Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 29, 2021 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Current Fiscal Year End Date | --12-31 | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-39655 | |
Entity Registrant Name | GALECTO, INC. | |
Entity Central Index Key | 0001800315 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 37-1957007 | |
Entity Address, Address Line One | Ole Maaloes Vej 3 | |
Entity Address, Address Line Two | DK-2200 | |
Entity Address, City or Town | Copenhagen N | |
Entity Address, Country | DK | |
City Area Code | +45 | |
Local Phone Number | 70 70 52 10 | |
Title of 12(b) Security | Common Stock, par value $0.00001 per share | |
Trading Symbol | GLTO | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 25,261,832 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 74,253 | $ 163,582 |
Marketable securities | 36,081 | |
Prepaid expenses and other current assets | 6,568 | 5,713 |
Total current assets | 116,902 | 169,295 |
Marketable securities, long-term | 38,576 | |
Other assets, noncurrent | 1,116 | 1,162 |
Operating lease right-of-use asset | 933 | 885 |
Property and equipment, net | 63 | |
Tax credit receivable, noncurrent | 868 | |
Restricted cash | 197 | 254 |
Total assets | 158,655 | 171,596 |
Current liabilities | ||
Accounts payable | 1,782 | 2,851 |
Accrued expenses and other current liabilities | 3,758 | 2,715 |
Total current liabilities | 5,540 | 5,566 |
Operating lease liabilities, noncurrent | 544 | 541 |
Total liabilities | 6,084 | 6,107 |
Commitments and contingencies (Note 9) | ||
Stockholders’ equity | ||
Preferred stock, par value of $0.00001 per share; 10,000,000 shares authorized at March 31, 2021 and December 31, 2020; no shares issued or outstanding as of March 31, 2021 and December 31, 2020 | ||
Additional paid-in capital | 270,206 | 269,175 |
Accumulated deficit | (117,705) | (104,360) |
Accumulated other comprehensive income (loss) | 70 | 674 |
Total stockholders’ equity | 152,571 | 165,489 |
Total liabilities and stockholders' equity | $ 158,655 | $ 171,596 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, authorized | 300,000,000 | 300,000,000 |
Common stock, issued | 25,261,832 | 25,261,832 |
Common stock, outstanding | 25,261,832 | 25,261,832 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Operating expenses | ||
Research and development | $ 9,990 | $ 4,707 |
General and administrative | 3,562 | 1,123 |
Total operating expenses | 13,552 | 5,830 |
Loss from operations | (13,552) | (5,830) |
Other income (expense), net | ||
Interest income, net | 39 | |
Foreign exchange transaction gain, net | 168 | 156 |
Total other income (expense), net | 207 | 156 |
Net loss | $ (13,345) | $ (5,674) |
Net loss per common share, basic and diluted | $ (0.53) | $ (21.83) |
Weighted-average number of shares used in computing net loss per common share, basic and diluted | 25,261,832 | 259,966 |
Other comprehensive loss | ||
Net loss | $ (13,345) | $ (5,674) |
Currency translation loss | (524) | (210) |
Unrealized loss on marketable securities | (80) | |
Total comprehensive loss | $ (13,949) | $ (5,884) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Stock and Changes in Stockholders' Equity - USD ($) $ in Thousands | Total | Series B Convertible Preferred Stock | Series C Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Other Comprehensive Loss |
Beginning balance at Dec. 31, 2019 | $ (71,148) | $ 826 | $ (69,523) | $ (2,451) | |||
Beginning balance (in shares) at Dec. 31, 2019 | 684,068 | 4,125,056 | |||||
Beginning balance at Dec. 31, 2019 | $ 13,414 | $ 106,205 | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 259,966 | ||||||
Currency translation loss | (210) | (210) | |||||
Net loss | (5,674) | (5,674) | |||||
Ending balance at Mar. 31, 2020 | (77,032) | 826 | (75,197) | (2,661) | |||
Ending balance (in shares) at Mar. 31, 2020 | 684,068 | 4,125,056 | |||||
Ending balance at Mar. 31, 2020 | $ 13,414 | $ 106,205 | |||||
Ending balance (in shares) at Mar. 31, 2020 | 259,966 | ||||||
Beginning balance at Dec. 31, 2020 | 165,489 | 269,175 | (104,360) | 674 | |||
Beginning balance (in shares) at Dec. 31, 2020 | 25,261,832 | ||||||
Stock-based compensation expense | 1,031 | 1,031 | |||||
Currency translation loss | (524) | (524) | |||||
Unrealized loss on marketable securities | (80) | (80) | |||||
Net loss | (13,345) | (13,345) | |||||
Ending balance at Mar. 31, 2021 | $ 152,571 | $ 270,206 | $ (117,705) | $ 70 | |||
Ending balance (in shares) at Mar. 31, 2021 | 25,261,832 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (13,345,000) | $ (5,674,000) |
Adjustment to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 2,000 | |
Stock-based compensation | 1,031,000 | |
Non-cash interest expense | (92,000) | |
Amortization of right of use lease asset | 97,000 | 25,000 |
Accretion of lease liability | 19,000 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (855,000) | 309,000 |
Accounts payable | (1,069,000) | (1,717,000) |
Accrued expenses and other current liabilities | 1,002,000 | (890,000) |
Other assets, noncurrent | (822,000) | |
Operating lease liabilities | (119,000) | (31,000) |
Net cash used in operating activities | (14,151,000) | (7,978,000) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (74,566,000) | |
Purchases of property and equipment | (65,000) | |
Net cash used in investing activities | (74,631,000) | |
Cash flows from financing activities: | ||
Proceeds from issuance of Series C preferred stock, net | 39,668,000 | |
Net cash provided by financing activities | 39,668,000 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (88,782,000) | 31,690,000 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (604,000) | (210,000) |
Cash, cash equivalents and restricted cash, beginning of period | 163,836,000 | 11,525,000 |
Cash, cash equivalents and restricted cash, end of period | 74,450,000 | 43,005,000 |
Components of cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 74,253,000 | 42,779,000 |
Restricted cash | 197,000 | 226,000 |
Cash, cash equivalents and restricted cash, end of period | 74,450,000 | $ 43,005,000 |
Supplemental disclosures of cash flow information: | ||
Cash paid for taxes | 38,000 | |
Supplemental disclosures of noncash activities: | ||
Operating lease liabilities arising from obtaining right-of-use assets | $ 161,000 |
Description of Business, Organi
Description of Business, Organization and Liquidity | 3 Months Ended |
Mar. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business, Organization and Liquidity | 1. DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY Business and Organization Galecto, Inc., together with its consolidated subsidiaries, or the Company or Galecto, is a clinical-stage biotechnology company developing therapeutics that are designed to target the biological processes that lie at the heart of fibrosis and impact a broad range of fibrotic and related diseases, including cancer. The Company’s initial focus is on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, or LOXL2, which play key roles in regulating fibrosis and cancer. As of March 31, 2021, the Company’s wholly owned subsidiaries were PharmAkea, Inc. or PharmAkea, Galecto Securities Corporation and Galecto Biotech AB, a Swedish company. Galecto Biotech ApS, a Danish operating company, was Galecto Biotech AB’s wholly owned subsidiary. 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. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance reporting capabilities. The Company’s product candidates are in development. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. Liquidity and management plans The accompanying condensed The accompanying interim condensed consolidated financial statements as of March 31, 2021 and for the three months ended March 31, 2021 and 2020, and related interim information contained within the notes to the condensed consolidated financial statements, are unaudited. In management’s opinion, the unaudited interim condensed In response to the impact of COVID-19, the Company has implemented certain measures intended to help the Company manage its impact and position the Company to resume operations quickly and efficiently once these restrictions are lifted, such as executing a work-from-home strategy for administrative functions and operations. The Company continues to monitor the impact of COVID-19 and assess its strategy accordingly. Despite the Company’s implementation of such measures, the actual and perceived impact of the COVID-19 pandemic is changing daily, and its ultimate effect on the Company cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant. The COVID-19 pandemic may negatively impact the Company’s business, financial condition and results of operations by decreasing or delaying the enrollment of patients in the Company’s clinical trials or otherwise causing interruptions or delays in the Company’s programs and services. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief and Economic Security Act, or CARES Act. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effect of COVID-19. The CARES Act provides sweeping tax changes in response to the COVID-19 pandemic, some of the more significant provisions include removing certain limitations on the utilization of net operating losses, increasing the loss carryback period for certain losses to five years, increasing the ability to deduct interest expense, and deferring social security payments, as well as amending certain provisions of the previously enacted Tax Cuts and Jobs Act of 2017. The Company does not believe the CARES Act will have a material impact on its financial position and results of operations. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Other than noted below, there have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the year ended December 31, 2020 included in the Annual Report on Form 10-K filed with the SEC on March 29, 2021. Investments in Marketable Securities The Company invests excess cash balances in short-term and long-term marketable debt securities. The Company classifies investments in marketable debt securities as either held-to-maturity or available-for-sale based on facts and circumstances present at the time of purchase and re-evaluates classification at each balance sheet date. All investments in marketable debt securities at each balance sheet date presented, are generally considered as available-for-sale. Marketable debt securities with maturities of twelve months or less are classified as short-term investments and marketable debt securities with maturities greater than twelve months are classified based on their availability for use in current operations. The Company reports available-for-sale debt securities at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value), net of applicable taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s condensed consolidated statements of operations and comprehensive loss. Property and Equipment, Net Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements Lesser of 10 years or the remaining term of the respective lease Recently issued accounting standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes |
Investments
Investments | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 3. INVESTMENTS Cash in excess of the Company’s immediate requirements is invested in accordance with the Company’s investment policy that primarily seeks to maintain adequate liquidity and preserve capital. The following table summarizes the Company’s interest-bearing investments, by category, as of March 31, 2021 (in thousands ): March 31, Investments - Current: 2021 Debt securities - available-for-sale $ 36,081 Total $ 36,081 Investments - Noncurrent: Debt securities - available-for-sale $ 38,576 Total $ 38,576 A summary of the Company’s available-for-sale investments as of March 31, 2021 consisted of the following (in thousands): At March 31, 2021 Cost Gross Unrealized Gross Unrealized Fair Investments - Current: Basis Gains Losses Value Corporate bonds $ 36,097 $ — $ (16 ) $ 36,081 Total $ 36,097 $ — $ (16 ) $ 36,081 Investments - Noncurrent: Corporate bonds $ 38,640 $ — $ (64 ) $ 38,576 Total $ 38,640 $ — $ (64 ) $ 38,576 The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of March 31, 2021 consisted of the following (in thousands): Amortized Fair Cost Value Due in one year or less $ 36,097 $ 36,081 Due after one year through five years 38,640 38,576 Total $ 74,737 $ 74,657 The Company had no marketable securities as of December 31, 2020. |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 4. PROPERTY AND EQUIPMENT, NET Property and equipment as of March 31, 2021 consisted of the following (in thousands): March 31, 2021 Equipment $ 65 Total property and equipment 65 Less: accumulated depreciation (2 ) Property and equipment, net $ 63 Depreciation expense for the three months ended March 31, 2021 was $2,000. The Company had no property and equipment as of December 31, 2020. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS 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 are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. The Company classified its money market funds within Level 1 because their fair values are based on their quoted market prices. The Company classified its debt securities within Level 2 because their fair values are determined using alternative pricing sources or models that utilized market observable inputs. A summary of the assets that are measured at fair value as of March 31, 2021 and December 31, 2020 is as follows (in thousands): Fair Value Measurement at March 31, 2021 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds ( 1) $ 66,637 $ 66,637 $ — $ — Debt securities 74,657 — 74,657 — Total $ 141,294 $ 66,637 $ 74,657 $ — Fair Value Measurement at December 31, 2020 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds ( 1) $ 142,904 142,904 — — Total $ 142,904 $ 142,904 $ — $ — (1) Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Current Assets | 6. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2021 2020 Contract research and development costs $ 3,792 $ 1,620 Prepaid insurance costs 1,166 1,642 Research and development tax credit receivable 868 1,808 Value-added tax refund receivable 310 401 Other 432 242 Total prepaid expenses and other current assets $ 6,568 $ 5,713 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Leases | 7. LEASES The Company is party to four operating leases for office and laboratory space. The Company’s finance leases are immaterial both individually and in the aggregate. The Company has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the three months ended March 31, 2021 and 2020 was $98,000 and $42,000, respectively. The Company has an operating lease for its corporate headquarters in Copenhagen, Denmark for office space that expires in October 2021 and has a renewal option which expires in October 2024. In June 2020, the Company amended the related lease agreement to include an additional 1,300 square feet of office space. The Company also has a lease agreement for office space in London, United Kingdom, that expires August 2022 and has a renewal option and a lease agreement for office space in Gothenburg, Sweden, that expires in September 2022. In January 2021, the Company entered into an operating lease agreement in Stevenage, United Kingdom, for laboratory space. Quantitative information regarding the Company’s leases for the three months ended March 31, 2021 and 2020 is as follows: March 31, Lease Cost 2021 2020 Operating lease cost (in thousands) $ 119 $ 31 Other Information Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands) $ 119 $ 31 Operating lease liabilities arising from obtaining right-of-use assets (in thousands) $ 161 $ — Weighted average remaining lease term (years) 2.6 4.2 Weighted average discount rate 8.0% 8.0% As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Future lease payments under noncancelable leases are as follows at March 31, 2021 (in thousands): Operating Future Lease Payments Leases 2021 (excluding the period ended March 31, 2021) $ 370 2022 380 2023 200 2024 116 2025 — Total lease payments 1,066 Less: imputed interest (107 ) Total lease liabilities $ 959 In April 2021, the Company entered into an operating lease agreement for its corporate headquarters in Copenhagen, Denmark, for office space, which will supersede the Company’s existing lease agreement. The lease agreement expires in January 2025 and additional lease payments of $286,000 are not included in the future lease payments above. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 8. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Contract research and development costs $ 1,982 $ 967 Employee compensation costs 904 1,031 Lease liabilities 415 374 Other liabilities 457 343 Total accrued expenses and other current liabilities $ 3,758 $ 2,715 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. COMMITMENTS AND CONTINGENCIES The Company’s commitments and contingencies are disclosed in Note 8 of the audited consolidated financial statements as of and for the year ended December 31, 2020, filed with the SEC on March 29, 2021. There have been no material changes to the Company’s commitments and contingencies since the date of such financial statements. Further, the Company’s commitments related to lease agreements are disclosed in Note 7 to our unaudited interim condensed consolidated financial statements. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10. STOCK-BASED COMPENSATION Employee equity plan In March 2020, the Company replaced the 2013 Option Program, or (“2013 Plan”), In October 2020, the Board approved the 2020 Equity Incentive Plan or (“2020 Equity Plan”). The 2020 Equity Plan allowed the Company to award up to 1,625,858 options and the 2,512,427 outstanding options granted under the 2020 Plan were transferred to the 2020 Equity Plan and no further options were available to be issued under the 2020 Plan. The 2020 Equity Plan will cumulatively increase by 5 percent of the number of shares of common stock issued and outstanding on January 1st each year. At March 31, 2021, the Company had 1,925,949 options available for future grant under the 2020 Equity Plan. The following table sets forth the activity for the Company’s stock options during the periods presented: Number of Options Weighted- average exercise price per share Weighted- average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2019 304,142 $ 5.58 — — Granted 2,235,285 4.67 — — Exercised (1,016 ) 1.95 — — Outstanding at December 31, 2020 2,538,411 $ 4.67 8.8 $ 20,009,769 Granted 936,000 12.89 — — Outstanding at March 31, 2021 3,474,411 $ 6.88 8.9 $ 5,392,883 Vested and expected to vest at March 31, 2021 3,170,269 $ 7.03 9.4 $ 5,185,488 Exercisable at March 31, 2021 800,778 $ 3.38 6.7 $ 2,227,144 The weighted-average grant date fair value of all stock options granted for the three months ended March 31, 2021 was $9.52. The intrinsic value at March 31, 2021 was based on the closing price of the Company’s common stock on that date of $6.08 per share. Stock-based compensation The grant date fair value of stock options vested during the three months ended March 31, 2021 was $0.2 million. Total unrecognized compensation expense related to unvested options granted under the Company’s stock-based compensation plan was $14.4 million at March 31, 2021, which is expected to be recognized over a weighted average period of 3.5 years. The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands): Three Months Ended March 31, 2021 Research and development $ 407 General and administrative 624 Total stock-based compensation $ 1,031 There was no stock-based compensation expense during the three months ended March 31, 2020. The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions: Three Months Ended March 31, 2021 Risk-free interest rate 0.5 % Expected term (in years) 6.1 Expected volatility 90.5 % Expected dividend yield — |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 11. NET LOSS PER SHARE Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts): March 31, 2021 2020 Net loss $ (13,345 ) $ (5,674 ) Net loss per common share, basic and diluted $ (0.53 ) $ (21.83 ) Weighted-average number of shares used in computing net loss per common share, basic and diluted 25,261,832 259,966 The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: March 31, 2021 2020 Stock options to purchase common stock 3,474,411 304,142 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. SUBSEQUENT EVENTS The Company has evaluated subsequent events through the date on which the unaudited interim condensed consolidated financial statements were issued. The Company has concluded that no subsequent events have occurred that require disclosure to the unaudited interim condensed consolidated financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Investments in Marketable Securities | Investments in Marketable Securities The Company invests excess cash balances in short-term and long-term marketable debt securities. The Company classifies investments in marketable debt securities as either held-to-maturity or available-for-sale based on facts and circumstances present at the time of purchase and re-evaluates classification at each balance sheet date. All investments in marketable debt securities at each balance sheet date presented, are generally considered as available-for-sale. Marketable debt securities with maturities of twelve months or less are classified as short-term investments and marketable debt securities with maturities greater than twelve months are classified based on their availability for use in current operations. The Company reports available-for-sale debt securities at fair value at each balance sheet date and includes any unrealized holding gains and losses (the adjustment to fair value), net of applicable taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity. Realized gains and losses are determined using the specific identification method and are included in other income (expense). If any adjustment to fair value reflects a decline in the value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is “other than temporary,” including the intention to sell and, if so, marks the investment to market through a charge to the Company’s condensed consolidated statements of operations and comprehensive loss. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements Lesser of 10 years or the remaining term of the respective lease |
Recently issued accounting standards | Recently issued accounting standards In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses: Measurement of Credit Losses on Financial Instruments Codification Improvements to Topic 326, Financial Instruments-Credit Losses, Topic 815, Derivatives and Hedging and Topic 825, Financial Instruments In December 2019, the FASB issued ASU No. 2019-12, Simplifying the Accounting for Income Taxes |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Summary of Estimated Useful Life of Asset | Property and equipment are recorded at cost. Costs associated with maintenance and repairs are expensed as incurred. Depreciation is provided using the straight-line method over the estimated useful lives: Asset Category Useful Life Equipment 5-7 years Furniture and fixtures 5 years Leasehold improvements Lesser of 10 years or the remaining term of the respective lease |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Investments by Category | The following table summarizes the Company’s interest-bearing investments, by category, as of March 31, 2021 (in thousands ): March 31, Investments - Current: 2021 Debt securities - available-for-sale $ 36,081 Total $ 36,081 Investments - Noncurrent: Debt securities - available-for-sale $ 38,576 Total $ 38,576 |
Summary of Available-for-Sale Investments | A summary of the Company’s available-for-sale investments as of March 31, 2021 consisted of the following (in thousands): At March 31, 2021 Cost Gross Unrealized Gross Unrealized Fair Investments - Current: Basis Gains Losses Value Corporate bonds $ 36,097 $ — $ (16 ) $ 36,081 Total $ 36,097 $ — $ (16 ) $ 36,081 Investments - Noncurrent: Corporate bonds $ 38,640 $ — $ (64 ) $ 38,576 Total $ 38,640 $ — $ (64 ) $ 38,576 |
Summary of Amortized Cost and Fair Value of Available-for-Sale Investments by Contract Maturity | The amortized cost and fair value of the Company’s available-for-sale investments, by contract maturity, as of March 31, 2021 consisted of the following (in thousands): Amortized Fair Cost Value Due in one year or less $ 36,097 $ 36,081 Due after one year through five years 38,640 38,576 Total $ 74,737 $ 74,657 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment as of March 31, 2021 consisted of the following (in thousands): March 31, 2021 Equipment $ 65 Total property and equipment 65 Less: accumulated depreciation (2 ) Property and equipment, net $ 63 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value | A summary of the assets that are measured at fair value as of March 31, 2021 and December 31, 2020 is as follows (in thousands): Fair Value Measurement at March 31, 2021 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds ( 1) $ 66,637 $ 66,637 $ — $ — Debt securities 74,657 — 74,657 — Total $ 141,294 $ 66,637 $ 74,657 $ — Fair Value Measurement at December 31, 2020 Assets: Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Money market funds ( 1) $ 142,904 142,904 — — Total $ 142,904 $ 142,904 $ — $ — (1) Money market funds with maturities of 90 days or less at the date of purchase are included within cash and cash equivalents in the accompanying condensed consolidated balance sheets and are recognized at fair value. |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): March 31, December 31, 2021 2020 Contract research and development costs $ 3,792 $ 1,620 Prepaid insurance costs 1,166 1,642 Research and development tax credit receivable 868 1,808 Value-added tax refund receivable 310 401 Other 432 242 Total prepaid expenses and other current assets $ 6,568 $ 5,713 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Leases [Abstract] | |
Quantitative Information Regarding Leases | Quantitative information regarding the Company’s leases for the three months ended March 31, 2021 and 2020 is as follows: March 31, Lease Cost 2021 2020 Operating lease cost (in thousands) $ 119 $ 31 Other Information Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands) $ 119 $ 31 Operating lease liabilities arising from obtaining right-of-use assets (in thousands) $ 161 $ — Weighted average remaining lease term (years) 2.6 4.2 Weighted average discount rate 8.0% 8.0% |
Summary of Future Lease Payments under Noncancelable Leases | Future lease payments under noncancelable leases are as follows at March 31, 2021 (in thousands): Operating Future Lease Payments Leases 2021 (excluding the period ended March 31, 2021) $ 370 2022 380 2023 200 2024 116 2025 — Total lease payments 1,066 Less: imputed interest (107 ) Total lease liabilities $ 959 |
Accrued Expenses And Other Cu_2
Accrued Expenses And Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): March 31, December 31, 2021 2020 Contract research and development costs $ 1,982 $ 967 Employee compensation costs 904 1,031 Lease liabilities 415 374 Other liabilities 457 343 Total accrued expenses and other current liabilities $ 3,758 $ 2,715 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Stock Options Activity | The following table sets forth the activity for the Company’s stock options during the periods presented: Number of Options Weighted- average exercise price per share Weighted- average remaining contractual term (in years) Aggregate intrinsic value Outstanding at December 31, 2019 304,142 $ 5.58 — — Granted 2,235,285 4.67 — — Exercised (1,016 ) 1.95 — — Outstanding at December 31, 2020 2,538,411 $ 4.67 8.8 $ 20,009,769 Granted 936,000 12.89 — — Outstanding at March 31, 2021 3,474,411 $ 6.88 8.9 $ 5,392,883 Vested and expected to vest at March 31, 2021 3,170,269 $ 7.03 9.4 $ 5,185,488 Exercisable at March 31, 2021 800,778 $ 3.38 6.7 $ 2,227,144 |
Summary of Stock-based Compensation Expenses Related to Issuance of Stock | The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands): Three Months Ended March 31, 2021 Research and development $ 407 General and administrative 624 Total stock-based compensation $ 1,031 |
Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model | The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions: Three Months Ended March 31, 2021 Risk-free interest rate 0.5 % Expected term (in years) 6.1 Expected volatility 90.5 % Expected dividend yield — |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss Per Share | Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts): March 31, 2021 2020 Net loss $ (13,345 ) $ (5,674 ) Net loss per common share, basic and diluted $ (0.53 ) $ (21.83 ) Weighted-average number of shares used in computing net loss per common share, basic and diluted 25,261,832 259,966 |
Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share | The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive: March 31, 2021 2020 Stock options to purchase common stock 3,474,411 304,142 |
Description of Business, Orga_2
Description of Business, Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Description Of Business Organization And Liquidity [Line Items] | |||
Accumulated deficit | $ 117,705 | $ 104,360 | |
Net loss | (13,345) | $ (5,674) | |
Cash, cash equivalents and marketable securities | 148,900 | ||
Cash and cash equivalents | 74,253 | 42,779 | 163,582 |
Current assets | 116,902 | 169,295 | |
Current liabilities | 5,540 | $ 5,566 | |
Clinical Development and Corporate General and Administrative Activities | |||
Description Of Business Organization And Liquidity [Line Items] | |||
Net loss | $ (14,200) | $ (8,000) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Estimated Useful Life of Asset (Detail) | 3 Months Ended |
Mar. 31, 2021 | |
Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 7 years |
Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | 5 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Estimated useful life of asset | Lesser of 10 years or the remaining term of the respective lease |
Investments - Summary of Invest
Investments - Summary of Investments by Category (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Investments - Current: | |
Debt securities - available-for-sale | $ 36,081 |
Total | 36,081 |
Investments - Noncurrent: | |
Debt securities - available-for-sale | 38,576 |
Total | $ 38,576 |
Investments - Summary of Availa
Investments - Summary of Available-for-Sale Investments (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Schedule of Available for Sale Securities [Line Items] | ||
Cost Basis | $ 74,737,000 | |
Fair Value | $ 74,657,000 | $ 0 |
Debt Securities, Available-for-sale, Type [Extensible List] | us-gaap:CorporateDebtSecuritiesMember | |
Investments - Current | ||
Schedule of Available for Sale Securities [Line Items] | ||
Cost Basis | $ 36,097,000 | |
Gross Unrealized Losses | (16,000) | |
Fair Value | 36,081,000 | |
Investments - Noncurrent | ||
Schedule of Available for Sale Securities [Line Items] | ||
Cost Basis | 38,640,000 | |
Gross Unrealized Losses | (64,000) | |
Fair Value | $ 38,576,000 |
Investments - Summary of Amorti
Investments - Summary of Amortized Cost and Fair Value of Available-for-Sale Investments by Contract Maturity (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Amortized Cost, Due in one year or less | $ 36,097,000 | |
Amortized Cost, Due after one year through five years | 38,640,000 | |
Cost Basis | 74,737,000 | |
Fair Value, Due in one year or less | 36,081,000 | |
Fair Value, Due after one year through five years | 38,576,000 | |
Fair Value, Total | $ 74,657,000 | $ 0 |
Debt Securities, Available-for-sale, Maturity Allocation [Extensible List] | us-gaap:DebtSecuritiesMaturityAllocationContractualMaturityMember |
Investments - Additional Inform
Investments - Additional Information (Details) - USD ($) | Mar. 31, 2021 | Dec. 31, 2020 |
Investments Debt And Equity Securities [Abstract] | ||
Marketable securities | $ 74,657,000 | $ 0 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Property Plant And Equipment [Line Items] | |
Total property and equipment | $ 65 |
Less: accumulated depreciation | (2) |
Property and equipment, net | 63 |
Equipment | |
Property Plant And Equipment [Line Items] | |
Total property and equipment | $ 65 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | ||
Depreciation expense | $ 2,000 | |
Property and equipment | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 141,294 | $ 142,904 |
Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 66,637 | 142,904 |
Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 74,657 | |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 66,637 | 142,904 |
Level 1 | Money Market Funds | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 66,637 | $ 142,904 |
Level 2 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | 74,657 | |
Level 2 | Debt Securities | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets fair value | $ 74,657 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Contract research and development costs | $ 3,792 | $ 1,620 |
Prepaid insurance costs | 1,166 | 1,642 |
Research and development tax credit receivable | 868 | 1,808 |
Value-added tax refund receivable | 310 | 401 |
Other | 432 | 242 |
Total prepaid expenses and other current assets | $ 6,568 | $ 5,713 |
Leases - Additional Information
Leases - Additional Information (Details) | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2021USD ($) | Jun. 30, 2020ft² | Mar. 31, 2021USD ($)Facility | Mar. 31, 2020USD ($) | |
Leases [Line Items] | ||||
Number of office and laboratory space | Facility | 4 | |||
Rent expense | $ 98,000 | $ 42,000 | ||
Future lease payments | $ 1,066,000 | |||
Denmark | ||||
Leases [Line Items] | ||||
Operating lease, expiration date | Oct. 31, 2021 | |||
Lease renewal option expiration date | Oct. 31, 2024 | |||
Description of lease, option to extend | renewal option which expires in October 2024. | |||
Operating lease, option to extend | true | |||
Office space under operating lease | ft² | 1,300 | |||
Operating lease description | In April 2021, the Company entered into an operating lease agreement for its corporate headquarters in Copenhagen, Denmark, for office space, which will supersede the Company’s existing lease agreement. The lease agreement expires in January 2025 | |||
Denmark | Subsequent Event | ||||
Leases [Line Items] | ||||
Operating lease, expiration date | Jan. 31, 2025 | |||
Lease renewal option expiration date | Jan. 31, 2025 | |||
Future lease payments | $ 286,000 | |||
United Kingdom | ||||
Leases [Line Items] | ||||
Operating lease, expiration date | Aug. 31, 2022 | |||
Sweden | ||||
Leases [Line Items] | ||||
Operating lease, expiration date | Sep. 30, 2022 |
Leases - Quantitative Informati
Leases - Quantitative Information Regarding Leases (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Lease Cost | ||
Operating lease cost (in thousands) | $ 119 | $ 31 |
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands) | 119 | $ 31 |
Operating lease liabilities arising from obtaining right-of-use assets (in thousands) | $ 161 | |
Weighted average remaining lease term (years) | 2 years 7 months 6 days | 4 years 2 months 12 days |
Weighted average discount rate | 8.00% | 8.00% |
Leases - Summary of Future Leas
Leases - Summary of Future Lease Payments under Noncancelable Leases (Details) $ in Thousands | Mar. 31, 2021USD ($) |
Future Lease Payments | |
2021 (excluding the period ended March 31, 2021) | $ 370 |
2022 | 380 |
2023 | 200 |
2024 | 116 |
Total lease payments | 1,066 |
Less: imputed interest | (107) |
Total lease liabilities | $ 959 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Payables And Accruals [Abstract] | ||
Contract research and development costs | $ 1,982 | $ 967 |
Employee compensation costs | 904 | 1,031 |
Lease liabilities | $ 415 | $ 374 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | glto:LeaseLiabilitiesMember | glto:LeaseLiabilitiesMember |
Other liabilities | $ 457 | $ 343 |
Total accrued expenses and other current liabilities | $ 3,758 | $ 2,715 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Oct. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Sep. 30, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options, granted | 936,000 | 2,235,285 | ||||
Stock-based compensation expense | $ 1,031,000 | $ 0 | ||||
Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Weighted-average grant date fair value of stock options granted | $ 9.52 | |||||
Intrinsic value per share of stock options | $ 6.08 | |||||
Fair value of stock options vested | $ 200,000 | |||||
2020 Plan | Unvested Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Unrecognized compensation expense | $ 14,400,000 | |||||
Unrecognized compensation expense that is expected to be recognized over a weighted-average period | 3 years 6 months | |||||
2020 Plan | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of stock options allowed to award | 839,494 | |||||
Number of options, granted | 304,142 | |||||
Stock options, expiration period | 10 years | |||||
2020 Plan | Maximum | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of stock options allowed to award | 1,740,325 | 1,740,325 | ||||
Stock options, vesting period | 4 years | |||||
2020 Plan | Minimum | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options, vesting period | 3 years | |||||
2020 Equity Incentive Plan | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of options, granted | 2,512,427 | |||||
Percentage increase of number of shares of common stock issued and outstanding | 5.00% | |||||
Stock options available for future grant | 1,925,949 | |||||
2020 Equity Incentive Plan | Maximum | Stock Options | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of stock options allowed to award | 1,625,858 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Options Activity (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Number of Options, Outstanding | 2,538,411 | 304,142 |
Number of Options, Granted | 936,000 | 2,235,285 |
Number of Options, Exercised | (1,016) | |
Number of Options, Outstanding | 3,474,411 | 2,538,411 |
Number of Options, Vested and expected to vest | 3,170,269 | |
Number of Options, Exercisable | 800,778 | |
Weighted average exercise price per share, Outstanding | $ 4.67 | $ 5.58 |
Weighted average exercise price per share, Granted | 12.89 | 4.67 |
Weighted average exercise price per share, Exercised | 1.95 | |
Weighted average exercise price per share, Outstanding | 6.88 | $ 4.67 |
Weighted average exercise price per share, Vested and expected to vest | 7.03 | |
Weighted average exercise price per share, Exercisable | $ 3.38 | |
Weighted average remaining contractual term (in years), Outstanding | 8 years 10 months 24 days | 8 years 9 months 18 days |
Weighted average remaining contractual term (in years), Vested and expected to vest | 9 years 4 months 24 days | |
Weighted average remaining contractual term (in years), Exercisable | 6 years 8 months 12 days | |
Aggregate intrinsic value, Outstanding | $ 20,009,769 | |
Aggregate intrinsic value, Outstanding | 5,392,883 | $ 20,009,769 |
Aggregate intrinsic value, Vested and expected to vest | 5,185,488 | |
Aggregate intrinsic value, Exercisable | $ 2,227,144 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock-based Compensation Expenses Related to Issuance of Stock (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | $ 1,031,000 | $ 0 |
Research and Development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | 407,000 | |
General and Administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation | $ 624,000 |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model (Details) | 3 Months Ended |
Mar. 31, 2021 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Risk-free interest rate | 0.50% |
Expected term (in years) | 6 years 1 month 6 days |
Expected volatility | 90.50% |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (13,345) | $ (5,674) |
Net loss per common share, basic and diluted | $ (0.53) | $ (21.83) |
Weighted-average number of shares used in computing net loss per common share, basic and diluted | 25,261,832 | 259,966 |
Net Loss Per Share - Schedule_2
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Stock Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 3,474,411 | 304,142 |