Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 29, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | resTORbio, Inc. | |
Entity Central Index Key | 0001720580 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 36,453,882 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock, par value $0.0001 per share | |
Trading Symbol | TORC | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38359 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-3305277 | |
Entity Address, Address Line One | 500 Boylston Street | |
Entity Address, Address Line Two | 13th Floor | |
Entity Address, City or Town | Boston | |
Entity Address, State or Province | MA | |
Entity Address, Postal Zip Code | 02116 | |
City Area Code | 857 | |
Local Phone Number | 315-5528 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 70,889 | $ 33,774 |
Marketable securities | 57,699 | |
Prepaid expenses and other current assets | 2,860 | 1,780 |
Total current assets | 73,749 | 93,253 |
Restricted cash | 245 | 245 |
Property and equipment, net | 348 | 414 |
Total assets | 74,342 | 93,912 |
Current liabilities: | ||
Accounts payable | 2,467 | 6,716 |
Accrued liabilities | 1,097 | 5,483 |
Total current liabilities | 3,564 | 12,199 |
Other liabilities | 34 | 15 |
Total liabilities | 3,598 | 12,214 |
Commitments and contingencies (see Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.0001 par value, 10,000,000 shares authorized as of June 30, 2020 and December 31, 2019; none issued and outstanding as of June 30, 2020 and December 31, 2019 | ||
Common stock, $0.0001 par value, 150,000,000 shares authorized as of June 30, 2020 and December 31, 2019; 36,446,853 and 36,444,732 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 4 | 4 |
Additional paid-in capital | 237,509 | 235,777 |
Accumulated deficit | (166,769) | (154,132) |
Accumulated other comprehensive income | 49 | |
Total stockholders’ equity | 70,744 | 81,698 |
Total liabilities and stockholders’ equity | $ 74,342 | $ 93,912 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (unaudited) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
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 | 150,000,000 |
Common stock, shares issued | 36,446,853 | 36,446,853 |
Common stock, shares outstanding | 36,444,732 | 36,444,732 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating expenses: | ||||
Research and development | $ 1,788 | $ 16,553 | $ 6,629 | $ 25,405 |
General and administrative | 3,864 | 2,616 | 6,403 | 5,455 |
Total operating expenses | 5,652 | 19,169 | 13,032 | 30,860 |
Loss from operations | (5,652) | (19,169) | (13,032) | (30,860) |
Other income, net | 54 | 847 | 403 | 1,478 |
Loss before income taxes | (5,598) | (18,322) | (12,629) | (29,382) |
Income tax expense | 1 | 10 | 8 | 19 |
Net loss | $ (5,599) | $ (18,332) | $ (12,637) | $ (29,401) |
Net loss per share, basic and diluted | $ (0.15) | $ (0.51) | $ (0.35) | $ (0.91) |
Weighted-average common shares used in computing net loss per share, basic and diluted | 36,446,235 | 35,684,368 | 36,445,460 | 32,248,646 |
Other comprehensive gain (loss): | ||||
Net loss | $ (5,599) | $ (18,332) | $ (12,637) | $ (29,401) |
Net unrealized (losses) gains on marketable securities | (32) | 138 | (49) | 211 |
Comprehensive loss | $ (5,631) | $ (18,194) | $ (12,686) | $ (29,190) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Public Offering | At The Market Offering | Restricted Shares | Restricted stock units | Common Stock | Common StockPublic Offering | Common StockAt The Market Offering | Common StockRestricted Shares | Common StockRestricted stock units | Additional Pain In Capital | Additional Pain In CapitalPublic Offering | Additional Pain In CapitalAt The Market Offering | Additional Pain In CapitalRestricted Shares | Additional Pain In CapitalRestricted stock units | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance at Dec. 31, 2018 | $ 104,204 | $ 3 | $ 175,635 | $ (71,393) | $ (41) | ||||||||||||
Balance, shares at Dec. 31, 2018 | 28,054,344 | ||||||||||||||||
Issuance of common stock | $ 46,585 | $ 1 | $ 46,584 | ||||||||||||||
Issuance of common stock, Shares | 7,200,000 | ||||||||||||||||
Vesting of restricted shares | $ 1 | $ 1 | |||||||||||||||
Vesting of restricted shares, shares | 500 | ||||||||||||||||
Stock-based compensation expense | 662 | 662 | |||||||||||||||
Net loss | (11,069) | (11,069) | |||||||||||||||
Net unrealized gains (losses) on marketable securities | 73 | 73 | |||||||||||||||
Balance at Mar. 31, 2019 | 140,456 | $ 4 | 222,882 | (82,462) | 32 | ||||||||||||
Balance, shares at Mar. 31, 2019 | 35,254,844 | ||||||||||||||||
Balance at Dec. 31, 2018 | 104,204 | $ 3 | 175,635 | (71,393) | (41) | ||||||||||||
Balance, shares at Dec. 31, 2018 | 28,054,344 | ||||||||||||||||
Net loss | (29,401) | ||||||||||||||||
Net unrealized gains (losses) on marketable securities | 211 | ||||||||||||||||
Balance at Jun. 30, 2019 | 126,942 | $ 4 | 227,562 | (100,794) | 170 | ||||||||||||
Balance, shares at Jun. 30, 2019 | 35,817,393 | ||||||||||||||||
Balance at Mar. 31, 2019 | 140,456 | $ 4 | 222,882 | (82,462) | 32 | ||||||||||||
Balance, shares at Mar. 31, 2019 | 35,254,844 | ||||||||||||||||
Issuance of common stock | $ 3,163 | $ 582 | $ 3,163 | $ 582 | |||||||||||||
Issuance of common stock, Shares | 487,934 | 62,663 | |||||||||||||||
Vesting of restricted shares, shares | 500 | ||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes | $ (15) | $ (15) | |||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes, shares | 4,423 | ||||||||||||||||
Exercise of stock options | 6 | 6 | |||||||||||||||
Exercise of stock options, Shares | 7,029 | ||||||||||||||||
Stock-based compensation expense | 944 | 944 | |||||||||||||||
Net loss | (18,332) | (18,332) | |||||||||||||||
Net unrealized gains (losses) on marketable securities | 138 | 138 | |||||||||||||||
Balance at Jun. 30, 2019 | 126,942 | $ 4 | 227,562 | (100,794) | 170 | ||||||||||||
Balance, shares at Jun. 30, 2019 | 35,817,393 | ||||||||||||||||
Balance at Dec. 31, 2019 | 81,698 | $ 4 | 235,777 | (154,132) | 49 | ||||||||||||
Balance, shares at Dec. 31, 2019 | 36,444,732 | ||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes | (1) | (1) | |||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes, shares | 1,019 | ||||||||||||||||
Stock-based compensation expense | 975 | 975 | |||||||||||||||
Net loss | (7,038) | (7,038) | |||||||||||||||
Net unrealized gains (losses) on marketable securities | (17) | (17) | |||||||||||||||
Balance at Mar. 31, 2020 | 75,617 | $ 4 | 236,751 | (161,170) | 32 | ||||||||||||
Balance, shares at Mar. 31, 2020 | 36,445,751 | ||||||||||||||||
Balance at Dec. 31, 2019 | 81,698 | $ 4 | 235,777 | (154,132) | 49 | ||||||||||||
Balance, shares at Dec. 31, 2019 | 36,444,732 | ||||||||||||||||
Net loss | (12,637) | ||||||||||||||||
Net unrealized gains (losses) on marketable securities | (49) | ||||||||||||||||
Balance at Jun. 30, 2020 | 70,744 | $ 4 | 237,509 | (166,769) | |||||||||||||
Balance, shares at Jun. 30, 2020 | 36,446,853 | ||||||||||||||||
Balance at Mar. 31, 2020 | 75,617 | $ 4 | 236,751 | (161,170) | 32 | ||||||||||||
Balance, shares at Mar. 31, 2020 | 36,445,751 | ||||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes | $ (1) | $ (1) | |||||||||||||||
Vesting of restricted stock units, net of shares withheld for taxes, shares | 1,102 | ||||||||||||||||
Stock-based compensation expense | 759 | 759 | |||||||||||||||
Net loss | (5,599) | (5,599) | |||||||||||||||
Net unrealized gains (losses) on marketable securities | (32) | $ (32) | |||||||||||||||
Balance at Jun. 30, 2020 | $ 70,744 | $ 4 | $ 237,509 | $ (166,769) | |||||||||||||
Balance, shares at Jun. 30, 2020 | 36,446,853 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Stockholders' Equity (Parenthetical) - Common Stock - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2019 | Mar. 31, 2019 | |
Initial Public Offering | ||
Stock issuance cost | $ 228 | $ 3,455 |
At The Market Offering | ||
Stock issuance cost | $ 64 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Operating activities: | ||
Net loss | $ (12,637) | $ (29,401) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accretion on marketable securities | 150 | (625) |
Depreciation and amortization expense | 68 | 55 |
Stock-based compensation expense | 1,734 | 1,607 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (1,080) | (1,786) |
Accounts payable | (4,251) | 5,197 |
Accrued liabilities | (4,386) | (1,263) |
Other liabilities | 19 | (8) |
Net cash used in operating activities | (20,383) | (26,224) |
Investing activities: | ||
Purchases of property and equipment | (48) | |
Maturities of marketable securities | 57,500 | 67,500 |
Purchases of marketable securities | (77,104) | |
Net cash provided by (used in) investing activities | 57,500 | (9,652) |
Financing activities: | ||
Proceeds from public offering, net of issuance costs | 49,748 | |
Proceeds from at-the-market offering, net of issuance costs | 627 | |
Taxes paid related to net share settlement of restricted stock units | (2) | (9) |
Net cash (used in) provided by financing activities | (2) | 50,366 |
Net increase in cash, cash equivalents and restricted cash | 37,115 | 14,490 |
Cash, cash equivalents and restricted cash at beginning of period | 34,019 | 6,881 |
Cash, cash equivalents and restricted cash at end of period | 71,134 | 21,371 |
Supplemental disclosure of non-cash investing and financing activities: | ||
Purchases of property and equipment included in accounts payable | $ 2 | 11 |
Issuance costs associated with at-the-market offering included in accounts payable | $ 45 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization resTORbio, Inc. (collectively referred to with its wholly-owned, controlled subsidiaries, resTORbio Securities Corp. and Project Oasis Merger Sub, Inc. (“Merger Sub”) as “resTORbio” or the “Company”) was incorporated in the State of Delaware on July 5, 2016. The Company is a clinical-stage biopharmaceutical company developing innovative medicines that target the biology of aging to prevent or treat aging-related diseases . In November 2019, the Company announced that top line data from the PROTECTOR 1 Phase 3 study, evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint and the Company has stopped the development of RTB101 for clinically symptomatic respiratory illness. In February 2020, the Company retained JMP Securities LLC (“JMP”) as a financial advisor to assist it in its evaluation of a broad range of strategic alternatives to enhance stockholder value, including additional capital raising transactions, an acquisition, merger, business combination, licensing and/or other strategic transaction involving the Company. On April 28, 2020, the Company entered into an agreement and plan of merger (the “Merger Agreement”) with Adicet Bio, Inc. ("Adicet") and Merger Sub pursuant to which, subject to the satisfaction or waiver of the conditions therein, The Merger Sub will merge with and into Adicet (the “Merger”), with Adicet continuing as the surviving company and a wholly-owned subsidiary of resTORbio. The Merger Agreement was approved by the members of the Company's board of directors (the "Board"), and the Board resolved to recommend approval of the Merger Agreement to the Company's shareholders. The closing of the Merger is subject to approval of the Company shareholders and the satisfaction of customary closing conditions. From the Company’s inception, it has devoted substantially all of its efforts to business planning, engaging regulatory, manufacturing and other technical consultants, planning and executing clinical trials and raising capital. The Company’s future operations are highly dependent on the success of the merger with Adicet. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated 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, 2020 and the results of operations and cash flows for the interim periods ended June 30, 2020 and 2019. 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, 2019 that was filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020 (the “2019 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 subsidiaries, resTORbio Securities Corp. and Project Oasis Merger Sub, Inc. 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, 2019, and the notes thereto, which are included in the 2019 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, 2020. 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, 2020 (in thousands): Active Observable Unobservable June 30, Markets Inputs Inputs Description 2020 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 70,889 $ 70,889 $ — $ — Total $ 70,889 $ 70,889 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Active Observable Unobservable December 31, Markets Inputs Inputs Description 2019 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). ASU 2018-13 modifies fair value disclosure requirements, specifically around level transfers and valuation of Level 3 assets and liabilities. ASU 2018-13 is effective for financial statements issued for annual and interim periods beginning after December 15, 2019 for all entities. Early adoption of all or part of ASU 2018-13 is permitted. Effective January 1, 2020, the Company adopted the standard. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases payments, in the balance sheet. ASU 2016-02 also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. For public entities, the guidance was effective for annual reporting periods beginning after December 15, 2018 and for interim periods within those fiscal years. For non-public entities and emerging growth companies that choose to take advantage of the extended transition period, the guidance was effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities. In June 2020 , the FASB issued ASU No. 20 20 - 05 , which deferred the effective date for nonpublic entities and emerging growth companies that choose to take advantage of the extended transition period to annual reporting periods beginning after December 15, 202 1 , and interim periods within fiscal years beginning after December 15, 202 2 . Early application continues to be allowed. The adoption of this standard is expected to have an impact on the amount of the Company’s assets and liabilities presented. The Company expects to utilize the new transition method described in ASU No. 2018-11 and use the effective date as the Company’s date of initial application for the new standard. The Company expects to elect the available package of practical expedients in transition which would allow it to not re-assess whether existing or expired arrangements contain a lease, the lease classification of existing or expired leases, or whether previous initial direct costs would qualify for capitalization under the new lease standard. As of December 31, 2019, the Company has not elected to early adopt the guidance. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities As of June 30, 2020, the Company did not have any marketable securities. As of December 31, 2019, 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 treasuries and securities $ 57,650 $ 49 $ — $ 57,699 Total $ 57,650 $ 49 $ — $ 57,699 The estimated fair value and amortized cost of the Company’s available-for-sale securities by contractual maturity are summarized as follows (in thousands): December 31, 2019 Amortized Fair Cost Value Due in one year or less $ 57,650 $ 57,699 Total $ 57,650 $ 57,699 |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and equipment, net Property and equipment, net consists of the following: June 30, 2020 December 31, 2019 (In thousands) Leasehold improvements $ 17 $ 17 Furniture and fixtures 397 397 Computers 127 125 Office equipment 11 11 Software 22 22 Total property and equipment 574 572 Less: accumulated depreciation (226 ) (158 ) Property and equipment, net $ 348 $ 414 Depreciation and amortization expense was $34,000 and $68,000 for the three and six months ended June 30, 2020, respectively. Depreciation and amortization expense was $28,000 and $55,000 for the three and six months ended June 30, 2019 |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following: June 30, 2020 December 31, 2019 (In thousands) Accrued payroll and related expenses $ 509 $ 1,643 Accrued restructuring costs (See Note 13) — 516 Accrued research and development expenses 230 3,171 Other 358 153 Total accrued liabilities $ 1,097 $ 5,483 |
License Agreements
License Agreements | 6 Months Ended |
Jun. 30, 2020 | |
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. 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 anniversary of the first commercial sale in the country, and are subject to a reduction after the expiration of the last valid claim of a Novartis patent or the introduction of a generic equivalent of a product in a country. Milestone payments to Novartis will be recorded as research and development expenses in the condensed consolidated statements of operations once achievement of each associated milestone has occurred. 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 payment in May 2017. In May 2019, the Company initiated a Phase 3 clinical trial for the first indication, triggering a milestone payment of $2.5 million under the agreement. As of June 30, 2020, 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, 2020 | |
Research Funding Agreement [Abstract] | |
Research Funding Agreement | 7. Research Funding Agreement National Institute of Health In May 2019, the Company was awarded a 5-year grant for up to $1.5 million from the National Institutes of Health (the “NIH”) to study RTB101 and the regulation of antiviral immunity in the elderly. For funds received under the NIH funding agreement, 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 NIH. Qualifying expenses incurred by the Company in advance of funding by the NIH are recorded in the consolidated balance sheets as other current assets. As of June 30, 2020, $0.5 million qualifying expenses have been incurred and $0.3 million have been funded by the NIH. Therefore, $0.2 million is included in other current assets on the accompanying balance sheet as of June 30, 2020. |
Preferred Stock and Common Stoc
Preferred Stock and Common Stock | 6 Months Ended |
Jun. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Preferred Stock and Common Stock | 8. Preferred Stock and Common Stock As of June 30, 2020, the Company had 10,000,000 shares of preferred stock authorized and none issued and outstanding. Reserve for future issuance The Company has reserved the following number of shares of common stock for future issuance upon the exercise of options, vesting of restricted stock units or grant of equity awards: June 30, 2020 December 31, 2019 Options issued and outstanding 2,140,012 2,562,800 Unvested restricted stock units 661,778 828,935 Options available for future grants 2,260,656 215,043 Shares available for issuance under the 2018 ESPP 920,030 555,583 Total 5,982,476 4,162,361 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
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 were reserved for the issuance of stock options to employees, directors, and consultants under terms and provisions established by the Board of Directors (the “Board”). the number of shares of common stock available for issuance under the 2017 Plan from 537,914 shares to 630,662 shares. On November 29, 2017, the Company increased the number of shares of common stock available for issuance under the 2017 Plan from 630,662 shares to 1,866,009 shares. In connection with the Company’s initial public offering completed in January 2018, 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 were reserved for issuance under the 2018 Plan were 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. On January 1, 2019, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 Plan automatically increased from 2,200,260 to 3,322,473 shares. On January 1, 2020, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 Plan automatically increased from 3,322,473 to 4,780,262 shares. Since the date of effectiveness of the 2018 Plan, the Company has not and 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 condensed consolidated condensed statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 289 $ 499 $ 689 $ 776 General and administrative 470 444 1,045 831 Total stock-based compensation expense $ 759 $ 943 $ 1,734 $ 1,607 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, 2019 215,043 2,562,800 $ 7.85 8.84 Shares reserved for issuance 1,457,789 Options granted (86,484 ) 86,484 2.23 Options cancelled 509,272 (509,272 ) 7.44 Restricted stock units cancelled 165,036 Outstanding, June 30, 2020 2,260,656 2,140,012 7.54 8.59 $ 567 Exercisable, June 30, 2020 771,444 10.02 8.04 91 Vested and expected to vest, June 30, 2020 2,140,012 7.54 8.59 567 The aggregate intrinsic values of options outstanding, exercisable, vested and expected to vest were calculated as the difference between the exercise price of the in-the-money options and the fair value of the Company’s common stock as of June 30, 2020. No options were exercised during the six months ended June 30, 2020. During the six months ended June 30, 2020, the Company granted options to directors to purchase an aggregate of 86,484 common shares with a grant date fair value of $1.80 per share. During the six months ended June 30, 2020, the Company did not grant any options to employees and nonemployees to purchase common shares. The expense related to options granted to employees and directors for the three and six months ended June 30, 2020 was $0.7 million and $1.6 million, respectively. The expense related to options granted to non-employees for the three and six months ended June 30, 2020 was $7,000 and $ 8,000, respectively. The expense related to options granted to employees and directors was $0.9 million and $1.5 million for the three and six months ended June 30, 2019, respectively. The expense related to options granted to non-employees was $40,000 and $48,000 for the three and six months ended June 30, 2019, respectively. As of June 30, 2020, the total unrecognized compensation expense related to unvested options granted to employees and directors was $5.9 million, which the Company expects to recognize over an estimated weighted-average period of 2.36 years. As of June 30, 2020, the total unrecognized compensation expense related to unvested non-employee options was $28,000, which the Company expects to recognize over an estimated weighted-average period of 1.74 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, Six Months Ended June 30, 2020 2019 2020 2019 Employees: Fair value of common stock $2.23 $6.97 - $8.08 $2.23 $6.97 - $8.90 Expected term (in years) 5.5 5.5 - 6.1 5.5 5.5 - 6.1 Expected volatility 110.2% 94.5% - 104.8% 110.2% 93.7% - 104.8% Risk-free interest rate 0.4% 1.9% - 2.4% 0.4% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Non-employees: Fair value of common stock $2.09 - $2.18 $8.90 - $10.20 $0.96 - $2.18 $6.82 - $10.20 Expected term (in years) 7.0 - 8.8 8.0 - 9.7 7.0 - 9.0 8.0 - 10.0 Expected volatility 100.8% - 103.5% 93.4% - 94.2% 99.6% - 103.5% 90.0% - 94.9% Risk-free interest rate 0.5% - 0.6% 1.9% - 2.1% 0.5% - 0.9% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Restricted Stock Units In May 2018, the Company granted 24,960 restricted stock units to an employee with a grant date fair value of $9.03 per share. In December 2019, the Company granted 813,335 restricted stock units to employees with a grant date fair value of $1.27 per share. The summary of restricted stock unit activity and related information is as follows: Number of Restricted Stock Units Outstanding Unvested shares — December 31, 2019 828,935 Vested, net of shares withheld for taxes (2,121 ) Cancelled (165,036 ) Unvested shares — June 30, 2020 661,778 The Company recognized $52,000 and $0.1 million of stock-based compensation expense related to restricted stock units during the three and six months ended June 30, 2020, respectively. As of June 30, 2020, there was $0.7 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 3.44 years. There were no restricted stock units granted to employees or non-employees during the three and six months ended June 30, 2020 and 2019. 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 originally reserved for issuance under the 2018 ESPP were 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. On January 1, 2019, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 ESPP automatically increased from 275,030 to 555,583 shares. On January 1, 2020, as a result of the foregoing evergreen provision, the number of shares of common stock available for issuance under the 2018 ESPP automatically increased from 555,583 to 920,030 shares. No shares have been issued under the 2018 ESPP during the three and six months ended June 30, 2020. |
Commitments and Contingences
Commitments and Contingences | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingences | 10. Commitments and Contingences Litigation In connection with the Merger, seven putative class action lawsuits have been filed against the Company, its directors, Adicet, and Merger Sub, of which one has already been dismissed. The lawsuits generally allege that the Company’s proxy statement/prospectus/information statement filed with the SEC on June 23, 2020 misrepresents and/or omits certain purportedly material information relating to financial projections, analysis performed by |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 11. Net Loss per Share The Company computes basic and diluted 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, 2020 and 2019, 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, 2020 2019 Options issued and outstanding 2,140,012 1,706,317 Unvested restricted stock — 500 Unvested restricted stock units 661,778 24,960 Total 2,801,790 1,731,777 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
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, an affiliate of Novartis, 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, 2020 and 2019. 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. The Company did not receive any funding from the Silverstein Foundation during the three and six months ended June 30, 2020 and 2019. |
Reduction in Workforce
Reduction in Workforce | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Reduction in Workforce | 13. Reduction in Workforce In December 2019, the Company’s Board of Directors approved a restructuring plan to reduce operating costs and better align the Company’s workforce with its business needs following the Company’s November 2019 announcement regarding that top line data from the PROTECTOR 1 Phase 3 study, evaluating the safety and efficacy of RTB101 in preventing clinically symptomatic respiratory illness in adults age 65 and older, did not meet its primary endpoint, and that the Company has stopped the development of RTB101 in this indication. Under the restructuring plan, the Company reduced its workforce by 8 employees (approximately 22% of total employees) in 2019. Affected employees are eligible to receive severance payments and outplacement services in connection with the reduction. In January 2020, the Company further reduced its workforce by 2 employees. No additional reductions were made during the six months ended June 30, 2020. The Company recorded additional restructuring charges of approximately $0 and $0.1 million related to severance payments and other employee-related costs, during the three and six months ended June 30, 2020, respectively. As of June 30, 2020, all of the restructuring charges had been paid. The following table shows the total amount expected to be incurred and the liability related to the 2019 restructuring as of June 30, 2020: One-time Employee Termination Benefits (In thousands) Accrued restructuring costs as of December 31, 2019 $ 516 Restructuring charges incurred during the year 112 Amounts paid during the year (628 ) Accrued restructuring costs as of June 30, 2020 $ — No other restructuring costs are expected to be incurred. The following table summarizes the restructuring charges reported in the consolidated statements of operations and comprehensive loss for the six months ended June 30, 2020: Cash Non-cash Total Expenses (In thousands) Research and development $ 112 $ — $ 112 General and administrative — — — Total $ 112 $ — $ 112 |
Subsequent Event
Subsequent Event | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Event | 14. Subsequent Event On July 21, 2020, the Company’s Board approved an amendment to the 2018 Plan, subject to stockholder approval, to increase the aggregate number of shares authorized for issuance under the 2018 Plan by 14,855,157 with a corresponding increase to the maximum number of shares that may be issued in the form of incentive stock options. On July 28, 2020, the Company announced it received a grant award from the National Institute on Aging to fund a clinical trial to obtain preliminary data on the feasibility of studying RTB101 as compared to placebo for COVID-19 post-exposure prophylaxis in adults age 65 years and older. Approximately, sixty (60) subjects are expected to enroll in the clinical trial, which will be fully funded by the grant. The clinical trial is anticipated to start in the second half of 2020. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements are unaudited. The unaudited condensed consolidated 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, 2020 and the results of operations and cash flows for the interim periods ended June 30, 2020 and 2019. 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, 2019 that was filed with the Securities and Exchange Commission (“SEC”) on March 12, 2020 (the “2019 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 subsidiaries, resTORbio Securities Corp. and Project Oasis Merger Sub, Inc. 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, 2019, and the notes thereto, which are included in the 2019 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, 2020. |
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, 2020 (in thousands): Active Observable Unobservable June 30, Markets Inputs Inputs Description 2020 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 70,889 $ 70,889 $ — $ — Total $ 70,889 $ 70,889 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Active Observable Unobservable December 31, Markets Inputs Inputs Description 2019 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — |
Recently Issued Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820). ASU 2018-13 modifies fair value disclosure requirements, specifically around level transfers and valuation of Level 3 assets and liabilities. ASU 2018-13 is effective for financial statements issued for annual and interim periods beginning after December 15, 2019 for all entities. Early adoption of all or part of ASU 2018-13 is permitted. Effective January 1, 2020, the Company adopted the standard. The adoption did not have a material impact on the Company’s consolidated financial statements. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU 2016-02, Leases payments, in the balance sheet. ASU 2016-02 also requires a lessee to recognize a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. For public entities, the guidance was effective for annual reporting periods beginning after December 15, 2018 and for interim periods within those fiscal years. For non-public entities and emerging growth companies that choose to take advantage of the extended transition period, the guidance was effective for annual reporting periods beginning after December 15, 2019. Early adoption is permitted for all entities. In June 2020 , the FASB issued ASU No. 20 20 - 05 , which deferred the effective date for nonpublic entities and emerging growth companies that choose to take advantage of the extended transition period to annual reporting periods beginning after December 15, 202 1 , and interim periods within fiscal years beginning after December 15, 202 2 . Early application continues to be allowed. The adoption of this standard is expected to have an impact on the amount of the Company’s assets and liabilities presented. The Company expects to utilize the new transition method described in ASU No. 2018-11 and use the effective date as the Company’s date of initial application for the new standard. The Company expects to elect the available package of practical expedients in transition which would allow it to not re-assess whether existing or expired arrangements contain a lease, the lease classification of existing or expired leases, or whether previous initial direct costs would qualify for capitalization under the new lease standard. As of December 31, 2019, the Company has not elected to early adopt the guidance. In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718), Improvements to Nonemployee Share-Based Payment Accounting |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 (in thousands): Active Observable Unobservable June 30, Markets Inputs Inputs Description 2020 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 70,889 $ 70,889 $ — $ — Total $ 70,889 $ 70,889 $ — $ — The following table summarizes assets measured at fair value on a recurring basis at December 31, 2019 (in thousands): Active Observable Unobservable December 31, Markets Inputs Inputs Description 2019 (Level 1) (Level 2) (Level 3) Money market funds (included in cash and cash equivalents) $ 33,774 $ 33,774 $ — $ — U.S. treasury securities (included in marketable securities) 57,699 57,699 — — Total $ 91,473 $ 91,473 $ — $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Schedule of Fair Value Marketable Securities By Type of Security | As of December 31, 2019, 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 treasuries and securities $ 57,650 $ 49 $ — $ 57,699 Total $ 57,650 $ 49 $ — $ 57,699 |
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): December 31, 2019 Amortized Fair Cost Value Due in one year or less $ 57,650 $ 57,699 Total $ 57,650 $ 57,699 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment, Net | Property and equipment, net consists of the following: June 30, 2020 December 31, 2019 (In thousands) Leasehold improvements $ 17 $ 17 Furniture and fixtures 397 397 Computers 127 125 Office equipment 11 11 Software 22 22 Total property and equipment 574 572 Less: accumulated depreciation (226 ) (158 ) Property and equipment, net $ 348 $ 414 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consist of the following: June 30, 2020 December 31, 2019 (In thousands) Accrued payroll and related expenses $ 509 $ 1,643 Accrued restructuring costs (See Note 13) — 516 Accrued research and development expenses 230 3,171 Other 358 153 Total accrued liabilities $ 1,097 $ 5,483 |
Preferred Stock and Common St_2
Preferred Stock and Common Stock (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Number of Shares of Common Stock Reserved for Future Issuance Text Block | The Company has reserved the following number of shares of common stock for future issuance upon the exercise of options, vesting of restricted stock units or grant of equity awards: June 30, 2020 December 31, 2019 Options issued and outstanding 2,140,012 2,562,800 Unvested restricted stock units 661,778 828,935 Options available for future grants 2,260,656 215,043 Shares available for issuance under the 2018 ESPP 920,030 555,583 Total 5,982,476 4,162,361 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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 condensed consolidated condensed statements of operations and comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 289 $ 499 $ 689 $ 776 General and administrative 470 444 1,045 831 Total stock-based compensation expense $ 759 $ 943 $ 1,734 $ 1,607 |
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, 2019 215,043 2,562,800 $ 7.85 8.84 Shares reserved for issuance 1,457,789 Options granted (86,484 ) 86,484 2.23 Options cancelled 509,272 (509,272 ) 7.44 Restricted stock units cancelled 165,036 Outstanding, June 30, 2020 2,260,656 2,140,012 7.54 8.59 $ 567 Exercisable, June 30, 2020 771,444 10.02 8.04 91 Vested and expected to vest, June 30, 2020 2,140,012 7.54 8.59 567 |
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, Six Months Ended June 30, 2020 2019 2020 2019 Employees: Fair value of common stock $2.23 $6.97 - $8.08 $2.23 $6.97 - $8.90 Expected term (in years) 5.5 5.5 - 6.1 5.5 5.5 - 6.1 Expected volatility 110.2% 94.5% - 104.8% 110.2% 93.7% - 104.8% Risk-free interest rate 0.4% 1.9% - 2.4% 0.4% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% Non-employees: Fair value of common stock $2.09 - $2.18 $8.90 - $10.20 $0.96 - $2.18 $6.82 - $10.20 Expected term (in years) 7.0 - 8.8 8.0 - 9.7 7.0 - 9.0 8.0 - 10.0 Expected volatility 100.8% - 103.5% 93.4% - 94.2% 99.6% - 103.5% 90.0% - 94.9% Risk-free interest rate 0.5% - 0.6% 1.9% - 2.1% 0.5% - 0.9% 1.9% - 2.6% Expected dividend yield 0.0% 0.0% 0.0% 0.0% |
Summary of Restricted Stock Units Activity | The summary of restricted stock unit activity and related information is as follows: Number of Restricted Stock Units Outstanding Unvested shares — December 31, 2019 828,935 Vested, net of shares withheld for taxes (2,121 ) Cancelled (165,036 ) Unvested shares — June 30, 2020 661,778 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
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, 2020 2019 Options issued and outstanding 2,140,012 1,706,317 Unvested restricted stock — 500 Unvested restricted stock units 661,778 24,960 Total 2,801,790 1,731,777 |
Reduction in Workforce (Tables)
Reduction in Workforce (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Schedule of Amount Expected to be Incurred and Liability Related to Restructuring | The following table shows the total amount expected to be incurred and the liability related to the 2019 restructuring as of June 30, 2020: One-time Employee Termination Benefits (In thousands) Accrued restructuring costs as of December 31, 2019 $ 516 Restructuring charges incurred during the year 112 Amounts paid during the year (628 ) Accrued restructuring costs as of June 30, 2020 $ — |
Schedule of Restructuring Charges Reported in Consolidated Statements of Operations and Comprehensive Loss | The following table summarizes the restructuring charges reported in the consolidated statements of operations and comprehensive loss for the six months ended June 30, 2020: Cash Non-cash Total Expenses (In thousands) Research and development $ 112 $ — $ 112 General and administrative — — — Total $ 112 $ — $ 112 |
Organization - Additional Infor
Organization - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Entity incorporation date | Jul. 5, 2016 |
Summary of Significant Accoun_4
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, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 70,889 | $ 91,473 |
Active Markets (Level 1) | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 70,889 | 91,473 |
Money Market Funds | Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 70,889 | 33,774 |
Money Market Funds | Active Markets (Level 1) | Cash and Cash Equivalents | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 70,889 | 33,774 |
U.S. Treasury Securities | Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | 57,699 | |
U.S. Treasury Securities | Active Markets (Level 1) | Marketable Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 57,699 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Details) | Jun. 30, 2020USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Marketable securities | $ 0 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Fair Value Marketable Securities By Type of Security (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Marketable Securities [Line Items] | |
Amortized Cost | $ 57,650 |
Unrealized Gains | 49 |
Fair Value | 57,699 |
U.S. Government Agency Treasuries and Securities | |
Marketable Securities [Line Items] | |
Amortized Cost | 57,650 |
Unrealized Gains | 49 |
Fair Value | $ 57,699 |
Marketable Securities - Sched_2
Marketable Securities - Schedule of Fair Value and Amortized Cost of Company's Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Investments Debt And Equity Securities [Abstract] | |
Due in one year or less, Fair Value | $ 57,699 |
Total, Fair Value | 57,699 |
Due in one year or less, Amortized Cost | 57,650 |
Total, Amortized Cost | $ 57,650 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 574 | $ 572 |
Less: accumulated depreciation | (226) | (158) |
Property and equipment, net | 348 | 414 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 17 | 17 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 397 | 397 |
Computers | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 127 | 125 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | 11 | 11 |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 22 | $ 22 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation and amortization expense | $ 34 | $ 28 | $ 68 | $ 55 |
Accrued Liabilities - Summary o
Accrued Liabilities - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued payroll and related expenses | $ 509 | $ 1,643 |
Accrued restructuring costs (See Note 13) | 516 | |
Accrued research and development expenses | 230 | 3,171 |
Other | 358 | 153 |
Total accrued liabilities | $ 1,097 | $ 5,483 |
License Agreements - Additional
License Agreements - Additional Information (Details) - Novartis International Pharmaceutical Ltd. - USD ($) | 1 Months Ended | 6 Months Ended | ||
May 31, 2019 | May 31, 2017 | Jun. 30, 2020 | 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. | |||
Payment for development milestone | $ 2,500,000 | $ 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 |
Research Funding Agreement - Ad
Research Funding Agreement - Additional Information (Details) - National Institute of Health - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
May 31, 2019 | Jun. 30, 2020 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Grant term | 5 years | |
Grants receivable | $ 1.5 | |
Qualifying expenses | $ 0.3 | |
Amounts received for qualifying expenses incurred recorded as other current assets | 0.2 | |
Funding Agreement | ||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Qualifying expenses | $ 0.5 |
Preferred Stock and Common St_3
Preferred Stock and Common Stock - Additional Information (Details) - shares | Jun. 30, 2020 | Dec. 31, 2019 |
Temporary Equity Disclosure [Abstract] | ||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Preferred Stock and Common St_4
Preferred Stock and Common Stock -Schedule of Number of Shares of Common Stock Reserved for Future Issuance (Details) - shares | Jun. 30, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 5,982,476 | 4,162,361 |
Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 2,140,012 | 2,562,800 |
Restricted stock units | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 661,778 | 828,935 |
Options Available for Future Grants | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 2,260,656 | 215,043 |
Shares Available for Issuance under the 2018 ESPP | ||
Class Of Stock [Line Items] | ||
Number of shares of common stock reserved for future issuance | 920,030 | 555,583 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | Nov. 29, 2017 | Oct. 11, 2017 | Dec. 31, 2019 | May 31, 2018 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Recognized stock-based compensation expense | $ 1,734,000 | $ 1,607,000 | ||||||||
Number Of Shares Available For Sale Under Employee Stock Purchase Plan | 0 | |||||||||
Employees And Non Employees | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Expense related to options granted | $ 759,000 | $ 943,000 | $ 1,734,000 | 1,607,000 | ||||||
Options Issued and Outstanding | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of options exercised | 0 | |||||||||
Options Issued and Outstanding | Directors | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Option granted | 86,484 | |||||||||
Grant date fair value | $ 1.80 | |||||||||
Options Issued and Outstanding | Employees And Non Employees | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Option granted | 0 | |||||||||
Options Issued and Outstanding | Employees and Directors | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Expense related to options granted | 700,000 | 900,000 | $ 1,600,000 | 1,500,000 | ||||||
Unrecognized compensation expense | 5,900,000 | $ 5,900,000 | ||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 2 years 4 months 9 days | |||||||||
Options Issued and Outstanding | Non-employees | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Expense related to options granted | 7,000 | $ 40,000 | $ 8,000 | $ 48,000 | ||||||
Unrecognized compensation expense | 28,000 | $ 28,000 | ||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 1 year 8 months 26 days | |||||||||
Restricted stock units | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Unrecognized compensation expense, estimated weighted-average period for recognition | 3 years 5 months 8 days | |||||||||
Recognized stock-based compensation expense | 52,000 | $ 100,000 | ||||||||
Unrecognized stock-based compensation expense | $ 700,000 | $ 700,000 | ||||||||
Restricted stock units | Non-employees | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Shares granted | 0 | 0 | 0 | 0 | ||||||
Restricted stock units | Employees | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Shares granted | 813,335 | 24,960 | 0 | 0 | 0 | 0 | ||||
Grant date fair value | $ 1.27 | $ 9.03 | ||||||||
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] | ||||||||||
Percentage of additional shares added on outstanding shares | 4.00% | |||||||||
2018 Stock Incentive Plan | Maximum | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares reserved for issuance | 3,322,473 | 3,322,473 | ||||||||
2018 Stock Incentive Plan | Minimum [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares reserved for issuance | 2,200,260 | 2,200,260 | ||||||||
2018 Employee Stock Purchase Plan | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of shares reserved for issuance | 275,030 | |||||||||
Percentage of additional shares added on outstanding shares | 1.00% | |||||||||
Number Of Shares Available For Sale Under Employee Stock Purchase Plan | 0 | |||||||||
2018 Employee Stock Purchase Plan | Maximum | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of additional shares reserved for issuance | 920,030 | 555,583 | ||||||||
2018 Employee Stock Purchase Plan | Minimum [Member] | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||||
Number of additional shares reserved for issuance | 543,926 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 759 | $ 943 | $ 1,734 | $ 1,607 |
Research and Development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | 289 | 499 | 689 | 776 |
General and Administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total stock-based compensation expense | $ 470 | $ 444 | $ 1,045 | $ 831 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Options Issued and Outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Outstanding, beginning, Shares Available for Grant | 215,043 | |
Shares reserved for issuance, Shares Available for Grant | 1,457,789 | |
Options granted, Shares Available for Grant | (86,484) | |
Options cancelled, Shares Available for Grant | 509,272 | |
Outstanding, ending, Shares Available for Grant | 2,260,656 | 215,043 |
Outstanding, beginning, Number of Options | 2,562,800 | |
Options granted, Number of Options | 86,484 | |
Options cancelled, Number of Options | (509,272) | |
Outstanding, ending, Number of Options | 2,140,012 | 2,562,800 |
Exercisable, Number of Options | 771,444 | |
Vested and expected to vest, Number of Options | 2,140,012 | |
Outstanding, beginning, Weighted-Average Exercise Price per Option | $ 7.85 | |
Options granted, Weighted-Average Exercise Price per Option | 2.23 | |
Options cancelled, Weighted-Average Exercise Price per Option | 7.44 | |
Outstanding, ending, Weighted-Average Exercise Price per Option | 7.54 | $ 7.85 |
Exercisable, Weighted-Average Exercise Price per Option | 10.02 | |
Vested and expected to vest, Weighted-Average Exercise Price per Option | $ 7.54 | |
Outstanding, Weighted-Average Remaining Contract Term | 8 years 7 months 2 days | 8 years 10 months 2 days |
Exercisable, Weighted-Average Remaining Contract Term | 8 years 14 days | |
Vested and expected to vest, Weighted-Average Remaining Contract Term | 8 years 7 months 2 days | |
Outstanding, ending, Aggregate Intrinsic Value | $ 567 | |
Exercisable, Aggregate Intrinsic Value | 91 | |
Vested and expected to vest, Aggregate Intrinsic Value | $ 567 | |
Restricted Stock Units | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Other than options cancelled, Shares Available for Grant | 165,036 |
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, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 2.23 | $ 2.23 | ||
Expected term (in years) | 5 years 6 months | 5 years 6 months | ||
Expected volatility | 110.20% | 110.20% | ||
Expected volatility, minimum | 94.50% | 93.70% | ||
Expected volatility, maximum | 104.80% | 104.80% | ||
Risk-free interest rate | 0.40% | 0.40% | ||
Risk-free interest rate, minimum | 1.90% | 1.90% | ||
Risk-free interest rate, maximum | 2.40% | 2.60% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Non-employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility, minimum | 100.80% | 93.40% | 99.60% | 90.00% |
Expected volatility, maximum | 103.50% | 94.20% | 103.50% | 94.90% |
Risk-free interest rate, minimum | 0.50% | 1.90% | 0.50% | 1.90% |
Risk-free interest rate, maximum | 0.60% | 2.10% | 0.90% | 2.60% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 6.97 | $ 6.97 | ||
Expected term (in years) | 5 years 6 months | 5 years 6 months | ||
Minimum [Member] | Non-employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 2.09 | $ 8.90 | $ 0.96 | $ 6.82 |
Expected term (in years) | 7 years | 8 years | 7 years | 8 years |
Maximum | Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 8.08 | $ 8.90 | ||
Expected term (in years) | 6 years 1 month 6 days | 6 years 1 month 6 days | ||
Maximum | Non-employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Fair value of common stock | $ 2.18 | $ 10.20 | $ 2.18 | $ 10.20 |
Expected term (in years) | 8 years 9 months 18 days | 9 years 8 months 12 days | 9 years | 10 years |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Restricted Stock Units Activity (Details) - Restricted Stock Units | 6 Months Ended |
Jun. 30, 2020shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares Outstanding, Beginning, Unvested shares | 828,935 |
Vested, net of shares withheld for taxes | (2,121) |
Cancelled | (165,036) |
Number of Shares Outstanding, Ending, Unvested shares | 661,778 |
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, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,801,790 | 1,731,777 |
Restricted Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 500 | |
Restricted Stock Units | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 661,778 | 24,960 |
Options Issued and Outstanding | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 2,140,012 | 1,706,317 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Novartis International Pharmaceutical Ltd. | ||||
Related Party Transaction [Line Items] | ||||
Payments to related parties | $ 0 | $ 0 | $ 0 | $ 0 |
Silverstein Foundation | Funding Agreement | ||||
Related Party Transaction [Line Items] | ||||
Fund received from related parties | $ 0 | $ 0 | $ 0 | $ 0 |
Reduction in Workforce - Additi
Reduction in Workforce - Additional Information (Details) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended |
Jan. 31, 2020Employee | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($)Employee | Dec. 31, 2019Employee | |
Restructuring Charges [Abstract] | ||||
Reduction in workforce | Employee | 2 | 0 | 8 | |
Additional restructuring charges | $ | $ 0 | $ 0.1 | ||
Reduction in workforce, percentage | 22.00% |
Reduction in Workforce - Schedu
Reduction in Workforce - Schedule of Amount Expected to be Incurred and Liability Related to Restructuring (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Accrued restructuring costs as of December 31, 2019 | $ 516 | |
Restructuring charges incurred during the year | $ 0 | 100 |
One-time Employee Termination Benefits | ||
Accrued restructuring costs as of December 31, 2019 | 516 | |
Restructuring charges incurred during the year | 112 | |
Amounts paid during the year | $ (628) |
Reduction in Workforce - Sche_2
Reduction in Workforce - Schedule of Restructuring Charges Reported in Consolidated Statements of Operations and Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Research and development | $ 1,788 | $ 16,553 | $ 6,629 | $ 25,405 |
General and administrative | 3,864 | $ 2,616 | 6,403 | $ 5,455 |
Total | $ 0 | 100 | ||
Cash | ||||
Research and development | 112 | |||
Total | 112 | |||
Total Expenses | ||||
Research and development | 112 | |||
Total | $ 112 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Details) - shares | Jul. 21, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Number of shares of common stock reserved for future issuance | 5,982,476 | 4,162,361 | |
Subsequent Event | |||
Subsequent Event [Line Items] | |||
Number of shares of common stock reserved for future issuance | 14,855,157 |