Cover Page
Cover Page - shares | 9 Months Ended | |
Sep. 30, 2023 | Nov. 03, 2023 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-39620 | |
Entity Registrant Name | PRAXIS PRECISION MEDICINES, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 47-5195942 | |
Entity Address, Address Line One | 99 High Street | |
Entity Address, Address Line Two | 30th Floor | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02110 | |
City Area Code | 617 | |
Local Phone Number | 300-8460 | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | PRAX | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 128,550,152 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q3 | |
Entity Central Index Key | 0001689548 | |
Current Fiscal Year End Date | --12-31 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 101,085 | $ 61,615 |
Marketable securities | 0 | 38,874 |
Prepaid expenses and other current assets | 2,242 | 10,351 |
Total current assets | 103,327 | 110,840 |
Property and equipment, net | 700 | 971 |
Operating lease right-of-use assets | 2,282 | 2,901 |
Other non-current assets | 416 | 416 |
Total assets | 106,725 | 115,128 |
Current liabilities: | ||
Accounts payable | 7,166 | 14,672 |
Accrued expenses | 6,979 | 15,850 |
Operating lease liabilities | 1,095 | 1,005 |
Current portion of deferred revenue | 1,552 | 2,818 |
Total current liabilities | 16,792 | 34,345 |
Long-term liabilities: | ||
Non-current portion of operating lease liabilities | 1,661 | 2,495 |
Non-current portion of deferred revenue | 1,516 | 2,182 |
Total liabilities | 19,969 | 39,022 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value; 10,000,000 shares authorized and no shares issued or outstanding as of September 30, 2023 and December 31, 2022 | 0 | 0 |
Common stock, $0.0001 par value; 150,000,000 shares authorized; 128,547,336 shares issued and outstanding as of September 30, 2023, and 49,382,453 shares issued and outstanding as of December 31, 2022 | 13 | 5 |
Additional paid-in capital | 713,786 | 606,918 |
Accumulated other comprehensive loss | 0 | (173) |
Accumulated deficit | (627,043) | (530,644) |
Total stockholders’ equity | 86,756 | 76,106 |
Total liabilities and stockholders’ equity | $ 106,725 | $ 115,128 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 |
Common stock, issued (in shares) | 128,547,336 | 49,382,453 |
Common stock, outstanding (in shares) | 128,547,336 | 49,382,453 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 468 | $ 0 | $ 1,932 | $ 0 |
Operating expenses: | ||||
Research and development | 17,260 | 30,439 | 68,378 | 126,711 |
General and administrative | 8,724 | 13,851 | 32,121 | 46,822 |
Total operating expenses | 25,984 | 44,290 | 100,499 | 173,533 |
Loss from operations | (25,516) | (44,290) | (98,567) | (173,533) |
Other income: | ||||
Other income, net | 884 | 345 | 2,168 | 677 |
Total other income | 884 | 345 | 2,168 | 677 |
Net loss | $ (24,632) | $ (43,945) | $ (96,399) | $ (172,856) |
Net loss per share attributable to common stockholders, basic (in dollars per share) | $ (0.18) | $ (0.96) | $ (1.12) | $ (3.79) |
Net loss per share attributable to common stockholders, diluted (in dollars per share) | $ (0.18) | $ (0.96) | $ (1.12) | $ (3.79) |
Weighted average common shares outstanding, basic (in shares) | 135,591,429 | 45,774,376 | 86,447,174 | 45,591,888 |
Weighted average common shares outstanding, diluted (in shares) | 135,591,429 | 45,774,376 | 86,447,174 | 45,591,888 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (24,632) | $ (43,945) | $ (96,399) | $ (172,856) |
Change in unrealized losses on marketable securities, net of tax | 0 | 144 | 173 | (360) |
Comprehensive loss | $ (24,632) | $ (43,801) | $ (96,226) | $ (173,216) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Total | Follow-On Offering | At-The-Market Offering | Common Stock | Common Stock Follow-On Offering | Common Stock At-The-Market Offering | Additional Paid-In Capital | Additional Paid-In Capital Follow-On Offering | Additional Paid-In Capital At-The-Market Offering | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2021 | 45,300,514 | ||||||||||
Beginning balance at Dec. 31, 2021 | $ 250,812 | $ 5 | $ 567,598 | $ (316,615) | $ (176) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation expense | 7,886 | 7,886 | |||||||||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs (in shares) | 70,410 | ||||||||||
Issuance of common stock from at-the-market public offerings, net of issuance costs | 1,368 | 1,368 | |||||||||
Vesting of restricted stock awards (in shares) | 81,130 | ||||||||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (17,850) | ||||||||||
Shares withheld for taxes for vesting of restricted stock units | (230) | (230) | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 72,278 | ||||||||||
Issuance of common stock upon exercise of stock options | 333 | 333 | |||||||||
Change in unrealized loss on marketable securities, net of tax | (430) | (430) | |||||||||
Net loss | (68,717) | (68,717) | |||||||||
Ending balance (in shares) at Mar. 31, 2022 | 45,506,482 | ||||||||||
Ending balance at Mar. 31, 2022 | 191,022 | $ 5 | 576,955 | (385,332) | (606) | ||||||
Beginning balance (in shares) at Dec. 31, 2021 | 45,300,514 | ||||||||||
Beginning balance at Dec. 31, 2021 | 250,812 | $ 5 | 567,598 | (316,615) | (176) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Change in unrealized loss on marketable securities, net of tax | (360) | ||||||||||
Net loss | (172,856) | ||||||||||
Ending balance (in shares) at Sep. 30, 2022 | 46,864,327 | ||||||||||
Ending balance at Sep. 30, 2022 | 105,163 | $ 5 | 595,165 | (489,471) | (536) | ||||||
Beginning balance (in shares) at Mar. 31, 2022 | 45,506,482 | ||||||||||
Beginning balance at Mar. 31, 2022 | 191,022 | $ 5 | 576,955 | (385,332) | (606) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation expense | 7,611 | 7,611 | |||||||||
Issuance of common stock under employee stock purchase plan (in shares) | 51,645 | ||||||||||
Issuance of common stock under employee stock purchase plan | 454 | 454 | |||||||||
Vesting of restricted stock awards (in shares) | 6,361 | ||||||||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (2,225) | ||||||||||
Shares withheld for taxes for vesting of restricted stock units | (17) | (17) | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 13,143 | ||||||||||
Issuance of common stock upon exercise of stock options | 67 | 67 | |||||||||
Change in unrealized loss on marketable securities, net of tax | (74) | (74) | |||||||||
Net loss | (60,194) | (60,194) | |||||||||
Ending balance (in shares) at Jun. 30, 2022 | 45,575,406 | ||||||||||
Ending balance at Jun. 30, 2022 | 138,869 | $ 5 | 585,070 | (445,526) | (680) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation expense | 6,730 | 6,730 | |||||||||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs (in shares) | 1,105,006 | ||||||||||
Issuance of common stock from at-the-market public offerings, net of issuance costs | 2,962 | 2,962 | |||||||||
Vesting of restricted stock awards (in shares) | 5,312 | ||||||||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (1,638) | ||||||||||
Shares withheld for taxes for vesting of restricted stock units | (6) | (6) | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 180,241 | ||||||||||
Issuance of common stock upon exercise of stock options | 409 | 409 | |||||||||
Change in unrealized loss on marketable securities, net of tax | 144 | 144 | |||||||||
Net loss | (43,945) | (43,945) | |||||||||
Ending balance (in shares) at Sep. 30, 2022 | 46,864,327 | ||||||||||
Ending balance at Sep. 30, 2022 | $ 105,163 | $ 5 | 595,165 | (489,471) | (536) | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | 49,382,453 | 49,382,453 | |||||||||
Beginning balance at Dec. 31, 2022 | $ 76,106 | $ 5 | 606,918 | (530,644) | (173) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation expense | 7,593 | 7,593 | |||||||||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs (in shares) | 8,403,809 | ||||||||||
Issuance of common stock from at-the-market public offerings, net of issuance costs | 18,096 | $ 1 | 18,095 | ||||||||
Vesting of restricted stock awards (in shares) | 172,798 | ||||||||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (43,317) | ||||||||||
Shares withheld for taxes for vesting of restricted stock units | (127) | (127) | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 44,644 | ||||||||||
Issuance of common stock upon exercise of stock options | 101 | 101 | |||||||||
Change in unrealized loss on marketable securities, net of tax | 154 | 154 | |||||||||
Net loss | (37,455) | (37,455) | |||||||||
Ending balance (in shares) at Mar. 31, 2023 | 57,960,387 | ||||||||||
Ending balance at Mar. 31, 2023 | $ 64,468 | $ 6 | 632,580 | (568,099) | (19) | ||||||
Beginning balance (in shares) at Dec. 31, 2022 | 49,382,453 | 49,382,453 | |||||||||
Beginning balance at Dec. 31, 2022 | $ 76,106 | $ 5 | 606,918 | (530,644) | (173) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 49,316 | ||||||||||
Change in unrealized loss on marketable securities, net of tax | $ 173 | ||||||||||
Net loss | $ (96,399) | ||||||||||
Ending balance (in shares) at Sep. 30, 2023 | 128,547,336 | 128,547,336 | |||||||||
Ending balance at Sep. 30, 2023 | $ 86,756 | $ 13 | 713,786 | (627,043) | 0 | ||||||
Beginning balance (in shares) at Mar. 31, 2023 | 57,960,387 | ||||||||||
Beginning balance at Mar. 31, 2023 | 64,468 | $ 6 | 632,580 | (568,099) | (19) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation expense | 5,775 | 5,775 | |||||||||
Issuance of common stock from at-the-market public offerings, net of issuance and offering costs (in shares) | 64,449,690 | 5,888,128 | |||||||||
Issuance of common stock from at-the-market public offerings, net of issuance costs | $ 63,439 | $ 6,032 | $ 6 | $ 1 | $ 63,433 | $ 6,031 | |||||
Issuance of common stock under employee stock purchase plan (in shares) | 234,947 | ||||||||||
Issuance of common stock under employee stock purchase plan | 208 | 208 | |||||||||
Vesting of restricted stock awards (in shares) | 10,813 | ||||||||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (3,742) | ||||||||||
Shares withheld for taxes for vesting of restricted stock units | (4) | (4) | |||||||||
Change in unrealized loss on marketable securities, net of tax | 19 | 19 | |||||||||
Net loss | (34,312) | (34,312) | |||||||||
Ending balance (in shares) at Jun. 30, 2023 | 128,540,223 | ||||||||||
Ending balance at Jun. 30, 2023 | 105,625 | $ 13 | 708,023 | (602,411) | 0 | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||
Stock-based compensation expense | 5,763 | 5,763 | |||||||||
Vesting of restricted stock awards (in shares) | 3,500 | ||||||||||
Shares withheld for taxes for vesting of restricted stock units (in shares) | (1,059) | ||||||||||
Shares withheld for taxes for vesting of restricted stock units | (1) | (1) | |||||||||
Issuance of common stock upon exercise of stock options (in shares) | 4,672 | ||||||||||
Issuance of common stock upon exercise of stock options | 1 | 1 | |||||||||
Change in unrealized loss on marketable securities, net of tax | 0 | ||||||||||
Net loss | $ (24,632) | (24,632) | |||||||||
Ending balance (in shares) at Sep. 30, 2023 | 128,547,336 | 128,547,336 | |||||||||
Ending balance at Sep. 30, 2023 | $ 86,756 | $ 13 | $ 713,786 | $ (627,043) | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Stockholders’ Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2023 | Sep. 30, 2022 | |
Statement of Stockholders' Equity [Abstract] | ||
Payments of stock issuance costs | $ 4,484 | $ 109 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (96,399) | $ (172,856) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 321 | 314 |
Stock-based compensation expense | 19,131 | 22,227 |
Non-cash operating lease expense | 619 | 556 |
Amortization of premiums and discounts on marketable securities, net | 47 | 807 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 8,109 | 2,326 |
Accounts payable | (7,556) | (658) |
Accrued expenses | (8,871) | (8,431) |
Operating lease liabilities | (744) | (578) |
Deferred revenue | (1,932) | 0 |
Other | 0 | 56 |
Net cash used in operating activities | (87,275) | (156,237) |
Cash flows from investing activities: | ||
Purchases of property and equipment | 0 | (444) |
Purchases of marketable securities | 0 | (83,022) |
Maturities of marketable securities | 39,000 | 157,761 |
Net cash provided by investing activities | 39,000 | 74,295 |
Cash flows from financing activities: | ||
Payments of tax withholdings related to vesting of restricted stock units | (132) | (253) |
Proceeds from exercise of stock options and employee stock purchase plan purchases | 310 | 1,263 |
Net cash provided by financing activities | 87,745 | 5,078 |
Increase (decrease) in cash, cash equivalents and restricted cash | 39,470 | (76,864) |
Cash, cash equivalents and restricted cash, beginning of period | 62,031 | 139,720 |
Cash, cash equivalents and restricted cash, end of period | 101,501 | 62,856 |
Reconciliation of cash, cash equivalents and restricted cash: | ||
Cash and cash equivalents | 101,085 | 62,440 |
Restricted cash | 416 | 416 |
Total cash, cash equivalents and restricted cash | 101,501 | 62,856 |
Supplemental disclosures of non-cash activities: | ||
Offering costs from follow-on public offering included in accounts payable | 184 | 0 |
Purchases of property and equipment included in accounts payable | 50 | 0 |
Follow-On Offering | ||
Cash flows from financing activities: | ||
Proceeds from stock offerings, net of issuance costs | 63,439 | 0 |
At-The-Market Offering | ||
Cash flows from financing activities: | ||
Proceeds from stock offerings, net of issuance costs | 24,128 | 4,330 |
Payment of issuance costs for at-the-market offerings | $ 0 | $ (262) |
Nature of the Business
Nature of the Business | 9 Months Ended |
Sep. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | Nature of the Business Praxis Precision Medicines, Inc. (“Praxis” or the “Company”) is a clinical-stage biopharmaceutical company translating insights from genetic epilepsies into the development of therapies for central nervous system, or CNS, disorders characterized by neuronal excitation-inhibition imbalance. Normal brain function requires a delicate balance of excitation and inhibition in neuronal circuits, which, when dysregulated, can lead to abnormal function and both rare and more prevalent neurological disorders. The Company is applying genetic insights to the discovery and development of therapies for neurological disorders through two proprietary platforms, using its understanding of shared biological targets and circuits in the brain. Each platform has multiple programs currently, with significant potential for additional program and indication expansion: • Cerebrum ™, the Company's small molecule platform, utilizes deep understanding of neuronal excitability and neuronal networks and applies a series of computational and experimental tools to develop orally available precision therapies • Solidus ™, the Company's antisense oligonucleotide, or ASO, platform, is an efficient, targeted precision medicine discovery and development engine anchored on a proprietary, computational methodology The Company's platforms utilize a deliberate, pragmatic and patient-guided approach, leveraging a suite of translational tools, including novel transgenic and predictive translational animal models and electrophysiology markers, to enable an efficient path to proof-of-concept in patients. Through this approach, the Company has established a diversified, multimodal CNS portfolio with four clinical-stage product candidates across movement disorders and epilepsy. For the Company's most advanced product candidate under the Cerebrum™ platform, ulixacaltamide (also known as PRAX-944), topline results from the Phase 2b Essential1 clinical trial in essential tremor ("ET"), were announced in the first quarter of 2023. The Company initiated its Phase 3 studies in ET in the fourth quarter of 2023, with enrollment expected to complete in the first half of 2024 and topline results expected in the second half of 2024. The Company initiated its PRAX-562 Phase 2 EMBOLD study in the first quarter of 2023 and expects to announce topline results in the first half of 2024. The Company also announced positive results from its PRAX-628 Phase 1 study in May 2023. In June 2023, the Company initiated a Phase 2 proof of concept study evaluating PRAX-628 in patients with a Photo Paroxysmal Response ("PPR"), with results anticipated in the fourth quarter of 2023. Upon completion of the PPR study, Praxis plans to initiate a Phase 2 study of PRAX-628 in focal epilepsy in the first half of 2024. For the Company's most advanced product candidate under the Solidus™ platform, elsunersen (also known as PRAX-222), the Company completed dosing in the first cohort of its EMBRAVE study and announced preliminary data from the first dose cohort in October 2023. Praxis was incorporated in 2015 and commenced operations in 2016. The Company has funded its operations primarily with proceeds from the issuance of redeemable convertible preferred stock, and from the sale of common stock and pre-funded warrants through an initial public offering, follow-on public offerings and at-the-market offerings under its shelf registration statement. From inception through September 30, 2023, the Company raised $613.6 million in aggregate cash proceeds from these transactions, net of issuance costs. 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 evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that these condensed consolidated financial statements are issued. The Company has incurred recurring losses since its inception, including a net loss of $96.4 million for the nine months ended September 30, 2023. In addition, as of September 30, 2023, the Company had an accumulated deficit of $627.0 million. The Company expects to continue to generate operating losses for the foreseeable future. The Company expects that its cash and cash equivalents as of September 30, 2023 of $101.1 million will be sufficient to fund the operating expenditures 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 analysis included consideration of the Company's current financial needs and ongoing research and development plans, which are limited to advancing product candidates through, but not beyond, their current clinical trials. As a result, the Company concluded that it did not identify conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these condensed consolidated financial statements were issued. The Company’s current operating plan is based on assumptions that may prove to be wrong, and the Company could use its capital resources sooner than it expects. In this case, the Company would evaluate further reductions in its expenses or to obtain additional financing sooner than it otherwise would, which may not be available or may only be available on terms that are not acceptable to the Company. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 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 significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2023 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2022 Annual Report on Form 10-K, other than as noted below. Unaudited Interim Condensed Consolidated Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2023, the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 and the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 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, 2023, the results of its operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 2023 and 2022. Financial statement disclosures for the three and nine months ended September 30, 2023 and 2022 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, 2023 are not necessarily indicative of results to be expected for the year ended December 31, 2023, 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, accrued and prepaid research and development expense, collaboration revenue, stock-based compensation expense and the recoverability of the Company’s net deferred tax assets and related valuation allowance. 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. Common Stock Warrants The Company accounts for warrants to purchase shares of its common stock in accordance with the guidance in FASB ASC No. 480, Distinguishing Liabilities from Equity (ASC 480) and ASC No. 815, Derivatives and Hedging (ASC 815). The Company classifies warrants issued for the purchase of shares of its common stock as either equity or liability instruments based on an assessment of the specific terms and conditions of each respective contract. Such assessment includes determining whether the warrants are freestanding financial instruments or embedded in a host instrument, whether the warrants are liabilities within the scope of ASC 480, whether the warrants meet the definition of a derivative in ASC 815 and whether the warrants meet the requirements for equity classification pursuant to the indexation and equity classification criteria in ASC 815. The Company determines the classification for its warrants at the time of issuance and updates its assessment, as necessary. Warrants that meet all of the criteria for equity classification are recorded as a component of additional paid-in capital. Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The calculation of weighted average number of common shares outstanding excludes shares of restricted common stock that are not vested but includes shares of common stock underlying pre-funded warrants. Diluted net loss per share is computed by dividing net loss 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 potential shares issuable under the 2020 ESPP 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 are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive. Recently Adopted Accounting Pronouncements On August 5, 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 eliminates the separation models for convertible debt with cash conversion features and convertible instruments with beneficial conversion features and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. Additionally, ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. The new standard also introduces additional disclosures for convertible instruments. ASU 2020-06 was effective for public companies that are not smaller reporting companies for fiscal years beginning after December 15, 2021. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. ASU 2020-06 is required to be adopted as of the beginning of a fiscal year. ASU 2020-06 may be applied using either a full or modified retrospective method of transition. The Company adopted ASU 2020-06 effective as of January 1. 2023. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements. |
Marketable Securities
Marketable Securities | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | Marketable SecuritiesThe Company did not hold any marketable securities as of September 30, 2023. The following is a summary of the Company's investment portfolio as of December 31, 2022 (in thousands): As of December 31, 2022 Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: Corporate debt securities $ 35,042 $ — $ (163) $ 34,879 Debt securities issued by U.S. government agencies 4,005 — (10) 3,995 Total securities with a maturity of one year or less $ 39,047 $ — $ (173) $ 38,874 Total available-for-sale securities $ 39,047 $ — $ (173) $ 38,874 As of December 31, 2022, the Company had 7 securities with a total fair market value of $38.9 million in an unrealized loss position. The Company anticipated a full recovery of the amortized cost basis of its debt securities at maturity and an allowance was not recognized. Securities are evaluated for impairment at the end of each reporting period. The Company did not record any impairment related to its available-for-sale securities during the three and nine months ended September 30, 2023 and 2022. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. The Company categorizes financial assets measured at fair value based on a fair value hierarchy. The following fair value hierarchy is used to classify financial assets based on observable inputs and unobservable inputs used to value the financial assets: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets; • Level 2: Quoted prices for similar assets in active markets, quoted prices in markets that are not active, or inputs which are unobservable, either directly or indirectly, for substantially the full term of the asset; or • Level 3: Prices or valuation techniques that require inputs that are both significant to the valuation of the asset and unobservable. The Company did not hold any financial assets measured at fair value on a recurring basis as of September 30, 2023. The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2022 (in thousands): As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 34,181 $ — $ — $ 34,181 Marketable securities: Corporate debt securities — 34,879 — 34,879 Debt securities issued by U.S. government agencies 3,995 — — 3,995 $ 38,176 $ 34,879 $ — $ 73,055 |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued ExpensesAccrued expenses consisted of the following (in thousands): September 30, 2023 December 31, 2022 Accrued external research and development expenses $ 4,348 $ 10,734 Accrued personnel-related expenses 2,020 2,803 Accrued other expenses 611 2,313 Total accrued expenses $ 6,979 $ 15,850 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and ContingenciesIn May 2021, the Company entered into a sublease agreement for office space located in Boston, Massachusetts that expires on January 31, 2026, with no option to renew or terminate early. The base rent increases by approximately 2% annually. The Company issued a letter of credit to the landlord related to the security deposit, secured by restricted cash, which is reflected within other non-current assets on the accompanying condensed consolidated balance sheets as of September 30, 2023 and December 31, 2022. This lease qualifies as an operating lease. |
UCB Option and License Agreemen
UCB Option and License Agreement | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Abstract] | |
UCB Option and License Agreement | UCB Option and License Agreement In December 2022, the Company entered into an Option and License Agreement (“the Collaboration Agreement”) with UCB Biopharma SRL (“UCB”) for the discovery of small molecule therapeutics as potential treatments of KCNT1-related epilepsies. Under the terms of the Collaboration Agreement, the Company has agreed to perform general biology-related research services as part of a mutually agreed upon research plan in exchange for a $5.0 million upfront payment. In addition, the Company provided UCB an exclusive option to in-license global development and commercialization rights to any resulting KCNT1 small molecule development candidate identified as part of the research plan. If UCB exercises its option to in-license global development and commercialization rights, the Collaboration Agreement stipulates that UCB will assume research, development, manufacturing and commercialization responsibilities and costs. Under the terms of the Collaboration Agreement, the Company will be eligible to receive an option fee and future success-based development and commercialization milestone payments, totaling up to $98.5 million, in addition to tiered royalties on net sales of any resulting products from the Collaboration Agreement. The Company concluded that UCB is a customer, and as such, the arrangement falls within the scope of Topic 606. At the commencement of the Collaboration Agreement, the Company identified one performance obligation, which was to perform the research services for UCB. The Company determined the transaction price to be $5.0 million, comprised of the upfront payment it received. The option provided to UCB was determined not to be a material right. |
Common Stock and Preferred Stoc
Common Stock and Preferred Stock | 9 Months Ended |
Sep. 30, 2023 | |
Stockholders' Equity Note [Abstract] | |
Common Stock and Preferred Stock | Common Stock and Preferred Stock Common Stock As of September 30, 2023 and December 31, 2022, the authorized capital stock of the Company included 150,000,000 shares of common stock, $0.0001 par value. As of September 30, 2023 and December 31, 2022, the Company did not hold any treasury shares. June 2023 Public Offering On June 21, 2023, the Company completed a public offering of: (i) an aggregate of 64,449,690 shares of its common stock at a public offering price of $0.95 per share, including the underwriters’ full exercise of their option to purchase 9,299,690 additional shares of common stock, and (ii) pre-funded warrants to purchase 7,050,000 shares of common stock at a public offering price of $0.9499 per share of common stock underlying the warrants. The purchase price per share for each pre-funded warrant represents the per share offering price for the common stock, less the $0.0001 per share exercise price for each underlying share. Total net proceeds generated from the offering were approximately $63.4 million, after deducting underwriting discounts, commissions and other offering expenses payable by the Company. The pre-funded warrants are exercisable at any time on or after the date of issuance at the option of the holder, subject to a beneficial ownership blocker that may limit exercisability. No holder may exercise any portion of the warrants that would cause either the aggregate number of shares of common stock beneficially owned by such holder, together with its affiliates, to exceed 9.99%, or the combined voting power of the securities beneficially owned by such holder, together with its affiliates, to exceed 9.99%. A holder of a pre-funded warrant may increase or decrease this percentage up to 19.99% by providing at least 61 days’ prior notice to the Company. The pre-funded warrants do not expire. The pre-funded warrants may be settled through either physical or net share settlement. Following the occurrence of certain fundamental transactions, the holders of the pre-funded warrants have the right to receive upon exercise of the warrants the same amount and kind of securities, cash, or property as they would have been entitled to receive if they had been holders of the common shares issuable under the warrants immediately prior to such transaction. In the event of certain fundamental transactions where the consideration payable to the holders of shares of common stock consists solely of cash and/or marketable securities, the pre-funded warrants will automatically be deemed to be exercised in full pursuant to a cashless exercise effective immediately prior to and contingent upon the consummation of such transaction. As of September 30, 2023, none of the pre-funded warrants had been exercised and remain outstanding. The Company determined that the pre-funded warrants are freestanding financial instruments because they are both legally detachable and separately exercisable from the common stock sold in the offering. As such, the Company evaluated the pre-funded warrants to determine whether they represent instruments that require liability classification pursuant to the guidance in ASC 480. However, the Company concluded that the pre-funded warrants are not a liability within the scope of ASC 480 due to their characteristics. Further, the Company determined that the pre-funded warrants do not meet the definition of a derivative under ASC 815 because they do not meet the criteria regarding no or little initial net investment. Accordingly, the Company assessed the pre-funded warrants relative to the guidance in ASC No. 815-40, Contracts in Entity’s Own Equity , to determine the appropriate treatment. The Company concluded that the pre-funded warrants are both indexed to its own stock and meet all other conditions for equity classification. Accordingly, the Company has classified the pre-funded warrants as permanent equity. Shares Reserved for Future Issuance The Company has reserved the following shares of common stock for future issuance: September 30, December 31, Shares reserved for exercise of outstanding stock options 9,876,256 8,838,028 Shares reserved for exercise of pre-funded warrants 7,050,000 — Shares reserved for future awards under the 2020 Stock Option and Incentive Plan 2,444,985 1,650,955 Shares reserved for future awards under the 2020 Employee Stock Purchase Plan 932,077 839,922 Shares reserved for vesting of restricted stock units 633,615 743,950 Total shares of authorized common stock reserved for future issuance 20,936,933 12,072,855 Preferred Stock As of September 30, 2023 and December 31, 2022, the authorized capital stock of the Company included 10,000,000 shares of undesignated preferred stock, $0.0001 par value. |
Stock-Based Compensation
Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation 2020 Stock Option and Incentive Plan The total number of shares of common stock authorized for issuance under the 2020 Stock Option and Incentive Plan (the "2020 Plan”) as of September 30, 2023 and December 31, 2022 was 9,918,602 shares and 7,449,480 shares, respectively. 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, 2023 and December 31, 2022 was 5,937,763 shares. Any authorization to issue new options under the 2017 Plan was cancelled upon the effectiveness of the 2020 Plan and no further awards will be granted under the 2017 Plan. 2020 Employee Stock Purchase Plan The total number of shares of common stock authorized for issuance under the 2020 Employee Stock Purchase Plan (the "2020 ESPP”) as of September 30, 2023 and December 31, 2022 was 1,308,408 shares and 981,306 shares, respectively. Restricted Stock Units The following table summarizes the Company’s restricted stock unit activity: Shares Weighted Unvested as of December 31, 2022 743,950 $ 23.07 Issued 316,750 2.85 Vested (187,111) 26.81 Forfeited (239,974) 11.72 Unvested as of September 30, 2023 633,615 $ 15.91 As of September 30, 2023, total unrecognized compensation cost related to unvested restricted stock units was $7.4 million, which is expected to be recognized over a weighted-average period of 2.04 years. 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, 2022 8,838,028 $ 13.93 Granted 2,925,941 2.78 Exercised (49,316) 2.07 $ 90 Cancelled or Forfeited (1,838,397) 12.78 Outstanding as of September 30, 2023 9,876,256 $ 10.90 7.97 $ 222 Exercisable as of September 30, 2023 5,223,043 $ 12.59 7.44 $ 112 Vested and expected to vest as of September 30, 2023 9,876,256 $ 10.90 7.97 $ 222 Valuation of Stock Options The weighted-average 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 and non-employees on the date of grant were as follows for the three and nine months ended September 30, 2023: Three Months Ended Nine Months Ended 2023 2023 Risk-free interest rate 4.35 % 3.57 % Expected term (in years) 6.00 6.00 Expected volatility 90.01 % 88.30 % Expected dividend yield — % — % Weighted average grant-date fair value per share $ 1.02 $ 2.08 As of September 30, 2023, total unrecognized compensation cost related to unvested stock options was $29.1 million, which is expected to be recognized over a weighted-average period of 1.68 years. Stock-Based Compensation Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 2,035 $ 1,999 $ 6,176 $ 8,200 General and administrative 3,728 4,731 12,955 14,027 Total stock-based compensation expense $ 5,763 $ 6,730 $ 19,131 $ 22,227 |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | Net Loss per Share The following potential common shares, 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 Nine Months Ended 2023 2022 2023 2022 Outstanding stock options 9,876,256 9,159,415 9,876,256 9,159,415 Unvested restricted stock units 633,615 789,419 633,615 789,419 Potential shares issuable under the 2020 ESPP 161,713 48,182 161,713 48,182 10,671,584 9,997,016 10,671,584 9,997,016 Common shares issuable upon exercise of the pre-funded warrants that were sold in connection with the June 2023 underwritten public offering are included in the calculation of weighted average number of common shares outstanding for the three and nine months ended September 30, 2023. Consistent with the guidance in ASC 260-10-45-13, the underlying common shares are issuable for little to no consideration and there are no vesting conditions or contingencies associated with the warrants. Accordingly, the aggregate number of common shares underlying the pre-funded warrants have been considered outstanding for purposes of the calculation of net loss per share from the date of issuance. |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party TransactionsOn 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 costs incurred for activities performed under the License Agreement. Expenses incurred during all periods presented were not material. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In June 2022, the Company began a strategic realignment across the Cerebrum™ and Solidus™ platforms, which resulted in a reduction of the Company's workforce. The Company incurred $1.0 million of costs related to the realignment, of which $0.6 million was recognized in research and development expenses general and administrative expenses |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent EventsThe 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. The Company has concluded that no subsequent events have occurred that require disclosure. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2023 | |
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 significant accounting policies used in preparation of these condensed consolidated financial statements for the three and nine months ended September 30, 2023 are consistent with those discussed in Note 2 to the consolidated financial statements included in the Company's 2022 Annual Report on Form 10-K, other than 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, 2023, the condensed consolidated statements of operations for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of comprehensive loss for the three and nine months ended September 30, 2023 and 2022, the condensed consolidated statements of cash flows for the nine months ended September 30, 2023 and 2022 and the condensed consolidated statements of stockholders’ equity for the three and nine months ended September 30, 2023 and 2022 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, 2023, the results of its operations for the three and nine months ended September 30, 2023 and 2022 and its cash flows for the nine months ended September 30, 2023 and 2022. Financial statement disclosures for the three and nine months ended September 30, 2023 and 2022 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, 2023 are not necessarily indicative of results to be expected for the year ended December 31, 2023, 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 |
Common Stock Warrants | Common Stock Warrants The Company accounts for warrants to purchase shares of its common stock in accordance with the guidance in FASB ASC No. 480, Distinguishing Liabilities from Equity (ASC 480) and ASC No. 815, Derivatives and Hedging (ASC 815). The Company classifies warrants issued for the purchase of shares of its common stock as either equity or liability instruments based on an assessment of the specific terms and conditions of each respective contract. Such assessment includes determining whether the warrants are freestanding financial instruments or embedded in a host instrument, whether the warrants are liabilities within the scope of ASC 480, whether the warrants meet the definition of a derivative in ASC 815 and whether the warrants meet the requirements for equity classification pursuant to the indexation and equity classification criteria in ASC 815. The Company determines the classification for its warrants at the time of issuance and updates its assessment, as necessary. Warrants that meet all of the criteria for equity classification are recorded as a component of additional paid-in capital. |
Net Loss per Share | Net Loss per Share Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. The calculation of weighted average number of common shares outstanding excludes shares of restricted common stock that are not vested but includes shares of common stock underlying pre-funded warrants. Diluted net loss per share is computed by dividing net loss 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 potential shares issuable under the 2020 ESPP 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 are the same, as the inclusion of the potentially dilutive securities would be anti-dilutive. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements On August 5, 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06). ASU 2020-06 simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. ASU 2020-06 eliminates the separation models for convertible debt with cash conversion features and convertible instruments with beneficial conversion features and simplifies the derivative scope exception guidance pertaining to equity classification of contracts in an entity’s own equity. Additionally, ASU 2020-06 amends the diluted earnings per share guidance, including the requirement to use the if-converted method for all convertible instruments. The new standard also introduces additional disclosures for convertible instruments. ASU 2020-06 was effective for public companies that are not smaller reporting companies for fiscal years beginning after December 15, 2021. For all other entities, ASU 2020-06 is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted, but no earlier than fiscal years beginning after December 15, 2020. ASU 2020-06 is required to be adopted as of the beginning of a fiscal year. ASU 2020-06 may be applied using either a full or modified retrospective method of transition. The Company adopted ASU 2020-06 effective as of January 1. 2023. The adoption of ASU 2020-06 did not have an impact on the Company’s financial statements. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Investment Portfolio | The following is a summary of the Company's investment portfolio as of December 31, 2022 (in thousands): As of December 31, 2022 Gross Unrealized Estimated Cost Gains Losses Fair Value Available-for-sale securities: Corporate debt securities $ 35,042 $ — $ (163) $ 34,879 Debt securities issued by U.S. government agencies 4,005 — (10) 3,995 Total securities with a maturity of one year or less $ 39,047 $ — $ (173) $ 38,874 Total available-for-sale securities $ 39,047 $ — $ (173) $ 38,874 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured At Fair Value On A Recurring Basis | The following table presents information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of December 31, 2022 (in thousands): As of December 31, 2022 Level 1 Level 2 Level 3 Total Assets: Cash equivalents: Money market funds $ 34,181 $ — $ — $ 34,181 Marketable securities: Corporate debt securities — 34,879 — 34,879 Debt securities issued by U.S. government agencies 3,995 — — 3,995 $ 38,176 $ 34,879 $ — $ 73,055 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses consisted of the following (in thousands): September 30, 2023 December 31, 2022 Accrued external research and development expenses $ 4,348 $ 10,734 Accrued personnel-related expenses 2,020 2,803 Accrued other expenses 611 2,313 Total accrued expenses $ 6,979 $ 15,850 |
Common Stock and Preferred St_2
Common Stock and Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
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, Shares reserved for exercise of outstanding stock options 9,876,256 8,838,028 Shares reserved for exercise of pre-funded warrants 7,050,000 — Shares reserved for future awards under the 2020 Stock Option and Incentive Plan 2,444,985 1,650,955 Shares reserved for future awards under the 2020 Employee Stock Purchase Plan 932,077 839,922 Shares reserved for vesting of restricted stock units 633,615 743,950 Total shares of authorized common stock reserved for future issuance 20,936,933 12,072,855 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Summary of Restricted Stock Activity | The following table summarizes the Company’s restricted stock unit activity: Shares Weighted Unvested as of December 31, 2022 743,950 $ 23.07 Issued 316,750 2.85 Vested (187,111) 26.81 Forfeited (239,974) 11.72 Unvested as of September 30, 2023 633,615 $ 15.91 |
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, 2022 8,838,028 $ 13.93 Granted 2,925,941 2.78 Exercised (49,316) 2.07 $ 90 Cancelled or Forfeited (1,838,397) 12.78 Outstanding as of September 30, 2023 9,876,256 $ 10.90 7.97 $ 222 Exercisable as of September 30, 2023 5,223,043 $ 12.59 7.44 $ 112 Vested and expected to vest as of September 30, 2023 9,876,256 $ 10.90 7.97 $ 222 |
Schedule of Fair Value of Stock Option Awards on the Grant Date Using the Black-Scholes Option Valuation Model | The weighted-average 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 and non-employees on the date of grant were as follows for the three and nine months ended September 30, 2023: Three Months Ended Nine Months Ended 2023 2023 Risk-free interest rate 4.35 % 3.57 % Expected term (in years) 6.00 6.00 Expected volatility 90.01 % 88.30 % Expected dividend yield — % — % Weighted average grant-date fair value per share $ 1.02 $ 2.08 |
Summary of Stock-Based Compensation Expense | Stock-based compensation expense was allocated as follows (in thousands): Three Months Ended Nine Months Ended 2023 2022 2023 2022 Research and development $ 2,035 $ 1,999 $ 6,176 $ 8,200 General and administrative 3,728 4,731 12,955 14,027 Total stock-based compensation expense $ 5,763 $ 6,730 $ 19,131 $ 22,227 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Earnings Per Share [Abstract] | |
Summary of Antidilutive Securities Excluded From Computation of Earnings Per Share | The following potential common shares, 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 Nine Months Ended 2023 2022 2023 2022 Outstanding stock options 9,876,256 9,159,415 9,876,256 9,159,415 Unvested restricted stock units 633,615 789,419 633,615 789,419 Potential shares issuable under the 2020 ESPP 161,713 48,182 161,713 48,182 10,671,584 9,997,016 10,671,584 9,997,016 |
Nature of the Business - Additi
Nature of the Business - Additional Information (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | 105 Months Ended | |||||||
Sep. 30, 2023 USD ($) platform candidate | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) platform candidate | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) platform candidate | Dec. 31, 2022 USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||
Number of platforms | platform | 2 | 2 | 2 | |||||||
Number of product candidates | candidate | 4 | 4 | 4 | |||||||
Proceeds from issuance or sale of equity | $ 613,600 | |||||||||
Net loss | $ 24,632 | $ 34,312 | $ 37,455 | $ 43,945 | $ 60,194 | $ 68,717 | $ 96,399 | $ 172,856 | ||
Accumulated deficit | 627,043 | 627,043 | 627,043 | $ 530,644 | ||||||
Cash and cash equivalents | $ 101,085 | $ 62,440 | $ 101,085 | $ 62,440 | $ 101,085 | $ 61,615 |
Marketable Securities - Investm
Marketable Securities - Investment Profile (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | $ 39,047 | |
Total available-for-sale securities, cost | 39,047 | |
Available-for-sale, gross unrealized gain, current, before tax | 0 | |
Total available-for-sale securities, gross unrealized gains | 0 | |
Available-for-sale, gross unrealized loss, current, before tax | (173) | |
Total available-for-sale, gross unrealized losses | (173) | |
Estimated fair value, available-for-sale, current | 38,874 | |
Total available-for-sale securities, estimated fair value | $ 0 | 38,874 |
Corporate debt securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | 35,042 | |
Available-for-sale, gross unrealized gain, current, before tax | 0 | |
Available-for-sale, gross unrealized loss, current, before tax | (163) | |
Estimated fair value, available-for-sale, current | 34,879 | |
Debt securities issued by U.S. government agencies | ||
Debt Securities, Available-for-sale [Line Items] | ||
Available-for-sale, cost, current | 4,005 | |
Available-for-sale, gross unrealized gain, current, before tax | 0 | |
Available-for-sale, gross unrealized loss, current, before tax | (10) | |
Estimated fair value, available-for-sale, current | $ 3,995 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) $ in Millions | Dec. 31, 2022 USD ($) security |
Investments, Debt and Equity Securities [Abstract] | |
Number of securities | security | 7 |
Securities, unrealized loss position, fair value | $ | $ 38.9 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Details) - Fair Value, Recurring $ in Thousands | Dec. 31, 2022 USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | $ 73,055 |
Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 38,176 |
Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 34,879 |
Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Assets | 0 |
Money market funds | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents | 34,181 |
Money market funds | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents | 34,181 |
Money market funds | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents | 0 |
Money market funds | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Cash equivalents | 0 |
Corporate debt securities | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 34,879 |
Corporate debt securities | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 0 |
Corporate debt securities | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 34,879 |
Corporate debt securities | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 0 |
Debt securities issued by U.S. government agencies | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 3,995 |
Debt securities issued by U.S. government agencies | Level 1 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 3,995 |
Debt securities issued by U.S. government agencies | Level 2 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | 0 |
Debt securities issued by U.S. government agencies | Level 3 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Investments | $ 0 |
Accrued Expenses - Summary of A
Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payables and Accruals [Abstract] | ||
Accrued external research and development expenses | $ 4,348 | $ 10,734 |
Accrued personnel-related expenses | 2,020 | 2,803 |
Accrued other expenses | 611 | 2,313 |
Total accrued expenses | $ 6,979 | $ 15,850 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | May 31, 2021 |
Office Space in Boston Massachusetts | |
Loss Contingencies [Line Items] | |
Percentage increase in annual base rent | 2% |
UCB Option and License Agreem_2
UCB Option and License Agreement - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Disaggregation of Revenue [Line Items] | |||||
Collaboration revenue | $ 468 | $ 0 | $ 1,932 | $ 0 | |
Current portion of deferred revenue | 1,552 | 1,552 | $ 2,818 | ||
UCB | License | |||||
Disaggregation of Revenue [Line Items] | |||||
Upfront payment | 3,100 | 3,100 | 5,000 | ||
Milestone payments | 98,500 | ||||
Transaction price | $ 5,000 | ||||
Collaboration revenue | 500 | 1,900 | |||
Current portion of deferred revenue | $ 1,600 | $ 1,600 |
Common Stock and Preferred St_3
Common Stock and Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |||
Jun. 21, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||||
Common stock, authorized (in shares) | 150,000,000 | 150,000,000 | ||
Common stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Treasury stock (in shares) | 0 | 0 | ||
Preferred stock, authorized (in shares) | 10,000,000 | 10,000,000 | ||
Preferred stock, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||
Pre-Funded Warrant | Maximum | ||||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||||
Maximum percentage of voting power | 9.99% | |||
Percentage change in ownership | 19.99% | |||
Warrant | ||||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||||
Change in ownership notice, term | 61 days | |||
Follow-On Offering | ||||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||||
Common stock, authorized (in shares) | 64,449,690 | |||
Sale of stock (in USD per share) | $ 0.95 | |||
Proceeds from stock offerings, net of issuance costs | $ 63,400 | $ 63,439 | $ 0 | |
Follow-On Offering | Pre-Funded Warrant | ||||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||||
Sale of stock (in USD per share) | $ 0.9499 | |||
Warrants (in shares) | 7,050,000 | 7,050,000 | 0 | |
Follow-On Offering | Warrant | ||||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||||
Warrants (in dollars per share) | $ 0.0001 | |||
Over-Allotment Option | ||||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | ||||
Number of shares issued in transaction (in shares) | 9,299,690 |
Common Stock and Preferred St_4
Common Stock and Preferred Stock - Summary of Common Stock Reserved For Future Issuance (Details) - shares | Sep. 30, 2023 | Jun. 21, 2023 | Dec. 31, 2022 |
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | |||
Total shares of authorized common stock reserved for future issuance (in shares) | 20,936,933 | 12,072,855 | |
Pre-Funded Warrant | Follow-On Offering | |||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | |||
Warrants (in shares) | 7,050,000 | 7,050,000 | 0 |
Shares reserved for exercise of outstanding stock options | |||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | |||
Total shares of authorized common stock reserved for future issuance (in shares) | 9,876,256 | 8,838,028 | |
Share-based payment arrangement | Shares reserved for future awards under the 2020 Stock Option and Incentive Plan | |||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | |||
Total shares of authorized common stock reserved for future issuance (in shares) | 2,444,985 | 1,650,955 | |
Share-based payment arrangement | Shares reserved for future awards under the 2020 Employee Stock Purchase Plan | |||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | |||
Total shares of authorized common stock reserved for future issuance (in shares) | 932,077 | 839,922 | |
Shares reserved for vesting of restricted stock units | |||
Schedule Of Common Stock Reserved For Future Issuance [Line Items] | |||
Total shares of authorized common stock reserved for future issuance (in shares) | 633,615 | 743,950 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Dec. 31, 2022 | |
Unvested Restricted Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total unrecognized compensation cost related to unvested restricted stock units | $ 7.4 | |
Weighted-average period (in years) | 2 years 14 days | |
Shares reserved for exercise of outstanding stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted-average period (in years) | 1 year 8 months 4 days | |
Unrecognized compensation expense related to unvested stock based awards | $ 29.1 | |
2020 Employee Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 9,918,602 | 7,449,480 |
2017 Stock Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 5,937,763 | 5,937,763 |
2020 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of shares authorized (in shares) | 1,308,408 | 981,306 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Unvested restricted stock units | 9 Months Ended |
Sep. 30, 2023 $ / shares shares | |
Shares | |
Beginning balance (in shares) | shares | 743,950 |
Issued (in shares) | shares | 316,750 |
Vested (in shares) | shares | (187,111) |
Forfeited (in shares) | shares | (239,974) |
Ending balance (in shares) | shares | 633,615 |
Weighted Average Grant Date Fair Value | |
Unvested beginning balance (in dollars per share) | $ / shares | $ 23.07 |
Issued (in dollars per share) | $ / shares | 2.85 |
Vested (in dollars per share) | $ / shares | 26.81 |
Forfeitures (in dollars per shares) | $ / shares | 11.72 |
Unvested ending balance (in dollars per share) | $ / shares | $ 15.91 |
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, 2023 | |
Number of Shares | |
Beginning balance (in shares) | 8,838,028 |
Granted (in shares) | 2,925,941 |
Exercised (in shares) | (49,316) |
Canceled or forfeited (in shares) | (1,838,397) |
Ending balance (in shares) | 9,876,256 |
Number of shares exercisable (in shares) | 5,223,043 |
Vested and expected to vest (in shares) | 9,876,256 |
Weighted Average Exercise Price per Share | |
Beginning balance (in dollars per share) | $ 13.93 |
Granted (in dollars per share) | 2.78 |
Exercised (in dollars per share) | 2.07 |
Cancelled or forfeited (in dollars per share) | 12.78 |
Ending balance (in dollars per share) | 10.90 |
Exercisable (in dollars per share) | 12.59 |
Vested and expected to vest (in dollars per share) | $ 10.90 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |
Weighted average remaining contractual term outstanding | 7 years 11 months 19 days |
Weighted average remaining contractual term exercisable | 7 years 5 months 8 days |
Weighted average remaining contractual term vested and expected to vest | 7 years 11 months 19 days |
Aggregate intrinsic value exercised | $ 90 |
Aggregate intrinsic value outstanding | 222 |
Aggregate intrinsic value exercisable | 112 |
Aggregate intrinsic value vested and expected to vest | $ 222 |
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, 2023 | Sep. 30, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 4.35% | 3.57% |
Expected term (in years) | 6 years | 6 years |
Expected volatility | 90.01% | 88.30% |
Expected dividend yield | 0% | 0% |
Shares reserved for exercise of outstanding stock options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average grant-date fair value per share (in dollars per share) | $ 1.02 | $ 2.08 |
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 5,763 | $ 6,730 | $ 19,131 | $ 22,227 |
Research and development | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | 2,035 | 1,999 | 6,176 | 8,200 |
General and administrative | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total stock-based compensation expense | $ 3,728 | $ 4,731 | $ 12,955 | $ 14,027 |
Net Loss per Share - Summary of
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, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 10,671,584 | 9,997,016 | 10,671,584 | 9,997,016 |
Outstanding stock options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 9,876,256 | 9,159,415 | 9,876,256 | 9,159,415 |
Unvested restricted stock units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 633,615 | 789,419 | 633,615 | 789,419 |
Potential shares issuable under the 2020 ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities (in shares) | 161,713 | 48,182 | 161,713 | 48,182 |
Restructuring (Details)
Restructuring (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Restructuring Cost and Reserve [Line Items] | |
Remaining restructuring costs | $ 1 |
Research and Development | |
Restructuring Cost and Reserve [Line Items] | |
Remaining restructuring costs | $ 0.6 |
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | Research and development |
General and Administrative Expense | |
Restructuring Cost and Reserve [Line Items] | |
Remaining restructuring costs | $ 0.4 |
Restructuring, Incurred Cost, Statement of Income or Comprehensive Income [Extensible Enumeration] | General and administrative |