Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 08, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2,018 | |
Entity Registrant Name | resTORbio, Inc. | |
Entity Central Index Key | 1,720,580 | |
Trading Symbol | TORC | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 28,048,315 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 51,353,000 | $ 53,349,000 |
Marketable securities | 74,570,000 | 0 |
Prepaid expenses | 2,398,000 | 792,000 |
Deferred offering costs | 929,000 | |
Other current assets | 51,000 | 84,000 |
Total current assets | 128,372,000 | 55,154,000 |
Restricted cash | 84,000 | 0 |
Property and equipment, net | 324,000 | 39,000 |
Total assets | 128,780,000 | 55,193,000 |
Current liabilities: | ||
Accounts payable (including related party amounts of $37 and $32 as of June 30, 2018 and December 31, 2017, respectively) | 4,523,000 | 1,515,000 |
Accrued liabilities | 6,568,000 | 3,987,000 |
Funding advance | 500,000 | |
Total current liabilities | 11,591,000 | 5,502,000 |
Other liabilities | 25,000 | |
Total liabilities | 11,616,000 | 5,502,000 |
Commitments and contingencies (see Note 10) | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.0001 par value, 10,000,000 and no shares authorized as of June 30, 2018 and December 31, 2017, respectively; no shares issued and outstanding as of June 30, 2018 and December 31, 2017 | ||
Common stock, $0.0001 par value, 150,000,000 and 30,000,000 shares authorized as of June 30, 2018 and December 31, 2017, respectively; 28,048,315 and 5,659,089 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively; 28,046,315 and 4,562,640 shares vested as of June 30, 2018 and December 31, 2017, respectively | 3,000 | 1,000 |
Additional paid-in capital | 174,420,000 | 1,849,000 |
Accumulated deficit | (57,229,000) | (33,779,000) |
Accumulated other comprehensive loss | (30,000) | |
Total stockholders’ equity (deficit) | 117,164,000 | (31,929,000) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | $ 128,780,000 | 55,193,000 |
Series A Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock: | ||
Redeemable convertible preferred stock | 41,674,000 | |
Series B Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock: | ||
Redeemable convertible preferred stock | $ 39,946,000 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounts payable to related parties | $ 37 | $ 32 |
Preferred stock, shares authorized | 20,320,667 | |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 30,000,000 |
Common stock, shares issued | 28,048,315 | 5,659,089 |
Common stock, shares outstanding | 28,048,315 | 5,659,089 |
Common stock, shares vested | 28,046,315 | 4,562,640 |
Series A Redeemable Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 15,527,951 |
Preferred stock, shares issued | 0 | 15,527,951 |
Preferred stock, shares outstanding | 0 | 15,527,951 |
Series B Redeemable Convertible Preferred Stock | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 0 | 4,792,716 |
Preferred stock, shares issued | 0 | 4,792,716 |
Preferred stock, shares outstanding | 0 | 4,792,716 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Operating expenses: | ||||
Research and development | $ 11,845 | $ 3,420 | $ 19,951 | $ 6,714 |
General and administrative | 2,268 | 637 | 4,362 | 700 |
Total operating expenses | 14,113 | 4,057 | 24,313 | 7,414 |
Loss from operations | (14,113) | (4,057) | (24,313) | (7,414) |
Other income, net | 522 | 863 | ||
Loss before income taxes | (13,591) | (4,057) | (23,450) | (7,414) |
Net loss | $ (13,591) | $ (4,057) | $ (23,450) | $ (7,414) |
Net loss per share, basic and diluted | $ (0.48) | $ (0.94) | $ (0.95) | $ (2.09) |
Weighted-average common shares used in computing net loss per share, basic and diluted | 28,046,315 | 4,302,231 | 24,802,713 | 3,550,198 |
Other comprehensive loss: | ||||
Net loss | $ (13,591) | $ (4,057) | $ (23,450) | $ (7,414) |
Unrealized losses on marketable securities, net of income tax expense | (30) | (30) | ||
Comprehensive loss | $ (13,621) | $ (4,057) | $ (23,480) | $ (7,414) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities: | ||
Net loss | $ (23,450) | $ (7,414) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Amortization of discount on marketable securities | (57) | |
Depreciation and amortization expense | 31 | |
Stock-based compensation expense | 1,583 | 210 |
Expense related to acquisition of intellectual property (see Note 6) | 3,157 | |
Changes in operating assets and liabilities: | ||
Restricted cash | (84) | |
Prepaid expenses and other current assets | (1,573) | (532) |
Accounts payable | 3,119 | 2,247 |
Accrued liabilities | 2,819 | 193 |
Funding advance | 500 | |
Other liabilities | 25 | |
Net cash used in operating activities | (17,087) | (2,139) |
Investing activities: | ||
Purchases of property and equipment | (304) | (51) |
Purchases of marketable securities | (74,543) | |
Net cash used in investing activities | (74,847) | (51) |
Financing activities: | ||
Proceeds from issuance of Series A redeemable convertible preferred stock | 5,500 | |
Proceeds from initial public offering, net of issuance costs | 89,938 | |
Net cash provided by financing activities | 89,938 | 5,500 |
Net (decrease) increase in cash and cash equivalents | (1,996) | 3,310 |
Cash and cash equivalents at beginning of period | 53,349 | |
Cash and cash equivalents at end of period | 51,353 | $ 3,310 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Purchases of property and equipment included in accounts payable | 12 | |
Conversion of redeemable convertible preferred stock into common stock | $ 81,620 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization resTORbio, Inc. (collectively referred to with its wholly-owned, controlled subsidiary, resTORbio Securities Corp. as “resTORbio” or the “Company”) was incorporated in the State of Delaware on July 5, 2016. The Company is a clinical-stage biopharmaceutical company focused on the development and commercialization of novel therapeutics for the treatment of aging-related diseases and conditions. The Company’s principal operations are located in Boston, Massachusetts. Since inception, the Company has been primarily involved in research and development activities. The Company devotes substantially all of its efforts to product research and development, initial market development and raising capital. The Company has not generated any product revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other early stage companies, including dependence on key individuals, competition from other companies, the need for development of commercially viable products and the need to obtain adequate additional financing to fund the development of its product candidates. The Company is also subject to a number of risks similar to other companies in the life sciences industry, including regulatory approval of products, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third parties, product liability and dependence on key individuals. Reverse Stock Split On January 12, 2018, the Company effected a one-for-1.2804 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s redeemable convertible preferred stock (see Note 8). Accordingly, all share and per share amounts for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios. Initial Public Offering On January 30, 2018, the Company completed its initial public offering (“IPO”), whereby the Company sold 6,516,667 shares of its common stock (inclusive of 850,000 shares of common stock sold by the Company pursuant to the full exercise of an overallotment option granted to the underwriters in connection with the offering) at a price of $15.00 per share. The shares began trading on The Nasdaq Global Select Market on January 26, 2018. The aggregate net proceeds received by the Company from the offering were approximately $89.4 million, after deducting underwriting discounts and commissions and other offering expenses payable by the Company of $8.4 million. Upon the closing of the IPO, all outstanding shares of redeemable convertible preferred stock converted into 15,870,559 shares of common stock and all unvested shares of restricted stock automatically vested. Additionally, the Company is now authorized to issue 150,000,000 shares of common stock and 10,000,000 shares of preferred stock. Liquidity In the course of its development activities, the Company has sustained operating losses and expects such losses to continue over the next several years. The Company’s ultimate success depends on the outcome of its research and development activities. The Company has incurred net losses from operations since inception and has an accumulated deficit of $57.2 million as of June 30, 2018. On January 30, 2018, the Company completed its IPO whereby the Company sold 6,516,667 shares of its common stock for aggregate net proceeds of approximately $89.4 million. As of June 30, 2018, the Company had $125.9 million of cash, cash equivalents, and marketable securities, which the Company believes will be sufficient to fund the Company’s current operating plan through at least the next twelve months. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position as of June 30, 2018 and the results of operations and cash flows for the interim periods ended June 30, 2018 and 2017. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 that was filed with the Securities and Exchange Commission (“SEC”) on March 29, 2018 (the “2017 Form 10-K”). Interim results are not necessarily indicative of results for a full year or for any other interim period. The condensed consolidated financial statements include the accounts of resTORbio, Inc. and its wholly owned subsidiary, resTORbio Securities Corp. All inter-company transactions and balances have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, as of the date of the condensed consolidated financial statements, and the reported amounts of any expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accrued liabilities, income taxes, and stock-based compensation expense. Management bases its estimates on historical experience, and on various other market-specific relevant assumptions that management believes to be reasonable, under the circumstances. Actual results may differ from those estimates or assumptions. Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the condensed consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2017, and the notes thereto, which are included in the 2017 Form 10-K. There have been no material changes in the Company’s significant accounting policies during the three and six months ended June 30, 2018, except as noted below. Marketable securities The Company classifies marketable securities with remaining maturities when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current. Available-for-sale securities are maintained by investment managers and consist of U.S. treasury securities and U.S. government agency securities. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expensed over the life of the instrument. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other-than-temporary” and, if so, marks the investment to market through a change to the Company’s statement of operations and comprehensive loss. Restricted Cash The Company maintains a letter of credit for the benefit of the landlord in connection with the Company’s office lease. As of June 30, 2018 and December 31, 2017, restricted cash (non-current) consisted of $0.1 million and $0, respectively, held for the benefit of the landlord in connection with the Company’s office lease. Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The authoritative accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table summarizes assets measured at fair value on a recurring basis at June 30, 2018 (in thousands): Active Observable Unobservable June 30, Markets Inputs Inputs Description 2018 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 36,430 $ 36,430 $ — $ — U.S. treasury securities (included in cash and cash equivalents) 14,923 14,923 — — U.S. treasury securities (included in marketable securities) 74,570 74,570 — — Total $ 125,923 $ 125,923 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2017 (in thousands): Active Observable Unobservable December 31, Markets Inputs Inputs Description 2017 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 53,349 $ 53,349 $ — $ — Total $ 53,349 $ 53,349 $ — $ — Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of proceeds generated as a result of the offering. Should the planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. The Company recorded deferred offering costs of $0 and $0.9 million as of June 30, 2018 and December 31, 2017, respectively. Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Depreciation begins at the time the asset is placed in service. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statements of operations. The estimated useful lives of property and equipment are as follows: Useful Life (in years) Leasehold improvements Lesser of useful life or remaining lease term Laboratory and manufacturing equipment 2-8 years Computer equipment and software 1-5 years Furniture and Fixtures 3-5 years Office Equipment 3-5 years Software 3-5 years Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows In July 2017, the FASB issued ASU 2017-11, Accounting for Certain Financial Instruments with Down Round Features |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities As of June 30, 2018, the fair value of marketable securities by type of security was as follows (in thousands): Amortized Unrealized Unrealized Fair Description Cost Gains Losses Value U.S. government agency securities and treasuries $ 74,600 $ 30 74,570 Total $ 74,600 $ — $ 30 $ 74,570 The Company did not have any marketable securities as of December 31, 2017. The estimated fair value and amortized cost of the Company’s available-for-sale securities by contractual maturity are summarized as follows (in thousands): June 30, 2018 Amortized Fair Cost Value Due in one year or less $ 74,600 74,570 Total $ 74,600 $ 74,570 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and equipment, net Property and equipment, net consists of the following: June 30, 2018 December 31, 2017 (In thousands) Leasehold improvements $ 65 $ — Machinery and equipment 38 38 Furniture and fixtures 171 — Computers 55 6 Office equipment 9 — Software 22 — Total property and equipment 360 44 Less: accumulated depreciation (36 ) (5 ) Property and equipment, net $ 324 $ 39 Depreciation expense was $31,000 and $0 for the six months ended June 30, 2018 and 2017, respectively. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: June 30, 2018 December 31, 2017 (In thousands) Accrued payroll and related expenses $ 497 $ 394 Accrued research and development expenses 5,866 3,250 Deferred offering costs — 238 Other 205 105 Total accrued liabilities $ 6,568 $ 3,987 |
License Agreements
License Agreements | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License Agreements | 6. License Agreements Novartis License Agreement On March 23, 2017, the Company entered into an exclusive license agreement with Novartis International Pharmaceutical Ltd. (“Novartis”). Under the agreement, Novartis granted the Company an exclusive, field-restricted, worldwide license, to certain intellectual property rights owned or controlled by Novartis, to develop, commercialize and sell one or more therapeutic products comprising RTB101 or RTB101 in combination with everolimus in a fixed dose combination. The exclusive field under the license agreement is for the treatment, prevention and diagnosis of disease and other conditions in all indications in humans and animals. As initial consideration for the licensed rights, the Company issued Novartis Institutes for Biomedical Research (“NIBR”) 2,587,992 shares of the Company’s Series A Preferred Stock. The fair value of the Novartis license was $3.2 million based on the fair value of the Series A Preferred Stock which was determined to be $1.22 per share based on an independent third-party valuation, and is recorded as research and development expenses in the consolidated statements of operations. The agreement may be terminated by either party upon a material breach by the other party that is not cured within 60 days after written notice. The Company may terminate the agreement in its entirety or on a product-by-product or country-by-country basis with or without cause with 60 days’ prior written notice. Novartis may terminate the portion of the agreement related to everolimus if the Company fails to use commercially reasonable efforts to research, develop and commercialize a product utilizing everolimus for a period of three years. Novartis may terminate the license agreement upon the Company’s bankruptcy, insolvency, dissolution or winding up. As additional consideration for the license, the Company is required to pay up to an aggregate of $4.3 million upon the satisfaction of clinical milestones, up to an aggregate of $24 million upon the satisfaction of regulatory milestones for the first indication approved, and up to an aggregate of $18 million upon the satisfaction of regulatory milestones for the second indication approved. In addition, the Company is required to pay up to an aggregate of $125 million upon the satisfaction of commercial milestones, based on the amount of annual net sales. The Company is also required to pay tiered royalties ranging from a mid single-digit percentage to a low teen-digit percentage on annual net sales of products. These royalty obligations last on a product-by-product and country-by-country basis until the latest of (i) the expiration of the last valid claim of a Novartis patent covering a subject product, (ii) the expiration of any regulatory exclusivity for the subject product in a country, or (iii) the 10 th th Milestone payments to Novartis will be recorded as research and development expenses in the consolidated statements of operations once achievement of each associated milestone has occurred or the achievement is considered probable. In May 2017, the Company initiated a Phase 2b clinical trial for a first indication, triggering the first milestone payment under the agreement. Accordingly, the Company paid the related $0.3 million milestone in May 2017. As of June 30, 2018, none of the remaining development milestones, regulatory milestones, sales milestones, or royalties had been reached or were probable of achievement. |
Research Funding Agreements
Research Funding Agreements | 6 Months Ended |
Jun. 30, 2018 | |
Research Funding Agreement [Abstract] | |
Research Funding Agreement | 7. Research Funding Agreement On March 6, 2018, the Company and the Silverstein Foundation for Parkinson’s with GBA (the “Silverstein Foundation”) entered into a research funding agreement (the “Funding Agreement”). One of the Company’s directors is a co-founder and current trustee of the Silverstein Foundation. Under the terms of the Funding Agreement, the Silverstein Foundation will partially fund the preclinical research, development work, and Phase 2 clinical trial expenses (the “Research”) to be conducted and borne by the Company in connection with the development of RTB101 product, alone or in combination with other products (the “Product”). Upon execution of the Funding Agreement, the Silverstein Foundation paid the Company an upfront sum of $0.5 million (the “Funding Amount”). The Company is entitled to use the Funding Amount solely to conduct the Research and is obligated to repay the Funding Amount in full to the Silverstein Foundation if it successfully conducts a positive Phase 3 clinical trial of the Product for Parkinson’s Disease. The Company is solely responsible for commencing and conducting the Research and will furnish periodic progress updates to the Silverstein Foundation throughout the term of the Funding Agreement. After completing the Research, the Company must provide the Silverstein Foundation with a formal report describing the work performed and the results of the Research. The Company recognizes proceeds received from the Silverstein Foundation as a reduction to research and development expenses, rather than as revenue, in the condensed consolidated statements of operations because the corresponding Funding Agreement does not contain specified performance obligations other than to conduct research on a particular program or in a particular field and contain no obligations to deliver specified products or technology. For funds received under the agreement with the Silverstein Foundation, the Company recognizes a reduction in research and development expenses in an amount equal to the qualifying expenses incurred in each period, up to the amount funded by the Silverstein Foundation. Funding that has been received by the Company in advance of incurring qualifying expenses is recorded in the condensed consolidated balance sheet as funding advance. As of June 30, 2018, no qualifying expenses have been incurred. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock and Common Stock | 6 Months Ended |
Jun. 30, 2018 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock and Common Stock | 8. Redeemable Convertible Preferred Stock and Common Stock As of June 30, 2018, the Company had 10,000,000 shares of preferred stock authorized and none issued and outstanding. As of December 31, 2017, the Company had 20,320,667 shares of preferred stock authorized, of which 15,527,951 shares were issued and outstanding and were designated as $0.0001 par value Series A Preferred Stock and 4,792,716 shares were issued and outstanding and were designated as $0.0001 par value Series B Preferred Stock. Upon completion of the Company’s initial public offering in January 2018, all the outstanding preferred stock of the Company automatically converted into 15,870,559 shares of the Company’s common stock. As of June 30, 2018, no shares of preferred stock were outstanding. Reserve for future issuance The Company has reserved the following number of shares of common stock for future issuance upon the conversion of preferred stock, exercise of options or grant of equity awards: June 30, 2018 December 31, 2017 Redeemable convertible preferred stock, on an as-converted basis — 15,870,559 Options issued and outstanding 752,850 195,668 Unvested restricted stock units 24,960 — Options available for future grants 1,727,438 1,670,341 Shares available for issuance under the 2018 ESPP 275,030 — Total 2,780,278 17,736,568 On January 12, 2018, the Company effected a one-for-1.2804 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s preferred stock (see Note 1). |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-based Compensation In 2017, the Company adopted the 2017 Stock Incentive Plan (the “2017 Plan”). Under the 2017 Plan, a total of 537,914 shares of the Company’s common stock have been reserved for the issuance of stock options to employees, directors, and consultants under terms and provisions established by the Board of Directors (the “Board”). In connection with the Company’s IPO, the Board adopted and the Company’s stockholders approved the 2018 Stock Incentive Plan (“2018 Plan”), which became effective on the date immediately preceding the date on which the Company’s registration statement became effective. The 2018 Plan provides for the grant of incentive stock options, nonstatutory stock options, restricted stock awards, restricted stock units, stock appreciation rights, and other stock-based awards. The Company’s employees, officers, directors, consultants and advisors are eligible to receive awards under the 2018 Plan. The number of shares of common stock that are reserved for issuance under the 2018 Plan are 2,200,260 shares. The 2018 Plan provides that the number of shares reserved and available for issuance under the plan will automatically increase each January 1, beginning on January 1, 2019, by 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board. Since the effectiveness of the 2018 Plan, the Company will not grant any further awards under the 2017 Plan. However, any shares of common stock subject to awards under the 2017 Plan that expire, terminate, or otherwise are surrendered, canceled, forfeited or repurchased without having been fully exercised or resulting in any common stock being issued will become available for issuance under the 2018 Plan. Stock-based Compensation Expense Total stock-based compensation expense is recognized for stock options granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 101 $ 43 $ 726 $ 105 General and administrative 301 42 857 105 Total stock-based compensation expense $ 402 $ 85 $ 1,583 $ 210 Stock Options The following table summarizes stock option activity under the Plans: Shares Available for Grant Number of Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contract Term Aggregate Intrinsic Value (In thousands) Outstanding, December 31, 2017 1,670,341 195,668 $ 4.49 9.67 Shares reserved for issuance 641,239 Options granted (1) (557,182 ) 557,182 13.72 Restricted stock granted (2,000 ) Restricted stock units granted (24,960 ) Outstanding, June 30, 2018 1,727,438 752,850 11.32 9.50 $ 966 Exercisable, June 30, 2018 — — Vested and expected to vest, June 30, 2018 752,850 11.32 9.50 $ 966 (1) The Company granted 7,200 stock options to non-employees during the six months ended June 30, 2018. The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the options and the fair value of the Company’s common stock as of June 30, 2018. No options were exercised, cancelled or forfeited during the six months ended June 30, 2018. During the six months ended June 30, 2018, the Company granted options to employees and directors to purchase an aggregate of 549,982 common shares with a weighted-average grant date fair value of $9.32 per share. During the six months ended June 30, 2018, the Company granted options to non-employees to purchase an aggregate of 7,200 common shares with a weighted-average grant date fair value of $12.51 per share. The expense related to options granted to employees and directors for the three and six months ended June 30, 2018 was $0.4 million and $0.7 million, respectively. The expense related to options granted to non-employees for the three and six months ended June 30, 2018 was $24,000 and $27,000, respectively. During the six months ended June 30, 2017, the Company granted options to employees to purchase an aggregate of 64,460 common shares at a weighted-average grant date fair value of $0.53 per share. During the six months ended June 30, 2017, the Company granted options to non-employees to purchase an aggregate of 37,488 common shares at a weighted-average grant date fair value of $0.62 per share. There was no expense related to options granted to employees and non-employees for the three and six months ended June 30, 2017. As of June 30, 2018, the total unrecognized compensation expense related to unvested employee options was $5.1 million, which the Company expects to recognize over an estimated weighted-average period of 3.49 years. As of June 30, 2018, the total unrecognized compensation expense related to unvested non-employee options was $0.2 million, which the Company expects to recognize over an estimated weighted-average period of 3.15 years. The fair value of stock options for employees and non-employees was estimated using a Black-Scholes option pricing model with the following assumptions: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Employees: Fair value of common stock $8.57 - $9.91 $8.57 - $15.45 Expected term (in years) 6.6 5.8 - 6.6 Expected volatility 77.4% - 77.7% 76.1% - 77.7% Risk-free interest rate 2.6% - 2.8% 2.4% - 2.8% Expected dividend yield 0.0% 0.0% Non-employees: Fair value of common stock — $ 15.45 Expected term (in years) — 10.0 Expected volatility — 77.9% Risk-free interest rate — 2.7% Expected dividend yield — 0.0% Restricted Stock On July 11, 2016, certain founders purchased 3,772,726 common shares that were subject to a repurchase right upon termination or cessation of services at the original purchase price of $0.0001 per share, or $483. The repurchase right lapsed as vesting occurred. Compensation expense of such unvested shares was remeasured at fair value until vested at each reporting date. On April 4, 2017, the non-employee directors became employees of the Company and as a result, compensation expense of the unvested shares was remeasured at fair value and fixed and was being recognized over the remaining vesting period. Upon the closing of the Series A preferred financing, a portion of the unvested shares accelerated and vested in full. Upon the Company’s IPO, the remaining unvested shares accelerated and vested in full. On April 17, 2018, the Company granted 2,000 shares of restricted stock to a consultant. The restrictions will lapse in four equal quarterly installments and will be fully vested on the first anniversary of such grant. Compensation expenses of such unvested shares will be remeasured at fair value until vested at each reporting date. The summary of restricted stock activity and related information follows: Number of Restricted Shares Outstanding Unvested shares — December 31, 2017 1,096,449 Granted 2,000 Vested (1,096,449 ) Unvested shares — June 30, 2018 2,000 The Company recognized $10,000, $85,000, $0.9 million and $0.2 million of stock-based compensation expense related to restricted shares during the three and six months ended June 30, 2018 and 2017, respectively. As of June 30, 2018, there was $15,000 of unrecognized stock-based compensation expense related to unvested restricted stock. This amount is expected to be recognized over a remaining weighted-average period of 0.80 years. Restricted Stock Units During the three and six months ended June 30, 2018, the Company granted 24,960 restricted stock units to an employee with a weighted-average grant date fair value of $9.03 per share. The summary of restricted stock unit activity and related information follows: Number of Restricted Stock Units Outstanding Unvested shares — December 31, 2017 — Granted 24,960 Unvested shares — June 30, 2018 24,960 The Company recognized $6,000 of stock-based compensation expense related to restricted stock units during the three and six months ended June 30, 2018. As of June 30, 2018, there was $0.2 million of unrecognized stock-based compensation expense related to unvested restricted stock units. This amount is expected to be recognized over a remaining weighted-average period of 3.89 years. There were no restricted stock units granted to employees or non-employees during the three and six months ended June 30, 2017. 2018 Employee Stock Purchase Plan The Board adopted and the Company’s stockholders approved the 2018 Employee Stock Purchase Plan (“2018 ESPP”), which became effective on the date immediately preceding the date on which the Company’s registration statement became effective. The 2018 ESPP enables eligible employees to purchase shares of the Company’s Common Stock at a discount. The number of shares of common stock that are reserved for issuance under the 2018 ESPP are 275,030 shares. The 2018 ESPP provides that the number of shares reserved and available for issuance will automatically increase each January 1, beginning on January 1, 2019 and increasing each January 1 thereafter through January 1, 2028, by the least of (i) 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31; (ii) 543,926 shares or (iii) such number of shares as determined by the ESPP administrator. |
Commitments and Contingences
Commitments and Contingences | 6 Months Ended |
Jun. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingences | 10. Commitments and Contingences Litigation The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities as of June 30, 2018 and December 31, 2017. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 11. Net Loss per Share The Company computes basic and diluted earnings (losses) per share using a methodology that gives effect to the impact of outstanding participating securities (the “two-class” method). Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period and excludes any dilutive effects of share-based awards. Diluted net loss per share is computed giving effect to all potential dilutive common shares, including common stock issuable upon exercise of stock options, convertible preferred stock, and unvested restricted common stock. As the Company had net losses for the three and six months ended June 30, 2018 and 2017, there is no income allocation required under the two-class method or dilution attributed to weighted average shares outstanding in the calculation of diluted loss per share. The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive effect (in common stock equivalent shares): As of June 30, 2018 2017 Redeemable convertible preferred stock — 4,244,598 Options issued and outstanding 752,850 — Total 752,850 4,244,598 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 12. Related Party Transactions Since the Company’s incorporation in July 2016, the Company has engaged in transactions with related parties. The Company is a party to an intellectual property license agreement with Novartis. In addition, NIBR is a shareholder of the Company (See Note 6). No payments have been made to Novartis during the three and six months ended June 30, 2018. During the three and six months ended June 30, 2017, the Company made payments to Novartis for milestones achieved pursuant to the license agreement. The Company is a party to a Funding Agreement with the Silverstein Foundation, an entity in which one of the Company’s directors is a co-founder and current trustee (See Note 7). The Company received $0 and $0.5 million from the Silverstein Foundation during the three and six months ended June 30, 2018, respectively. No funds were received during the three and six months ended June 30, 2017. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and, in the opinion of management, reflect all adjustments of a normal recurring nature necessary for a fair statement of the Company's financial position as of June 30, 2018 and the results of operations and cash flows for the interim periods ended June 30, 2018 and 2017. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 that was filed with the Securities and Exchange Commission (“SEC”) on March 29, 2018 (the “2017 Form 10-K”). Interim results are not necessarily indicative of results for a full year or for any other interim period. The condensed consolidated financial statements include the accounts of resTORbio, Inc. and its wholly owned subsidiary, resTORbio Securities Corp. All inter-company transactions and balances have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities, as of the date of the condensed consolidated financial statements, and the reported amounts of any expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accrued liabilities, income taxes, and stock-based compensation expense. Management bases its estimates on historical experience, and on various other market-specific relevant assumptions that management believes to be reasonable, under the circumstances. Actual results may differ from those estimates or assumptions. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies The significant accounting policies and estimates used in the preparation of the condensed consolidated financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2017, and the notes thereto, which are included in the 2017 Form 10-K. There have been no material changes in the Company’s significant accounting policies during the three and six months ended June 30, 2018, except as noted below. |
Marketable Securities | Marketable securities The Company classifies marketable securities with remaining maturities when purchased of greater than three months as available-for-sale. Marketable securities with a remaining maturity date greater than one year are classified as non-current. Available-for-sale securities are maintained by investment managers and consist of U.S. treasury securities and U.S. government agency securities. Available-for-sale securities are carried at fair value with the unrealized gains and losses included in other comprehensive income (loss) as a component of stockholders’ equity until realized. Any premium or discount arising at purchase is amortized and/or accreted to interest income and/or expensed over the life of the instrument. If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other-than-temporary” and, if so, marks the investment to market through a change to the Company’s statement of operations and comprehensive loss. |
Restricted Cash | Restricted Cash The Company maintains a letter of credit for the benefit of the landlord in connection with the Company’s office lease. As of June 30, 2018 and December 31, 2017, restricted cash (non-current) consisted of $0.1 million and $0, respectively, held for the benefit of the landlord in connection with the Company’s office lease. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. The authoritative accounting guidance describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value, of which the first two are considered observable and the last is considered unobservable. These levels of inputs are as follows: Level 1—Observable inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs (other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities in markets that are not active. Level 3—Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table summarizes assets measured at fair value on a recurring basis at June 30, 2018 (in thousands): Active Observable Unobservable June 30, Markets Inputs Inputs Description 2018 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 36,430 $ 36,430 $ — $ — U.S. treasury securities (included in cash and cash equivalents) 14,923 14,923 — — U.S. treasury securities (included in marketable securities) 74,570 74,570 — — Total $ 125,923 $ 125,923 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2017 (in thousands): Active Observable Unobservable December 31, Markets Inputs Inputs Description 2017 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 53,349 $ 53,349 $ — $ — Total $ 53,349 $ 53,349 $ — $ — |
Deferred Offering Costs | Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of proceeds generated as a result of the offering. Should the planned equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the consolidated statements of operations. The Company recorded deferred offering costs of $0 and $0.9 million as of June 30, 2018 and December 31, 2017, respectively. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets. Depreciation begins at the time the asset is placed in service. Maintenance and repairs that do not improve or extend the lives of the respective assets are expensed to operations as incurred. Upon sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting gain or loss is reflected in the consolidated statements of operations. The estimated useful lives of property and equipment are as follows: Useful Life (in years) Leasehold improvements Lesser of useful life or remaining lease term Laboratory and manufacturing equipment 2-8 years Computer equipment and software 1-5 years Furniture and Fixtures 3-5 years Office Equipment 3-5 years Software 3-5 years |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU 2017-09, Compensation—Stock Compensation |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases In November 2016, the FASB issued ASU 2016-18, Statement of Cash Flows In July 2017, the FASB issued ASU 2017-11, Accounting for Certain Financial Instruments with Down Round Features |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Summary of Assets Measured at Fair Value on Recurring Basis | The following table summarizes assets measured at fair value on a recurring basis at June 30, 2018 (in thousands): Active Observable Unobservable June 30, Markets Inputs Inputs Description 2018 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 36,430 $ 36,430 $ — $ — U.S. treasury securities (included in cash and cash equivalents) 14,923 14,923 — — U.S. treasury securities (included in marketable securities) 74,570 74,570 — — Total $ 125,923 $ 125,923 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2017 (in thousands): Active Observable Unobservable December 31, Markets Inputs Inputs Description 2017 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 53,349 $ 53,349 $ — $ — Total $ 53,349 $ 53,349 $ — $ — |
Schedule of Estimated Useful Lives of Property and Equipment | The estimated useful lives of property and equipment are as follows: Useful Life (in years) Leasehold improvements Lesser of useful life or remaining lease term Laboratory and manufacturing equipment 2-8 years Computer equipment and software 1-5 years Furniture and Fixtures 3-5 years Office Equipment 3-5 years Software 3-5 years |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Fair Value Marketable Securities By Type of Security | As of June 30, 2018, the fair value of marketable securities by type of security was as follows (in thousands): Amortized Unrealized Unrealized Fair Description Cost Gains Losses Value U.S. government agency securities and treasuries $ 74,600 $ 30 74,570 Total $ 74,600 $ — $ 30 $ 74,570 |
Schedule of Fair Value and Amortized Cost of Company's Available-for-Sale Securities by Contractual Maturity | The estimated fair value and amortized cost of the Company’s available-for-sale securities by contractual maturity are summarized as follows (in thousands): June 30, 2018 Amortized Fair Cost Value Due in one year or less $ 74,600 74,570 Total $ 74,600 $ 74,570 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following: June 30, 2018 December 31, 2017 (In thousands) Leasehold improvements $ 65 $ — Machinery and equipment 38 38 Furniture and fixtures 171 — Computers 55 6 Office equipment 9 — Software 22 — Total property and equipment 360 44 Less: accumulated depreciation (36 ) (5 ) Property and equipment, net $ 324 $ 39 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consist of the following: June 30, 2018 December 31, 2017 (In thousands) Accrued payroll and related expenses $ 497 $ 394 Accrued research and development expenses 5,866 3,250 Deferred offering costs — 238 Other 205 105 Total accrued liabilities $ 6,568 $ 3,987 |
Redeemable Convertible Prefer23
Redeemable Convertible Preferred Stock and Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Number of Shares of Common Stock Reserved for Future Issuance | The Company has reserved the following number of shares of common stock for future issuance upon the conversion of preferred stock, exercise of options or grant of equity awards: June 30, 2018 December 31, 2017 Redeemable convertible preferred stock, on an as-converted basis — 15,870,559 Options issued and outstanding 752,850 195,668 Unvested restricted stock units 24,960 — Options available for future grants 1,727,438 1,670,341 Shares available for issuance under the 2018 ESPP 275,030 — Total 2,780,278 17,736,568 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | Total stock-based compensation expense is recognized for stock options granted to employees and non-employees and has been reported in the Company’s consolidated statements of operations as follows: Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Research and development $ 101 $ 43 $ 726 $ 105 General and administrative 301 42 857 105 Total stock-based compensation expense $ 402 $ 85 $ 1,583 $ 210 |
Summary of Stock Option Activity | The following table summarizes stock option activity under the Plans: Shares Available for Grant Number of Options Outstanding Weighted- Average Exercise Price per Option Weighted- Average Remaining Contract Term Aggregate Intrinsic Value (In thousands) Outstanding, December 31, 2017 1,670,341 195,668 $ 4.49 9.67 Shares reserved for issuance 641,239 Options granted (1) (557,182 ) 557,182 13.72 Restricted stock granted (2,000 ) Restricted stock units granted (24,960 ) Outstanding, June 30, 2018 1,727,438 752,850 11.32 9.50 $ 966 Exercisable, June 30, 2018 — — Vested and expected to vest, June 30, 2018 752,850 11.32 9.50 $ 966 (1) The Company granted 7,200 stock options to non-employees during the six months ended June 30, 2018. |
Schedule of Assumptions to Estimate Fair Value of Stock Options for Employees and Non-Employees Using Black-Scholes Option Pricing Model | The fair value of stock options for employees and non-employees was estimated using a Black-Scholes option pricing model with the following assumptions: Three Months Ended June 30, 2018 Six Months Ended June 30, 2018 Employees: Fair value of common stock $8.57 - $9.91 $8.57 - $15.45 Expected term (in years) 6.6 5.8 - 6.6 Expected volatility 77.4% - 77.7% 76.1% - 77.7% Risk-free interest rate 2.6% - 2.8% 2.4% - 2.8% Expected dividend yield 0.0% 0.0% Non-employees: Fair value of common stock — $ 15.45 Expected term (in years) — 10.0 Expected volatility — 77.9% Risk-free interest rate — 2.7% Expected dividend yield — 0.0% |
Summary of Restricted Stock Activity | The summary of restricted stock activity and related information follows: Number of Restricted Shares Outstanding Unvested shares — December 31, 2017 1,096,449 Granted 2,000 Vested (1,096,449 ) Unvested shares — June 30, 2018 2,000 |
Summary of Restricted Stock Units Activity | The summary of restricted stock unit activity and related information follows: Number of Restricted Stock Units Outstanding Unvested shares — December 31, 2017 — Granted 24,960 Unvested shares — June 30, 2018 24,960 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following potentially dilutive securities have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive effect (in common stock equivalent shares): As of June 30, 2018 2017 Redeemable convertible preferred stock — 4,244,598 Options issued and outstanding 752,850 — Total 752,850 4,244,598 |
Organization - Additional Infor
Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jan. 30, 2018 | Jan. 12, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Entity incorporation date | Jul. 5, 2016 | |||
Reverse stock split effective date | Jan. 12, 2018 | |||
Reverse stock split description | one-for-1.2804 | one-for-1.2804 | ||
Net proceeds received from offering | $ 89,938 | |||
Common stock, shares authorized | 150,000,000 | 30,000,000 | ||
Preferred stock, shares authorized | 10,000,000 | 0 | ||
Accumulated deficit | $ 57,229 | $ 33,779 | ||
Cash, cash equivalents and marketable securities | $ 125,900 | |||
Initial Public Offering | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Number of common stock shares sold | 6,516,667 | |||
Issuance price per shares | $ 15 | |||
Net proceeds received from offering | $ 89,400 | |||
Payments for initial public offering after deducting underwriting discounts and commissions and other offering expenses | $ 8,400 | |||
Convertible preferred stock converted into common stock | 15,870,559 | |||
Common stock, shares authorized | 150,000,000 | |||
Preferred stock, shares authorized | 10,000,000 | |||
Over-allotment Option | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Number of common stock shares sold | 850,000 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Restricted cash (non-current) | $ 84 | $ 0 |
Deferred offering costs | $ 0 | $ 900 |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Summary of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 125,923 | $ 53,349 |
Money Market Funds | Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 36,430 | 53,349 |
U.S. Treasury Securities | Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 14,923 | |
U.S. Treasury Securities | Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 74,570 | |
Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 125,923 | 53,349 |
Active Markets (Level 1) | Money Market Funds | Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 36,430 | $ 53,349 |
Active Markets (Level 1) | U.S. Treasury Securities | Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | 14,923 | |
Active Markets (Level 1) | U.S. Treasury Securities | Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total | $ 74,570 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property and Equipment (Details) | 6 Months Ended |
Jun. 30, 2018 | |
Laboratory and Manufacturing Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 2 years |
Laboratory and Manufacturing Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 8 years |
Computer Equipment and Software | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 1 year |
Computer Equipment and Software | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | Lesser of useful life or remaining lease term |
Furniture and Fixtures | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Furniture and Fixtures | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Office Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Office Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Software | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 3 years |
Software | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful lives of property and equipment | 5 years |
Marketable Securities - Schedul
Marketable Securities - Schedule of Fair Value Marketable Securities By Type of Security (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 74,600 |
Unrealized Losses | 30 |
Fair Value | 74,570 |
U.S. Government Agency Securities and Treasuries | |
Marketable Securities [Line Items] | |
Amortized Cost | 74,600 |
Unrealized Losses | 30 |
Fair Value | $ 74,570 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Investments Debt And Equity Securities [Abstract] | ||
Marketable securities | $ 74,570,000 | $ 0 |
Marketable Securities - Sched32
Marketable Securities - Schedule of Fair Value and Amortized Cost of Company's Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due in one year or less, Amortized Cost | $ 74,600 |
Amortized Cost | 74,600 |
Due in one year or less, Fair Value | 74,570 |
Fair Value | $ 74,570 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 360 | $ 44 |
Less: accumulated depreciation | (36) | (5) |
Property and equipment, net | 324 | 39 |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 38 | 38 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 65 | |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 171 | |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 55 | $ 6 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 9 | |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 22 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 31,000 | $ 0 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Accrued payroll and related expenses | $ 497 | $ 394 |
Accrued research and development expenses | 5,866 | 3,250 |
Deferred offering costs | 238 | |
Other | 205 | 105 |
Total accrued liabilities | $ 6,568 | $ 3,987 |
License Agreements - Additional
License Agreements - Additional Information (Details) - Novartis International Pharmaceutical Ltd. - License Agreement - USD ($) | 1 Months Ended | 6 Months Ended | |
May 31, 2017 | Jun. 30, 2018 | Mar. 23, 2017 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
License agreement termination description | The agreement may be terminated by either party upon a material breach by the other party that is not cured within 60 days after written notice. The Company may terminate the agreement in its entirety or on a product-by-product or country-by-country basis with or without cause with 60 days’ prior written notice. | ||
Milestone payment | $ 300,000 | ||
Maximum | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Aggregate amount payable upon satisfaction of clinical milestones | $ 4,300,000 | ||
Aggregate amount payable upon satisfaction of regulatory milestones for first indication approved | 24,000,000 | ||
Aggregate amount payable upon satisfaction of regulatory milestones for second indication approved | 18,000,000 | ||
Aggregate amount payable upon satisfaction of commercial milestones | $ 125,000,000 | ||
Series A Preferred Stock | |||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||
Shares issued | 2,587,992 | ||
Fair value of license agreement | $ 3,200,000 | ||
Fair value of shares issued | $ 1.22 |
Research Funding Agreement - Ad
Research Funding Agreement - Additional Information (Details) - Silverstein Foundation - Funding Agreement - USD ($) | Mar. 06, 2018 | Jun. 30, 2018 |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Upfront sum of funding amount | $ 500,000 | |
Qualifying expenses | $ 0 |
Redeemable Convertible Prefer38
Redeemable Convertible Preferred Stock and Common Stock - Additional Information (Details) | Jan. 12, 2018 | Jun. 30, 2018$ / sharesshares | Jan. 31, 2018shares | Jan. 30, 2018shares | Dec. 31, 2017$ / sharesshares |
Temporary Equity [Line Items] | |||||
Preferred stock, shares authorized | 10,000,000 | 0 | |||
Preferred stock, shares authorized | 20,320,667 | ||||
Preferred stock, shares issued | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | |||
Reverse stock split description | one-for-1.2804 | one-for-1.2804 | |||
Reverse stock split ratio | 0.781 | ||||
Initial Public Offering | |||||
Temporary Equity [Line Items] | |||||
Preferred stock, shares authorized | 10,000,000 | ||||
Convertible preferred stock converted into common stock | 15,870,559 | ||||
Initial Public Offering | Common Stock | |||||
Temporary Equity [Line Items] | |||||
Convertible preferred stock converted into common stock | 15,870,559 | ||||
Series A Redeemable Convertible Preferred Stock | |||||
Temporary Equity [Line Items] | |||||
Preferred stock, shares authorized | 0 | 15,527,951 | |||
Preferred stock, shares issued | 0 | 15,527,951 | |||
Preferred stock, shares outstanding | 0 | 15,527,951 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | |||
Series B Redeemable Convertible Preferred Stock | |||||
Temporary Equity [Line Items] | |||||
Preferred stock, shares authorized | 0 | 4,792,716 | |||
Preferred stock, shares issued | 0 | 4,792,716 | |||
Preferred stock, shares outstanding | 0 | 4,792,716 | |||
Preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 |
Redeemable Convertible Prefer39
Redeemable Convertible Preferred Stock and Common Stock -Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares | Jun. 30, 2018 | Dec. 31, 2017 |
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 2,780,278 | 17,736,568 |
Redeemable Convertible Preferred Stock, on an as-converted Basis | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 15,870,559 | |
Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 752,850 | 195,668 |
Unvested Restricted Stock Units | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 24,960 | |
Options Available for Future Grants | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 1,727,438 | 1,670,341 |
Shares Available for Issuance under the 2018 ESPP | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 275,030 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) | Apr. 17, 2018Installmentshares | Nov. 29, 2017shares | Oct. 11, 2017shares | Jul. 11, 2016USD ($)$ / sharesshares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)shares | Jun. 30, 2018USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Recognized stock-based compensation expense | $ | $ 1,583,000 | $ 210,000 | ||||||
Options Issued and Outstanding | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of options exercised | 0 | |||||||
Number of options cancelled or forfeited | 0 | |||||||
Options granted, Number of Options | 557,182 | |||||||
Options Issued and Outstanding | Employees and Directors | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Option granted | 549,982 | |||||||
Weighted-average grant date fair value of options granted | $ / shares | $ 9.32 | |||||||
Expense related to options granted | $ | $ 400,000 | $ 700,000 | ||||||
Options Issued and Outstanding | Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Weighted-average grant date fair value of options granted | $ / shares | $ 0.53 | |||||||
Expense related to options granted | $ | $ 0 | $ 0 | ||||||
Options granted, Number of Options | 64,460 | |||||||
Unrecognized compensation expense | $ | 5,100,000 | $ 5,100,000 | ||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 3 years 5 months 26 days | |||||||
Options Issued and Outstanding | Non-employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Option granted | 7,200 | |||||||
Weighted-average grant date fair value of options granted | $ / shares | $ 12.51 | $ 0.62 | ||||||
Expense related to options granted | $ | 24,000 | 0 | $ 27,000 | $ 0 | ||||
Options granted, Number of Options | 7,200 | 37,488 | ||||||
Unrecognized compensation expense | $ | 200,000 | $ 200,000 | ||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 3 years 1 month 24 days | |||||||
Restricted Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 9 months 18 days | |||||||
Shares granted | 2,000 | 2,000 | ||||||
Number of quarterly installment in which restriction lapse | Installment | 4 | |||||||
Recognized stock-based compensation expense | $ | 10,000 | $ 85,000 | $ 900,000 | $ 200,000 | ||||
Unrecognized stock-based compensation expense | $ | 15,000 | $ 15,000 | ||||||
Restricted Stock | Common Stock | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common shares issued, subject to repurchase right upon termination or cessation of service | 3,772,726 | |||||||
Issuance price per shares | $ / shares | $ 0.0001 | |||||||
Common shares issued, value | $ | $ 483 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 3 years 10 months 20 days | |||||||
Shares granted | 24,960 | |||||||
Recognized stock-based compensation expense | $ | 6,000 | $ 6,000 | ||||||
Unrecognized stock-based compensation expense | $ | $ 200,000 | $ 200,000 | ||||||
Restricted Stock Units (RSUs) | Employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares granted | 24,960 | 0 | 24,960 | 0 | ||||
Weighted-average grant date fair value | $ / shares | $ 9.03 | $ 9.03 | ||||||
Restricted Stock Units (RSUs) | Non-employees | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares granted | 0 | 0 | ||||||
2017 Stock Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares reserved for issuance | 630,662 | 537,914 | 537,914 | 537,914 | ||||
Number of additional shares reserved for issuance | 1,866,009 | 630,662 | ||||||
2017 Stock Incentive Plan | Maximum | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Terms of stock based options granted | 10 years | |||||||
2018 Stock Incentive Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares reserved for issuance | 2,200,260 | 2,200,260 | ||||||
Percentage of additional shares added on outstanding shares | 4.00% | |||||||
2018 Employee Stock Purchase Plan | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares reserved for issuance | 275,030 | 275,030 | ||||||
Number of additional shares reserved for issuance | 543,926 | |||||||
Percentage of additional shares added on outstanding shares | 1.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - Employees And Non Employees - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 402 | $ 85 | $ 1,583 | $ 210 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 101 | 43 | 726 | 105 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 301 | $ 42 | $ 857 | $ 105 |
Stock-Based Compensation - Su42
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Options Issued and Outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, beginning, Shares Available for Grant | 1,670,341 | |
Shares reserved for issuance, Shares Available for Grant | 641,239 | |
Options granted, Shares Available for Grant | (557,182) | |
Outstanding, ending, Shares Available for Grant | 1,727,438 | 1,670,341 |
Outstanding, beginning, Number of Options | 195,668 | |
Options granted, Number of Options | 557,182 | |
Outstanding, ending, Number of Options | 752,850 | 195,668 |
Vested and expected to vest, Number of Options | 752,850 | |
Outstanding, beginning, Weighted-Average Exercise Price per Option | $ 4.49 | |
Options granted, Weighted-Average Exercise Price per Option | 13.72 | |
Outstanding, ending, Weighted-Average Exercise Price per Option | 11.32 | $ 4.49 |
Vested and expected to vest, Weighted-Average Exercise Price per Option | $ 11.32 | |
Outstanding, beginning, Weighted-Average Remaining Contract Term | 9 years 6 months | 9 years 8 months 1 day |
Vested and expected to vest, Weighted-Average Remaining Contract Term | 9 years 6 months | |
Outstanding, ending, Aggregate Intrinsic Value | $ 966 | |
Vested and expected to vest, Aggregate Intrinsic Value | $ 966 | |
Restricted Stock | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Other than options granted, Shares Available for Grant | (2,000) | |
Restricted Stock Units (RSUs) | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Other than options granted, Shares Available for Grant | (24,960) |
Stock-Based Compensation - Su43
Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Details) - Options Issued and Outstanding - shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options granted | 557,182 | |
Non-employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock options granted | 7,200 | 37,488 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Assumptions to Estimate Fair Value of Stock Options for Employees and Non-Employees Using Black-Scholes Option Pricing Model (Details) - Options Issued and Outstanding - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018 | Jun. 30, 2018 | |
Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 7 months 6 days | |
Expected volatility, minimum | 77.40% | 76.10% |
Expected volatility, maximum | 77.70% | 77.70% |
Risk-free interest rate, minimum | 2.60% | 2.40% |
Risk-free interest rate, maximum | 2.80% | 2.80% |
Expected dividend yield | 0.00% | 0.00% |
Non-employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of common stock | $ 15.45 | |
Expected term (in years) | 10 years | |
Expected dividend yield | 0.00% | |
Expected volatility | 77.90% | |
Risk-free interest rate | 2.70% | |
Minimum | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of common stock | $ 8.57 | $ 8.57 |
Expected term (in years) | 5 years 9 months 18 days | |
Maximum | Employees | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Fair value of common stock | $ 9.91 | $ 15.45 |
Expected term (in years) | 6 years 7 months 6 days |
Stock-Based Compensation - Su45
Stock-Based Compensation - Summary of Restricted Stock Activity (Details) - Restricted Stock - shares | Apr. 17, 2018 | Jun. 30, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares Outstanding, Unvested shares, December 31, 2017 | 1,096,449 | |
Number of Shares Outstanding, Granted | 2,000 | 2,000 |
Number of Shares Outstanding, Vested | (1,096,449) | |
Number of Shares Outstanding, Unvested shares, June 30, 2018 | 2,000 |
Stock-Based Compensation - Su46
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) | 6 Months Ended |
Jun. 30, 2018shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares Outstanding, Granted | 24,960 |
Number of Shares Outstanding, Unvested shares, June 30, 2018 | 24,960 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Commitments And Contingencies Disclosure [Abstract] | ||
Estimated litigation liability | $ 0 | $ 0 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 752,850 | 4,244,598 |
Redeemable Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 4,244,598 | |
Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 752,850 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Novartis | ||||
Related Party Transaction [Line Items] | ||||
Payments to related parties | $ 0 | $ 0 | ||
Silverstein Foundation | Funding Agreement | ||||
Related Party Transaction [Line Items] | ||||
Fund received from related parties | $ 0 | $ 0 | $ 500,000 | $ 0 |