Cover
Cover | 9 Months Ended |
Sep. 30, 2020 | |
Cover [Abstract] | |
Document Type | S-1 |
Amendment Flag | false |
Entity Registrant Name | Dyne Therapeutics, Inc. |
Entity Central Index Key | 0001818794 |
Entity Filer Category | Non-accelerated Filer |
Entity Small Business | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | |||
Cash and cash equivalents | $ 379,606 | $ 14,632 | $ 8,124 |
Prepaid expenses and other current assets | 234 | 127 | 34 |
Total current assets | 379,840 | 14,759 | 8,158 |
Property and equipment, net | 1,441 | 1,486 | 110 |
Other assets | 191 | 191 | |
Total assets | 381,472 | 16,436 | 8,268 |
Current liabilities: | |||
Accounts payable | 1,488 | 1,256 | 518 |
Accrued expenses and other current liabilities | 3,190 | 1,102 | 193 |
Total current liabilities | 4,678 | 2,358 | 711 |
Long-term debt-net of unamortized debt discount | 9,936 | 3,375 | |
Deferred rent | 13 | 42 | |
Total liabilities | 14,627 | 2,400 | 4,086 |
Redeemable convertible preferred stock | 27,429 | 9,061 | |
Commitments and contingencies | |||
Stockholders' equity | |||
Common stock, value | 5 | 1 | 1 |
Additional paid-in capital | 417,374 | 6,352 | 7 |
Accumulated deficit | (50,534) | (19,746) | (4,887) |
Total stockholders' equity | 366,845 | 14,036 | (4,879) |
Total liabilities and stockholders' equity | $ 381,472 | 16,436 | $ 8,268 |
Convertible Preferred Stock | |||
Stockholders' equity | |||
Convertible preferred stock | $ 27,429 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 68,000,000 | 68,000,000 |
Common stock, shares issued | 45,445,115 | 3,239,017 | 3,252,140 |
Common stock, shares outstanding | 45,004,247 | 2,586,535 | 2,110,404 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating expenses: | ||||||
Research and development | $ 9,679 | $ 2,982 | $ 23,102 | $ 6,781 | $ 11,040 | $ 4,278 |
General and administrative | 3,841 | 647 | 6,945 | 1,575 | 2,786 | 517 |
Total operating expenses | 13,520 | 3,629 | 30,047 | 8,356 | 13,826 | 4,795 |
Loss from operations | (13,520) | (3,629) | (30,047) | (8,356) | (13,826) | (4,795) |
Other (expense) income: | ||||||
Interest income | 110 | 24 | 223 | 290 | 5 | |
Interest expense | (130) | (315) | ||||
Change in fair value of preferred stock tranche obligations | (2,352) | (1,323) | (1,323) | (21) | ||
Change in success fee obligation | (270) | (450) | ||||
Total other (expense) income, net | (400) | (2,242) | (741) | (1,100) | (1,033) | (16) |
Net loss | $ (13,920) | $ (5,871) | $ (30,788) | $ (9,456) | $ (14,859) | $ (4,811) |
Net loss per share-basic and diluted | $ (2.01) | $ (2.36) | $ (7.51) | $ (3.94) | $ (6.08) | $ (10.15) |
Weighted-average common shares outstanding used in net loss per share-basic and diluted | 6,920,008 | 2,491,487 | 4,100,504 | 2,401,039 | 2,442,872 | 474,118 |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Series A Redeemable Convertible Preferred Stock | Series A Convertible Preferred Stock | Series B Convertible Preferred Stock | Redeemable Convertible Preferred Stock | Convertible Preferred Stock | Convertible Preferred StockSeries A Redeemable Convertible Preferred Stock | Convertible Preferred StockSeries A Convertible Preferred Stock | Convertible Preferred StockSeries B Convertible Preferred Stock | Common Stock | Additional Paid-In Capital | Accumulated Deficit |
Beginning Balance at Dec. 31, 2017 | $ 0 | |||||||||||
Beginning Balance, Shares at Dec. 31, 2017 | 0 | |||||||||||
Beginning Balance at Dec. 31, 2017 | $ (76) | $ (76) | ||||||||||
Beginning Balance, Shares at Dec. 31, 2017 | 0 | |||||||||||
Issuance of stock, net of issuance costs | 7 | $ 1 | $ 6 | |||||||||
Issuance of stock, net of issuance costs, Shares | 2,110,404 | |||||||||||
Issuance of Series A redeemable convertible preferred stock, net of issuance costs of $0.1 million | $ 9,061 | |||||||||||
Issuance of Series A redeemable convertible preferred stock, net of issuance costs of $0.1 million, shares | 12,500,000 | |||||||||||
Stock-based compensation | 1 | 1 | ||||||||||
Net loss | (4,811) | (4,811) | ||||||||||
Ending Balance at Dec. 31, 2018 | (4,879) | $ 1 | 7 | (4,887) | ||||||||
Ending Balance, Shares at Dec. 31, 2018 | 2,110,404 | |||||||||||
Ending Balance at Dec. 31, 2018 | $ 9,061 | $ 9,061 | $ 9,061 | |||||||||
Ending Balance, Shares at Dec. 31, 2018 | 12,500,000 | 12,500,000 | 12,500,000 | |||||||||
Vesting of restricted shares | 239,503 | |||||||||||
Stock-based compensation | $ 2 | 2 | ||||||||||
Net loss | (2,087) | (2,087) | ||||||||||
Ending Balance at Mar. 31, 2019 | (6,964) | $ 1 | 9 | (6,974) | ||||||||
Ending Balance, Shares at Mar. 31, 2019 | 2,349,907 | |||||||||||
Ending Balance at Mar. 31, 2019 | $ 9,061 | |||||||||||
Ending Balance, Shares at Mar. 31, 2019 | 12,500,000 | |||||||||||
Beginning Balance at Dec. 31, 2018 | $ 9,061 | $ 9,061 | $ 9,061 | |||||||||
Beginning Balance, Shares at Dec. 31, 2018 | 12,500,000 | 12,500,000 | 12,500,000 | |||||||||
Beginning Balance at Dec. 31, 2018 | $ (4,879) | $ 1 | 7 | (4,887) | ||||||||
Beginning Balance, Shares at Dec. 31, 2018 | 2,110,404 | |||||||||||
Settlement of Tranche Right I | (1,621) | |||||||||||
Net loss | (9,456) | |||||||||||
Ending Balance at Sep. 30, 2019 | 19,427 | $ 27,429 | $ 1 | 6,339 | (14,342) | |||||||
Ending Balance, Shares at Sep. 30, 2019 | 32,500,000 | 2,508,614 | ||||||||||
Beginning Balance at Dec. 31, 2018 | $ 9,061 | $ 9,061 | $ 9,061 | |||||||||
Beginning Balance, Shares at Dec. 31, 2018 | 12,500,000 | 12,500,000 | 12,500,000 | |||||||||
Beginning Balance at Dec. 31, 2018 | $ (4,879) | $ 1 | 7 | (4,887) | ||||||||
Beginning Balance, Shares at Dec. 31, 2018 | 2,110,404 | |||||||||||
Issuance of Series A redeemable convertible preferred stock, net of issuance costs of $0.1 million | $ 19,989 | |||||||||||
Issuance of Series A redeemable convertible preferred stock, net of issuance costs of $0.1 million, shares | 20,000,000 | |||||||||||
Settlement of Tranche Right I | (1,621) | $ (1,621) | ||||||||||
Reclassification of redeemable convertible preferred stock and preferred stock tranche obligations | 33,748 | $ (27,429) | $ 27,429 | 6,319 | ||||||||
Reclassification of redeemable convertible preferred stock and preferred stock tranche obligations, Shares | (32,500,000) | 32,500,000 | ||||||||||
Vesting of restricted shares | 476,131 | |||||||||||
Stock-based compensation | 26 | 26 | ||||||||||
Net loss | (14,859) | (14,859) | ||||||||||
Ending Balance at Dec. 31, 2019 | 14,036 | $ 27,429 | $ 1 | 6,352 | (19,746) | |||||||
Ending Balance, Shares at Dec. 31, 2019 | 32,500,000 | 2,586,535 | ||||||||||
Ending Balance at Dec. 31, 2019 | $ 27,429 | $ 27,429 | ||||||||||
Ending Balance, Shares at Dec. 31, 2019 | 32,500,000 | 32,500,000 | ||||||||||
Beginning Balance at Mar. 31, 2019 | $ 9,061 | |||||||||||
Beginning Balance, Shares at Mar. 31, 2019 | 12,500,000 | |||||||||||
Beginning Balance at Mar. 31, 2019 | $ (6,964) | $ 1 | 9 | (6,974) | ||||||||
Beginning Balance, Shares at Mar. 31, 2019 | 2,349,907 | |||||||||||
Issuance of Series A redeemable convertible preferred stock, net of issuance costs of $0.1 million | $ 19,989 | |||||||||||
Issuance of Series A redeemable convertible preferred stock, net of issuance costs of $0.1 million, shares | 20,000,000 | |||||||||||
Settlement of Tranche Right I | $ (1,621) | |||||||||||
Vesting of restricted shares | 84,478 | |||||||||||
Stock-based compensation | 4 | 4 | ||||||||||
Net loss | (1,497) | (1,497) | ||||||||||
Ending Balance at Jun. 30, 2019 | (8,457) | $ 1 | 13 | (8,471) | ||||||||
Ending Balance, Shares at Jun. 30, 2019 | 2,434,385 | |||||||||||
Ending Balance at Jun. 30, 2019 | $ 27,429 | |||||||||||
Ending Balance, Shares at Jun. 30, 2019 | 32,500,000 | |||||||||||
Reclassification of redeemable convertible preferred stock and preferred stock tranche obligations | 33,748 | $ (27,429) | $ 27,429 | 6,319 | ||||||||
Reclassification of redeemable convertible preferred stock and preferred stock tranche obligations, Shares | (32,500,000) | 32,500,000 | ||||||||||
Vesting of restricted shares | 74,229 | |||||||||||
Stock-based compensation | 7 | 7 | ||||||||||
Net loss | (5,871) | (5,871) | ||||||||||
Ending Balance at Sep. 30, 2019 | 19,427 | $ 27,429 | $ 1 | 6,339 | (14,342) | |||||||
Ending Balance, Shares at Sep. 30, 2019 | 32,500,000 | 2,508,614 | ||||||||||
Beginning Balance at Dec. 31, 2019 | $ 27,429 | $ 27,429 | ||||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 32,500,000 | 32,500,000 | ||||||||||
Beginning Balance at Dec. 31, 2019 | $ 14,036 | $ 27,429 | $ 1 | 6,352 | (19,746) | |||||||
Beginning Balance, Shares at Dec. 31, 2019 | 32,500,000 | 2,586,535 | ||||||||||
Issuance of stock, net of issuance costs | $ 1,972 | $ 1,972 | ||||||||||
Issuance of stock, net of issuance costs, Shares | 2,000,000 | |||||||||||
Vesting of restricted shares | 70,538 | |||||||||||
Stock-based compensation | 66 | 66 | ||||||||||
Net loss | (7,886) | (7,886) | ||||||||||
Ending Balance at Mar. 31, 2020 | 8,188 | $ 29,401 | $ 1 | 6,418 | (27,632) | |||||||
Ending Balance, Shares at Mar. 31, 2020 | 34,500,000 | 2,657,073 | ||||||||||
Beginning Balance at Dec. 31, 2019 | $ 27,429 | $ 27,429 | ||||||||||
Beginning Balance, Shares at Dec. 31, 2019 | 32,500,000 | 32,500,000 | ||||||||||
Beginning Balance at Dec. 31, 2019 | $ 14,036 | $ 27,429 | $ 1 | 6,352 | (19,746) | |||||||
Beginning Balance, Shares at Dec. 31, 2019 | 32,500,000 | 2,586,535 | ||||||||||
Exercise of stock options, Shares | 30,409 | |||||||||||
Net loss | $ (30,788) | |||||||||||
Ending Balance at Sep. 30, 2020 | 366,845 | $ 5 | 417,374 | (50,534) | ||||||||
Ending Balance, Shares at Sep. 30, 2020 | 45,004,247 | |||||||||||
Beginning Balance at Mar. 31, 2020 | 8,188 | $ 29,401 | $ 1 | 6,418 | (27,632) | |||||||
Beginning Balance, Shares at Mar. 31, 2020 | 34,500,000 | 2,657,073 | ||||||||||
Exercise of stock options, Shares | 753 | |||||||||||
Vesting of restricted shares | 70,539 | |||||||||||
Stock-based compensation | 75 | 75 | ||||||||||
Net loss | (8,982) | (8,982) | ||||||||||
Ending Balance at Jun. 30, 2020 | (719) | $ 29,401 | $ 1 | 6,493 | (36,614) | |||||||
Ending Balance, Shares at Jun. 30, 2020 | 34,500,000 | 2,728,365 | ||||||||||
Conversion of convertible preferred stock into common stock upon initial public offering | $ (162,215) | $ 3 | 162,212 | |||||||||
Conversion of convertible preferred stock into common stock upon initial public offering, Shares | (93,159,724) | 28,086,375 | ||||||||||
Issuance of stock, net of issuance costs | 246,411 | $ 17,495 | $ 115,319 | $ 17,495 | $ 115,319 | $ 1 | 246,410 | |||||
Issuance of stock, net of issuance costs, Shares | 17,500,000 | 41,159,724 | 14,089,314 | |||||||||
Exercise of stock options | 24 | 24 | ||||||||||
Exercise of stock options, Shares | 29,656 | |||||||||||
Vesting of restricted shares | 70,537 | |||||||||||
Stock-based compensation | 2,235 | 2,235 | ||||||||||
Net loss | (13,920) | (13,920) | ||||||||||
Ending Balance at Sep. 30, 2020 | $ 366,845 | $ 5 | $ 417,374 | $ (50,534) | ||||||||
Ending Balance, Shares at Sep. 30, 2020 | 45,004,247 |
Condensed Statements of Stock_2
Condensed Statements of Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Common Stock | |||||
Stock issuance costs | $ 2.6 | ||||
Series A Redeemable Convertible Preferred Stock | |||||
Stock issuance costs | $ 0.1 | $ 0.1 | $ 0.1 | $ 0.1 | |
Series A Convertible Preferred Stock | |||||
Stock issuance costs | 0.1 | ||||
Series B Convertible Preferred Stock | |||||
Stock issuance costs | $ 0.4 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | ||||
Net loss | $ (30,788) | $ (9,456) | $ (14,859) | $ (4,811) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Stock-based compensation expense | 2,376 | 12 | 26 | 1 |
Depreciation and amortization expense | 483 | 125 | 271 | 24 |
Changes in fair value of preferred stock tranche obligations | 1,323 | 1,323 | 21 | |
Changes in success fee obligation | 450 | |||
Changes in operating assets and liabilities: | ||||
Prepaid expenses and other current assets | (107) | (329) | (284) | (34) |
Accounts payable and other liabilities | 1,114 | 505 | 1,689 | 635 |
Net cash used in operating activities | (26,472) | (7,820) | (11,834) | (4,164) |
Cash flows from investing activities: | ||||
Purchases of property and equipment | (438) | (910) | (1,647) | (134) |
Net cash used in investing activities | (438) | (910) | (1,647) | (134) |
Cash flows from financing activities: | ||||
Proceeds from initial public offering of common stock, net of issuance costs | 247,454 | |||
Proceeds from issuance of common stock | 7 | |||
Proceeds from issuance of debt, net of issuance costs | 9,936 | |||
Proceeds from SAFEs | 5,000 | |||
Settlement of success fee obligation | (450) | |||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 134,920 | 19,989 | 19,989 | 7,415 |
Proceeds from exercise of stock options | 24 | |||
Net cash provided by financing activities | 391,884 | 19,989 | 19,989 | 12,422 |
Net increase in cash and cash equivalents | 364,974 | 11,259 | 6,508 | 8,124 |
Cash and cash equivalents at beginning of period | 14,632 | 6,508 | 6,508 | |
Cash and cash equivalents at end of period | 379,606 | 17,767 | 14,632 | 6,508 |
Supplemental cash flow information: | ||||
Cash paid for interest and taxes | 311 | |||
Supplemental disclosure of non-cash investing and financing information: | ||||
Reclassification of preferred stock tranche obligation liability to permanent equity | 6,319 | 6,319 | ||
Settlement of Tranche Right I | 1,621 | 1,621 | ||
Conversion of convertible preferred stock to common stock | 162,215 | |||
Purchase of property and equipment in accounts payable | 370 | |||
Issuance costs from convertible preferred stock included in accounts payable or accrued expenses | 134 | |||
Public offering costs included in accounts payable or accrued expenses | $ 1,043 | |||
Settlement of SAFEs with the issuance of Series A Preferred Stock | 5,000 | |||
Previously Reported [Member] | ||||
Cash flows from financing activities: | ||||
Cash and cash equivalents at beginning of period | $ 8,124 | $ 8,124 | ||
Cash and cash equivalents at end of period | $ 8,124 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Nature of Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Dyne Therapeutics, Inc. (the “Company”) is building a leading muscle disease company focused on advancing innovative life-transforming therapeutics for people living with genetically driven diseases that was incorporated in Delaware on December 1, 2017 and has a principal place of business in Waltham, Massachusetts. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates, fluctuations in operating results, compliance with government regulations, the ability to establish clinical- and commercial-scale manufacturing processes, the impact of the COVID-19 On September 21, 2020, the Company completed its initial public offering (“IPO”) pursuant to which it issued and sold 14,089,314 shares of its common stock, including 1,837,736 shares pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $19.00 per share, resulting in net proceeds of $246.4 million, after deducting underwriting discounts and commissions and offering expenses. Upon the closing of the IPO, all of the Company’s then outstanding convertible preferred stock automatically converted into shares of common stock. The accompanying financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities and commitments in the ordinary course of business. Since inception, the Company has funded its operations with proceeds from the sales of instruments convertible into convertible preferred stock (which converted into convertible preferred stock in 2018), the sale of convertible preferred stock, borrowings under a loan and security agreement (the “Loan Agreement”) and most recently, the sale of common stock in the IPO completed in September 2020. The Company has incurred recurring losses, including net losses of $30.8 million for the nine months ended September 30, 2020 and $14.9 million for the year ended December 31, 2019. As of September 30, 2020, the Company had an accumulated deficit of $50.5 million. The Company expects to continue to generate operating losses for the foreseeable future. As of November 5, 2020, the issuance date of these interim condensed financial statements, the Company expects that its cash and cash equivalents will be sufficient to fund its operating expenses and capital expenditure requirements for at least 12 months from the issuance of these interim condensed financial statements. To continue its development efforts, the Company will need to obtain substantial additional funding through public or private equity offerings, debt financings, collaborations, strategic alliances and/or licensing arrangements in order to fund its research and development and ongoing operating expenses. The Company may not be able to obtain financing on acceptable terms, when needed or at all, and the Company may not be able to enter into collaborations, strategic alliances or licensing arrangements. The terms of any financing may adversely affect the holdings or the rights of the Company’s stockholders. Any collaborations, strategic alliances or licensing arrangements may require the Company to relinquish rights to certain of its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company. If the Company is unable to obtain funding, the Company could be forced to delay, limit, reduce or eliminate some or all of its research and development programs, pipeline expansion or future commercialization efforts or grant rights to develop and market product candidates, which could adversely affect its business prospects. Although management will continue to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations when needed or at all. To date, the Company has not experienced material business disruptions, including with its vendors, as a result of the COVID-19 non-essential return-to-work | 1. Nature of business and basis of presentation Nature of business Dyne Therapeutics, Inc. (the “Company”) is a healthcare company that was incorporated in Delaware on December 1, 2017 and has a principal place of business in Waltham, Massachusetts. The Company’s focus is on advancing innovative life-transforming therapies for genetically driven muscle diseases. Risks, uncertainties and going concern The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, successful development of technology, obtaining additional funding, protection of proprietary technology, compliance with government regulations, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for its product candidates, fluctuations in operating results, dependence on key personnel, risks associated with changes in technologies and development by competitors of technological innovations. To date, the Company has principally raised capital through the private placement of convertible preferred stock. The Company has incurred recurring losses since its inception, including net losses of $14.9 million for the year ended December 31, 2019. In addition, as of December 31, 2019, the Company had an accumulated deficit of $19.7 million. The Company expects to incur additional losses and negative operating cash flows at least for the development period and possibly into the commercialization stage. Based on its recurring losses from operations incurred since inception, expectation of continuing operating losses for the foreseeable future, and need to raise additional capital to finance its future operations, the Company has concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern within one year after the date that these financial statements are issued. The Company will require substantial additional capital to fund its research and development and ongoing operating expenses. These capital requirements are expected to be funded through debt and equity offerings as well as possible strategic collaborations with other companies. If the Company is unable to raise additional funds when needed, it may be required to delay, reduce or eliminate its product development or future commercialization efforts, or grant rights to develop and market product candidates that the Company would otherwise prefer to develop and market itself. While there can be no assurance the Company will be able to reduce operating expenses or raise additional capital, management believes its historical success in managing cash flows and obtaining capital will continue in the foreseeable future. The Company is seeking to complete an initial public offering (“IPO”) of its common stock. Upon the completion of an IPO on specified terms, the Company’s outstanding convertible preferred stock will automatically convert into shares of common stock (see Note 8). In the event the Company does not complete an IPO, the Company expects to seek additional funding through private equity financings, debt financings or other capital sources, including collaborations with other companies or other strategic transactions. The Company may not be able to obtain funding on acceptable terms, or at all. The terms of any future financing may adversely affect the holdings or the rights of the Company’s existing stockholders. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. Table of Contents COVID-19 In March 2020, the spread of the novel coronavirus began to cause business disruptions for the Company and many of the Company’s vendors. In addition, the Company has taken a series of actions aimed at safeguarding the Company’s employees and business associates, including implementing a work-at-home policy. These disruptions could result in increased costs of execution of development plans or may negatively impact the quality, quantity, timing and regulatory usability of data that the Company would otherwise be able to collect. While these disruptions are currently expected to be temporary, there is considerable uncertainty around the duration of these disruptions. Therefore, the related financial impact and duration cannot be reasonably estimated at this time. Basis of presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted 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 Accounting Standards Updates (“ASUs”) issued by the Financial Accounting Standards Board (“FASB”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies The accompanying financial statements have been prepared in conformity with generally accepted accounting principles (“GAAP”) in the United States of America. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). Unaudited interim financial information The financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited interim financial statements have been prepared on the same basis as audited annual financial statements, except certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair representation of the results for the reported periods. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Prospectus that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-248414), Use of estimates The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Summary of significant accounting policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” to the Company’s financial statements included in the Prospectus. There have been no material changes to the significant accounting policies during the three months ended September 30, 2020. Accounting pronouncements issued and not adopted In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”), 2016-02. | 2. Summary of significant accounting policies Use of estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Cash and cash equivalents Cash includes cash in readily available checking accounts and cash equivalents include all highly liquid investments maturing within 90 days from the date of purchase. Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents as the Company’s cash deposits on hand at one financial institution often exceed federally insured limits. The Company places its cash in a financial institution that management believes to be of high credit quality. Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated useful life Laboratory equipment 3 years Furnitures and fixtures 5 years Computer equipment 3 years Leasehold improvements Shorter of life of lease or 10 years Table of Contents Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred. Impairment of long-lived assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If this comparison indicates that there is an impairment, the amount of the impairment is calculated as the difference between the carrying value and the fair value. The Company has not recorded any impairment charges in the periods presented in these financial statements. Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer (“CEO”). The CEO and other members of senior management of the Company view the Company’s operations and manage its business as one operating segment. Research and development costs Research and development costs are expensed as incurred. Research and development costs that are paid in advance of performance (if any) are capitalized as a prepaid expense and amortized over the service period as the services are provided. Income taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the deferred tax asset to an amount, which, more likely than not, will be realized. The Company recognizes the tax benefit from any uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. Fair value measurements Certain assets and liabilities are carried at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2—Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • quoted prices for similar assets and liabilities in active markets; • quoted prices for identical or similar assets or liabilities in markets that are not active; • observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and • inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). Net loss per share The Company follows the two-class two-class two-class Basic net loss per share is computed by dividing the net income loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents. Table of Contents Redeemable convertible preferred stock The Company recorded redeemable convertible preferred stock at fair value upon issuance, net of any issuance costs. The Company’s redeemable convertible preferred stock was subject to a dividend when, as and if declared by the Company’s board of directors (the “Board”). Since the issuance of the Company’s outstanding redeemable convertible preferred stock, no dividends have been declared on any shares of redeemable convertible preferred stock. The Company classified stock that was redeemable in circumstances outside of the Company’s control outside of permanent equity. No accretion was recognized as the contingent events that could give rise to redemption were not deemed probable. Stock-based compensation The Company accounts for stock-based awards at fair value, and measures fair value using the Black-Scholes option-pricing model. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for all time-vested awards. Forfeitures are recognized as they occur. Success fee obligation The Company’s loan and security agreement (the “Loan Agreement”) with Pacific Western Bank (“PWB”) entered into in 2020 requires the Company to pay a success fee of $0.5 million upon the occurrence of a specified liquidity event, as described in the Loan Agreement, which includes the proposed IPO. The Company classifies this contingent obligation to pay a success fee as a liability on its balance sheet. The liability was initially deemed immaterial upon entering into the Loan Agreement and is subsequently remeasured to fair value at each reporting date. Changes in the success fee obligation will continue to be recognized until the liability is settled. Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s comprehensive net loss equals the reported net loss for all periods presented. Accounting pronouncements issued and not adopted In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”), 2016-02. Table of Contents |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Fair Value Measurements | 3. Fair Value Measurements The following tables set forth by level, within the fair value hierarchy, the assets and liabilities carried at fair value on a recurring basis for the periods presented: Fair Value Measurements as of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 14,420 — — $ 14,420 Total $ 14,420 — — $ 14,420 Money market funds were valued by the Company based on quoted market prices. There were no transfers among Level 1, Level 2, or Level 3 categories during the periods presented. The fair value of the liability recognized in connection with the contingent success fee associated with the Loan Agreement (see Note 6) was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the liability was determined using the probability-weighted expected return method (“PWERM”), which considered as inputs the probability of occurrence of a specified liquidity event, the expected timing of a liquidity event, the amount of the success fee and a risk-adjusted discount rate. The initial fair value of the liability was de minimis due to the low probability of the events probable of triggering payment. As of September 21, 2020, the closing date of the IPO, the event occurred and the probability increased to 100% and the discount rate was assessed to be 0%. Based on these inputs, the Company determined that the fair value of the derivative liability was $0.5 million as of September 21, 2020. Following the completion of the IPO, the success fee of $0.5 million was paid in September 2020. Table of Contents The following table presents a roll-forward of the aggregate fair value of the success fee obligation for which fair value is determined by Level 3 inputs: (in thousands) Success Fee Balance—January 1, 2020 $ — Initial fair value of success fee obligation — Change in fair value 450 Settlement of derivative instrument (450 ) Balance—September 30, 2020 $ — Financial instruments not recorded at fair value The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities. The carrying value of the long-term debt at September 30, 2020 approximates fair value given that the debt was issued in February 2020 and settled in October 2020 at amounts that approximate the carrying value. | 3. Fair value measurements The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets and liabilities carried at fair value on a recurring basis for the periods presented: (in thousands) Fair value measurements as of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 7,005 — — $ 7,005 Total $ 7,005 — — $ 7,005 Liabilities: Preferred stock tranche obligations $ — — $ 3,375 $ 3,375 Total $ — — $ 3,375 $ 3,375 (in thousands) Fair value measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 14,420 — — $ 14,420 Total $ 14,420 — — $ 14,420 Money market funds were valued by the Company based on quoted market prices. There were no transfers among Level 1, Level 2, or Level 3 categories during the periods presented. The fair value of the preferred stock tranche obligations in connection with the unfunded tranches associated with the Series A Preferred Stock Purchase Agreement (see Note 8) was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the preferred stock tranche obligations was determined by considering as inputs the future value of the Series A Preferred Stock, the difference between the future value of the Series A Preferred Stock and the contract price, the number of shares underlying the contract, the probability of achieving the funding of the tranches, expected timing of the tranche closing and the discount rate. The future value of Series A Preferred Stock was estimated by calibrating, or backsolving, to the price of the Series A Preferred Stock as set forth in the Series A Preferred Stock Purchase Agreement. The contractual price of the shares to be issued in addition to the number of shares underlying the contract are both provided for by the Series A Preferred Stock Purchase Agreement. The probability of achieving the funding of the tranches and the expected timing of those closings were estimates made by the Company. The discount rate was equal to the risk-free rate for the estimated timing of each tranche closing. The fair value of the liability recognized in connection with the contingent success fee associated with the Loan Agreement (see Note 6) was determined based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy. The fair value of the liability was determined using the probability-weighted expected return method (“PWERM”), which considered as inputs the probability of occurrence of a specified liquidity event, the expected timing of a liquidity event, the amount of the success fee and a risk-adjusted discount rate. The initial fair value of the liability was de minimis due to the low probability of the events probable of triggering payment. Table of Contents The following table presents a roll-forward of the aggregate fair values of the Company’s liabilities for which fair value is determined by Level 3 inputs: (in thousands) Preferred stock Success fee Balance—January 1, 2018 $ — $ — Initial fair value of preferred stock tranche obligations 3,354 — Change in fair value 21 — Balance—December 31, 2018 3,375 — Settlement of Tranche Right I 1,621 — Change in fair value 1,323 — Reclassification of Tranche Right II to equity (6,319 ) — Balance—December 31, 2019 — — Financial instruments not recorded at fair value The carrying values of cash, cash equivalents, accounts payable and accrued expenses that are reported on the balance sheets approximate their fair value due to the short-term nature of these assets and liabilities. |
Property and Equipment
Property and Equipment | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Property and Equipment | 4. Property and Equipment Property and equipment consisted of the following: September 30, December 31, (in thousands) 2020 2019 Laboratory equipment $ 1,993 $ 1,705 Office and computer equipment 79 62 Leasehold improvements 14 14 Construction in process 133 — Property and equipment—at cost 2,219 1,781 Less accumulated depreciation and amortization (778 ) (295 ) Property and equipment—net $ 1,441 $ 1,486 Depreciation and amortization expense for the three and nine months ended September 30, 2020 was $0.2 million and $0.5 million, respectively. Depreciation and amortization expense for the three and nine months ended September 30, 2019 was $0.1 million and $0.1 million, respectively. | 4. Property and equipment Property and equipment consisted of the following: (in thousands) December 31, 2018 2019 Laboratory equipment $ 134 $ 1,705 Furnitures and fixtures — 41 Computer equipment — 20 Leasehold improvements — 14 Property and equipment—at cost 134 1,781 Less accumulated depreciation and amortization (24 ) (295 ) Property and equipment—net $ 110 $ 1,486 Depreciation expense totaled $24,000 and $0.3 million for the years ended December 31, 2018 and 2019, respectively. |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Payables and Accruals [Abstract] | ||
Accrued Expenses and Other Current Liabilities | 5. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: September 30, December 31, (in thousands) 2020 2019 Payroll and benefits $ 1,318 $ 540 Consulting services 23 60 Legal services 458 — Research and development 818 484 Facility costs 36 18 Other 537 — Total $ 3,190 $ 1,102 | 5. Accrued expenses and other current liabilities Accrued expenses and other current liabilities consisted of the following: (in thousands) December 31, 2018 2019 Payroll and benefits $ 184 $ 540 Consulting services — 60 Legal services — — Research and development 8 484 Facility costs — 18 Other 1 — Total $ 193 $ 1,102 |
Debt Financing
Debt Financing | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Debt Disclosure [Abstract] | ||
Debt Financing | 6. Debt Financing On February 20, 2020, the Company entered into a Loan Agreement pursuant to which the lender made term loans to the Company in an aggregate principal amount of $10.0 million. Borrowings under the Loan Agreement were collateralized by substantially all of the Company’s assets, excluding intellectual property. Interest on the outstanding loan balance accrued at a variable annual rate equal to the greater of (i) the lender’s prime rate plus 0.25% and (ii) 5.00%, and the Company was required to make interest-only payments on the loans on a monthly basis through August 2021. The interest rate was 5.00% at September 30, 2020. The outstanding borrowings were repaid in October 2020. As part of the Loan Agreement, a success fee of $0.5 million was required in the event of a liquidation event, including an IPO. The success fee represented an embedded derivative which the Company bifurcated from the debt arrangement and carried at fair value. In September 2020, the Company completed its IPO and paid the success fee of $0.5 million. | 6. Debt financing On February 20, 2020, the Company entered into the Loan Agreement with PWB pursuant to which PWB made term loans to the Company in an aggregate principal amount of $10.0 million. Borrowings under the Loan Agreement are collateralized by substantially all of the Company’s assets, excluding intellectual property. Interest on the outstanding loan balance will accrue at a variable annual rate equal to the greater of (i) PWB’s prime rate plus 0.25% and (ii) 5.00%. The Company is required to make interest-only payments on the loans on a monthly basis through February 2021. Upon receipt of at least $17.5 million of gross cash proceeds from the closing of the third tranche of the Series A Preferred Stock, interest-only payments will be extended until August 2021. Subsequent to the interest-only periods, the Company will be required to make equal monthly payments of principal plus interest until the loan matures in February 2024. The Company incurred fees associated with establishing the facility of $0.1 million. The Company has an option to prepay the loan in full without a fee. In the event of a specified liquidity event, including the proposed IPO, the Company will be required to pay a success fee of $0.5 million. The fair value of the success fee and the transaction fees created a debt discount, which will be amortized over the facility term. The Loan Agreement contains customary representations, warranties and covenants and also includes customary events of default, including payment defaults, breaches of covenants, change of control and occurrence of a material adverse effect. There are no financial covenants associated with the Loan Agreement. The scheduled principal maturity of the amounts borrowed under the Loan Agreement is $2.8 million in 2021, $3.3 million in 2022, $3.3 million in 2023 and $0.6 million in 2024. |
Simple agreement for future equ
Simple agreement for future equity | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Simple agreement for future equity | 7. Simple agreement for future equity In January 2018, June 2018 and October 2018, the Company entered into simple agreements for future equity (the “SAFEs”) with an investor, receiving $5.0 million of gross proceeds in aggregate in exchange for the investor’s right to participate in a future equity financing. The SAFEs contained a number of conversion and redemption provisions, including settlement upon liquidity or dissolution events. In November 2018, the investor exercised its right to convert the SAFEs in connection with the Company’s equity financing (See Note 8) and exchanged the SAFEs for an aggregate of 5,000,000 shares of Series A Redeemable Convertible Preferred Stock, with a fair value of $5.0 million at issuance. |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Convertible Preferred Stock | 7. Convertible Preferred Stock The Company had issued Series A convertible preferred stock (the “Series A Preferred Stock”) and Series B convertible preferred stock (the “Series B Preferred Stock”). Collectively the Series A Preferred Stock and the Series B Preferred Stock are referred to as the Preferred Stock. In July 2020, the Company issued and sold 17,500,000 shares of Series A Preferred Stock at a price of $1.00 per share, for gross proceeds of $17.5 million. In August 2020, the Company issued and sold 41,159,724 shares of Series B Preferred Stock at a price of $2.81 per share for gross proceeds of $115.7 million. Upon the closing of the IPO in September 2020, the Company’s Preferred Stock automatically converted into 28,086,375 shares of common stock. Table of Contents | 8. Redeemable convertible preferred stock Series A preferred stock On November 29, 2018, the Company entered into the Series A Preferred Stock Purchase Agreement with its initial investors committing to purchase an aggregate of $50.0 million in shares of Series A Preferred Stock. At the initial closing, 12,500,000 shares of Series A Preferred Stock were issued by the Company at a purchase price of $1.00 per share, for gross cash proceeds of $7.5 million. Of the 12,500,000 shares issued, 5,000,000 shares were issued upon conversion of the then outstanding SAFEs, which had a fair value of $5.0 million (See Note 7). In April 2019, the Company issued an additional 20,000,000 shares of Series A Preferred Stock under the terms of the Series A Preferred Stock Purchase Agreement at a purchase price of $1.00 per share for total gross proceeds of $20.0 million. Issuance costs associated with each closing of the Series A Preferred Stock financing were $0.1 million. On March 18, 2020, the Company entered into a separate Series A Preferred Stock Purchase Agreement with an additional investor and issued 2,000,000 shares of Series A Preferred Stock at a purchase price $1.00 per share for gross cash proceeds of $2.0 million. Included in the terms of the November 2018 Series A Preferred Stock Purchase Agreement were certain rights (“Tranche Rights”) granted to the investors who purchased the Series A Preferred Stock purchased in November 2018. The Tranche Rights contingently obligated the investors to purchase, and the Company to sell, up to an aggregate of 37,500,000 shares of Series A Preferred Stock at $1.00 per share upon the satisfaction of specified research and development milestones by the Company. The Tranche Rights are also exercisable at the option of the holders of the Series A Preferred Stock. The Tranche Rights were divided into separate rights and obligations to purchase 20,000,000 shares (“Tranche Right I”) and 17,500,000 shares (“Tranche Right II”) based on the achievement of specified milestones for each tranche. The Company concluded that the Tranche Rights met the definition of a freestanding financial instrument, as the Tranche Rights were legally detachable and separately exercisable from the Series A Preferred Stock. Therefore, the Company allocated the proceeds from the November 2018 issuance between the Tranche Rights and the Series A Preferred Stock. As the Series A Preferred Stock was redeemable upon a deemed liquidation event at the election of the holder-controlled Board, and therefore outside of the control of the Company, the Tranche Rights were initially classified as a liability and were initially recorded at their fair value of $3.4 million. The Tranche Rights were then remeasured at fair value at each reporting period, with changes in fair value recorded in the statement of operations. The estimated fair value of the Tranche Rights was determined at each reporting date using a probability-weighted present value model that considers the probability of closing a tranche, the estimated future value of the Series A Preferred Stock to be issued at each closing, and the investment required at each closing. Future values were converted to present value using a discount rate appropriate for probability-adjusted cash flows. In April 2019, Tranche Right I was settled when the Company closed on the issuance of 20,000,000 shares Series A Preferred Stock. The fair value of the Tranche Right I as of the closing date was reclassified from a liability to Series A Preferred Stock within equity. In September 2019, the size of the Board was increased from five to six members, including three independent members, which allowed the Company to conclude that the redemption rights of the holders of the Series A Preferred Stock was within the control of the Company. As a result, the Company concluded that Tranche Right II qualified for equity classification as of that date. The preferred stock tranche obligation liability, with a fair value of $6.3 million, was reclassified into permanent equity and was no longer remeasured at fair value at each reporting period after that date. Table of Contents As of each balance sheet date, convertible preferred stock consisted of the following: (in thousands, except share data) As of December 31, 2018 Preferred stock Preferred stock Carrying Liquidation Common shares Series A Preferred Stock 50,000,000 12,500,000 $ 9,061 $ 12,500 3,768,575 Total 50,000,000 12,500,000 $ 9,061 $ 12,500 3,768,575 (in thousands, except share data) As of December 31, 2019 Preferred stock Preferred stock Carrying Liquidation Common shares Series A Preferred Stock 50,000,000 32,500,000 $ 27,429 $ 32,500 9,798,298 Total 50,000,000 32,500,000 $ 27,429 $ 32,500 9,798,298 The Series A Preferred Stock has the followings rights and privileges: Dividends Holders of the Series A Preferred Stock are entitled to receive non-cumulative dividends when, as and if declared by the Board at a rate of 6% of the Original Issue Price (as defined below) per share (the “Dividend Rate”), subject to adjustment. Holders of Series A Preferred Stock will have preference to any dividends being declared or paid on common stock. The Company has not, and has no plans to, declare dividends on any class of preferred or common stock. Liquidation In the event of any liquidation, dissolution, or winding-up of the Company, which would include the sale of the Company, the Series A Preferred Stock is senior to common stock. The holders of the Series A Preferred Stock would be entitled to preferential payment in the amount of $1.00 per share (the “Original Issue Price”). In the event that there are additional assets to be distributed, the holders of the Series A Preferred Stock will share in the distribution along with common stockholders as if the shares of Series A Preferred Stock had converted to common stock immediately prior to the distribution. If the amounts to be distributed to the holders of the Series A Preferred Stock exceeds $2.00 per share, subject to certain adjustments, then the holders of the Series A Preferred Stock will receive the greater of $2.00 or the amount such holder would have received if all shares of Series A Preferred Stock had converted to common stock immediately prior to the distribution. Voting The holders of the Series A Preferred Stock are entitled to the number of votes equal to the number of shares of common stock into which the shares of Series A Preferred Stock held by each holder are then convertible. Conversion The holders of the Series A Preferred Stock may convert, at any time, each share of Series A Preferred Stock into shares of common stock at the Series A Conversion Price. The Series A Conversion Price is initially equal to the Original Issue Price, subject to adjustment. Upon either (a) the closing of the sale of shares of common stock to the public at a price of at least $3.00 per share (subject to adjustment) in an initial public offering with net proceeds to the Company of at least $50.0 million (“Qualified IPO”) or (b) the written consent of the holders of a majority of the outstanding shares of Series A Preferred Stock, the Series A Preferred Stock will automatically convert into common stock at the Series A Conversion Price then in effect. In the event that a holder of Series A Preferred Stock does not purchase the shares of Series A Preferred Stock that the holder is obligated to purchase pursuant to Tranche Right II, that holder will have its outstanding shares of Series A Preferred Stock automatically converted into common stock at a conversion price of $2.00 per share, meaning that the holder would receive 50% fewer shares than would be received upon an optional or mandatory conversion as set forth in the preceding paragraph. |
Equity
Equity | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Equity [Abstract] | ||
Equity | 8. Equity As of September 30, 2020, the Company’s amended and restated certificate of incorporation authorized the Company to issue 200,000,000 shares of common stock, par value $0.0001 per share, and 10,000,000 shares of preferred stock, par value $0.0001 per share, all of which preferred stock is undesignated. | 9. Common stock As of December 31, 2018 and 2019, the Company had authorized 68,000,000 shares of common stock. The voting, dividend and liquidation rights of the holders of the Company’s common stock is subject to and qualified by the rights, powers and preferences of the holders of the Series A Preferred Stock as set forth above. As of December 31, 2018 and 2019, the Company had reserved an aggregate of 5,737,103 and 11,290,676 shares of common stock, respectively, for the conversion of outstanding shares of Series A Preferred Stock, the exercise of outstanding stock options, the vesting of restricted shares of common stock and the potential issuance of shares available for grant under the Company’s 2018 Stock Incentive Plan (see Note 10). |
Stock-Based Awards
Stock-Based Awards | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Stock-Based Awards | 9. Stock-Based Awards 2018 Stock Incentive Plan The Company’s 2018 Stock Incentive Plan (the “2018 Plan”) provided for the Company to sell or issue incentive stock options or nonqualified stock options, restricted stock, and other equity awards to employees, directors and consultants of the Company. The 2018 Plan was administered by the board of directors or, at the discretion of the board of directors, by a committee of the board of directors. The exercise prices, vesting and other restrictions were determined at the discretion of the board of directors, or its committee if so delegated. The total number of shares of common stock authorized under the 2018 Plan was 8,267,252 shares, of which 1,928,487 shares remained available for future issuance prior to the effectiveness of the Company’s 2020 Stock Option and Incentive Plan (the “2020 Plan”). Upon the effectiveness of the 2020 Plan, the Company ceased granting awards under the 2018 Plan, and the 1,928,487 shares of common stock remaining under the 2018 Plan became available for future issuance under the 2020 Plan. 2020 Stock Incentive Plan In August 2020 the Company’s board of directors adopted and the Company’s stockholders approved the 2020 Plan (together with the 2018 Plan, the “Plans”), which became effective on September 16, 2020. The 2020 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards to employees, directors, consultants and advisors of the Company. The 2020 Plan is administered by the Company’s board of directors or by a committee appointed by the board of directors. Upon the effectiveness of the 2020 Plan, the Company ceased granting awards under the 2018 Plan. The number of shares initially reserved for issuance under the 2020 Plan was 4,884,233. The number of shares of common stock reserved for issuance under the 2020 Plan will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including the fiscal year commencing on, January 1, 2030, in an amount equal to the lower of (1) 5% of the shares of common stock outstanding on such date and (2) an amount determined by the Company’s board of directors. As of September 30, 2020, 3,061,794 shares remained available for future issuance under the 2020 Plan. Shares that are expired, terminated, surrendered or canceled without having been fully exercised under the 2018 Plan and the 2020 Plan will be available for future awards under the 2020 Plan. 2020 Employee Stock Purchase Plan In August 2020 the Company’s board of directors adopted and the Company’s stockholders approved the 2020 Employee Stock Purchase Plan (the “2020 ESPP”), which became effective September 16, 2020. The 2020 ESPP is administered by the Company’s board of directors or by a committee appointed by the board of directors. The 2020 ESPP initially provides participating employees with the opportunity to purchase up to an aggregate of 488,414 shares of common stock. The number of shares of common stock reserved for issuance under the 2020 ESPP will automatically increase on the first day of each fiscal year, beginning with the fiscal year commencing on January 1, 2021 and continuing for each fiscal year until, and including the fiscal year commencing on, January 1, 2030, in an amount equal to the lowest of (1) 1,953,656 shares of common stock, (2) 1% of the shares of common stock outstanding on such date, and (3) an amount determined by the board of directors. As of September 30, 2020, no offering periods have commenced under the 2020 ESPP and 488,414 shares remain available for issuance. Stock option valuation The Company typically grants stock options at exercise prices deemed by the Board to be equal to the fair value of the common stock at the time of grant. In the periods prior to the IPO, the fair value of the common stock was determined by the Board at each measurement date based on a variety of different factors, including the results obtained from independent third-party appraisals, the Company’s financial position and historical financial performance, the status of development of the Company’s programs, the current climate in the marketplace, the illiquid nature of the common stock, the effect of the rights and preferences of the preferred stockholders, and the prospects of a liquidity event, among others. In the periods following the IPO, the fair value is determined based upon the quoted price of the Company’s common stock on Nasdaq. The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company historically has been a private company and lacks company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. For options with service-based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Nine Months Ended September 30, 2020 2019 Expected volatility 75% 74% Risk-free interest rate 0.31% —1.67% 1.46% —2.50% Expected term (in years) 6 6 Expected dividend yield — — Table of Contents Stock option activity A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2020 is as follows: (in thousands, except share and per share data) Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Outstanding as of January 1, 2020 311,303 $ 0.93 9.5 $ 30 Granted 6,167,369 6.94 Exercised (30,409 ) 0.82 589 Canceled (110,484 ) 1.04 Outstanding as of September 30, 2020 6,337,779 $ 6.78 9.7 $ 84,984 Options exercisable as of September 30, 2020 82,768 $ 0.97 8.9 $ 1,591 Options vested or expected to vest as of September 30, 2020 6,337,779 $ 6.78 9.7 $ 84,984 The weighted-average grant date fair value of the options granted during the nine months ended September 30, 2020 was $4.27 per share. As of September 30, 2020 there was $25.0 million of unrecognized compensation expense, which the Company expects to recognize over a weighted-average period of 3.67 years. Restricted stock units A restricted stock unit (“RSU”) represents the right to receive one share of common stock upon vesting of the RSU. The Company grants RSUs with service conditions that vest in four equal annual installments provided that the employee remains employed with the Company. The Company also grants RSUs with performance conditions that vest upon the achievement of specified milestones. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. A summary of the Company’s RSU activity and related information for the 2020 Plan for the nine months ended September 30, 2020 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested as of January 1, 2020 — $ — Granted 375,137 23.90 Vested — — Forfeited — — Unvested as of September 30, 2020 375,137 $ 23.90 As of September 30, 2020, there was $8.7 million of unrecognized compensation costs related to unvested RSUs, which are expected to be recognized over a weighted-average period of 3.96 years. Restricted common stock During the year ended December 31, 2018, the Company granted restricted common stock with service-based vesting conditions. Shares of unvested restricted common stock may not be sold or transferred by the holder. These restrictions lapse according to the time-based vesting conditions of each award. The aggregate grant date fair value of these awards was immaterial. The following table summarizes the Company’s restricted common stock award activity for the nine months ended September 30, 2020: Number of Restricted Shares Issued and unvested as of January 1, 2020 652,482 Vested (211,614 ) Issued and unvested as of September 30, 2020 440,868 The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Research and development $ 929 $ 3 $ 984 $ 4 General and administrative 1,306 4 1,392 8 Total $ 2,235 $ 7 $ 2,376 $ 12 | 10. Stock-based compensation 2018 Stock incentive plan During 2018, the Company adopted the 2018 Stock Incentive Plan (the “2018 Plan”). The 2018 Plan, as amended, provided for the issuance of up to 1,968,528 shares of common stock as of December 31, 2019 to employees, officers, directors, consultants, and advisors in the form of nonqualified and incentive stock options, restricted stock awards, and other stock-based awards. Options typically vest over four years and have a maximum term of 10 years. There were no awards granted during the year ended December 31, 2018. At December 31, 2019, there were 528,593 shares of common stock available for issuance under the 2018 Plan. Stock option valuation The Company typically grants stock options to employees and nonemployees at exercise prices deemed to be equal to the fair value of the common stock at the time of grant. The fair value of the common stock has been determined by the Board at each measurement date based on a variety of different factors, including the results obtained from independent third-party appraisals, the Company’s financial position and historical financial performance, the status of development of the Company’s programs, the current climate in the marketplace, the illiquid nature of the common stock, the effect of the rights and preferences of the holders of Series A Preferred Stock, and the prospects of a liquidity event, among others. Table of Contents The Company utilized the Black-Scholes option-pricing model to estimate the fair value of stock options awarded. The Black-Scholes option-pricing model requires several key assumptions. The assumptions that the Company used to determine the grant date fair value of options granted were as follows: Year ended Expected volatility 74% Risk-free interest rate 1.46% — 2.50% Expected term (in years) 6 Expected dividend yield — The risk-free interest rates are based on rates associated with U.S. Treasury issues approximating the expected life of the stock options. The expected term of options granted to employees was determined using the simplified method, which represents the midpoint of the contractual term of the option and the weighted-average vesting period of the option. The Company uses the simplified method because it does not have sufficient historical option exercise data to provide a reasonable basis upon which to estimate the expected term. The expected dividend-yield assumption was based on the Company’s expectation of no future dividend payments. The expected volatility of the underlying stock was based on the average historical volatility of comparable publicly traded companies based on weekly price returns as reported by a pricing service, as the Company does not have a trading history for its stock. The weighted-average grant date fair value of the options granted during the year ended December 31, 2019 was $0.62 per share. As of December 31, 2019, there was $0.2 million of unrecognized compensation expense which will be recognized over a weighted-average period of 3.4 years. The following table summarizes the option activity under the 2018 Plan for the periods presented: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding January 1, 2019 — $ — — $ — Granted 314,317 0.93 Exercised — — Canceled (3,014 ) 0.73 Outstanding December 31, 2019 311,303 $ 0.93 9.5 $ 30 Options exercisable—December 31, 2019 — $ — — $ — Options vested or expected to vest—December 31, 2019 311,303 $ 0.93 9.5 $ 30 Table of Contents Restricted common stock During the year ended December 31, 2018, the Company granted restricted common stock with service-based vesting conditions. Shares of unvested restricted common stock may not be sold or transferred by the holder. These restrictions lapse according to the time-based vesting conditions of each award. The grant date fair value of these shares was immaterial. The following table summarizes the Company’s restricted common stock award activity for the year ended December 31, 2019: Number of restricted Issued and unvested as of January 1, 2019 1,141,736 Vested (476,131 ) Forfeited (13,123 ) Issued and unvested as of December 31, 2019 652,482 The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: (in thousands) Year ended December 31, 2018 2019 Research and development $ — $ 13 General and administrative 1 13 Total $ 1 $ 26 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 11. Income taxes There is no provision for income taxes because the Company has historically incurred net operating losses and maintains a full valuation allowance against its deferred tax assets. The reported amount of income tax expense/benefit for the years ended December 31, 2018 and 2019 differs from the amount that would result from applying domestic federal statutory rates to pretax losses primarily because of changes in the valuation allowance. A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year ended December 31, 2018 2019 Federal income tax expense at statutory rate 21% 21% State taxes—net of federal benefit 6 6 Change in fair value of preferred stock tranche obligations — (2 ) Other permanent differences — (1 ) Federal & state R&D credits 2 4 Increase in valuation allowance (29 ) (28 ) Effective income tax rate 0% 0% Table of Contents Significant components of the Company’s net deferred tax assets at December 31, 2018 and 2019 are as follows: (in thousands) Year ended December 31, 2018 2019 Deferred tax assets: Stock-based compensation $ — $ 1 Net operating loss carryforwards 1,264 4,848 Credit carryforwards 66 612 Intangible assets 4 12 Accrued expenses 50 161 Total deferred tax assets 1,384 5,634 Valuation allowance (1,382 ) (5,607 ) Total net deferred tax assets 2 27 Deferred tax liabilities: Fixed assets (2 ) (27 ) Total deferred tax liability (2 ) (27 ) Total deferred tax assets (liabilities) $ — $ — Since its inception in 2017, the Company has not recorded any U.S. federal or state income tax benefits for the net losses it has incurred in any year or for its earned research and development tax credits, due to the uncertainty of realizing a benefit from those items. The valuation allowance increased by $1.4 million and $4.2 million during the years ended December 31, 2018 and 2019, respectively. As of December 31, 2019, the Company had federal net operating loss carryforwards of $17.7 million and state net operating loss carryforwards of $17.7 million. The federal net operating loss carryforwards are indefinite lived, and the state net operating loss carryforwards begin to expire in 2038. As of December 31, 2019, the Company also had federal and state research and development tax credit carryforwards of $0.4 million and $0.2 million, respectively, which begin to expire in 2038 and 2033, respectively. Utilization of the net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986, as amended, due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain stockholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt Table of Contents The Company’s policy is to record estimated interest and penalties related to uncertain tax positions in income tax expense. The Company has no amounts recorded for any unrecognized tax positions, accrued interest or penalties as of December 31, 2018 and 2019. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates, including the United States and the Commonwealth of Massachusetts. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending tax examinations. The Company’s tax returns are open under statute from 2018 to the present. |
Net Loss per Share
Net Loss per Share | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Net Loss per Share | 10. Net Loss per Share The following potential dilutive securities, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: September 30, 2020 2019 Convertible preferred stock (as converted to common stock) — 9,798,298 Unvested restricted common stock 440,868 730,403 Unvested restricted stock units 375,137 — Stock options to purchase common stock 6,337,779 311,303 Total 7,153,784 10,840,004 | 12. Net loss per share Basic and diluted net loss per share was calculated as follows: (in thousands, except share and per share data) Year ended December 31, 2018 2019 Numerator: Net loss $ (4,811 ) $ (14,859 ) Denominator: Weighted-average common shares outstanding—basic and diluted 474,118 2,442,872 Net loss per share—basic and diluted $ (10.15 ) $ (6.08 ) The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Year ended December 31, 2018 2019 Options to purchase common stock — 311,303 Unvested restricted stock units — — Unvested restricted common stock 1,141,736 652,482 Convertible preferred stock (as converted to common stock) 3,768,575 9,798,298 Total 4,910,311 10,762,083 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Commitments and Contingencies | 11. Commitments and Contingencies Operating leases In May 2019, the Company entered into a sublease agreement for a portion of the laboratory and office space in Waltham, Massachusetts. The term of the sublease commenced on July 1, 2019 and expires on December 31, 2021. Rent expense for the three months ended September 30, 2020 and 2019 totaled $0.2 million and $0.4 million, respectively. Rent expense for the nine months ended September 30, 2020 and 2019 totaled $0.2 million and $0.4 million, respectively. Table of Contents Future minimum lease payments under the non-cancelable Year Ending December 31, (in thousands) 2020 (remaining 3 months) $ 197 2021 800 Total $ 997 Legal proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to any such legal proceedings. Other contractual obligations The Company enters into contracts in the normal course of business with third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts typically do not contain minimum purchase commitments and are generally cancelable by the Company upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including noncancelable obligations of the service providers, up to the date of cancellation and in the case of certain arrangements may include non-cancelable | 13. Commitments and contingencies Operating leases In May 2019, the Company entered into a sublease agreement for a portion of the laboratory and office space in Waltham, Massachusetts. The term of the sublease commenced on July 1, 2019 and expires on December 31, 2021. Rent expense for the years ended December 31, 2018 and 2019 totaled $0.3 million and $0.7 million, respectively. Table of Contents Future minimum lease payments under the non-cancelable Year ending December 31, (in thousands) 2020 $ 776 2021 800 Total $ 1,576 Legal proceedings The Company is not currently party to any material legal proceedings. At each reporting date, the Company evaluates whether a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to any such legal proceedings. Other contractual obligations The Company enters into contracts in the normal course of business with third parties for preclinical research studies, clinical trials and testing and manufacturing services. These contracts typically do not contain minimum purchase commitments and are generally cancelable by the Company upon written notice. Payments due upon cancellation consist of payments for services provided or expenses incurred, including noncancelable obligations of the service providers, up to the date of cancellation and in the case of certain arrangements may include non-cancelable The Company has also entered into a license agreement (the “UMONS Agreement”) with the University of Mons (“UMONS”) in April 2020, pursuant to which UMONS granted to the Company an exclusive, worldwide license to certain patents and patent applications and a non-exclusive, know-how. know-how. Under the UMONS Agreement, the Company is obligated to use commercially reasonable efforts to develop at least one licensed product and, to the extent regulatory approval is obtained in such jurisdictions, to commercialize at least one licensed product in the United States and the United Kingdom or a member country of the European Union. Unless terminated earlier, the UMONS Agreement will remain in effect until the last to expire of the licensed patent rights on a licensed product-by-licensed country-by-country In connection with the Company’s entry into the UMONS Agreement, the Company paid UMONS an upfront payment of € € € product-by-licensed country-by-country No amounts have been accrued under this arrangement with respect to potential milestone payment obligations or royalty obligations given the uncertainty of achieving the specified milestones and commercial sales of any licensed products. |
Related parties
Related parties | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related parties | 14. Related parties The Company has received professional services from a major stockholder, Atlas Venture Life Science Advisors, LLC. The Company recorded expenses totaling $0.2 million and $0.1 million related to these services for the years ended December 31, 2018 and 2019, respectively. As of December 31, 2018, the Company had $0.1 million in accounts payable representing amounts owed to Atlas Venture Life Science Advisors, LLC. There were no amounts owed to Atlas Venture Life Science Advisors, LLC as of December 31, 2019. |
Subsequent events
Subsequent events | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Subsequent Events [Abstract] | ||
Subsequent events | 12. Subsequent events For the nine months ended September 30, 2020 (unaudited), subsequent events were evaluated through November 5, 2020, the date on which the unaudited interim financial statements were first issued, and January 11, 2021 as to the effects of the lease discussion below. The Company has concluded that no events have occurred subsequent to September 30, 2020 that require disclosure, except for those referenced below. Lease agreement On December 4, 2020, the Company entered into a lease agreement (the “Lease”), pursuant to which the Company will lease approximately 68,187 square feet of office and laboratory space located in Waltham, Massachusetts (the “Premises”). The Lease will have a term of eight years and six months that will commence when the Premises are ready for occupancy. The Company’s obligation for the payment of base rent for the Premises begins six months after the commencement date and will be $0.4 million per month, increasing up to $0.5 million during the term of the Lease. The Company has two options to extend the term of the Lease, each for a period of an additional five years. The Company expects the Premises to be ready for occupancy in the fourth quarter of 2021. | 15. Subsequent events For the year ended December 31, 2019, subsequent events were evaluated through July 23, 2020, the date on which the audited financial statements were issued, and September 9, 2020 as to the effects of the reverse stock split discussion below. Reverse stock split The Company’s board of directors and stockholders approved a one-for-3.3169 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Accounting Policies [Abstract] | ||
Use of Estimates | Use of estimates The preparation of the financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | Use of estimates The preparation of the financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. |
Cash and Cash Equivalents | Cash and cash equivalents Cash includes cash in readily available checking accounts and cash equivalents include all highly liquid investments maturing within 90 days from the date of purchase. Financial instruments that subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents as the Company’s cash deposits on hand at one financial institution often exceed federally insured limits. The Company places its cash in a financial institution that management believes to be of high credit quality. | |
Property and Equipment | Property and equipment Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated useful life Laboratory equipment 3 years Furnitures and fixtures 5 years Computer equipment 3 years Leasehold improvements Shorter of life of lease or 10 years Table of Contents Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation and amortization are removed from the accounts and any resulting gain or loss is included in loss from operations. Expenditures for repairs and maintenance are charged to expense as incurred. | |
Impairment of Long-Lived Assets | Impairment of long-lived assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If this comparison indicates that there is an impairment, the amount of the impairment is calculated as the difference between the carrying value and the fair value. The Company has not recorded any impairment charges in the periods presented in these financial statements. | |
Segment Information | Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the chief executive officer (“CEO”). The CEO and other members of senior management of the Company view the Company’s operations and manage its business as one operating segment. | |
Research and Development Costs | Research and development costs Research and development costs are expensed as incurred. Research and development costs that are paid in advance of performance (if any) are capitalized as a prepaid expense and amortized over the service period as the services are provided. | |
Income Taxes | Income taxes Deferred tax assets and liabilities are recognized for the expected future tax consequences of events that have been included in the financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax bases of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. A valuation allowance is provided to reduce the deferred tax asset to an amount, which, more likely than not, will be realized. The Company recognizes the tax benefit from any uncertain tax positions only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position. The tax benefits recognized in the financial statements from such a position are measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. | |
Fair Value Measurements | Fair value measurements Certain assets and liabilities are carried at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: • Level 1—Unadjusted quoted prices in active markets that are accessible to the reporting entity at the measurement date for identical assets and liabilities. • Level 2—Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 2 inputs include the following: • quoted prices for similar assets and liabilities in active markets; • quoted prices for identical or similar assets or liabilities in markets that are not active; • observable inputs other than quoted prices that are used in the valuation of the asset or liabilities (e.g., interest rate and yield curve quotes at commonly quoted intervals); and • inputs that are derived principally from or corroborated by observable market data by correlation or other means. • Level 3—Unobservable inputs for the assets or liability (i.e., supported by little or no market activity). Level 3 inputs include management’s own assumptions about the assumptions that market participants would use in pricing the asset or liability (including assumptions about risk). | |
Net Loss Per Share | Net loss per share The Company follows the two-class two-class two-class Basic net loss per share is computed by dividing the net income loss by the weighted average number of shares of common stock outstanding for the period. Diluted net loss is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities. Diluted net loss per share is computed by dividing the diluted net loss by the weighted average number of shares of common stock outstanding for the period, including potential dilutive common shares assuming the dilutive effect of common stock equivalents. | |
Redeemable Convertible Preferred Stock | Redeemable convertible preferred stock The Company recorded redeemable convertible preferred stock at fair value upon issuance, net of any issuance costs. The Company’s redeemable convertible preferred stock was subject to a dividend when, as and if declared by the Company’s board of directors (the “Board”). Since the issuance of the Company’s outstanding redeemable convertible preferred stock, no dividends have been declared on any shares of redeemable convertible preferred stock. The Company classified stock that was redeemable in circumstances outside of the Company’s control outside of permanent equity. No accretion was recognized as the contingent events that could give rise to redemption were not deemed probable. | |
Stock-Based Compensation | Stock-based compensation The Company accounts for stock-based awards at fair value, and measures fair value using the Black-Scholes option-pricing model. Stock-based compensation costs are recognized as expense over the requisite service period, which is generally the vesting period, on a straight-line basis for all time-vested awards. Forfeitures are recognized as they occur. | |
Success Fee Obligation | Success fee obligation The Company’s loan and security agreement (the “Loan Agreement”) with Pacific Western Bank (“PWB”) entered into in 2020 requires the Company to pay a success fee of $0.5 million upon the occurrence of a specified liquidity event, as described in the Loan Agreement, which includes the proposed IPO. The Company classifies this contingent obligation to pay a success fee as a liability on its balance sheet. The liability was initially deemed immaterial upon entering into the Loan Agreement and is subsequently remeasured to fair value at each reporting date. Changes in the success fee obligation will continue to be recognized until the liability is settled. | |
Comprehensive Loss | Comprehensive loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. The Company’s comprehensive net loss equals the reported net loss for all periods presented. | |
Accounting Pronouncements Issued and Not Adopted | Accounting pronouncements issued and not adopted In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”), 2016-02. | Accounting pronouncements issued and not adopted In February 2016, the FASB issued ASU No. 2016-02, Leases 2016-02”), 2016-02. |
Unaudited Interim Financial Information | Unaudited interim financial information The financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited interim financial statements have been prepared on the same basis as audited annual financial statements, except certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair representation of the results for the reported periods. Accordingly, these financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Prospectus that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-248414), | |
Summary of Significant Accounting Policies | Summary of significant accounting policies The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” to the Company’s financial statements included in the Prospectus. There have been no material changes to the significant accounting policies during the three months ended September 30, 2020. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule Of Property Plant And Equipment Estimated Useful Lives | Depreciation and amortization expense is recognized using the straight-line method over the estimated useful life of each asset as follows: Estimated useful life Laboratory equipment 3 years Furnitures and fixtures 5 years Computer equipment 3 years Leasehold improvements Shorter of life of lease or 10 years |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Summary of Assets and Liabilities Carried at Fair Value on Recurring Basis | The following tables set forth by level, within the fair value hierarchy, the assets and liabilities carried at fair value on a recurring basis for the periods presented: Fair Value Measurements as of December 31, 2019 (in thousands) Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 14,420 — — $ 14,420 Total $ 14,420 — — $ 14,420 | The following tables set forth by level, within the fair value hierarchy (see Note 2), the assets and liabilities carried at fair value on a recurring basis for the periods presented: (in thousands) Fair value measurements as of December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 7,005 — — $ 7,005 Total $ 7,005 — — $ 7,005 Liabilities: Preferred stock tranche obligations $ — — $ 3,375 $ 3,375 Total $ — — $ 3,375 $ 3,375 (in thousands) Fair value measurements as of December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash equivalents—money market funds $ 14,420 — — $ 14,420 Total $ 14,420 — — $ 14,420 |
Roll-forward of Aggregate Fair Values of Liabilities Determined by Level 3 Inputs | The following table presents a roll-forward of the aggregate fair value of the success fee obligation for which fair value is determined by Level 3 inputs: (in thousands) Success Fee Balance—January 1, 2020 $ — Initial fair value of success fee obligation — Change in fair value 450 Settlement of derivative instrument (450 ) Balance—September 30, 2020 $ — | The following table presents a roll-forward of the aggregate fair values of the Company’s liabilities for which fair value is determined by Level 3 inputs: (in thousands) Preferred stock Success fee Balance—January 1, 2018 $ — $ — Initial fair value of preferred stock tranche obligations 3,354 — Change in fair value 21 — Balance—December 31, 2018 3,375 — Settlement of Tranche Right I 1,621 — Change in fair value 1,323 — Reclassification of Tranche Right II to equity (6,319 ) — Balance—December 31, 2019 — — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | ||
Schedule of Property and Equipment | Property and equipment consisted of the following: September 30, December 31, (in thousands) 2020 2019 Laboratory equipment $ 1,993 $ 1,705 Office and computer equipment 79 62 Leasehold improvements 14 14 Construction in process 133 — Property and equipment—at cost 2,219 1,781 Less accumulated depreciation and amortization (778 ) (295 ) Property and equipment—net $ 1,441 $ 1,486 | Property and equipment consisted of the following: (in thousands) December 31, 2018 2019 Laboratory equipment $ 134 $ 1,705 Furnitures and fixtures — 41 Computer equipment — 20 Leasehold improvements — 14 Property and equipment—at cost 134 1,781 Less accumulated depreciation and amortization (24 ) (295 ) Property and equipment—net $ 110 $ 1,486 |
Accrued Expenses and Other Cu_2
Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Payables and Accruals [Abstract] | ||
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: September 30, December 31, (in thousands) 2020 2019 Payroll and benefits $ 1,318 $ 540 Consulting services 23 60 Legal services 458 — Research and development 818 484 Facility costs 36 18 Other 537 — Total $ 3,190 $ 1,102 | Accrued expenses and other current liabilities consisted of the following: (in thousands) December 31, 2018 2019 Payroll and benefits $ 184 $ 540 Consulting services — 60 Legal services — — Research and development 8 484 Facility costs — 18 Other 1 — Total $ 193 $ 1,102 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Schedule of Convertible Preferred Stock | As of each balance sheet date, convertible preferred stock consisted of the following: (in thousands, except share data) As of December 31, 2018 Preferred stock Preferred stock Carrying Liquidation Common shares Series A Preferred Stock 50,000,000 12,500,000 $ 9,061 $ 12,500 3,768,575 Total 50,000,000 12,500,000 $ 9,061 $ 12,500 3,768,575 (in thousands, except share data) As of December 31, 2019 Preferred stock Preferred stock Carrying Liquidation Common shares Series A Preferred Stock 50,000,000 32,500,000 $ 27,429 $ 32,500 9,798,298 Total 50,000,000 32,500,000 $ 27,429 $ 32,500 9,798,298 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | ||
Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted | The assumptions that the Company used to determine the grant-date fair value of options granted were as follows: Nine Months Ended September 30, 2020 2019 Expected volatility 75% 74% Risk-free interest rate 0.31% —1.67% 1.46% —2.50% Expected term (in years) 6 6 Expected dividend yield — — | The assumptions that the Company used to determine the grant date fair value of options granted were as follows: Year ended Expected volatility 74% Risk-free interest rate 1.46% — 2.50% Expected term (in years) 6 Expected dividend yield — |
Summary of Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information for the nine months ended September 30, 2020 is as follows: (in thousands, except share and per share data) Options Weighted Average Exercise Price Weighted Average Remaining Life (in years) Aggregate Intrinsic Value Outstanding as of January 1, 2020 311,303 $ 0.93 9.5 $ 30 Granted 6,167,369 6.94 Exercised (30,409 ) 0.82 589 Canceled (110,484 ) 1.04 Outstanding as of September 30, 2020 6,337,779 $ 6.78 9.7 $ 84,984 Options exercisable as of September 30, 2020 82,768 $ 0.97 8.9 $ 1,591 Options vested or expected to vest as of September 30, 2020 6,337,779 $ 6.78 9.7 $ 84,984 | The following table summarizes the option activity under the 2018 Plan for the periods presented: (in thousands, except share and per share data) Options Weighted Weighted Aggregate Outstanding January 1, 2019 — $ — — $ — Granted 314,317 0.93 Exercised — — Canceled (3,014 ) 0.73 Outstanding December 31, 2019 311,303 $ 0.93 9.5 $ 30 Options exercisable—December 31, 2019 — $ — — $ — Options vested or expected to vest—December 31, 2019 311,303 $ 0.93 9.5 $ 30 |
Summary of Restricted Common Stock Award Activity | The following table summarizes the Company’s restricted common stock award activity for the nine months ended September 30, 2020: Number of Restricted Shares Issued and unvested as of January 1, 2020 652,482 Vested (211,614 ) Issued and unvested as of September 30, 2020 440,868 | The following table summarizes the Company’s restricted common stock award activity for the year ended December 31, 2019: Number of restricted Issued and unvested as of January 1, 2019 1,141,736 Vested (476,131 ) Forfeited (13,123 ) Issued and unvested as of December 31, 2019 652,482 |
Summary of Stock-based Compensation Expense | The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2020 2019 2020 2019 Research and development $ 929 $ 3 $ 984 $ 4 General and administrative 1,306 4 1,392 8 Total $ 2,235 $ 7 $ 2,376 $ 12 | The Company recorded stock-based compensation expense in the following expense categories of its statements of operations: (in thousands) Year ended December 31, 2018 2019 Research and development $ — $ 13 General and administrative 1 13 Total $ 1 $ 26 |
Summary of RSU Activity | A summary of the Company’s RSU activity and related information for the 2020 Plan for the nine months ended September 30, 2020 is as follows: Number of Shares Weighted Average Grant Date Fair Value Unvested as of January 1, 2020 — $ — Granted 375,137 23.90 Vested — — Forfeited — — Unvested as of September 30, 2020 375,137 $ 23.90 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year ended December 31, 2018 2019 Federal income tax expense at statutory rate 21% 21% State taxes—net of federal benefit 6 6 Change in fair value of preferred stock tranche obligations — (2 ) Other permanent differences — (1 ) Federal & state R&D credits 2 4 Increase in valuation allowance (29 ) (28 ) Effective income tax rate 0% 0% |
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s net deferred tax assets at December 31, 2018 and 2019 are as follows: (in thousands) Year ended December 31, 2018 2019 Deferred tax assets: Stock-based compensation $ — $ 1 Net operating loss carryforwards 1,264 4,848 Credit carryforwards 66 612 Intangible assets 4 12 Accrued expenses 50 161 Total deferred tax assets 1,384 5,634 Valuation allowance (1,382 ) (5,607 ) Total net deferred tax assets 2 27 Deferred tax liabilities: Fixed assets (2 ) (27 ) Total deferred tax liability (2 ) (27 ) Total deferred tax assets (liabilities) $ — $ — |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Earnings Per Share [Abstract] | ||
Schedule of Earnings Per Share, Basic and Diluted | Basic and diluted net loss per share was calculated as follows: (in thousands, except share and per share data) Year ended December 31, 2018 2019 Numerator: Net loss $ (4,811 ) $ (14,859 ) Denominator: Weighted-average common shares outstanding—basic and diluted 474,118 2,442,872 Net loss per share—basic and diluted $ (10.15 ) $ (6.08 ) | |
Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share | The following potential dilutive securities, presented based on amounts outstanding at each period end, have been excluded from the calculation of diluted net loss per share because including them would have had an anti-dilutive impact: September 30, 2020 2019 Convertible preferred stock (as converted to common stock) — 9,798,298 Unvested restricted common stock 440,868 730,403 Unvested restricted stock units 375,137 — Stock options to purchase common stock 6,337,779 311,303 Total 7,153,784 10,840,004 | The following potentially dilutive common stock equivalents, presented based on amounts outstanding at each period end, were excluded from the computation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: Year ended December 31, 2018 2019 Options to purchase common stock — 311,303 Unvested restricted stock units — — Unvested restricted common stock 1,141,736 652,482 Convertible preferred stock (as converted to common stock) 3,768,575 9,798,298 Total 4,910,311 10,762,083 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | Future minimum lease payments under the non-cancelable Year Ending December 31, (in thousands) 2020 (remaining 3 months) $ 197 2021 800 Total $ 997 | Future minimum lease payments under the non-cancelable Year ending December 31, (in thousands) 2020 $ 776 2021 800 Total $ 1,576 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Sep. 21, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Nature Of Business And Basis Of Presentation [Line Items] | |||||||||||
Entity incorporation date | Dec. 1, 2017 | ||||||||||
Net loss | $ (13,920) | $ (8,982) | $ (7,886) | $ (5,871) | $ (1,497) | $ (2,087) | $ (30,788) | $ (9,456) | $ (14,859) | $ (4,811) | |
Accumulated deficit | $ (50,534) | $ (50,534) | $ (19,746) | (4,887) | |||||||
Net proceeds from issuance of common stock | $ 7 | ||||||||||
Initial Public Offering | Common Stock | |||||||||||
Nature Of Business And Basis Of Presentation [Line Items] | |||||||||||
Number of shares issued and sold | 14,089,314 | ||||||||||
Underwriters option to purchase additional shares | 1,837,736 | ||||||||||
Public offering price | $ 19 | ||||||||||
Net proceeds from issuance of common stock | $ 246,400 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($)Segment | |
Summary Of Significant Accounting Policies [Line Items] | ||
Cash and cash equivalent maturity period | 90 days | |
Impairment Charges | $ 0 | |
Number of operating segment | Segment | 1 | |
Success fee paid | $ 500,000 | |
Loan Agreement | Pacific Western Bank | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Success fee paid | $ 500,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Estimated Useful Lives of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Laboratory Equipment | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 5 years |
Computer Equipment | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | 3 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Property, plant and equipment, useful life | Shorter of life of lease or 10 years |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Carried at Fair Value on Recurring Basis (Detail) - Fair Value, Recurring - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Total | $ 14,420 | $ 7,005 |
Liabilities: | ||
Total | 3,375 | |
Preferred Stock Tranche Obligations | ||
Liabilities: | ||
Total | 3,375 | |
Level 1 | ||
Assets: | ||
Total | 14,420 | 7,005 |
Level 3 | ||
Liabilities: | ||
Total | 3,375 | |
Level 3 | Preferred Stock Tranche Obligations | ||
Liabilities: | ||
Total | 3,375 | |
Cash Equivalents - Money Market Funds | ||
Assets: | ||
Total | 14,420 | 7,005 |
Cash Equivalents - Money Market Funds | Level 1 | ||
Assets: | ||
Total | $ 14,420 | $ 7,005 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Sep. 21, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Fair value assets, transfers among level 1, level 2 or level 3 | $ 0 | ||
Fair value liabilities, transfers among level 1, level 2 or level 3 | $ 0 | ||
Fair value liability, payment percentage | 100.00% | ||
Fair value of derivative liability | $ 500,000 | ||
Success fee paid | $ 500,000 | ||
Discount Rate | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Measurement input | 0 |
Fair Value Measurements - Roll-
Fair Value Measurements - Roll-forward of Aggregate Fair Values of Liabilities Determined by Level 3 Inputs (Detail) - Level 3 - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Success Fee Obligation | |||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Settlement of derivative instrument | $ (450) | ||
Initial fair value of success fee obligation | 0 | ||
Change in fair value | $ 450 | ||
Preferred Stock Tranche Obligations | |||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | |||
Balance | $ 3,375 | ||
Settlement of derivative instrument | 1,621 | ||
Initial fair value of preferred stock tranche obligations | $ 3,354 | ||
Change in fair value | 1,323 | 21 | |
Reclassification of Tranche Right II to equity | $ (6,319) | ||
Balance | $ 3,375 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | |||
Property and equipment-at cost | $ 2,219 | $ 1,781 | $ 134 |
Less accumulated depreciation and amortization | (778) | (295) | (24) |
Property and equipment-net | 1,441 | 1,486 | 110 |
Laboratory Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment-at cost | 1,993 | 1,705 | $ 134 |
Office and Computer Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment-at cost | 79 | 62 | |
Leasehold Improvements | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment-at cost | 14 | 14 | |
Construction in Process | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment-at cost | $ 133 | ||
Furniture and Fixtures | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment-at cost | 41 | ||
Computer Equipment | |||
Property Plant And Equipment [Line Items] | |||
Property and equipment-at cost | $ 20 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | ||||||
Depreciation and amortization expense | $ 200 | $ 100 | $ 483 | $ 125 | $ 271 | $ 24 |
Accrued Expenses and Other Cu_3
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | |||
Payroll and benefits | $ 1,318 | $ 540 | $ 184 |
Consulting services | 23 | 60 | |
Legal services | 458 | ||
Research and development | 818 | 484 | 8 |
Facility costs | 36 | 18 | |
Other | 537 | 1 | |
Total | $ 3,190 | $ 1,102 | $ 193 |
Debt Financing - Additional Inf
Debt Financing - Additional Information (Detail) - USD ($) | Feb. 20, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Line Of Credit Facility [Line Items] | ||||
Long-term debt, maturities, repayments of principal in 2021 | $ 2,800,000 | |||
Long-term debt, maturities, repayments of principal in 2022 | 3,300,000 | |||
Long-term debt, maturities, repayments of principal in 2023 | 3,300,000 | |||
Long-term debt, maturities, repayments of principal in 2024 | 600,000 | |||
Series A Preferred Stock | ||||
Line Of Credit Facility [Line Items] | ||||
Cash proceeds from closing of third tranche | $ 17,500,000 | |||
Term Loan | ||||
Line Of Credit Facility [Line Items] | ||||
Credit facility, maximum borrowing capacity under loan agreement | $ 10,000,000 | |||
Credit facility, interest rate description | Interest on the outstanding loan balance accrued at a variable annual rate equal to the greater of (i) the lender's prime rate plus 0.25% and (ii) 5.00%, and the Company was required to make interest-only payments on the loans on a monthly basis through August 2021. | Interest on the outstanding loan balance will accrue at a variable annual rate equal to the greater of (i) PWB's prime rate plus 0.25% and (ii) 5.00%. The Company is required to make interest-only payments on the loans on a monthly basis through February 2021. | ||
Debt instrument, frequency of periodic payment of interest | Interest-only payments on the loans on a monthly basis | Interest-only payments on the loans on a monthly basis | ||
Credit facility, variable interest rate spread | 0.25% | |||
Credit facility, interest rate during period | 5.00% | |||
Loan maturity date | 2024-02 | |||
Facility establishment fees | $ 100,000 | |||
Success fee required to pay in the event of liquidation, including IPO | $ 500,000 | $ 500,000 | ||
Credit facility, interest rate at period end | 5.00% | 5.00% | ||
Success fee paid after IPO | $ 500,000 |
Simple Agreement for Future E_2
Simple Agreement for Future Equity - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible preferred stock, shares issued upon conversion | 9,798,298 | 3,768,575 |
Investor [Member] | ||
Gross Proceeds | $ 5 | |
Convertible preferred stock, shares issued upon conversion | 5,000,000 | |
Fair value | $ 5 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 18, 2020 | Apr. 30, 2019 | Nov. 29, 2018 | Aug. 31, 2020 | Jul. 31, 2020 | Sep. 30, 2020 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Temporary Equity [Line Items] | ||||||||||
Proceeds from issuance of convertible preferred stock | $ 134,920 | $ 19,989 | $ 19,989 | $ 7,415 | ||||||
Convertible preferred stock, shares issued upon conversion | 9,798,298 | 3,768,575 | ||||||||
Preferred stock dividend rate | 6.00% | |||||||||
Temporary equity liquidation preference per share | $ 1 | |||||||||
Liquidation preference description | If the amounts to be distributed to the holders of the Series A Preferred Stock exceeds $2.00 per share, subject to certain adjustments, then the holders of the Series A Preferred Stock will receive the greater of $2.00 or the amount such holder would have received if all shares of Series A Preferred Stock had converted to common stock immediately prior to the distribution. | |||||||||
Conversion of stock, description | (a) the closing of the sale of shares of common stock to the public at a price of at least $3.00 per share (subject to adjustment) in an initial public offering with net proceeds to the Company of at least $50.0 million ("Qualified IPO") or (b) the written consent of the holders of a majority of the outstanding shares of Series A Preferred Stock, the Series A Preferred Stock will automatically convert into common stock at the Series A Conversion Price then in effect. | |||||||||
Common Stock | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 14,089,314 | 2,110,404 | ||||||||
Convertible preferred stock, shares issued upon conversion | 28,086,375 | 28,086,375 | ||||||||
Series A Convertible Preferred Stock | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Purchase of share | $ 50,000 | |||||||||
Shares issued | 2,000,000 | 20,000,000 | 12,500,000 | 17,500,000 | ||||||
Convertible preferred stock, price per share | $ 1 | $ 1 | $ 1 | $ 1 | ||||||
Proceeds from issuance of convertible preferred stock | $ 2,000 | $ 20,000 | $ 7,500 | $ 17,500 | ||||||
Convertible preferred stock, shares issued upon conversion | 5,000,000 | 9,798,298 | 3,768,575 | |||||||
Fair value | $ 5,000 | $ 6,300 | ||||||||
Issuance costs | $ 100 | |||||||||
Series A Convertible Preferred Stock | Tranche Right | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Fair value | $ 3,400 | |||||||||
Series A Convertible Preferred Stock | Tranche Right | Maximum [Member] | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of stock | 37,500,000 | |||||||||
Series A Convertible Preferred Stock | Tranche Right I | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 20,000,000 | |||||||||
Sale of stock | 20,000,000 | |||||||||
Series A Convertible Preferred Stock | Tranche Right II | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Sale of stock | 17,500,000 | |||||||||
Series B Convertible Preferred Stock | ||||||||||
Temporary Equity [Line Items] | ||||||||||
Shares issued | 41,159,724 | |||||||||
Convertible preferred stock, price per share | $ 2.81 | |||||||||
Proceeds from issuance of convertible preferred stock | $ 115,700 |
Redeemable convertible preferre
Redeemable convertible preferred stock - Schedule of Convertible Preferred Stock (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Nov. 29, 2018 |
Temporary Equity [Line Items] | |||
Temporary equity, shares authorized | 50,000,000 | 50,000,000 | |
Temporary equity, shares issued | 32,500,000 | 12,500,000 | |
Temporary equity, shares outstanding | 32,500,000 | 12,500,000 | |
Temporary equity, value | $ 27,429 | $ 9,061 | |
Temporary equity, liquidation preference | $ 32,500 | $ 12,500 | |
Common shares issuable upon conversion | 9,798,298 | 3,768,575 | |
Series A Convertible Preferred Stock | |||
Temporary Equity [Line Items] | |||
Temporary equity, shares authorized | 50,000,000 | 50,000,000 | |
Temporary equity, shares issued | 32,500,000 | 12,500,000 | |
Temporary equity, shares outstanding | 32,500,000 | 12,500,000 | |
Temporary equity, value | $ 27,429 | $ 9,061 | |
Temporary equity, liquidation preference | $ 32,500 | $ 12,500 | |
Common shares issuable upon conversion | 9,798,298 | 3,768,575 | 5,000,000 |
Equity - Additional Information
Equity - Additional Information (Detail) - $ / shares | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Equity [Abstract] | |||
Common stock, shares authorized | 200,000,000 | 68,000,000 | 68,000,000 |
Common stock reserved for future issuance | 11,290,676 | 5,737,103 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | ||
Preferred stock, par value | $ 0.0001 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) | Sep. 16, 2020shares | Sep. 30, 2020USD ($)Installment$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Sep. 15, 2020shares | Dec. 31, 2018shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Weighted-average grant date fair value of options granted | $ / shares | $ 4.27 | $ 0.62 | |||
Number of shares initially reserved for issuance | 11,290,676 | 5,737,103 | |||
2018 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total number of shares of common stock authorized | 1,968,528 | 8,267,252 | |||
Share based payments, vesting period | 4 years | ||||
Share based payments, maximum term | 10 years | ||||
Number of shares available for future issuance | 528,593 | 1,928,487 | |||
2020 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Number of shares available for future issuance | 3,061,794 | ||||
Number of shares transferred from 2018 plan, available for future issuance | 1,928,487 | ||||
Number of shares initially reserved for issuance | 4,884,233 | ||||
Percentage of outstanding shares increased annually under the plan | 5.00% | ||||
2020 ESPP | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Total number of shares of common stock authorized | 488,414 | ||||
Number of shares available for future issuance | 488,414 | ||||
Percentage of outstanding shares increased annually under the plan | 1.00% | ||||
Increase in common stock reserved for future issuance | 1,953,656 | ||||
Stock Option | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ | $ 25,000,000 | $ 200,000 | |||
Unrecognized share based compensation expense, recognition period | 3 years 8 months 1 day | 3 years 4 months 24 days | |||
Restricted Stock Units ("RSUs") | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Unrecognized compensation expense | $ | $ 8.7 | ||||
Unrecognized share based compensation expense, recognition period | 3 years 11 months 15 days | ||||
Number of share of common stock receivable upon vesting | 1 | ||||
Restricted Stock Units ("RSUs") | 2020 Plan | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
'Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The Company grants RSUs with service conditions that vest in four equal annual installments provided that the employee remains employed with the Company. The Company also grants RSUs with performance conditions that vest upon the achievement of specified milestones. | ||||
Share-based Compensation Arrangement By Share-based Payment Award Grant Service Conditions to Vest Number of Annual Installments | Installment | 4 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Assumptions Used to Determine Grant-Date Fair Value of Options Granted (Detail) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |||
Expected volatility | 75.00% | 74.00% | 74.00% |
Risk-free interest rate, minimum | 0.31% | 1.46% | 1.46% |
Risk-free interest rate, maximum | 1.67% | 2.50% | 2.50% |
Expected term (in years) | 6 years | 6 years | 6 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Awards - Summary _2
Stock-Based Awards - Summary of Stock Option Activity and Related Information (Detail) $ / shares in Units, $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | |
Options | ||
Outstanding, beginning of period | shares | 311,303 | |
Granted | shares | 6,167,369 | 314,317 |
Exercised | shares | (30,409) | |
Canceled | shares | (110,484) | (3,014) |
Outstanding, end of period | shares | 6,337,779 | 311,303 |
Options exercisable end of period | shares | 82,768 | |
Options vested or expected to vest end of period | shares | 6,337,779 | 311,303 |
Weighted Average Exercise Price | ||
Outstanding, beginning of period | $ / shares | $ 0.93 | |
Granted | $ / shares | 6.94 | $ 0.93 |
Exercised | $ / shares | 0.82 | |
Canceled | $ / shares | 1.04 | 0.73 |
Outstanding, end of period | $ / shares | 6.78 | 0.93 |
Options exercisable end of period | $ / shares | 0.97 | |
Options vested or expected to vest end of period | $ / shares | $ 6.78 | $ 0.93 |
Aggregate Intrinsic Value | ||
Exercised | $ | $ 589 | |
Outstanding | $ | 84,984 | $ 30 |
Options exercisable end of period | $ | 1,591 | |
Options vested or expected to vest end of period | $ | $ 84,984 | $ 30 |
Weighted Average Remaining Life (in years) | ||
Outstanding | 9 years 8 months 12 days | 9 years 6 months |
Options exercisable end of period | 8 years 10 months 24 days | |
Options vested or expected to vest end of period | 9 years 8 months 12 days | 9 years 6 months |
Stock-Based Awards - Summary _3
Stock-Based Awards - Summary of Restricted Common Stock Award Activity (Detail) - Restricted Common Stock - shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2019 | |
Number of Restricted Shares | ||
Issued and unvested beginning of period | 652,482 | 1,141,736 |
Vested | (211,614) | (476,131) |
Forfeited | (13,123) | |
Issued and unvested end of period | 440,868 | 652,482 |
Stock-Based Awards - Summary _4
Stock-Based Awards - Summary of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2020 | Sep. 30, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $ 2,235 | $ 7 | $ 2,376 | $ 12 | $ 26 | $ 1 |
Research and Development | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | 929 | 3 | 984 | 4 | 13 | |
General and Administrative | ||||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||||
Stock-based compensation expense | $ 1,306 | $ 4 | $ 1,392 | $ 8 | $ 13 | $ 1 |
Income taxes - Reconciliation o
Income taxes - Reconciliation of U.S. Federal Statutory Income Tax Rate to Effective Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Effective income tax rate reconciliation | ||
Federal income tax expense at statutory rate | 21.00% | 21.00% |
State taxes-net of federal benefit | 6.00% | 6.00% |
Change in fair value of preferred stock tranche obligations | (2.00%) | |
Other permanent differences | (1.00%) | |
Federal & state R&D credits | 4.00% | 2.00% |
Increase in valuation allowance | (28.00%) | (29.00%) |
Effective income tax rate | 0.00% | 0.00% |
Income taxes - Significant Comp
Income taxes - Significant Components of Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Stock-based compensation | $ 1 | |
Net operating loss carryforwards | 4,848 | $ 1,264 |
Credit carryforwards | 612 | 66 |
Intangible assets | 12 | 4 |
Accrued expenses | 161 | 50 |
Total deferred tax assets | 5,634 | 1,384 |
Valuation allowance | (5,607) | (1,382) |
Total net deferred tax assets | 27 | 2 |
Deferred tax liabilities: | ||
Fixed assets | (27) | (2) |
Total deferred tax liability | (27) | (2) |
Total deferred tax assets (liabilities) | $ 0 | $ 0 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Line Items] | ||
Increase in valuation allowance | $ 4.2 | $ 1.4 |
U.S. Federal | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | 17.7 | |
U.S. Federal | Research and Developments Tax Credit Carryforwards | ||
Income Tax Disclosure [Line Items] | ||
Research and development tax credit carryforwards | $ 0.4 | |
Research and development tax credit carryforwards expiration year | 2038 | |
State and Local Jurisdiction | ||
Income Tax Disclosure [Line Items] | ||
Net operating loss carryforwards | $ 17.7 | |
Net operating loss carryforwards expiration year | 2038 | |
State and Local Jurisdiction | Research and Developments Tax Credit Carryforwards | ||
Income Tax Disclosure [Line Items] | ||
Research and development tax credit carryforwards | $ 0.2 | |
Research and development tax credit carryforwards expiration year | 2033 |
Net Loss Per Share - Calculatio
Net Loss Per Share - Calculation of Basic and Diluted Net Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Numerator: | ||||||||||
Net loss | $ (13,920) | $ (8,982) | $ (7,886) | $ (5,871) | $ (1,497) | $ (2,087) | $ (30,788) | $ (9,456) | $ (14,859) | $ (4,811) |
Denominator: | ||||||||||
Weighted-average common shares outstanding-basic and diluted | 6,920,008 | 2,491,487 | 4,100,504 | 2,401,039 | 2,442,872 | 474,118 | ||||
Net loss per share-basic and diluted | $ (2.01) | $ (2.36) | $ (7.51) | $ (3.94) | $ (6.08) | $ (10.15) |
Net Loss Per Share - Potential
Net Loss Per Share - Potential Dilutive Securities Excluded From Calculation Of Net Loss Per Share (Detail) - shares | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 7,153,784 | 10,840,004 | 10,762,083 | 4,910,311 |
Convertible Preferred Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 9,798,298 | 9,798,298 | 3,768,575 | |
Restricted Common Stock | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 440,868 | 730,403 | 652,482 | 1,141,736 |
Restricted Stock Units ("RSUs") | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 375,137 | |||
Stock Option | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Total | 6,337,779 | 311,303 | 311,303 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Sep. 30, 2020USD ($) | Sep. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2018USD ($) | |
Leases [Abstract] | |||||||
Lease executed date | Jul. 1, 2019 | Jul. 1, 2019 | Jul. 1, 2019 | ||||
Lease expiration date | Dec. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2021 | ||||
Rent expense | $ | $ 0.2 | $ 0.4 | $ 0.2 | $ 0.4 | $ 0.7 | $ 0.3 | |
Upfront payment | € 0.1 | ||||||
Development and regulatory milestones payment | 0.4 | ||||||
Development and regulatory possible second milestones payment | € 0.2 |
Commitments and Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) - USD ($) $ in Thousands | Sep. 30, 2020 | Dec. 31, 2019 |
Operating Leases Future Minimum Payments Due [Abstract] | ||
Operating lease liability to be paid, remainder of fiscal year | $ 197 | |
Operating lease liability to be paid, year one | 800 | $ 776 |
Operating lease liability to be paid, year two | 800 | |
Total | $ 997 | $ 1,576 |
Related parties - Additional In
Related parties - Additional Information (Detail) - Atlas Venture Life Science Advisors, LLC - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Related Party Transaction [Line Items] | ||
Related party transaction expenses | $ 0.1 | $ 0.2 |
Related party account payable | $ 0 | $ 0.1 |
Subsequent Events (Detail)
Subsequent Events (Detail) | Dec. 04, 2020ft² | Sep. 09, 2020 |
Subsequent Event [Line Items] | ||
Stockholders' equity, reverse stock split, description | One-for-3.3169 | |
Stockholders' equity, reverse stock split ratio | 3.3169 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Leased office space | 68,187 | |
:ease term | 8 years 6 months | |
Lease, description | The Company's obligation for the payment of base rent for the Premises begins six months after the commencement date and will be $0.4 million per month, increasing up to $0.5 million during the term of the Lease. The Company has two options to extend the term of the Lease, each for a period of an additional five years. The Company expects the Premises to be ready for occupancy in the fourth quarter of 2021. |
Stock-Based Awards - Summary _5
Stock-Based Awards - Summary of RSU Activity (Detail) - Restricted Stock Units ("RSUs") - 2020 Plan | 9 Months Ended |
Sep. 30, 2020$ / sharesshares | |
Number of Shares Underlying RSUs | |
Granted | shares | 375,137 |
Issued and unvested end of period | shares | 375,137 |
Weighted Average Grant Date Fair Value | |
Granted | $ 23.90 |
Vested | 0 |
Forfeited | 0 |
Unvested as of September 30, 2020 | $ 23.90 |