Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 04, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Registrant Name | Aligos Therapeutics, Inc. | |
Entity Central Index Key | 0001799448 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 42,608,792 | |
Entity Shell Company | false | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Title of 12(b) Security | Common Stock, par value, $0.0001 per share | |
Trading Symbol | ALGS | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39617 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-4724808 | |
Entity Address, Address Line One | One Corporate Drive | |
Entity Address, Address Line Two | 2nd Floor | |
Entity Address, City or Town | South San Francisco | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94080 | |
City Area Code | 800 | |
Local Phone Number | 466-6059 | |
Document Quarterly Report | true | |
Document Transition Report | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 187,650,000 | $ 220,383,000 |
Restricted cash | 193,000 | 560,000 |
Short-term investments | 3,003,000 | 23,130,000 |
Other current assets | 5,796,000 | 5,944,000 |
Total current assets | 196,642,000 | 250,017,000 |
Operating lease right-of-use assets | 6,798,000 | 6,901,000 |
Property and equipment, net | 6,955,000 | 8,007,000 |
Other assets | 1,481,000 | 377,000 |
Total assets | 211,876,000 | 265,302,000 |
Current liabilities: | ||
Accounts payable | 1,593,000 | 3,313,000 |
Accrued liabilities | 19,060,000 | 16,564,000 |
Operating lease liabilities, current | 2,607,000 | 2,442,000 |
Finance lease liabilities, current | 26,000 | 64,000 |
Deferred revenue from collaborations, current | 6,812,000 | 7,891,000 |
Total current liabilities | 30,098,000 | 30,274,000 |
Operating lease liabilities, net of current portion | 9,764,000 | 10,371,000 |
Finance lease liabilities, net of current portion | 130,000 | 130,000 |
Other liabilities | 267,000 | 379,000 |
Deferred revenue from collaborations, net of current portion | 2,733,000 | 4,109,000 |
Total liabilities | 42,992,000 | 45,263,000 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred Stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2021 (unaudited) and December 31, 2020, respectively; no shares issued and outstanding as of June 30, 2021 (unaudited) and December 31, 2020, respectively | ||
Common stock, $0.0001 par value; 320,000,000 shares authorized as of June 30, 2021 (unaudited) and December 31, 2020, respectively; 38,200,121 and 38,120,606 shares issued and outstanding as of June 30, 2021 (unaudited) and December 31, 2020, respectively | 4,000 | 4,000 |
Additional paid-in capital | 401,363,000 | 394,963,000 |
Accumulated deficit | (232,232,000) | (174,740,000) |
Accumulated other comprehensive loss | (251,000) | (188,000) |
Total stockholders’ equity | 168,884,000 | 220,039,000 |
Total liabilities, preferred stock, and stockholders’ equity | $ 211,876,000 | $ 265,302,000 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred Stock, Par Value | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 10,000,000 | 10,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par Value | $ 0.0001 | $ 0.0001 |
Common Stock, Shares Authorized | 320,000,000 | 320,000,000 |
Common Stock, Shares, Issued | 38,200,121 | 38,120,606 |
Common Stock, Shares, Outstanding | 38,200,121 | 38,120,606 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenue from collaborations | $ 1,545 | $ 2,455 | ||
Operating expenses: | ||||
Research and development | 24,554 | $ 17,176 | 47,422 | $ 34,478 |
General and administrative | 6,556 | 4,095 | 12,337 | 7,514 |
Total operating expenses | 31,110 | 21,271 | 59,759 | 41,992 |
Loss from operations | (29,565) | (21,271) | (57,304) | (41,992) |
Interest and other income (expense), net | (225) | 415 | (114) | 1,108 |
Loss before income tax expense | (29,790) | (20,856) | (57,418) | (40,884) |
Income tax income (expense) | (28) | 59 | (74) | 58 |
Net loss | (29,818) | (20,797) | (57,492) | (40,826) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | (26) | (164) | (66) | 238 |
Unrealized gain (loss) on pension plans | 2 | (138) | 3 | 27 |
Other comprehensive income (loss) | (24) | (302) | (63) | 265 |
Comprehensive loss | $ (29,842) | $ (21,099) | $ (57,555) | $ (40,561) |
Net loss per share, basic and diluted | $ (0.79) | $ (7.40) | $ (1.53) | $ (14.96) |
Weighted average shares of common stock, basic and diluted | 37,619,039 | 2,810,854 | 37,526,650 | 2,729,827 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Total | Series A | Series B-1 | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) |
Beginning balance at Dec. 31, 2019 | $ (64,891) | $ 1,421 | $ (66,197) | $ (115) | |||
Beginning balance, Shares at Dec. 31, 2019 | 10,819,843 | 8,344,034 | |||||
Beginning balance at Dec. 31, 2019 | $ 100,695 | $ 81,384 | |||||
Beginning balance, Shares at Dec. 31, 2019 | 3,927,803 | ||||||
Issuance of common stock upon exercise of stock options | 94 | 94 | |||||
Issuance of common stock upon exercise of stock options, shares | 48,624 | ||||||
Issuance of Series A stock upon exercise of Series A warrants | $ 487 | ||||||
Issuance of Series A stock upon exercise of Series A warrants, shares | 37,552 | ||||||
Stock-based compensation | 658 | 658 | |||||
Vesting of early exercised common stock options | 127 | 127 | |||||
Issuance of common stock upon early exercise of stock options, shares | 59,551 | ||||||
Other comprehensive income (loss) | 265 | 265 | |||||
Net loss | (40,826) | (40,826) | |||||
Ending balance at Jun. 30, 2020 | (104,573) | 2,300 | (107,023) | 150 | |||
Ending balance, Shares at Jun. 30, 2020 | 10,857,395 | 8,344,034 | |||||
Ending balance at Jun. 30, 2020 | $ 101,182 | $ 81,384 | |||||
Ending balance, Shares at Jun. 30, 2020 | 4,035,978 | ||||||
Other comprehensive income (loss) | 265 | 265 | |||||
Beginning balance at Mar. 31, 2020 | (83,941) | 1,833 | (86,226) | 452 | |||
Beginning balance, Shares at Mar. 31, 2020 | 10,857,395 | 8,344,034 | |||||
Beginning balance at Mar. 31, 2020 | $ 101,182 | $ 81,384 | |||||
Beginning balance, Shares at Mar. 31, 2020 | 3,941,476 | ||||||
Issuance of common stock upon exercise of stock options | 76 | 76 | |||||
Issuance of common stock upon exercise of stock options, shares | 34,951 | ||||||
Stock-based compensation | 327 | 327 | |||||
Vesting of early exercised common stock options | 64 | 64 | |||||
Issuance of common stock upon early exercise of stock options, shares | 59,551 | ||||||
Other comprehensive income (loss) | (302) | (302) | |||||
Net loss | (20,797) | (20,797) | |||||
Ending balance at Jun. 30, 2020 | (104,573) | 2,300 | (107,023) | 150 | |||
Ending balance, Shares at Jun. 30, 2020 | 10,857,395 | 8,344,034 | |||||
Ending balance at Jun. 30, 2020 | $ 101,182 | $ 81,384 | |||||
Ending balance, Shares at Jun. 30, 2020 | 4,035,978 | ||||||
Other comprehensive income (loss) | (302) | (302) | |||||
Beginning balance at Dec. 31, 2020 | 220,039 | $ 4 | 394,963 | (174,740) | (188) | ||
Beginning balance, Shares at Dec. 31, 2020 | 38,120,606 | ||||||
Issuance of common stock upon exercise of stock options | 309 | 309 | |||||
Issuance of common stock upon exercise of stock options, shares | 79,515 | ||||||
Stock-based compensation | 5,965 | 5,965 | |||||
Vesting of early exercised common stock options | 126 | 126 | |||||
Other comprehensive income (loss) | (63) | (63) | |||||
Net loss | (57,492) | (57,492) | |||||
Ending balance at Jun. 30, 2021 | 168,884 | $ 4 | 401,363 | (232,232) | (251) | ||
Ending balance, Shares at Jun. 30, 2021 | 38,200,121 | ||||||
Other comprehensive income (loss) | (63) | (63) | |||||
Beginning balance at Mar. 31, 2021 | 195,220 | $ 4 | 397,857 | (202,414) | (227) | ||
Beginning balance, Shares at Mar. 31, 2021 | 38,147,205 | ||||||
Issuance of common stock upon exercise of stock options | 213 | 213 | |||||
Issuance of common stock upon exercise of stock options, shares | 52,916 | ||||||
Stock-based compensation | 3,209 | 3,209 | |||||
Vesting of early exercised common stock options | 84 | 84 | |||||
Other comprehensive income (loss) | (24) | (24) | |||||
Net loss | (29,818) | (29,818) | |||||
Ending balance at Jun. 30, 2021 | 168,884 | $ 4 | $ 401,363 | $ (232,232) | (251) | ||
Ending balance, Shares at Jun. 30, 2021 | 38,200,121 | ||||||
Other comprehensive income (loss) | $ (24) | $ (24) |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (57,492,000) | $ (40,826,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Accretion of discount on investments | 61,000 | 90,000 |
Amortization of right of use assets | 287,000 | 267,000 |
Depreciation expense | 1,511,000 | 1,290,000 |
Stock-based compensation including ESPP | 6,205,000 | 658,000 |
Change in fair value of derivative liability | 56,000 | |
Change in fair value of redeemable convertible preferred stock liabilities | (364,000) | |
Changes in operating assets and liabilities: | ||
Other assets | (221,000) | (564,000) |
Accounts payable | (1,834,000) | (89,000) |
Accrued liabilities | 1,862,000 | 2,061,000 |
Operating lease liabilities | (626,000) | (592,000) |
Other liabilities | (112,000) | |
Deferred revenue from collaborations | (2,455,000) | |
Net cash and cash equivalents used in operating activities | (52,814,000) | (38,013,000) |
Activities in available-for-sale investments: | ||
Maturities of investments | 10,000,000 | 5,000,000 |
Purchase of short-term investments | (32,096,000) | |
Purchase of long-term investments | (13,183,000) | |
Activities in held-to-maturity investments: | ||
Maturities of investments | 10,000,000 | 33,100,000 |
Purchases of property and equipment | (459,000) | (1,659,000) |
Net cash and cash equivalents provided by (used in) investing activities | 19,541,000 | (8,838,000) |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants for series A convertible preferred stock | 350,000 | |
Payment of Series B-1 redeemable convertible preferred stock issuance cost | (405,000) | |
Payments of deferred offering costs | (99,000) | |
Payments on finance lease | (37,000) | (28,000) |
Proceeds from the exercise of common stock option | 309,000 | 62,000 |
Net cash and cash equivalents provided by (used in) financing activities | 173,000 | (21,000) |
Net decrease in cash, cash equivalents, and restricted cash | (33,100,000) | (46,872,000) |
Cash, cash equivalents, and restricted cash, beginning of period | 220,943,000 | 70,103,000 |
Cash, cash equivalents, and restricted cash, end of period | 187,843,000 | 23,231,000 |
Reconciliation to amounts on the consolidated balance sheet: | ||
Cash and cash equivalents | 187,650,000 | 22,678,000 |
Restricted cash | 193,000 | 553,000 |
Cash, cash equivalents, and restricted cash, end of period | 187,843,000 | 23,231,000 |
Supplemental disclosures of cash flow information: | ||
Interest paid | 4,000 | |
Supplemental disclosures of noncash financing and investing activities: | ||
Leasehold improvement directly paid by landlord | 79,000 | |
Mark to market adjustment for available-for-sale investments | (66,000) | 238,000 |
Acquisition of right of use asset through operating lease obligation | 184,000 | |
Change in fair value of derivative liability upon exercise of warrants | 137,000 | |
Vesting of early exercised options | 125,000 | 127,000 |
Property and equipment purchases in accounts payable | 22,000 | |
Receivable from exercise of common stock options | 237,000 | |
Change in pension obligation | 3,000 | $ 27,000 |
Deferred offering costs in AP and accrued liabilities | $ 637,000 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Description of business Aligos Therapeutics, Inc. (Aligos-US) was incorporated in the state of Delaware on February 5, 2018 (inception). On September 10, 2018, the Company formed Aligos Belgium BVBA (Aligos-Belgium), a limited liability company organized under the laws of Belgium. On March 30, 2020, the Company formed as a wholly owned subsidiary, Aligos Australia Pty LTD (Aligos-Australia), a proprietary limited company. On May 18, 2021, the Company formed as a wholly owned subsidiary, Aligos Therapeutics (Shanghai) Co. Ltd. (Aligos-Shanghai) and together with Aligos-US, Aligos-Belgium, and Aligos-Australia being the Company or Aligos. Aligos is a clinical-stage biopharmaceutical company developing novel therapeutics to address unmet medical needs in viral and liver diseases, including for chronic hepatitis B, coronaviruses and non-alcoholic steatohepatitis (NASH). The Company is devoting substantially all of its efforts to the research and development of its drug candidates. The Company has not generated any product revenue to date. The Company is also subject to a number of risks similar to other companies in the biotechnology industry, including the uncertainty of success of its nonclinical studies and clinical trials, regulatory approval of drug candidates, uncertainty of market acceptance of products, competition from substitute products and larger companies, the need to obtain additional financing, compliance with government regulations, protection of proprietary technology, dependence on third-parties, product liability, and dependence on key individuals. Reverse stock split On October 8, 2020, the Company’s board of directors approved a 1-for-9.3197 reverse stock split (the Reverse Stock Split) of the Company’s common stock and redeemable convertible preferred stock to be consummated prior to the effectiveness of the Company’s planned initial public offering (IPO). The par value and authorized shares of the common stock and redeemable convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the financial statements have been retroactively adjusted to give effect to the reverse stock split for all periods presented. The Company filed an amended and restated certificate of incorporation in Delaware on October 9, 2020 that automatically effectuated the Reverse Stock Split without any further action required. Initial public offering On October 20, 2020, the Company closed its IPO and issued 10,000,000 shares of its common stock at a public offering price of $15.00 per share for net proceeds of $135.4 million, after deducting underwriting discounts and commissions of $10.5 million and expenses of $4.1 million. In connection with the IPO, all shares of Series A redeemable convertible preferred stock (Series A), Series B-1 redeemable convertible preferred stock (Series B-1) and Series B-2 redeemable convertible preferred stock (Series B-2) converted into 19,761,870 shares of voting common stock and 3,092,338 shares of non-voting common stock. On November 5, 2020, the underwriters of the IPO partially exercised their overallotment option by purchasing an additional 1,150,000 shares from the Company, resulting in an additional $16.0 million in net proceeds, after deducting underwriting discounts and commissions of $1.2 million. Liquidity The Company has incurred losses and negative cash flows from operations since its inception. As of June 30, 2021 and December 31, 2020, the Company had an accumulated deficit of $232.2 million and $174.7 million, respectively. Management expects to continue to incur additional substantial losses in the foreseeable future as a result of expanded research and development activities. As of June 30, 2021, the Company has unrestricted cash, cash equivalents and short-term investments of approximately $190.7 million which is available to fund future operations. The Company expects to continue to spend substantial amounts to continue the nonclinical and clinical development of its current and future programs. If the Company is able to gain marketing approval for drug candidates that are being developed, it will require significant additional amounts of cash in order to launch and commercialize such drug candidates. In addition, other unanticipated costs may arise. Because the design and outcome of the Company’s planned and anticipated clinical trials is highly uncertain, the Company cannot reasonably estimate the actual amounts necessary to successfully complete the development and commercialization of any drug candidate the Company may develop. The Company expects to finance its cash needs through a combination of public or private equity offerings, debt financings, collaborations, strategic alliances, licensing arrangements and other marketing or distribution arrangements. In addition, the Company may seek additional capital to take advantage of favorable market conditions or strategic opportunities even if the Company believes it has sufficient funds for its current or future operating plans. Based on the Company’s research and development plans, it is expected that the Company’s existing cash, cash equivalents and short-term investments, will enable the Company to fund its operations for at least 12 months following the date the condensed consolidated financial statements are issued. However, the Company’s operating plan may change as a result of many factors currently unknown, and the Company may need to seek additional funds sooner than planned. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally The Company’s ability to raise additional funds will depend on financial, economic and other factors, many of which are beyond its control. In particular, the COVID-19 pandemic continues to rapidly evolve and has already resulted in a significant disruption of global financial markets. If the disruption persists or deepens, the Company could be unable to access additional capital, which could negatively affect its ability to consummate certain corporate development transactions or other important, beneficial or opportunistic investments. If additional funds are not available to the Company when needed, on terms that are acceptable to the Company, or at all, the Company may be required to: delay, limit, reduce or terminate nonclinical studies, clinical trials or other research and development activities or eliminate one or more of its development programs altogether; or delay, limit, reduce or terminate its efforts to establish manufacturing and sales and marketing capabilities or other activities that may be necessary to commercialize any future approved products, or reduce the Company’s flexibility in developing or maintaining its sales and marketing strategy. |
Summary of significant accounti
Summary of significant accounting policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of significant accounting policies | 2. The accompanying condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the audited annual consolidated financial statements and contemplates the continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the normal course of business. Risks and uncertainties The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. As a result, the Company is unable to predict the timing or amount of increased expenses or when or if the Company will be able to achieve or maintain profitability. Drug candidates currently under development will require significant additional research and development efforts, including extensive nonclinical and clinical testing and regulatory approval. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally. Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 23, 2021. Principles of consolidation The accompanying condensed consolidated financial statements include Aligos-US and its wholly owned subsidiaries Aligos-Belgium, Aligos-Australia and Aligos-Shanghai. All intercompany balances and transactions have been eliminated. Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Areas where management uses subjective judgments include but are not limited to right-of-use assets, lease obligations, impairment of long-lived assets, stock-based compensation, accrued research and development costs, pension liabilities, revenue from collaborations and deferred revenue in the accompanying condensed consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2021, the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2021 and the consolidated results of its operations and cash flows for the three and six months ended June 30, 2021 and 2020. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are unaudited. The consolidated results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. Deferred offering costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated, including the Company’s July 2021 follow-on offering and issuance of 4,400,000 shares of the Company’s common stock at a price to the public of $19.00 per share for net proceeds of $77.9 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company (the Follow-on Offering). After consummation of the financing, these costs are recorded as a reduction of the proceeds received from the equity financing. If a planned equity financing is abandoned, the deferred offering costs are expensed immediately as a charge to operating expenses in the condensed consolidated statements of operations and comprehensive loss. There were $737,000 and $0 in deferred offering costs recorded within other assets on the Company’s condensed consolidated balance sheets as at June 30, 2021 and December 31, 2020, respectively. Foreign currency The Company’s foreign subsidiaries use the U.S. dollar as their functional currency, and they initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and non-monetary assets and liabilities are converted at historical rates. A re-measurement loss was recognized during the three and six months ended June 30, 2021 of $258,000 and $207,000, respectively, and a re-measurement gain was recognized during the three and six months ended June 30, 2020 of $7,000 and $52,000, respectively. This is reflected within interest and other income (expense), net on the consolidated statements of operations and comprehensive loss. Segment information The Company has determined that the Chief Executive Officer is its Chief Operating Decision Maker. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis for the purposes of assessing the performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. No product revenue has been generated since inception. The Company has $5.9 million and $1.1 million of fixed assets in Aligos-US and Aligos-Belgium, respectively, as of June 30, 2021 and $6.6 million and $1.4 million of fixed assets in Aligos-US and Aligos‑Belgium, respectively as of December 31, 2020. Cash equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents. Restricted cash As of June 30, 2021 and December 31, 2020, the restricted cash balance was $193,000 and $560,000, respectively, and includes funds to secure the letters of credit in relation to the Company’s operating leases and deposits on rental assets (Note 6), as well as employee withholdings for the employee stock purchase plan. Leases The Company determines if an arrangement is a lease at the inception of the lease. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the consolidated balance sheet. Finance leases are included in property and equipment and finance lease liabilities in the consolidated balance sheet. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement dates in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The operating lease ROU assets also include any lease payments made and excludes lease incentives when paid by the Company or on the Company’s behalf. The Company’s lease terms may include the period covered by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components. The Company elected to not separate lease and non-lease components for all of its building leases. For vehicle leases, lease and non-lease components are accounted for separately. The Company also made an accounting policy election to recognize lease expense for leases with a term of 12 months or less on a straight-line basis over the lease term and not recognize ROU assets or lease liabilities for such leases. Property and equipment Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the estimated useful life of the asset, which are as follows: Lab equipment 3 years Computer equipment 3 years Furniture and office equipment 3-8 years Vehicles 4 years Leasehold improvements Shorter of the useful life or remaining lease term Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. Impairment of long-lived assets The Company reviews quarterly the carrying amount of its property, equipment and intangible assets to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. If indications of impairment exist, projected future undiscounted cash flows associated with the asset are compared to the carrying amount to determine whether the asset’s value is recoverable. If the carrying value of the asset exceeds such projected undiscounted cash flows, the asset will be written down to its estimated fair value. No impairment charges were recorded during the three and six months ended June 30, 2021 and 2020 . Investments The Company generally invests its excess cash in money market funds and investment grade short-to-intermediate-term fixed income securities. Such investments are included in cash and cash equivalents or short-term investments on the condensed consolidated Balance Sheets. The Company determines the appropriate classification of short-term securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity, otherwise securities are classified as available-for sale. Held-to-maturity securities are carried at amortized cost. Available-for-sale debt securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders’ equity. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in interest and other income (expense), net within the condensed consolidated statements of operations and comprehensive loss. For both held-to-maturity and available-for-sale investments, the Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as other income (expense), net, in the Company’s condensed consolidated statements of operations and a new cost basis in the investment is established. No impairment charges were recorded during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, short-term investments consisted of U.S. Treasury securities with original maturities of less than one year. Research and development expenses Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, and third-party license fees. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are expensed as incurred. In-process research and development (IPR&D) expense represents the costs to acquire technologies to be used in research and development that have not reached technological feasibility or have no alternative future uses and thus are expensed as incurred. IPR&D expense also includes upfront license fees and milestones paid to collaborators for technologies with no alternative use Collaborative arrangements The Company enters into collaboration arrangements with pharmaceutical and other partners, under which the Company may grant licenses to its collaboration partners to research and develop potential drug candidates. Consideration under these contracts may include an upfront payment, development, regulatory, sales and other milestone payments. Contractual payments received for research and development activities performed are recognized on a gross basis in revenue from collaboration arrangements. The Company may also perform research and development activities under the collaboration agreements where the Company may be granted licenses from its collaboration partners. Contractual payments to the other party in collaboration agreements and costs incurred by the Company are recognized on a gross basis in research and development expenses. Royalties and license payments are recorded as due. When the Company enters into collaboration arrangements, the Company assesses whether the arrangement falls within the scope of ASC 808, Collaborative Arrangements Revenue from Contracts with Customers During the three and six months ended June 30, 2021 and 2020, no milestones were met and no royalties were due; therefore, the Company did not pay or expense any milestone or royalties. Fair value measurements Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. Stock-based compensation The Company’s stock-based awards consist of restricted stock awards, stock options and the employee stock purchase plan. For stock-based awards issued to employees and nonemployees with service-based vesting, the Company measures the estimated fair value of the stock-based awards on the date of grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company has granted certain options with performance-based vesting for which expense is recognized over the explicit service period when achievement of the performance-based milestones is deemed probable. The Company uses judgement to determine whether and, if so, how many awards are deemed probable of vesting at each reporting period. The fair value of stock-based awards with non-market performance conditions is estimated on the grant date. The Company records expense for awards with service-based vesting using the straight-line method and for awards with performance conditions utilizing an accelerated attribution method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its condensed consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s cash compensation costs are classified. The fair value of each restricted stock award is determined based on the number of shares granted and the value of the Company’s common stock on the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires the use of a number of assumptions including the fair value of the common stock, expected volatility, risk-free interest rate, expected dividends, and expected term of the option. The Company had been a private company prior to the IPO and lacks company-specific historical and implied fair value information. Therefore, the Board of Directors (the Board) of the Company considered numerous objective and subjective factors to determine the fair value of the Company’s common stock options at each meeting in which awards were approved. The factors considered include, but are not limited to (i) the results of contemporaneous independent third-party valuations of the Company’s common stock and the prices, rights, preferences and privileges of the Company’s redeemable convertible preferred stock relative to those of its common stock; (ii) the lack of marketability of the Company’s common stock; (iii) actual operating and financial results; (iv) current business conditions and projections; (v) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions, and (vi) precedent transactions involving the Company’s shares. The Company determined the expected stock volatility using a weighted average of the historical volatility of a group of guideline companies that issued options with substantially similar terms, and expects to continue to do so until such time as the Company has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the simplified method for awards that qualify as plain-vanilla options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The Company has not paid, and does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. The fair value of the employee stock purchase plan (ESPP) is determined on the date the offering period begins using a Black-Scholes option-pricing model and similar assumptions for stock options as described above. See Note 9 for the assumptions used by the Company in determining the grant date fair value of stock-based awards granted, as well as a summary of the stock-based award activity under the Company’s stock-based compensation plan, for the six months ended June 30, 2021 and 2020. Net loss per share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to early exercise of stock options, unvested restricted stock subject to repurchase, warrants and convertible notes are considered to be potentially dilutive securities. The Company applies the two-class method to calculate its basic and diluted net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities contractually entitle the holders of such shares to participate in dividends; but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. Recently issued accounting standards From time to time, new accounting pronouncements are issued by FASB that the Company adopts as of the specified effective date. The Company qualifies as an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has the option to not “opt out” of the extended transition related to complying with new or revised accounting standards. This means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company has the option to adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and can do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. |
Property and equipment
Property and equipment | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and equipment | 3. The components of property and equipment as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Leasehold improvements $ 5,717 $ 5,655 Lab equipment 5,217 4,833 Computer equipment 989 942 Furniture and office equipment 471 459 Vehicles 296 296 Asset under construction 19 65 Total, at cost 12,709 12,250 Accumulated depreciation (5,754 ) (4,243 ) Total, net $ 6,955 $ 8,007 Depreciation expense was $764,000 and $1.5 million for the three and six months ended June 30, 2021, and $680,000 and $1.3 million for the three and six months ended June 30, 2020, respectively. Finance leases are also included in property and equipment as vehicles on the condensed consolidated balance sheets (Note 6). |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Debt Securities Available For Sale And Held To Maturity [Abstract] | |
Investments | 4. As of June 30, 2021 and December 31, 2020, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows: June 30, 2021 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities U.S. Treasury bonds 3,002 1 - 3,003 $ 3,002 $ 1 $ - $ 3,003 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Held-to-maturity securities: U.S. Treasury bonds 10,002 14 - 10,016 Available-for-sale securities U.S. Treasury bonds 13,060 68 - 13,128 $ 23,062 $ 82 $ - $ 23,144 Changes in fair value are related to changes in market interest rates. The Company expects to collect all contractual principal and interest payments. The following is a summary of maturities of securities held-to-maturity and available-for-sale as of June 30, 2021: Available-for-sale Amortized Cost Estimated Fair Value Amounts maturing in: One year or less $ 3,002 $ 3,003 Total investments $ 3,002 $ 3,003 The Company recorded interest income of $72,000 and $178,000 for the three and six months ended June 30, 2021, and $374,000 and $752,000 for the three and six months ended June 30, 2020, respectively, as a component of interest and other income (expense), net on the Company’s condensed consolidated statement of operations and comprehensive loss. |
Accrued liabilities
Accrued liabilities | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Accrued liabilities | 5. Accrued liabilities consisted of the following as of: June 30, December 31, 2021 2020 Accrued payables $ 13,285 $ 7,274 Accrued compensation 4,848 8,554 Liability for early exercised stock options 444 569 Other 483 167 Total $ 19,060 $ 16,564 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | 6. The Company has operating and finance leases for corporate offices, research and development facilities, and certain vehicles. These leases have remaining lease terms of four to eight and a half years calculation of lease payments. Differences between lease payments as measured at lease inception and variations in monthly payments will be recognized as operating expenses in the period in which the obligation is incurred. Leases with an initial term of 12 months or less are not recorded on the balance sheet, and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. Leases with terms greater than 12 months are included in operating lease ROU assets and operating lease liabilities in the Company’s condensed consolidated balance sheets as of June 30, 2021 and December 31, 2020. Lease expense for lease payments is recognized on a straight-line basis over the lease term. Maturities of lease liabilities as of June 30, 2021 and are as follows: Operating Lease Finance Lease Year ending December 31: 2021, remainder $ 1,369 $ 40 2022 2,802 79 2023 2,756 42 2024 2,678 1 2025 2,772 - Thereafter 3,642 - Less: imputed interest (3,648 ) (6 ) Present value of lease liabilities 12,371 156 Less: current portion (2,607 ) (26 ) Lease liabilities net of current portion $ 9,764 $ 130 The components of lease expense were as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating lease cost $ 484 $ 472 $ 953 $ 934 Finance lease cost: Amortization of right-of-use assets $ 19 $ 18 $ 37 $ 30 Interest on lease liabilities 1 2 3 4 Total finance lease cost $ 20 $ 20 $ 40 $ 34 The Company made payments of $659,000 and $1.3 million during the three and six months ended June 30, 2021, respectively, and $636,000 and $1.2 million during the three and six months ended June 30, 2020, respectively, which are included as cash flow from operations on the condensed consolidated statements of cash flows. As of June 30, 2021 and December 31, 2020, $296,000 of finance lease ROU assets were presented as part of property and equipment on the condensed consolidated balance sheet with accumulated amortization of $144,000 and $76,000, respectively. Additional information related to the Company’s leases was as follows as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 Operating Lease: Weighted-average remaining lease term (years) 5.58 5.97 Weighted-average discount rate 9.38 % 9.35 % Finance Lease: Weighted-average remaining lease term (years) 2.20 2.68 Weighted-average discount rate 3.12 % 3.15 % |
Derivative liabilities and rede
Derivative liabilities and redeemable convertible preferred stock liability | 6 Months Ended |
Jun. 30, 2021 | |
Derivative Liabilities And Redeemable Convertible Preferred Stock Liability [Abstract] | |
Derivative liabilities and convertible preferred stock liability | 7. Derivative liabilities and redeemable convertible preferred stock liability Warrants In connection with the issuance of certain notes, lenders were issued Warrants to purchase 134,112 shares of Series A. The Warrants have a coverage percentage of 25% of the principal amount of the notes and have a ten-year The underlying shares issuable upon the exercise of the Warrants were eligible to be exercised into the next round of equity financing. The Warrants became exercisable into shares of Series A for an exercise price of $9.32 per share. The Company recorded the Warrants initially at fair value (Note 10) as derivative liabilities on the consolidated balance sheet with the value being allocated to the notes as a debt discount. The fair value of the Warrants upon issuance on April 20, 2018 and June 6, 2018, was $0.7 million and $238,000, respectively. As of June 30, 2021 and December 31, 2020, due to the IPO in October 2020, all outstanding warrants were automatically exercised for the issuance of Common Stock, and upon that exercise, such warrants were no longer outstanding. As Series A contained a conditional obligation for the Company to repurchase the shares for cash consideration, the Warrants were exercised as of the IPO date, with changes in fair value being recorded on the consolidated statements of operations and comprehensive loss. The Company recorded a change in fair value of derivative liabilities of $76,000 and $56,000 for the three and six months ended June 30, 2020, respectively. Redeemable convertible preferred stock liability In connection with the issuance of shares of Series B-1 (Note 8), the Series B-1 preferred stockholders committed to purchase and the Company committed to sell 3,569,630 shares of Series B-2 at a price of $11.20563 per share in a subsequent closing, contingent upon the achievement of certain developmental milestones or a receipt of a waiver of achievement of the milestones. The Redeemable Convertible Preferred Stock Liability is considered a freestanding instrument that qualifies as a liability under ASC Topic 480, Distinguishing Liabilities from Equity |
Capital stock
Capital stock | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Capital stock | 8. Capital stock Common stock On October 20, 2020, the certificate of incorporation was amended to increase the total shares of Common Stock authorized for issuance to 320,000,000 and decrease the total shares of preferred stock authorized for issuance to 10,000,000 with a par value of $0.0001 per share. 300,000,000 shares of the Common Stock were designated as “Voting Common Stock” and 20,000,000 shares of the Common Stock were designated as “Non-Voting Common Stock”. The holders of shares of Common Stock are entitled to one vote for each share of Common Stock at all meetings of stockholders. Redeemable convertible preferred stock On August 16, 2018, the Company entered into the Series A Preferred Stock Purchase Agreement for the purchase and sale of Series A for $9.32 per share. The Company received $75.0 million in cash proceeds from the initial purchasers. On September 19, 2018, the Company received an additional $20.0 million in cash proceeds from subsequent purchasers. Additionally, on the initial closing date, $5.6 million in convertible notes plus accrued interest converted into shares of Series A and the notes were subsequently cancelled. The Warrants associated with the convertible notes became exercisable into shares of Series A. Each share of Series A is convertible into Common Stock on a one-for-one basis. In connection with the issuance of Series A, the Company incurred $194,000 in issuance costs which have offset amounts reported as temporary equity as of December 31, 2019. As of December 31, 2020, in connection with the Company’s IPO, all shares of Series A converted into Common Stock. On December 23, 2019, the Company entered into the Series B-1 and Series B-2 Preferred Stock Purchase Agreement (the Series B Purchase Agreement), pursuant to which the investors committed to invest an aggregate amount of up to $125.0 million for the issuance and sale of shares of Series B-1 and Series B-2 (collectively, the Series B), at a price of $10.18690 and $11.20563 per share, respectively. The Company issued 8,344,034 shares of Series B-1 for cash proceeds of $85.0 million at the initial closing. The investors also committed to purchase and the Company committed to sell 3,569,630 shares of Series B-2 in a subsequent closing (the Second Closing), contingent upon achievement by the Company of certain development milestones or a receipt of a waiver of achievement of the milestones. In connection with the issuance of Series B-1, the Company incurred $442,000 in issuance costs which have offset amounts reported as temporary equity as of December 31, 2019. Prior to the IPO, the Company issued 3,569,630 shares of Series B-2, which upon the closing of the IPO converted into common stock. In connection with the Company’s IPO, all shares of Series B-1 converted into common stock. As of June 30, 2021 , there was 10,000,000 shares of preferred stock authorized and no preferred stock issued. |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based compensation | 9. Stock options During the three and six months ended June 30, 2021, the Company’s stock option compensation expense was approximately $3.1 million and $5.8 million. During the three and six months ended June 30, 2020, the Company’s stock option compensation expense was approximately $237,000 and $478,000. There was no recognized tax benefit in either of the periods. As of June 30, 2021, unamortized expense balance was $37.2 million, to be amortized over a weighted average period of 2.97 years. Stock option activity during the six months ended June 30, 2021 is as follows: Shares subject to options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate Intrinsic Value Outstanding as of January 1, 2021 5,488,148 $ 11.19 9.57 $ 90,335 Granted 236,100 $ 26.06 Exercised (81,013 ) $ 3.79 $ 307 Cancelled (84,649 ) $ 12.36 Outstanding as of June 30, 2021 5,558,586 $ 11.91 9.09 $ 47,137 Options vested and expected to vest as of June 30, 2021 5,508,442 $ 11.99 9.09 $ 46,271 Options vested and exercisable as of June 30, 2021 1,089,387 $ 7.86 8.81 $ 13,650 The weighted-average grant date fair value of options granted was $17.70 and $17.61 per share during the three and six months ended June 30, 2021. Restricted stock awards During the three and six months ended June 30, 2021, the Company recorded a total stock-based compensation expense related to the restricted stock awards of $89,000 and $179,000, respectively. The following table summarizes the Company’s restricted common stock activity for the six months ended June 30, 2021: Number of Awards Weighted- Average Grant Date Fair Value Aggregate Fair Value Issued and unvested as of January 1, 2021 408,411 1.15 470 Restricted stock awards granted — — Restricted stock awards vested (183,694 ) 0.98 (180 ) Issued and unvested as of June 30, 2021 224,717 1.30 290 During the six months ended June 30, 2021, the Company issued 262,982 shares of common stock, upon exercise of unvested stock options or purchases for unvested restricted stock awards. As of June 30, 2021 and December 31, 2020, there were 280,195 and 396,522 shares of Common Stock held by employees subject to repurchase at an aggregate price of $0.4 million and $0.6 million, respectively. A corresponding liability was recorded and included in accrued expenses on the condensed consolidated balance sheet as of June 30, 2021 and December 31, 2020, respectively. Employee stock purchase plan During the three and six months ended June 30, 2021, the Company recorded a total stock-based compensation expense of $240,000 and $240,000, respectively, related to the employee stock purchase plan. No purchase of common stock had been made by the Company as of June 30, 2021. Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Research and development $ 1,974 $ 178 $ 3,683 $ 350 General and administrative 1,475 149 2,522 308 Total $ 3,449 $ 327 $ 6,205 $ 658 |
Fair value
Fair value | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair value | 10. The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis: Fair Value Measurements as of June 30, 2021 Level 1 Level 2 Level 3 Assets: Cash equivalents 187,650 - - U.S. Treasury bonds 3,003 - - $ 190,653 $ - $ - Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 220,383 $ - $ - U.S. Treasury bonds 23,144 - - $ 243,527 $ - $ - |
License and collaboration agree
License and collaboration agreements | 6 Months Ended |
Jun. 30, 2021 | |
License And Collaboration Agreements [Abstract] | |
License and collaboration agreements | 11. Agreement with Emory University (Emory) In June 2018, the Company entered into a license agreement with Emory (the Emory License Agreement), pursuant to which Emory granted the Company a worldwide, sublicensable license under certain of its intellectual property rights to make, have made, develop, use, offer to sell, sell, import and export products containing certain compounds relating to Emory’s hepatitis B virus capsid assembly modulator technology, for all therapeutic and prophylactic uses. Such license is initially exclusive with respect to specified licensed patents owned by Emory and non-exclusive with respect to certain of Emory’s specified know-how. Beginning in June 2022, the license to such patents will become non-exclusive with respect to all fields except for the treatment and prevention of HBV; however, the Company may select up to six compounds which will maintain exclusivity with respect to all therapeutic and prophylactic uses. With respect to all other compounds that are enabled by the licensed patents, those which are jointly invented by the Company and Emory or inventors in the Schinazi laboratory, or which are disclosed in a specified licensed patent, are licensed to the Company exclusively including as to Emory; whereas all other such compounds are licensed to the Company non-exclusively. Under the terms of the Emory License Agreement, the Company is obligated to use commercially reasonable efforts to bring licensed products to market in accordance with a mutually agreed upon development plan. Unless terminated earlier by either party in accordance with the provisions thereof, the Emory License Agreement shall continue until the expiration of the last–to-expire of the patents licensed to the Company thereunder. As consideration for the Emory License Agreement, the Company paid an upfront license fee of $290,000 and issued the Emory Convertible Note of $600,000. As discussed in Note 8, upon issuance of the Series A in August 2018, the Emory Convertible Note and unpaid accrued interest was cancelled and converted into shares of Series A at a conversion price of $9.32 per share. In June 2020, the Company amended the license agreement with Emory. Pursuant to the amended license agreement, Emory granted the Company additional patent rights to certain compounds targeting the treatment or prevention of HBV. As consideration for the additional rights, the Company made a one-time, non-refundable payment to Emory in the amount of $150,000, with an additional obligation to pay up to a maximum of $35,000. On the same date, the Company entered into a collaboration agreement with Emory, with the initial research plan pertaining to the synthesis and evaluation of the compounds licensed through the additional patent rights granted in the amended license agreement. The research plan terminates one year from the effective date, with the Company having an option to extend for a second year. In connection with the research plan, the Company will provide Emory funding up to $270,000 per year. The Company has agreed to pay Emory up to an aggregate of $125.0 million upon the achievement of specified development, regulatory, and commercial milestones, and all ongoing patent costs. During the six months ended June 30, 2021, the Company had $147,000 expenses related to milestone payments. The Company also agreed to pay Emory tiered single-digit royalties on worldwide annual net sales of licensed products, on a quarterly basis and calculated on a product-by-product basis. With respect to licensed products containing any of a specified subset of the licensed compounds, such royalties range from a mid-single digit to a high-single digit percentage rate. With respect to licensed products which do not contain such compounds, the royalties span a range of percentage rates within the mid-single digits if a Phase 1 clinical trial is initiated for the product within three years of the effective date of the Emory License Agreement, and range from a low-single digit to a mid-single digit rate if a Phase 1 clinical trial is initiated more than three years after the effective date. During the three and six months ended June 30, 2021 and 2020 , the Company made no payments associated with royalties and recognized no expense or accruals . Agreement with Luxna Biotech Co., Ltd. (Luxna) On December 19, 2018, the Company entered into a license agreement with Luxna, pursuant to which Luxna granted the Company an exclusive, worldwide, sublicensable license under certain of Luxna’s intellectual property rights to research, develop make, have made and commercialize for all therapeutic and prophylactic uses, (i) products containing oligonucleotides targeting the hepatitis B virus genome, (ii) products containing certain oligonucleotides targeting up to three genes which contribute to NASH, which the Company may select at any time during the first eight years of the term, to the extent not licensed to a third party, and (iii) products containing oligonucleotides targeting up to three genes which contribute to hepatocellular carcinoma, which the Company may select at any time during the first three years of the term. As consideration for this agreement, the Company paid an upfront license fee of $600,000, which was recorded as research and development expense during the period from inception through December 31, 2018 and the year ended December 31, 2019. In April 2020, the Company amended the license agreement with Luxna. Pursuant to the amended license agreement, Luxna granted the Company an exclusive, worldwide license under the licensed patents to research, develop, make, have made and commercialize products containing oligonucleotides targeting three families of viruses: orthomyxoviridae, paramyxoviridae, and coronaviridae (a family which includes SARS-CoV-2). As consideration for the amended license agreement, the Company paid Luxna a one-time non-refundable fee of $200,000 in April 2020. The Company is obligated to make payments to Luxna, in aggregate, totaling up to but no more than $55.5 million upon the achievement of specified development, regulatory, and commercial milestones. During the three and six months ended June 30, 2021 and 2020, the Company recognized no expenses related to milestone payments. The Company is also required to pay Luxna a low-single digit royalty percentage on net sale of applicable products, if any. During the three and six months ended June 30, 2021 and 2020, the Company made no payments associated with royalties. Agreement with Katholieke Universiteit Leuven (KU Leuven) On June 25, 2020, the Company entered into a Research, Licensing and Commercialization Agreement (KU Leuven Agreement) with KU Leuven, under which the Company is collaborating with KU Leuven’s Rega Institute for Medical Research, as well as its Centre for Drug Design and Discovery, to research and develop potential protease inhibitors for the treatment, diagnosis or prevention of coronaviruses, including of SARS-CoV-2. Unless terminated earlier by either party in accordance with provisions in the agreement, the collaboration period will terminate at the earlier of completion of all collaboration activities or 2.5 years. In connection with the KU Leuven Agreement, KU Leuven and the Company granted each other exclusive cross-licenses to use certain know-how and existing patents of the other party as well as certain joint know-how and joint patents to carry out research and development collaboration activities during the collaboration period. KU Leuven granted to the Company an exclusive (including as to KU Leuven), worldwide license under certain of KU Leuven’s know-how and existing patents, and certain joint patents and joint know-how, to manufacture and commercialize the licensed products for the treatment, diagnosis or detection of viral infections in humans. KU Leuven reserved the right to use all KU Leuven knowhow, existing KU Leuven patents, joint patents and joint know-how for academic and non-commercial research and teaching purposes. As consideration for this license, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to but no more than $30.0 million upon the achievement of certain commercial sales milestones. For each licensed product developed through KU Leuven and the Company’s collaborative effort, the Company is obligated to make payments to KU Leuven, in aggregate, totaling up to $32.0 million upon the achievement of certain development and regulatory milestones. The Company is also required to pay KU Leuven a low-to-mid-single digit royalty percentage, subject to certain adjustments, on net sales of applicable products, if any. Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product. During the three and six months ended June 30, 2021 and 2020, the Company recognized no expenses related to milestone payments. Agreement with Merck In December 2020, the Company and Merck & Co. entered into an exclusive License and Research Collaboration Agreement under which Merck and the Company agreed to apply the Company’s oligonucleotide platform technology to discover, research, optimize and develop oligonucleotides directed against a NASH target and up to one additional liver-targeted cardiometabolic and/or fibrosis target. Under the terms of the agreement, the Company received an upfront payment from Merck and may receive an additional upfront payment after finalization of a research plan for such additional target. With respect to each collaboration target, the Company will be eligible for up to $458.0 million in development and commercialization milestones as well as tiered royalties on net sales. The Company will be primarily responsible for designing, preparing and evaluating the oligonucleotide molecules and delivering optimized lead molecules, and Merck will be responsible for subsequent research, clinical development and commercialization efforts. The Company determined that the Merck agreement falls within the scope of ASC 808 and we analogized to ASC 606 for the accounting of payments such as upfront payments and other milestones. Revenue is recognized based on percentage of completion of the overall project. |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 12. Commitments and contingencies From time to time, the Company may have certain contingent liabilities, including legal matters that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company had no contingent liabilities requiring accrual as of June 30, 2021 and December 31, 2020. |
Income taxes
Income taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 13. Income taxes The Company has a history of losses and projects losses for the full year 2021. The Company continues to maintain a full valuation allowance its net deferred tax assets. |
Net loss per share
Net loss per share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Net loss per share | 1 4 . The following table summarizes the computation of basic and diluted net loss per share of the Company: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (29,818 ) $ (20,797 ) $ (57,492 ) $ (40,826 ) Weighted average common stock outstanding, basic and diluted 37,619,039 2,810,854 37,526,650 2,729,827 Net loss per share - basic and diluted $ (0.79 ) $ (7.40 ) $ (1.53 ) $ (14.96 ) The Company’s potentially dilutive securities, which include redeemable convertible preferred stock, a forward contract to issue preferred stock, options to purchase common stock and unvested restricted stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Convertible preferred stock - 19,201,430 - 19,201,430 Forward contract to issue redeemable convertible preferred stock - 3,569,630 - 3,569,630 Options to purchase common stock 5,550,324 2,298,695 5,550,324 2,298,695 Unvested restricted stock 224,688 617,795 224,688 617,795 Warrants to purchase preferred stock - 83,149 - 83,149 5,775,012 25,770,699 5,775,012 25,770,699 |
Subsequent events
Subsequent events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
Subsequent events | 1 5 . In preparing the interim financial statements as of June 30, 2021 and for the three and six months then ended, the Company evaluated subsequent events for recognition and measurement purposes during which time nothing has occurred outside of the normal course of business operations that would require disclosure other than the event discussed below. Follow-on Offering On July 6, 2021, the Company closed its Follow-on Offering and issued 4,400,000 shares of its common stock at a public offering price of $19.00 per share for net proceeds of $77.9 million, after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Risks and uncertainties | Risks and uncertainties The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. As a result, the Company is unable to predict the timing or amount of increased expenses or when or if the Company will be able to achieve or maintain profitability. Drug candidates currently under development will require significant additional research and development efforts, including extensive nonclinical and clinical testing and regulatory approval. Moreover, it is particularly difficult to estimate with certainty the Company’s future expenses given the dynamic nature of its business, the COVID-19 pandemic and the macro-economic environment generally. |
Basis of presentation | Basis of presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative U.S. GAAP included in the Accounting Standards Codification (ASC), and Accounting Standards Update (ASU) issued by the Financial Accounting Standards Board (FASB). The condensed consolidated balance sheet as of December 31, 2020 included herein was derived from the audited consolidated financial statements as of that date but does not include all of the information and notes required by U.S. GAAP for complete financial statements. Certain information and note disclosures normally included in the financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to requirements for interim financial statements. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto as of and for the year ended December 31, 2020, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 23, 2021. |
Principles of consolidation | Principles of consolidation The accompanying condensed consolidated financial statements include Aligos-US and its wholly owned subsidiaries Aligos-Belgium, Aligos-Australia and Aligos-Shanghai. All intercompany balances and transactions have been eliminated. |
Use of estimates | Use of estimates The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes. The Company regularly evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates of the condensed consolidated financial statements and the reported amounts of expenses during the reporting period. Areas where management uses subjective judgments include but are not limited to right-of-use assets, lease obligations, impairment of long-lived assets, stock-based compensation, accrued research and development costs, pension liabilities, revenue from collaborations and deferred revenue in the accompanying condensed consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates under different assumptions or conditions. |
Unaudited interim financial information | Unaudited interim financial information The accompanying consolidated balance sheet as of June 30, 2021, the consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2021 and 2020, the consolidated statements of redeemable convertible preferred stock and stockholders’ equity (deficit) for the three and six months ended June 30, 2021 and 2020, and the consolidated statements of cash flows for the six months ended June 30, 2021 and 2020 are unaudited. The unaudited consolidated interim financial statements have been prepared on the same basis as the audited annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2021 and the consolidated results of its operations and cash flows for the three and six months ended June 30, 2021 and 2020. The consolidated financial data and other information disclosed in these notes related to the three and six months ended June 30, 2021 and 2020 are unaudited. The consolidated results for the three and six months ended June 30, 2021 are not necessarily indicative of results to be expected for the year ending December 31, 2021, any other interim periods, or any future year or period. |
Deferred offering costs | Deferred offering costs |
Foreign currency | Foreign currency The Company’s foreign subsidiaries use the U.S. dollar as their functional currency, and they initially measure the foreign currency denominated assets and liabilities at the transaction date. Monetary assets and liabilities are then re-measured at exchange rates in effect at the end of each period, and non-monetary assets and liabilities are converted at historical rates. A re-measurement loss was recognized during the three and six months ended June 30, 2021 of $258,000 and $207,000, respectively, and a re-measurement gain was recognized during the three and six months ended June 30, 2020 of $7,000 and $52,000, respectively. This is reflected within interest and other income (expense), net on the consolidated statements of operations and comprehensive loss. |
Segment information | Segment information The Company has determined that the Chief Executive Officer is its Chief Operating Decision Maker. The Company’s Chief Executive Officer reviews financial information presented on a consolidated basis for the purposes of assessing the performance and making decisions on how to allocate resources. Accordingly, the Company has determined that it operates in a single reportable segment. No product revenue has been generated since inception. The Company has $5.9 million and $1.1 million of fixed assets in Aligos-US and Aligos-Belgium, respectively, as of June 30, 2021 and $6.6 million and $1.4 million of fixed assets in Aligos-US and Aligos‑Belgium, respectively as of December 31, 2020. |
Cash equivalents | Cash equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents. |
Restricted cash | Restricted cash As of June 30, 2021 and December 31, 2020, the restricted cash balance was $193,000 and $560,000, respectively, and includes funds to secure the letters of credit in relation to the Company’s operating leases and deposits on rental assets (Note 6), as well as employee withholdings for the employee stock purchase plan. |
Leases | Leases The Company determines if an arrangement is a lease at the inception of the lease. Operating leases are included in operating lease right-of-use (ROU) assets and operating lease liabilities in the consolidated balance sheet. Finance leases are included in property and equipment and finance lease liabilities in the consolidated balance sheet. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. When the Company’s leases do not provide an implicit rate, an incremental borrowing rate is used based on the information available at the commencement dates in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The operating lease ROU assets also include any lease payments made and excludes lease incentives when paid by the Company or on the Company’s behalf. The Company’s lease terms may include the period covered by options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases is recognized on a straight-line basis over the lease term. The Company has lease agreements with lease and non-lease components. The Company elected to not separate lease and non-lease components for all of its building leases. For vehicle leases, lease and non-lease components are accounted for separately. The Company also made an accounting policy election to recognize lease expense for leases with a term of 12 months or less on a straight-line basis over the lease term and not recognize ROU assets or lease liabilities for such leases. |
Property and equipment | Property and equipment Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the estimated useful life of the asset, which are as follows: Lab equipment 3 years Computer equipment 3 years Furniture and office equipment 3-8 years Vehicles 4 years Leasehold improvements Shorter of the useful life or remaining lease term Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. |
Impairment of long-lived assets | Impairment of long-lived assets The Company reviews quarterly the carrying amount of its property, equipment and intangible assets to determine whether indicators of impairment may exist which warrant adjustments to carrying values or estimated useful lives. If indications of impairment exist, projected future undiscounted cash flows associated with the asset are compared to the carrying amount to determine whether the asset’s value is recoverable. If the carrying value of the asset exceeds such projected undiscounted cash flows, the asset will be written down to its estimated fair value. No impairment charges were recorded during the three and six months ended June 30, 2021 and 2020 . |
Investments | Investments The Company generally invests its excess cash in money market funds and investment grade short-to-intermediate-term fixed income securities. Such investments are included in cash and cash equivalents or short-term investments on the condensed consolidated Balance Sheets. The Company determines the appropriate classification of short-term securities at the time of purchase and re-evaluates such designation as of each balance sheet date. Securities are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity, otherwise securities are classified as available-for sale. Held-to-maturity securities are carried at amortized cost. Available-for-sale debt securities are measured and reported at fair value using quoted prices in active markets for similar securities. Unrealized gains and losses on available-for-sale securities are reported as a separate component of stockholders’ equity. Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. The cost of securities sold is determined on a specific identification basis, and realized gains and losses are included in interest and other income (expense), net within the condensed consolidated statements of operations and comprehensive loss. For both held-to-maturity and available-for-sale investments, the Company periodically reviews each individual security position that has an unrealized loss, or impairment, to determine if that impairment is other-than-temporary. If the Company believes an impairment of a security position is other than temporary, based on available quantitative and qualitative information as of the report date, the loss will be recognized as other income (expense), net, in the Company’s condensed consolidated statements of operations and a new cost basis in the investment is established. No impairment charges were recorded during the three and six months ended June 30, 2021 and 2020. As of June 30, 2021 and December 31, 2020, short-term investments consisted of U.S. Treasury securities with original maturities of less than one year. |
Research and development expenses | Research and development expenses Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including salaries, stock-based compensation and benefits, facilities costs, depreciation, and third-party license fees. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are expensed as incurred. In-process research and development (IPR&D) expense represents the costs to acquire technologies to be used in research and development that have not reached technological feasibility or have no alternative future uses and thus are expensed as incurred. IPR&D expense also includes upfront license fees and milestones paid to collaborators for technologies with no alternative use |
Collaborative arrangements | Collaborative arrangements The Company enters into collaboration arrangements with pharmaceutical and other partners, under which the Company may grant licenses to its collaboration partners to research and develop potential drug candidates. Consideration under these contracts may include an upfront payment, development, regulatory, sales and other milestone payments. Contractual payments received for research and development activities performed are recognized on a gross basis in revenue from collaboration arrangements. The Company may also perform research and development activities under the collaboration agreements where the Company may be granted licenses from its collaboration partners. Contractual payments to the other party in collaboration agreements and costs incurred by the Company are recognized on a gross basis in research and development expenses. Royalties and license payments are recorded as due. When the Company enters into collaboration arrangements, the Company assesses whether the arrangement falls within the scope of ASC 808, Collaborative Arrangements Revenue from Contracts with Customers During the three and six months ended June 30, 2021 and 2020, no milestones were met and no royalties were due; therefore, the Company did not pay or expense any milestone or royalties. |
Fair value measurements | Fair value measurements Certain assets and liabilities of the Company are carried at fair value under U.S. GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: Level 1 — Quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs (other than Level 1 quoted prices), such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. |
Stock-based compensation | Stock-based compensation The Company’s stock-based awards consist of restricted stock awards, stock options and the employee stock purchase plan. For stock-based awards issued to employees and nonemployees with service-based vesting, the Company measures the estimated fair value of the stock-based awards on the date of grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company has granted certain options with performance-based vesting for which expense is recognized over the explicit service period when achievement of the performance-based milestones is deemed probable. The Company uses judgement to determine whether and, if so, how many awards are deemed probable of vesting at each reporting period. The fair value of stock-based awards with non-market performance conditions is estimated on the grant date. The Company records expense for awards with service-based vesting using the straight-line method and for awards with performance conditions utilizing an accelerated attribution method. The Company accounts for forfeitures as they occur. The Company classifies stock-based compensation expense in its condensed consolidated statements of operations and comprehensive loss in the same manner in which the award recipient’s cash compensation costs are classified. The fair value of each restricted stock award is determined based on the number of shares granted and the value of the Company’s common stock on the date of grant. The fair value of each stock option award is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires the use of a number of assumptions including the fair value of the common stock, expected volatility, risk-free interest rate, expected dividends, and expected term of the option. The Company had been a private company prior to the IPO and lacks company-specific historical and implied fair value information. Therefore, the Board of Directors (the Board) of the Company considered numerous objective and subjective factors to determine the fair value of the Company’s common stock options at each meeting in which awards were approved. The factors considered include, but are not limited to (i) the results of contemporaneous independent third-party valuations of the Company’s common stock and the prices, rights, preferences and privileges of the Company’s redeemable convertible preferred stock relative to those of its common stock; (ii) the lack of marketability of the Company’s common stock; (iii) actual operating and financial results; (iv) current business conditions and projections; (v) the likelihood of achieving a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions, and (vi) precedent transactions involving the Company’s shares. The Company determined the expected stock volatility using a weighted average of the historical volatility of a group of guideline companies that issued options with substantially similar terms, and expects to continue to do so until such time as the Company has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the simplified method for awards that qualify as plain-vanilla options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The Company has not paid, and does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero. The fair value of the employee stock purchase plan (ESPP) is determined on the date the offering period begins using a Black-Scholes option-pricing model and similar assumptions for stock options as described above. See Note 9 for the assumptions used by the Company in determining the grant date fair value of stock-based awards granted, as well as a summary of the stock-based award activity under the Company’s stock-based compensation plan, for the six months ended June 30, 2021 and 2020. |
Net loss per share | Net loss per share Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net loss per share calculation, redeemable convertible preferred stock, stock options, common stock subject to repurchase related to early exercise of stock options, unvested restricted stock subject to repurchase, warrants and convertible notes are considered to be potentially dilutive securities. The Company applies the two-class method to calculate its basic and diluted net loss per share as the Company has issued shares that meet the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities contractually entitle the holders of such shares to participate in dividends; but do not contractually require the holders of such shares to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated to such participating securities. Accordingly, in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. |
Recently issued accounting standards | Recently issued accounting standards |
Summary of significant accoun_3
Summary of significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Life of Asset | Property and equipment is stated at cost less accumulated depreciation, and is depreciated using the straight-line method over the estimated useful life of the asset, which are as follows: Lab equipment 3 years Computer equipment 3 years Furniture and office equipment 3-8 years Vehicles 4 years Leasehold improvements Shorter of the useful life or remaining lease term |
Property and equipment (Tables)
Property and equipment (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | The components of property and equipment as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Leasehold improvements $ 5,717 $ 5,655 Lab equipment 5,217 4,833 Computer equipment 989 942 Furniture and office equipment 471 459 Vehicles 296 296 Asset under construction 19 65 Total, at cost 12,709 12,250 Accumulated depreciation (5,754 ) (4,243 ) Total, net $ 6,955 $ 8,007 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Securities Available For Sale And Held To Maturity [Abstract] | |
Summary of Available For Sale and Held to Maturity Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value | As of June 30, 2021 and December 31, 2020, amortized cost, gross unrealized gains and losses, and estimated fair values of total fixed-maturity securities were as follows: June 30, 2021 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Available-for-sale securities U.S. Treasury bonds 3,002 1 - 3,003 $ 3,002 $ 1 $ - $ 3,003 December 31, 2020 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gain Loss Fair Value Held-to-maturity securities: U.S. Treasury bonds 10,002 14 - 10,016 Available-for-sale securities U.S. Treasury bonds 13,060 68 - 13,128 $ 23,062 $ 82 $ - $ 23,144 |
Summary of Debt Securities Available for Sale and Held to Maturity | The following is a summary of maturities of securities held-to-maturity and available-for-sale as of June 30, 2021: Available-for-sale Amortized Cost Estimated Fair Value Amounts maturing in: One year or less $ 3,002 $ 3,003 Total investments $ 3,002 $ 3,003 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Payables And Accruals [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following as of: June 30, December 31, 2021 2020 Accrued payables $ 13,285 $ 7,274 Accrued compensation 4,848 8,554 Liability for early exercised stock options 444 569 Other 483 167 Total $ 19,060 $ 16,564 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities as of June 30, 2021 and are as follows: Operating Lease Finance Lease Year ending December 31: 2021, remainder $ 1,369 $ 40 2022 2,802 79 2023 2,756 42 2024 2,678 1 2025 2,772 - Thereafter 3,642 - Less: imputed interest (3,648 ) (6 ) Present value of lease liabilities 12,371 156 Less: current portion (2,607 ) (26 ) Lease liabilities net of current portion $ 9,764 $ 130 |
Summary of Components of lease Expense | The components of lease expense were as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Operating lease cost $ 484 $ 472 $ 953 $ 934 Finance lease cost: Amortization of right-of-use assets $ 19 $ 18 $ 37 $ 30 Interest on lease liabilities 1 2 3 4 Total finance lease cost $ 20 $ 20 $ 40 $ 34 |
Summary of Additional Information Related to the Leases | Additional information related to the Company’s leases was as follows as of June 30, 2021 and December 31, 2020: June 30, December 31, 2021 2020 Operating Lease: Weighted-average remaining lease term (years) 5.58 5.97 Weighted-average discount rate 9.38 % 9.35 % Finance Lease: Weighted-average remaining lease term (years) 2.20 2.68 Weighted-average discount rate 3.12 % 3.15 % |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Summary of Stock Options | Stock option activity during the six months ended June 30, 2021 is as follows: Shares subject to options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate Intrinsic Value Outstanding as of January 1, 2021 5,488,148 $ 11.19 9.57 $ 90,335 Granted 236,100 $ 26.06 Exercised (81,013 ) $ 3.79 $ 307 Cancelled (84,649 ) $ 12.36 Outstanding as of June 30, 2021 5,558,586 $ 11.91 9.09 $ 47,137 Options vested and expected to vest as of June 30, 2021 5,508,442 $ 11.99 9.09 $ 46,271 Options vested and exercisable as of June 30, 2021 1,089,387 $ 7.86 8.81 $ 13,650 |
Summary of Stock Based Compensation Expense Was Allocated | Stock-based compensation expense was allocated as follows for the three and six months ended June 30, 2021 and 2020: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Research and development $ 1,974 $ 178 $ 3,683 $ 350 General and administrative 1,475 149 2,522 308 Total $ 3,449 $ 327 $ 6,205 $ 658 |
Restricted Stock [Member] | |
Summary of Stock Options | The following table summarizes the Company’s restricted common stock activity for the six months ended June 30, 2021: Number of Awards Weighted- Average Grant Date Fair Value Aggregate Fair Value Issued and unvested as of January 1, 2021 408,411 1.15 470 Restricted stock awards granted — — Restricted stock awards vested (183,694 ) 0.98 (180 ) Issued and unvested as of June 30, 2021 224,717 1.30 290 |
Fair value (Tables)
Fair value (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of fair value of the financial instruments that are measured at fair value on a recurring basis | The following tables present the fair value of the Company’s financial instruments that are measured or disclosed at fair value on a recurring basis: Fair Value Measurements as of June 30, 2021 Level 1 Level 2 Level 3 Assets: Cash equivalents 187,650 - - U.S. Treasury bonds 3,003 - - $ 190,653 $ - $ - Fair Value Measurements as of December 31, 2020 Level 1 Level 2 Level 3 Assets: Cash equivalents $ 220,383 $ - $ - U.S. Treasury bonds 23,144 - - $ 243,527 $ - $ - |
Net loss per share (Tables)
Net loss per share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table summarizes the computation of basic and diluted net loss per share of the Company: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Net loss $ (29,818 ) $ (20,797 ) $ (57,492 ) $ (40,826 ) Weighted average common stock outstanding, basic and diluted 37,619,039 2,810,854 37,526,650 2,729,827 Net loss per share - basic and diluted $ (0.79 ) $ (7.40 ) $ (1.53 ) $ (14.96 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The Company excluded the following potential shares of Common Stock, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended Six Months Ended June 30, June 30, 2021 2020 2021 2020 Convertible preferred stock - 19,201,430 - 19,201,430 Forward contract to issue redeemable convertible preferred stock - 3,569,630 - 3,569,630 Options to purchase common stock 5,550,324 2,298,695 5,550,324 2,298,695 Unvested restricted stock 224,688 617,795 224,688 617,795 Warrants to purchase preferred stock - 83,149 - 83,149 5,775,012 25,770,699 5,775,012 25,770,699 |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Nov. 05, 2020 | Oct. 20, 2020 | Oct. 08, 2020 | Jun. 30, 2021 | Dec. 31, 2020 |
Nature Of Operations [Line Items] | |||||
Reverse stock split | 1-for-9.3197 | ||||
Common Stock, Shares, Issued | 38,200,121 | 38,120,606 | |||
Accumulated deficit | $ 232,232 | $ 174,740 | |||
Unrestricted cash, Cash equivalent and short term investment | $ 190,700 | ||||
Conversion Of Stock Voting Shares [Member] | |||||
Nature Of Operations [Line Items] | |||||
Temporary equity shares converted into permanent equity | 19,761,870 | ||||
Conversion Of Stock Non Voting Shares [Member] | |||||
Nature Of Operations [Line Items] | |||||
Temporary equity shares converted into permanent equity | 3,092,338 | ||||
IPO | |||||
Nature Of Operations [Line Items] | |||||
Stock issued during the period new issues shares | 10,000,000 | ||||
Sale of stock issue price per share | $ 15 | ||||
Sale of stock net consideration received on the transaction | $ 135,400 | ||||
Underwriting discounts and commissions | 10,500 | ||||
Offer expenses | $ 4,100 | ||||
Over-Allotment Option [Member] | |||||
Nature Of Operations [Line Items] | |||||
Sale of stock net consideration received on the transaction | $ 16,000 | ||||
Underwriting discounts and commissions | $ 1,200 | ||||
Common Stock, Shares, Issued | 1,150,000 |
Summary of significant accoun_4
Summary of significant accounting policies - Additional Information (Detail) | Jul. 06, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)Segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) |
Financing Sources [Line Items] | ||||||
Re-measurement gain (loss) | $ (258,000) | $ 7,000 | $ (207,000) | $ 52,000 | ||
Number of reportable segments | Segment | 1 | |||||
Revenue from collaborations | 1,545,000 | $ 2,455,000 | ||||
Property and equipment, net | 6,955,000 | $ 6,955,000 | $ 8,007,000 | |||
Cash equivalent qualification, description | The Company considers all highly liquid investments purchased with original maturities of 90 days or less at acquisition to be cash equivalents. | |||||
Restricted cash | 193,000 | $ 193,000 | 560,000 | |||
Impairment of long lived assets | 0 | 0 | 0 | 0 | ||
Other than temporary impairment losses, investments | 0 | 0 | 0 | 0 | ||
Royalties due | 0 | 0 | 0 | 0 | ||
Expenses on milestone payments | 0 | $ 0 | 0 | $ 0 | ||
Dividends, common stock, cash | $ 0 | |||||
Expected dividend yield | 0.00% | |||||
US | ||||||
Financing Sources [Line Items] | ||||||
Property and equipment, net | 5,900,000 | $ 5,900,000 | 6,600,000 | |||
Belgium | ||||||
Financing Sources [Line Items] | ||||||
Property and equipment, net | 1,100,000 | 1,100,000 | 1,400,000 | |||
Product [Member] | ||||||
Financing Sources [Line Items] | ||||||
Revenue from collaborations | 0 | |||||
Follow-on Offering [Member] | Other Noncurrent Assets [Member] | ||||||
Financing Sources [Line Items] | ||||||
Deferred offering costs | $ 737,000 | $ 737,000 | $ 0 | |||
Follow-on Offering [Member] | Subsequent Event [Member] | ||||||
Financing Sources [Line Items] | ||||||
Stock issued during the period new issues shares | shares | 4,400,000 | |||||
Sale of stock issue price per share | $ / shares | $ 19 | |||||
Sale of stock net consideration received on the transaction | $ 77,900,000 |
Summary of significant accoun_5
Summary of significant accounting policies - Summary of Estimated Useful Life of Asset (Detail) | 6 Months Ended |
Jun. 30, 2021 | |
Lab Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Computer Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Furniture and Office Equipment [Member] | Minimum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 3 years |
Furniture and Office Equipment [Member] | Maximum [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 8 years |
Vehicles [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 4 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | Shorter of the useful life or remaining lease term |
Property and equipment - Summar
Property and equipment - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Total, at cost | $ 12,709 | $ 12,250 |
Accumulated depreciation | (5,754) | (4,243) |
Total, net | 6,955 | 8,007 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 5,717 | 5,655 |
Lab equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 5,217 | 4,833 |
Computer equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 989 | 942 |
Furniture and office equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 471 | 459 |
Vehicles [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | 296 | 296 |
Asset under construction [Member] | ||
Property Plant And Equipment [Line Items] | ||
Total, at cost | $ 19 | $ 65 |
Property and equipment - Additi
Property and equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 764,000 | $ 680,000 | $ 1,511,000 | $ 1,290,000 |
Investments - Summary of Availa
Investments - Summary of Available For Sale and Held to Maturity Securities Amortized Cost Gross Unrealized Gains Losses and Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Available For Sale And Held To Maturity Securities Amortised Cost Gross Unrealised Gains Losses And Fair Value [Line Items] | ||
Available-for-sale securities, Amortized Cost | $ 3,002 | |
Available-for-sale securities, Gross Unrealized Gain | 1 | |
Available-for-sale securities, Estimated Fair Value | 3,003 | |
Total Held-to-maturity securities and Available for-sale securities Amortized Cost | $ 23,062 | |
Total Held-to-maturity securities and Available for-sale securities Gross Unrealized Gain | 82 | |
Total Held-to-maturity securities and Available for-sale securities Estimated Fair Value | 23,144 | |
U.S. Treasury bonds [Member] | ||
Schedule Of Available For Sale And Held To Maturity Securities Amortised Cost Gross Unrealised Gains Losses And Fair Value [Line Items] | ||
Available-for-sale securities, Amortized Cost | 3,002 | 13,060 |
Available-for-sale securities, Gross Unrealized Gain | 1 | 68 |
Available-for-sale securities, Estimated Fair Value | $ 3,003 | 13,128 |
Held-to-maturity securities, Amortized Cost | 10,002 | |
Held-to-maturity securities, Gross Unrealized Gain | 14 | |
Held-to-maturity securities, Estimated Fair Value | $ 10,016 |
Investments - Summary of Debt S
Investments - Summary of Debt Securities Available for Sale and Held to Maturity (Detail) $ in Thousands | Jun. 30, 2021USD ($) |
Debt Securities Available For Sale And Held To Maturity [Abstract] | |
Available-for-Sale, Amortized Cost, One year or less | $ 3,002 |
Available-for-sale, Amortized Cost, Total investments | 3,002 |
Available-for-Sale, Estimated Fair Value, One year or less | 3,003 |
Available-for-sale, Estimated Fair Value, Total investments | $ 3,003 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Fixed-Maturity Securities [Member] | ||||
Investment In Available For Sale And Held To Maturity Securities [Line Items] | ||||
Interest income | $ 72,000 | $ 374,000 | $ 178,000 | $ 752,000 |
Accrued liabilities - Summary o
Accrued liabilities - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Accrued payables | $ 13,285 | $ 7,274 |
Accrued compensation | 4,848 | 8,554 |
Liability for early exercised stock options | 444 | 569 |
Other | 483 | 167 |
Total | $ 19,060 | $ 16,564 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Lessee Lease Description [Line Items] | |||||
Operating lease, payments | $ 659,000 | $ 636,000 | $ 1,300,000 | $ 1,200,000 | |
Finance lease right of use assets | 296,000 | 296,000 | $ 296,000 | ||
Finance lease right of use assets accumulated amortization | $ 144,000 | $ 144,000 | $ 76,000 | ||
Minimum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Operating and finance lease remaining lease term | 4 years | ||||
Operating lease option to extend | 5 years | ||||
Maximum [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Operating and finance lease remaining lease term | 8 years 6 months | ||||
Operating lease option to extend | 8 years |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Operating Lease | ||
2021, remainder | $ 1,369 | |
2022 | 2,802 | |
2023 | 2,756 | |
2024 | 2,678 | |
2025 | 2,772 | |
Thereafter | 3,642 | |
Less: imputed interest | (3,648) | |
Present value of lease liabilities | 12,371 | |
Less: current portion | (2,607) | $ (2,442) |
Lease liabilities net of current portion | 9,764 | 10,371 |
Finance Lease | ||
2021, remainder | 40 | |
2022 | 79 | |
2023 | 42 | |
2024 | 1 | |
Less: imputed interest | (6) | |
Present value of lease liabilities | 156 | |
Less: current portion | (26) | (64) |
Lease liabilities net of current portion | $ 130 | $ 130 |
Leases - Summary of Components
Leases - Summary of Components of Lease Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Lease Cost [Abstract] | ||||
Operating lease cost | $ 484 | $ 472 | $ 953 | $ 934 |
Finance lease cost: | ||||
Amortization of right-of-use assets | 19 | 18 | 37 | 30 |
Interest on lease liabilities | 1 | 2 | 3 | 4 |
Total finance lease cost | $ 20 | $ 20 | $ 40 | $ 34 |
Leases - Summary of Additional
Leases - Summary of Additional Information Related to the leases (Detail) | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Additional Information Related To The Leases [Abstract] | ||
Weighted-average remaining lease term (years) | 5 years 6 months 29 days | 5 years 11 months 19 days |
Weighted-average discount rate | 9.38% | 9.35% |
Weighted-average remaining lease term (years) | 2 years 2 months 12 days | 2 years 8 months 4 days |
Weighted-average discount rate | 3.12% | 3.15% |
Derivative liabilities and re_2
Derivative liabilities and redeemable convertible preferred stock liability - Additional Information (Detail) - USD ($) | Oct. 19, 2020 | Dec. 23, 2019 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Aug. 16, 2018 | Jun. 06, 2018 | Apr. 20, 2018 |
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | ||||||||
Class of warrant or right, number of securities called by warrants or rights | 134,112 | |||||||
Percentage of principal amount of notes covered by warrants | 25.00% | |||||||
Warrants issued expiry period | 10 years | |||||||
Warrants issued closing date | Apr. 20, 2018 | |||||||
Changes in fair value of the warrants | $ 137,000 | |||||||
Derivative Financial Instruments, Liabilities [Member] | ||||||||
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | ||||||||
Changes in fair value of the warrants | $ 76,000 | 56,000 | ||||||
Derivative Financial Instruments, Liabilities [Member] | Warrant [Member] | ||||||||
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | ||||||||
Fair value of warrants upon issuance | $ 238,000 | $ 700,000 | ||||||
Mandatorily Redeemable Preferred Stock [Member] | ||||||||
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | ||||||||
Redeemable convertible preferred stock liability at a fair value | $ 3,200,000 | |||||||
Series A | ||||||||
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | ||||||||
Warrants exercise price per share | $ 9.32 | |||||||
Sale of stock issue price per share | $ 9.32 | |||||||
Series B Two Preferred Stock [Member] | ||||||||
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | ||||||||
Sale of Stock, Number of Shares Issued in Transaction | 3,569,630 | 3,569,630 | ||||||
Sale of stock issue price per share | $ 11.20563 | |||||||
Change in fair value of liability | $ 198,000 | $ 364,000 | ||||||
Maximum [Member] | ||||||||
Derivative Liabilities And Convertible Preferred Stock Liability [Line Items] | ||||||||
Warrants issued closing date | Jun. 6, 2018 |
Capital stock - Additional Info
Capital stock - Additional Information (Detail) - USD ($) | Oct. 19, 2020 | Dec. 23, 2019 | Sep. 19, 2018 | Aug. 16, 2018 | Dec. 31, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | Oct. 20, 2020 |
Number of shares of common stock authorized | 320,000,000 | 320,000,000 | 320,000,000 | |||||
Number of shares of preferred stock authorized | 10,000,000 | 10,000,000 | ||||||
Preferred stock authorized par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | |||||
Common stock voting right | one | |||||||
Preferred Stock, Conversion split | one-for-one | |||||||
Preferred stock issued | 0 | |||||||
Voting Common Stock [Member] | ||||||||
Number of shares of common stock authorized | 300,000,000 | |||||||
Non-Voting Common Stock [Member] | ||||||||
Number of shares of common stock authorized | 20,000,000 | |||||||
Series A Preferred Stock [Member] | ||||||||
Sale of stock issue price per share | $ 9.32 | |||||||
Sale of stock, consideration received on transaction | $ 20,000,000 | $ 75,000,000 | ||||||
Series A [Member] | ||||||||
Conversion of convertible notes to redeemable convertible preferred stock | 5,600,000 | |||||||
Stock issuance costs | $ 194,000 | |||||||
Series B Preferred Stock [Member] | ||||||||
Sale of stock, consideration received on transaction | $ 125,000,000 | |||||||
Series B One Preferred Stock [Member] | ||||||||
Sale of stock issue price per share | $ 10.18690 | |||||||
Sale of stock, consideration received on transaction | $ 85,000,000 | |||||||
Stock issuance costs | $ 442,000 | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 8,344,034 | |||||||
Series B Two Preferred Stock [Member] | ||||||||
Sale of stock issue price per share | $ 11.20563 | |||||||
Sale of Stock, Number of Shares Issued in Transaction | 3,569,630 | 3,569,630 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 3,449,000 | $ 327,000 | $ 6,205,000 | $ 658,000 | |
Share based compensation expense recognized tax benefit | $ 0 | 0 | $ 0 | 0 | |
Shares of common stock held by employees subject to repurchase | 280,195 | 396,522 | |||
Share price | $ 400,000 | $ 400,000 | $ 600,000 | ||
Stock Option [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 3,100,000 | 237,000 | $ 5,800,000 | 478,000 | |
Share based payment unamortized share based payment expenses | $ 37,200,000 | $ 37,200,000 | |||
Share based payment expenses amortized over a weighted average period | 2 years 11 months 19 days | ||||
Share based payments weighted-average grant date fair value | $ 17.70 | $ 17.61 | |||
Common stock issued upon exercise of stock options | 262,982 | ||||
Restricted Stock [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 89,000 | $ 90,000 | $ 179,000 | $ 180,000 | |
Share based payment unamortized share based payment expenses | 272,000 | $ 272,000 | |||
Share based payment expenses amortized over a weighted average period | 9 months 18 days | ||||
Employee Stock Purchase Plan [Member] | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Share based compensation expense | $ 240,000 | $ 240,000 | |||
Purchase of common stock | 0 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Options (Detail) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | |
Stock Option [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Number of options - Beginning balance | 5,488,148 | |
Number of options, Granted | 236,100 | |
Number of options, Exercised | (81,013) | |
Number of options, Cancelled | (84,649) | |
Number of options - Ending balance | 5,558,586 | 5,488,148 |
Number of options vested and expected to vest | 5,508,442 | |
Number of options vested and exercisable | 1,089,387 | |
Weighted average exercise price - Beginning balance | $ / shares | $ 11.19 | |
Weighted average exercise price Granted | $ / shares | 26.06 | |
Weighted average exercise price Exercised | $ / shares | 3.79 | |
Weighted average exercise price Cancelled | $ / shares | 12.36 | |
Weighted Average Exercise Price - Ending balance | $ / shares | 11.91 | $ 11.19 |
Weighted average exercise price Options vested and expected to vest | $ / shares | 11.99 | |
Weighted average exercise price options vested and exercisable | $ / shares | $ 7.86 | |
Weighted- Average Remaining Contractual Term, Outstanding | 9 years 1 month 2 days | 9 years 6 months 25 days |
Weighted- Average Remaining Contractual Term, Options vested and expected to vest | 9 years 1 month 2 days | |
Weighted- Average Remaining Contractual Term, Options vested and exercisable | 8 years 9 months 21 days | |
Aggregate Intrinsic Value - Options outstanding | $ | $ 90,335 | |
Aggregate Intrinsic Value - Exercised | $ | $ 307 | |
Aggregate Intrinsic Value - Options outstanding | $ | 47,137 | |
Aggregate Intrinsic Value, options vested and expected to vest | $ | 46,271 | |
Aggregate Intrinsic Value, Options vested and exercisable | $ | $ 13,650 | |
Restricted Stock [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Number of awards - Beginning balance | 408,411 | |
Number of awards, granted | 0 | |
Number of awards, vested | (183,694) | |
Number of awards - Ending balance | 224,717 | 408,411 |
Weighted average granted fair date value - Beginning balance | $ / shares | $ 1.15 | |
Weighted average granted fair date value, vested | $ / shares | 0.98 | |
Weighted average granted fair date value - Ending balance | $ / shares | $ 1.30 | $ 1.15 |
Aggregate intrinsic value - Beginning | $ | $ 470 | |
Aggregate intrinsic value, Vested | $ | (180) | |
Aggregate intrinsic value - Ending balance | $ | $ 290 | $ 470 |
Stock-based Compensation - Su_2
Stock-based Compensation - Summary of Stock Based Compensation Expense Was Allocated (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated Share Based Compensation Expense | $ 3,449 | $ 327 | $ 6,205 | $ 658 |
Research and Development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated Share Based Compensation Expense | 1,974 | 178 | 3,683 | 350 |
General and Administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Allocated Share Based Compensation Expense | $ 1,475 | $ 149 | $ 2,522 | $ 308 |
Fair value - Summary of Fair Va
Fair value - Summary of Fair Value of the Financial Instruments that are Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Level 1 [Member] | ||
Assets: | ||
Cash equivalents | $ 187,650 | $ 220,383 |
Fair value, assets | 190,653 | 243,527 |
Level 1 [Member] | U.S. Treasury bonds [Member] | ||
Assets: | ||
U.S. Treasury bonds | 3,003 | 23,144 |
Level 2 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Fair value, assets | 0 | 0 |
Level 2 [Member] | U.S. Treasury bonds [Member] | ||
Assets: | ||
U.S. Treasury bonds | 0 | 0 |
Level 3 [Member] | ||
Assets: | ||
Cash equivalents | 0 | 0 |
Fair value, assets | 0 | 0 |
Level 3 [Member] | U.S. Treasury bonds [Member] | ||
Assets: | ||
U.S. Treasury bonds | $ 0 | $ 0 |
License and collaboration agr_2
License and collaboration agreements - Additional Information (Detail) - USD ($) | Jun. 25, 2020 | Jun. 30, 2020 | Apr. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2020 | Dec. 19, 2018 | Aug. 16, 2018 | Jun. 30, 2018 |
Expense related to milestone payments | $ 0 | $ 0 | $ 0 | $ 0 | |||||||||
KU Leuven [Member] | |||||||||||||
Collaboration expire period | 2 years 6 months | ||||||||||||
Emory license agreement [Member] | Emory university [Member] | |||||||||||||
Non-refundable payment | $ 150,000 | ||||||||||||
Long term purchase commitment additional obligation to be paid | 35,000 | ||||||||||||
Research plan funding amount | $ 270,000 | ||||||||||||
Research plan expiry period | 1 year | ||||||||||||
Long term purchase commitment period description | The research plan terminates one year from the effective date, with the Company having an option to extend for a second year. | ||||||||||||
Expense related to milestone payments | $ 147,000 | ||||||||||||
Payments for royalties | 0 | 0 | 0 | 0 | |||||||||
Expense or accruals recognized related to royalties | 0 | 0 | 0 | 0 | |||||||||
Emory license agreement [Member] | Emory university [Member] | Maximum [Member] | |||||||||||||
Aggregate payments | $ 125,000,000 | ||||||||||||
Emory license agreement [Member] | Series A | Emory university [Member] | |||||||||||||
Debt instrument, conversion price | $ 9.32 | ||||||||||||
Luxna license agreement [Member] | Luxna biotech Co Ltd [Member] | |||||||||||||
Expense related to milestone payments | 0 | 0 | 0 | 0 | |||||||||
Payments for royalties | 0 | $ 0 | $ 0 | $ 0 | |||||||||
Luxna license agreement [Member] | Luxna biotech Co Ltd [Member] | Maximum [Member] | |||||||||||||
Aggregate payments | $ 55,500,000 | ||||||||||||
Katholieke Universiteit Leuven License Agreement [Member] | Katholieke Universiteit Leuven [Member] | |||||||||||||
Non-refundable payment | $ 30,000,000 | ||||||||||||
Long term purchase commitment period description | Unless terminated earlier by either party, the agreement shall continue until the expiration of the last to expire royalty term, which is the later of the expiration or termination of the last valid patent claim covering the manufacture, use, sale or importation of the licensed product in a particular country or 10 years after the first commercial sale of a licensed product. | ||||||||||||
First commercial sale of a licensed product period | 10 years | ||||||||||||
Katholieke Universiteit Leuven License Agreement [Member] | Katholieke Universiteit Leuven [Member] | Maximum [Member] | |||||||||||||
Non-refundable payment | $ 32,000,000 | ||||||||||||
Merck License and Research Collaboration [Member] | Merck [Member] | |||||||||||||
Revenue recognized from collaborative arrangements | $ 1,500,000 | $ 2,500,000 | |||||||||||
Merck License and Research Collaboration [Member] | Merck [Member] | Maximum [Member] | |||||||||||||
Milestone payments and royalties receivable | $ 458,000,000 | ||||||||||||
Research and Development [Member] | Emory license agreement [Member] | Emory university [Member] | |||||||||||||
Upfront license fees paid | 290,000 | ||||||||||||
Convertible notes issued for purchasing license | $ 600,000 | ||||||||||||
Research and Development [Member] | Luxna license agreement [Member] | Luxna biotech Co Ltd [Member] | |||||||||||||
Upfront license fees paid | $ 600,000 | $ 600,000 | |||||||||||
Non-refundable payment | $ 200,000 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Detail) - USD ($) | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments And Contingencies Disclosure [Abstract] | ||
Contingent liabilities | $ 0 | $ 0 |
Net loss per share - Schedule o
Net loss per share - Schedule of Earnings Per Share Basic and Diluted (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Earnings Per Share Basic And Diluted [Abstract] | ||||
Net loss | $ (29,818) | $ (20,797) | $ (57,492) | $ (40,826) |
Weighted average shares of common stock, basic and diluted | 37,619,039 | 2,810,854 | 37,526,650 | 2,729,827 |
Net loss per share, basic and diluted | $ (0.79) | $ (7.40) | $ (1.53) | $ (14.96) |
Net loss per share - Schedule_2
Net loss per share - Schedule of Antidilutive Securities Excluded From Computation of Earnings Per Share (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 5,775,012 | 25,770,699 | 5,775,012 | 25,770,699 |
Convertible preferred stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 19,201,430 | 19,201,430 | ||
Forward contract to issue redeemable convertible preferred stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 3,569,630 | 3,569,630 | ||
Options to purchase common stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 5,550,324 | 2,298,695 | 5,550,324 | 2,298,695 |
Unvested restricted stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 224,688 | 617,795 | 224,688 | 617,795 |
Warrants to purchase preferred stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share, amount | 83,149 | 83,149 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) - Follow-on Offering [Member] - Subsequent Event [Member] $ / shares in Units, $ in Millions | Jul. 06, 2021USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Number of shares issued | shares | 4,400,000 |
Public offering price | $ / shares | $ 19 |
Net proceeds | $ | $ 77.9 |