Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | May 08, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | GOSSAMER BIO, INC. | |
Trading Symbol | GOSS | |
Entity Central Index Key | 0001728117 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 65,893,276 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 170,847 | $ 105,219 |
Marketable securities | 310,374 | 123,439 |
Restricted cash | 200 | |
Prepaid expenses and other current assets | 16,567 | 3,095 |
Total current assets | 497,788 | 231,953 |
Property and equipment, net | 4,110 | 3,193 |
Operating lease right-of-use assets | 11,922 | |
Other assets | 2,129 | 4,273 |
Total assets | 515,949 | 239,419 |
Current liabilities | ||
Accounts payable | 4,548 | 2,182 |
Accrued research and development expenses | 12,725 | 10,653 |
Accrued expenses | 7,879 | 7,568 |
Total current liabilities | 25,152 | 20,403 |
Operating lease liabilities | 10,537 | |
Accrued expenses - long-term | 718 | |
Total liabilities | 35,689 | 21,121 |
Commitments and contingencies - Note 10 | ||
Stockholders' equity (deficit) | ||
Common stock, $0.0001 par value; 700,000,000 shares authorized as of March 31, 2019 and 49,160,177 shares authorized as of December 31, 2018; 65,891,910 shares issued and 60,029,470 shares outstanding as of March 31, 2019, and 15,533,450 shares issued and 8,051,418 shares outstanding as of December 31, 2018 | 7 | 2 |
Additional paid-in capital | 666,648 | 33,853 |
Accumulated deficit | (186,474) | (153,863) |
Accumulated other comprehensive income (loss) | 79 | (61) |
Total stockholders' equity (deficit) | 480,260 | (120,069) |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 515,949 | 239,419 |
Series Seed Convertible Preferred Stock | ||
Current liabilities | ||
Convertible preferred stock, shares issued, outstanding, and liquidation preference | 29,200 | |
Series A Convertible Preferred Stock | ||
Current liabilities | ||
Convertible preferred stock, shares issued, outstanding, and liquidation preference | 79,615 | |
Series B Convertible Preferred Stock | ||
Current liabilities | ||
Convertible preferred stock, shares issued, outstanding, and liquidation preference | $ 229,552 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 700,000,000 | 49,160,177 |
Common stock, shares, issued | 65,891,910 | 15,533,450 |
Common stock, shares, outstanding | 60,029,470 | 8,051,418 |
Series Seed Convertible Preferred Stock | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares issued | 0 | 20,000,000 |
Temporary equity, shares outstanding | 0 | 20,000,000 |
Temporary equity, liquidation preference | $ 0 | $ 20,000 |
Series A Convertible Preferred Stock | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares issued | 0 | 45,714,286 |
Temporary equity, shares outstanding | 0 | 45,714,286 |
Temporary equity, liquidation preference | $ 0 | $ 80,000 |
Series B Convertible Preferred Stock | ||
Temporary equity, par value | $ 0.0001 | $ 0.0001 |
Temporary equity, shares issued | 0 | 71,506,513 |
Temporary equity, shares outstanding | 0 | 71,506,513 |
Temporary equity, liquidation preference | $ 0 | $ 230,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating expenses: | ||
Research and development | $ 24,983 | $ 2,624 |
In process research and development | 1,000 | 20,898 |
General and administrative | 8,034 | 2,604 |
Total operating expenses | 34,017 | 26,126 |
Loss from operations | (34,017) | (26,126) |
Other income (expenses) | ||
Interest income | 1,049 | 89 |
Interest expense | (19) | |
Other income | 376 | |
Total other income, net | 1,406 | 89 |
Net loss | (32,611) | (26,037) |
Other comprehensive income: | ||
Unrealized gain on marketable securities, net of tax | 140 | |
Other comprehensive loss | 140 | |
Comprehensive loss | $ (32,471) | $ (26,037) |
Net loss per share, basic and diluted | $ (0.90) | $ (4.49) |
Weighted average common shares outstanding, basic and diluted | 36,317,230 | 5,797,693 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in-Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Series Seed Convertible Preferred Stock | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock |
Beginning balance at Dec. 31, 2017 | $ (6,862) | $ 32 | $ (6,894) | |||||
Temporary equity, beginning balance, shares at Dec. 31, 2017 | 0 | 0 | ||||||
Temporary equity, beginning balance at Dec. 31, 2017 | $ 0 | $ 0 | ||||||
Beginning balance, shares at Dec. 31, 2017 | 9,160,888 | |||||||
Issuance of Series A preferred stock for cash, net of $0.4 million in offering costs | $ 71,944 | |||||||
Issuance of Series A preferred stock for cash, net of $0.4 million in offering costs, shares | 41,328,286 | |||||||
Temporary equity, issuance of stock for acquisition | $ 29,200 | |||||||
Temporary equity, issuance of stock for acquisition, shares | 20,000,000 | |||||||
Issuance of stock for acquisition | 2,874 | 2,874 | ||||||
Issuance of stock for acquisition. shares | 1,101,278 | |||||||
Issuance of Series A preferred stock to convert debt and accrued interest | $ 6,124 | |||||||
Issuance of Series A preferred stock to convert debt and accrued interest, shares | 3,499,209 | |||||||
Stock-based compensation | 605 | 605 | ||||||
Incremental vesting conditions place on previously issued common shares | (4,580,444) | |||||||
Net loss | (26,037) | (26,037) | ||||||
Ending balance at Mar. 31, 2018 | (29,420) | 3,511 | (32,931) | |||||
Temporary equity, ending balance, shares at Mar. 31, 2018 | 20,000,000 | 44,827,495 | ||||||
Temporary equity, ending balance at Mar. 31, 2018 | $ 29,200 | $ 78,068 | ||||||
Ending balance, shares at Mar. 31, 2018 | 5,681,722 | |||||||
Beginning balance at Dec. 31, 2018 | (120,069) | $ 2 | 33,853 | (153,863) | $ (61) | |||
Temporary equity, beginning balance, shares at Dec. 31, 2018 | 20,000,000 | 45,714,286 | 71,506,513 | |||||
Temporary equity, beginning balance at Dec. 31, 2018 | $ 29,200 | $ 79,615 | $ 229,552 | |||||
Beginning balance, shares at Dec. 31, 2018 | 8,051,418 | |||||||
Issuance of common stock in connection with a public offering, net of underwriting discounts, commissions, and offering costs | 291,344 | $ 2 | 291,342 | |||||
Issuance of common stock in connection with a public offering, net of underwriting discounts, commissions, and offering costs, shares | 19,837,500 | |||||||
Conversion of convertible preferred stock into common stock | 338,367 | $ 3 | 338,364 | |||||
Convertible preferred stock, conversion of convertible preferred stock into common stock, shares | (20,000,000) | (45,714,286) | (71,506,513) | |||||
Convertible preferred stock, conversion of convertible preferred stock into common stock | $ (29,200) | $ (79,615) | $ (229,552) | |||||
Conversion of convertible preferred stock into common stock, shares | 30,493,460 | |||||||
Vesting of restricted stock, shares | 1,619,592 | |||||||
Stock-based compensation | 3,089 | 3,089 | ||||||
Stock-based compensation, shares | 27,500 | |||||||
Net loss | (32,611) | (32,611) | ||||||
Other comprehensive income | 140 | 140 | ||||||
Ending balance at Mar. 31, 2019 | $ 480,260 | $ 7 | $ 666,648 | $ (186,474) | $ 79 | |||
Temporary equity, ending balance, shares at Mar. 31, 2019 | 0 | 0 | 0 | |||||
Ending balance, shares at Mar. 31, 2019 | 60,029,470 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) (Parenthetical) $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Series A Convertible Preferred Stock | |
Issuance of shares, offering costs | $ 0.4 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities | ||
Net loss | $ (32,611) | $ (26,037) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 169 | 6 |
Stock-based compensation expense | 3,089 | 605 |
In process research and development expenses | 1,000 | 20,898 |
Changes in operating assets and liabilities: | ||
Operating lease right of use assets and liabilities, net | 61 | |
Prepaid expenses and other current assets | (3,472) | (94) |
Other Assets | 2,144 | (425) |
Accounts payable | 2,132 | 546 |
Accrued expenses | (789) | 441 |
Accrued research and development expenses | 2,072 | (126) |
Accrued compensation and benefits | (1,569) | 593 |
Accrued interest expense | (115) | |
Net cash used in operating activities | (27,774) | (3,708) |
Cash flows from investing activities | ||
Research and development asset acquisitions, net of cash acquired | (1,000) | 11,176 |
Purchase of investments | (222,295) | |
Sales and maturities of investments | 25,500 | |
Purchase of property and equipment | (347) | (511) |
Net cash (used in) provided by investing activities | (198,142) | 10,665 |
Cash flows from financing activities | ||
Proceeds from issuance of common stock in a public offering, net | 291,273 | |
Proceeds from the exercise of stock options | 71 | |
Proceeds from issuance of Series A convertible preferred stock, net | 71,944 | |
Repayment of notes payable to related parties | (40) | |
Net cash provided by financing activities | 291,344 | 71,904 |
Net increase in cash, cash equivalents and restricted cash | 65,428 | 78,861 |
Cash, cash equivalents and restricted cash, at the beginning of the period | 105,419 | 315 |
Cash, cash equivalents and restricted cash, at the end of the period | 170,847 | 79,176 |
Supplemental disclosure of noncash investing and financing activities: | ||
Acquisition of in-process research and development through issuance of stock | 19,284 | |
Issuance of Series A convertible preferred stock to convert debt and accrued interest | 6,124 | |
Recognition of operating lease right of use asset | 12,458 | |
Recognition of operating lease liabilities | 13,182 | |
Conversion of convertible preferred stock to common stock | 338,367 | |
Change in unrealized gain on marketable securities, net of tax | 140 | |
Unpaid property and equipment | $ 739 | $ 43 |
Description of the Business
Description of the Business | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Description of the Business | 1. Description of the Business Gossamer Bio, Inc. ( including its subsidiaries, referred to as The condensed consolidated financial statements include the accounts of Gossamer Bio, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions among the consolidated entity have been eliminated in consolidation. Stock Split In January 2019, the board of directors of the Company approved a reverse stock split of the Company’s common stock at a ratio of one for every 4.5 shares previously held. The reverse stock split became effective on January 23, 2019. All share and per share data included in these condensed consolidated financial statements reflect the stock split. Initial Public Offering in February 2019 On February 12, 2019, the Company completed its initial public offering (“IPO”) with the sale of 19,837,500 shares of common stock, including shares of common stock issued upon the exercise in full of the underwriters’ option to purchase additional shares, at a public offering price of $16.00 per share, resulting in net proceeds of $291.3 million, after deducting underwriting discounts, commissions, and offering expenses. In addition, in connection with the completion of the IPO, all of the Company’s outstanding shares of convertible preferred stock were automatically converted into 30,493,460 shares of common stock. Liquidity and Capital Resources The Company has incurred significant operating losses since its inception. As of March 31, 2019, the Company had an accumulated deficit of $186.5 million. From the Company’s inception through March 31, 2019, the Company has funded its operations primarily through equity financings, including the Company’s IPO which closed on February 12, 2019. The Company raised $601.3 million from October 2017 through March 2019 through Series A and Series B Convertible Preferred Stock, convertible note financings, and the completed IPO, after deducting underwriting discounts, commissions, and offering expenses. In addition, the Company received $12.8 million in cash in connection with the January 2018 acquisition of AA Biopharma Inc. The Company expects to continue to incur significant operating losses for the foreseeable future and may never become profitable. As a result, the Company will need to raise capital through equity offerings, debt financings other capital sources, including potential collaborations, licenses and other similar arrangements. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these condensed consolidated financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding, that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2019. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2018, has been derived from the audited financial statements at that date. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrued research and development expenses, the valuation of preferred and common stock, the valuation of stock options and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors 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 and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates. Recently Adopted Accounting Pronouncements The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases Leases Adoption of the new standard resulted in the recording of additional operating lease right-of-use assets and operating lease liabilities of approximately $12.5 million and $13.2 million, respectively, as of January 1, 2019. The difference between the operating lease right-of-use assets and lease liabilities are due to accrued deferred rent and unamortized lease incentives. Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of the Company’s Series Seed Convertible Preferred Stock, Series A Convertible Preferred Stock, and Series B Convertible Preferred Stock, common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: As of March 31, 2019 2018 Shares issuable upon conversion of Series Seed Convertible Preferred Stock — 4,444,444 Shares issuable upon conversion of Series A Convertible Preferred Stock — 9,961,663 Shares issuable upon exercise of stock options 7,469,973 — Non-vested shares under restricted stock grants 5,862,440 5,885,865 |
Balance Sheet Accounts and Supp
Balance Sheet Accounts and Supplemental Disclosures | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheets Accounts And Supplemental Disclosures [Abstract] | |
Balance Sheet Accounts and Supplemental Disclosures | 3. Balance Sheet Accounts and Supplemental Disclosures Property and Equipment Property and equipment, net consisted of the following (in thousands): Estimated Useful Life (in years) March 31, 2019 December 31, 2018 Office equipment 3-7 $ 664 $ 918 Computer equipment 5 33 15 Software 3 50 50 Lab equipment 2-5 1,870 1,070 Leasehold improvements 6-7 1,314 1,243 Construction in process N/A 645 194 Total property and equipment 4,576 3,490 Less: accumulated depreciation 466 297 Property and equipment, net $ 4,110 $ 3,193 Accrued Expenses Accrued expenses consisted of the following (in thousands): As of March 31, 2019 December 31, 2018 Accrued compensation $ 2,533 $ 4,102 Operating lease liabilities 2,170 — Accrued professional service fees 1,318 2,697 Accrued other 1,858 769 Total accrued expenses $ 7,879 $ 7,568 |
Fair Value Measurements and Ava
Fair Value Measurements and Available for Sale Investments | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements And Available For Sale Investments [Abstract] | |
Fair Value Measurements and Available for Sale Investments | 4. Fair Value Measurements and Available for Sale Investments Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. 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, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets; Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. We classify our cash equivalents and available-for-sale investments within Level 1 or Level 2. The fair value of our investment grade corporate debt securities and commercial paper is determined using proprietary valuation models and analytical tools, which utilize market pricing or prices for similar instruments that are both objective and publicly available, such as matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, and offers. Assets and Liabilities Measured at Fair Value on a Recurring Basis The following table presents the hierarchy for assets measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 (in thousands): Fair Value Measurements at End of Period Using: Quoted Market Significant Significant Prices for Other Observable Unobservable Total Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) As of March 31, 2019 Money market funds $ 40,965 $ 40,965 $ — $ — U.S. Treasury securities 199,874 199,874 — — Commercial paper 26,687 — 26,687 — Corporate debt securities 83,813 — 83,813 — As of December 31, 2018 Money market funds $ 17,295 $ 17,295 $ — $ — U.S. Treasury securities 123,439 123,439 — — The Company did not reclassify and investments between levels in the fair value hierarchy during the first quarter of 2019 or 2018. Fair Value of Other Financial Instruments As of March 31, 2019 and December 31, 2018, the carrying amounts of the Company’s financial instruments, which include cash, interest and securities receivable, accounts payable and accrued expenses, approximate fair values because of their short maturities. Interest and securities receivable as of March 31, 2019 and December 31, 2018, was $11.2 million and $0.6 million, respectively, and is recorded as a component of prepaid expenses and other current assets on the condensed consolidated balance sheets. Securities receivable reflect the timing differences of maturities or settlements of investments and the ultimate reinvestment of such amounts. Available for Sale Investments We invest our excess cash in U.S. Treasury securities and debt instruments of corporations and commercial obligations, which we classify as available-for-sale investments. These investments are carried at fair value and are included in the tables above. The Company evaluates securities with unrealized losses to determine whether such losses, if any, are other than temporary. Realized gains and losses are calculated using the specific identification method and recorded as interest income or expense. We do not generally intend to sell the investments and it is not more likely than not that we will be required to sell the investments before recovery of their amortized cost bases, which may be at maturity. The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in marketable securities and long-term investments for the three months ended March 31, 2019 are as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Total Cost Gains Losses Fair Value Marketable securities U.S. Treasury securities $ 199,811 $ 69 $ (6 ) $ 199,874 Commercial paper 26,694 — (7 ) 26,687 Corporate debt securities 83,738 84 (9 ) 83,813 Total marketable securities $ 310,243 $ 153 $ (22 ) $ 310,374 None of the investments have been in a gross unrealized loss for a period greater than 12 months. At each reporting date, we perform an evaluation of impairment to determine if any unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and our intent and ability to hold the investment until recovery of the amortized cost basis. We intend and have the ability to hold our investments in unrealized loss positions until their amortized cost basis has been recovered. Further, based on our evaluation, we determined that unrealized losses were not other-than-temporary at March 31, 2019 and December 31, 2018. Contractual maturities of available-for-sale debt securities, as of March 31, 2019, were as follows (in thousands): Estimated Fair Value Due within one year $ 261,450 One to two years 48,924 Total $ 310,374 We have the ability, if necessary, to liquidate any of our cash equivalents and short-term investments to meet our liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as current assets on the accompanying condensed consolidated balance sheets. |
Convertible Note Financing
Convertible Note Financing | 3 Months Ended |
Mar. 31, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Note Financing | 5. Convertible Note Financing On October 2, 2017, the Company issued a convertible promissory note (the “Note”) in an amount of $6.0 million to an investor. The Note accrued interest at 8% per year and had a maturity date of October 2, 2018. The Note was subject to an automatic conversion upon a qualified equity financing defined as a raise of $40.0 million, excluding the conversion of the Note and other indebtedness. The conversion was equal to the outstanding principal amount of the Note plus all accrued and previously unpaid interest thereon, divided by the lowest price per share paid by investor for qualified equity financing. On January 4, 2018, the Note converted into 3,499,209 shares of Series A Convertible Preferred Stock. |
Asset Acquisitions and Continge
Asset Acquisitions and Contingent Consideration | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Asset Acquisitions and Contingent Consideration | 6. Asset Acquisitions and Contingent Consideration The following purchased assets were accounted for as asset acquisitions as substantially all of the fair value of the assets acquired were concentrated in a group of similar assets and/or the acquired assets were not capable of producing outputs due to the lack of employees and early stage of development. Because the assets had not yet received regulatory approval, the fair value attributable to these assets was recorded as in process research and development (“IPR&D”) expenses in the Company’s condensed consolidated statement of operations for the three months ended March 31, 2019. The Company accounts for contingent consideration payable upon achievement of certain regulatory, development or sales milestones in such asset acquisitions when the underlying contingency is met. Acquisition of License from Pulmokine, Inc. (GB002) On October 2, 2017, the Company, entered into a license agreement with Pulmokine, Inc. under which it was granted an exclusive worldwide license and sublicense to certain intellectual property rights owned or controlled by Pulmokine to develop and commercialize GB002 and certain backup compounds for the treatment, prevention and diagnosis of any and all disease or conditions. The Company also has the right to sublicense its rights under the license agreement, subject to certain conditions. The assets acquired are in the early stages of the U.S. Food and Drug Administration (“FDA”) approval process, and the Company intends to further develop the assets acquired through potential FDA approval as evidenced by the milestone arrangement in the contract. The development activities cannot be performed without significant cost and effort by the Company. The agreement will remain in effect from the effective date, unless terminated earlier, until, on a licensed product-by-licensed product and country-by-country basis, the later of ten years from the date of first commercial sale or when there is no longer a valid patent claim covering such licensed product or specified regulatory exclusivity for the licensed product in such country. The Company is obligated to make future development and regulatory milestone payments of up to $63.0 million, commercial milestone payments of up to $45.0 million, and sales milestone payments of up to $190.0 million. The Company is also obligated to pay tiered royalties on sales for each licensed product, at percentages ranging from the mid-single digits to the high single-digits. The Company made an upfront payment of $5.5 million in October 2017, which was recorded as IPR&D. As of March 31, 2019, no milestones had been accrued as the underlying contingencies had not yet been met. AA Biopharma Inc. Acquisition (GB001) On January 4, 2018, the Company acquired AA Biopharma Inc. pursuant to a merger agreement, and with the acquisition acquired the rights to GB001 and certain backup compounds. In connection with the merger agreement, the Company issued an aggregate of 20,000,000 shares of Series Seed Convertible Preferred Stock and 1,101,278 shares of Common Stock to the AA Biopharma shareholders. The Company recorded IPR&D of $19.3 million in January 2018 in connection with the acquisition of AA Biopharma. Acquisition of License from Aerpio Pharmaceuticals, Inc. (GB004) On June 24, 2018, the Company entered into a license agreement with Aerpio Pharmaceuticals, Inc. (“Aerpio”) under which the Company was granted an exclusive worldwide license and sublicense to certain intellectual property rights owned or controlled by Aerpio to develop and commercialize GB004, and certain other related compounds for all applications. The Company also has the right to sublicense its rights under the license agreement, subject to certain conditions. The Company is obligated to make future development and regulatory milestone payments of up to $55.0 million, commercial milestone payments of up to $85.0 million and sales milestone payments of up to $260.0 million. The Company is also obligated to pay tiered royalties on sales for each licensed product, at percentages ranging from a high single-digit to mid-teens, subject to certain customary reductions. The Company made an upfront payment of $20.0 million in June 2018, which represented the purchase consideration for an asset acquisition. As of March 31, 2019, no milestones had been accrued as the underlying contingencies had not yet been met. Adhaere Pharmaceuticals, Inc. Acquisition (GB1275) On September 21, 2018, the Company acquired Adhaere Pharmaceuticals, Inc. (“Adhaere”) pursuant to a merger agreement for an upfront payment of $7.5 million in cash, and with the acquisition acquired the rights to GB1275 and certain backup compounds. The Company is obligated to make future regulatory, development and sales milestones of up to $62.0 million and pay tiered royalties on worldwide net sales, at percentages ranging from low to mid-single digits, subject to customary reductions. In September 2018, the Company recorded IPR&D of $7.5 million in connection with the acquisition of Adhaere. As of March 31, 2019, no milestones had been accrued as the underlying contingencies had not yet been met. The Company recorded the following IPR&D expense on the condensed consolidated statements of operations (in thousands): Three months ended March 31, 2019 2018 GB001 $ — $ 19,148 Other Programs 1,000 1,750 Total in process research and development $ 1,000 $ 20,898 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 3 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Stockholders’ Equity (Deficit) | 7. Stockholders’ Equity (Deficit) In connection with the Company’s IPO, the outstanding shares of the Company’s Series Seed, Series A, and Series B Convertible Preferred Stock automatically converted into 30,493,460 shares of common stock. Common Stock On December 3, 2015, the Company issued 9,160,888 shares of common stock as founder shares for services rendered to the Company, valued at $0.0001 par value per share, for a total of approximately $4,100. On January 4, 2018, incremental vesting conditions were placed on the previously issued founder shares. Fifty percent of the previously issued founder shares vested on January 4, 2018, and the remaining founder shares are subject to vesting restrictions over a period of five years. Pursuant to the employment agreements with the Company’s founders executed January 4, 2018, the Company provided for certain potential additional issuances of common stock (the “anti-dilution shares”) to each of the founders to ensure the total number of shares of common stock held by them and their affiliates (inclusive of any shares subject to equity awards granted by the Company) would represent 15% of the Company’s fully-diluted capitalization until such time as the Company raised $300 million in equity capital, including the capital raised in the Series A financing. In furtherance of this obligation, on May 21, 2018, the Company issued 251,547 shares of common stock to the founders for services rendered to the Company, valued at $2.61 per share with an additional 251,547 shares of restricted stock subject to the same vesting restrictions and vesting period as the founder shares. In addition, on September 6, 2018, the Company issued 1,795,023 shares of common stock to the founders for services rendered to the Company, valued at $9.63 per share, with an additional 1,795,023 shares of restricted stock subject to the same vesting restrictions and vesting period as the founder shares. Each share of common stock is entitled to one vote. Common stock owners are entitled to dividends when funds are legally available and declared by the Board. Shares of Common Stock Subject to Repurchase In November 2017, in connection with the issuance of the Series A Convertible Preferred Stock, certain employees entered into stock restriction agreements, whereby 1,305,427 shares are subject to forfeiture by the Company upon the stockholder’s termination of employment or service to the Company. In January 2018, the Company’s founders entered into stock restriction agreements, whereby 4,580,444 of previously unrestricted shares of common stock were subject to service vesting conditions. These shares are also subject to forfeiture by the Company upon the stockholders’ termination of employment or service to the Company. Any shares subject to repurchase by the Company are not deemed, for accounting purposes, to be outstanding until those shares vest. As such, the Company recognizes the measurement date fair value of the restricted stock over the vesting period as compensation expense. As of March 31, 2019 and December 31, 2018 shares of common stock subject to repurchase by the Company was 5,862,450 shares and 7,482,032 shares, respectively. The unvested stock liability related to these awards is immaterial to all periods presented. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 8. Equity Incentive Plans Approval of the 2019 Equity Incentive Plan In January 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Incentive Award Plan (the “2019 Plan”). The 2019 Plan became effective on February 6, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, and other stock or cash-based awards to individuals who are then employees, officers, directors or consultants of the Company, and employees and consultants of the Company’s subsidiaries. A total of 5,750,000 shares of common stock were approved to be initially reserved for issuance under the 2019 Plan. The number of shares that remained available for issuance under the 2017 Plan as of the effective date of the 2019 Plan and shares subject to outstanding awards under the 2017 Plan as of the effective date of the 2019 Plan that are subsequently canceled, forfeited or repurchased by the Company will be added to the shares reserved under the 2019 Plan. In addition, the number of shares of common stock available for issuance under the 2019 Plan will be automatically increased on the first day of each calendar year during the ten-year term of the 2019 Plan, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 5% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. As of March 31, 2019, an aggregate of 3,359,856 shares of common stock were available for issuance under the 2019 Plan and 2,390,144 shares of common stock were subject to outstanding awards under the 2019 Plan. Approval of the 2019 Employee Stock Purchase Plan In January 2019, the Company’s board of directors and stockholders approved and adopted the 2019 Employee Stock Purchase Plan (the “ESPP”). The ESPP became effective as of February 6, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. A total of 700,000 shares of common stock were approved to be initially reserved for issuance under the ESPP. In addition, the number of shares of common stock available for issuance under the ESPP will be automatically increased on the first day of each calendar year during the first ten-years of the term of the ESPP, beginning with January 1, 2020 and ending with January 1, 2029, by an amount equal to 1% of the outstanding number of shares of the Company’s common stock on December 31st of the preceding calendar year or such lesser amount as determined by the Company’s board of directors. As of March 31, 2019, an aggregate of 700,000 shares of common stock were available for issuance under the ESPP. 2017 Equity Incentive Plan The Company’s 2017 Equity Incentive Plan (the “2017 Plan”) permitted the granting of incentive stock options, non-statutory stock options, restricted stock, restricted stock units and other stock-based awards. Subsequent to the adoption of the 2019 Plan, no additional equity awards can be made under the 2017 Plan. At March 31, 2019, 6,285,478 shares of common stock were subject to outstanding awards under the 2017 Plan. Stock Options The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company, prior to the IPO on February 12, 2019, was a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected volatility based on the historical volatility of a publicly traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees has been determined utilizing the “simplified” method for awards. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The following table summarizes stock option activity during the three months ended March 31, 2019: Shares Subject to Options Outstanding Weighted- Average Weighted- Remaining Average Exercise Contractual Life Aggregate Shares Price (Years) Intrinsic Value (in thousands) Outstanding as of December 31, 2018 5,107,329 $ 7.51 9.7 $ 16,343 Options granted 2,390,144 $ 21.74 Option exercised (27,500 ) $ 2.61 Options forfeited/cancelled — Outstanding as of March 31, 2019 7,469,973 $ 12.08 9.6 $ 72,708 Options vested and exercisable as of March 31, 2019 160,682 $ 3.20 8.9 $ 2,968 The aggregate intrinsic value in the above table is calculated as the difference between fair value of the Company’s common stock price on March 31, 2019 and the exercise price of the stock options. The weighted-average grant date fair value per share for the stock option grants during the three months ended March 31, 2019 was $21.74. At March 31, 2019, the total unrecognized compensation related to unvested stock option awards granted was $55.7 million, which the Company expects to recognize over a weighted-average period of approximately 3.5 years. Restricted Stock The summary of the Company’s restricted stock activity is as follows: Number of Weighted- Restricted Average Stock Units Grant Date Outstanding Fair Value Nonvested at December 31, 2018 7,482,032 $ 4.01 Granted — — Vested (1,619,592 ) $ 4.31 Forfeited — — Nonvested at March 31, 2019 5,862,440 $ 3.92 At March 31, 2019, the total unrecognized compensation related to unvested restricted stock awards granted was $16.9 million, which the Company expects to recognize over a weighted-average period of approximately 3.8 years. Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations as follows (in thousands): Three months ended March 31, 2019 2018 Research and development $ 1,293 $ 4 General and administrative 1,796 601 Total stock-based compensation $ 3,089 $ 605 For the three months ended March 31, 2019 and 2018, $3.1 million and $0.6 million, respectively, of the stock-based compensation expense related to the issuance of the anti-dilution shares. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Leases The Company subleases certain office and laboratory space under a non-cancelable operating lease expiring in December 2024 for the initial leased space and December 2022 for expansion space leased pursuant to an amendment to the lease agreement entered into in August 2018. The sublease agreement included options to extend for the entire premises through October 2028. The options to extend must be exercised prior to the termination of the original lease agreement. The period covered by the options was not included in the non-cancellable lease term as it not was not determined to be reasonably certain to be executed. The lease agreement also includes a one-time termination option for the expansion space only whereby the Company can terminate the lease with advance written notice. The termination option was not determined to be reasonably certain to be executed. The lease is subject to charges for common area maintenance and other costs, and base rent is subject to an annual 3% increase each subsequent year. Costs determined to be variable and not based on an index or rate were not included in the measurement of the operating lease liabilities. Monthly rent expense is recognized on a straight-line basis over the term of the lease. The operating lease is included in the balance sheet at the present value of the lease payments at a 7% discount rate Lease costs were comprised of the following (in thousands): Three months ended March 31, 2019 Operating lease cost $ 753 Variable lease cost 395 Short-term lease cost 14 Total lease cost $ 1,162 Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2019 was $1.2 million. Gross future minimum annual rental commitments as of March 31, 2019, were as follows (in thousands): Undiscounted Rent Payments Year ending December 31, 2019 (remaining 9 months) $ 2,216 2020 3,035 2021 3,123 2022 3,216 2023 1,690 2024 1,741 Total undiscounted rent payments $ 15,021 Present value discount (2,314 ) Present value $ 12,707 Current portion of operating lease liability (included as a component of Accrued expenses) $ 2,170 Noncurrent operating lease liabilities 10,537 Total operating lease liability $ 12,707 Future minimum lease payments under non-cancelable operating leases at December 31, 2018 were as follows (in thousands): Years ending December 31, 2019 $ 2,944 2020 3,035 2021 3,123 2022 3,216 2023 1,690 Thereafter 1,741 $ 15,749 For the three months ended March 31, 2018 the Company recorded approximately $0.5 million in rent expense. Litigation The Company is not a party to any material legal proceedings and is not aware of any pending or threatened claims. From time to time, the Company may be subject to various legal proceedings and claims that arise in the ordinary course of its business activities. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 10. Subsequent Events On May 2, 2019, the Company and its wholly-owned subsidiary GB001, Inc., as borrower, entered into a credit, guaranty and security agreement (the “Credit Facility”) agented by MidCap Financial Trust (“MidCap”) and the additional lenders party thereto from time to time (together with MidCap, the “Lenders”), pursuant to which the Lenders, including affiliates of MidCap and Silicon Valley Bank, agreed to make term loans available to the Company for working capital and general business purposes, in a principal amount of up to $150.0 million in term loan commitments, including a $30.0 million term loan which was funded at the closing date, with the ability to access the remaining $120.0 million in three additional tranches (of $40.0 million, $30.0 million and $50.0 million, respectively), subject to specified availability periods, the achievement of certain clinical development milestones, minimum cash requirements and other customary conditions. The Credit Facility is secured by substantially all of the Company’s and its domestic subsidiaries’ personal property, including intellectual property, and includes affirmative and negative covenants applicable to the Company. Each term loan under the Credit Facility bears interest at an annual rate equal to the sum of (i) one-month LIBOR (customarily defined, with a change to prime rate if LIBOR funding becomes unlawful or impractical) plus (ii) 6.15%, subject to a LIBOR floor of 2.00%. The Company is required to make interest-only payments on the term loan for all payment dates prior to June 1, 2021. The term loans under the Credit Facility will begin amortizing on June 1, 2021, with equal monthly payments of principal plus interest being made by the Company to the Lenders in consecutive monthly installments following such interest-only period for 36 months or, for any funding of the fourth tranche occurring after June 1, 2021, the number of months until the Credit Facility matures on May 1, 2024. Upon final repayment of the term loans, the Company must pay an exit fee of 1.75% of the amount borrowed under the Credit Facility, less any partial exit fees previously paid. Upon partial prepayment of a portion of the term loans, the Company must pay a partial exit fee of 1.75% of the principal being prepaid. At the Company’s option, the Company may prepay the outstanding principal balance of the term loan in whole or in part, subject to a prepayment fee of 3.0% of any amount prepaid if the prepayment occurs through and including the first anniversary of the closing date, 2.0% of the amount prepaid if the prepayment occurs after the first anniversary of the closing date through and including the second anniversary of the closing date, and 1.0% of any amount prepaid after the second anniversary of the closing date and prior to May 1, 2024. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and disclosures required by GAAP for complete financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of the Company’s financial position and of the results of operations and cash flows for the periods presented. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form 10-K filed with the SEC on March 22, 2019. The results of operations for the interim period shown in this report are not necessarily indicative of the results that may be expected for any other interim period or for the full year. The balance sheet at December 31, 2018, has been derived from the audited financial statements at that date. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. The most significant estimates in the Company’s condensed consolidated financial statements relate to accrued research and development expenses, the valuation of preferred and common stock, the valuation of stock options and the valuation allowance of deferred tax assets resulting from net operating losses. These estimates and assumptions are based on current facts, historical experience and various other factors 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 and the recording of expenses that are not readily apparent from other sources. Actual results could differ from those estimates. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements The Company adopted Accounting Standards Update (“ASU”) No. 2016-02, Leases Leases Adoption of the new standard resulted in the recording of additional operating lease right-of-use assets and operating lease liabilities of approximately $12.5 million and $13.2 million, respectively, as of January 1, 2019. The difference between the operating lease right-of-use assets and lease liabilities are due to accrued deferred rent and unamortized lease incentives. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share of common stock is computed by dividing net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net loss per share excludes the potential impact of the Company’s Series Seed Convertible Preferred Stock, Series A Convertible Preferred Stock, and Series B Convertible Preferred Stock, common stock options and unvested shares of restricted stock because their effect would be anti-dilutive due to the Company’s net loss. Since the Company had a net loss in each of the periods presented, basic and diluted net loss per common share are the same. The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: As of March 31, 2019 2018 Shares issuable upon conversion of Series Seed Convertible Preferred Stock — 4,444,444 Shares issuable upon conversion of Series A Convertible Preferred Stock — 9,961,663 Shares issuable upon exercise of stock options 7,469,973 — Non-vested shares under restricted stock grants 5,862,440 5,885,865 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share | The table below provides potentially dilutive securities not included in the calculation of the diluted net loss per share because to do so would be anti-dilutive: As of March 31, 2019 2018 Shares issuable upon conversion of Series Seed Convertible Preferred Stock — 4,444,444 Shares issuable upon conversion of Series A Convertible Preferred Stock — 9,961,663 Shares issuable upon exercise of stock options 7,469,973 — Non-vested shares under restricted stock grants 5,862,440 5,885,865 |
Balance Sheet Accounts and Su_2
Balance Sheet Accounts and Supplemental Disclosures (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Balance Sheets Accounts And Supplemental Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): Estimated Useful Life (in years) March 31, 2019 December 31, 2018 Office equipment 3-7 $ 664 $ 918 Computer equipment 5 33 15 Software 3 50 50 Lab equipment 2-5 1,870 1,070 Leasehold improvements 6-7 1,314 1,243 Construction in process N/A 645 194 Total property and equipment 4,576 3,490 Less: accumulated depreciation 466 297 Property and equipment, net $ 4,110 $ 3,193 |
Schedule of Accrued Expenses | Accrued expenses consisted of the following (in thousands): As of March 31, 2019 December 31, 2018 Accrued compensation $ 2,533 $ 4,102 Operating lease liabilities 2,170 — Accrued professional service fees 1,318 2,697 Accrued other 1,858 769 Total accrued expenses $ 7,879 $ 7,568 |
Fair Value Measurements and A_2
Fair Value Measurements and Available for Sale Investments (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Measurements And Available For Sale Investments [Abstract] | |
Assets Measured at Fair Value on Recurring Basis | The following table presents the hierarchy for assets measured at fair value on a recurring basis as of March 31, 2019 and December 31, 2018 (in thousands): Fair Value Measurements at End of Period Using: Quoted Market Significant Significant Prices for Other Observable Unobservable Total Identical Assets Inputs Inputs Fair Value (Level 1) (Level 2) (Level 3) As of March 31, 2019 Money market funds $ 40,965 $ 40,965 $ — $ — U.S. Treasury securities 199,874 199,874 — — Commercial paper 26,687 — 26,687 — Corporate debt securities 83,813 — 83,813 — As of December 31, 2018 Money market funds $ 17,295 $ 17,295 $ — $ — U.S. Treasury securities 123,439 123,439 — — |
Schedule of Available for Sale Investments by Security Type | The aggregate market value, cost basis, and gross unrealized gains and losses of available-for-sale investments by security type, classified in marketable securities and long-term investments for the three months ended March 31, 2019 are as follows (in thousands): Gross Gross Amortized Unrealized Unrealized Total Cost Gains Losses Fair Value Marketable securities U.S. Treasury securities $ 199,811 $ 69 $ (6 ) $ 199,874 Commercial paper 26,694 — (7 ) 26,687 Corporate debt securities 83,738 84 (9 ) 83,813 Total marketable securities $ 310,243 $ 153 $ (22 ) $ 310,374 |
Schedule of Contractual Maturities of Available-for-sale Debt Securities | Contractual maturities of available-for-sale debt securities, as of March 31, 2019, were as follows (in thousands): Estimated Fair Value Due within one year $ 261,450 One to two years 48,924 Total $ 310,374 |
Asset Acquisitions and Contin_2
Asset Acquisitions and Contingent Consideration (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Business Combinations [Abstract] | |
Schedule of IPR&D Expense | The Company recorded the following IPR&D expense on the condensed consolidated statements of operations (in thousands): Three months ended March 31, 2019 2018 GB001 $ — $ 19,148 Other Programs 1,000 1,750 Total in process research and development $ 1,000 $ 20,898 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Option Activity | The following table summarizes stock option activity during the three months ended March 31, 2019: Shares Subject to Options Outstanding Weighted- Average Weighted- Remaining Average Exercise Contractual Life Aggregate Shares Price (Years) Intrinsic Value (in thousands) Outstanding as of December 31, 2018 5,107,329 $ 7.51 9.7 $ 16,343 Options granted 2,390,144 $ 21.74 Option exercised (27,500 ) $ 2.61 Options forfeited/cancelled — Outstanding as of March 31, 2019 7,469,973 $ 12.08 9.6 $ 72,708 Options vested and exercisable as of March 31, 2019 160,682 $ 3.20 8.9 $ 2,968 |
Summary of Restricted Stock Activity | The summary of the Company’s restricted stock activity is as follows: Number of Weighted- Restricted Average Stock Units Grant Date Outstanding Fair Value Nonvested at December 31, 2018 7,482,032 $ 4.01 Granted — — Vested (1,619,592 ) $ 4.31 Forfeited — — Nonvested at March 31, 2019 5,862,440 $ 3.92 |
Stock-Based Compensation Expense Reported in Condensed Consolidated Statements of Operations | Stock-based compensation expense has been reported in the Company’s condensed consolidated statements of operations as follows (in thousands): Three months ended March 31, 2019 2018 Research and development $ 1,293 $ 4 General and administrative 1,796 601 Total stock-based compensation $ 3,089 $ 605 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Lease Costs | Lease costs were comprised of the following (in thousands): Three months ended March 31, 2019 Operating lease cost $ 753 Variable lease cost 395 Short-term lease cost 14 Total lease cost $ 1,162 |
Schedule of Gross Future Minimum Annual Rental Commitments | Gross future minimum annual rental commitments as of March 31, 2019, were as follows (in thousands): Undiscounted Rent Payments Year ending December 31, 2019 (remaining 9 months) $ 2,216 2020 3,035 2021 3,123 2022 3,216 2023 1,690 2024 1,741 Total undiscounted rent payments $ 15,021 Present value discount (2,314 ) Present value $ 12,707 Current portion of operating lease liability (included as a component of Accrued expenses) $ 2,170 Noncurrent operating lease liabilities 10,537 Total operating lease liability $ 12,707 |
Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases | Future minimum lease payments under non-cancelable operating leases at December 31, 2018 were as follows (in thousands): Years ending December 31, 2019 $ 2,944 2020 3,035 2021 3,123 2022 3,216 2023 1,690 Thereafter 1,741 $ 15,749 |
Description of the Business - A
Description of the Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 12, 2019USD ($)$ / sharesshares | Jan. 04, 2018USD ($) | Jan. 31, 2019 | Mar. 31, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Description Of Business [Line Items] | ||||||
Reverse stock split | one for every 4.5 shares | |||||
Reverse stock spilt conversion ratio for common stock | 0.0022 | |||||
Accumulated deficit | $ (186,474) | $ (186,474) | $ (153,863) | |||
Funds raised through Series A and Series B Convertible Preferred Stock, convertible note financings and completed IPO | $ 601,300 | |||||
AA Biopharma Inc. | ||||||
Description Of Business [Line Items] | ||||||
Cash received in connection with acquisition | $ 12,800 | |||||
Initial Public Offering (“IPO”) | ||||||
Description Of Business [Line Items] | ||||||
Sale of shares of common stock | shares | 19,837,500 | |||||
Offering price, per share | $ / shares | $ 16 | |||||
Net proceeds, after deducting underwriting discounts, commissions, and offering expenses | $ 291,300 | |||||
Initial Public Offering (“IPO”) | Conversion of Convertible Preferred Stock into Common Stock | ||||||
Description Of Business [Line Items] | ||||||
Common stock issued in conversion of convertible preferred stock | shares | 30,493,460 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 11,922 | |
Operating lease liabilities | $ 12,707 | |
Accounting Standards Update 2016-02 | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Operating lease right-of-use assets | $ 12,500 | |
Operating lease liabilities | $ 13,200 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Shares Issuable upon Conversion of Series Seed Convertible | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share | 4,444,444 | |
Shares Issuable upon Conversion of Series A Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share | 9,961,663 | |
Shares Issuable upon Exercise of Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share | 7,469,973 | |
Non-vested Shares under Restricted Stock Grants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities not included from calculation of diluted net loss per share | 5,862,440 | 5,885,865 |
Balance Sheet Accounts and Su_3
Balance Sheet Accounts and Supplemental Disclosures - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 4,576 | $ 3,490 |
Less: accumulated depreciation | 466 | 297 |
Property and equipment, net | 4,110 | 3,193 |
Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 664 | 918 |
Office Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 3 years | |
Office Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 7 years | |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 33 | 15 |
Property and equipment, estimated useful life | 5 years | |
Software | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 50 | 50 |
Property and equipment, estimated useful life | 3 years | |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 1,870 | 1,070 |
Lab Equipment | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 2 years | |
Lab Equipment | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 5 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 1,314 | 1,243 |
Leasehold Improvements | Minimum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 6 years | |
Leasehold Improvements | Maximum | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, estimated useful life | 7 years | |
Construction in Process | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment | $ 645 | $ 194 |
Balance Sheet Accounts and Su_4
Balance Sheet Accounts and Supplemental Disclosures - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued compensation | $ 2,533 | $ 4,102 |
Operating lease liabilities | 2,170 | |
Accrued professional service fees | 1,318 | 2,697 |
Accrued other | 1,858 | 769 |
Total accrued expenses | $ 7,879 | $ 7,568 |
Fair Value Measurements and A_3
Fair Value Measurements and Available for Sale Investments - Assets Measured at Fair Value on Recurring Basis (Details) - Recurring Basis - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | $ 40,965 | $ 17,295 |
U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | 199,874 | 123,439 |
Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | 26,687 | |
Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | 83,813 | |
Quoted Market Prices for Identical Assets (Level 1) | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | 40,965 | 17,295 |
Quoted Market Prices for Identical Assets (Level 1) | U.S. Treasury Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | 199,874 | $ 123,439 |
Significant Other Observable Inputs (Level 2) | Commercial Paper | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | 26,687 | |
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets Measured at fair value on recurring basis | $ 83,813 |
Fair Value Measurements and A_4
Fair Value Measurements and Available for Sale Investments - Additional Information (Details) - USD ($) | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value hierarchy level 1 to level 2 | $ 0 | $ 0 |
Fair value hierarchy level 2 to level 1 | 0 | 0 |
Prepaid Expenses and Other Current Assets | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Interest and securities receivable | $ 11,200,000 | $ 600,000 |
Fair Value Measurements and A_5
Fair Value Measurements and Available for Sale Investments - Schedule of Available for sale Investments by Security Type (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Available-for-sale Investments, Amortized Cost | $ 310,243 |
Available-for-sale Investments, Gross Unrealized Gains | 153 |
Available-for-sale Investments, Gross Unrealized Losses | (22) |
Available-for-sale Investments, Total Fair Value | 310,374 |
U.S. Treasury Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Available-for-sale Investments, Amortized Cost | 199,811 |
Available-for-sale Investments, Gross Unrealized Gains | 69 |
Available-for-sale Investments, Gross Unrealized Losses | (6) |
Available-for-sale Investments, Total Fair Value | 199,874 |
Commercial Paper | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Available-for-sale Investments, Amortized Cost | 26,694 |
Available-for-sale Investments, Gross Unrealized Losses | (7) |
Available-for-sale Investments, Total Fair Value | 26,687 |
Corporate Debt Securities | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Available-for-sale Investments, Amortized Cost | 83,738 |
Available-for-sale Investments, Gross Unrealized Gains | 84 |
Available-for-sale Investments, Gross Unrealized Losses | (9) |
Available-for-sale Investments, Total Fair Value | $ 83,813 |
Fair Value Measurements and A_6
Fair Value Measurements and Available for Sale Investments - Schedule of Contractual Maturities of Available-for-sale Debt Securities (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Fair Value Disclosures [Abstract] | |
Due within one year | $ 261,450 |
One to two years | 48,924 |
Total | $ 310,374 |
Convertible Notes Financing - A
Convertible Notes Financing - Additional Information (Details) - Convertible Promissory Note - USD ($) | Jan. 04, 2018 | Oct. 02, 2017 |
Debt Instrument [Line Items] | ||
Amount of issued | $ 6,000,000 | |
Interest rate | 8.00% | |
Maturity date | Oct. 2, 2018 | |
Amount to be raised by automatic conversion of the Note upon qualified equity financing | $ 40,000,000 | |
Series A Convertible Preferred Stock | ||
Debt Instrument [Line Items] | ||
Number of shares issued for conversion of the Note | 3,499,209 |
Asset Acquisitions and Contin_3
Asset Acquisitions and Contingent Consideration - Additional Information (Details) - USD ($) | Sep. 30, 2018 | Sep. 21, 2018 | Jun. 30, 2018 | Jan. 31, 2018 | Jan. 04, 2018 | Oct. 31, 2017 | Oct. 02, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 24, 2018 |
Business Acquisition [Line Items] | ||||||||||
In process research and development | $ 1,000,000 | $ 20,898,000 | ||||||||
GB001 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
In process research and development | $ 19,148,000 | |||||||||
Pulmokine, Inc. | License Agreement | GB002 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Product license term | 10 years | |||||||||
Milestones accrued | 0 | |||||||||
Pulmokine, Inc. | License Agreement | GB002 | IPR&D | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Upfront payment | $ 5,500,000 | |||||||||
Pulmokine, Inc. | License Agreement | GB002 | Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development and regulatory milestone payments, payable | $ 63,000,000 | |||||||||
Commercial milestone payments, payable | 45,000,000 | |||||||||
Sales milestone payments, payable | $ 190,000,000 | |||||||||
AA Biopharma Inc. | GB001 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
In process research and development | $ 19,300,000 | |||||||||
AA Biopharma Inc. | GB001 | Common Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, aggregate number of shares issued | 1,101,278 | |||||||||
AA Biopharma Inc. | GB001 | Series Seed Convertible Preferred Stock | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Business acquisition, aggregate number of shares issued | 20,000,000 | |||||||||
Aerpio Pharmaceuticals, Inc. | License Agreement | GB004 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Milestones accrued | 0 | |||||||||
Upfront payment, purchase consideration paid | $ 20,000,000 | |||||||||
Aerpio Pharmaceuticals, Inc. | License Agreement | GB004 | Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Development and regulatory milestone payments, payable | $ 55,000,000 | |||||||||
Commercial milestone payments, payable | 85,000,000 | |||||||||
Sales milestone payments, payable | $ 260,000,000 | |||||||||
Adhaere Pharmaceuticals, Inc. | GB1275 | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Milestones accrued | $ 0 | |||||||||
In process research and development | $ 7,500,000 | |||||||||
Upfront payment, purchase consideration paid | $ 7,500,000 | |||||||||
Adhaere Pharmaceuticals, Inc. | GB1275 | Maximum | ||||||||||
Business Acquisition [Line Items] | ||||||||||
Regulatory, development and sales milestones payable | $ 62,000,000 |
Asset Acquisitions and Contin_4
Asset Acquisitions and Contingent Consideration - Schedule of IPR&D Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total in process research and development | $ 1,000 | $ 20,898 |
GB001 | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total in process research and development | 19,148 | |
Other Programs | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Total in process research and development | $ 1,000 | $ 1,750 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) - Additional Information (Details) - USD ($) | Sep. 06, 2018 | May 21, 2018 | Jan. 04, 2018 | Dec. 03, 2015 | Jan. 31, 2018 | Nov. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Stockholders Equity Deficit [Line Items] | |||||||||
Common stock, par value | $ 0.0001 | $ 0.0001 | |||||||
Issuance of common stock in connection with a public offering, net of underwriting discounts, commissions, and offering costs | $ 291,344,000 | ||||||||
Common stock, voting right | one | ||||||||
Shares of common stock, repurchase | 5,862,450 | 7,482,032 | |||||||
Series A Convertible Preferred Stock | Stock Restriction Agreements | |||||||||
Stockholders Equity Deficit [Line Items] | |||||||||
Shares subject to forfeiture | 1,305,427 | ||||||||
Founder | |||||||||
Stockholders Equity Deficit [Line Items] | |||||||||
Common stock issued shares | 1,795,023 | 251,547 | |||||||
Percentage of fully diluted share capital | 15.00% | ||||||||
Increased in equity capital amount | $ 300,000,000 | ||||||||
Common stock issued price per share | $ 9.63 | $ 2.61 | |||||||
Additional shares of restricted stock subject to vesting restrictions | 1,795,023 | 251,547 | |||||||
Common Stock | |||||||||
Stockholders Equity Deficit [Line Items] | |||||||||
Conversion of convertible preferred stock into common stock, shares | 30,493,460 | ||||||||
Common stock issued shares | 19,837,500 | ||||||||
Issuance of common stock in connection with a public offering, net of underwriting discounts, commissions, and offering costs | $ 2,000 | ||||||||
Unrestricted shares of common stock were subject to service vesting conditions | 4,580,444 | ||||||||
Common Stock | Stock Restriction Agreements | |||||||||
Stockholders Equity Deficit [Line Items] | |||||||||
Unrestricted shares of common stock were subject to service vesting conditions | 4,580,444 | ||||||||
Founder Shares | |||||||||
Stockholders Equity Deficit [Line Items] | |||||||||
Common stock issued shares | 9,160,888 | ||||||||
Common stock, par value | $ 0.0001 | ||||||||
Issuance of common stock in connection with a public offering, net of underwriting discounts, commissions, and offering costs | $ 4,100 | ||||||||
Common Stock vesting percentage | 50.00% | ||||||||
Common stock vesting period | 5 years |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Feb. 06, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares outstanding awarded | 7,469,973 | 5,107,329 | ||
Stock-based compensation expense related to issuance of anti-dilution shares | $ 3,089 | $ 605 | ||
Stock Options | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected dividend yield | 0.00% | |||
Weighted-average grant date fair value per share | $ 21.74 | |||
Unrecognized compensation costs | $ 55,700 | |||
Weighted-average period of cost expects to recognize | 3 years 6 months | |||
Restricted Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted-average period of cost expects to recognize | 3 years 9 months 18 days | |||
Unrecognized compensation costs | $ 16,900 | |||
2019 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of share reserved for future issuance | 5,750,000 | |||
Term of awards | 10 years | |||
Percentage of amount increase in outstanding shares | 5.00% | |||
Common stock available for issuance | 3,359,856 | |||
Shares outstanding awarded | 2,390,144 | |||
2019 Employee Stock Purchase Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of share reserved for future issuance | 700,000 | 700,000 | ||
Term of awards | 10 years | |||
Percentage of amount increase in outstanding shares | 1.00% | |||
2019 Employee Stock Purchase Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Purchase of common stock through payroll deductions, percentage | 20.00% | |||
2017 Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares outstanding awarded | 6,285,478 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares Subject to Options Outstanding, as of December 31, 2018 | 5,107,329 | |
Shares Subject to Options Outstanding, Options granted | 2,390,144 | |
Shares Subject to Options Outstanding, Option exercised | (27,500) | |
Shares Subject to Options Outstanding, Outstanding as of March 31, 2019 | 7,469,973 | 5,107,329 |
Shares Subject to Options Outstanding, Options vested and exercisable as of March 31, 2019 | 160,682 | |
Weighted-Average Exercise Price, Outstanding as of December 31, 2018 | $ 7.51 | |
Weighted-Average Exercise Price, Options granted | 21.74 | |
Weighted-Average Exercise Price, Option exercised | 2.61 | |
Weighted-Average Exercise Price, Outstanding as of March 31, 2019 | 12.08 | $ 7.51 |
Weighted-Average Exercise Price, Options vested and exercisable as of March 31, 2019 | $ 3.20 | |
Weighted-Average Remaining Contractual Life (Years), Outstanding as of December 31, 2018 | 9 years 7 months 6 days | 9 years 8 months 12 days |
Weighted-Average Remaining Contractual Life (Years), Options vested and exercisable as of March 31, 2019 | 8 years 10 months 24 days | |
Aggregate Intrinsic Value, Outstanding as of December 31, 2018 | $ 72,708 | $ 16,343 |
Aggregate Intrinsic Value, Options vested and exercisable as of March 31, 2019 | $ 2,968 |
Equity Incentive Plans - Summ_2
Equity Incentive Plans - Summary of Restricted Stock Activity (Details) - Restricted Stock | 3 Months Ended |
Mar. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Restricted Stock Units Outstanding, Nonvested at December 31, 2018 | shares | 7,482,032 |
Number of Restricted Stock Units Outstanding, Granted | shares | 0 |
Number of Restricted Stock Units Outstanding, Vested | shares | (1,619,592) |
Number of Restricted Stock Units Outstanding, Forfeited | shares | 0 |
Number of Restricted Stock Units Outstanding, Nonvested at March 31, 2019 | shares | 5,862,440 |
Weighted-Average Grant Date Fair Value, Nonvested at December 31, 2018 | $ / shares | $ 4.01 |
Weighted-Average Grant Date Fair Value, Granted | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Vested | $ / shares | 4.31 |
Weighted-Average Grant Date Fair Value, Forfeited | $ / shares | 0 |
Weighted-Average Grant Date Fair Value, Nonvested at March 31, 2019 | $ / shares | $ 3.92 |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-Based Compensation Expense Reported in Condensed Consolidated Statements of Operations (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 3,089 | $ 605 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | 1,293 | 4 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation | $ 1,796 | $ 601 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Non-cancelable operating sublease, expiration date for initial leased space | 2024-12 | |
Non-cancelable operating sublease, expiration date for expansion space leased | 2022-12 | |
Lessee, Operating Sublease, Existence of Option to Extend [true false] | true | |
Lessee, operating sublease, option to extend | options to extend for the entire premises through October 2028 | |
Operating sublease, annual increase percentage for base rent | 3.00% | |
Lessee, operating lease, discount rate | 7.00% | |
Weighted average remining lease term | 5 years | |
Cash paid for operating lease liabilities | $ 1.2 | |
Rent expense | $ 0.5 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Lease Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 753 |
Variable lease cost | 395 |
Short-term lease cost | 14 |
Total lease cost | $ 1,162 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Gross Future Minimum Annual Rental Commitments (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 (remaining 9 months) | $ 2,216 |
2020 | 3,035 |
2021 | 3,123 |
2022 | 3,216 |
2023 | 1,690 |
2024 | 1,741 |
Total undiscounted rent payments | 15,021 |
Present value discount | (2,314) |
Present value | 12,707 |
Current portion of operating lease liability (included as a component of Accrued expenses) | 2,170 |
Noncurrent operating lease liabilities | 10,537 |
Total operating lease liability | $ 12,707 |
Commitments and Contingencies_4
Commitments and Contingencies - Schedule of Future Minimum Lease Payments Under Non-Cancelable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 2,944 |
2020 | 3,035 |
2021 | 3,123 |
2022 | 3,216 |
2023 | 1,690 |
Thereafter | 1,741 |
Total | $ 15,749 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Term Loan | May 02, 2019USD ($)Tranche |
Subsequent Event [Line Items] | |
Maximum borrowing capacity | $ 150,000,000 |
Amount funded | $ 30,000,000 |
Number of additional tranches | Tranche | 3 |
Remaining borrowing capacity | $ 120,000,000 |
Interest only payment period | 36 months |
Maturity date | May 1, 2024 |
Percentage of exit fee on amount borrowed on final repayment | 1.75% |
Percentage of exit fee on amount borrowed on partial prepayment | 1.75% |
Prepayment Occurs through First Anniversary of Closing Date | |
Subsequent Event [Line Items] | |
Percentage of prepayment fee | 3.00% |
First Anniversary of Closing Date through Second Anniversary of Closing Date | |
Subsequent Event [Line Items] | |
Percentage of prepayment fee | 2.00% |
Second Anniversary of Closing Date and Prior to May 1, 2024 | |
Subsequent Event [Line Items] | |
Percentage of prepayment fee | 1.00% |
LIBOR | |
Subsequent Event [Line Items] | |
Basis spread on variable rate | 6.15% |
Interest rate | 2.00% |
Debt instrument, description of variable rate basis | Each term loan under the Credit Facility bears interest at an annual rate equal to the sum of (i) one-month LIBOR (customarily defined, with a change to prime rate if LIBOR funding becomes unlawful or impractical) plus (ii) 6.15%, subject to a LIBOR floor of 2.00%. |
Tranche One | |
Subsequent Event [Line Items] | |
Remaining borrowing capacity | $ 40,000,000 |
Tranche Two | |
Subsequent Event [Line Items] | |
Remaining borrowing capacity | 30,000,000 |
Tranche Three | |
Subsequent Event [Line Items] | |
Remaining borrowing capacity | $ 50,000,000 |