Cover
Cover - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Feb. 21, 2020 | |
Cover page. | ||
Document Type | 10-K | |
Document Annual Report | true | |
Document Period End Date | Dec. 31, 2019 | |
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, Postal Zip Code | 08540 | |
Entity Address, City or Town | Princeton | |
Entity Address, State or Province | NJ | |
Title of 12(b) Security | Common stock, par value $0.001 | |
Trading Symbol | OYST | |
Security Exchange Name | NASDAQ | |
Entity Well-known Seasoned Issuer | No | |
Entity Voluntary Filers | No | |
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 | 2019 | |
Document Fiscal Period Focus | FY | |
Current Fiscal Year End Date | --12-31 | |
Amendment Flag | false | |
Local Phone Number | 382-9032 | |
City Area Code | 609 | |
Entity Common Stock, Shares Outstanding | 21,366,950 | |
Documents Incorporated by Reference | Portions of the registrant’s definitive Proxy Statement relating to the 2020 Annual Meeting of Stockholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. The proxy statement will be filed with the Securities and Exchange Commission within 120 days of the registrant’s fiscal year ended December 31, 2019. | |
Entity Public Float | $ 168 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 139,147 | $ 5,228 |
Prepaid expenses and other current assets | 3,033 | 390 |
Total current assets | 142,180 | 5,618 |
Restricted cash | 51 | 0 |
Operating lease right-of-use asset | 797 | 66 |
Property and equipment, net | 181 | 0 |
Other non-current assets | 0 | 20 |
Total assets | 143,209 | 5,704 |
Current liabilities: | ||
Accounts payable | 500 | 462 |
Accrued liabilities | 4,603 | 422 |
Operating lease liability | 296 | 56 |
Total current liabilities | 5,399 | 940 |
Operating lease liability, non-current | 512 | 6 |
Total liabilities | 5,911 | 946 |
Commitments and contingencies (Note 5) | ||
Redeemable convertible preferred stock | 0 | 43,001 |
Stockholders’ equity (deficit) | ||
Preferred stock: $0.001 par value per share - 5,000,000 shares authorized and no shares issued and outstanding as of December 31, 2019 and no shares authorized, issued and outstanding as of December 31, 2018 | 0 | 0 |
Common stock, $0.001 par value per share - 1,000,000,000 authorized shares at December 31, 2019, and 10,943,000 shares authorized at December 31, 2018; 21,366,950 shares issued and outstanding at December 31, 2019, and 1,411,966 shares issued and outstanding at December 31, 2018 | 21 | 1 |
Additional paid-in-capital | 221,508 | 276 |
Accumulated deficit | (84,231) | (38,520) |
Total stockholders’ equity (deficit) | 137,298 | (38,243) |
Total liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | 143,209 | 5,704 |
Series A redeemable convertible preferred stock | ||
Current liabilities: | ||
Redeemable convertible preferred stock | $ 0 | $ 43,001 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Shares of redeemable convertible preferred stock issued (in shares) | 0 | |
Redeemable convertible preferred stock, outstanding (in shares) | 0 | 7,611,691 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock shares outstanding (in shares) | 21,366,950 | 1,411,966 |
Common stock shares issued (in shares) | 21,366,950 | 1,411,966 |
Common stock authorized (in shares) | 1,000,000,000 | 10,943,000 |
Preferred stock authorized (in shares) | 5,000,000 | 0 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Par value of preferred stock (in dollars per share) | $ 0.001 | $ 0.001 |
Series A redeemable convertible preferred stock | ||
Par value of redeemable convertible preferred stock (in dollars per share) | $ 0.001 | $ 0.001 |
Shares of redeemable convertible preferred stock authorized (in shares) | 0 | 7,611,691 |
Shares of redeemable convertible preferred stock issued (in shares) | 0 | 7,611,691 |
Redeemable convertible preferred stock, outstanding (in shares) | 0 | 7,611,691 |
Redeemable convertible preferred stock, liquidation preference | $ 43,126,000 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | ||||||||||
Research and development | $ 15,034 | $ 8,088 | $ 8,101 | $ 2,405 | $ 3,345 | $ 5,775 | $ 2,261 | $ 2,374 | $ 33,628 | $ 13,755 |
General and administrative | 5,127 | 3,809 | 3,132 | 1,605 | 704 | 916 | 735 | 626 | 13,673 | 2,981 |
Total operating expenses | 20,161 | 11,897 | 11,233 | 4,010 | 4,049 | 6,691 | 2,996 | 3,000 | 47,301 | 16,736 |
Loss from operations | (20,161) | (11,897) | (11,233) | (4,010) | (4,049) | (6,691) | (2,996) | (3,000) | (47,301) | (16,736) |
Interest income | 437 | 400 | 503 | 250 | 38 | 59 | 70 | 66 | 1,590 | 233 |
Net loss and comprehensive loss | $ (19,724) | $ (11,497) | $ (10,730) | $ (3,760) | $ (4,011) | $ (6,632) | $ (2,926) | $ (2,934) | $ (45,711) | $ (16,503) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (9.97) | $ (11.69) | ||||||||
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares) | 13,993,730 | 1,419,064 | 1,412,354 | 1,411,966 | 1,411,966 | 1,411,966 | 1,411,966 | 1,411,966 | 4,585,146 | 1,411,966 |
Statements of Redeemable Conver
Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands | Total | Series B Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Redeemable convertible preferred stock, shares, beginning balance at Dec. 31, 2017 | 7,611,691 | ||||
Redeemable convertible preferred stock, amount, beginning balance at Dec. 31, 2017 | $ 43,001 | ||||
Redeemable convertible preferred stock, shares, ending balance at Dec. 31, 2018 | 7,611,691 | ||||
Redeemable convertible preferred stock, amount, ending balance at Dec. 31, 2018 | $ 43,001 | ||||
Beginning balance, common stock (in shares) at Dec. 31, 2017 | 1,411,966 | ||||
Beginning balance at Dec. 31, 2017 | (21,894) | $ 1 | $ 122 | $ (22,017) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (16,503) | (16,503) | |||
Stock-based compensation expense | 154 | 154 | |||
Ending balance at Dec. 31, 2018 | $ (38,243) | $ 1 | 276 | (38,520) | |
Ending balance, common stock (in shares) at Dec. 31, 2018 | 1,411,966 | 1,411,966 | |||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||
Issuance of Series B redeemable convertible preferred stock, net of issuance costs, shares | 6,581,590 | ||||
Issuance of Series B redeemable convertible preferred stock, net of issuance cost, amount | $ 92,852 | ||||
Temporary Equity, Stock Issued During Period, Shares, Conversion Of Convertible Securities, Net Of Adjustments | 14,193,281 | ||||
Temporary Equity, Stock Issued During Period, Value, Conversion Of Convertible Securities, Net Of Adjustments | $ (135,853) | ||||
Redeemable convertible preferred stock, shares, ending balance at Dec. 31, 2019 | 0 | ||||
Redeemable convertible preferred stock, amount, ending balance at Dec. 31, 2019 | $ 0 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net loss | (45,711) | (45,711) | |||
Issuance of common stock upon initial public offering, net of issuance cost of $9,898 (in shares) | 5,750,000 | ||||
Issuance of common stock upon initial public offering, net of issuance cost of $9,898 | 82,102 | $ 6 | 82,096 | ||
Conversion of redeemable convertible preferred stock into common stock upon initial public offering (in shares) | 14,193,281 | ||||
Conversion of redeemable convertible preferred stock into common stock upon initial public offering | 135,853 | $ 14 | 135,839 | ||
Stock issued through exercise of stock options (in shares) | 11,703 | ||||
Stock issued through exercise of stock options | 31 | 31 | |||
Stock-based compensation expense | 3,266 | 3,266 | |||
Ending balance at Dec. 31, 2019 | $ 137,298 | $ 21 | $ 221,508 | $ (84,231) | |
Ending balance, common stock (in shares) at Dec. 31, 2019 | 21,366,950 | 21,366,950 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Payments of Stock Issuance Costs | $ 9,898 |
Statements of Redeemable Conv_2
Statements of Redeemable Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands | 3 Months Ended |
Jun. 30, 2019USD ($) | |
Series B Preferred Stock | |
Class of Stock [Line Items] | |
Issuance of Series B redeemable convertible preferred stock, net of issuance costs of $148 | $ 148 |
Statement of Cash Flows
Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (45,711) | $ (16,503) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 3,266 | 154 |
Depreciation and amortization | 19 | 0 |
Changes in assets and liabilities: | ||
Prepaid expenses and other current assets | (2,643) | 473 |
Other non-current assets | 20 | (20) |
Accounts payable | 38 | 44 |
Operating lease right-of-use asset | (731) | (66) |
Operating lease liability | 746 | 62 |
Accrued liabilities | 4,181 | (1,227) |
Net cash used in operating activities | (40,815) | (17,083) |
Cash flows from investing activities | ||
Purchases of property and equipment | (200) | 0 |
Net cash used in investing activities | (200) | 0 |
Cash flows from financing activities | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 92,852 | 0 |
Proceeds from initial public offering, net of issuance costs | 82,102 | 0 |
Proceeds from the issuance of common stock upon exercise of stock options | 31 | 0 |
Net cash provided by financing activities | 174,985 | 0 |
Net increase (decrease) in cash and cash equivalents | 133,970 | (17,083) |
Cash and cash equivalents at the beginning of the period | 5,228 | 22,311 |
Cash, cash equivalents and restricted cash at the end of the period | 139,198 | 5,228 |
Reconciliation of cash, cash equivalents and restricted cash | ||
Cash, cash equivalents and restricted cash | 5,228 | 5,228 |
Supplemental cash flow information | ||
Right-of-use for office space acquired through operating leases | 897 | 113 |
Supplemental non-cash investing and financing activities | ||
Conversion of redeemable convertible preferred stock to common stock upon closing of the initial public offering | $ 135,853 | $ 0 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 on June 30, 2015. From inception through December 31, 2019, 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. Initial Public Offering On November 4, 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, after deducting underwriting discounts and commissions and other offering expenses, were $82.1 million. In addition, upon the closing the IPO, all outstanding shares of redeemable convertible preferred stock outstanding were converted into an aggregate of 14,193,281 shares of the Company’s common stock. Liquidity Since inception, the Company has incurred recurring losses and negative cash flows from operations. The Company incurred net losses of $45.7 million and $16.5 million for the years ended December 31, 2019 and 2018, respectively, and had an accumulated deficit of $84.2 million as of December 31, 2019. The Company has historically financed its operations primarily through the sale and issuance of its securities. 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 had cash and cash equivalents of $139.1 million as of December 31, 2019. 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. Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Reverse Stock Split In October 2019, the Company’s Board of Directors and stockholders approved an amendment to the Company’s amended and restated certificate of incorporation to effect a 2.832861-for-1 reverse stock split of the Company’s common stock and redeemable convertible preferred stock, which was effected on October 18, 2019. The par values of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. Accordingly, all common stock, redeemable convertible preferred stock, stock options, and related per share amounts as of and for the year ended December 31, 2018 and for the period through October 18, 2019 have been retroactively adjusted to give effect to the reverse stock split. 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 and for periods prior to the IPO, the valuation of convertible notes, derivative instruments, and redeemable convertible preferred stock. 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. Segments The Company operates and manages its business as one reportable operating segment. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company's long-lived assets are located in the United States. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Substantially all of the Company’s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company’s cash equivalents are invested in highly rated money market funds. Risks and Uncertainties The Company operates in a dynamic and highly competitive industry and believes that changes in any of the following areas could have a material adverse effect on the Company’s future financial position, results of operations, or cash flows: ability to obtain future financing; advances and trends in new technologies and industry standards; results of clinical trials; regulatory approval and market acceptance of the Company’s products; development of sales channels; certain strategic relationships; litigation or claims against the Company related to intellectual property, product, regulatory, or other matters; and the Company’s ability to attract and retain employees necessary to support its growth. Product candidates developed by the Company will require approvals from the U.S. Food and Drug Administration or other international regulatory agencies prior to commercial sales. There can be no assurance that the product candidates will receive the necessary approvals. If the Company is denied approval, approval is delayed or the Company is unable to maintain approval, it could have a materially adverse impact on the Company. The Company has expended and will continue to expend substantial funds to complete the research, development and clinical testing of its product candidates. The Company also will be required to expend additional funds to establish commercial-scale manufacturing arrangements and to provide for the marketing and distribution of products that receive regulatory approval. The Company will require additional funds to commercialize its products. The Company is unable to entirely fund these efforts with its current financial resources. If adequate funds are unavailable on a timely basis from operations or additional sources of financing, the Company may have to delay, reduce the scope of or eliminate one or more of its research or development programs which would materially and adversely affect its business, financial condition and operations. The Company relies on single source manufacturers and suppliers for the supply of its product candidates. Disruption from these manufacturers or suppliers would have a negative impact on the Company’s business, financial position and results of operations. In addition, the Company is dependent upon the services of its employees, consultants and other third parties. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. As of December 31, 2019 and 2018, cash and cash equivalents consisted of cash on deposit with a bank denominated in U.S. dollars and investment in money market funds. Restricted Cash As of December 31, 2019, the Company had $51,000 of long-term restricted cash deposited with a financial institution. The entire amount is held in a separate bank account to support a letter of credit agreement related to one of the Company’s office facilities lease, which expires in 2022. Property and Equipment Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets as follows: Office equipment 5 years Furniture and fixtures 7 years Leasehold improvements Shorter of lease term or estimated useful life Leases The Company determines if an arrangement is or contains a lease and the classification of that lease at inception of a contract. The Company’s operating lease asset is included in “operating lease right-of-use asset” (“ROU asset”), and the current and non-current portions of the operating lease liability are included in “operating lease liability”, and “operating lease liability, non-current”, respectively, on the balance sheets. As of December 31, 2019 and 2018, the Company had no finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. Operating lease right-of-use assets are based on the corresponding lease liability adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. The Company does not account for renewals or early terminations unless it is reasonably certain to exercise these options at commencement. Operating lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for operating leases. The Company does not record leases with terms of 12 months or less on the balance sheets. As the implicit rate for the operating lease was not determinable, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The Company’s incremental borrowing rate was estimated to approximate the interest rate on a collateralized basis with similar terms and payments, in an economic environment where the leased asset is located. The Company determined the incremental borrowing rate by considering various factors, such as its credit rating, interest rates of similar debt instruments of entities with comparable credit ratings, the lease term and the currency in which the lease was denominated. Fair Value of Financial Instruments The carrying amounts for financial instruments consisting of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their short maturities. Redeemable Convertible Preferred Stock The Company recorded all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. Redeemable convertible preferred stock was recorded outside of permanent equity because while it was not mandatorily redeemable, in certain events considered not solely within the Company’s control, such as a merger, acquisition, or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred stock have become redeemable at the option of the holders of at least a majority of the then outstanding preferred shares. The Company did not adjust the carrying value of the redeemable convertible preferred stock to its liquidation preference because a deemed liquidation event obligating the Company to pay the liquidation preference to holders of shares of redeemable convertible preferred stock was not probable of occurring. All outstanding shares of redeemable convertible preferred stock were converted to common stock shares upon the closing of the IPO in November 2019. Research and Development Research and development expenses consist of compensation costs, employee benefit costs, costs for contract manufacturing organizations (“CMOs”), costs for clinical research organizations (“CROs”), costs for sponsored research, consulting costs, costs for laboratory supplies, costs for product licenses, facility-related expenses and depreciation. All research and development costs are charged to research and development expenses within the statements of operations and comprehensive loss as incurred. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are also expensed as incurred. The Company’s accruals for research and development activities performed by third parties are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued liabilities on the balance sheet. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accruals accordingly. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. The Company uses the Black-Scholes pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the vesting period. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility, and the expected life of the award. Comprehensive Loss Comprehensive loss represents all changes in stockholders’ equity (deficit) except those resulting from distributions to stockholders. There have been no items qualifying as other comprehensive income (loss) and, therefore, for all periods presented, the Company’s comprehensive loss was the same as its reported net loss. Income Taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability accounts are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established where necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for uncertain tax positions by assessing all material positions taken in any assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line. Accrued interest and penalties are included within the related income tax liability line in the balance sheets. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred stock and common stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock was a participating security. The Company’s participating securities did not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. 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 July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception . This ASU simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. Down round features are common in warrants, preferred shares and convertible debt instruments issued by private companies and early-stage public companies. This update requires companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The amendments in Part I should be applied (1) retrospectively to outstanding financial instruments with a down round feature by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the first fiscal year and interim periods; (2) retrospectively to outstanding financial instruments with a down round feature for each prior reporting period presented. The Company adopted this ASU effective January 1, 2019. The adoption of this ASU did not have a material effect on the Company’s financial statements and related disclosures. In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The ASU permits companies to reclassify disproportionate tax effects in accumulated other comprehensive income (“AOCI”) caused by the Tax Act to retained earnings. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this ASU effective January 1, 2019. 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 December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which simplify 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 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 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 | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value MeasurementsThe 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 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 As of December 31, 2018, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at December 31, 2018 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 $ 5,228 $ — $ — $ 5,228 Total fair value of assets $ 5,228 $ — $ — $ 5,228 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 December 31, 2019 and December 31, 2018. |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | Property and Equipment, net Property and equipment consisted of the following (in thousands): December 31, 2019 Leasehold improvements $ 105 Office equipment 45 Furniture and fixtures 50 200 Accumulated depreciation (19) Property and equipment, net $ 181 The Company did not have any property and equipment as of December 31, 2018. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued Liabilities Accrued liabilities consisted of the following (in thousands): December 31, 2019 2018 Accrued compensation $ 1,214 $ 367 Accrued professional services 1,163 35 Accrued research and development expense 2,219 — Accrued other liabilities 7 20 Total $ 4,603 $ 422 |
Commitment and Contingencies
Commitment and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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. License Agreement In October 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 candidate. Under the terms of the License Agreement, the Company made an upfront payment to Pfizer of $5.0 million, which is included in research and development expense for the year ended December 31, 2019. 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. Operating Lease Obligations In January 2018, the Company entered a lease for office space under a non-cancelable operating lease with an expiration date of March 15, 2020, in Princeton, New Jersey. Rent expense is recorded on a straight-line basis over the term of the lease. The total lease payment over the life of the lease is $0.1 million. The remaining lease term was 0.2 years as of December 31, 2019. 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. Rent expense is recorded on a straight-line basis over the term of the lease. The total lease payment over the life of the lease is $0.9 million. The remaining lease term was 2.5 years as of December 31, 2019. At the commencement date, the Company determined the amounts of the lease liability using a discount rate of 9%, which management determined represents the Company’s incremental borrowing rate. Lease expense was $0.2 million and less than $0.1 million for the twelve months ended December 31, 2019 and December 31, 2018, respectively. Cash paid for amounts included in the measurement of the lease liability was $0.2 million and less than $0.1 million for the twelve months ended December 31, 2019 and December 31, 2018, respectively, and was included in cash flows from operating activities in the statements of cash flows. The maturities of the lease liabilities under non-cancelable operating leases are as follows (in thousands): As of December 31, 2018 Amount 2019 $ 59 2020 7 Total undiscounted cash flows 66 Less: imputed interest (4) Total operating lease liability 62 Less: current portion (56) Operating lease liability $ 6 As of December 31, 2019 Amount 2020 $ 319 2021 316 2022 186 Total undiscounted cash flows 821 Less: imputed interest (13) Total operating lease liability 808 Less: current portion (296) Operating lease liability $ 512 In January 2020 the Company amended the lease of one its office facilities in Princeton, New Jersey to include additional office space, with an expiration date of July 31, 2022. Total future minimum lease payments under this amendment are $0.4 million. 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 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company did not record a federal or state income tax provision or benefit for the for the years ended December 31, 2019 and December 31, 2018 as it has incurred net losses since inception. In addition, the net deferred tax assets generated from net operating losses are fully offset by a valuation allowance as the Company believes it is not more likely than not that the benefit will be realized. The Company’s loss before provision for income taxes for the years ended December 31, 2019 and 2018 was as follows (in thousands): Year Ended December 31, 2019 2018 Domestic $ (45,711) $ (16,503) International — — Loss before provision for income taxes $ (45,711) $ (16,503) The Company had an effective tax rate of 0% for the years ended December 31, 2019 and 2018. The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % State taxes (tax effected) 8.5 % 9.2 % Research tax credit 3.3 % 2.6 % Other permanent differences (2.0) % (0.2) % Change in valuation allowance (30.8) % (32.6) % Provision for income taxes 0.0% 0 % The components of the Company’s net deferred tax assets and liabilities as of December 31, 2019 and 2018, were as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 12,454 $ 4,826 Credits 2,408 662 Tangible and intangible assets 1,977 269 Lease liability 227 — Stock compensation 253 — Other 36 57 Gross deferred tax assets 17,355 5,814 Less: Valuation allowance (16,423) (5,750) Deferred tax assets, net of valuation allowance 932 64 Deferred tax liabilities: Prepaids (708) (64) Right of use asset (224) — Net deferred tax assets $ — $ — Recognition of deferred tax assets is appropriate when realization of such assets is more likely than not. Based upon the weight of available evidence, which includes the Company’s historical operating performance and the U.S. cumulative net losses in all prior periods, the Company has provided a valuation allowance against its U.S. deferred tax assets. The Company’s valuation allowance increased by $10.7 million for the year ended December 31, 2019 and by $4.0 million for the year ended December 31, 2018. As of December 31, 2019, the Company has U.S. federal and state net operating losses of $59.1 million and $60.7 million, respectively, which expire beginning in the year 2035. As of December 31, 2018, the Company had U.S. federal and state net operating losses of $22.8 million and $22.9 million, respectively, which expire beginning in the year 2035. Utilization of the net operating loss carryforwards may be subject to a substantial annual limitation due to the ownership change limitations provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. A Section 382 ownership change generally occurs if one or more stockholders or groups of stockholders who own at least 5% of the Company’s stock increase their ownership by more than 50 percentage points over their lowest ownership percentage within a rolling three-year period. Similar rules may apply under state tax laws. The Company has experienced an ownership change; however, the change will have no material limit on the Company’s net operating loss carryforwards. The Company is not in a taxable position and no net operating loss carryforwards have been used to date. As of December 31, 2019 and 2018, the Company also had federal research and experimentation credit carryforwards of $2.1 million and $0.6 million, respectively, and state research and experimentation credit carryforwards of $0.4 and $0.1 million. The federal research and experimentation credit carryforwards expire beginning 2037. The California tax credit can be carried forward indefinitely. As of December 31, 2019 and 2018, the Company had the following unrecognized tax benefits (in thousands): Year Ended December 31, 2019 2018 Balance at the beginning of the year $ 1,989 $ 508 Additions based on tax positions related to current year 3,399 1,481 Balance at the end of the year $ 5,388 $ 1,989 The reversal of the unrecognized tax benefits would not affect the Company’s effective tax rate to the extent that it continues to maintain a full valuation allowance against its deferred tax assets. The Company does not expect any changes to uncertain tax benefits within the next twelve months. The Company recognizes interest and penalties related to income tax matters as a component of income tax expense. No accrued interest and penalties have been recorded as of December 31, 2019 and 2018. The Company files income tax returns in the U.S. federal, California and New Jersey jurisdictions. Due to the Company’s net losses, its federal and state income tax returns are subject to examination for federal and state purposes since inception. As of December 31, 2019, there were no ongoing examinations. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2019 | |
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 |
Common Stock
Common Stock | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common Stock | Common Stock The Company amended and restated its certificate of incorporation, effective November 4, 2019, in connection with the IPO. The amended and restated certificate of incorporation authorizes the Company 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 reserved common stock shares for future issuance as of December 31, 2019 and 2018 as follows: December 31, 2019 2018 Conversion of Series A redeemable convertible preferred stock — 7,611,691 Outstanding options under the 2016 Plan 2,748,434 1,376,084 Equity awards available for grants under the 2016 Plan — 216,333 Outstanding options under the 2019 Plan 29,466 — Unvested RSUs under the 2019 Plan 23,125 — Equity awards available for grants under the 2019 Plan 2,747,047 — Total 5,548,072 9,204,108 |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Equity Incentive Plans | Equity Incentive Plans In 2016, the Company established its 2016 Equity Incentive Plan (the “Plan”) which provides for the granting of stock options to employees and consultants of the Company. Options granted under the Plan may be either incentive stock options (“ISOs”) or nonqualified stock options (“NSOs”). ISOs may be granted only to Company employees (including officers and directors who are also employees). NSOs may be granted to Company employees and consultants. In October 2019, the Company’s Board of Directors and stockholders approved the 2019 Equity Incentive Plan (the 2019 Plan), with an initial shares reserved of 2,700,000 shares of the Company's common stock plus 99,638 shares reserved but unissued under the 2016 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 As of December 31, 2019, there were 2,747,047 common stock shares reserved for future grants under the 2019 Plan. 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 were no ESPP purchases during the year ended December 31, 2019. Option activity under the Company’s stock option plans is set forth below (in thousands, except share and per share data): Outstanding Awards Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 1,057,373 $ 1.00 9.85 $ 25 Options granted 318,711 1.02 Outstanding at December 31, 2018 1,376,084 $ 1.00 8.90 $ 5,950 Options granted 1,446,823 8.01 Options exercised (11,703) 2.64 255 Options canceled (33,304) 5.86 Outstanding at December 31, 2019 $ 2,777,900 $ 4.59 8.73 $ 55,146 Shares vested and exercisable as of December 31, 2019 $ 1,108,041 $ 2.10 8.29 $ 24,757 Vested and expected to vest as of December 31, 2019 $ 2,777,900 $ 4.59 8.73 $ 55,146 During the years ended December 31, 2019 and 2018, the Company granted options with a weighted-average grant date fair value of $8.62 and $0.53 per share, respectively. The fair value of options that vested during the years ended December 31, 2019 and 2018 was $2.5 million and $0.2 million, respectively. As of December 31, 2019, the total unrecognized stock-based compensation expense for stock options was $9.4 million, which is expected to be recognized over a weighted-average period of 3.21 years. In October 2019, the Company granted restricted stock units (RSUs) for 23,125 common stock shares that will vest one-third annually over three years, subject to continuing services to be provided to the Company. Grant date fair value was $16.00 per share, which is the common stock market price at the grant date. As of December 31, 2019, the total unrecognized stock-based compensation expense for RSUs was $0.3 million, which is expected to be recognized over a weighted-average period of 2.83 years. Stock-Based Compensation Expense The following table is a summary of stock compensation expense by function recognized (in thousands): Year Ended December 31, 2019 2018 Research and development $ 579 $ 21 General and administrative 2,687 133 Total stock-based compensation $ 3,266 $ 154 Fair Value of Options Granted 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 based on the closing quoted market price of its common stock as reported by the NASDAQ Global Select Market on the date of grant. In determining fair value of the stock options granted, the Company uses the Black-Scholes model, which requires the input of several assumptions. These assumptions include: estimating the length of time employees will retain their vested stock options before exercising them (expected term), the estimated volatility of the Company’s common stock price over the expected term (expected volatility), risk-free interest rate and expected dividend rate. Changes in the following assumptions can materially affect the estimate of fair value and ultimately how much stock-based compensation expense is recognized. Expected term. The expected term is calculated using the simplified method which is used when there is insufficient historical data about exercise patterns and post-vesting employment termination behavior. The simplified method is based on the vesting period and the contractual term for each grant, or for each vesting-tranche for awards with graded vesting. The mid-point between the vesting date and the maximum contractual expiration date is used as the expected term under this method. For awards with multiple vesting-tranches, the times from grant until the mid-points for each of the tranches may be averaged to provide an overall expected term. Expected volatility. The Company used an average historical stock price volatility of a peer group of comparable publicly traded companies in biotechnology and pharmaceutical related industries to be representative of its expected future stock price volatility, as the Company did not have any trading history for its common stock. For purposes of identifying these peer companies, the Company considered the industry, stage of development, size and financial leverage of potential comparable companies. For each grant, the Company measured historical volatility over a period equivalent to the expected term. Risk-free interest rate. The risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the expected term of the stock award. Expected dividend rate. The Company has not paid and does not anticipate paying any dividends in the near future. Accordingly, the Company has estimated the dividend yield to be zero. The fair value of options granted were calculated using the weighted average assumptions set forth below: Year Ended December 31, 2019 2018 Expected volatility 69.0 - 84.0% 52.5% Risk-free interest rate 1.48% - 2.38% 2.49% - 2.80% Dividend yield 0.00% 0.00% Expected term 5.04 - 6.08 years 6.02 years |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | Net Loss Per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Year Ended December 31, 2019 2018 Numerator: Net loss attributable to common stockholders $ (45,711) $ (16,503) Denominator: Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted 4,585,146 1,411,966 Net loss per share attributable to common stockholders, basic and diluted $ (9.97) $ (11.69) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: Year Ended December 31, 2019 2018 Series A redeemable convertible preferred stock — 7,611,691 Options to purchase common stock 2,777,900 1,376,084 Unvested restricted stock units 23,125 — Total 2,801,025 8,987,775 |
Quarterly Results of Operations
Quarterly Results of Operations Data (unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations Data (unaudited) | Quarterly Results of Operations Data (unaudited) The following table sets forth our unaudited statement of operations and comprehensive loss data for each of the eight quarters in the two-year period ended December 31, 2019. The unaudited quarterly statement of operations and comprehensive loss data set forth below have been prepared on a basis consistent with the audited annual financial statements and include, in our opinion, all normal recurring adjustments necessary for a fair statement of the financial information contained in those statements. Our historical results are not necessarily indicative of the results that may be expected in the future. The following quarterly financial data should be read in conjunction with our audited financial statements and the related notes. Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2019 (in thousands, except share and per share data): Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Operating expenses: Research and development $ 2,405 $ 8,101 $ 8,088 $ 15,034 General and administrative 1,605 3,132 3,809 5,127 Total operating expenses 4,010 11,233 11,897 20,161 Loss from operations (4,010) (11,233) (11,897) (20,161) Interest income 250 503 400 437 Net loss and comprehensive loss $ (3,760) $ (10,730) $ (11,497) $ (19,724) Basic and diluted net loss per share $ (2.66) $ (7.60) $ (8.10) $ (1.41) Weighted average shares outstanding 1,411,966 1,412,354 1,419,064 13,993,730 Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2018 (in thousands, except share and per share data): Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating expenses: Research and development $ 2,374 $ 2,261 $ 5,775 $ 3,345 General and administrative 626 735 916 704 Total operating expenses 3,000 2,996 6,691 4,049 Loss from operations (3,000) (2,996) (6,691) (4,049) Interest income 66 70 59 38 Net loss and comprehensive loss $ (2,934) $ (2,926) $ (6,632) $ (4,011) Basic and diluted net loss per share $ (2.08) $ (2.07) $ (4.70) $ (2.84) Weighted average shares outstanding 1,411,966 1,411,966 1,411,966 1,411,966 Per share amounts for each quarter have been calculated separately. Accordingly, quarterly amounts may not add to annual amounts. |
Organization and Summary of S_2
Organization and Summary of Significant Accounting Policies (Policies) | Oct. 18, 2019 | Dec. 31, 2019 |
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US 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 and for periods prior to the IPO, the valuation of convertible notes, derivative instruments, and redeemable convertible preferred stock. 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. | |
Segments | Segments The Company operates and manages its business as one reportable operating segment. The Company’s Chief Executive Officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. All of the Company's long-lived assets are located in the United States. | |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. Substantially all of the Company’s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The Company’s cash equivalents are invested in highly rated money market funds. | |
Cash and Cash Equivalents | Cash and Cash EquivalentsThe Company considers all highly liquid investments purchased with an original maturity of three months or less at the time of purchase to be cash equivalents. | |
Restricted Cash | Restricted Cash As of December 31, 2019, the Company had $51,000 of long-term restricted cash deposited with a financial institution. The entire amount is held in a separate bank account to support a letter of credit agreement related to one of the Company’s office facilities lease, which expires in 2022. | |
Property and Equipment | Property and Equipment Property and equipment is recorded at cost and depreciated using the straight-line method over the estimated useful lives of the related assets as follows: Office equipment 5 years Furniture and fixtures 7 years Leasehold improvements Shorter of lease term or estimated useful life | |
Leases | Leases The Company determines if an arrangement is or contains a lease and the classification of that lease at inception of a contract. The Company’s operating lease asset is included in “operating lease right-of-use asset” (“ROU asset”), and the current and non-current portions of the operating lease liability are included in “operating lease liability”, and “operating lease liability, non-current”, respectively, on the balance sheets. As of December 31, 2019 and 2018, the Company had no finance leases. Operating lease ROU assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at the lease commencement date. Operating lease right-of-use assets are based on the corresponding lease liability adjusted for (i) payments made at or before the commencement date, (ii) initial direct costs incurred, and (iii) tenant incentives under the lease. The Company does not account for renewals or early terminations unless it is reasonably certain to exercise these options at commencement. Operating lease expense is recognized on a straight-line basis over the lease term. The Company accounts for lease and non-lease components as a single lease component for operating leases. The Company does not record leases with terms of 12 months or less on the balance sheets. As the implicit rate for the operating lease was not determinable, the Company used an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future payments. The Company’s incremental borrowing rate was estimated to approximate the interest rate on a collateralized basis with similar terms and payments, in an economic environment where the leased asset is located. The Company determined the incremental borrowing rate by considering various factors, such as its credit rating, interest rates of similar debt instruments of entities with comparable credit ratings, the lease term and the currency in which the lease was denominated. | |
Fair Value of Financial Instruments | Fair Value of Financial InstrumentsThe carrying amounts for financial instruments consisting of cash and cash equivalents, accounts payable and accrued liabilities approximate fair value due to their short maturities. | |
Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred StockThe Company recorded all shares of redeemable convertible preferred stock at their respective fair values on the dates of issuance, net of issuance costs. Redeemable convertible preferred stock was recorded outside of permanent equity because while it was not mandatorily redeemable, in certain events considered not solely within the Company’s control, such as a merger, acquisition, or sale of all or substantially all of the Company’s assets (each, a “deemed liquidation event”), the redeemable convertible preferred stock have become redeemable at the option of the holders of at least a majority of the then outstanding preferred shares. The Company did not adjust the carrying value of the redeemable convertible preferred stock to its liquidation preference because a deemed liquidation event obligating the Company to pay the liquidation preference to holders of shares of redeemable convertible preferred stock was not probable of occurring. All outstanding shares of redeemable convertible preferred stock were converted to common stock shares upon the closing of the IPO in November 2019. | |
Research and Development | Research and Development Research and development expenses consist of compensation costs, employee benefit costs, costs for contract manufacturing organizations (“CMOs”), costs for clinical research organizations (“CROs”), costs for sponsored research, consulting costs, costs for laboratory supplies, costs for product licenses, facility-related expenses and depreciation. All research and development costs are charged to research and development expenses within the statements of operations and comprehensive loss as incurred. Payments associated with licensing agreements to acquire exclusive licenses to develop, use, manufacture and commercialize products that have not reached technological feasibility and do not have alternate commercial use are also expensed as incurred. The Company’s accruals for research and development activities performed by third parties are estimated based on the level of services performed, progress of the studies, including the phase or completion of events, and contracted costs. The estimated costs of research and development provided, but not yet invoiced, are included in accrued liabilities on the balance sheet. If the actual timing of the performance of services or the level of effort varies from the original estimates, the Company will adjust the accruals accordingly. Payments made to third parties under these arrangements in advance of the performance of the related services by the third parties are recorded as prepaid expenses until the services are rendered. | |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based compensation arrangements with employees and non-employees using a fair value method which requires the recognition of compensation expense for costs related to all stock-based payments including stock options. The fair value method requires the Company to estimate the fair value of stock-based payment awards on the date of grant using an option pricing model. The Company uses the Black-Scholes pricing model to estimate the fair value of options granted that are expensed on a straight-line basis over the vesting period. The Company accounts for forfeitures as they occur. Option valuation models, including the Black-Scholes option-pricing model, require the input of several assumptions, and changes in the assumptions used can materially affect the grant-date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility, and the expected life of the award. | |
Comprehensive Loss | Comprehensive Loss Comprehensive loss represents all changes in stockholders’ equity (deficit) except those resulting from distributions to stockholders. There have been no items qualifying as other comprehensive income (loss) and, therefore, for all periods presented, the Company’s comprehensive loss was the same as its reported net loss. | |
Income Taxes | Income Taxes The Company accounts for income taxes using the asset and liability method whereby deferred tax asset and liability accounts are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that are in effect for the year in which the differences are expected to affect taxable income. Valuation allowances are established where necessary to reduce deferred tax assets to the amounts expected to be realized. The Company accounts for uncertain tax positions by assessing all material positions taken in any assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit. The Company recognizes interest and penalties related to unrecognized tax benefits within the income tax expense line. Accrued interest and penalties are included within the related income tax liability line in the balance sheets. To date, there have been no interest or penalties charged in relation to the unrecognized tax benefits. | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, the redeemable convertible preferred stock and common stock options are considered to be potentially dilutive securities. Basic and diluted net loss attributable to common stockholders per share is presented in conformity with the two-class method required for participating securities as the redeemable convertible preferred stock was a participating security. The Company’s participating securities did not have a contractual obligation to share in the Company’s losses. As such, the net loss was attributed entirely to common stockholders. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. | |
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 July 2017, the FASB issued ASU No. 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception . This ASU simplifies the accounting for certain financial instruments with down round features, a provision in an equity-linked financial instrument (or embedded feature) that provides a downward adjustment of the current exercise price based on the price of future equity offerings. Down round features are common in warrants, preferred shares and convertible debt instruments issued by private companies and early-stage public companies. This update requires companies to disregard the down round feature when assessing whether the instrument is indexed to its own stock, for purposes of determining liability or equity classification. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted, including adoption in any interim period. The amendments in Part I should be applied (1) retrospectively to outstanding financial instruments with a down round feature by means of a cumulative-effect adjustment to the balance sheet as of the beginning of the first fiscal year and interim periods; (2) retrospectively to outstanding financial instruments with a down round feature for each prior reporting period presented. The Company adopted this ASU effective January 1, 2019. The adoption of this ASU did not have a material effect on the Company’s financial statements and related disclosures. In February 2018, the FASB issued ASU No. 2018-02, Income Statement—Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income. The ASU permits companies to reclassify disproportionate tax effects in accumulated other comprehensive income (“AOCI”) caused by the Tax Act to retained earnings. For public business entities, this ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. The Company adopted this ASU effective January 1, 2019. 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 December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes, which simplify 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 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 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. | |
Reverse stock split | .353 |
Fair Value Measures and Disclos
Fair Value Measures and Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial assets measured and recognized at fair value | 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 As of December 31, 2018, financial assets measured and recognized at fair value were as follows (in thousands): Fair Value Measurements at December 31, 2018 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 $ 5,228 $ — $ — $ 5,228 Total fair value of assets $ 5,228 $ — $ — $ 5,228 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consisted of the following (in thousands): December 31, 2019 Leasehold improvements $ 105 Office equipment 45 Furniture and fixtures 50 200 Accumulated depreciation (19) Property and equipment, net $ 181 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued liabilities | Accrued liabilities consisted of the following (in thousands): December 31, 2019 2018 Accrued compensation $ 1,214 $ 367 Accrued professional services 1,163 35 Accrued research and development expense 2,219 — Accrued other liabilities 7 20 Total $ 4,603 $ 422 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Maturities of lease liabilities | As of December 31, 2018 Amount 2019 $ 59 2020 7 Total undiscounted cash flows 66 Less: imputed interest (4) Total operating lease liability 62 Less: current portion (56) Operating lease liability $ 6 As of December 31, 2019 Amount 2020 $ 319 2021 316 2022 186 Total undiscounted cash flows 821 Less: imputed interest (13) Total operating lease liability 808 Less: current portion (296) Operating lease liability $ 512 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of loss before provision for income taxes | Year Ended December 31, 2019 2018 Domestic $ (45,711) $ (16,503) International — — Loss before provision for income taxes $ (45,711) $ (16,503) |
Schedule of effective income tax rate reconciliation | The Company had an effective tax rate of 0% for the years ended December 31, 2019 and 2018. The provision for income taxes differs from the amount expected by applying the federal statutory rate to the loss before taxes as follows: Year Ended December 31, 2019 2018 Federal statutory income tax rate 21.0 % 21.0 % State taxes (tax effected) 8.5 % 9.2 % Research tax credit 3.3 % 2.6 % Other permanent differences (2.0) % (0.2) % Change in valuation allowance (30.8) % (32.6) % Provision for income taxes 0.0% 0 % |
Schedule of deferred tax assets and liabilities | December 31, 2019 2018 Deferred tax assets: Net operating loss carryforwards $ 12,454 $ 4,826 Credits 2,408 662 Tangible and intangible assets 1,977 269 Lease liability 227 — Stock compensation 253 — Other 36 57 Gross deferred tax assets 17,355 5,814 Less: Valuation allowance (16,423) (5,750) Deferred tax assets, net of valuation allowance 932 64 Deferred tax liabilities: Prepaids (708) (64) Right of use asset (224) — Net deferred tax assets $ — $ — |
Schedule of unrecognized tax benefits roll forward | As of December 31, 2019 and 2018, the Company had the following unrecognized tax benefits (in thousands): Year Ended December 31, 2019 2018 Balance at the beginning of the year $ 1,989 $ 508 Additions based on tax positions related to current year 3,399 1,481 Balance at the end of the year $ 5,388 $ 1,989 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Common stock reserved for future issuance | The Company reserved common stock shares for future issuance as of December 31, 2019 and 2018 as follows: December 31, 2019 2018 Conversion of Series A redeemable convertible preferred stock — 7,611,691 Outstanding options under the 2016 Plan 2,748,434 1,376,084 Equity awards available for grants under the 2016 Plan — 216,333 Outstanding options under the 2019 Plan 29,466 — Unvested RSUs under the 2019 Plan 23,125 — Equity awards available for grants under the 2019 Plan 2,747,047 — Total 5,548,072 9,204,108 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Activity in stock option plan | Option activity under the Company’s stock option plans is set forth below (in thousands, except share and per share data): Outstanding Awards Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Outstanding at January 1, 2018 1,057,373 $ 1.00 9.85 $ 25 Options granted 318,711 1.02 Outstanding at December 31, 2018 1,376,084 $ 1.00 8.90 $ 5,950 Options granted 1,446,823 8.01 Options exercised (11,703) 2.64 255 Options canceled (33,304) 5.86 Outstanding at December 31, 2019 $ 2,777,900 $ 4.59 8.73 $ 55,146 Shares vested and exercisable as of December 31, 2019 $ 1,108,041 $ 2.10 8.29 $ 24,757 Vested and expected to vest as of December 31, 2019 $ 2,777,900 $ 4.59 8.73 $ 55,146 |
Stock-based compensation expense | Year Ended December 31, 2019 2018 Research and development $ 579 $ 21 General and administrative 2,687 133 Total stock-based compensation $ 3,266 $ 154 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | The fair value of options granted were calculated using the weighted average assumptions set forth below: Year Ended December 31, 2019 2018 Expected volatility 69.0 - 84.0% 52.5% Risk-free interest rate 1.48% - 2.38% 2.49% - 2.80% Dividend yield 0.00% 0.00% Expected term 5.04 - 6.08 years 6.02 years |
Net Loss Per Share Attributab_2
Net Loss Per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 attributable to common stockholders (in thousands, except share and per share data): Year Ended December 31, 2019 2018 Numerator: Net loss attributable to common stockholders $ (45,711) $ (16,503) Denominator: Weighted-average shares outstanding used in computing net loss per share attributable to common stockholders, basic and diluted 4,585,146 1,411,966 Net loss per share attributable to common stockholders, basic and diluted $ (9.97) $ (11.69) |
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 attributable to common stockholders for the periods presented because including them would have been antidilutive: Year Ended December 31, 2019 2018 Series A redeemable convertible preferred stock — 7,611,691 Options to purchase common stock 2,777,900 1,376,084 Unvested restricted stock units 23,125 — Total 2,801,025 8,987,775 |
Quarterly Results of Operatio_2
Quarterly Results of Operations Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Condensed Financial Information Disclosure [Abstract] | |
Condensed Income Statement | Three months ended March 31, 2019 June 30, 2019 September 30, 2019 December 31, 2019 Operating expenses: Research and development $ 2,405 $ 8,101 $ 8,088 $ 15,034 General and administrative 1,605 3,132 3,809 5,127 Total operating expenses 4,010 11,233 11,897 20,161 Loss from operations (4,010) (11,233) (11,897) (20,161) Interest income 250 503 400 437 Net loss and comprehensive loss $ (3,760) $ (10,730) $ (11,497) $ (19,724) Basic and diluted net loss per share $ (2.66) $ (7.60) $ (8.10) $ (1.41) Weighted average shares outstanding 1,411,966 1,412,354 1,419,064 13,993,730 Presented below is a summary of the unaudited quarterly financial information for the year ended December 31, 2018 (in thousands, except share and per share data): Three months ended March 31, 2018 June 30, 2018 September 30, 2018 December 31, 2018 Operating expenses: Research and development $ 2,374 $ 2,261 $ 5,775 $ 3,345 General and administrative 626 735 916 704 Total operating expenses 3,000 2,996 6,691 4,049 Loss from operations (3,000) (2,996) (6,691) (4,049) Interest income 66 70 59 38 Net loss and comprehensive loss $ (2,934) $ (2,926) $ (6,632) $ (4,011) Basic and diluted net loss per share $ (2.08) $ (2.07) $ (4.70) $ (2.84) Weighted average shares outstanding 1,411,966 1,411,966 1,411,966 1,411,966 |
Organization and Summary of S_3
Organization and Summary of Significant Accounting Policies (Details) $ / shares in Units, $ in Thousands | Nov. 04, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) |
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Price per share (in usd per share) | $ / shares | $ 16 | ||||||||||
Net loss | $ | $ (19,724) | $ (11,497) | $ (10,730) | $ (3,760) | $ (4,011) | $ (6,632) | $ (2,926) | $ (2,934) | $ (45,711) | $ (16,503) | |
Number of reportable segments | segment | 1 | ||||||||||
IPO | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Number of common stock sold and issued (in shares) | shares | 5,750,000 | ||||||||||
Aggregate gross proceeds from offering | $ | $ 82,100 | ||||||||||
Redeemable Convertible Preferred Stock | |||||||||||
Subsidiary, Sale of Stock [Line Items] | |||||||||||
Conversion of preferred stock, shares converted (in shares) | shares | 14,193,281 | ||||||||||
Office equipment | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 5 years | ||||||||||
Furniture and fixtures | |||||||||||
Property, Plant and Equipment [Line Items] | |||||||||||
Property, Plant and Equipment, Useful Life | 7 years |
Fair Value Measures and Discl_2
Fair Value Measures and Disclosures (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 138,147,000 | 5,228,000 |
Fair Value, Recurring | Money Market Funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market funds | 138,147,000 | 5,228,000 |
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 | 138,147,000 | 5,228,000 |
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 | 138,147,000 | 5,228,000 |
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 |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 200 | |
Accumulated depreciation | 19 | |
Property and equipment, net | 181 | $ 0 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 105 | |
Office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 45 | |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 50 |
Accrued Liabilities (Details)
Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued compensation | $ 1,214 | $ 367 |
Accrued professional services | 1,163 | 35 |
Accrued other liabilities | 7 | 20 |
Total | 4,603 | 422 |
Accrued Research And Development, Current | $ 2,219 | $ 0 |
Commitment and Contingencies (D
Commitment and Contingencies (Details) - USD ($) | Oct. 18, 2019 | Oct. 31, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 01, 2019 | Apr. 30, 2019 | Jan. 31, 2018 |
Lessee, Lease, Description [Line Items] | |||||||
Lease payments due over the life of the lease | $ 821,000 | $ 66,000 | |||||
Lease discount rate | 9.00% | ||||||
Lease expense (less than in 2018) | 200,000 | 100,000 | |||||
Payments made for leases (less than in 2018) | $ 200,000 | $ 100,000 | |||||
Princeton New Jersey Office Space, Lease Ending In 2020 | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Lease payments due over the life of the lease | $ 100,000 | ||||||
Remaining term on operating lease | 2 months 12 days | ||||||
Princeton New Jersey Office Space, Lease Ending in 2022 | |||||||
Lessee, Lease, Description [Line Items] | |||||||
Lease payments due over the life of the lease | $ 900,000 | ||||||
Remaining term on operating lease | 2 years 6 months | ||||||
Term of lease contract | 3 years | ||||||
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 -
Commitment and Contingencies - Lease Maturity Schedules (Details) - USD ($) $ in Thousands | Jan. 20, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Lessee, Operating Lease, Liability, Payment, Due [Abstract] | |||
2019 | $ 319 | $ 59 | |
2020 | 7 | ||
2021 | 316 | ||
2022 | 186 | ||
Total undiscounted cash flows | 821 | 66 | |
Less: imputed interest | (13) | (4) | |
Total operating lease liability | 808 | 62 | |
Less: current portion | (296) | (56) | |
Operating lease liability | $ 512 | $ 6 | |
Lease Amendment | Subsequent Event | |||
Lessee, Lease, Description [Line Items] | |||
Future minimum operating lease payments due under amended lease agreement | $ 400 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||
Income tax provision or benefit | $ 0 | $ 0 |
Increase in valuation allowance | 10,700,000 | 4,000,000 |
Accrued interest and penalties | 0 | 0 |
State and Local Jurisdiction | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | 60,700,000 | 22,900,000 |
Research and experimentation credit carryforward | 400,000 | 100,000 |
Domestic Tax Authority | ||
Tax Credit Carryforward [Line Items] | ||
Net operating loss carryforwards | 59,100,000 | 22,800,000 |
Research and experimentation credit carryforward | $ 2,100,000 | $ 600,000 |
Income Taxes - Loss Before Prov
Income Taxes - Loss Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Domestic | $ (45,711) | $ (16,503) |
International | 0 | 0 |
Loss before provision for income taxes | $ (45,711) | $ (16,503) |
Income Taxes - Income Tax Recon
Income Taxes - Income Tax Reconciliation (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Federal statutory income tax rate | 21.00% | 21.00% |
State taxes (tax effected) | 8.50% | 9.20% |
Research tax credit | (3.30%) | (2.60%) |
Other permanent differences | (2.00%) | (0.20%) |
Change in valuation allowance | (30.80%) | (32.60%) |
Provision for income taxes | 0.00% | 0.00% |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 12,454 | $ 4,826 |
Credits | 2,408 | 662 |
Tangible and intangible assets | 1,977 | 269 |
Lease liability | 227 | 0 |
Stock compensation | 253 | 0 |
Other | 36 | 57 |
Gross deferred tax assets | 17,355 | 5,814 |
Less: Valuation allowance | 16,423 | 5,750 |
Deferred tax assets, net of valuation allowance | 932 | 64 |
Deferred tax liabilities: | ||
Prepaids | 708 | 64 |
Right of use asset | 0 | |
Net deferred tax assets | 0 | $ 0 |
Deferred Tax Liabilities, Leasing Arrangements | $ 224 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | ||
Balance at the beginning of the year | $ 1,989 | $ 508 |
Additions based on tax positions related to current year | 3,399 | 1,481 |
Balance at the end of the year | $ 5,388 | $ 1,989 |
Redeemable Convertible Prefer_2
Redeemable Convertible Preferred Stock (Details) - USD ($) $ in Thousands | Nov. 04, 2019 | Apr. 30, 2019 | Feb. 28, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 15, 2019 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||||||
Shares of redeemable convertible preferred stock issued (in shares) | 0 | ||||||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | $ 92,852 | $ 0 | |||||
Redeemable convertible preferred stock, outstanding (in shares) | 0 | 7,611,691 | 7,611,691 | ||||
Common Stock | |||||||
Class of Stock [Line Items] | |||||||
Conversion of redeemable convertible preferred stock into common stock upon initial public offering (in shares) | 14,193,281 | ||||||
Redeemable Convertible Preferred Stock | |||||||
Class of Stock [Line Items] | |||||||
Conversion of preferred stock, shares converted (in shares) | 14,193,281 | ||||||
Redeemable convertible preferred stock, outstanding (in shares) | 0 | ||||||
Series A redeemable convertible preferred stock | |||||||
Class of Stock [Line Items] | |||||||
Shares of redeemable convertible preferred stock authorized (in shares) | 0 | 7,611,691 | |||||
Shares of redeemable convertible preferred stock issued (in shares) | 0 | 7,611,691 | |||||
Redeemable convertible preferred stock, outstanding (in shares) | 0 | 7,611,691 | |||||
Series B 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 |
Common Stock (Details)
Common Stock (Details) | 12 Months Ended | |
Dec. 31, 2019vote$ / sharesshares | Dec. 31, 2018$ / sharesshares | |
Class of Stock [Line Items] | ||
Common stock authorized (in shares) | shares | 1,000,000,000 | 10,943,000 |
Common stock par value (in dollars per share) | $ 0.001 | $ 0.001 |
Number of votes per share | vote | 1 | |
Common Stock | ||
Class of Stock [Line Items] | ||
Common stock par value (in dollars per share) | $ 0.001 |
Common Stock - Reserved Common
Common Stock - Reserved Common Stock (Details) - shares | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Class of Stock [Line Items] | |||
Conversion of redeemable convertible preferred stock (in shares) | 0 | 7,611,691 | 7,611,691 |
Outstanding options under the 2016 Plan (in shares) | 2,777,900 | ||
Total (in shares) | 5,548,072 | 9,204,108 | |
2016 Plan | |||
Class of Stock [Line Items] | |||
Outstanding options under the 2016 Plan (in shares) | 2,748,434 | 1,376,084 | 1,057,373 |
Issuance of options under the 2016 Plan (in shares) | 0 | 216,333 | |
2019 Plan | |||
Class of Stock [Line Items] | |||
Outstanding options under the 2016 Plan (in shares) | 29,466 | 0 | |
Issuance of options under the 2016 Plan (in shares) | 2,747,047 | 0 | |
Series A redeemable convertible preferred stock | |||
Class of Stock [Line Items] | |||
Conversion of redeemable convertible preferred stock (in shares) | 0 | 7,611,691 | |
Restricted Stock Units (RSUs) | 2019 Plan | |||
Class of Stock [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 23,125 | 0 |
Equity Incentive Plans (Details
Equity Incentive Plans (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Oct. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized stock-based compensation expense | $ 9,400 | ||
Weighted-average recognition period of unrecognized stock-based compensation expense (in years) | 3 years 2 months 15 days | ||
Total (in shares) | 5,548,072 | 9,204,108 | |
Fair value of options vested | $ 2,500 | $ 200 | |
Grant date fair value (in dollars per share) | $ 16 | ||
2016 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Weighted-average grant-date fair value of options (in dollars per share) | $ 8.62 | $ 0.53 | |
Shares authorized for 2019 Equity Incentive Plan (in shares) | 99,638 | ||
Options granted (in shares) | 1,446,823 | 318,711 | |
2019 Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares authorized for 2019 Equity Incentive Plan (in shares) | 2,700,000 | ||
Stock options | 2016 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 | 2016 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] | |||
Total (in shares) | 270,000 | ||
Restricted Stock Units (RSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period of stock options (in years) | 3 years | ||
Granted restricted stock units (in shares) | 23,125 | ||
Unrecognized stock-based compensation expense for RSUs | $ 300 | ||
Expected term of recognition of RSU compensation cost | 2 years 9 months 29 days |
Equity Incentive Plans - Option
Equity Incentive Plans - Option Activity During The Period (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares Underlying Outstanding Options | |||
Ending balance (in shares) | 2,777,900 | ||
Shares vested and exercisable as of December 31, 2019 | 1,108,041,000 | ||
Vested and expected to vest as of December 31, 2019 | 2,777,900,000 | ||
Weighted- Average Exercise Price | |||
Shares vested and exercisable as of December 31, 2019 (in dollars per share) | $ 2.10 | ||
Vested and expected to vest as of December 31, 2019 (in dollars per share) | $ 4.59 | ||
Shares vested and exercisable as of December 31, 2019, Weighted-Average Remaining Contractual Term (in years) | 8 years 3 months 14 days | ||
Vested and expected to vest as of December 31, 2019, weighted average exercise price | 8 years 8 months 23 days | ||
Shares vested and exercisable as of December 31, 2019, aggregate intrinsic value | $ 24,757 | ||
Vested and expected to vest as of December 31, 2019, aggregate intrinsic value | $ 55,146 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | 1,108,041,000 | ||
2016 Plan | |||
Number of Shares Underlying Outstanding Options | |||
Beginning balance (in shares) | 1,376,084 | 1,057,373 | |
Options granted (in shares) | (1,446,823) | (318,711) | |
Options exercised (in shares) | (11,703) | ||
Options canceled (in shares) | (33,304) | ||
Ending balance (in shares) | 2,748,434 | 1,376,084 | 1,057,373 |
Weighted- Average Exercise Price | |||
Beginning balance (in dollars per share) | $ 1 | $ 1 | |
Options granted (in dollars per share) | 8.01 | 1.02 | |
Options exercise price (in dollars per share) | 2.64 | ||
Options canceled (in dollars per share) | 5.86 | ||
Ending balance (in dollars per share) | $ 4.59 | $ 1 | $ 1 |
Weighted-average remaining contractual term (in years) | 8 years 8 months 23 days | 8 years 10 months 24 days | 9 years 10 months 6 days |
Aggregate intrinsic value | $ 55,146 | $ 5,950 | $ 25 |
Aggregate intrinsic value, options exercised | $ 255 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 3,266 | $ 154 |
Research and development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | 579 | 21 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total stock-based compensation | $ 2,687 | $ 133 |
Equity Incentive Plans - Fair V
Equity Incentive Plans - Fair Value Assumptions (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum | 69.00% | |
Expected volatility, maximum | 84.00% | |
Expected volatility | 52.50% | |
Risk-free interest rate, minimum | 1.48% | 2.49% |
Risk-free interest rate, maximum | 2.38% | 2.80% |
Dividend yield | 0.00% | 0.00% |
Expected term | 6 years 7 days | |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 5 years 14 days | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term | 6 years 29 days |
Net Loss Per Share Attributab_3
Net Loss Per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net Income (Loss) Attributable to Parent [Abstract] | ||||||||||
Net Income (Loss) Attributable to Parent | $ (19,724) | $ (11,497) | $ (10,730) | $ (3,760) | $ (4,011) | $ (6,632) | $ (2,926) | $ (2,934) | $ (45,711) | $ (16,503) |
Denominator: | ||||||||||
Weighted average shares outstanding | 13,993,730 | 1,419,064 | 1,412,354 | 1,411,966 | 1,411,966 | 1,411,966 | 1,411,966 | 1,411,966 | 4,585,146 | 1,411,966 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (9.97) | $ (11.69) |
Net Loss Per Share Attributab_4
Net Loss Per Share Attributable to Common Stockholders - Antidilutive Securities (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potentially dilutive securities excluded from the computation of diluted net loss per share | 2,801,025 | 8,987,775 |
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 |
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 | 2,777,900 | 1,376,084 |
Restricted Stock Units (RSUs) | ||
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 |
Quarterly Results of Operatio_3
Quarterly Results of Operations Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | |
Condensed Financial Information Disclosure [Abstract] | ||||||||||
Research and development | $ 15,034 | $ 8,088 | $ 8,101 | $ 2,405 | $ 3,345 | $ 5,775 | $ 2,261 | $ 2,374 | $ 33,628 | $ 13,755 |
General and administrative | 5,127 | 3,809 | 3,132 | 1,605 | 704 | 916 | 735 | 626 | 13,673 | 2,981 |
Total operating expenses | 20,161 | 11,897 | 11,233 | 4,010 | 4,049 | 6,691 | 2,996 | 3,000 | 47,301 | 16,736 |
Operating Income (Loss) | (20,161) | (11,897) | (11,233) | (4,010) | (4,049) | (6,691) | (2,996) | (3,000) | (47,301) | (16,736) |
Interest income | 437 | 400 | 503 | 250 | 38 | 59 | 70 | 66 | 1,590 | 233 |
Net loss and comprehensive loss | $ (19,724) | $ (11,497) | $ (10,730) | $ (3,760) | $ (4,011) | $ (6,632) | $ (2,926) | $ (2,934) | $ (45,711) | $ (16,503) |
Basic and diluted net loss per share | $ (1.41) | $ (8.10) | $ (7.60) | $ (2.66) | $ (2.84) | $ (4.70) | $ (2.07) | $ (2.08) | ||
Weighted average shares outstanding | 13,993,730 | 1,419,064 | 1,412,354 | 1,411,966 | 1,411,966 | 1,411,966 | 1,411,966 | 1,411,966 | 4,585,146 | 1,411,966 |