0001564590-21-025001 | 10-Q | XBRL Viewer

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2021

Summary of Employee and Non-Employee Stock-Based Compensation Expense

The following table summarizes employee and non-employee stock-based compensation expense for the three months ended March 31, 2021 and 2020 and the allocation within the condensed consolidated statements of operations and comprehensive loss (in thousands):

	March 31,
	2021		2020
General and administrative expense	$	3,478	$	1,038
Research and development expense		3,513		917
Total stock-based compensation	$	6,991	$	1,955

Service Based Stock Options

Summary of Stock Options Activity

Activity for service-based stock options under the 2019 Plan is as follows:

	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance at December 31, 2020		4,790,327		$	25.47	8.69		$	49,723
Options granted		126,000			39.27
Options exercised		(32,722	)		13.48
Options cancelled / forfeited		(27,084	)		28.90
Balance at March 31, 2021		4,856,521		$	25.89		8.48	$	73,413
Options vested and expected to vest as of March 31, 2021		4,856,521			25.89		8.48		73,413
Options exercisable as of March 31, 2021		1,713,563		$	12.43		7.56	$	45,006

Performance Stock Options

Summary of Stock Options Activity

The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information:

	Shares Subject to Outstanding PSOs		Weighted Average Exercise Price		Weighted average remaining contractual life (years)
Balance at December 31, 2020		675,000	$	29.60		9.94
Balance at March 31, 2021		675,000		29.60		9.69
Outstanding		675,000	$	29.60		9.69
Vested	—		—		—

Balance Sheet Components (Tables)

3 Months Ended

Mar. 31, 2021

Balance Sheet Components [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Prepaid expenses	$	346	$	274
Prepaid insurance		317		964
Prepaid research and development expenses		1,630		2,110
Other current assets		557		694
Total prepaid expenses and other current assets	$	2,850	$	4,042

Schedule of Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):

	March 31			December 31
	2021			2020
Computer equipment	$	52		$	33
Lab equipment		423			405
Finance lease right of use assets		557			557
Leasehold improvement		21			21
Office furniture		26			26
Less: accumulated amortization and depreciation		(701	)		(615	)
Property and equipment, net	$	378		$	427

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Personnel expenses	$	1,463	$	2,415
Professional fees		106		141
Research and development expenses		13,233		10,603
Other		220		282
Total accrued expenses and other current liabilities	$	15,022	$	13,441

Stock-Based Compensation - Summary of Activity for Service-based Stock Options (Details) - 2019 Plan - Service Based Stock Options - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Options and Unvested Shares, beginning balance	4,790,327
Number of Options and Unvested Shares, granted	126,000
Number of Options and Unvested Shares, exercised	(32,722)
Number of Options and Unvested Shares, cancelled / forfeited	(27,084)
Number of Options and Unvested Shares, ending balance	4,856,521	4,790,327
Number of Options and Unvested Shares, vested and expected to vest	4,856,521
Number of Options and Unvested Shares, exercisable	1,713,563
Weighted Average Exercise Price, beginning balance	$ 25.47
Weighted Average Exercise Price, granted	39.27
Weighted Average Exercise Price, exercised	13.48
Weighted Average Exercise Price, exercised, cancelled / forfeited	28.90
Weighted Average Exercise Price, ending balance	25.89	$ 25.47
Weighted Average Exercise Price, vested and expected to vest	25.89
Weighted Average Exercise Price, exercisable	$ 12.43
Weighted average remaining contractual life	8 years 5 months 23 days	8 years 8 months 8 days
Weighted average remaining contractual life, vested and expected to vest	8 years 5 months 23 days
Weighted average remaining contractual life, exercisable	7 years 6 months 21 days
Aggregate intrinsic value	$ 73,413	$ 49,723
Aggregate intrinsic value, vested and expected to vest	73,413
Aggregate intrinsic value, exercisable	$ 45,006

Leases - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020	May 31, 2020	May 31, 2019
Leases [Abstract]
Operating lease right-of-use assets, net	$ 500,000	$ 674,000	$ 172,000
Short-term operating lease liability	$ 197,000	$ 238,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List]	us-gaap:AccruedLiabilitiesCurrent	us-gaap:AccruedLiabilitiesCurrent
Long-term operating lease liability	$ 171,000	$ 208,000
Operating lease liability	368,000	446,000	172,000	$ 0
Finance lease right of use asset	557,000	557,000
Finance lease accumulated amortization	(394,000)	(337,000)
Total finance lease right of use asset, net	$ 163,000	$ 220,000
Weighted average remaining lease term
Operating leases	1 year 4 months 24 days	1 year 7 months 6 days
Finance leases	8 months 12 days	10 months 24 days
Weighted average discount rate
Operating leases	2.10%	2.10%
Operating Lease, Liability, Payment, Due [Abstract]
2021 (excluding the three months ended March 31, 2021)	$ 165,000
2022	141,000
2023	70,000
Total lease payments	376,000
Less: imputed interest	(8,000)
Operating lease liability	$ 368,000	$ 446,000	$ 172,000	$ 0

Stock-Based Compensation

3 Months Ended

Mar. 31, 2021

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stock-Based Compensation

Note 7. Stock-Based Compensation

On December 4, 2014, the Company’s stockholders approved the 2014 Stock Plan (“2014 Plan”), and most recently amended the 2014 Plan on April 25, 2019. The 2014 Plan was amended, restated and re-named the 2019 Equity Incentive Plan (the “2019 Plan”), which became effective as of May 7, 2019, the day prior to the effectiveness of the registration statement filed in connection with the IPO. The remaining shares available for issuance under the 2014 Plan were added to the shares reserved for issuance under the 2019 Plan.

The 2019 Plan provides for the grant of stock options (including incentive stock options and non-qualified stock options), stock appreciation rights, restricted stock, RSUs, performance units, and performance shares to the Company’s employees, directors, and consultants. The maximum aggregate number of shares that may be issued under the 2019 Plan is 7,388,053 shares of the Company’s common stock. In addition, the number of shares available for issuance under the 2019 Plan will be annually increased on the first day of each fiscal years beginning with fiscal 2020, by an amount equal to the least of (i) 2,146,354 shares of common stock; (ii) 4% of the outstanding shares of its common stock as of the last day of its immediately preceding fiscal year; and (iii) such other amount as the Company’s Board of Directors may determine.

The 2019 Plan may be amended, suspended or terminated by the Company’s Board of Directors at any time, provided such action does not impair the existing rights of any participant, subject to stockholder approval of any amendment to the 2019 Plan as required by applicable law or listing requirements. Unless sooner terminated by the Company’s Board of Directors, the 2019 Plan will automatically terminate on April 23, 2029.

As of March 31, 2021, the Company had 1,352,165 shares available for future issuance under the 2019 Plan.

Stock Options

Activity for service-based stock options under the 2019 Plan is as follows:

	Number of Options and Unvested Shares			Weighted Average Exercise Price		Weighted average remaining contractual life (years)		Aggregate intrinsic value
								(In thousands)
Balance at December 31, 2020		4,790,327		$	25.47	8.69		$	49,723
Options granted		126,000			39.27
Options exercised		(32,722	)		13.48
Options cancelled / forfeited		(27,084	)		28.90
Balance at March 31, 2021		4,856,521		$	25.89		8.48	$	73,413
Options vested and expected to vest as of March 31, 2021		4,856,521			25.89		8.48		73,413
Options exercisable as of March 31, 2021		1,713,563		$	12.43		7.56	$	45,006

For the three months ended March 31, 2021 and 2020, the Company recognized stock-based compensation expense of $6,077,000 and $1,955,000, respectively, related to options granted to employees and non-employees. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. No income tax benefits have been recognized in the statement of operations for stock-based compensation arrangements. As of March 31, 2021, total unamortized employee stock-based compensation was $70.1 million, which is expected to be recognized over the remaining estimated vesting period of 1.62 years.

Performance Stock Options (“PSOs”)

The following table summarizes activity under the Company’s PSOs from the 2019 Plan and related information:

	Shares Subject to Outstanding PSOs		Weighted Average Exercise Price		Weighted average remaining contractual life (years)
Balance at December 31, 2020		675,000	$	29.60		9.94
Balance at March 31, 2021		675,000		29.60		9.69
Outstanding		675,000	$	29.60		9.69
Vested	—		—		—

For the three months ended March 31, 2021 and 2020, the Company recognized stock-based compensation expense of $914,000 and $0, respectively, related to these PSOs. As of March 31, 2021, total unamortized stock-based compensation related to PSOs was $8.9 million, which is expected to be recognized over the remaining estimated vesting period of 2.51 years.

Stock-Based Compensation Expense

	March 31,
	2021		2020
General and administrative expense	$	3,478	$	1,038
Research and development expense		3,513		917
Total stock-based compensation	$	6,991	$	1,955

Employee Stock Purchase Plan

On April 24, 2019, the Company’s Board of Directors adopted its 2019 Employee Stock Purchase Plan (“2019 ESPP”), which was subsequently approved by the Company’s stockholders and became effective on May 7, 2019, the day immediately prior to the effectiveness of the registration statement filed in connection with the IPO. The 2019 ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code (the “Code”) for U.S. employees. In addition, the 2019 ESPP authorizes grants of purchase rights that do not comply with Section 423 of the Code under a separate non-423 component for non-U.S. employees and certain non-U.S. service providers. The Company has reserved 832,421 shares of common stock for issuance under the 2019 ESPP. In addition, the number of shares reserved for issuance under the 2019 ESPP will be increased automatically on the first day of each fiscal year for a period of up to ten years, starting with the 2020 fiscal year, by a number equal to the least of: (i) 536,589 shares; (ii) 1% of the shares of common stock outstanding on the last day of the prior fiscal year; or (iii) such lesser number of shares determined by the Company’s Board of Directors. The 2019 ESPP is expected to be implemented through a series of offerings under which participants are granted purchase rights to purchase shares of the Company’s common stock on specified dates during such offerings. The Company has not yet approved an offering under the 2019 ESPP.

Cash, Cash Equivalents and Investments

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Cash, Cash Equivalents and Investments

Note 4: Cash, cash equivalents and investments

The following tables categorize the fair values of cash, cash equivalents, short-term investments and long-term investments measured at fair value on a recurring basis on our balance sheets (in thousands):

	March 31, 2021		December 31, 2020
Cash and cash equivalents:
Cash	$	24,569	$	35,690
Money market funds		38,246		15,661
Repurchase agreements		22,500		15,000
Certificates of deposit		—		490
Total cash and cash equivalents	$	85,315	$	66,841

Short-term investments:
Certificates of deposit	$	14,240	$	23,387
Municipal notes		2,157		2,365
Corporate notes		41,053		34,991
Government and agency notes		4,270		6,236
Total short-term investments	$	61,720	$	66,979

Long-term investments
Corporate notes	$	18,324	$	40,435
Certificates of deposit		3,648		6,888
Municipal notes		1,333		1,081
Government and agency notes		415		2,060
Total long-term investments	$	23,720	$	50,464

Leases - Additional Information (Details)	1 Months Ended			3 Months Ended
Leases - Additional Information (Details)	May 31, 2020 USD ($)	May 31, 2019 USD ($)	Jun. 30, 2018 USD ($) ft² Investor shares	Mar. 31, 2021 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	May 13, 2019
Lessee Lease Description [Line Items]
Renewal options		false
Number of investors \| Investor			1
Operating lease payments		$ 0	$ 0
Repurchase option percentage			100.00%
Operating leases period			3 years
Operating lease payments paid for additional space		$ 63,000
Operating lease termination month and year	2021-07	2021-07
Operating lease liability	$ 172,000	$ 0		$ 368,000		$ 446,000
Operating lease asset	$ 172,000			500,000		674,000
Operating lease liability				171,000		$ 208,000
Future rent expense				470,000
Depreciation expense of finance lease right-of-use asset				57,000	$ 60,000
Clinical Equipment
Lessee Lease Description [Line Items]
Remaining lease expense				$ 67,000
Remaining lease term				17 months
Minimum
Lessee Lease Description [Line Items]
Operating lease remaining term on a straight-line basis				4 months
Finance lease amortized period on equipment service				20 months
Maximum
Lessee Lease Description [Line Items]
Operating lease remaining term on a straight-line basis				28 months
Finance lease amortized period on equipment service				34 months
San Diego, California
Lessee Lease Description [Line Items]
Lease agreement period	3 years
Operating lease payments	$ 337,000
Operating lease asset	326,000
Operating lease liability	317,000
Rent prepayment	9,000
San Diego, California \| Other Assets
Lessee Lease Description [Line Items]
Security deposit paid	$ 29,000
Series B Redeemable Convertible Preferred Stock
Lessee Lease Description [Line Items]
Lease agreement period			3 years
Renewal options			false
Area under lease \| ft²			3,185
Shares issued \| shares			114,437
Convertible preferred stock, fair value			$ 1,100,000
Series B Redeemable Convertible Preferred Stock \| IPO
Lessee Lease Description [Line Items]
Conversion of redeemable convertible preferred stock to common stock ratio							100.00%

Fair Value Measurements

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Fair Value Measurements

Note 3. Fair Value Measurements

The Company measures and reports its cash equivalents and investments at fair value.

Money market funds are measured at fair value on a recurring basis using quoted prices and are classified as Level 1. Investments are measured at fair value based on inputs other than quoted prices that are derived from observable market data and are classified as Level 2 inputs.

Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type as of March 31, 2021 and December 31, 2020 are presented in the following tables (in thousands):

	Fair Value Measurements at March 31, 2021
	Total		Level 1		Level 2		Level 3
Money market funds	$	38,246	$	38,246	$	—	$	—
Certificates of Deposit		17,888		—		17,888		—
Repurchase Agreements		22,500		—		22,500		—
Corporate notes		59,377		—		59,377		—
Government and agency notes		4,686		—		4,686		—
Municipal notes		3,489		—		3,489		—
Total	$	146,186	$	38,246	$	107,940	$	—

	Fair Value Measurements at December 31, 2020
	Total		Level 1		Level 2		Level 3
Money market funds	$	15,661	$	15,661	$	—	$	—
Certificates of Deposit		30,765		—		30,765		—
Repurchase Agreements		15,000		—		15,000		—
Corporate notes		75,426		—		75,426		—
Government and agency notes		8,296		—		8,296		—
Municipal notes		3,446		—		3,446		—
Total	$	148,594	$	15,661	$	132,933	$	—

The following table summarizes the available-for-sale securities (in thousands):

	Fair Value Measurements at March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	38,246	$	—	$	—		$	38,246
Certificates of Deposit		17,793		95		—			17,888
Repurchase Agreements		22,500		—		—			22,500
Corporate notes		59,300		97		(20	)		59,377
Government and agency notes		4,671		16		(1	)		4,686
Municipal notes		3,488		2		(1	)		3,489
Total cash equivalents and investments	$	145,998	$	210	$	(22	)	$	146,186

Classified as:
Cash equivalents (maturities within 90 days)								$	60,746
Short-term investments (maturities within one year)									61,720
Long-term investments (maturities beyond 1 year)									23,720
Total cash equivalents and investments								$	146,186

	Fair Value Measurements at December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	15,661	$	—	$	—		$	15,661
Certificates of Deposit		30,603		162		—			30,765
Repurchase Agreements		15,000		—		—			15,000
Corporate notes		75,298		183		(55	)		75,426
Government and agency notes		8,274		22		—			8,296
Municipal notes		3,445		1		—			3,446
Total cash equivalents and investments	$	148,281	$	368	$	(55	)	$	148,594

Classified as:
Cash equivalents (maturities within 90 days)								$	31,151
Short-term investments (maturities within one year)									66,979
Long-term investments (maturities beyond 1 year)									50,464
Total cash equivalents and investments								$	148,594

As of March 31, 2021, the remaining contractual maturities of available-for-sale securities was approximately 10 months. There have been no significant realized gains or losses on available-for-sale securities for the period presented. Based on the Company’s review of its available-for-sale securities, the Company has a limited number of available-for-sale securities in insignificant loss positions as of March 31, 2021, none of which have been in a loss position for more than a year. The Company believes it had no other-than-temporary impairments on these securities as of March 31, 2021, because the Company does not intend to sell these securities nor does the Company believe that it will be required to sell these securities before the recovery of their amortized cost basis.

The investments are classified as available-for-sale securities. At March 31, 2021 and December 31, 2020, the balance in the Company’s accumulated other comprehensive income was comprised primarily of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities for the three months ended March 31, 2021 and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income for the quarter.

There were no transfers between Levels 1, 2 or 3 for the period presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Leases (Tables)

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Supplemental Balance Sheet Information Related to Leases

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):

	March 31, 2021			December 31, 2020
Operating lease right of use asset, net	$	500		$	674
Short-term operating lease liability		197			238
Long-term operating lease liability		171			208
	$	368		$	446

Finance lease right of use asset		557			557
Finance lease accumulated amortization		(394	)		(337	)
Total finance lease right of use asset, net	$	163		$	220

Weighted average remaining lease term
Operating leases	1.4 years			1.6 years
Finance leases	0.7 years			0.9 years

Weighted average discount rate
Operating leases		2.10	%		2.10	%
Finance leases		—	%		—	%

Year ended December 31,	Operating Lease
2021 (excluding the three months ended March 31, 2021)		165
2022		141
2023		70
Total lease payments		376
Less: imputed interest		(8	)
Total remaining lease liability		368

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 85,315,000	$ 66,841,000
Short term investments	61,720,000	66,979,000
Prepaid expenses and other current assets	2,850,000	4,042,000
Total current assets	149,885,000	137,862,000
Property and equipment, net	378,000	427,000
Operating lease right-of-use assets, net	500,000	674,000
Long term investments	23,720,000	50,464,000
Other assets	39,000	39,000
Total assets	174,522,000	189,466,000
Current liabilities:
Accounts payable	2,845,000	3,555,000
Accrued expenses and other current liabilities	15,022,000	13,441,000
Total current liabilities	17,867,000	16,996,000
Long-term operating lease liability	171,000	208,000
Total liabilities	18,038,000	17,204,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.001 par value, 10,000,000 authorized, no shares issued and outstanding as of March 31, 2021 and December 31, 2020
Common stock, $0.001 par value, 100,000,000 shares authorized, 29,575,944 and 29,543,222 issued and outstanding as of March 31, 2021 and December 31, 2020, respectively	29,000	29,000
Additional paid in capital	326,006,000	318,574,000
Accumulated other comprehensive income	189,000	313,000
Accumulated deficit	(169,740,000)	(146,654,000)
Total stockholders’ equity	156,484,000	172,262,000
Total liabilities and stockholders’ equity	$ 174,522,000	$ 189,466,000

Cash, Cash Equivalents and Investments (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis

	March 31, 2021		December 31, 2020
Cash and cash equivalents:
Cash	$	24,569	$	35,690
Money market funds		38,246		15,661
Repurchase agreements		22,500		15,000
Certificates of deposit		—		490
Total cash and cash equivalents	$	85,315	$	66,841

Short-term investments:
Certificates of deposit	$	14,240	$	23,387
Municipal notes		2,157		2,365
Corporate notes		41,053		34,991
Government and agency notes		4,270		6,236
Total short-term investments	$	61,720	$	66,979

Long-term investments
Corporate notes	$	18,324	$	40,435
Certificates of deposit		3,648		6,888
Municipal notes		1,333		1,081
Government and agency notes		415		2,060
Total long-term investments	$	23,720	$	50,464

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning balance at Dec. 31, 2019	$ 115,478	$ 27	$ 185,196	$ 60	$ (69,805)
Beginning balance, shares at Dec. 31, 2019		26,869,413
Issuance of common stock in connection with private placement, net of issuance costs of $7,310	117,690	$ 2	117,688
Issuance of common stock in connection with private placement, shares		2,500,000
Exercise of stock options	191		191
Exercise of stock options, shares		35,127
Stock based compensation	1,955		1,955
Other comprehensive loss	(97)			(97)
Net loss	(17,176)				(17,176)
Ending balance at Mar. 31, 2020	218,041	$ 29	305,030	(37)	(86,981)
Ending balance, shares at Mar. 31, 2020		29,404,540
Beginning balance at Dec. 31, 2020	172,262	$ 29	318,574	313	(146,654)
Beginning balance, shares at Dec. 31, 2020		29,543,222
Exercise of stock options	441		441
Exercise of stock options, shares		32,722
Stock based compensation	6,991		6,991
Other comprehensive loss	(124)			(124)
Net loss	(23,086)				(23,086)
Ending balance at Mar. 31, 2021	$ 156,484	$ 29	$ 326,006	$ 189	$ (169,740)
Ending balance, shares at Mar. 31, 2021		29,575,944

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2021	May 03, 2021
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Trading Symbol	CRTX
Entity Registrant Name	Cortexyme, Inc.
Entity Central Index Key	0001662774
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding		29,588,481
Entity File Number	001-38890
Entity Tax Identification Number	90-1024039
Entity Address, Address Line One	269 East Grand Ave.
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	415
Local Phone Number	910-5717
Document Quarterly Report	true
Document Transition Report	false
Entity Incorporation, State or Country Code	DE
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Title of 12(b) Security	Common Stock, par value $0.001 per share
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false

Leases

3 Months Ended

Mar. 31, 2021

Leases [Abstract]

Leases

Note 6. Leases

Real Estate Operating Leases

In June 2018, the Company entered into a three-year lease agreement with no renewal options with an investor in the Series B redeemable convertible preferred stock. The lease began on July 16, 2018 and provides 3,185 square feet of office and laboratory space in South San Francisco, California. The Company issued 114,437 shares of its Series B redeemable convertible preferred stock with a fair value of $1.1 million in exchange for the leased facility. No other payments are due under the lease. The common area maintenance and other operating costs are included in the base rent. 100% of the issued shares were initially subject to a repurchase option. Pursuant to the terms of the lease, each month beginning on the one-month anniversary of the commencement date of the lease, 1/36^th of the total shares are released from the repurchase option until all shares are released over the lease period of three years. The scheduled release of shares ceased immediately upon the IPO which was a terminating event.

The Company completed its IPO on May 13, 2019 and as a result, pursuant to the terms of the lease agreement, all previously unvested shares were fully vested and as part of the IPO process, all outstanding shares of the Company’s redeemable convertible preferred stock including the Series B redeemable convertible preferred stock issued in connection with the lease agreement were converted into shares of the Company’s common stock on a 1-for-1 basis and the operating lease liability was extinguished.

In May 2019, the Company entered into an amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company paid a one-time fee of approximately $63,000 for the additional space and the lease agreement will terminate in July 2021. No other payments are due under the lease agreement and no renewal option is available. As the entire lease is prepaid, there is no associated lease liability.

In May 2020, the Company entered into a second amendment to the lease agreement to rent additional space in the same facility under the same terms as its existing facility lease except the terms of payment. Under the terms of the amendment, the Company will pay rent monthly for the additional space and the lease agreement will terminate in July 2021. The Company recorded an operating lease asset and liability of $172,000.

The Company expects to renew the lease for the South San Francisco facility prior to its expiration in July 2021.

In May 2020, the Company entered into a lease agreement to rent space in San Diego, California for our clinical operations team. The lease agreement is for three years which commenced August 1, 2020. Total payments under the lease will be $337,000. The Company paid a security deposit of $29,000 and is included in Other Assets on our March 31, 2021 condensed consolidated balance

sheet. At the commencement of the lease, the Company recorded an operating lease asset of $326,000, which consists of an operating lease liability of $317,000 and cash rent prepayment of $9,000.

The Company recognizes lease expense on a straight-line basis over the term of its operating lease. As of March 31, 2021, total future rent expense from all real estate operating leases of $470,000 will be recognized over the remaining terms ranging from 4 to 28 months on a straight-line basis over the respective lease period.

Clinical Equipment Operating Lease

The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreement and determined that it contains an embedded operating lease. The Company recognizes monthly the leases costs in our research and development expenses. The right of use asset and lease liability are recognized at the lease commencement date based on the present value of lease payments over the lease term. The Company’s lease does not provide an implicit rate. The Company used an adjusted historical incremental borrowing rate, based on the information available at the approximate lease commencement date, to determine the present value of lease payments. The remaining lease expense of $67,000 will be recognized over the remaining lease term of approximately 17 months.

Clinical Equipment Financing Lease

The Company uses certain vendor supplied equipment in connection with its on-going clinical trial. The Company has analyzed the vendor agreements and determined that they contain embedded finance leases. The Company recognizes the depreciation expense in research and development expenses in the condensed consolidated statements of operations and comprehensive loss and recognizes expense on a straight-line basis starting when the equipment is placed into service until the end of the contract term ranging from 20 to 34 months. Depreciation expense of the financing lease right of use asset for the three months ended March 31, 2021 and 2020 was $57,000 and $60,000, respectively.

Supplemental balance sheet information related to leases as follows (in thousands except lease terms and discount rates):

	March 31, 2021			December 31, 2020
Operating lease right of use asset, net	$	500		$	674
Short-term operating lease liability		197			238
Long-term operating lease liability		171			208
	$	368		$	446

Finance lease right of use asset		557			557
Finance lease accumulated amortization		(394	)		(337	)
Total finance lease right of use asset, net	$	163		$	220

Weighted average remaining lease term
Operating leases	1.4 years			1.6 years
Finance leases	0.7 years			0.9 years

Weighted average discount rate
Operating leases		2.10	%		2.10	%
Finance leases		—	%		—	%

Year ended December 31,	Operating Lease
2021 (excluding the three months ended March 31, 2021)		165
2022		141
2023		70
Total lease payments		376
Less: imputed interest		(8	)
Total remaining lease liability		368

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities to Fair Value Measurements on Recurring Basis

	Fair Value Measurements at March 31, 2021
	Total		Level 1		Level 2		Level 3
Money market funds	$	38,246	$	38,246	$	—	$	—
Certificates of Deposit		17,888		—		17,888		—
Repurchase Agreements		22,500		—		22,500		—
Corporate notes		59,377		—		59,377		—
Government and agency notes		4,686		—		4,686		—
Municipal notes		3,489		—		3,489		—
Total	$	146,186	$	38,246	$	107,940	$	—

	Fair Value Measurements at December 31, 2020
	Total		Level 1		Level 2		Level 3
Money market funds	$	15,661	$	15,661	$	—	$	—
Certificates of Deposit		30,765		—		30,765		—
Repurchase Agreements		15,000		—		15,000		—
Corporate notes		75,426		—		75,426		—
Government and agency notes		8,296		—		8,296		—
Municipal notes		3,446		—		3,446		—
Total	$	148,594	$	15,661	$	132,933	$	—

Summary of Available-for-Sale Securities

The following table summarizes the available-for-sale securities (in thousands):

	Fair Value Measurements at March 31, 2021
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	38,246	$	—	$	—		$	38,246
Certificates of Deposit		17,793		95		—			17,888
Repurchase Agreements		22,500		—		—			22,500
Corporate notes		59,300		97		(20	)		59,377
Government and agency notes		4,671		16		(1	)		4,686
Municipal notes		3,488		2		(1	)		3,489
Total cash equivalents and investments	$	145,998	$	210	$	(22	)	$	146,186

Classified as:
Cash equivalents (maturities within 90 days)								$	60,746
Short-term investments (maturities within one year)									61,720
Long-term investments (maturities beyond 1 year)									23,720
Total cash equivalents and investments								$	146,186

	Fair Value Measurements at December 31, 2020
	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Money market funds	$	15,661	$	—	$	—		$	15,661
Certificates of Deposit		30,603		162		—			30,765
Repurchase Agreements		15,000		—		—			15,000
Corporate notes		75,298		183		(55	)		75,426
Government and agency notes		8,274		22		—			8,296
Municipal notes		3,445		1		—			3,446
Total cash equivalents and investments	$	148,281	$	368	$	(55	)	$	148,594

Classified as:
Cash equivalents (maturities within 90 days)								$	31,151
Short-term investments (maturities within one year)									66,979
Long-term investments (maturities beyond 1 year)									50,464
Total cash equivalents and investments								$	148,594

Organization - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2020	Mar. 31, 2021	Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Entity incorporation date		2012-06
Accumulated deficit		$ (169,740)	$ (146,654)
Cash, cash equivalents, and short-term investments		147,000
Long term investments		$ 23,720	$ 50,464
Private Placement
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]
Agreement date	Feb. 10, 2020
Issuance of stock (in shares)	2,500,000
Proceeds from issuance of common stock	$ 125,000
Costs related to offering	$ 7,300
Public offering price per share	$ 50.00

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating expenses:
Research and development	$ 16,824	$ 14,380
General and administrative	6,489	3,478
Total operating expenses	23,313	17,858
Loss from operations	(23,313)	(17,858)
Interest income	227	682
Net loss	(23,086)	(17,176)
Other comprehensive loss:
Unrealized loss on available for sales securities	(124)	(97)
Total comprehensive loss	$ (23,210)	$ (17,273)
Net loss per share - basic and diluted	$ (0.78)	$ (0.61)
Weighted average shares of common stock outstanding - basic and diluted	29,554,921	28,261,719

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Cash flows from operating activities
Net Loss	$ (23,086)	$ (17,176)
Adjustments to reconcile net loss to net cash used in operating activities:
Non-cash rent expense	92	92
Stock based compensation	6,991	1,955
Depreciation and amortization	86	83
Amortization of premium on available for sale investments	202	56
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,192	49
Accounts payable	(710)	1,879
Accrued expenses and other current liabilities	1,623	2,283
Net cash used in operating activities	(13,610)	(10,779)
Cash flow from investing activities:
Purchase of investments	(11,980)	(95,543)
Proceeds from maturities of investments	43,660	22,867
Purchase of property and equipment	(37)	(5)
Net cash provided by / (used in) investing activities	31,643	(72,681)
Cash flows from financing activities:
Payments of finance leases		(29)
Proceeds from issuance of common stock upon exercise of stock options	441	191
Proceeds from private placement offering, net of issuance costs		117,690
Net cash provided by financing activities	441	117,852
Net increase in cash and cash equivalents	18,474	34,392
Cash and cash equivalents at beginning of period	66,841	51,214
Cash and cash equivalents at end of period	$ 85,315	$ 85,606

Balance Sheet Components

3 Months Ended

Mar. 31, 2021

Balance Sheet Components [Abstract]

Balance Sheet Components

Note 5. Balance Sheet Components

Prepaid expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Prepaid expenses	$	346	$	274
Prepaid insurance		317		964
Prepaid research and development expenses		1,630		2,110
Other current assets		557		694
Total prepaid expenses and other current assets	$	2,850	$	4,042

Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):

	March 31			December 31
	2021			2020
Computer equipment	$	52		$	33
Lab equipment		423			405
Finance lease right of use assets		557			557
Leasehold improvement		21			21
Office furniture		26			26
Less: accumulated amortization and depreciation		(701	)		(615	)
Property and equipment, net	$	378		$	427

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	March 31,		December 31,
	2021		2020
Personnel expenses	$	1,463	$	2,415
Professional fees		106		141
Research and development expenses		13,233		10,603
Other		220		282
Total accrued expenses and other current liabilities	$	15,022	$	13,441

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2021

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

Basis of Consolidation

The condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated.

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included.

The condensed consolidated balance sheet as of March 31, 2021, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of stockholders’ equity as of March 31, 2021 and 2020, the condensed consolidated statements of cash flows for the three months ended March 31,

2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the SEC on March 1, 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other future annual or interim period.

Risks and Uncertainties

The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company.

In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted.

Use of Estimates

The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of common stock prior to the initial public offering, stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.

Significant Accounting Policies

There have been no significant changes to the accounting policies during the three months ended March 31, 2021, as compared to the significant accounting policies described in our Annual Report on Form 10-K.

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented.

Fair Value Measurements

The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows:

Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date;

Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active;

Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period.

Recent Accounting Pronouncements Not Yet Adopted

The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements:

Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements.

All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Fair Value Measurements - Summary of Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 145,998	$ 148,281
Unrealized Gains	210	368
Unrealized Losses	(22)	(55)
Financial assets and liabilities	146,186	148,594
Cash equivalents (maturities within 90 days)	60,746	31,151
Short-term investments (maturities within one year)	61,720	66,979
Long-term investments (maturities beyond 1 year)	23,720	50,464
Total cash equivalents and investments	146,186	148,594
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	38,246	15,661
Financial assets and liabilities	38,246	15,661
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	17,793	30,603
Unrealized Gains	95	162
Financial assets and liabilities	17,888	30,765
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	22,500	15,000
Financial assets and liabilities	22,500	15,000
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	59,300	75,298
Unrealized Gains	97	183
Unrealized Losses	(20)	(55)
Financial assets and liabilities	59,377	75,426
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	4,671	8,274
Unrealized Gains	16	22
Unrealized Losses	(1)
Financial assets and liabilities	4,686	8,296
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	3,488	3,445
Unrealized Gains	2	1
Unrealized Losses	(1)
Financial assets and liabilities	$ 3,489	$ 3,446

Summary of Significant Accounting Policies (Policies)	3 Months Ended
Summary of Significant Accounting Policies (Policies)	Mar. 31, 2021
Accounting Policies [Abstract]
Basis of Consolidation	Basis of Consolidation The condensed consolidated financial statements include the accounts of Cortexyme, Inc. and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated.
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and pursuant to the instructions of the SEC on Form 10-Q and Article 10 of Regulation S-X of the SEC. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the management’s opinion, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of the results of operations and cash flows for the periods presented have been included. The condensed consolidated balance sheet as of March 31, 2021, the condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2021 and 2020, the condensed consolidated statements of stockholders’ equity as of March 31, 2021 and 2020, the condensed consolidated statements of cash flows for the three months ended March 31, 2021 and 2020, and the financial data and other financial information disclosed in the notes to the condensed consolidated financial statements are unaudited. These financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2020 included in the Company’s Form 10-K filed with the SEC on March 1, 2021. The results of operations for the three months ended March 31, 2021 are not necessarily indicative of the results to be expected for the year ending December 31, 2021, or for any other future annual or interim period.
Risks and Uncertainties	Risks and Uncertainties The Company’s future results of operations involve a number of risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s potential drug candidates, uncertainty of market acceptance of the Company’s drug candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals. The Company’s drug candidate will require approvals from the U.S. Food and Drug Administration (FDA) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any drug candidate will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any drug candidate, it could have a materially adverse impact on the Company. In connection with the COVID-19 pandemic, governments have implemented significant measures, including closures, quarantines, travel restrictions and other social distancing directives, intended to control the spread of the virus. Companies have also taken precautions, such as requiring employees to work remotely, imposing travel restrictions, and temporarily closing businesses. To the extent that these restrictions remain in place, additional prevention and mitigation measures are implemented in the future or there is uncertainty about the effectiveness of these or any other measures to contain or treat COVID-19, there is likely to be a continuing, adverse impact on global economic conditions and consumer confidence and spending, which could materially and adversely affect the Company’s research and development, as well as operational activities. At this time, the Company continues to manage and mitigate potential disruptions to its research and future manufacturing and supply chain considerations. The Company has not experienced significant hinderances to its operations or material negative financial impacts as compared to prior periods. At this time, the extent to which the COVID-19 pandemic impacts the Company’s business will depend on future developments which are highly uncertain and cannot be predicted.
Use of Estimates	Use of Estimates The preparation of the Company’s consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and expenses, as well as related disclosure of contingent assets and liabilities. The most significant estimates used in the Company’s consolidated financial statements relate to the determination of the fair value of common stock prior to the initial public offering, stock-based awards and other issuances, accruals for research and development costs, useful lives of long-lived assets, stock-based compensation and related assumptions, the incremental borrowing rate for leases and income tax uncertainties, including a valuation allowance for deferred tax assets; and contingencies. The Company bases its estimates on historical experience and on various other market specific and other relevant assumptions that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from the Company’s estimates.
Significant Accounting Policies	Significant Accounting Policies There have been no significant changes to the accounting policies during the three months ended March 31, 2021, as compared to the significant accounting policies described in our Annual Report on Form 10-K.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase to be cash and cash equivalents. Cash equivalents, which consist of amounts invested in money market funds, are stated at fair value. There are no unrealized gains or losses on the money market funds for the periods presented.
Fair Value Measurements	Fair Value Measurements The fair value of the Company’s financial instruments reflects the amounts that the Company estimates that it would receive in connection with the sale of an asset or pay in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The Company discloses and recognizes the fair value of its assets and liabilities using a hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to valuations based upon unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to valuations based upon unobservable inputs that are significant to the valuation (Level 3 measurements). The guidance establishes three levels of the fair value hierarchy as follows: Level 1 - Inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date; Level 2 - Inputs other than quoted prices that are observable for the assets or liability either directly or indirectly, including inputs in markets that are not considered to be active; Level 3 - Inputs that are unobservable. Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period.
Recent Accounting Pronouncements Not Yet Adopted	Recent Accounting Pronouncements Not Yet Adopted The following are new accounting pronouncements that the Company is evaluating for future impacts on its financial statements: Financial Instruments—Credit Losses: In June 2016, the FASB issued ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which amends the principles around the recognition of credit losses by mandating entities incorporate an estimate of current expected credit losses when determining the value of certain assets. The guidance also amends reporting around allowances for credit losses on available-for-sale marketable securities. In November 2019, the FASB issued ASU 2019-10, Financial Instruments—Credit Losses (Topic 326), Derivatives and Hedging (Topic 815) and Leases (Topic 842): Effective Dates, which established that a one-time determination of the effective date for ASU 2016-13 would be based on the Company’s SEC reporting status as of November 15, 2019. The Company was a “smaller reporting company” as defined by Item 10 of Regulation S-K, and therefore, ASU 2016-13 is effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. The Company is evaluating the impact of the guidance on its financial statements. All other newly issued accounting pronouncements not yet effective have been deemed either immaterial or not applicable.

Stock-Based Compensation - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	May 07, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted	$ 6,991,000	$ 1,955,000
Income tax benefits recognized	0
Unamortized employee stock-based compensation	$ 70,100
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period	1 year 7 months 13 days
Performance Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted	$ 914,000	0
Unamortized employee stock-based compensation	$ 8,900,000
Unamortized employee stock-based compensation expected to recognized over remaining estimated vesting period	2 years 6 months 3 days
Employees And Non Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense related to options granted	$ 6,077,000	$ 1,955,000
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum aggregate number of shares that may be issued under the plan			7,388,053
Increase in number of shares available for issuance as proportion of shares of common stock	2,146,354
Percentage of common stock outstanding	4.00%
Common stock reserved for issuance	1,352,165
2019 ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Increase in number of shares available for issuance as proportion of shares of common stock	536,589
Percentage of common stock outstanding	1.00%
Common stock reserved for issuance			832,421
Maximum period for common stock shares reserved for future issuance	10 years

Net Loss Per Share - Schedule of Outstanding Potentially Dilutive Shares Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	5,531,521	3,271,050
Stock Options Issued and Outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	4,856,521	3,271,050
Performance Stock Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from calculation of earnings per share, amount	675,000

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	29,575,944	29,543,222
Common stock, shares outstanding	29,575,944	29,543,222

Income Taxes - Additional Information (Details)	3 Months Ended
Income Taxes - Additional Information (Details)	Mar. 31, 2021 USD ($)
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0

Related Party Transactions - Additional Information (Details)		1 Months Ended
	Feb. 10, 2020 USD ($) $ / shares shares	Feb. 29, 2020 USD ($) $ / shares shares	Mar. 31, 2021 Agreement
LifeSci Advisors, LLC \| Non-capital Advisory Consulting Services
Related Party Transaction [Line Items]
Number of agreement \| Agreement			2
Private Placement
Related Party Transaction [Line Items]
Agreement date		Feb. 10, 2020
Number of shares issued and sold \| shares		2,500,000
Proceeds from issuance of common stock \| $		$ 125,000,000.0
Offering price per share \| $ / shares		$ 50.00
Private Placement \| David A. Lamond
Related Party Transaction [Line Items]
Agreement date	Feb. 10, 2020
Number of shares issued and sold \| shares	30,000
Proceeds from issuance of common stock \| $	$ 1,500,000
Offering price per share \| $ / shares	$ 50.00

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2020 USD ($)
Common Stock \| Private Placement
Stock issuance costs	$ 7,310

Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expense And Other Assets Current [Abstract]
Prepaid expenses	$ 346	$ 274
Prepaid insurance	317	964
Prepaid research and development expenses	1,630	2,110
Other current assets	557	694
Total prepaid expenses and other current assets	$ 2,850	$ 4,042

Fair Value Measurements - Schedule of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 146,186	$ 148,594
Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	38,246	15,661
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	17,888	30,765
Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	22,500	15,000
Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	59,377	75,426
Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	4,686	8,296
Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	3,489	3,446
Level 1
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	38,246	15,661
Level 1 \| Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	38,246	15,661
Level 2
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	107,940	132,933
Level 2 \| Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	17,888	30,765
Level 2 \| Repurchase Agreements
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	22,500	15,000
Level 2 \| Corporate Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	59,377	75,426
Level 2 \| Government and Agency Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	4,686	8,296
Level 2 \| Municipal Notes
Schedule Of Available For Sale Securities [Line Items]
Financial assets and liabilities	$ 3,489	$ 3,446

Stock-Based Compensation - Summary of Employee and Non-Employee Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 6,991	$ 1,955
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	3,478	1,038
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation	$ 3,513	$ 917

Balance Sheet Components - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Accrued Liabilities Current [Abstract]
Personnel expenses	$ 1,463	$ 2,415
Professional fees	106	141
Research and development expenses	13,233	10,603
Other	220	282
Total accrued expenses and other current liabilities	$ 15,022	$ 13,441

Cash, Cash Equivalents and Investments - Summary of Fair Values of Cash, Cash Equivalents, and Short-Term Investments Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	$ 60,746	$ 31,151
Short term investments	61,720	66,979
Long term investments	23,720	50,464
Fair Value on Recurring
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	85,315	66,841
Short term investments	61,720	66,979
Long term investments	23,720	50,464
Fair Value on Recurring \| Cash
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	24,569	35,690
Fair Value on Recurring \| Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	38,246	15,661
Fair Value on Recurring \| Repurchase Agreements
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents	22,500	15,000
Fair Value on Recurring \| Certificates of Deposit
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Total cash and cash equivalents		490
Short term investments	14,240	23,387
Long term investments	3,648	6,888
Fair Value on Recurring \| Municipal Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	2,157	2,365
Long term investments	1,333	1,081
Fair Value on Recurring \| Corporate Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	41,053	34,991
Long term investments	18,324	40,435
Fair Value on Recurring \| Government and Agency Notes
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Short term investments	4,270	6,236
Long term investments	$ 415	$ 2,060

Balance Sheet Components - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2021	Dec. 31, 2020
Property Plant And Equipment [Line Items]
Less: accumulated amortization and depreciation	$ (701)	$ (615)
Property and equipment, net	378	427
Computer Equipment
Property Plant And Equipment [Line Items]
Property and equipment	52	33
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment	423	405
Finance Lease Right of Use Assets
Property Plant And Equipment [Line Items]
Property and equipment	557	557
Leasehold Improvement
Property Plant And Equipment [Line Items]
Property and equipment	21	21
Office Furniture
Property Plant And Equipment [Line Items]
Property and equipment	$ 26	$ 26