrinsic value outstanding | 15,761 |
Aggregate intrinsic value exercisable | 6,350 |
Aggregate intrinsic value vested and expected to vest | $ 15,761 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model (Details) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.55% | 1.55% | ||
Risk-free interest rate minimum | 0.37% | 0.37% | ||
Risk-free interest rate maximum | 0.68% | 0.91% | ||
Expected term (in years) | 6 years | 6 years | ||
Expected volatility | 79.09% | 79.09% | ||
Expected volatility minimum | 85.74% | 85.74% | ||
Expected volatility maximum | 87.30% | 88.11% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Fair value per share of common stock | $ 3.30 | $ 3.30 | ||
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years | 6 years | ||
Fair value per share of common stock | $ 8.27 | $ 5.59 | ||
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 10 years | 10 years | ||
Fair value per share of common stock | $ 8.91 | $ 8.91 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 953 | $ 276 | $ 1,385 | $ 510 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | 384 | 175 | 639 | 316 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Stock-based compensation expense | $ 569 | $ 101 | $ 746 | $ 194 |
Net Loss per Share - Summary of
Net Loss per Share - Summary of basic and diluted net loss per share attributable to common stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Numerator: | ||||
Net loss | $ (16,216) | $ (10,606) | $ (36,114) | $ (28,124) |
Accretion and cumulative dividends on redeemable convertible preferred stock | (3,943) | (1,267) | (8,046) | (3,450) |
Gain on repurchase of redeemable convertible preferred stock | 493 | |||
Net loss attributable to common stockholders | $ (20,159) | $ (11,873) | $ (43,667) | $ (31,574) |
Denominator: | ||||
Weighted average common shares outstanding, basic and diluted | 1,665,902 | 1,559,800 | 1,645,982 | 1,501,908 |
Net loss per share attributable to common stockholders, basic and diluted | $ (12.10) | $ (7.61) | $ (26.53) | $ (21.02) |
Net Loss per Share - Summary _2
Net Loss per Share - Summary of antidilutive securities excluded from computation of earnings per share (Details) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 30,891,684 | 13,709,972 | 30,891,684 | 13,709,972 |
Employee Stock Option | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,814,944 | 1,634,686 | 5,814,944 | 1,634,686 |
Restricted Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 8,763 | 86,160 | 8,763 | 86,160 |
Series A Preferred Stock | Convertible Preferred Stocks [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,773,820 | 3,773,820 | 3,773,820 | 3,773,820 |
Series B Preferred Stock | Convertible Preferred Stocks [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 6,969,173 | 6,969,173 | 6,969,173 | 6,969,173 |
Series C Preferred Stock | Convertible Preferred Stocks [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 3,992,463 | 3,992,463 | ||
Series B-1 Preferred Stock | Convertible Preferred Stocks [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,246,133 | 1,246,133 | 1,246,133 | 1,246,133 |
Series C-1 Preferred Stock | Convertible Preferred Stocks [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 9,086,388 | 9,086,388 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - RogCon [Member] $ in Millions | 3 Months Ended | 9 Months Ended |
Sep. 30, 2020USD ($) | Sep. 30, 2020USD ($) | |
Related Party Transaction [Line Items] | ||
Due To Affiliate Current | $ 0.3 | $ 0.3 |
Reimbursement of Research And Development Expense [Member] | ||
Related Party Transaction [Line Items] | ||
Related Party Transaction, Amounts of Transaction | $ 0.1 | $ 0.1 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - shares | Oct. 08, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Common Stock Shares Reserved Under Plan | 30,897,735 | 18,871,360 | |
Subsequent Event [Member] | 2020 Stock Option and Incentive Plan [Member] | |||
Subsequent Event [Line Items] | |||
Common Stock Shares Reserved Under Plan | 3,271,028 | ||
Subsequent Event [Member] | 2020 Employee Stock Purchase Plan [Member] | |||
Subsequent Event [Line Items] | |||
Common Stock Shares Reserved Under Plan | 327,102 |