Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 03, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | EIDX | |
Entity Registrant Name | EIDOS THERAPEUTICS, INC. | |
Entity Central Index Key | 0001731831 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 38,571,002 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Shell Company | false | |
Title of 12(b) Security | Common Stock | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-38533 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 46-3733671 | |
Entity Address, Address Line One | 101 Montgomery Street | |
Entity Address, Address Line Two | Suite 2000 | |
Entity Address, City or Town | San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94104 | |
City Area Code | 415 | |
Local Phone Number | 887-1471 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 174,821 | $ 191,157 |
Related party receivable | 154 | 85 |
Prepaid expenses and other current assets | 3,818 | 4,678 |
Total current assets | 178,793 | 195,920 |
Property and equipment, net | 1,317 | 1,259 |
Operating lease, right of use asset | 3,781 | 4,010 |
Other assets | 2,779 | 2,631 |
Total assets | 186,670 | 203,820 |
Current liabilities: | ||
Accounts payable | 2,240 | 3,151 |
Related party payable | 359 | 316 |
Lease liabilities | 584 | 554 |
Accrued expenses and other current liabilities | 12,206 | 6,409 |
Total current liabilities | 15,389 | 10,430 |
Debt, non-current | 16,522 | 16,112 |
Lease liabilities, non-current | 4,293 | 4,591 |
Embedded derivative | 1,124 | 1,165 |
Other liabilities | 31 | 95 |
Total liabilities | 37,359 | 32,393 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value, 5,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.001 par value; 150,000,000 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 38,561,026 and 38,040,693 shares issued and outstanding as of June 30, 2020 and December 31, 2019, respectively | 39 | 38 |
Additional paid-in-capital | 304,050 | 274,494 |
Accumulated deficit | (154,778) | (103,105) |
Total stockholders’ equity | 149,311 | 171,427 |
Total liabilities and stockholders' equity | $ 186,670 | $ 203,820 |
Condensed Balance Sheets (Una_2
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 38,561,026 | 38,040,693 |
Common stock, shares outstanding | 38,561,026 | 38,040,693 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Research and development (includes related party expense (benefit) of $(129) and $(30) for the three months ended June 30, 2020 and 2019, respectively, and $(371) and $64 for the six months ended June 30, 2020 and 2019, respectively) | $ 17,924 | $ 12,497 | $ 35,499 | $ 21,046 |
General and administrative (includes related party expense of $372 and $74 for the three months ended June 30, 2020 and 2019, respectively and $658 and $153 for the six months ended June 30, 2020 and 2019, respectively) | 10,317 | 2,297 | 15,628 | 6,332 |
Total operating expenses | 28,241 | 14,794 | 51,127 | 27,378 |
Loss from operations | (28,241) | (14,794) | (51,127) | (27,378) |
Interest expense | (604) | (1,122) | ||
Other income (expense), net | (4) | 741 | 576 | 1,592 |
Net and comprehensive loss | $ (28,849) | $ (14,053) | $ (51,673) | $ (25,786) |
Net loss per share - basic and diluted | $ (0.75) | $ (0.39) | $ (1.35) | $ (0.71) |
Weighted-average shares used in computing net loss per share - basic and diluted | 38,291,414 | 36,309,740 | 38,150,520 | 36,242,814 |
Condensed Statements of Opera_2
Condensed Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Research and development expense (benefit) included from related party | $ (129) | $ (30) | $ (371) | $ 64 |
General and administrative expense included from related party | $ 372 | $ 74 | $ 658 | $ 153 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Open Market Sale Agreement | Common Stock | Common StockOpen Market Sale Agreement | Additional Paid In Capital | Additional Paid In CapitalOpen Market Sale Agreement | Accumulated Deficit |
Balance at Dec. 31, 2018 | $ 155,007 | $ 37 | $ 220,240 | $ (65,270) | |||
Balance, Shares at Dec. 31, 2018 | 36,760,536 | ||||||
Issuance of common stock upon exercise of stock options | 25 | 25 | |||||
Issuance of common stock upon exercise of stock options, Shares | 50,533 | ||||||
Vesting of restricted stock and early exercised options | 38 | 38 | |||||
Stock-based compensation expense | 964 | 964 | |||||
Net loss and comprehensive loss | (11,733) | (11,733) | |||||
Balance at Mar. 31, 2019 | 144,301 | $ 37 | 221,267 | (77,003) | |||
Balance, Shares at Mar. 31, 2019 | 36,811,069 | ||||||
Balance at Dec. 31, 2018 | 155,007 | $ 37 | 220,240 | (65,270) | |||
Balance, Shares at Dec. 31, 2018 | 36,760,536 | ||||||
Net loss and comprehensive loss | (25,786) | ||||||
Balance at Jun. 30, 2019 | 131,846 | $ 37 | 222,865 | (91,056) | |||
Balance, Shares at Jun. 30, 2019 | 36,871,175 | ||||||
Balance at Mar. 31, 2019 | 144,301 | $ 37 | 221,267 | (77,003) | |||
Balance, Shares at Mar. 31, 2019 | 36,811,069 | ||||||
Issuance of common stock upon exercise of stock options | 87 | 87 | |||||
Issuance of common stock upon exercise of stock options, Shares | 34,480 | ||||||
Issuance of common stock under employee stock plans | 308 | 308 | |||||
Issuance of common stock under employee stock plans, Shares | 25,626 | ||||||
Vesting of restricted stock and early exercised options | 37 | 37 | |||||
Stock-based compensation expense | 1,166 | 1,166 | |||||
Net loss and comprehensive loss | (14,053) | (14,053) | |||||
Balance at Jun. 30, 2019 | 131,846 | $ 37 | 222,865 | (91,056) | |||
Balance, Shares at Jun. 30, 2019 | 36,871,175 | ||||||
Balance at Dec. 31, 2019 | 171,427 | $ 38 | 274,494 | (103,105) | |||
Balance, Shares at Dec. 31, 2019 | 38,040,693 | ||||||
Issuance of common stock upon exercise of stock options | 192 | 192 | |||||
Issuance of common stock upon exercise of stock options, Shares | 39,393 | ||||||
Issuance of common stock in at-the-market offering, net offering | $ 24,094 | $ 1 | $ 24,093 | ||||
Issuance of common stock in at-the-market offering, net offering, Shares | 448,755 | ||||||
Vesting of restricted stock and early exercised options | 36 | 36 | |||||
Stock-based compensation expense | 1,927 | 1,927 | |||||
Net loss and comprehensive loss | (22,824) | (22,824) | |||||
Balance at Mar. 31, 2020 | 174,852 | $ 39 | 300,742 | (125,929) | |||
Balance, Shares at Mar. 31, 2020 | 38,528,841 | ||||||
Balance at Dec. 31, 2019 | $ 171,427 | $ 38 | 274,494 | (103,105) | |||
Balance, Shares at Dec. 31, 2019 | 38,040,693 | ||||||
Issuance of common stock upon exercise of stock options, Shares | 63,171 | ||||||
Net loss and comprehensive loss | $ (51,673) | ||||||
Balance at Jun. 30, 2020 | 149,311 | $ 39 | 304,050 | (154,778) | |||
Balance, Shares at Jun. 30, 2020 | 38,561,026 | ||||||
Balance at Mar. 31, 2020 | 174,852 | $ 39 | 300,742 | (125,929) | |||
Balance, Shares at Mar. 31, 2020 | 38,528,841 | ||||||
Issuance of common stock upon exercise of stock options | 204 | 204 | |||||
Issuance of common stock upon exercise of stock options, Shares | 23,778 | ||||||
Issuance of common stock under employee stock plans | 350 | 350 | |||||
Issuance of common stock under employee stock plans, Shares | 8,407 | ||||||
Vesting of restricted stock and early exercised options | 36 | 36 | |||||
Stock-based compensation expense | 2,718 | 2,718 | |||||
Net loss and comprehensive loss | (28,849) | (28,849) | |||||
Balance at Jun. 30, 2020 | $ 149,311 | $ 39 | $ 304,050 | $ (154,778) | |||
Balance, Shares at Jun. 30, 2020 | 38,561,026 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands | 3 Months Ended |
Mar. 31, 2020USD ($) | |
Open Market Sale Agreement | |
Issuance costs | $ 24 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows From Operating Activities: | ||
Net loss | $ (51,673) | $ (25,786) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 183 | 33 |
Stock-based compensation expense | 4,645 | 2,130 |
Amortization of debt discount and issuance costs | 410 | |
Change in fair value of derivative liability | (41) | |
Loss on disposal of asset | 2 | 7 |
Changes in assets and liabilities: | ||
Related party receivable | (69) | (163) |
Prepaid expenses and other current assets | 860 | (2,139) |
Other assets | 81 | (2,619) |
Accounts payable | (911) | (114) |
Accrued expenses and other liabilities | 5,537 | 2,431 |
Related party payable | 43 | 88 |
Net cash used in operating activities | (40,933) | (26,132) |
Cash Flows From Investing Activities: | ||
Purchases of property and equipment | (243) | (35) |
Net cash used in investing activities | (243) | (35) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of common stock under employee stock plan | 350 | 308 |
Proceeds from issuance of common stock upon exercise of stock options | 396 | 112 |
Net cash provided by financing activities | 24,840 | 420 |
Net decrease in cash and cash equivalents | (16,336) | (25,747) |
Cash and cash equivalents, beginning of period | 191,157 | 157,147 |
Cash and cash equivalents, end of period | 174,821 | 131,400 |
Other supplemental information | ||
Interest paid | 752 | |
Supplemental disclosure of non-cash activities: | ||
Lease liability arising from the right of use asset | 1,058 | |
Vesting of restricted stock and early exercised options | 72 | $ 75 |
Open Market Sale Agreement | ||
Cash Flows From Financing Activities: | ||
Proceeds from the issuance of common stock in at-the-market offering | $ 24,094 |
Organization and Description of
Organization and Description of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Description of Business | Note 1. Organization and description of business Eidos Therapeutics, Inc., or the Company, was incorporated as an S corporation in the state of Delaware on August 6, 2013. The Company is headquartered in San Francisco, California and it operates as one operating segment. The Company is currently enrolling patients in a Phase 3 clinical trial of acoramidis in patients with ATTR cardiomyopathy and planning a second Phase 3 clinical trial in patients with ATTR polyneuropathy. Due to the global outbreak of SARS-CoV-2, the novel strain of coronavirus that causes Coronavirus disease 19 (COVID-19), the Company has experienced impacts on its clinical trials, including delays in clinical site activations and enrollment of patients. The Company continues to actively monitor the situation and may take further precautionary and preemptive actions as may be required by federal, state or local authorities or that the Company determines are in the best interests of public health and safety and that of its patient community, employees, partners, suppliers and stockholders. Depending on the full impact and prevalence of COVID-19 over time, the Company currently expects enrollment of the Phase 3 clinical trial in ATTR-CM to be completed in the first half of 2021 and initiation of the Phase 3 clinical trial in ATTR-PN to occur in the second half of 2020. Liquidity The Company has incurred net losses from operations since inception and has an accumulated deficit of $154.8 million as of June 30, 2020. The Company’s ultimate success depends on the outcome of its research and development activities. The Company expects to incur additional losses in the future and it anticipates the need to raise additional capital to fully implement its business plan. Through June 30, 2020, the Company has financed its operations through private placements of redeemable convertible preferred stock, convertible promissory notes, an initial public offering (IPO) of common stock, at-the-market offerings of common stock and a licensing agreement with a third-party. On August 2, 2019, the Company filed a Registration Statement on Form S-3, as amended (the “2019 Shelf”) with the SEC in relation to the registration of common stock, preferred stock, debt securities, warrants and units of any combination thereof. The Company also simultaneously entered into an Open Market Sale Agreement (the “2019 Sales Agreement”) with Jefferies LLC and SVB Leerink LLC (each a “Sales Agent” and together, the “Sales Agents”), to provide for the offering, issuance and sale by the Company of up to an aggregate offering price of $100.0 million of its common stock from time to time in “at-the-market” offerings under the 2019 Shelf and subject to the limitations thereof. The Company will pay to the Sales Agent cash commissions of up to 3.0 percent of the gross proceeds of sales of common stock under the 2019 Sales Agreement. The Company issued 834,368 shares of common stock and received $48.1 million in net proceeds under the 2019 Sales Agreement through June 30, 2020. Based on current business plans and assuming no additional financing, the Company believes that its existing cash and cash equivalents will be sufficient to fund its cash requirements through at least the next twelve months from the date of these financial statements. The Company will need to obtain additional financing in the future and may seek financing through the issuance of its common stock, through other equity or debt financings or through collaborations or partnerships with other companies. The amount and timing of the Company’s future funding requirements will depend on many factors, including the pace and results of the Company’s clinical development efforts for acoramidis and other research and development activities. In addition, the Company is closely monitoring ongoing developments in connection with the COVID-19 pandemic, which may negatively impact its financial and operating results. The Company will continue to assess its operating expenses and cash and cash equivalents and, if circumstances warrant, the Company will make appropriate adjustments to its operating plan. The Company may not be able to raise additional capital on terms acceptable to the Company, or at all, and any failure to raise capital as and when needed would compromise the Company’s ability to execute on our business plan and the Company may have to significantly delay, scale back, or discontinue the development of acoramidis or curtail any efforts to expand the Company’s product pipeline. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 2. Summary of significant accounting policies Basis of preparation These unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP. These unaudited condensed financial statements include transactions with , a controlling stockholder in the Company. Upon the closing of the BBP LLC IPO on July 1, 2019, all unitholders of BridgeBio Pharma LLC exchanged their units for shares of common stock of BridgeBio Pharma, Inc.(“BridgeBio” or “BBP, Inc.”), and BridgeBio Pharma LLC became a wholly-owned subsidiary of BBP, Inc. (the “Reorganization”). As the sole managing member, BBP, Inc. will operate and control all of BridgeBio Pharma LLC’s businesses and affairs after the Reorganization. For the periods presented, BBP LLC has provided consulting and management services to the Company in the ordinary course of business, including certain executive personnel, facility related costs, advisory services, insurance costs, and other general corporate expenses and the Company has provided consulting and management services to BBP LLC and affiliates. These allocations were made based on direct usage, when identifiable, with the remainder allocated primarily based on a proportional share of headcount. The Company’s historical financial statements do not purport to reflect what the Company’s results of operations, financial position, or cash flows would have been if the Company had operated as an independent entity during the periods presented. Management believes the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. For more information on the allocated costs and related party transactions, see Note 6. Unaudited interim condensed financial statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any future year or interim period. The accompanying unaudited interim condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2020. Use of estimates The preparation of 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 as of the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to revenue recognition, including deductions from revenues (cost of license revenues), the period of performance, identification of deliverables and evaluation of regulatory and royalty milestones with respect to our license agreement, the fair value of the embedded derivative liability, the assumptions used to estimate the fair value of stock-based compensation, useful lives of fixed assets, accruals for research and development activities, and income taxes. Management bases its estimates on historical experience and on other relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Concentrations of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. All the Company’s funds are held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. Cash and cash equivalents All highly-liquid investments with an original maturity date of three months or less when purchased that are readily convertible into cash and have an insignificant interest rate risk are to be cash equivalents. Fair value of financial instruments The carrying amount of the Company’s short-term financial instruments, including accounts payable and accrued expenses and other payables, approximate fair value due to their short-term maturities. See Note 3 Fair value measurements, regarding the fair value of the Company’s embedded derivative liability related to its convertible promissory notes. Impairment of long-lived assets The Company reviews long-lived assets, primarily comprised of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the estimated undiscounted future cash flows which the assets or asset groups are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets or asset groups exceeds the estimated discounted future cash flows arising from the assets or asset groups. There have been no such impairments of long-lived assets for any of the periods presented. Research and development costs and accrued research and development Research and development costs are expensed as incurred and consist of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to third parties that conduct certain research and development activities on the Company’s behalf. The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses and other payables in the balance sheets and within research and development expense in the statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance at each reporting date. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. Accrued repurchase liability for common stock The Company records as a liability, within accrued expenses and other current liabilities, the purchase price of unvested common stock that the Company has a right to repurchase if and when the stockholder ceases to be a service provider to the Company before the end of the requisite service period. The proceeds are recorded as a liability and the proceeds related to the vested common stock is reclassified to additional paid-in capital as the Company’s repurchase right lapses. Embedded derivative liability on Loan Agreement For the SVB and Hercules Loan Agreement entered into in November 2019 (see Note 5), the Company elected to pay a fee (“Success Fee”) upon certain events which is recorded as an embedded derivative liability to be measured at fair value. The Success Fee amount is $1.0 million if conditions are met prior to November 13, 2021 and $2.0 million if conditions are met after November 13, 2021. The Company also determined that certain events of default provisions resulting in the prepayment of the loan or a change in the default rate of interest should also be recorded as an embedded derivative liability but were deemed immaterial for all periods presented due to the triggers being deemed unlikely. The compound embedded derivative related to the SVB and Hercules Loan Agreement is subject to remeasurement with changes in fair value recognized in other income (expense), net in the statements of operations. Net income (loss) attributable to common stockholders and net income (loss) per share Basic net loss per common share is calculated by dividing net loss attributable to common stockholders, by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase and without consideration for potentially dilutive securities. Diluted net loss per common share is the same as basic net loss attributable to common stockholders per share since the effects of potentially dilutive securities are antidilutive given the Company’s loss position. Rec ently issued accounting standards adopted In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The effective date is the first quarter of fiscal year 2020, with early adoption permitted for the removed disclosures and delayed adoption until fiscal year 2020 permitted for the new disclosures. The Company has adopted this disclosure requirement in the quarter ended March 31, 2020. Recently issued accounting standards not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires an entity to utilize a new impairment model that requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of this ASU to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. As a smaller reporting company, this ASU will now be effective for the Company beginning January 1, 2023; however, early adoption is permitted. The Company is currently evaluating the impact of adopting the updated provisions and does not anticipate that the adoption of this standard will have a material impact on its condensed financial statements. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3 Financial assets and liabilities are recorded at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies 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; and 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 in its assessment of fair value. Financial assets and liabilities measured and recognized at fair value are as follows (in thousands): June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 174,821 $ 174,821 $ — $ — Total financial assets $ 174,821 $ 174,821 $ — $ — Liabilities: Embedded derivative $ 1,124 $ — $ — $ 1,124 Total financial liabilities $ 1,124 $ — $ — $ 1,124 December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 191,157 $ 191,157 $ — $ — Total financial assets $ 191,157 $ 191,157 $ — $ — Liabilities: Embedded derivative $ 1,165 $ — $ — $ 1,165 Total financial liabilities $ 1,165 $ — $ — $ 1,165 Since the embedded derivative liability is the Company’s only Level 3 financial instrument, the following disclosure regarding the embedded derivative liability outlines the activity related to Level 3 financial liabilities of the Company. Embedded derivative liability in the loan payable For the SVB and Hercules Loan Agreement entered into in November 2019 (see Note 5), the Company determined that the requirement to pay a Success Fee upon certain events is an embedded derivative liability to be measured at fair value. The fair value of the derivative was determined based on an income approach that identified the cash flows using a “with-and-without” valuation methodology. The inputs used to determine the estimated fair value of the derivative instrument were based primarily on the probability of an underlying event triggering the embedded derivative occurring and the timing of such event. The embedded derivative liability was $1.1 million at inception in November 2019 and $1.2 million for the year ended December 31, 2019. The following table sets forth a summary of the changes in the fair value of the Company’s embedded derivative liability in the loan payable for the three and six months ended June 30, 2020 (in thousands): Derivative instrument: Beginning balance - December 31, 2019 $ 1,165 Change in fair value upon revaluation recognized in other income (expense), net (62 ) Balance March 31, 2020 1,103 Change in fair value upon revaluation recognized in other income (expense), net 21 Ending balance - June 30, 2020 $ 1,124 Quantitative Information about Level 3 Fair Value Measurements Fair Value Estimate Valuation Technique Unobservable Input Range of probability Dollars in thousands June 30, 2020 $ 1,124 Appraisal Appraisal adjustments 0%-75% December 31, 2019 $ 1,165 Appraisal Appraisal adjustments 0%-75% |
Condensed Balance Sheet Compone
Condensed Balance Sheet Components | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Condensed Balance Sheet Components | Note 4. Condensed balance sheet components Property and equipment, net Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2020 2019 Leasehold improvements $ 1,115 $ 1,112 Computer equipment 198 139 Office furniture and equipment 288 109 Total property and equipment, cost 1,601 1,360 Less: accumulated depreciation and amortization (284 ) (101 ) Total property and equipment, net $ 1,317 $ 1,259 The Company recognized $156,000 and $183,000 of depreciation and amortization expense during the three and six months ended June 30, 2020, respectively, and $18,000 and $33,000 of depreciation and amortization expense during the three and six months ended June 30, 2019, respectively. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Accrued research and development costs $ 5,498 $ 3,968 Accrued other current liabilities 5,365 433 Accrued employee related expenses $ 1,210 $ 1,865 Liability for unvested stock, short-term 133 143 Total accrued expenses and other current liabilities $ 12,206 $ 6,409 As of June 30, 2020 and December 31, 2019, $31,000 and $95,000, respectively, related to the long-term liability for unvested stock that was recorded in other liabilities. Lease liabilities Lease liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Lease liabilities, current $ 584 $ 554 Lease liabilities, non-current 4,293 4,591 Total lease liabilities $ 4,877 $ 5,145 |
Debt Obligation
Debt Obligation | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt Obligation | Note 5. Debt obligation Silicon Valley Bank and Hercules loan agreement On November 13, 2019, the Company entered into a Loan and Security Agreement with Silicon Valley Bank and Hercules Capital, Inc. (“SVB and Hercules Loan Agreement”) The Tranche A loan bears interest at a fixed rate equal to the greater of either (i) 8.50% or (ii) 3.25% plus the prime rate as reported in The Wall Street Journal (8.50% as of June 30, 2020). The Tranche A loan repayment schedule provides for interest only payments until November 1, 2021, followed by consecutive equal monthly payments of principal and interest commencing on this date continuing through the maturity date of October 2, 2023. The Tranche A loan also provides for a $0.3 million commitment fee that was paid at closing and a final payment charge equal to 5.95% multiplied by the amount funded to be paid when the loan becomes due or upon prepayment of the facility. If the Company elects to prepay the Tranche A loan, there is also a prepayment fee of between 0.75% and 2.50% of the principal amount being prepaid depending on the timing and circumstances of prepayment. The Tranche A loan is secured by substantially all of the Company’s assets, except the Company’s intellectual property, which is the subject of a negative pledge. Embedded derivatives and debt discounts On issuance, the net carrying value of the Tranche A loan was $16.1 million after deducting for various discounts on issuance of $1.4 million. The debt included discounts and other issuance type costs related to the recognition of a bifurcated compound embedded derivative liability of $1.1 million treated as a debt discount, the final payment charge of $1.0 million due on maturity, the $0.3 million commitment fee paid at closing treated as a debt discount and $0.1 million in other debt issuance costs. The debt discounts are being amortized to interest expense over the life of the Tranche A loan using the effective interest rate method. The Company determined that the requirement in its SVB and Hercules Loan Agreement to pay a Success Fee in certain events is an embedded derivative liability requiring bifurcation from the Tranche A loan proceeds and separate accounting. The Success Fee amount is $1.0 million if conditions are met prior to November 13, 2021 and $2.0 million if conditions are met after November 13, 2021. The Company also determined that certain events of default provisions resulting in the prepayment of the loan or a change in the default rate of interest should also be recorded as an embedded derivative liability but were deemed immaterial for all periods presented due to the triggers being deemed unlikely. The Company recorded a compound embedded derivative liability of $1.1 million on issuance, which was recorded as a derivative liability in other long-term liabilities on the balance sheet and as a corresponding debt discount. The Company calculated the fair values of the derivative liability on issuance as of December 31, 2019 and for each subsequent balance sheet date based on a probability weighted valuation of certain event outcomes and discounted to the present value. The key valuation assumptions used consist of the discount rate of 13.6% as of June 30, 2020 and the probability of an underlying event triggering the Success Fee payment and the timing of such events, which changes each reporting period. The derivative liability is being remeasured at each financial reporting period with any changes in fair value being recognized as a component of other income (expense), net. The fair value of the derivative liability was approximately $1.1 million and $1.2 million as of June 30, 2020 and December 31, 2019 and was classified as other long-term liabilities on the balance sheet. There was a change in the fair value of the derivative liability of $41,000 for the six months ended June 30, 2020. The facility fee, fair value of the bifurcated embedded derivative liability on issuance, and other debt issuance costs have been treated as debt discounts on the Company’s balance sheet and together with the final payment charge are being amortized to interest expense throughout the life of the Tranche A loan using the effective interest rate method. As of June 30, 2020 and December 31, 2019, the net carrying value of the Tranche A loan was $16.5 million and $16.1 million, respectively. As of June 30, 2020 and December 31, 2019, there were unamortized debt discounts of $2.0 million and $2.4 million. The Company recorded interest expense and amortization of the debt discount in the amount of $0.6 million and $1.2 million on the Tranche A loan for the three months and six months ended June 30, 2020, respectively. Future minimum payments The following table presents future payments of principal, interest and final payment charge on the Tranche A loan as of June 30, 2020: Year Ending December 31: 2020 (remainder of the year) $ 756 2021 2,961 2022 9,786 2023 8,621 Total 22,124 Less: amount representing interest (3,583 ) Less: unamortized debt discount associated with the issuance of a compound embedded derivative liability, final payment charge and other debt issuance costs (2,019 ) Total carrying value $ 16,522 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 6. Related party transactions BridgeBio Pharma LLC BridgeBio through its ownership of BBP LLC, is a controlling stockholder in the Company, as it owned 63.7% and 64.6% of the Company’s total outstanding shares as of June 30, 2020 and December 31, 2019, respectively. In April 2016, the Company began receiving consulting, management, facility and infrastructure services pursuant to a services agreement with BBP LLC and the Company also provides similar services to BBP LLC and affiliates. The initial agreement was entered into on March 1, 2016 and was superseded by the subsequent agreement that was effective as of May 1, 2017. The Company incurred the following (benefits) and expenses under the agreement with BBP LLC (in thousands): Three Months Six Months Ended June 30, June 30, 2020 2019 2020 2019 Rent $ (19 ) $ (8 ) $ (44 ) $ (11 ) Facility (13 ) (4 ) (44 ) 75 Consulting 275 56 375 153 $ 243 $ 44 $ 287 $ 217 As of June 30, 2020 and December 31, 2019, the Company had outstanding receivables from BBP LLC of $0.2 million and $0.1 million, respectively, related to providing services to other related companies of BBP LLC. As of June 30, 2020 and December 31, 2019, the Company had outstanding liabilities due to BBP LLC of $0.4 million and $0.3 million, respectively. |
Stockholders' Equity and Stock-
Stockholders' Equity and Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders Equity And Stock Based Compensation [Abstract] | |
Stockholders' Equity and Stock-Based Compensation | Note 7. Stockholders’ equity and stock-based compensation Common stock The Company has reserved shares of common stock for issuance as follows: As of June 30, 2020 2019 Options issued and outstanding 1,832,415 1,454,461 Options available for future grants 1,375,223 537,345 Employee Stock Purchase Plan shares available for future issuance 89,398 104,540 Total 3,297,036 2,096,346 Stock options The following table summarizes the Company’s stock option activity for the six months ended June 30, 2020: Weighted- Average Weighted- Average Aggregate Options Exercise Remaining Intrinsic Available for Options Price Per Contractual Value Grant Outstanding Share Term (years) (in thousands) Outstanding—December 31, 2019 1,935,054 1,335,755 $ 16.91 8.77 $ 54,071 Options granted (567,123 ) 567,123 $ 46.77 Options exercised (63,171 ) $ 6.28 Options cancelled 7,292 (7,292 ) $ 16.88 Outstanding — June 30, 2020 1,375,223 1,832,415 $ 26.52 8.76 $ 38,756 Options exercisable – June 30, 2020 483,345 $ 16.70 8.25 $ 14,969 Options vested and expected to vest – June 30, 2020 1,832,415 $ 26.52 8.76 $ 38,756 Employee stock options valuation The fair value of employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Expected term in years 6.06 6.07 6.06 6.07 Expected volatility 72.48 % 72.27 % 72.29 % 72.31 % Risk-free interest rate 0.45 % 2.07 % 0.57 % 2.10 % Dividend yield — — — — Weighted average fair value of share-based awards granted $ 29.03 $ 18.62 $ 29.65 $ 18.22 Stock options granted to non-employees Stock-based compensation related to stock options granted to non-employees is recognized as the stock options are earned. The fair value of the stock options granted to non-employees was calculated at each reporting date using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Expected term in years 6.06 N/A 6.06 6.08 Expected volatility 72.48 % N/A 72.45 % 73.54 % Risk-free interest rate 0.41 % N/A 0.44 % 2.74 % Dividend yield — N/A — — During the three and six months ended June 30, 2020 and 2019, the Company granted 17,130, 17,595, 0, and 18,500 shares, respectively, to non-employee consultants. The Company recognized stock-based compensation expense for non-employee awards during the three and six months ended June 30, 2020 and 2019 of $0.2 million, $0.4 million, $0.1 million, and $0.1 million, respectively. Accrued repurchase liability for common stock early exercises Stock awards granted pursuant to the 2016 Equity Incentive Plan, or the 2016 Plan, permitted option holders to elect to exercise unvested options in exchange for unvested common stock. Awards granted under the 2016 Plan that are exercised prior to vesting will continue to vest according to the respective award agreement, and such unvested shares are subject to repurchase by the Company at the optionee’s original exercise price or fair market value in the event the optionee’s service with the Company voluntarily or involuntarily terminates. As of June 30, 2020, and December 31, 2019, 339,102 and 524,513 shares, respectively, remained subject to a repurchase right by the Company, with a related liability included in accrued expenses and other liabilities in the balance sheet of $164,000 and $238,000, respectively. Stock-based compensation expense Total stock-based compensation expense related to all our stock-based awards was recorded in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ 1,448 $ 552 $ 2,363 $ 1,004 General and administrative 1,270 614 2,282 1,126 Total stock-based compensation expense $ 2,718 $ 1,166 $ 4,645 $ 2,130 As of June 30, 2020 , there was $25.7 million of total unrecognized compensation cost related to unvested stock-based compensation arrangements under the 2016 Plan and the Company’s Amended and Restated 2018 Stock Option and Incentive Plan. The unrecognized stock-based compensation cost is expected to be recognized over a weighted-average period of 2.98 years |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Note 8. Net income (loss) per share The basic and diluted net income per share were computed as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss attributable to common shareholders $ (28,849 ) $ (14,053 ) $ (51,673 ) $ (25,786 ) Denominator: Weighted average common shares outstanding 38,542,591 36,834,135 38,435,846 36,801,357 Weighted average unvested common shares subject to repurchase (251,177 ) (524,395 ) (285,326 ) (558,543 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 38,291,414 36,309,740 38,150,520 36,242,814 Net loss per share attributable to common stockholders, basic and diluted $ (0.75 ) $ (0.39 ) $ (1.35 ) $ (0.71 ) The following shares of potentially dilutive securities have been excluded from the diluted net loss per share computations for the three and six months ended June 30, 2020 and 2019 because their inclusion would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Employee Stock Purchase Plan shares 2,075 1,475 2,075 1,475 Options to purchase common stock 1,832,415 1,454,461 1,832,415 1,454,461 Common stock subject to vesting or repurchase 217,054 490,241 217,054 490,241 Total 2,051,544 1,946,177 2,051,544 1,946,177 |
License Agreements
License Agreements | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License Agreements | Note 9. License agreements Alexion license agreement In September 2019, the Company entered into an exclusive license agreement with Alexion Pharma International Operations Unlimited Company, a subsidiary of Alexion Pharmaceuticals, Inc. (together, “Alexion”) to develop, manufacture and commercialize the compound known as acoramidis and any of its various chemical forms and any pharmaceutical products containing acoramidis in Japan. Under the agreement, the Company received an upfront nonrefundable payment of $25.0 million. The Company also entered into a stock purchase agreement with Alexion, under which the Company sold to Alexion 556,173 shares of the Company’s common stock The Company is also eligible to receive $30.0 million in regulatory milestone payments subject to the achievement of regulatory milestones. The Company will also receive royalty payments in the low-teens based on net sales of acoramidis in Japan. The royalty rate is subject to reduction if Alexion is required to obtain intellectual property rights from third parties to develop, manufacture or commercialize acoramidis in Japan, or upon the introduction of generic competition into market. The Company accounted for the license agreement under ASC 606 and identified the exclusive license as a distinct performance obligation since Alexion can benefit from the license on its own by developing and commercializing the underlying product using its own resources. In addition, the Company entered into a clinical supply agreement with Alexion for the licensed territory and will enter into a commercial supply agreement for the licensed territory. The Company determined that the optional right to future products under these supply agreements is not considered to represent a material right. The Company recognized the $ 25.0 million upfront fee and $ 1.7 million premium paid for the Company’s stock of for a total upfront payment of $ 26.7 million in license revenue upon the effective date of the license agreement in September 2019. The Company determined that the license was a right to use the Company’s intellectual property and as of the effective date, the Company had provided all necessary information to Alexion to benefit from the license and the license term had begun. The Company considers the future potential regulatory milestones of up to approximately The Company finalized the clinical supply agreement with Alexion on July 10, 2020. There are no additional performance obligations to be accounted for as there is no minimum purchase requirement in the clinical supply agreement. During the three months and six months ended June 30, 2020, the Company did not recognize any revenue related to the license agreement. Acquired license Stanford license agreement In April 2016, the Company entered into a license agreement with the Board of Trustees of the Leland Stanford Junior University (“Stanford”), relating to the Company’s drug discovery and development initiatives. Under this agreement, the Company has been granted certain worldwide exclusive licenses to use the licensed compounds. In consideration for the license the Company paid an upfront license payment of $25,000 in April 2016 and also issued 56,809 shares of common stock. In March 2017, the Company paid Stanford an annual license fee of $10,000, which was recorded as research and development expense during the year ended December 31, 2017. The Company may also be required to make future payments of up to approximately $1.0 million to Stanford upon achievement of specific intellectual property, clinical and regulatory milestone events, as well as pay royalties in the low single digits on future net sales, if any. In addition, the Company is obligated to pay Stanford a percentage of non-royalty revenue received by the Company from its sublicensees, with the amount owed decreasing annually for three years based on when the applicable sublicense agreement is executed. In March 2018, the Company recognized $50,000 of research and development expense in connection with the achievement of a development milestone under the Stanford agreement. In February 2019, the Company recognized $200,000 of research and development expense in connection with the achievement of a development milestone under the Stanford agreement. During the three and six months ended June 30, 2020 and 2019, the Company recognized expense of $0.0, $0.0, $0.0 million and $0.2 million, respectively, in connection with this agreement. Under the license agreement with Stanford, the Company will pay Stanford a portion of all nonroyalty sublicensing consideration attributable to the sublicense of the licensed compounds. The license agreement states that if this event occurred in the third year, 10% is payable to Stanford. During the year ended December 31, 2019, the Company recognized expense of $2.5 million related to the Alexion license agreement recorded as cost of license revenue. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and contingencies Lease arrangements The Company entered into a one-year , which continued thereafter on a month-to-month basis one-year In November 2017, the Company entered into an operating lease for an administrative facility in San Francisco, California, which expires in November 2022. The Company has provided a security deposit of $0.2 million as collateral for the lease, which is included in non-current assets on the condensed balance sheet at June 30, 2020. On March 27, 2019 the Company entered into an amendment to the lease dated November 14, 2017 and the new lease commenced in August 2019. In connection with the amendment, the Company leases 10,552 rentable square feet. The amended lease is for a term of 87 months and provide for $6.4 million in payments over the lease term. The Company has provided an additional security deposit of $0.2 million which is Upon the adoption of ASU 2016-02 on January 1, 2019, the Company recognized a lease liability and related ROU asset of $1.2 million and $1.1 million, respectively, based on the present value of lease payments for the remaining term of the Company’s prior lease. Upon the commencement of the amended lease, the Company recognized $56,000 in tenant improvements from the prior lease as expense, a gain on extinguishment of the previous lease liability of $69,000, and wrote-off the total ROU assets and lease liabilities of $1.0 million and $1.0 million, respectively. As of June 30, 2020 total ROU assets and lease liabilities per the amended lease were approximately $ 3.8 Other information related to the operating lease: Six months ended June 30, 2020 Cash payments over lease term (in thousands) $ 5,880 Weighted average remaining lease term (months) 76 Weighted average discount rate (1) 6 % (1) Because the rate implicit in our lease is not readily determinable, the Company used the Company’s incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. Future minimum lease payments as of June 30, 2020 are as follows (in thousands): Operating Year Lease Commitments 2020 (remaining six months) $ 427 2021 869 2022 895 2023 922 2024 950 Thereafter 1,817 Total 5,880 The Company’s rent expense was $0.2 million and $0.4 million for the three and six months ended June 30, 2020 and $0.1 million and $0.2 million for the three and six months ended June 30, 2019. Indemnification In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, lessors, business partners, board members, officers, and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company, negligence or willful misconduct of the Company, violations of law by the Company, or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company’s balance sheets, statements of operations, or statements of cash flows. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11. Income taxes Income tax expense during interim periods is based on applying an estimated annual effective income tax rate to year-to-date income, plus any significant unusual or infrequently occurring items which are recorded in the interim period. The provision for income taxes for the six months ended June 30, 2020 and 2019 differs from the amount that would be provided by applying the statutory U.S. federal income tax rate of 21%, to pre-tax income primarily due to (i) an increase in uncertain tax positions related to tax credits generated during the quarter and (ii) for the three and six months ended June 30, 2020 and 2019, a full valuation allowance was in effect, which reduced the Company’s net tax expense to zero. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion, or all, of the Company’s deferred tax assets will not be realized. In making such determination, the Company considers all available positive and negative evidence, including future reversals of temporary differences, tax-planning strategies and projected future taxable income and results of operations. If the Company concludes that it is more likely than not that some portion, or all, of its deferred tax assets will not be realized, the tax asset is reduced by a valuation allowance. At December 31, 2019, the Company maintained a full valuation allowance on its net deferred tax assets. The Company assesses the appropriateness of its valuation allowance on a quarterly basis. As of June 30, 2020, there was no change in the Company’s assessment of the realizability of its deferred tax assets, and the full valuation allowance remains in effect. In June 2019, the Company entered into a tax sharing agreement with BridgeBio Pharma, Inc. Based on the agreement, in the case that the Company and BridgeBio Pharma, Inc. file a consolidated or combined tax return and BridgeBio Pharma, Inc. utilizes the Company’s tax attributes, BridgeBio Pharma, Inc. will pay the Company the tax benefit it takes on a “with and without” basis. Based on the current ownership structure at June 30, 2020, the Company and BridgeBio Pharma, Inc. may qualify for filing a consolidated or combined tax returns in certain tax jurisdictions. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 12. Subsequent Events Subsequent to period end the Company amended the payment terms related to fees owed to a financial advisory consulting services. As such, $2.5 million was payable immediately, and $2.5 million is payable upon the earlier of certain clinical milestones or June 30, 2022. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Preparation | Basis of preparation These unaudited condensed financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP. These unaudited condensed financial statements include transactions with , a controlling stockholder in the Company. Upon the closing of the BBP LLC IPO on July 1, 2019, all unitholders of BridgeBio Pharma LLC exchanged their units for shares of common stock of BridgeBio Pharma, Inc.(“BridgeBio” or “BBP, Inc.”), and BridgeBio Pharma LLC became a wholly-owned subsidiary of BBP, Inc. (the “Reorganization”). As the sole managing member, BBP, Inc. will operate and control all of BridgeBio Pharma LLC’s businesses and affairs after the Reorganization. For the periods presented, BBP LLC has provided consulting and management services to the Company in the ordinary course of business, including certain executive personnel, facility related costs, advisory services, insurance costs, and other general corporate expenses and the Company has provided consulting and management services to BBP LLC and affiliates. These allocations were made based on direct usage, when identifiable, with the remainder allocated primarily based on a proportional share of headcount. The Company’s historical financial statements do not purport to reflect what the Company’s results of operations, financial position, or cash flows would have been if the Company had operated as an independent entity during the periods presented. Management believes the basis on which the expenses have been allocated to be a reasonable reflection of the utilization of services provided to or the benefit received by the Company during the periods presented. For more information on the allocated costs and related party transactions, see Note 6. |
Unaudited Interim Condensed Financial Statements | Unaudited interim condensed financial statements The accompanying unaudited interim condensed financial statements have been prepared in accordance with GAAP and applicable rules and regulations of the Securities and Exchange Commission, or the SEC, regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2019 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited interim condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s financial information. The results of operations for the six months ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020 or for any future year or interim period. The accompanying unaudited interim condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2019 included in the Company’s Annual Report on Form 10-K, filed with the SEC on February 26, 2020. |
Use of Estimates | Use of estimates The preparation of 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 as of the date of the financial statements and the reported amounts of expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to revenue recognition, including deductions from revenues (cost of license revenues), the period of performance, identification of deliverables and evaluation of regulatory and royalty milestones with respect to our license agreement, the fair value of the embedded derivative liability, the assumptions used to estimate the fair value of stock-based compensation, useful lives of fixed assets, accruals for research and development activities, and income taxes. Management bases its estimates on historical experience and on other relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. |
Concentrations of Credit Risk | Concentrations of credit risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents. All the Company’s funds are held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. |
Cash and Cash Equivalents | Cash and cash equivalents All highly-liquid investments with an original maturity date of three months or less when purchased that are readily convertible into cash and have an insignificant interest rate risk are to be cash equivalents. |
Fair Value of Financial Instruments | Fair value of financial instruments The carrying amount of the Company’s short-term financial instruments, including accounts payable and accrued expenses and other payables, approximate fair value due to their short-term maturities. See Note 3 Fair value measurements, regarding the fair value of the Company’s embedded derivative liability related to its convertible promissory notes. |
Impairment of Long-Lived Assets | Impairment of long-lived assets The Company reviews long-lived assets, primarily comprised of property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the estimated undiscounted future cash flows which the assets or asset groups are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is the amount by which the carrying amount of the assets or asset groups exceeds the estimated discounted future cash flows arising from the assets or asset groups. There have been no such impairments of long-lived assets for any of the periods presented. |
Research and Development Costs and Accrued Research and Development | Research and development costs and accrued research and development Research and development costs are expensed as incurred and consist of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to third parties that conduct certain research and development activities on the Company’s behalf. The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of preclinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated amount of services provided but not yet invoiced and includes these costs in accrued expenses and other payables in the balance sheets and within research and development expense in the statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities balance at each reporting date. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued costs and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollments may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. |
Accrued Repurchase Liability for Common Stock | Accrued repurchase liability for common stock The Company records as a liability, within accrued expenses and other current liabilities, the purchase price of unvested common stock that the Company has a right to repurchase if and when the stockholder ceases to be a service provider to the Company before the end of the requisite service period. The proceeds are recorded as a liability and the proceeds related to the vested common stock is reclassified to additional paid-in capital as the Company’s repurchase right lapses. |
Embedded Derivative Liability on Loan Agreement | Embedded derivative liability on Loan Agreement For the SVB and Hercules Loan Agreement entered into in November 2019 (see Note 5), the Company elected to pay a fee (“Success Fee”) upon certain events which is recorded as an embedded derivative liability to be measured at fair value. The Success Fee amount is $1.0 million if conditions are met prior to November 13, 2021 and $2.0 million if conditions are met after November 13, 2021. The Company also determined that certain events of default provisions resulting in the prepayment of the loan or a change in the default rate of interest should also be recorded as an embedded derivative liability but were deemed immaterial for all periods presented due to the triggers being deemed unlikely. The compound embedded derivative related to the SVB and Hercules Loan Agreement is subject to remeasurement with changes in fair value recognized in other income (expense), net in the statements of operations. |
Net Income (Loss) Attributable to Common Stockholders and Net Income (Loss) Per Share | Net income (loss) attributable to common stockholders and net income (loss) per share Basic net loss per common share is calculated by dividing net loss attributable to common stockholders, by the weighted-average number of shares of common stock outstanding during the period, less shares subject to repurchase and without consideration for potentially dilutive securities. Diluted net loss per common share is the same as basic net loss attributable to common stockholders per share since the effects of potentially dilutive securities are antidilutive given the Company’s loss position. |
Recent Accounting Pronouncements | Rec ently issued accounting standards adopted In August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (“ASU 2018-13”), which amends ASC 820, Fair Value Measurement. This ASU modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures. The effective date is the first quarter of fiscal year 2020, with early adoption permitted for the removed disclosures and delayed adoption until fiscal year 2020 permitted for the new disclosures. The Company has adopted this disclosure requirement in the quarter ended March 31, 2020. Recently issued accounting standards not yet adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 requires an entity to utilize a new impairment model that requires measurement and recognition of expected credit losses for most financial assets and certain other instruments, including but not limited to available-for-sale debt securities. Credit losses relating to available-for-sale debt securities will be recorded through an allowance for credit losses rather than as a direct write-down to the security. The standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019. In November 2019, the FASB issued ASU No. 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which defers the effective date of this ASU to fiscal years beginning after December 15, 2022 for all entities except SEC reporting companies that are not smaller reporting companies. As a smaller reporting company, this ASU will now be effective for the Company beginning January 1, 2023; however, early adoption is permitted. The Company is currently evaluating the impact of adopting the updated provisions and does not anticipate that the adoption of this standard will have a material impact on its condensed financial statements. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Assets and Liabilities | Financial assets and liabilities measured and recognized at fair value are as follows (in thousands): June 30, 2020 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 174,821 $ 174,821 $ — $ — Total financial assets $ 174,821 $ 174,821 $ — $ — Liabilities: Embedded derivative $ 1,124 $ — $ — $ 1,124 Total financial liabilities $ 1,124 $ — $ — $ 1,124 December 31, 2019 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 191,157 $ 191,157 $ — $ — Total financial assets $ 191,157 $ 191,157 $ — $ — Liabilities: Embedded derivative $ 1,165 $ — $ — $ 1,165 Total financial liabilities $ 1,165 $ — $ — $ 1,165 |
Schedule of Embedded Derivative in Loan Payable | The following table sets forth a summary of the changes in the fair value of the Company’s embedded derivative liability in the loan payable for the three and six months ended June 30, 2020 (in thousands): Derivative instrument: Beginning balance - December 31, 2019 $ 1,165 Change in fair value upon revaluation recognized in other income (expense), net (62 ) Balance March 31, 2020 1,103 Change in fair value upon revaluation recognized in other income (expense), net 21 Ending balance - June 30, 2020 $ 1,124 |
Schedule of Quantitative Information About Level 3 Fair Value Measurements | Quantitative Information about Level 3 Fair Value Measurements Fair Value Estimate Valuation Technique Unobservable Input Range of probability Dollars in thousands June 30, 2020 $ 1,124 Appraisal Appraisal adjustments 0%-75% December 31, 2019 $ 1,165 Appraisal Appraisal adjustments 0%-75% |
Condensed Balance Sheet Compo_2
Condensed Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consisted of the following (in thousands): June 30, December 31, 2020 2019 Leasehold improvements $ 1,115 $ 1,112 Computer equipment 198 139 Office furniture and equipment 288 109 Total property and equipment, cost 1,601 1,360 Less: accumulated depreciation and amortization (284 ) (101 ) Total property and equipment, net $ 1,317 $ 1,259 |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Accrued research and development costs $ 5,498 $ 3,968 Accrued other current liabilities 5,365 433 Accrued employee related expenses $ 1,210 $ 1,865 Liability for unvested stock, short-term 133 143 Total accrued expenses and other current liabilities $ 12,206 $ 6,409 |
Schedule of Lease Liabilities | Lease liabilities consist of the following (in thousands): June 30, December 31, 2020 2019 Lease liabilities, current $ 584 $ 554 Lease liabilities, non-current 4,293 4,591 Total lease liabilities $ 4,877 $ 5,145 |
Debt Obligation (Tables)
Debt Obligation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Payments | The following table presents future payments of principal, interest and final payment charge on the Tranche A loan as of June 30, 2020: Year Ending December 31: 2020 (remainder of the year) $ 756 2021 2,961 2022 9,786 2023 8,621 Total 22,124 Less: amount representing interest (3,583 ) Less: unamortized debt discount associated with the issuance of a compound embedded derivative liability, final payment charge and other debt issuance costs (2,019 ) Total carrying value $ 16,522 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
BridgeBio Pharma LLC | |
Related Party Transaction [Line Items] | |
Schedule of (Benefits) and Expenses from Transactions with Related Party | The Company incurred the following (benefits) and expenses under the agreement with BBP LLC (in thousands): Three Months Six Months Ended June 30, June 30, 2020 2019 2020 2019 Rent $ (19 ) $ (8 ) $ (44 ) $ (11 ) Facility (13 ) (4 ) (44 ) 75 Consulting 275 56 375 153 $ 243 $ 44 $ 287 $ 217 |
Stockholders' Equity and Stoc_2
Stockholders' Equity and Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Reserved Shares of Common Stock for Issuance | The Company has reserved shares of common stock for issuance as follows: As of June 30, 2020 2019 Options issued and outstanding 1,832,415 1,454,461 Options available for future grants 1,375,223 537,345 Employee Stock Purchase Plan shares available for future issuance 89,398 104,540 Total 3,297,036 2,096,346 |
Summary of Stock Option Activity | The following table summarizes the Company’s stock option activity for the six months ended June 30, 2020: Weighted- Average Weighted- Average Aggregate Options Exercise Remaining Intrinsic Available for Options Price Per Contractual Value Grant Outstanding Share Term (years) (in thousands) Outstanding—December 31, 2019 1,935,054 1,335,755 $ 16.91 8.77 $ 54,071 Options granted (567,123 ) 567,123 $ 46.77 Options exercised (63,171 ) $ 6.28 Options cancelled 7,292 (7,292 ) $ 16.88 Outstanding — June 30, 2020 1,375,223 1,832,415 $ 26.52 8.76 $ 38,756 Options exercisable – June 30, 2020 483,345 $ 16.70 8.25 $ 14,969 Options vested and expected to vest – June 30, 2020 1,832,415 $ 26.52 8.76 $ 38,756 |
Schedule of Total Stock-based Compensation Expense Related to Stock-based Awards | Total stock-based compensation expense related to all our stock-based awards was recorded in the statements of operations as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Research and development $ 1,448 $ 552 $ 2,363 $ 1,004 General and administrative 1,270 614 2,282 1,126 Total stock-based compensation expense $ 2,718 $ 1,166 $ 4,645 $ 2,130 |
Employees | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Fair Value of Employee and Non-employee Stock Options Granted | The fair value of employee and non-employee director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Expected term in years 6.06 6.07 6.06 6.07 Expected volatility 72.48 % 72.27 % 72.29 % 72.31 % Risk-free interest rate 0.45 % 2.07 % 0.57 % 2.10 % Dividend yield — — — — Weighted average fair value of share-based awards granted $ 29.03 $ 18.62 $ 29.65 $ 18.22 |
Non Employees | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Fair Value of Employee and Non-employee Stock Options Granted | The fair value of the stock options granted to non-employees was calculated at each reporting date using the Black-Scholes option-pricing model with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Expected term in years 6.06 N/A 6.06 6.08 Expected volatility 72.48 % N/A 72.45 % 73.54 % Risk-free interest rate 0.41 % N/A 0.44 % 2.74 % Dividend yield — N/A — — |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Income Per Share | The basic and diluted net income per share were computed as follows (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net loss attributable to common shareholders $ (28,849 ) $ (14,053 ) $ (51,673 ) $ (25,786 ) Denominator: Weighted average common shares outstanding 38,542,591 36,834,135 38,435,846 36,801,357 Weighted average unvested common shares subject to repurchase (251,177 ) (524,395 ) (285,326 ) (558,543 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 38,291,414 36,309,740 38,150,520 36,242,814 Net loss per share attributable to common stockholders, basic and diluted $ (0.75 ) $ (0.39 ) $ (1.35 ) $ (0.71 ) |
Schedule of Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss per Share Computations | The following shares of potentially dilutive securities have been excluded from the diluted net loss per share computations for the three and six months ended June 30, 2020 and 2019 because their inclusion would be anti-dilutive: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Employee Stock Purchase Plan shares 2,075 1,475 2,075 1,475 Options to purchase common stock 1,832,415 1,454,461 1,832,415 1,454,461 Common stock subject to vesting or repurchase 217,054 490,241 217,054 490,241 Total 2,051,544 1,946,177 2,051,544 1,946,177 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Other Information of Operating Lease | Other information related to the operating lease: Six months ended June 30, 2020 Cash payments over lease term (in thousands) $ 5,880 Weighted average remaining lease term (months) 76 Weighted average discount rate (1) 6 % (1) Because the rate implicit in our lease is not readily determinable, the Company used the Company’s incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. |
Schedule of Future Minimum Lease Payments | Future minimum lease payments as of June 30, 2020 are as follows (in thousands): Operating Year Lease Commitments 2020 (remaining six months) $ 427 2021 869 2022 895 2023 922 2024 950 Thereafter 1,817 Total 5,880 |
Organization and Description _2
Organization and Description of Business - Additional Information (Details) | Aug. 02, 2019USD ($) | Jun. 30, 2020USD ($)Segment | Jun. 30, 2020USD ($)shares | Dec. 31, 2019USD ($) |
Organization And Description Of Business [Line Items] | ||||
Entity date of incorporation | Aug. 6, 2013 | |||
Entity incorporation, State | DE | |||
Number of operating segment | Segment | 1 | |||
Accumulated deficit | $ (154,778,000) | $ (154,778,000) | $ (103,105,000) | |
Open Market Sale Agreement | ||||
Organization And Description Of Business [Line Items] | ||||
Stock issued during period, shares, new issues | shares | 834,368 | |||
Proceeds from the issuance of common stock | $ 24,094,000 | $ 48,100,000 | ||
Maximum aggregate sales price of shares to be issued under open market sale agreement | $ 100,000,000 | |||
Open Market Sale Agreement | Maximum | ||||
Organization And Description Of Business [Line Items] | ||||
Agency commission as percentage from proceeds from sale of common stock gross | 3.00% |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) | 6 Months Ended | |||
Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 | |
Summary of Significant Accounting Policies [Line Items] | ||||
Cash and cash equivalents | $ 174,821,000 | $ 191,157,000 | $ 131,400,000 | $ 157,147,000 |
Impairment of long-lived assets | $ 0 | |||
ASU 2018-13 | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Mar. 31, 2020 | |||
ASU 2016-13 | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Dec. 15, 2019 | |||
ASU 2019-10 | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2023 | |||
Change in Accounting Principle, Accounting Standards Update, Early Adoption [true false] | true | |||
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false] | true | |||
Loan payment prior to November 13, 2021 | SVB and Hercules Loan Agreement | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Success Fee amount | $ 1,000,000 | |||
Loan payment after November 19, 2021 | SVB and Hercules Loan Agreement | ||||
Summary of Significant Accounting Policies [Line Items] | ||||
Success Fee amount | $ 2,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 174,821 | $ 191,157 |
Fair value of financial liabilities | 1,124 | 1,165 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 174,821 | 191,157 |
Embedded Derivative | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | 1,124 | 1,165 |
Level I | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 174,821 | 191,157 |
Level I | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 174,821 | 191,157 |
Level III | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | 1,124 | 1,165 |
Level III | Embedded Derivative | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of financial liabilities | $ 1,124 | $ 1,165 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 | Nov. 30, 2019 |
SVB and Hercules Loan Agreement | |||
Fair Value Measurements [Line Items] | |||
Fair value of embedded derivative liability | $ 1.1 | $ 1.2 | $ 1.1 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Embedded Derivative in Loan Payable (Details) - Loan Payable - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2020 | |
Derivative instrument: | ||
Embedded derivative liability, valuation technique [extensible list] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Beginning balance | $ 1,103 | $ 1,165 |
Change in fair value upon revaluation recognized in other income (expense), net | 21 | (62) |
Ending balance | $ 1,124 | $ 1,103 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Quantitative Information About Level 3 Fair Value Measurements (Details) - Level 3 - Income Approach Valuation Technique $ in Thousands | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Fair Value Estimate | $ 1,124 | $ 1,165 |
Valuation Technique | us-gaap:IncomeApproachValuationTechniqueMember | us-gaap:IncomeApproachValuationTechniqueMember |
Unobservable Input | us-gaap:MeasurementInputAppraisedValueMember | us-gaap:MeasurementInputAppraisedValueMember |
Minimum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of probability | 0 | 0 |
Maximum | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | ||
Range of probability | 75 | 75 |
Condensed Balance Sheet Compo_3
Condensed Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Total property and equipment, cost | $ 1,601 | $ 1,360 |
Less: accumulated depreciation and amortization | (284) | (101) |
Total property and equipment, net | 1,317 | 1,259 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, cost | 1,115 | 1,112 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, cost | 198 | 139 |
Office Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Total property and equipment, cost | $ 288 | $ 109 |
Condensed Balance Sheet Compo_4
Condensed Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Condensed Balance Sheet Components [Line Items] | |||||
Depreciation and amortization | $ 156 | $ 18 | $ 183 | $ 33 | |
Other Liabilities | |||||
Condensed Balance Sheet Components [Line Items] | |||||
Other liabilities related to long-term liability for unvested stock | $ 31 | $ 31 | $ 95 |
Condensed Balance Sheet Compo_5
Condensed Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accrued Liabilities And Other Liabilities [Abstract] | ||
Accrued research and development costs | $ 5,498 | $ 3,968 |
Accrued other current liabilities | 5,365 | 433 |
Accrued employee related expenses | 1,210 | 1,865 |
Liability for unvested stock, short-term | 133 | 143 |
Total accrued expenses and other current liabilities | $ 12,206 | $ 6,409 |
Condensed Balance Sheet Compo_6
Condensed Balance Sheet Components - Schedule of Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Mar. 27, 2019 |
Balance Sheet Related Disclosures [Abstract] | |||
Lease liabilities, current | $ 584 | $ 554 | |
Lease liabilities, non-current | 4,293 | 4,591 | |
Total lease liabilities | $ 4,877 | $ 5,145 | $ 1,000 |
Debt Obligation - Additional In
Debt Obligation - Additional Information (Details) | Nov. 13, 2019USD ($)Tranche | Jun. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2019USD ($) |
Short Term Debt [Line Items] | |||||
Carrying value of debt | $ 16,522,000,000 | $ 16,522,000,000 | |||
Discounts and debt issuance cost on debt issuance | 2,019,000,000 | 2,019,000,000 | |||
Change in fair value of derivative liability | 41,000 | ||||
SVB and Hercules Loan Agreement | |||||
Short Term Debt [Line Items] | |||||
Additional withdrawn of term loan | 0 | ||||
Fair value of embedded derivative liability | 1,100,000 | 1,100,000 | $ 1,200,000 | $ 1,100,000 | |
Fair value of derivative liability | $ 1,100,000 | 1,100,000 | 1,200,000 | ||
Change in fair value of derivative liability | $ 41,000 | ||||
SVB and Hercules Loan Agreement | Discount Rate | |||||
Short Term Debt [Line Items] | |||||
Discount rate | 0.136 | 0.136 | |||
SVB and Hercules Loan Agreement | Loan payment prior to November 13, 2021 | |||||
Short Term Debt [Line Items] | |||||
Success Fee amount | $ 1,000,000 | ||||
SVB and Hercules Loan Agreement | Loan payment after November 19, 2021 | |||||
Short Term Debt [Line Items] | |||||
Success Fee amount | $ 2,000,000 | ||||
SVB and Hercules Loan Agreement | Term Loan | |||||
Short Term Debt [Line Items] | |||||
Term loan facility, maximum borrowing capacity | $ 55,000,000 | ||||
Number of tranches of term loan | Tranche | 3 | ||||
SVB and Hercules Loan Agreement | Tranche A Loan | |||||
Short Term Debt [Line Items] | |||||
Term loan facility, maximum borrowing capacity | $ 17,500,000 | ||||
Date of withdrawn of term loan | Nov. 13, 2019 | ||||
Debt instrument, annual interest rate | 8.50% | 8.50% | |||
Commitment fee | $ 300,000 | $ 300,000 | |||
Final payment, percent of principal | 5.95% | ||||
Carrying value of debt | 16,100,000 | ||||
Discounts and debt issuance cost on debt issuance | 1,400,000 | ||||
Debt discounts and other issuance type costs related to recognition of bifurcated compound embedded derivative liability | 1,100,000 | ||||
Debt discounts and other issuance type costs related to final payment charge | 1,000,000 | ||||
Prepayment of loan | 100,000 | ||||
SVB and Hercules Loan Agreement | Tranche A Loan | Prime Rate | |||||
Short Term Debt [Line Items] | |||||
Debt instrument interest rate | 3.25% | ||||
SVB and Hercules Loan Agreement | Tranche A Loan | Minimum | |||||
Short Term Debt [Line Items] | |||||
Term loan prepayment fee percentage | 0.75% | ||||
SVB and Hercules Loan Agreement | Tranche A Loan | Maximum | |||||
Short Term Debt [Line Items] | |||||
Term loan prepayment fee percentage | 2.50% | ||||
SVB and Hercules Loan Agreement | Tranche B Loan | |||||
Short Term Debt [Line Items] | |||||
Term loan facility, maximum borrowing capacity | $ 22,500,000 | ||||
Date of withdrawn of term loan | Oct. 31, 2020 | ||||
SVB and Hercules Loan Agreement | Tranche C Loan | |||||
Short Term Debt [Line Items] | |||||
Term loan facility, maximum borrowing capacity | $ 15,000,000 | ||||
Date of withdrawn of term loan | Sep. 30, 2021 | ||||
SVB and Hercules Loan Agreement | Tranche A Term Loan | |||||
Short Term Debt [Line Items] | |||||
Carrying value of debt | $ 16,500,000 | $ 16,500,000 | 16,100,000 | ||
Discounts and debt issuance cost on debt issuance | 2,000,000 | 2,000,000 | $ 2,400,000 | ||
Interest expense and amortization of the debt discount | $ 1,200,000 | $ 600,000 |
Debt Obligation - Schedule of F
Debt Obligation - Schedule of Future Minimum Payments (Details) $ in Millions | Jun. 30, 2020USD ($) |
Debt Disclosure [Abstract] | |
2020 (remainder of the year) | $ 756 |
2021 | 2,961 |
2022 | 9,786 |
2023 | 8,621 |
Total | 22,124 |
Less: amount representing interest | (3,583) |
Less: unamortized debt discount associated with the issuance of a compound embedded derivative liability, final payment charge and other debt issuance costs | (2,019) |
Total carrying value | $ 16,522 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) $ in Millions | Jun. 30, 2020 | Dec. 31, 2019 |
BridgeBio Pharma LLC | ||
Related Party Transaction [Line Items] | ||
Outstanding receivable | $ 0.2 | $ 0.1 |
Outstanding liability | $ 0.4 | $ 0.3 |
BridgeBio Pharma LLC | ||
Related Party Transaction [Line Items] | ||
Ownership percentage | 63.70% | 64.60% |
Related Party Transactions - Sc
Related Party Transactions - Schedule of (Benefits) and Expenses under the Agreement (Details) - BridgeBio Pharma LLC - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | $ 243 | $ 44 | $ 287 | $ 217 |
Rent | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | (19) | (8) | (44) | (11) |
Facility | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | (13) | (4) | (44) | 75 |
Consulting | ||||
Related Party Transaction [Line Items] | ||||
Related party transaction expenses | $ 275 | $ 56 | $ 375 | $ 153 |
Stockholders' Equity and Stoc_3
Stockholders' Equity and Stock-Based Compensation - Summary of Reserved Shares of Common Stock for Issuance (Details) - shares | Jun. 30, 2020 | Jun. 30, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 3,297,036 | 2,096,346 |
Options Issued and Outstanding | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 1,832,415 | 1,454,461 |
Options Available for Future Grants | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 1,375,223 | 537,345 |
Employee Stock Purchase Plan Shares Available for Future Issuance | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Common stock reserved for issuance | 89,398 | 104,540 |
Stockholders' Equity and Stoc_4
Stockholders' Equity and Stock-Based Compensation - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Options Available for Grant, Outstanding, Beginning balance | 1,935,054 | |
Options Available for Grant, Options granted | (567,123) | |
Options Available for Grant, Options cancelled | 7,292 | |
Options Available for Grant, Outstanding, Ending balance | 1,375,223 | 1,935,054 |
Options Outstanding, Beginning balance | 1,335,755 | |
Options Outstanding, Options granted | 567,123 | |
Options Outstanding, Options exercised | (63,171) | |
Options Outstanding, Options cancelled | (7,292) | |
Options Outstanding, Ending balance | 1,832,415 | 1,335,755 |
Options Outstanding, Options exercisable | 483,345 | |
Options Outstanding, Options vested and expected to vest | 1,832,415 | |
Weighted-Average Exercise Price Per Share, Beginning balance | $ / shares | $ 16.91 | |
Weighted-Average Exercise Price Per Share, Options granted | $ / shares | 46.77 | |
Weighted-Average Exercise Price Per Share, Options Exercised | $ / shares | 6.28 | |
Weighted-Average Exercise Price Per Share, Options Cancelled | $ / shares | 16.88 | |
Weighted-Average Exercise Price Per Share, Ending balance | $ / shares | 26.52 | $ 16.91 |
Weighted-Average Exercise Price Per Share, Options exercisable | $ / shares | 16.70 | |
Weighted-Average Exercise Price Per Share, Options vested and expected to vest | $ / shares | $ 26.52 | |
Weighted-Average Remaining Contractual Term (years), Outstanding | 8 years 9 months 3 days | 8 years 9 months 7 days |
Weighted-Average Remaining Contractual Term (years), Options exercisable | 8 years 3 months | |
Weighted-Average Remaining Contractual Term (years), Options vested and expected to vest | 8 years 9 months 3 days | |
Aggregate Intrinsic Value, Outstanding, Beginning balance | $ | $ 54,071 | |
Aggregate Intrinsic Value, Outstanding, Ending balance | $ | 38,756 | $ 54,071 |
Aggregate Intrinsic Value, Options exercisable | $ | 14,969 | |
Aggregate Intrinsic Value, Options vested and expected to vest | $ | $ 38,756 |
Stockholders' Equity and Stoc_5
Stockholders' Equity and Stock-Based Compensation - Summary of Fair Value of Employee and Non-employee Stock Options Granted (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term in years | 6 years 21 days | 6 years 25 days | 6 years 21 days | 6 years 25 days |
Expected volatility | 72.48% | 72.27% | 72.29% | 72.31% |
Risk-free interest rate | 0.45% | 2.07% | 0.57% | 2.10% |
Weighted average fair value of share-based awards granted | $ 29.03 | $ 18.62 | $ 29.65 | $ 18.22 |
Non Employees | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term in years | 6 years 21 days | 6 years 21 days | 6 years 29 days | |
Expected volatility | 72.48% | 72.45% | 73.54% | |
Risk-free interest rate | 0.41% | 0.44% | 2.74% |
Stockholders' Equity and Stoc_6
Stockholders' Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options Outstanding, Options granted | 567,123 | ||||
Stock-based compensation expense | $ 2,718,000 | $ 1,166,000 | $ 4,645,000 | $ 2,130,000 | |
Stock repurchase right | 339,102 | 339,102 | 524,513 | ||
Accrued repurchase liability for common stock early exercises | $ 164,000 | $ 164,000 | $ 238,000 | ||
2016 Plan and Amended and Restated 2018 Stock Option and Incentive Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation cost related to unvested stock | $ 25,700,000 | $ 25,700,000 | |||
Unrecognized stock-based compensation cost, to be recognized weighted-average period | 2 years 11 months 23 days | ||||
Non Employees | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Options Outstanding, Options granted | 17,130 | 0 | 17,595 | 18,500 | |
Stock-based compensation expense | $ 200,000 | $ 100,000 | $ 400,000 | $ 100,000 |
Stockholders' Equity and Stoc_7
Stockholders' Equity and Stock-Based Compensation - Schedule of Total Stock-based Compensation Expense Related to Stock-based Awards (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 2,718 | $ 1,166 | $ 4,645 | $ 2,130 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | 1,448 | 552 | 2,363 | 1,004 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total stock-based compensation expense | $ 1,270 | $ 614 | $ 2,282 | $ 1,126 |
Net Income (Loss) Per Share - S
Net Income (Loss) Per Share - Schedule of Basic and Diluted Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net loss attributable to common shareholders | $ (28,849) | $ (14,053) | $ (51,673) | $ (25,786) |
Denominator: | ||||
Weighted average common shares outstanding | 38,542,591 | 36,834,135 | 38,435,846 | 36,801,357 |
Weighted average unvested common shares subject to repurchase | (251,177) | (524,395) | (285,326) | (558,543) |
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted | 38,291,414 | 36,309,740 | 38,150,520 | 36,242,814 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.75) | $ (0.39) | $ (1.35) | $ (0.71) |
Net Income (Loss) Per Share -_2
Net Income (Loss) Per Share - Schedule of Shares of Potentially Dilutive Securities Excluded from Diluted Net Loss per Share Computations (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of net loss per share | 2,051,544 | 1,946,177 | 2,051,544 | 1,946,177 |
Employee Stock Purchase Plan Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of net loss per share | 2,075 | 1,475 | 2,075 | 1,475 |
Options to Purchase Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of net loss per share | 1,832,415 | 1,454,461 | 1,832,415 | 1,454,461 |
Common Stock Subject to Vesting or Repurchase | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from calculation of net loss per share | 217,054 | 490,241 | 217,054 | 490,241 |
License Agreements - Additional
License Agreements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2019 | Feb. 28, 2019 | Mar. 31, 2018 | Apr. 30, 2016 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2017 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Upfront payment received | $ 26,700,000 | |||||||||
Research and development expense | $ 17,924,000 | $ 12,497,000 | $ 35,499,000 | $ 21,046,000 | ||||||
License and Service | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
License revenues | 0 | 0 | ||||||||
License Agreement | Alexion | Japan | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Upfront nonrefundable payment received | 25,000,000 | |||||||||
License Agreement | Alexion | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Upfront payment received | 25,000,000 | |||||||||
License Agreement | Alexion | Cost of License Revenue | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Research and development expense | $ 2,500,000 | |||||||||
License Agreement | Alexion | Japan | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Eligible amount receivable in regulatory milestone payment | 30,000,000 | 30,000,000 | ||||||||
License Agreement | Alexion | Japan | Maximum | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Eligible amount receivable in regulatory milestone payment | 30,000,000 | 30,000,000 | ||||||||
License Agreement | Stanford University | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Upfront license payment amount | $ 25,000 | |||||||||
Maximum potential payments upon achievement of specific intellectual property, clinical and regulatory milestone events and royalties payment on net sales | $ 1,000,000 | |||||||||
Period of annual decrease in license obligation amount due | 3 years | |||||||||
Research and development expense | $ 200,000 | $ 50,000 | ||||||||
Milestone expense | $ 0 | $ 0 | $ 0 | $ 200,000 | ||||||
Percentage of non royalty amount payable | 10.00% | |||||||||
License Agreement | Stanford University | Research and Development | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
License fee paid | $ 10,000 | |||||||||
License Agreement | Stanford University | Common Stock | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Shares issued | 56,809 | |||||||||
Stock Purchase Agreement | Alexion | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Aggregate purchase price of shares issued | $ 25,000,000 | |||||||||
Closing price | $ 41.91 | |||||||||
Upfront payment received | $ 1,700,000 | |||||||||
Stock Purchase Agreement | Alexion | Common Stock | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Number of shares issued | 556,173 | |||||||||
Shares issued price per share | $ 44.95 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Mar. 27, 2019USD ($)ft² | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2019USD ($) | May 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2017 |
Commitments And Contingencies [Line Items] | ||||||||||
Lease payments | $ 5,880,000 | $ 5,880,000 | ||||||||
Lease liability | $ 1,200,000 | |||||||||
Operating Lease, right of use asset | $ 1,000,000 | 3,781,000 | 3,781,000 | $ 4,010,000 | $ 1,100,000 | |||||
Tenant improvements recognized as expense | 56,000 | |||||||||
Gain on extinguishment of leasehold liability | 69,000 | |||||||||
Lease liabilities | $ 1,000,000 | 4,877,000 | 4,877,000 | $ 5,145,000 | ||||||
Rent expense | $ 200,000 | $ 100,000 | $ 400,000 | $ 200,000 | ||||||
ASU 2016-02 | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Change in Accounting Principle, Accounting Standards Update, Adopted [true false] | true | true | ||||||||
Change in Accounting Principle, Accounting Standards Update, Adoption Date | Jan. 1, 2019 | Jan. 1, 2019 | ||||||||
Administrative Facility | San Francisco, California | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Operating lease, expiration period | 2022-11 | |||||||||
Lease amendment date | Mar. 27, 2019 | |||||||||
Rentable square feet to be leased | ft² | 10,552 | |||||||||
Amended lease term | 87 months | |||||||||
Lease payments | $ 6,400,000 | |||||||||
Laboratory Facilities | San Francisco, California | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Operating lease, term of contract | 1 year | |||||||||
Termination of operating lease | 2020-05 | |||||||||
Laboratory Facilities | San Carlos, CA | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Operating lease, term of contract | 1 year | |||||||||
Current Assets | San Carlos, CA | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Security deposit for lease | $ 30,000 | |||||||||
Noncurrent Assets | San Francisco, California | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Security deposit for lease | $ 200,000 | |||||||||
Noncurrent Assets | Administrative Facility | San Francisco, California | ||||||||||
Commitments And Contingencies [Line Items] | ||||||||||
Security deposit for lease | $ 200,000 | $ 200,000 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Other Information of Operating Lease (Details) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020USD ($) | ||
Commitments And Contingencies Disclosure [Abstract] | ||
Cash payments over lease term (in thousands) | $ 5,880 | |
Weighted average remaining lease term (months) | 76 months | |
Weighted average discount rate | 6.00% | [1] |
[1] | Because the rate implicit in our lease is not readily determinable, the Company used the Company’s incremental borrowing rate. In determining our incremental borrowing rate for each lease, we considered recent rates on secured borrowings, observable risk-free interest rates and credit spreads correlating to our creditworthiness, the impact of collateralization and the term of each of our lease agreements. |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2020 (remaining six months) | $ 427 |
2021 | 869 |
2022 | 895 |
2023 | 922 |
2024 | 950 |
Thereafter | 1,817 |
Total | $ 5,880 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax Rate reconciliation, at federal statutory income tax rate, percent | 21.00% | 21.00% | ||
Net tax expense | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands | Aug. 06, 2020 | Jun. 30, 2020 | Dec. 31, 2019 |
Subsequent Event [Line Items] | |||
Accounts payable | $ 2,240 | $ 3,151 | |
Subsequent Event | Financial Advisory Consulting Services | |||
Subsequent Event [Line Items] | |||
Accounts payable | $ 2,500 | ||
Subsequent Event | Financial Advisory Consulting Services | Payable Upon Earlier of Certain Clinical Milestones or June 30, 2022 | |||
Subsequent Event [Line Items] | |||
Accounts payable | $ 2,500 |