Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 13, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | RPTX | |
Entity Registrant Name | Repare Therapeutics Inc. | |
Entity Central Index Key | 0001808158 | |
Entity Current Reporting Status | No | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --12-31 | |
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 | 36,753,454 | |
Title of 12(b) Security | Common shares, no par value | |
Security Exchange Name | NASDAQ | |
Entity File Number | 001-39335 | |
Entity Incorporation, State or Country Code | A8 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 7210 Frederick-Banting | |
Entity Address, Address Line Two | Suite 100 | |
Entity Address, City or Town | St-Laurent | |
Entity Address, State or Province | QC | |
Entity Address, Country | CA | |
Entity Address, Postal Zip Code | H4S 2A1 | |
City Area Code | 857 | |
Local Phone Number | 412-7018 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash | $ 369,933 | $ 94,797 |
Research and development tax credits receivable | 1,414 | 1,080 |
Other receivables | 2,621 | 1,976 |
Prepaid expenses and other current assets | 3,296 | 719 |
Total current assets | 377,264 | 98,572 |
Property and equipment, net | 2,453 | 2,390 |
Restricted cash | 199 | 208 |
Operating lease right-of-use assets | 729 | 1,034 |
Other assets | 894 | 359 |
Deferred tax assets | 192 | 132 |
TOTAL ASSETS | 381,731 | 102,695 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,576 | 2,127 |
Accrued expenses and other current liabilities | 5,262 | 1,276 |
Operating lease liability, current portion | 608 | 625 |
Income tax payable | 351 | 218 |
Total current liabilities | 9,797 | 4,246 |
Operating lease liability, net of current portion | 136 | 439 |
Deferred revenue | 58,142 | 8,142 |
TOTAL LIABILITIES | 68,075 | 12,827 |
TOTAL CONVERTIBLE PREFERRED SHARES | 135,997 | |
SHAREHOLDERS’ EQUITY (DEFICIT) | ||
Preferred shares, no par value per share; unlimited shares and 0 shares authorized as of June 30, 2020 and December 31, 2019, respectively; 0 shares issued and outstanding as of June 30, 2020 and December 31, 2019 | ||
Common shares, no par value per share; unlimited shares authorized as of June 30, 2020 and December 31, 2019; 36,753,454 and 1,528,374 shares issued and outstanding as of June 30, 2020, and December 31, 2019, respectively | 383,818 | 1 |
Additional paid-in capital | 4,182 | 3,811 |
Accumulated deficit | (74,344) | (49,941) |
Total shareholders’ equity (deficit) | 313,656 | (46,129) |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY (DEFICIT) | $ 381,731 | 102,695 |
Series A Convertible Preferred Shares | ||
CURRENT LIABILITIES: | ||
TOTAL CONVERTIBLE PREFERRED SHARES | 53,749 | |
Series B Convertible Preferred Shares | ||
CURRENT LIABILITIES: | ||
TOTAL CONVERTIBLE PREFERRED SHARES | $ 82,248 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2019 | |
Common stock par value | ||
Common stock shares authorized | Unlimited | Unlimited |
Common stock shares issued | 36,753,454 | 1,528,374 |
Common stock shares outstanding | 36,753,454 | 1,528,374 |
Preferred stock par value | ||
Preferred stock shares authorized | Unlimited | |
Preferred stock shares authorized | 0 | |
Preferred stock shares issued | 0 | 0 |
Preferred stock shares outstanding | 0 | 0 |
Series A Convertible Preferred Shares | ||
Temporary equity par value | $ 0 | $ 0 |
Temporary equity shares authorized | 0 | |
Temporary equity shares authorized | Unlimited | |
Temporary equity shares issued | 0 | 11,090,135 |
Temporary equity shares outstanding | 0 | 11,090,135 |
Temporary equity, liquidation and redemption value | $ 0 | $ 52,750 |
Series B Convertible Preferred Shares | ||
Temporary equity par value | $ 0 | $ 0 |
Temporary equity shares authorized | 0 | |
Temporary equity shares authorized | Unlimited | |
Temporary equity shares issued | 0 | 10,468,258 |
Temporary equity shares outstanding | 0 | 10,468,258 |
Temporary equity, liquidation and redemption value | $ 0 | $ 82,496 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Operating expenses: | ||||
Research and development, net of tax credits | $ 8,951 | $ 4,853 | $ 17,583 | $ 8,556 |
General and administrative | 3,372 | 1,032 | 5,555 | 2,108 |
Total operating expenses | 12,323 | 5,885 | 23,138 | 10,664 |
Loss from operations | (12,323) | (5,885) | (23,138) | (10,664) |
Other income (expense), net | ||||
Realized and unrealized gain (loss) on foreign exchange | 595 | 227 | (1,136) | 299 |
Change in fair value of Series A preferred share tranche obligation | (680) | (700) | ||
Other expense | (4) | (1) | (6) | (3) |
Total other income (expense), net | 591 | (454) | (1,142) | (404) |
Loss before income taxes | (11,732) | (6,339) | (24,280) | (11,068) |
Income tax expense | (70) | (20) | (123) | (129) |
Net loss and comprehensive loss | (11,802) | (6,359) | (24,403) | (11,197) |
Net loss attributable to common shareholders—basic and diluted | $ (11,802) | $ (6,359) | $ (24,403) | $ (11,197) |
Net loss per share attributable to common shareholders—basic and diluted | $ (2.45) | $ (4.16) | $ (7.56) | $ (7.33) |
Weighted-average common shares outstanding—basic and diluted | 4,825,214 | 1,528,374 | 3,229,635 | 1,528,374 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Convertible Preferred Shares and Shareholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands | Total | Initial Public Offering | Series A Convertible Preferred Shares | Series B Convertible Preferred Shares | Common Shares | Common SharesInitial Public Offering | Additional Paid-in Capital | Accumulated Deficit |
Balance at Dec. 31, 2018 | $ (22,384) | $ 1 | $ 340 | $ (22,725) | ||||
Temporary equity balance, Shares at Dec. 31, 2018 | 6,813,340 | |||||||
Temporary equity balance, Value at Dec. 31, 2018 | $ 31,873 | |||||||
Balance, Shares at Dec. 31, 2018 | 1,528,374 | |||||||
Issuance of Series A convertible preferred shares, net of issuance costs | $ 21,876 | |||||||
Issuance of Series A convertible preferred shares, net of issuance costs, Shares | 4,276,795 | |||||||
Share-based compensation expense | 65 | 65 | ||||||
Net loss and comprehensive loss | (4,838) | (4,838) | ||||||
Balance at Mar. 31, 2019 | (27,157) | $ 1 | 405 | (27,563) | ||||
Temporary equity balance, Shares at Mar. 31, 2019 | 11,090,135 | |||||||
Temporary equity balance, Value at Mar. 31, 2019 | $ 53,749 | |||||||
Balance, Shares at Mar. 31, 2019 | 1,528,374 | |||||||
Balance at Dec. 31, 2018 | (22,384) | $ 1 | 340 | (22,725) | ||||
Temporary equity balance, Shares at Dec. 31, 2018 | 6,813,340 | |||||||
Temporary equity balance, Value at Dec. 31, 2018 | $ 31,873 | |||||||
Balance, Shares at Dec. 31, 2018 | 1,528,374 | |||||||
Net loss and comprehensive loss | (11,197) | |||||||
Balance at Jun. 30, 2019 | (33,395) | $ 1 | 526 | (33,922) | ||||
Temporary equity balance, Shares at Jun. 30, 2019 | 11,090,135 | |||||||
Temporary equity balance, Value at Jun. 30, 2019 | $ 53,749 | |||||||
Balance, Shares at Jun. 30, 2019 | 1,528,374 | |||||||
Balance at Mar. 31, 2019 | (27,157) | $ 1 | 405 | (27,563) | ||||
Temporary equity balance, Shares at Mar. 31, 2019 | 11,090,135 | |||||||
Temporary equity balance, Value at Mar. 31, 2019 | $ 53,749 | |||||||
Balance, Shares at Mar. 31, 2019 | 1,528,374 | |||||||
Share-based compensation expense | 121 | 121 | ||||||
Net loss and comprehensive loss | (6,359) | (6,359) | ||||||
Balance at Jun. 30, 2019 | (33,395) | $ 1 | 526 | (33,922) | ||||
Temporary equity balance, Shares at Jun. 30, 2019 | 11,090,135 | |||||||
Temporary equity balance, Value at Jun. 30, 2019 | $ 53,749 | |||||||
Balance, Shares at Jun. 30, 2019 | 1,528,374 | |||||||
Balance at Dec. 31, 2019 | (46,129) | $ 1 | 3,811 | (49,941) | ||||
Temporary equity balance, Shares at Dec. 31, 2019 | 11,090,135 | 10,468,258 | ||||||
Temporary equity balance, Value at Dec. 31, 2019 | 135,997 | $ 53,749 | $ 82,248 | |||||
Balance, Shares at Dec. 31, 2019 | 1,528,374 | |||||||
Exercise of stock options | 324 | $ 520 | (196) | |||||
Exercise of stock options, Shares | 181,318 | |||||||
Share-based compensation expense | 271 | 271 | ||||||
Net loss and comprehensive loss | (12,601) | (12,601) | ||||||
Balance at Mar. 31, 2020 | (58,135) | $ 521 | 3,886 | (62,542) | ||||
Temporary equity balance, Shares at Mar. 31, 2020 | 11,090,135 | 10,468,258 | ||||||
Temporary equity balance, Value at Mar. 31, 2020 | $ 53,749 | $ 82,248 | ||||||
Balance, Shares at Mar. 31, 2020 | 1,709,692 | |||||||
Balance at Dec. 31, 2019 | (46,129) | $ 1 | 3,811 | (49,941) | ||||
Temporary equity balance, Shares at Dec. 31, 2019 | 11,090,135 | 10,468,258 | ||||||
Temporary equity balance, Value at Dec. 31, 2019 | $ 135,997 | $ 53,749 | $ 82,248 | |||||
Balance, Shares at Dec. 31, 2019 | 1,528,374 | |||||||
Exercise of stock options, Shares | 266,687 | |||||||
Issuance of warrant and conversion into common shares,Value | $ 15,000 | |||||||
Net loss and comprehensive loss | (24,403) | |||||||
Balance at Jun. 30, 2020 | 313,656 | $ 383,818 | 4,182 | (74,344) | ||||
Temporary equity balance, Shares at Jun. 30, 2020 | 0 | 0 | ||||||
Balance, Shares at Jun. 30, 2020 | 36,753,454 | |||||||
Balance at Mar. 31, 2020 | (58,135) | $ 521 | 3,886 | (62,542) | ||||
Temporary equity balance, Shares at Mar. 31, 2020 | 11,090,135 | 10,468,258 | ||||||
Temporary equity balance, Value at Mar. 31, 2020 | $ 53,749 | $ 82,248 | ||||||
Balance, Shares at Mar. 31, 2020 | 1,709,692 | |||||||
Exercise of stock options | 164 | $ 257 | (93) | |||||
Exercise of stock options, Shares | 85,369 | |||||||
Share-based compensation expense | 389 | 389 | ||||||
Issuance of common shares upon initial public offering, net of issuance costs | $ 232,043 | $ 232,043 | ||||||
Issuance of common shares upon initial public offering, Shares | 12,650,000 | |||||||
Conversion of convertible preferred shares into an equivalent number of common shares, Value | 135,997 | $ (53,749) | $ (82,248) | $ 135,997 | ||||
Conversion of convertible preferred shares into an equivalent number of common shares, Shares | (11,090,135) | (10,468,258) | 21,558,393 | |||||
Issuance of warrant and conversion into common shares,Value | 15,000 | $ 15,000 | ||||||
Issuance of warrant and conversion into common shares, Shares | 750,000 | |||||||
Net loss and comprehensive loss | (11,802) | (11,802) | ||||||
Balance at Jun. 30, 2020 | $ 313,656 | $ 383,818 | $ 4,182 | $ (74,344) | ||||
Temporary equity balance, Shares at Jun. 30, 2020 | 0 | 0 | ||||||
Balance, Shares at Jun. 30, 2020 | 36,753,454 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Convertible Preferred Shares and Shareholders' Equity (Deficit) (Parenthetical) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Mar. 31, 2019 | |
Initial Public Offering | ||
Stock issuance costs | $ 20,957 | |
Series A Convertible Preferred Shares | ||
Stock issuance costs | $ 5 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash Flows From Operating Activities: | ||
Net loss and comprehensive loss for the period | $ (24,403) | $ (11,197) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Share-based compensation expense | 660 | 186 |
Depreciation expense | 403 | 262 |
Change in fair value of the Series A preferred shares tranche obligation | 700 | |
Non-cash lease expense | 305 | 86 |
Foreign exchange loss (gain) | 1,162 | (522) |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (2,577) | (155) |
Research and development tax credits receivable | (381) | (246) |
Other receivables | (725) | (566) |
Deferred tax asset | (60) | (42) |
Other non-current assets | (535) | (15) |
Accounts payable | 915 | 260 |
Accrued expenses and other current liabilities | 2,371 | (119) |
Operating lease liability, current portion | (9) | 15 |
Income tax payable | 133 | 72 |
Operating lease liability, net of current portion | (292) | (93) |
Deferred revenue | 50,000 | 8,142 |
Net cash provided by (used in) operating activities | 26,967 | (3,232) |
Cash Flows From Investing Activities: | ||
Purchase of property and equipment | (43) | (380) |
Net cash used in investing activities | (43) | (380) |
Cash Flows From Financing Activities: | ||
Proceeds from issuance of Series A preferred shares, net | 20,995 | |
Proceeds from exercise of stock options | 488 | |
Proceeds from issuance of warrant | 15,000 | |
Net proceeds from issuance of common shares in initial public offering | 233,760 | |
Net cash provided by financing activities | 249,248 | 20,995 |
Effect of exchange rate fluctuations on cash held | (1,045) | 482 |
Net Increase In Cash And Restricted Cash | 275,127 | 17,865 |
Cash and restricted cash at beginning of period | 95,005 | 10,929 |
Cash and restricted cash at end of period | 370,132 | 28,794 |
Reconciliation Of Cash And Restricted Cash | ||
Cash | 369,933 | 28,588 |
Restricted cash | 199 | 206 |
Total cash and restricted cash | 370,132 | 28,794 |
Supplemental Disclosure Of Cash Flow Information: | ||
Property and equipment purchases in accounts payable | 423 | $ 14 |
Initial public offering costs in accounts payable | 102 | |
Initial public offering costs in accruals and other current liabilities | 1,615 | |
Conversion of Series A and B convertible preferred shares into common shares | 135,997 | |
Conversion of warrant into common shares | $ 15,000 |
Organization and Nature of Busi
Organization and Nature of Business | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Nature of Business | 1. Organization and Nature of Business Repare Therapeutics Inc. (“Repare” or the “Company”) is a precision medicine oncology company focused on the development of synthetic lethality-based therapies to patients with cancer. The Company was incorporated under the Canada Business Corporations Act Business Corporations Act (Québec) On June 12, 2020, the Company effected a 1-for-6.062 reverse stock split of the Company’s share capital. Accordingly, all common shares, Series A and B preferred shares, stock options and per share amounts in these unaudited condensed consolidated financial statements have been retroactively adjusted to reflect the reverse stock split on a retroactive basis for all periods presented. On June 23, 2020, the Company completed its IPO of 12,650,000 of its common shares, including the exercise in full by the underwriters of their option to purchase up to 1,650,000 additional common shares, for aggregate gross proceeds of $253,000. The Company’s shares began trading on the Nasdaq Global Select Market under the ticker symbol “RPTX” on June 19, 2020. The Company received $232,043 in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company. Upon closing of the IPO, all outstanding convertible preferred shares converted into 21,558,393 common shares and the outstanding warrant was automatically exercised into 750,000 common shares. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2019, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2020, the consolidated results of its operations for the three and six months ended June 30, 2020 and 2019, its statements of shareholders’ equity for the three and six months ended June 30, 2020 and 2019 and its consolidated cash flows for the six months ended June 30, 2020 and 2019. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended December 31, 2019 included in the Company’s final prospectus that forms part of the Company’s Registration Statement on Form S-1 (File No. 333-238822), filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b)(4) on June 19, 2020 (the “Prospectus”). The condensed consolidated balance sheet data as of December 31, 2019 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2019 included in the Prospectus. Since the date of the audited consolidated financial statements for the year ended December 31, 2019 included in the Prospectus, there have been no changes to its significant accounting policies. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued research and development expenses and share-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. COVID-19 Pandemic With the global spread of the ongoing COVID-19 pandemic in the first half of 2020, the Company established a cross-functional task force and has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies and its ongoing and planned clinical trials. The Company’s operations are considered as an “essential business” and therefore, the Company is continuing to operate during this period. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risk of COVID-19 transmission. While the Company is experiencing limited financial impacts at this time, given the global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic as it evolves its business continuity plans, clinical development plans and response strategy. As of the date of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update these estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 3. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities as of June 30, 2020 and December 31, 2019 consisted of the following: June 30, 2020 December 31, 2019 Accrued compensation and benefits $ 1,118 $ 1,043 Accrued research and development expense 1,814 208 Accrued initial public offering costs 1,615 — Accrued professional services 668 21 Other 47 4 Total accrued expenses and other current liabilities $ 5,262 $ 1,276 |
Collaboration and License Agree
Collaboration and License Agreement | 6 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration and License Agreement | 4. Collaboration and License Agreement In May 2020, the Company entered into a collaboration and license agreement with Bristol-Myers Squibb Company (“Bristol Myers Squibb”), pursuant to which the Company and Bristol Myers Squibb have agreed to collaborate in the research and development of potential new product candidates for the treatment of cancer. The Company is providing Bristol Myers Squibb access to a selected number of its existing screening campaigns and novel campaigns. The Company is responsible for carrying out early stage research activities directed to identifying potential targets for potential licensing by Bristol Myers Squibb, in accordance with a mutually agreed upon research plan. The collaboration consists of programs directed to both druggable targets and to targets commonly considered undruggable to traditional small molecule approaches. In the event that Bristol Myers Squibb elects to obtain an exclusive license for the subsequent development, manufacturing and commercialization of a program, Bristol Myers Squibb will then be solely responsible for all such worldwide activities. Under the terms of the agreement, Bristol Myers Squibb paid the Company an initial nonrefundable upfront fee payment of $50,000 in June 2020. The Company is entitled to receive up to $301,000 in total milestones on a program-by-program basis, consisting of $176,000 in the aggregate for certain specified research, development and regulatory milestones and $125,000 in the aggregate for certain specified commercial milestones. The Company is also entitled to a tiered percentage royalty on annual net sales ranging from high-single digits to low-double digits, subject to certain specified reductions. The Company assessed the collaboration and license agreement in accordance with ASC 606, Revenue from Contracts with Customers The Company determined that the transaction price at the onset of the agreement is the total upfront payment received of $50,000. Additional consideration to be paid to the Company upon the exercise of the license options and future milestone payments were excluded from the transaction price as they represent option fees and milestone payments that can only be achieved subsequent to option exercises and the achievement of the milestone events. The Company will allocate the transaction price to each performance obligation based on the relative stand-alone selling price of each performance obligation at inception. Revenue is expected to be recognized at the point in time when option licenses are exercised by Bristol Myers Squibb, with the remainder to be recognized on a proportional performance basis over the period of service for research services. The upfront payment of $50,000 has been recorded as deferred revenue as of June 30, 2020 as, up to that point in time, no research and development services had been performed under the agreement and no options were exercised. In conjunction with the collaboration and license agreement, the Company entered into a warrant agreement with an affiliate of Bristol Myers Squibb pursuant to which the Company issued a warrant for total proceeds of $15,000. Upon closing of the IPO, this warrant was automatically exercised into 750,000 common shares of the Company. The Company evaluated whether the warrant should be treated as a separate agreement or a single arrangement with the collaboration and license agreement. Although both agreements were negotiated concurrently, the warrant was issued at fair value. Accordingly, the Company accounted for the warrant agreement separately from the collaboration and license agreement. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Leases | 5. Leases The Company has historically entered into lease arrangements for its facilities. As of June 30, 2020, the Company had three operating leases with required future minimum payments. The Company’s leases generally do not include termination or purchase options. Operating Leases The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2020: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Operating Leases Lease Cost Operating lease cost $ 165 $ 330 Short-term lease cost 1 4 Variable lease cost 39 92 Total lease cost $ 205 $ 426 June 30, 2020 Other Operating Lease Information Operating cash flows used for operating leases $ 335 Weighted-average remaining lease term 1.37 years Weighted-average discount rate 7.6 % |
Shareholders' Deficit
Shareholders' Deficit | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Shareholders' Deficit | 6. Shareholders’ Deficit Convertible Preferred Shares The Company’s Series A and Series B convertible preferred shares were convertible on a one-to-one basis into common shares. Upon completion of the IPO, all issued and outstanding Series A and Series B convertible preferred shares were converted into 21,558,393 common shares and the existing classes of Series A and Series B convertible preferred shares were removed (unlimited preferred shares authorized, 11,090,135 Series A convertible preferred shares and 10,468,258 Series B convertible preferred shares issued and outstanding as of December 31, 2019). Effective upon the closing of the IPO, the Company authorized for issue an unlimited number of preferred shares, issuable in series. No preferred shares were issued and outstanding as of June 30, 2020. Warrant In conjunction with the collaboration and license agreement with Bristol Myers Squibb, the Company entered into a warrant agreement with an affiliate of Bristol Myers Squibb pursuant to which the Company issued a warrant for total proceeds of $15,000 on May 26, 2020. Upon closing of the IPO, the warrant was automatically exercised at the public offering price of $20.00 per share into 750,000 common shares of the Company. Common Shares Authorized share capital An unlimited number of common shares, voting and participating, without par value. On June 23, 2020, the Company completed its IPO of 12,650,000 of its common shares, including the exercise in full by the underwriters of their option to purchase up to 1,650,000 additional common shares, at the public offering price of $20.00 per share, for aggregate gross proceeds of $253,000. The Company received $232,043 in net proceeds after deducting underwriting discounts and commissions and other offering expenses payable by the Company. Upon closing of the IPO, all outstanding convertible preferred shares converted into 21,558,393 common shares and the outstanding warrant automatically converted into 750,000 common shares. 2020 Employee Share Purchase Plan In June 2020, the Company’s board of directors adopted, and the Company’s shareholders approved the 2020 Employee Share Purchase Plan (the “ESPP”). The maximum number of common shares that may be issued under the ESPP is 327,000. Additionally, the number of shares reserved and available for issuance under the ESPP will automatically increase each January 1, beginning on January 1, 2021 and each January 1 thereafter through January 31, 2030, by the lesser of (1) 1.0% of the total number of common shares outstanding on December 31 of the preceding calendar year, (2) 3,300,000 common shares, or (3) such smaller number of common shares as the Company’s board of directors may designate. The ESPP enables eligible employees to purchase common shares of the Company at the end of each offering period at a price equal to 85% of the fair market value of the shares on the first business day or the last business day of the offering period, whichever is lower. The ESPP will become active upon approval of the plan administrator, which is the Company’s board of directors. As of June 30, 2020, no common shares have been issued under the ESPP. Share-Based Compensation In December 2016, as further amended in December 2017 and September 2019, the Company adopted the Repare Therapeutics Inc. Option Plan (the “Option Plan”) for the issuance of share options and other share-based awards to directors, officers, employees or consultants. The Option Plan authorized up to 4,074,135 shares of the Company’s common shares to be issued. In June 2020, the Company’s board of directors adopted, and the Company’s shareholders approved the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan became effective on the effective date of the IPO, at which time the Company ceased making awards under the Option Plan. The 2020 Plan allows the Company’s compensation committee to make equity-based and cash-based incentive awards to the Company’s officers, employees, directors and consultants. A total of 3,600,000 common shares were initially reserved for issuance under the 2020 Plan, plus the number of shares (not to exceed 3,807,448 shares) (i) 298,605 common shares that were available for the issuance of awards under the Option Plan at the time the 2020 Plan became effective, which ceased to be available for future issuance under the Option Plan at such time and (ii) any shares subject to outstanding options or other share awards that were granted under the Option Plan that terminate or expire prior to exercise or settlement; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares reserved and available for issuance under the 2020 Plan will automatically increase each January 1, beginning on January 1, 2021 and each January 1 thereafter through January 31, 2030, by 5% of the outstanding number of common shares on the immediately preceding December 31, or such lesser number of shares as determined by the Company’s board of directors. The 2020 Plan is administered by the Company’s board of directors. The exercise prices, vesting and other restrictions are determined by the board of directors, except that the exercise price per share may not be less than 100% of the fair value of the common share on the date of grant, determined based on the average of the daily volume-weighted average trading price of shares on each of the five trading days immediately preceding the date of grant. Stock option awards under the 2020 Plan expire 10 years after the grant date and generally have vesting conditions of 25% on the first anniversary date of the grant and 75% on a monthly basis at a rate of 1/36 th Total outstanding stock options as of June 30, 2020 and 2019 were as follows: 2020 2019 Number of shares Weighted average exercise price Number of shares Weighted average exercise price Outstanding at beginning of period 3,505,119 $ 2.07 907,315 $ 1.66 Granted 869,075 $ 16.35 1,013,635 $ 2.06 Exercised (266,687 ) $ 1.83 — — Cancelled or forfeited (7,962 ) $ 2.13 — — Outstanding at end of period 4,099,545 $ 5.11 1,920,950 $ 1.87 During the six months ended June 30, 2020, an aggregate of 266,687 options were exercised at a weighted-average exercise price of $1.83 per share, for aggregate proceeds of $488. As a result, an amount of $289 previously included in additional paid-in capital related to the exercised options has been credited to common shares and deducted from additional paid-in capital. Share-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 163 $ 63 $ 296 $ 103 General and administrative 226 58 364 83 Total share-based compensation expense $ 389 $ 121 $ 660 $ 186 The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fair value of stock options $ 10.30 — $ 10.30 $ 0.97 Exercise price $ 16.35 — $ 16.35 $ 2.06 Share price $ 16.35 — $ 16.35 $ 2.06 Risk-free interest rate 0.43 % — 0.43 % 2.27 % Expected terms (in years) 6.07 — 6.07 6.08 Expected volatility 71.99 % — 71.99 % 70.79 % Expected dividend yield 0.00 % — 0.00 % 0.00 % As of June 30, 2020, there was $11,837 of unrecognized share-based compensation expense related to unvested stock options to be recognized over a period of 3.0 years. |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Net Loss per Share | 7. Net Loss per Share The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share and per share amounts) Numerator: Net loss attributable to common shareholders $ (11,802 ) $ (6,359 ) $ (24,403 ) $ (11,197 ) Net loss attributable to common shareholders—basic and diluted $ (11,802 ) $ (6,359 ) $ (24,403 ) $ (11,197 ) Denominator: Weighted-average number of common shares outstanding—basic and diluted 4,825,214 1,528,374 3,229,635 1,528,374 Net loss per share attributable to common shareholders—basic and diluted $ (2.45 ) $ (4.16 ) $ (7.56 ) $ (7.33 ) The Company’s potentially dilutive securities, which include convertible preferred shares and options, have been excluded from the computation of diluted net loss per share attributable to common shareholders as the effect would be to reduce the net loss per share attributable to common shareholders. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common shareholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Series A preferred shares — 11,090,135 — 11,090,135 Series B preferred shares — — — — Options to purchase common shares 4,099,545 1,920,950 4,099,545 1,920,950 |
Significant Agreements and Comm
Significant Agreements and Commitments | 6 Months Ended |
Jun. 30, 2020 | |
Significant Agreements And Commitments Disclosure [Abstract] | |
Significant Agreements and Commitments | 8. Significant Agreements and Commitments In March 2020, the Company executed a strategic collaboration with The University of Texas M. D. Anderson Cancer Center (“MDACC”). The collaboration will consist of preclinical studies and clinical trials designed by the Company and MDACC with the research conducted by MDACC. The Company has agreed to commit $10,000 in funding for various studies over a period of five years, of which $2,000 was paid in April 2020. In June 2020, the Company procured a directors and officers (D&O) liability insurance for a total aggregate premium of $6,420, including excise tax, of which $270 has been recognized as accrued expenses and other current liabilities as of June 30, 2020, with a corresponding increase in general and administrative expenses. The total aggregate premium of D&O insurance in the amount of $6,420 was paid and $6,150 was recorded as prepaid expenses and other current assets in July 2020. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events In August 2020, the board of directors of the Company authorized the issuance of an aggregate of 30,199 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and as amended by Accounting Standards Updates (“ASU”) of the Financial Accounting Standards Board (“FASB”). The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements as of and for the year ended December 31, 2019, and, in the opinion of management, reflect all adjustments, consisting of normal recurring adjustments, necessary for the fair presentation of the Company’s consolidated financial position as of June 30, 2020, the consolidated results of its operations for the three and six months ended June 30, 2020 and 2019, its statements of shareholders’ equity for the three and six months ended June 30, 2020 and 2019 and its consolidated cash flows for the six months ended June 30, 2020 and 2019. The accompanying condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the accompanying notes for the year ended December 31, 2019 included in the Company’s final prospectus that forms part of the Company’s Registration Statement on Form S-1 (File No. 333-238822), filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424(b)(4) on June 19, 2020 (the “Prospectus”). The condensed consolidated balance sheet data as of December 31, 2019 presented for comparative purposes was derived from the Company’s audited consolidated financial statements but does not include all disclosures required by U.S. GAAP. The results for the three and six months ended June 30, 2020 are not necessarily indicative of the operating results to be expected for the full year or for any other subsequent interim period. The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2019 included in the Prospectus. Since the date of the audited consolidated financial statements for the year ended December 31, 2019 included in the Prospectus, there have been no changes to its significant accounting policies. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, accrued research and development expenses and share-based compensation. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. |
COVID-19 Pandemic | COVID-19 Pandemic With the global spread of the ongoing COVID-19 pandemic in the first half of 2020, the Company established a cross-functional task force and has implemented business continuity plans designed to address and mitigate the impact of the COVID-19 pandemic on its employees and its business, including its preclinical studies and its ongoing and planned clinical trials. The Company’s operations are considered as an “essential business” and therefore, the Company is continuing to operate during this period. The Company has taken measures to secure its research and development activities, while work in its laboratories and facilities has been re-organized to reduce risk of COVID-19 transmission. While the Company is experiencing limited financial impacts at this time, given the global economic slowdown, the overall disruption of global healthcare systems and the other risks and uncertainties associated with the pandemic, the Company’s business, financial condition and results of operations could be materially adversely affected. The Company continues to closely monitor the COVID-19 pandemic as it evolves its business continuity plans, clinical development plans and response strategy. As of the date of these financial statements, the Company is not aware of any specific event or circumstance that would require the Company to update these estimates, assumptions and judgments or revise the carrying value of its assets or liabilities. Actual results could differ from those estimates, and any such differences may be material to the Company’s financial statements. |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities as of June 30, 2020 and December 31, 2019 consisted of the following: June 30, 2020 December 31, 2019 Accrued compensation and benefits $ 1,118 $ 1,043 Accrued research and development expense 1,814 208 Accrued initial public offering costs 1,615 — Accrued professional services 668 21 Other 47 4 Total accrued expenses and other current liabilities $ 5,262 $ 1,276 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Summary of Lease Costs | The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2020: Three Months Ended Six Months Ended June 30, 2020 June 30, 2020 Operating Leases Lease Cost Operating lease cost $ 165 $ 330 Short-term lease cost 1 4 Variable lease cost 39 92 Total lease cost $ 205 $ 426 |
Summary of Other Operating Lease Information | June 30, 2020 Other Operating Lease Information Operating cash flows used for operating leases $ 335 Weighted-average remaining lease term 1.37 years Weighted-average discount rate 7.6 % |
Shareholders' Deficit (Tables)
Shareholders' Deficit (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Schedule of Outstanding Stock Options | Total outstanding stock options as of June 30, 2020 and 2019 were as follows: 2020 2019 Number of shares Weighted average exercise price Number of shares Weighted average exercise price Outstanding at beginning of period 3,505,119 $ 2.07 907,315 $ 1.66 Granted 869,075 $ 16.35 1,013,635 $ 2.06 Exercised (266,687 ) $ 1.83 — — Cancelled or forfeited (7,962 ) $ 2.13 — — Outstanding at end of period 4,099,545 $ 5.11 1,920,950 $ 1.87 |
Schedule of Share-based Compensation Expense | Share-based compensation expense was allocated as follows: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Research and development $ 163 $ 63 $ 296 $ 103 General and administrative 226 58 364 83 Total share-based compensation expense $ 389 $ 121 $ 660 $ 186 |
Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model | The assumptions that the Company used in the Black Scholes option-pricing model to determine the grant date fair value of stock options granted to employees and non-employees were as follows, presented on a weighted average basis: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Fair value of stock options $ 10.30 — $ 10.30 $ 0.97 Exercise price $ 16.35 — $ 16.35 $ 2.06 Share price $ 16.35 — $ 16.35 $ 2.06 Risk-free interest rate 0.43 % — 0.43 % 2.27 % Expected terms (in years) 6.07 — 6.07 6.08 Expected volatility 71.99 % — 71.99 % 70.79 % Expected dividend yield 0.00 % — 0.00 % 0.00 % |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Earnings Per Share [Abstract] | |
Summary of Computation of Basic and Diluted Net Loss Per Share Attributable To Common Shareholders | The following table summarizes the computation of basic and diluted net loss per share attributable to common shareholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 (in thousands, except share and per share amounts) Numerator: Net loss attributable to common shareholders $ (11,802 ) $ (6,359 ) $ (24,403 ) $ (11,197 ) Net loss attributable to common shareholders—basic and diluted $ (11,802 ) $ (6,359 ) $ (24,403 ) $ (11,197 ) Denominator: Weighted-average number of common shares outstanding—basic and diluted 4,825,214 1,528,374 3,229,635 1,528,374 Net loss per share attributable to common shareholders—basic and diluted $ (2.45 ) $ (4.16 ) $ (7.56 ) $ (7.33 ) |
Computation of Diluted Net Loss Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect | The Company excluded the following potential common shares, presented based on amounts outstanding at each period end, from the computation of diluted net loss per share attributable to common shareholders for the periods indicated because including them would have had an anti-dilutive effect: Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Series A preferred shares — 11,090,135 — 11,090,135 Series B preferred shares — — — — Options to purchase common shares 4,099,545 1,920,950 4,099,545 1,920,950 |
Organization and Nature of Bu_2
Organization and Nature of Business - Additional Information (Details) $ in Thousands | Jun. 23, 2020USD ($)shares | Jun. 12, 2020 | Jun. 30, 2020shares | Jun. 30, 2020USD ($)shares |
Organization and Nature of Business [Line Items] | ||||
Entity incorporation, date of incorporation | Sep. 6, 2016 | |||
Reverse stock split of share capital | 1-for-6.062 | |||
Conversion ratio | 0.16496 | |||
Net proceeds from IPO | $ | $ 233,760 | |||
Common Shares | ||||
Organization and Nature of Business [Line Items] | ||||
Gross proceeds from IPO | $ | $ 253,000 | |||
Net proceeds from IPO | $ | $ 232,043 | |||
Convertible preferred shares converted into common shares | 21,558,393 | 21,558,393 | ||
Shares issued upon exercise of warrants outstanding | 750,000 | |||
Common Shares | Initial Public Offering | ||||
Organization and Nature of Business [Line Items] | ||||
Shares issued | 12,650,000 | 12,650,000 | ||
Common Shares | Exercise of Underwriters Option | ||||
Organization and Nature of Business [Line Items] | ||||
Shares issued | 1,650,000 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Payables And Accruals [Abstract] | ||
Accrued compensation and benefits | $ 1,118 | $ 1,043 |
Accrued research and development expense | 1,814 | 208 |
Accrued initial public offering costs | 1,615 | |
Accrued professional services | 668 | 21 |
Other | 47 | 4 |
Total accrued expenses and other current liabilities | $ 5,262 | $ 1,276 |
Collaboration and License Agr_2
Collaboration and License Agreement - Additional Information (Details) - USD ($) | May 26, 2020 | Jun. 30, 2020 | May 31, 2020 | Jun. 30, 2020 | Jun. 23, 2020 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Proceeds from issuance of warrant | $ 15,000,000 | ||||
Common Shares | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Warrants exercised to shares of common stock | 750,000 | ||||
Bristol-Myers Squibb Company | Collaboration and License Agreement | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Initial nonrefundable upfront fee payment received | $ 50,000,000 | ||||
Upfront payment received | $ 50,000,000 | ||||
Bristol-Myers Squibb Company | Collaboration and License Agreement | Deferred Revenue | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Upfront payment received | $ 50,000,000 | $ 50,000,000 | |||
Bristol-Myers Squibb Company | Collaboration and License Agreement | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone payments entitled to be received | 301,000,000 | ||||
Bristol-Myers Squibb Company | Research, Development and Regulatory Milestones | Collaboration and License Agreement | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone payments entitled to be received | 176,000,000 | ||||
Bristol-Myers Squibb Company | Commercial Milestones | Collaboration and License Agreement | Maximum | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Milestone payments entitled to be received | 125,000,000 | ||||
Affiliate of Bristol Myers Squibb | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Proceeds from issuance of warrant | $ 15,000,000 | $ 15,000,000 | |||
Affiliate of Bristol Myers Squibb | Common Shares | |||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||
Warrants exercised to shares of common stock | 750,000 |
Leases - Additional Information
Leases - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2020Lease | |
Leases [Abstract] | |
Number of operating leases | 3 |
Lessee, operating lease, existence of option to terminate | false |
Leases - Summary of Lease Costs
Leases - Summary of Lease Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Lease Cost | ||
Operating lease cost | $ 165 | $ 330 |
Short-term lease cost | 1 | 4 |
Variable lease cost | 39 | 92 |
Total lease cost | $ 205 | $ 426 |
Leases - Summary of Other Opera
Leases - Summary of Other Operating Lease Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Leases [Abstract] | |
Operating cash flows used for operating leases | $ 335 |
Weighted-average remaining lease term | 1 year 4 months 13 days |
Weighted-average discount rate | 7.60% |
Shareholders' Deficit - Additio
Shareholders' Deficit - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 23, 2020 | May 26, 2020 | Jun. 30, 2020 | May 31, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Class Of Stock [Line Items] | |||||||||||
Proceeds from issuance of warrant | $ 15,000 | ||||||||||
Net proceeds from issuance of common shares in initial public offering | $ 233,760 | ||||||||||
Common stock shares issued | 36,753,454 | 36,753,454 | 36,753,454 | 1,528,374 | |||||||
Number of options exercised | 266,687 | ||||||||||
Options, weighted-average exercise price | $ 1.83 | ||||||||||
Aggregate proceeds from exercise of options | $ 488 | ||||||||||
Decrease in additional paid-in capital as exercised options credited to common shares | 289 | ||||||||||
Unrecognized share-based compensation expense related to unvested stock options | $ 11,837 | $ 11,837 | $ 11,837 | ||||||||
Unrecognized share-based compensation expense related to unvested stock options, recognition period | 3 years | ||||||||||
2020 Employee Share Purchase Plan | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Annual increase in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year | 1.00% | ||||||||||
Common stock shares issued | 0 | 0 | 0 | ||||||||
Annual increase in number of shares available for issuance maximum number of common stock issued | 3,300,000 | ||||||||||
Purchase price of shares as percentage of fair market value of common stock on date of purchase | 85.00% | ||||||||||
Option Plan | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares of common stock reserved for future issuance | 298,605 | 298,605 | 298,605 | ||||||||
2020 Equity Incentive Plan | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Annual increase in number of shares available for issuance as percentage of outstanding shares common stock on final day of preceding calendar year | 5.00% | ||||||||||
Exercise price per share as minimum percentage of fair value of common share | 100.00% | ||||||||||
Expiration period | 10 years | ||||||||||
Monthly vesting rate | 1/36th | ||||||||||
2020 Equity Incentive Plan | Vesting on First Anniversary Date of Grant | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Vesting percentage | 25.00% | ||||||||||
2020 Equity Incentive Plan | Vesting on Monthly Basis at Rate of 1/36th | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Vesting percentage | 75.00% | ||||||||||
Maximum | 2020 Employee Share Purchase Plan | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares of common stock reserved for future issuance | 327,000 | 327,000 | 327,000 | ||||||||
Maximum | 2020 Equity Incentive Plan | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares of common stock reserved for future issuance | 3,807,448 | 3,807,448 | 3,807,448 | ||||||||
Shares of common stock initially reserved for future issuance | 3,600,000 | 3,600,000 | 3,600,000 | ||||||||
Affiliate of Bristol Myers Squibb | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Proceeds from issuance of warrant | $ 15,000 | $ 15,000 | |||||||||
Affiliate of Bristol Myers Squibb | Initial Public Offering | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Warrant exercise price per share | $ 20 | ||||||||||
Series A Convertible Preferred Shares | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Temporary equity shares authorized | Unlimited | ||||||||||
Temporary equity shares issued | 0 | 0 | 0 | 11,090,135 | |||||||
Temporary equity shares outstanding | 0 | 0 | 11,090,135 | 0 | 11,090,135 | 11,090,135 | 11,090,135 | 6,813,340 | |||
Series B Convertible Preferred Shares | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Temporary equity shares authorized | Unlimited | ||||||||||
Temporary equity shares issued | 0 | 0 | 0 | 10,468,258 | |||||||
Temporary equity shares outstanding | 0 | 0 | 10,468,258 | 0 | 10,468,258 | ||||||
Common Shares | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Preferred shares converted into common shares | 21,558,393 | 21,558,393 | |||||||||
Shares issued upon exercise of warrants outstanding | 750,000 | ||||||||||
Shares issued, price per share | $ 20 | ||||||||||
Gross proceeds from IPO | $ 253,000 | ||||||||||
Net proceeds from issuance of common shares in initial public offering | $ 232,043 | ||||||||||
Number of options exercised | 85,369 | 181,318 | |||||||||
Common Shares | Option Plan | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Number of shares authorized to be issued | 4,074,135 | 4,074,135 | 4,074,135 | ||||||||
Common Shares | Initial Public Offering | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of common shares upon initial public offering, Shares | 12,650,000 | 12,650,000 | |||||||||
Common Shares | Exercise of Underwriters Option | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of common shares upon initial public offering, Shares | 1,650,000 | ||||||||||
Common Shares | Exercise of Underwriters Option | Maximum | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Issuance of common shares upon initial public offering, Shares | 1,650,000 | ||||||||||
Common Shares | Affiliate of Bristol Myers Squibb | |||||||||||
Class Of Stock [Line Items] | |||||||||||
Shares issued upon exercise of warrants outstanding | 750,000 |
Shareholders' Deficit - Schedul
Shareholders' Deficit - Schedule of Outstanding Stock Options (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Equity [Abstract] | ||
Number of shares, Outstanding at beginning of period | 3,505,119 | 907,315 |
Number of shares, Granted | 869,075 | 1,013,635 |
Number of shares, Exercised | (266,687) | |
Number of shares, Cancelled or forfeited | (7,962) | |
Number of shares, Outstanding at end of period | 4,099,545 | 1,920,950 |
Weighted average exercise price, Outstanding at beginning of period | $ 2.07 | $ 1.66 |
Weighted average exercise price, Granted | 16.35 | 2.06 |
Weighted average exercise price, Exercised | 1.83 | |
Weighted average exercise price, Cancelled or forfeited | 2.13 | |
Weighted average exercise price, Outstanding at end of period | $ 5.11 | $ 1.87 |
Shareholders' Deficit - Sched_2
Shareholders' Deficit - Schedule of Share-based Compensation Expense (Details) - Stock Options - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 389 | $ 121 | $ 660 | $ 186 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | 163 | 63 | 296 | 103 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Total share-based compensation expense | $ 226 | $ 58 | $ 364 | $ 83 |
Shareholders' Deficit - Sched_3
Shareholders' Deficit - Schedule of Fair Value of Stock Options Determined on Grant Date Using Black Scholes Option-Pricing Model (Details) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Equity [Abstract] | ||||
Fair value of stock options | $ 10.30 | $ 0.97 | $ 10.30 | $ 0.97 |
Exercise price | 16.35 | 2.06 | 16.35 | 2.06 |
Share price | $ 16.35 | $ 2.06 | $ 16.35 | $ 2.06 |
Risk-free interest rate | 0.43% | 0.43% | 2.27% | |
Expected terms (in years) | 6 years 25 days | 0 years | 6 years 25 days | 6 years 29 days |
Expected volatility | 71.99% | 71.99% | 70.79% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Numerator: | ||||
Net loss attributable to common shareholders—basic and diluted | $ (11,802) | $ (6,359) | $ (24,403) | $ (11,197) |
Net loss attributable to common shareholders—basic and diluted | $ (11,802) | $ (6,359) | $ (24,403) | $ (11,197) |
Denominator: | ||||
Weighted-average common shares outstanding—basic and diluted | 4,825,214 | 1,528,374 | 3,229,635 | 1,528,374 |
Net loss per share attributable to common shareholders—basic and diluted | $ (2.45) | $ (4.16) | $ (7.56) | $ (7.33) |
Net Loss per Share - Computatio
Net Loss per Share - Computation of Diluted Net Loss Per Share in Attributable to Common Shareholders Indicate to Anti Diluted Effect (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Options to Purchase Common Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 4,099,545 | 1,920,950 | 4,099,545 | 1,920,950 |
Series A Preferred Shares | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share amount | 11,090,135 | 11,090,135 |
Significant Agreements and Co_2
Significant Agreements and Commitments - Additional Information (Details) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Jul. 31, 2020 | Apr. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 | |
Directors and Officers Liability Insurance | Subsequent Event | ||||
Significant Agreements And Commitments [Line Items] | ||||
Liability for insurance policies for total aggregate premium of including excise tax | $ 6,420,000 | |||
Directors and Officers Liability Insurance | General and Administrative Expense | ||||
Significant Agreements And Commitments [Line Items] | ||||
Liability for insurance policies for total aggregate premium of including excise tax | $ 6,420,000 | |||
Directors and Officers Liability Insurance | Accrued Expenses And Other Current Liabilities | ||||
Significant Agreements And Commitments [Line Items] | ||||
Liability for insurance policies for recognized | $ 270,000 | |||
Directors and Officers Liability Insurance | Prepaid Expenses and Other Current Assets | Subsequent Event | ||||
Significant Agreements And Commitments [Line Items] | ||||
Liability for insurance policies for recognized | $ 6,150,000 | |||
MDACC | Preclinical Studies and Clinical Trials | ||||
Significant Agreements And Commitments [Line Items] | ||||
Contractual obligation | $ 10,000,000 | |||
Contractual obligation period | 5 years | |||
Contractual obligation paid | $ 2,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Board of Directors - Employees Stock Options - 2020 Equity Incentive Plan | Aug. 13, 2020$ / sharesshares |
Subsequent Event [Line Items] | |
Number of shares authorized to be issued | shares | 30,199 |
Weighted average exercise price per share | $ / shares | $ 24 |