Cover
Cover - shares | 3 Months Ended | |
Mar. 31, 2020 | May 06, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2020 | |
Document Transition Report | false | |
Entity File Number | 001-39112 | |
Entity Registrant Name | OYSTER POINT PHARMA, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 81-1030955 | |
Entity Address, Address Line One | 202 Carnegie Center, Suite 109 | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Entity Address, Postal Zip Code | 08540 | |
Title of 12(b) Security | Common stock, par value $0.001 | |
Trading Symbol | OYST | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Shell Company | false | |
Entity Central Index Key | 0001720725 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Local Phone Number | 382-9032 | |
City Area Code | 609 | |
Entity Common Stock, Shares Outstanding | 21,379,890 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 128,630 | $ 139,147 |
Prepaid expenses and other current assets | 2,388 | 3,033 |
Total current assets | 131,018 | 142,180 |
Restricted cash | 61 | 51 |
Right-of-use assets | 970 | 797 |
Property and equipment, net | 263 | 181 |
Total assets | 132,312 | 143,209 |
Current liabilities: | ||
Accounts payable | 6,891 | 507 |
Accrued expenses and other current liabilities | 2,483 | 4,596 |
Lease liabilities | 391 | 296 |
Total current liabilities | 9,765 | 5,399 |
Non-current liabilities: | ||
Lease liabilities, non-current | 584 | 512 |
Total liabilities | 10,349 | 5,911 |
Commitments and contingencies (Note 4) | ||
Stockholders’ equity | ||
Preferred stock: $0.001 par value per share; 5,000,000 shares authorized; none outstanding. | 0 | 0 |
Common stock, $0.001 par value per share; 1,000,000,000 shares authorized, 21,370,480 and 21,366,950 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively. | 21 | 21 |
Additional paid-in capital | 222,692 | 221,508 |
Accumulated deficit | (100,750) | (84,231) |
Total stockholders’ equity | 121,963 | 137,298 |
Total liabilities and stockholders’ equity | $ 132,312 | $ 143,209 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Par value of preferred stock (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock outstanding (in shares) | 0 | 0 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock shares issued (in shares) | 21,370,480 | 21,366,950 |
Common stock shares outstanding (in shares) | 21,370,480 | 21,366,950 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Operating expenses: | ||
Research and development | $ 11,340 | $ 2,405 |
General and administrative | 5,589 | 1,605 |
Total operating expenses | 16,929 | 4,010 |
Loss from operations | (16,929) | (4,010) |
Interest income | 410 | 250 |
Net loss | (16,519) | (3,761) |
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total | $ (16,519) | $ (3,760) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.77) | $ (2.66) |
Weighted-average shares outstanding, basic and diluted (in shares) | 21,367,532 | 1,411,966 |
Condensed Statements of Redeema
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Series B redeemable convertible preferred stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Redeemable convertible preferred stock, shares, beginning balance at Dec. 31, 2018 | 7,611,691 | ||||
Redeemable convertible preferred stock, amount, beginning balance at Dec. 31, 2018 | $ 43,001 | ||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Issuance of Series B redeemable convertible preferred stock, net of issuance costs, (in shares) | 6,015,431 | ||||
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $148 | $ 84,852 | ||||
Redeemable convertible preferred stock, shares, ending balance at Mar. 31, 2019 | 13,627,122 | ||||
Redeemable convertible preferred stock, amount, ending balance at Mar. 31, 2019 | $ 127,853 | ||||
Beginning balance, common stock (in shares) at Dec. 31, 2018 | 1,411,966 | ||||
Beginning balance at Dec. 31, 2018 | (38,243) | $ 1 | $ 276 | $ (38,520) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (3,761) | (3,761) | |||
Stock-based compensation expense | 40 | 40 | |||
Ending balance, common stock (in shares) at Mar. 31, 2019 | 1,411,966 | ||||
Ending balance at Mar. 31, 2019 | $ (41,964) | $ 1 | 316 | (42,281) | |
Redeemable convertible preferred stock, shares, beginning balance at Dec. 31, 2019 | 0 | 0 | |||
Redeemable convertible preferred stock, amount, beginning balance at Dec. 31, 2019 | $ 0 | ||||
Redeemable convertible preferred stock, shares, ending balance at Mar. 31, 2020 | 0 | 0 | |||
Redeemable convertible preferred stock, amount, ending balance at Mar. 31, 2020 | $ 0 | ||||
Beginning balance, common stock (in shares) at Dec. 31, 2019 | 21,366,950 | 21,366,950 | |||
Beginning balance at Dec. 31, 2019 | $ 137,298 | $ 21 | 221,508 | (84,231) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | $ (16,519) | (16,519) | |||
Issuance of common stock upon exercise of stock options (in shares) | 3,530 | 3,530 | |||
Issuance of common stock upon exercise of stock options | $ 4 | 4 | |||
Stock-based compensation expense | $ 1,180 | 1,180 | |||
Ending balance, common stock (in shares) at Mar. 31, 2020 | 21,370,480 | 21,370,480 | |||
Ending balance at Mar. 31, 2020 | $ 121,963 | $ 21 | $ 222,692 | $ (100,750) |
Condensed Statements of Redee_2
Condensed Statements of Redeemable Convertible Preferred Stock and Stockholders' Equity (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Series B redeemable convertible preferred stock | |
Class of Stock [Line Items] | |
Issuance costs of redeemable convertible preferred stock | $ 148 |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities | ||
Net loss | $ (16,519) | $ (3,761) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,180 | 40 |
Depreciation and amortization | 17 | 0 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | 645 | (599) |
Accounts payable | 6,384 | 571 |
Right-of-use assets | (173) | 13 |
Lease liabilities | 167 | (13) |
Accrued expenses and other current liabilities | (2,113) | 318 |
Net cash used in operating activities | (10,412) | (3,430) |
Cash flows from investing activities | ||
Purchase of property and equipment | (99) | 0 |
Net cash used in investing activities | (99) | 0 |
Cash flows from financing activities | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 0 | 84,854 |
Proceeds from the issuance of common stock upon exercise of stock options | 4 | 0 |
Net cash provided by financing activities | 4 | 84,854 |
Net (decrease) increase in cash, cash equivalents and restricted cash | (10,507) | 81,424 |
Cash, cash equivalents and restricted cash at the beginning of the period | 139,198 | 5,228 |
Cash, cash equivalents and restricted cash at the end of the period | 128,691 | 86,652 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash | 128,691 | 86,652 |
Supplemental cash flow information | ||
Right-of-use for office space and office equipment acquired through leases | $ 320 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | Organization and Summary of Significant Accounting Policies Description of the Business Oyster Point Pharma, Inc. (the “Company”) was incorporated in the state of Delaware on June 30, 2015. From inception through March 31, 2020, the Company has been primarily engaged in business planning, research, clinical development of its lead therapeutic product candidates, recruiting and raising capital. The Company is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of pharmaceutical therapies to treat ocular surface diseases. The Company’s principal office is located in Princeton, New Jersey. Liquidity Since inception, the Company has incurred recurring losses and negative cash flows from operations. The Company incurred net losses of $16.5 million and $3.8 million for the three months periods ended March 31, 2020 and 2019, respectively, and had an accumulated deficit of $100.8 million as of March 31, 2020. The Company has historically financed its operations primarily through the sale and issuance of its securities. In November, 2019, the Company completed its initial public offering (IPO) selling 5,750,000 shares of common stock at a price to the public of $16.00 per share. The aggregate net proceeds from the offering were $82.1 million. To date, none of the Company’s product candidates have been approved for sale and therefore the Company has not generated any revenue from product sales. The Company expects to incur increased sales and marketing expenses with the commercialization of new and existing products, if approved for sale, as well as increased research and development expenses as it develops additional product candidates. The Company expects its operating losses to continue to increase for the foreseeable future. While the Company has been able to raise multiple rounds of financing, there can be no assurance that in the event the Company requires additional financing, such financing will be available on terms that are favorable, or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The extent of the impact of the COVID-19 pandemic on the Company's business is uncertain and difficult to predict, as the response to the pandemic is in its incipient stages and information is rapidly evolving. As of the date of issuance of these condensed financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. The Company had cash and cash equivalents of $128.6 million as of March 31, 2020. Management believes that the Company’s current cash and cash equivalents will be sufficient to fund its planned operations for at least 12 months from the date of issuance of these financial statements. Interim Condensed Financial Information In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments, which are of a normal recurring nature, necessary to state fairly the Company’s financial position as of March 31, 2020 and as of December 31, 2019, the results of operations for the three months ended March 31, 2020 and 2019, and its cash flows for the three months ended March 31, 2020 and 2019. While management believes that the disclosures presented are adequate to make the information not misleading, these unaudited condensed financial statements should be read in conjunction with the audited financial statements and the notes thereto in the Company’s latest year-end financial statements, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019. The results of the Company’s operations for any interim period are not necessarily indicative of the results of operations for any other interim period or for the full year. Basis of Presentation The unaudited interim condensed financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to the valuation of stock awards, income taxes and certain research and development accruals. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates, and such differences could be material to the Company’s financial position and results of operations. The COVID-19 pandemic is expected to result in a slowdown of economic activity that is likely to interrupt business operations across the globe. Estimates and assumptions about future events and their effects cannot be determined with certainty and therefore require the exercise of judgment. As of the date of issuance of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update its estimates, assumptions and judgments or revise the reported amounts of assets and liabilities or the disclosure of contingent assets and liabilities. The future effects of the COVID-19 pandemic on our results of operations, cash flows, and financial position are unclear, however we believe we have used reasonable estimates and assumptions in preparing the financial statements. These estimates, however, may change as new events occur and additional information is obtained, and are recognized in the financial statements as soon as they become known. Summary of Significant Accounting Policies The Company’s significant accounting policies are disclosed in Note 1 — Organization and Summary of Significant Accounting Policies in the Annual Report on Form 10-K for the year ended December 31, 2019. There have been no material changes in the Company's accounting policies from those disclosed in the financial statements and the related notes included in the Annual Report on Form 10-K for the year ended December 31, 2019. Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) under its accounting standard codifications (“ASC”) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted accounting pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements. This ASU removes the requirement to disclose: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this ASU did not have a material effect on the Company’s financial statements and related disclosures. Recently issued accounting pronouncements not yet adopted In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments . This ASU improves and clarifies various financial instruments topics, including the current expected credit losses standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments have different effective dates through 2022. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements and related disclosures, but does not expect adoption will have a material impact on the Company’s financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which simplifies various aspects related to the accounting for income taxes. This ASU removes exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. For public companies, this ASU is effective for interim and annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements and related disclosures. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company assesses the fair value of financial instruments as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk. As of March 31, 2020, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at March 31, 2020 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 127,630 $ — $ — $ 127,630 Total fair value of assets $ 127,630 $ — $ — $ 127,630 As of December 31, 2019, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at December 31, 2019 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 138,147 $ — $ — $ 138,147 Total fair value of assets $ 138,147 $ — $ — $ 138,147 Money market funds are included in cash and cash equivalents on the balance sheets and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. There were no financial liabilities measured and recognized at fair value as of March 31, 2020 and December 31, 2019. |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | Accrued Expenses Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accrued compensation $ 785 $ 1,214 Accrued professional services 716 1,163 Accrued research and development expense 982 2,219 Total accrued expenses and other current liabilities $ 2,483 $ 4,596 |
Commitment and Contingencies
Commitment and Contingencies | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Asset Purchase of OC-02 In October 2016, the Company entered into an asset purchase agreement pursuant to which the Company acquired the compound OC-02. The agreement provides for milestone payments of up to $37.0 million upon achievement of certain milestone events. The agreement also provides for royalty payments in the mid-single digit percentage on covered product net worldwide sales. The Company’s obligation to pay royalties will terminate at the latter of patent expiration in each country or ten years. In addition, the Company is required to pay 15% of any (i) licensing revenue received that is related to OC-02 and (ii) revenue received from the sale of OC-02, up to a maximum aggregate amount of $10.0 million. No milestone was achieved or probable to be achieved or royalties payable accrued as of March 31, 2020 and as of December 31, 2019. License Agreement On October 18, 2019, the Company entered into a non-exclusive patent license agreement (the License Agreement) with Pfizer, which granted the Company non-exclusive rights under Pfizer’s patent rights covering varenicline tartrate to develop, manufacture, and commercialize the OC-01 varenicline product. Under the terms of the agreement, the Company made an upfront payment to Pfizer of $5 million. If the Company successfully commercializes OC-01, it may be required to pay a single milestone payment in the very low double-digit millions and tiered royalties on net sales of OC-01 at percentages ranging from the mid-single digits to the mid-teens. The royalty obligation to Pfizer will commence upon the first commercial sale of OC-01 and will expire upon the later of (a) the expiration of all regulatory or data exclusivity granted to Pfizer in connection with varenicline in the United States; and (b) the expiration or abandonment of the last valid claims of the licensed patents. No milestone was achieved or probable to be achieved or royalties payable accrued as of March 31, 2020 and as of December 31, 2019. Lease Obligations In April 2019, the Company entered a lease for office space under a non-cancelable operating lease in Princeton, New Jersey, commencing on July 1, 2019, for a period of three years from the commencement date. In January 2020, the Company amended this lease to include additional office space, with the same terms as the original lease. Total future minimum lease payments under this amendment are $1.0 million . The total lease payment over the life of this lease are $1.2 million. The remaining lease term was 2.3 years as of March 31, 2020. Rent expense was $0.1 million and less than $0.1 million for the three months ended March 31, 2020 and 2019, respectively. The Company leases certain office equipment under finance leases with remaining lease terms of 2.4 to 3.1 years. At the commencement date, the Company determined the amount of lease liability using a discount rate of 3%, which management determined represents the rate implicit in the lease. Interest expense for the finance leases was $277 and zero for the three months ended March 31, 2020 and 2019, respectively. Amortization of the finance lease right of use asset was $2,344 and zero for the three months ended March 31, 2020 and 2019, respectively. Supplemental balance sheet information for the leases is as follows (in thousands): March 31, 2020 December 31, 2019 Operating lease right-of-use asset $ 923 $ 783 Finance lease right-of-use asset 47 14 Total right-of-use asset $ 970 $ 797 Operating lease liabilities $ 374 $ 290 Finance lease liabilities 17 6 Total lease liabilities $ 391 $ 296 Operating lease liabilities, non-current $ 552 $ 500 Finance lease liabilities, non-current 32 12 Total lease liabilities, non-current $ 584 $ 512 The maturities of the lease liabilities under non-cancelable operating and finance leases are as follows (in thousands): As of March 31, 2020 Finance Leases Operating Leases Total 2020 (remainder) $ 13 $ 319 $ 332 2021 18 432 450 2022 16 254 270 2023 4 — 4 Total undiscounted cash flows 51 1,005 1,056 Less: imputed interest (2) (79) (81) Total lease liability 49 926 975 Less: current portion (17) (374) (391) Lease liability $ 32 $ 552 $ 584 Contingencies and Indemnifications From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and that such expenditures can be reasonably estimated. Significant judgment is required to determine both probability and the estimated amount. In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications, including for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future, but that have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 3 Months Ended |
Mar. 31, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock On February 15, 2019, the Company executed the Series B Preferred Stock Purchase Agreement to sell up to 6,581,590 shares of Series B redeemable convertible preferred stock. In February and April 2019, the Company received gross cash proceeds of $85.0 million and $8.0 million, respectively, from the sale of Series B redeemable convertible preferred stock. On November 4, 2019, upon the closing of the IPO, all outstanding shares of redeemable convertible preferred stock were converted into an aggregate of 14,193,281 shares of the Company’s common stock and $135.9 million of mezzanine equity was reclassified to common stock and additional paid-in capital. As of March 31, 2020 and December 31, 2019, there were no shares of redeemable convertible preferred stock issued and outstanding. |
Common Stock
Common Stock | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Common Stock | Common Stock The Company is authorized to issue 1,000,000,000 shares of common stock, at a par value of $0.001 per share. Each share of common stock is entitled to one vote. The Company had reserved common stock for future issuance as follows: March 31, 2020 December 31, 2019 Outstanding options under the 2016 Plan 2,744,904 2,748,434 Outstanding options under the 2019 Plan 516,595 29,466 Unvested RSUs under the 2019 Plan 23,125 23,125 Equity awards available for grant under the 2019 Plan 2,259,918 2,747,047 Shares reserved for purchase under the ESPP 270,000 270,000 Total 5,814,542 5,818,072 |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans In October 2019, the Company’s Board of Directors and stockholders approved the 2019 Equity Incentive Plan (the 2019 Plan). The 2019 Plan provides for the granting of stock options, restricted stock, restricted stock units, stock appreciation rights, performance units, and performance shares to the Company's employees, directors, and others. The exercise price of an ISO and NSO shall not be less than 100% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. The exercise price of an ISO granted to a 10% stockholder shall not be less than 110% of the estimated fair value of the shares on the date of grant, as determined by the board of directors. To date, outstanding options have a term of 10 years and generally vest monthly over a four In October 2019, the Company’s Board of Directors and stockholders also approved the 2019 Employee Stock Purchase Plan (the ESPP), which qualifies as an "employee stock purchase plan" under Section 423 of the Internal Revenue Code, and pursuant to which 270,000 shares of common stock were reserved for future issuance. The ESPP is designed to enable eligible employees to purchase shares of the Company's common stock at a discount on a periodic basis through payroll deductions. There have been no ESPP purchases to date. Activity under the Company’s stock option plan is set forth below (in thousands, except share and per share data): Outstanding Options Shares Available for Grant Number of Shares Underlying Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, January 1, 2020 2,747,047 2,777,900 $ 4.59 8.7 $ 55,146 Options granted (487,129) 487,129 $ 32.71 Options exercised (3,530) (3,530) $ 1.02 $ 108 Options canceled — — $ — Balance, March 31, 2020 2,256,388 3,261,499 $ 8.79 8.7 $ 85,488 Shares vested and exercisable as of March 31, 2020 1,230,135 $ 2.18 8.1 $ 40,373 Vested and expected to vest as of March 31, 2020 3,261,499 $ 8.79 8.7 $ 85,488 The weighted average grant date fair value of options granted during the three months ended March 31, 2020 was $23.30 per share. No options were granted during the three months ended March 31, 2019. As of March 31, 2020, the total unrecognized stock-based compensation expense was $20.0 million, which is expected to be recognized over a weighted average period of 3.46 years. Fair Value of Common Stock Prior to the IPO the fair value of the Company’s common stock underlying the stock options was determined by the Board of Directors with assistance from management and, in part, on input from an independent third-party valuation firm. The Board of Directors determined the fair value of common stock by considering a number of objective and subjective factors, including valuations of comparable companies, sales of convertible preferred stock, operating and financial performance, the lack of liquidity of the Company’s common stock and the general and industry-specific economic outlook. Subsequent to the IPO, the fair value of the Company’s common stock is determined based on its closing market price. Stock-Based Compensation Expense Total stock-based compensation expense recorded related to awards granted to employees and non-employees was as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 217 $ 35 General and administrative 963 5 $ 1,180 $ 40 |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common StockholdersThe following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (16,519) $ (3,760) Denominator: Weighted average shares outstanding used in computing net loss per share, basic and diluted 21,367,532 1,411,966 Net loss per share, basic and diluted $ (0.77) $ (2.66) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: As of March 31, 2020 2019 Series A redeemable convertible preferred stock — 7,611,691 Series B redeemable convertible preferred stock — 6,015,431 Options to purchase common stock 3,261,499 1,376,084 Unvested restricted stock units 23,125 — Total 3,284,624 15,003,206 |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited interim condensed financial statements and accompanying notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). |
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 amounts of assets and liabilities, disclosure of contingent assets and liabilities and the reported amounts of revenue and expenses in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to the valuation of stock awards, income taxes and certain research and development accruals. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates, and such differences could be material to the Company’s financial position and results of operations. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (the “FASB”) under its accounting standard codifications (“ASC”) or other standard setting bodies and adopted by the Company as of the specified effective date, unless otherwise discussed below. Recently adopted accounting pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which modifies the disclosure requirements on fair value measurements. This ASU removes the requirement to disclose: the amount of and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy; the policy for timing of transfers between levels; and the valuation processes for Level 3 fair value measurements. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The adoption of this ASU did not have a material effect on the Company’s financial statements and related disclosures. Recently issued accounting pronouncements not yet adopted In March 2020, the FASB issued ASU 2020-03, Codification Improvements to Financial Instruments . This ASU improves and clarifies various financial instruments topics, including the current expected credit losses standard issued in 2016. The ASU includes seven different issues that describe the areas of improvement and the related amendments to GAAP, intended to make the standards easier to understand and apply by eliminating inconsistencies and providing clarifications. The amendments have different effective dates through 2022. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements and related disclosures, but does not expect adoption will have a material impact on the Company’s financial statements and disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes , which simplifies various aspects related to the accounting for income taxes. This ASU removes exceptions to the general principles in Topic 740 related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. For public companies, this ASU is effective for interim and annual reporting periods beginning after December 15, 2020. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements and related disclosures. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. This ASU replaces the existing incurred loss impairment model with an expected loss model. It also eliminates the concept of other-than-temporary impairment and requires credit losses related to available-for-sale debt securities to be recorded through an allowance for credit losses rather than as a reduction in the amortized cost basis of the securities. These changes will result in earlier recognition of credit losses. For SEC filers that are eligible to be smaller reporting companies, this ASU is effective for fiscal years beginning after December 15, 2022, and interim periods within those fiscal years. Early adoption is permitted. The Company is currently evaluating the impact the adoption of this ASU will have on its financial statements and related disclosures. |
Fair Value Measurements | The Company assesses the fair value of financial instruments as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1 Quoted prices in active markets for identical assets or liabilities. Level 2 Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured and recognized at fair value | As of March 31, 2020, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at March 31, 2020 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 127,630 $ — $ — $ 127,630 Total fair value of assets $ 127,630 $ — $ — $ 127,630 As of December 31, 2019, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at December 31, 2019 Quoted Price in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets Money market funds $ 138,147 $ — $ — $ 138,147 Total fair value of assets $ 138,147 $ — $ — $ 138,147 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses and other current liabilities consisted of the following (in thousands): March 31, 2020 December 31, 2019 Accrued compensation $ 785 $ 1,214 Accrued professional services 716 1,163 Accrued research and development expense 982 2,219 Total accrued expenses and other current liabilities $ 2,483 $ 4,596 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Supplemental balance sheet information for lessee | Supplemental balance sheet information for the leases is as follows (in thousands): March 31, 2020 December 31, 2019 Operating lease right-of-use asset $ 923 $ 783 Finance lease right-of-use asset 47 14 Total right-of-use asset $ 970 $ 797 Operating lease liabilities $ 374 $ 290 Finance lease liabilities 17 6 Total lease liabilities $ 391 $ 296 Operating lease liabilities, non-current $ 552 $ 500 Finance lease liabilities, non-current 32 12 Total lease liabilities, non-current $ 584 $ 512 |
Schedule of maturities of lease liabilities | The maturities of the lease liabilities under non-cancelable operating and finance leases are as follows (in thousands): As of March 31, 2020 Finance Leases Operating Leases Total 2020 (remainder) $ 13 $ 319 $ 332 2021 18 432 450 2022 16 254 270 2023 4 — 4 Total undiscounted cash flows 51 1,005 1,056 Less: imputed interest (2) (79) (81) Total lease liability 49 926 975 Less: current portion (17) (374) (391) Lease liability $ 32 $ 552 $ 584 |
Common Stock (Tables)
Common Stock (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Equity [Abstract] | |
Schedule of common stock reserved for future issuance | The Company had reserved common stock for future issuance as follows: March 31, 2020 December 31, 2019 Outstanding options under the 2016 Plan 2,744,904 2,748,434 Outstanding options under the 2019 Plan 516,595 29,466 Unvested RSUs under the 2019 Plan 23,125 23,125 Equity awards available for grant under the 2019 Plan 2,259,918 2,747,047 Shares reserved for purchase under the ESPP 270,000 270,000 Total 5,814,542 5,818,072 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Activity in stock option plan | Activity under the Company’s stock option plan is set forth below (in thousands, except share and per share data): Outstanding Options Shares Available for Grant Number of Shares Underlying Outstanding Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance, January 1, 2020 2,747,047 2,777,900 $ 4.59 8.7 $ 55,146 Options granted (487,129) 487,129 $ 32.71 Options exercised (3,530) (3,530) $ 1.02 $ 108 Options canceled — — $ — Balance, March 31, 2020 2,256,388 3,261,499 $ 8.79 8.7 $ 85,488 Shares vested and exercisable as of March 31, 2020 1,230,135 $ 2.18 8.1 $ 40,373 Vested and expected to vest as of March 31, 2020 3,261,499 $ 8.79 8.7 $ 85,488 |
Stock-based compensation expense | Total stock-based compensation expense recorded related to awards granted to employees and non-employees was as follows (in thousands): Three Months Ended March 31, 2020 2019 Research and development $ 217 $ 35 General and administrative 963 5 $ 1,180 $ 40 |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except share and per share data): Three Months Ended March 31, 2020 2019 Numerator: Net loss $ (16,519) $ (3,760) Denominator: Weighted average shares outstanding used in computing net loss per share, basic and diluted 21,367,532 1,411,966 Net loss per share, basic and diluted $ (0.77) $ (2.66) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: As of March 31, 2020 2019 Series A redeemable convertible preferred stock — 7,611,691 Series B redeemable convertible preferred stock — 6,015,431 Options to purchase common stock 3,261,499 1,376,084 Unvested restricted stock units 23,125 — Total 3,284,624 15,003,206 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Nov. 30, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Net loss | $ 16,519 | $ 3,761 | ||
Accumulated deficit | 100,750 | $ 84,231 | ||
Price per share (in usd per share) | $ 16 | |||
Cash and cash equivalents | $ 128,630 | $ 86,652 | $ 139,147 | |
IPO | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Number of common stock sold and issued (in shares) | 5,750,000 | |||
Aggregate gross proceeds from offering | $ 82,100 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | $ 0 | $ 0 |
Fair Value, Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets | 127,630,000 | 138,147,000 |
Fair Value, Recurring | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 127,630,000 | 138,147,000 |
Fair Value, Recurring | Quoted Price in Active Markets for Identical Assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets | 127,630,000 | 138,147,000 |
Fair Value, Recurring | Quoted Price in Active Markets for Identical Assets (Level 1) | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 127,630,000 | 138,147,000 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets | 0 | 0 |
Fair Value, Recurring | Significant Other Observable Inputs (Level 2) | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total fair value of assets | 0 | 0 |
Fair Value, Recurring | Significant Unobservable Inputs (Level 3) | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | $ 0 | $ 0 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 785 | $ 1,214 |
Accrued professional services | 716 | 1,163 |
Accrued research and development expense | 982 | 2,219 |
Total accrued expenses and other current liabilities | $ 2,483 | $ 4,596 |
Commitment and Contingencies -
Commitment and Contingencies - Narrative (Details) - USD ($) | Oct. 18, 2019 | Oct. 31, 2016 | Mar. 31, 2020 | Mar. 31, 2019 | Apr. 30, 2019 |
Lessee, Lease, Description [Line Items] | |||||
Future minimum lease payments | $ 926,000 | ||||
Lease payments due over the life of the lease | 1,005,000 | ||||
Lease expense | $ 100,000 | $ 100,000 | |||
Finance lease, discount rate | 3.00% | ||||
Finance lease, interest expense | $ 277 | 0 | |||
Finance lease, right-of-use amortization | $ 2,344 | $ 0 | |||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Finance lease, remaining lease terms | 2 years 4 months 24 days | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Finance lease, remaining lease terms | 3 years 1 month 6 days | ||||
Princeton New Jersey Office Space, Lease Ending in 2022 | |||||
Lessee, Lease, Description [Line Items] | |||||
Term of lease contract | 3 years | ||||
Future minimum lease payments | $ 1,000,000 | ||||
Lease payments due over the life of the lease | $ 1,200,000 | ||||
Remaining term on operating lease | 2 years 3 months 18 days | ||||
Acquisition Of OC-02 Compound | |||||
Lessee, Lease, Description [Line Items] | |||||
Maximum milestone payments for acquisition | $ 37,000,000 | ||||
Term of obligation to pay royalties | 10 years | ||||
Required percentage of licensing revenue | 15.00% | ||||
Maximum aggregate amount of licensing revenue | $ 10,000,000 | ||||
Licensing Agreements | |||||
Lessee, Lease, Description [Line Items] | |||||
Upfront payment for non-exclusive license agreement | $ 5,000,000 |
Commitment and Contingencies _2
Commitment and Contingencies - Supplemental Balance Sheet Information (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease right-of-use asset | $ 923 | $ 783 |
Finance lease right-of-use asset | 47 | 14 |
Total right-of-use asset | 970 | 797 |
Operating lease liabilities | 374 | 290 |
Finance lease liabilities | 17 | 6 |
Total lease liabilities | 391 | 296 |
Operating lease liabilities, non-current | 552 | 500 |
Finance lease liabilities, non-current | 32 | 12 |
Total lease liabilities, non-current | $ 584 | $ 512 |
Commitment and Contingencies _3
Commitment and Contingencies - Lease Maturity Schedules (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finance Leases | ||
2020 (remainder) | $ 13 | |
2021 | 18 | |
2022 | 16 | |
2023 | 4 | |
Total undiscounted cash flows | 51 | |
Less: imputed interest | (2) | |
Total lease liability | 49 | |
Less: current portion | (17) | $ (6) |
Lease liability | 32 | 12 |
Operating Leases | ||
2020 (remainder) | 319 | |
2020 | 432 | |
2021 | 254 | |
2022 | 0 | |
Total undiscounted cash flows | 1,005 | |
Less: imputed interest | (79) | |
Total lease liability | 926 | |
Less: current portion | (374) | (290) |
Lease liability | 552 | 500 |
Total | ||
2020 (remainder) | 332 | |
2021 | 450 | |
2022 | 270 | |
2023 | 4 | |
Total undiscounted cash flows | 1,056 | |
Less: imputed interest | (81) | |
Total lease liability | 975 | |
Less: current portion | (391) | (296) |
Total lease liabilities, non-current | $ 584 | $ 512 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Nov. 04, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Feb. 15, 2019 | Dec. 31, 2018 |
Class of Stock [Line Items] | ||||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 0 | $ 84,854 | ||||||
Reclassifications of temporary to permanent equity | $ 135,900 | |||||||
Redeemable convertible preferred stock, outstanding (in shares) | 0 | 13,627,122 | 0 | 7,611,691 | ||||
Series B redeemable convertible preferred stock | ||||||||
Class of Stock [Line Items] | ||||||||
Shares of redeemable convertible preferred stock authorized (in shares) | 6,581,590 | |||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 8,000 | $ 85,000 | ||||||
Conversion of preferred stock, shares converted (in shares) | 14,193,281 | |||||||
Shares of redeemable convertible preferred stock issued (in shares) | 0 | 0 | ||||||
Redeemable convertible preferred stock, outstanding (in shares) | 0 | 0 |
Common Stock (Details)
Common Stock (Details) | 3 Months Ended | |
Mar. 31, 2020shares$ / shares | Dec. 31, 2019$ / sharesshares | |
Equity [Abstract] | ||
Common stock authorized (in shares) | 1,000,000,000 | 1,000,000,000 |
Common stock par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Number of votes per share | 1 |
Common Stock - Reserved Common
Common Stock - Reserved Common Stock (Details) - shares | Mar. 31, 2020 | Dec. 31, 2019 |
Class of Stock [Line Items] | ||
Outstanding options (in shares) | 3,261,499 | 2,777,900 |
Equity awards available to grant (in shares) | 2,256,388 | 2,747,047 |
Total (in shares) | 5,814,542 | 5,818,072 |
2016 Plan | ||
Class of Stock [Line Items] | ||
Outstanding options (in shares) | 2,744,904 | 2,748,434 |
2019 Plan | ||
Class of Stock [Line Items] | ||
Outstanding options (in shares) | 516,595 | 29,466 |
Equity awards available to grant (in shares) | 2,259,918 | 2,747,047 |
2019 Plan | Unvested restricted stock units | ||
Class of Stock [Line Items] | ||
Unvested RSUs under the 2019 plan (in shares) | 23,125 | 23,125 |
2019 ESPP | ||
Class of Stock [Line Items] | ||
Equity awards available to grant (in shares) | 270,000 | 270,000 |
Equity Incentive Plans - Narrat
Equity Incentive Plans - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance (in shares) | 5,814,542 | 5,818,072 | ||
Weighted-average grant-date fair value of options (in dollars per share) | $ 23.30 | |||
Stock options granted during period (in shares) | 0 | |||
Unrecognized stock-based compensation expense | $ 20 | |||
Weighted-average recognition period of unrecognized stock-based compensation expense (in years) | 3 years 5 months 15 days | |||
Stock options | 2019 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of estimated fair value of shares | 100.00% | |||
Term of outstanding options (in years) | 10 years | |||
Vesting period of stock options (in years) | 4 years | |||
Incentive Stock Options | 2019 Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percent of estimated fair value of shares | 110.00% | |||
Percent of shares owned by individual stockholder | 10.00% | |||
Employee Stock | 2019 ESPP | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares reserved for future issuance (in shares) | 270,000 |
Equity Incentive Plans - Option
Equity Incentive Plans - Option Activity During The Period (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2020 | Dec. 31, 2019 | |
Shares Available for Grant | ||
Beginning balance (in shares) | 2,747,047 | |
Options granted (in shares) | (487,129) | |
Options exercised (in shares) | (3,530) | |
Options canceled (in shares) | 0 | |
Ending balance (in shares) | 2,256,388 | 2,747,047 |
Number of Shares Underlying Outstanding Options | ||
Beginning balance (in shares) | 2,777,900 | |
Options granted (in shares) | 487,129 | |
Options exercised (in shares) | (3,530) | |
Options canceled (in shares) | 0 | |
Ending balance (in shares) | 3,261,499 | 2,777,900 |
Shares vested at end of period (in shares) | 1,230,135,000 | |
Shares exercisable at end of period (in shares) | 1,230,135,000 | |
Shares vested and expected to vest at end of period (in shares) | 3,261,499,000 | |
Weighted Average Exercise Price | ||
Beginning balance (in dollars per share) | $ 4.59 | |
Options granted (in dollars per share) | 32.71 | |
Options exercise price (in dollars per share) | 1.02 | |
Options canceled (in dollars per share) | 0 | |
Ending balance (in dollars per share) | 8.79 | $ 4.59 |
Shares vested and exercisable at end of period (in dollars per share) | 2,180 | |
Shares vested and expected to vest at end of period (in dollars per share) | $ 8,790 | |
Weighted-average remaining contractual term (in years) | 8 years 8 months 12 days | 8 years 8 months 12 days |
Aggregate intrinsic value | $ 85,488 | $ 55,146 |
Aggregate intrinsic value, options exercised | $ 108 | |
Shares vested and exercisable at end of period, Weighted-Average Remaining Contractual Term (in years) | 8 years 1 month 6 days | |
Shares vested and exercisable at end of period, aggregate intrinsic value | $ 40,373 | |
Shares vested and expected to vest at end of period, Weighted Average Remaining Contractual Term | 8 years 8 months 12 days | |
Shares vested and expected to vest at end of period, aggregate intrinsic value | $ 85,488 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 1,180 | $ 40 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | 217 | 35 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation expense | $ 963 | $ 5 |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||
Net loss | $ (16,519) | $ (3,761) |
Denominator: | ||
Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 21,367,532 | 1,411,966 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.77) | $ (2.66) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share | 3,284,624 | 15,003,206 |
Series A redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share | 0 | 7,611,691 |
Series B redeemable convertible preferred stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share | 0 | 6,015,431 |
Options to purchase common stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share | 3,261,499 | 1,376,084 |
Unvested restricted stock units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share | 23,125 | 0 |