0001564590-20-053615 | 10-Q | XBRL Viewer | ALX Oncology Holdings INC

Term Loan - Schedule of Future Payments of Principal and Interest (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Debt Disclosure [Abstract]
2020 (remaining three months)	$ 106
2021	3,743
2022	3,007
Future payments of principal and interest	6,856
Less: amount representing interest	(496)
Less: amount representing final payment	(360)
Term loan, principal amount	6,000
Less: unamortized issuance costs and debt discounts	(240)
Less: current portion	(2,571)
Non-current portion of term loan	$ 3,189	$ 5,421

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 259,484	$ 9,017
Receivables due from related-party	527	536
Prepaid expenses and other current assets	2,393	256
Total current assets	262,404	9,809
Property and equipment, net	45	860
Other assets		7
Total assets	262,449	10,676
Current liabilities:
Accounts payable	1,421	3,748
Accrued expenses and other current liabilities	3,205	1,236
Term loan - current	2,571
Total current liabilities	7,197	4,984
Term loan - non-current	3,189	5,421
Other non-current liabilities	47	547
Total liabilities	10,433	10,952
Commitments and contingencies (Note 11)
Convertible preferred stock		70,363
Stockholders’ equity (deficit)
Preferred stock, $0.001 par value; 100,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.001 par value; 1,000,000,000 and 1,519,618,271 shares authorized as of September 30, 2020 and December 31, 2019, respectively; 37,107,522 and 3,166,946 shares issued and outstanding as of September 30, 2020 and December 31, 2019, respectively	37	3
Additional paid-in capital	351,727	2,140
Accumulated deficit	(99,748)	(72,782)
Total stockholders’ equity (deficit)	252,016	(70,639)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$ 262,449	10,676
Series A Convertible Preferred Stock
Current liabilities:
Convertible preferred stock		60,933
Series B Convertible Preferred Stock
Current liabilities:
Convertible preferred stock		$ 9,430

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Accumulated Deficit
Balance at Dec. 31, 2018	$ (51,778)		$ 3	$ 1,758	$ (53,539)
Temporary equity, shares at Dec. 31, 2018		9,297,081
Temporary equity, balance at Dec. 31, 2018		$ 60,933
Balance, shares at Dec. 31, 2018			3,161,747
Vesting of early exercised stock options	21			21
Stock-based compensation	76			76
Net loss	(4,238)				(4,238)
Balance at Mar. 31, 2019	(55,919)		$ 3	1,855	(57,777)
Temporary equity, shares at Mar. 31, 2019		9,297,081
Temporary equity, balance at Mar. 31, 2019		$ 60,933
Balance, shares at Mar. 31, 2019			3,161,747
Balance at Dec. 31, 2018	(51,778)		$ 3	1,758	(53,539)
Temporary equity, shares at Dec. 31, 2018		9,297,081
Temporary equity, balance at Dec. 31, 2018		$ 60,933
Balance, shares at Dec. 31, 2018			3,161,747
Net loss	(11,479)
Balance at Sep. 30, 2019	(62,976)		$ 3	2,039	(65,018)
Temporary equity, shares at Sep. 30, 2019		10,313,808
Temporary equity, balance at Sep. 30, 2019		$ 70,363
Balance, shares at Sep. 30, 2019			3,161,747
Balance at Mar. 31, 2019	(55,919)		$ 3	1,855	(57,777)
Temporary equity, shares at Mar. 31, 2019		9,297,081
Temporary equity, balance at Mar. 31, 2019		$ 60,933
Balance, shares at Mar. 31, 2019			3,161,747
Vesting of early exercised stock options	20			20
Stock-based compensation	60			60
Net loss	(4,197)				(4,197)
Issuance of convertible preferred stock, net of issuance costs		$ 9,430
Issuance of convertible preferred stock, net of issuance costs, shares		1,016,727
Balance at Jun. 30, 2019	(60,036)		$ 3	1,935	(61,974)
Temporary equity, shares at Jun. 30, 2019		10,313,808
Temporary equity, balance at Jun. 30, 2019		$ 70,363
Balance, shares at Jun. 30, 2019			3,161,747
Vesting of early exercised stock options	18			18
Stock-based compensation	86			86
Net loss	(3,044)				(3,044)
Balance at Sep. 30, 2019	(62,976)		$ 3	2,039	(65,018)
Temporary equity, shares at Sep. 30, 2019		10,313,808
Temporary equity, balance at Sep. 30, 2019		$ 70,363
Balance, shares at Sep. 30, 2019			3,161,747
Balance at Dec. 31, 2019	(70,639)		$ 3	2,140	(72,782)
Temporary equity, shares at Dec. 31, 2019		10,313,808
Temporary equity, balance at Dec. 31, 2019	70,363	$ 70,363
Balance, shares at Dec. 31, 2019			3,166,946
Vesting of early exercised stock options	16			16
Stock-based compensation	151			151
Net loss	(5,454)				(5,454)
Issuance of convertible preferred stock, net of issuance costs		$ 104,680
Issuance of convertible preferred stock, net of issuance costs, shares		11,055,966
Balance at Mar. 31, 2020	(75,926)		$ 3	2,307	(78,236)
Temporary equity, shares at Mar. 31, 2020		21,369,774
Temporary equity, balance at Mar. 31, 2020		$ 175,043
Balance, shares at Mar. 31, 2020			3,166,946
Balance at Dec. 31, 2019	(70,639)		$ 3	2,140	(72,782)
Temporary equity, shares at Dec. 31, 2019		10,313,808
Temporary equity, balance at Dec. 31, 2019	70,363	$ 70,363
Balance, shares at Dec. 31, 2019			3,166,946
Net loss	(26,966)
Balance at Sep. 30, 2020	252,016		$ 37	351,727	(99,748)
Balance, shares at Sep. 30, 2020			37,107,522
Balance at Mar. 31, 2020	(75,926)		$ 3	2,307	(78,236)
Temporary equity, shares at Mar. 31, 2020		21,369,774
Temporary equity, balance at Mar. 31, 2020		$ 175,043
Balance, shares at Mar. 31, 2020			3,166,946
Vesting of early exercised stock options	6			6
Stock-based compensation	2,853			2,853
Net loss	(11,331)				(11,331)
Balance at Jun. 30, 2020	(84,398)		$ 3	5,166	(89,567)
Temporary equity, shares at Jun. 30, 2020		21,369,774
Temporary equity, balance at Jun. 30, 2020		$ 175,043
Balance, shares at Jun. 30, 2020			3,166,946
Vesting of early exercised stock options	4			4
Stock-based compensation	689			689
Net loss	(10,181)				(10,181)
Reclassification of warrants from liability to equity	1,019			1,019
Conversion of convertible preferred stock into common stock	175,043	$ (175,043)	$ 21	175,022
Conversion of convertible preferred stock into common stock, shares		(21,369,774)	21,369,774
Cumulative dividends			$ 3	(3)
Cumulative dividends, shares			2,564,759
Issuance of common stock in connection with initial public offering, net of underwriter discounts and issuance costs	169,541		$ 10	169,531
Issuance of common stock in connection with initial public offering, net of underwriter discounts and issuance costs, shares			9,775,000
Issuance of common stock under equity incentive plans	299			299
Issuance of common stock under equity incentive plans, shares			182,111
Issuance of common stock upon net exercise of warrants, shares			48,932
Balance at Sep. 30, 2020	$ 252,016		$ 37	$ 351,727	$ (99,748)
Balance, shares at Sep. 30, 2020			37,107,522

Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

(2) SIGNIFICANT ACCOUNTING POLICIES

Basis of Preparation

These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and the applicable rules and regulations of the U.S. Securities and Exchange Commission, or SEC, for interim reporting.

Principles of Consolidation

All intercompany balances and transactions have been eliminated in consolidation.

Unaudited Condensed Consolidated Financial Statements

The condensed consolidated balance sheet as of September 30, 2020, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2019, the condensed consolidated statements of convertible preferred stock and stockholders' equity (deficit) for the three and nine months ended September 30, 2020 and 2019, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019, are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2020, and its results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2020, are not necessarily indicative of the results to be expected for any subsequent periods, including the year ended December 31, 2020, and therefore should not be relied upon as an indicator of future results. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 and the notes thereto, which are included in the Company’s final prospectus for the Company’s initial public offering filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the SEC on July 17, 2020.

Reverse Stock Split

On July 8, 2020, the Company’s board of directors approved an amendment to the Company’s certificate of incorporation to effect a 1-for-6.5806 reverse split of its common stock and convertible preferred stock. The par values of the common and convertible preferred stock were not adjusted as a result of the reverse stock split. All authorized, issued and outstanding common stock, convertible preferred stock, stock options, warrants, and related per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. The reverse stock split was effected on July 9, 2020.

Use of Estimates

The preparation of the condensed consolidated financial statements in conformity 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, Series B convertible preferred stock warrant liability, term loan compound derivative liability, term loan, valuation of the Company’s common stock, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.

Cash and Cash Equivalents

The Company holds its cash and cash equivalents in checking and money market accounts. The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts and are stated at fair value.

Concentration of Credit Risk and Other Risks and Uncertainties

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits, and invests in money market funds. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents. The Company has not experienced any losses on its deposits of cash and cash equivalents.

The Company’s future results of operations involve a number of other 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 product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers.

The Company’s product candidates require approvals from the U.S. Food and Drug Administration, or FDA, and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.

Property and Equipment

Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is provided using the straight-line method over the estimated useful lives of the assets. Upon sale or retirement of assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated balance sheet and the resulting gain or loss is reflected in the condensed consolidated statement of operations and comprehensive loss. Maintenance and repairs are charged to the condensed consolidated statement of operations and comprehensive loss as incurred.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the equity financing.

Impairment of Long-Lived Assets

The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future undiscounted net cash flows which the asset or asset group are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no impairment charges recognized in the three and nine months ended September 30, 2020 and 2019.

Fair Value of Financial Instruments

The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the condensed consolidated financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where observable prices or inputs are not available valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity.

The Company’s financial instruments consist of cash and cash equivalents, receivables due from related-party, accounts payable, the term loan compound derivative liability and the Series B convertible preferred stock warrant liability. The term loan compound derivative liability and the Series B convertible preferred stock warrant liability are re-measured at the end of every period and carried at fair value (Note 3). The recorded value of the Company’s receivables due from related-party and accounts payable approximates its current fair value due to the relatively short-term nature of these items.

Term Loan

The Company accounts for the Loan and Security Agreement, dated as of December 20, 2019, as amended, with Silicon Valley Bank, or SVB, and WestRiver Innovation Lending Fund VIII, LP, or WestRiver, collectively as lenders, and SVB, as administrative agent and collateral agent, as a liability measured at net proceeds less debt discount and is accreted to the face value of the term loan over its expected term using the effective interest method. The Company considers whether there are any embedded features in its debt instruments that require bifurcation and separate accounting as derivative financial instruments pursuant to Accounting Standards Codification, or ASC, Topic 815, Derivatives and Hedging.

Convertible Preferred Stock

The Company records convertible preferred stock net of issuance costs on the dates of issuance, which represents the carrying value. In the event of a change of control of the Company, proceeds will be distributed in accordance with the liquidation preferences set forth in its organization documents unless the holders of convertible preferred stock have converted their convertible preferred stock into common stock. Convertible preferred stock are classified outside of stockholders’ equity (deficit) on the accompanying condensed consolidated balance sheets as events triggering the liquidation preferences are not solely within the Company’s control. The Company has elected not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because of the uncertainty of whether or when such an event would occur. Upon the consummation of the Company’s initial public offering in July 2020, all shares of convertible preferred stock outstanding and accrued cumulative dividends automatically converted into 23,934,533 shares of common stock.

Series B Convertible Preferred Stock Warrant Liability

The Company has issued freestanding warrants to purchase its Series B convertible preferred stock. Freestanding warrants for the Company’s convertible preferred stock that are classified outside of permanent equity are recorded at fair value, and are subject to re-measurement at the end of every period until the earlier of the exercise of the warrants or the completion of a liquidation event, including the completion of an initial public offering. Upon exercise, the Series B convertible preferred stock warrant liability would be reclassified to additional paid-in capital, with any change in fair value recognized as a component of other expense, net. Following the Company’s initial public offering, the warrants were automatically converted to warrants to purchase shares of common stock (Note 5). The Company revalued the Series B convertible preferred stock warrants as of the completion of the initial public offering and reclassified the outstanding preferred stock warrant liability balance to additional paid-in capital with no further re-measurement required as common stock warrants are considered permanent equity.

Revenue Recognition

To date, the Company has derived revenue from providing research and development services on a time and materials basis to a related-party.

The Company recognizes such revenues over time as services are delivered, and invoices the customer as the work is incurred in arrears.

The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services.

To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation.

As part of the Company’s consideration as to whether the Company has entered into a contract with a customer, it considers whether it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.

Cost of Services for Related-Party Revenue

The Company incurs costs associated with related-party services including direct labor and associated employee benefits, laboratory supplies, and other expenses. These costs are recorded in cost of services for related-party revenue as a component of total operating expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.

Research and Development Costs

Research and development costs are expensed as incurred and consist primarily of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to nonemployees and entities that conduct certain research and development activities on behalf of the Company and expenses incurred in connection with license agreements (Note 8). Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and recorded in prepaid expenses and other current assets, and then expensed as the related goods are delivered or the services are performed.

Clinical and Manufacturing Accruals

The Company records accruals for estimated costs of research, preclinical studies and clinical trials, and manufacturing development, which are a significant component of research and development expenses. A substantial portion of the Company’s ongoing research and development activities are conducted by third-party service providers, including contract research organizations, or CROs, and contract manufacturing organizations, or CMOs. The Company’s contracts with CROs generally include pass-through fees such as regulatory expenses, investigator fees, travel costs and other miscellaneous costs, including shipping and printing fees. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fees to be paid for such services.

The Company makes significant judgments and estimates in determining the accrual balance at the end of each reporting period. As actual costs become known, the Company adjusts its accruals. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in the Company reporting amounts that are too high or too low in any particular period. To assist in its estimates the Company relies upon the receipt of timely and accurate reporting from its clinical and non-clinical studies and other third-party vendors. Through September 30, 2020, there have been no material differences from the Company’s accrued estimated expenses to the actual clinical trial expenses. However, variations in the assumptions used to estimate accruals, including, but not limited to, the number of patients enrolled, the rate of patient enrollment, and the actual services performed, and related costs may vary from the Company’s estimates, resulting in adjustments to clinical trial expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect its financial position and results of operations.

Stock-based Compensation Expense

The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees, directors and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation expense to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards to employees and directors using the Black-Scholes option-pricing model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term, risk-free rate of return and the estimated fair value of the underlying common stock on the date of grant. The Company accounts for the effect of forfeitures as they occur.

Segment Reporting

The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions.

Foreign Currency Transactions

The functional currency of the Company’s operation and each of its subsidiaries is U.S. dollars. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate prevailing on the balance sheet date. Expenses are translated at the average exchange rates prevailing during the applicable period. Foreign currency transaction gains and losses are included in the consolidated statement of operations and comprehensive loss and recorded in other expense, net, and were immaterial for the three and nine months ended September 30, 2020 and 2019, respectively.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the condensed consolidated financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for the period in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the condensed consolidated statements of operations and comprehensive loss in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit.

Comprehensive Loss

Comprehensive loss is equal to net loss for all periods presented.

Net Loss Per Share Attributable to Common Stockholders

Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented.

The Company applies the two-class method to compute basic and diluted net loss per share when it has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net loss available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all net loss for the period had been distributed. The Company’s convertible preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method.

Recent Accounting Pronouncements

In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases (ASU 2016-02). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU No. 2016-02 will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. In June 2020, the FASB issued ASU No. 2020-05, which extends the effective date of ASU No. 2016-02 for non-public business entities, including smaller reporting companies, to fiscal years beginning after December 15, 2021. The new standard is effective for the Company beginning January 1, 2022 (or earlier if the Company ceases to be an emerging growth company). Early adoption is permitted. The Company is currently evaluating the effects of the adoption of this guidance on its condensed consolidated financial statements and related disclosures.

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021. ASU 2019-12 is effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company is currently in the process of evaluating the effects of the adoption of this guidance on the Company’s financial statements and does not expect it to have a material impact on its condensed consolidated financial statements.

New Accounting Pronouncements Recently Adopted

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The Company early adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements.

In September 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The FASB issued final guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Under the ASU, entities will no longer be required to disclose the amount of transfers between Level 1 and Level 2 of the fair value hierarchy. Public companies will be required to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for public business entities for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance on January 1, 2020. The adoption of ASU 2018-13 did not have a material impact on its condensed consolidated financial statements.

Related-Party Transactions

9 Months Ended

Sep. 30, 2020

RELATED-PARTY TRANSACTIONS

(9) RELATED-PARTY TRANSACTIONS

Related-party revenue

In June 2018, the Company entered into a Research and Development Services Agreement, or Tollnine Agreement, with Tollnine, a related-party of the Company, to provide research and development services to Tollnine. The Company’s Chief Executive Officer was also the Chief Executive Officer of Tollnine until April 2020 and two of the Company’s investors are also investors in Tollnine. As such, Tollnine was deemed to be a related-party. The Tollnine Agreement has an initial term of 3 years, to be automatically renewed for additional one-year terms unless terminated by either party. The services are to be provided at a price based on the costs incurred by the Company plus a mark-up equal to 10% of such costs. The Company recognizes revenue when Tollnine, as the Company’s customer, obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. The Company recognized related-party revenues of zero and $1.3 million for the three months ended September 30, 2020 and 2019, respectively, and $1.2 million and $3.6 million for the nine months ended September 30, 2020 and 2019, respectively, under the Tollnine Agreement. Effective as of July 1, 2020, the Company terminated the Tollnine Agreement and entered into the Tallac Services Agreement with Tallac Therapeutics.

Receivables due from related-party

As of September 30, 2020 and December 31, 2019, the Company had outstanding related-party receivables from Tollnine of $0.5 million.

Tallac Service Agreement

The Company entered into a research and development services agreement, or the Tallac Services Agreement, with Tallac Therapeutics effective as of July 1, 2020. The Tallac Services Agreement provides that Tallac Therapeutics will provide certain preclinical research services to the Company for a service fee based on the costs incurred by Tallac Therapeutics plus a mark-up equal to 10.0% of such costs. The Tallac Services Agreement has an initial term of four years and is renewed automatically for additional one year terms thereafter. The Company records the payments for the research and development services as research and development costs within the condensed consolidated statement of operations and comprehensive loss. The Company has recorded $0.4 million as research and development costs for the three months ended September 30, 2020.

Net Loss Per Share Attributable to Common Stockholders (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Computation of Basic and Diluted Net Loss per Share

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Numerator:
Net loss	$	(10,181	)	$	(3,044	)	$	(26,966	)	$	(11,479	)
Less: cumulative preferred dividends allocated to preferred stockholders		(578	)		(1,071	)		(5,202	)		(2,957	)
Net loss attributable to common stockholders	$	(10,759	)	$	(4,115	)	$	(32,168	)	$	(14,436	)
Denominator:
Weighted-average shares of common stock outstanding		29,664,122			3,100,544			12,052,876			3,061,082
Net loss per share attributable to common stockholders, basic and diluted	$	(0.36	)	$	(1.33	)	$	(2.67	)	$	(4.72	)

Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities were excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2020 and 2019, because including them would have been anti-dilutive:

	September 30,
	2020		2019
Convertible preferred stock		—		10,313,808
Common stock subject to repurchase		253		53,070
Options issued and outstanding		4,751,589		1,206,690
Total		4,751,842		11,573,568

Net Loss Per Share Attributable to Common Stockholders - Summary of Outstanding Potentially Dilutive Securities Were Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	4,751,842	11,573,568	4,751,842	11,573,568
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share		10,313,808		10,313,808
Common Stock Subject to Repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	253	53,070	253	53,070
Options Issued and Outstanding
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	4,751,589	1,206,690	4,751,589	1,206,690

Stock-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Total Stock Based Compensation Expense

Total stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020			2019		2020		2019
Research and development	$	(359	)	$	25	$	2,008	$	79
General and administrative		1,048			10		1,685		24
Cost of services for related-party revenue		—			51		—		119
	$	689		$	86	$	3,693	$	222

Commitments and Contingencies - Summary of Company's Commitments and Contractual Obligations (Parenthetical) (Details) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Nov. 30, 2015	Sep. 30, 2020
Commitments And Contingencies [Line Items]
Purchase obligations		$ 7,622
Master Service Agreement
Commitments And Contingencies [Line Items]
Initial term of agreement	3 years
Renewal periods of agreement	1 year
Purchase obligations	$ 7,500
Office and Laboratory Space \| Burlingame, California
Commitments And Contingencies [Line Items]
Operating sub-lease expiration year		2023
Second Drug Product Manufacturer \| Master Service Agreement
Commitments And Contingencies [Line Items]
Purchase obligations	$ 100

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2020
Basis of Presentation	Basis of Preparation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, and the applicable rules and regulations of the U.S. Securities and Exchange Commission, or SEC, for interim reporting.
Principles of Consolidation	Principles of Consolidation All intercompany balances and transactions have been eliminated in consolidation.
Unaudited Condensed Consolidated Financial Statements	Unaudited Condensed Consolidated Financial Statements The condensed consolidated balance sheet as of September 30, 2020, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2020 and 2019, the condensed consolidated statements of convertible preferred stock and stockholders' equity (deficit) for the three and nine months ended September 30, 2020 and 2019, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2020 and 2019, are unaudited. These unaudited condensed consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position as of September 30, 2020, and its results of operations for the periods presented. The results of operations for the three and nine months ended September 30, 2020, are not necessarily indicative of the results to be expected for any subsequent periods, including the year ended December 31, 2020, and therefore should not be relied upon as an indicator of future results. The condensed consolidated balance sheet as of December 31, 2019 included herein was derived from the audited consolidated financial statements as of that date. The accompanying condensed consolidated financial statements and related notes should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2019 and the notes thereto, which are included in the Company’s final prospectus for the Company’s initial public offering filed pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, with the SEC on July 17, 2020.
Reverse Stock Split	Reverse Stock Split On July 8, 2020, the Company’s board of directors approved an amendment to the Company’s certificate of incorporation to effect a 1-for-6.5806 reverse split of its common stock and convertible preferred stock. The par values of the common and convertible preferred stock were not adjusted as a result of the reverse stock split. All authorized, issued and outstanding common stock, convertible preferred stock, stock options, warrants, and related per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect this reverse stock split for all periods presented. The reverse stock split was effected on July 9, 2020.
Use of Estimates	Use of Estimates The preparation of the condensed consolidated financial statements in conformity 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 condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, management evaluates its estimates, including those related to the estimated useful lives of long-lived assets, clinical trial accruals, fair value of assets and liabilities, Series B convertible preferred stock warrant liability, term loan compound derivative liability, term loan, valuation of the Company’s common stock, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company holds its cash and cash equivalents in checking and money market accounts. The Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts and are stated at fair value.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits, and invests in money market funds. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents. The Company has not experienced any losses on its deposits of cash and cash equivalents. The Company’s future results of operations involve a number of other 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 product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration, or FDA, and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company was denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Property and Equipment	Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation of property and equipment is provided using the straight-line method over the estimated useful lives of the assets. Upon sale or retirement of assets, the cost and related accumulated depreciation or amortization are removed from the condensed consolidated balance sheet and the resulting gain or loss is reflected in the condensed consolidated statement of operations and comprehensive loss. Maintenance and repairs are charged to the condensed consolidated statement of operations and comprehensive loss as incurred.
Deferred Offering Costs	Deferred Offering Costs The Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ equity (deficit) as a reduction of additional paid-in capital generated as a result of the equity financing.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews property and equipment for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amount to the future undiscounted net cash flows which the asset or asset group are expected to generate. If such assets are considered to be impaired, the impairment to be recognized is measured as the amount by which the carrying amount of the assets exceeds its fair value. Fair value is determined using various valuation techniques including discounted cash flow models, quoted market values and third-party independent appraisals, as considered necessary. There were no impairment charges recognized in the three and nine months ended September 30, 2020 and 2019.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company applies fair value accounting for all financial assets and liabilities and nonfinancial assets and liabilities that are required to be recognized or disclosed at fair value in the condensed consolidated financial statements. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Where observable prices or inputs are not available valuation models are applied. These valuation techniques involve some level of management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. The Company’s financial instruments consist of cash and cash equivalents, receivables due from related-party, accounts payable, the term loan compound derivative liability and the Series B convertible preferred stock warrant liability. The term loan compound derivative liability and the Series B convertible preferred stock warrant liability are re-measured at the end of every period and carried at fair value (Note 3). The recorded value of the Company’s receivables due from related-party and accounts payable approximates its current fair value due to the relatively short-term nature of these items.
Term Loan	Term Loan The Company accounts for the Loan and Security Agreement, dated as of December 20, 2019, as amended, with Silicon Valley Bank, or SVB, and WestRiver Innovation Lending Fund VIII, LP, or WestRiver, collectively as lenders, and SVB, as administrative agent and collateral agent, as a liability measured at net proceeds less debt discount and is accreted to the face value of the term loan over its expected term using the effective interest method. The Company considers whether there are any embedded features in its debt instruments that require bifurcation and separate accounting as derivative financial instruments pursuant to Accounting Standards Codification, or ASC, Topic 815, Derivatives and Hedging.
Convertible Preferred Stock	Convertible Preferred Stock The Company records convertible preferred stock net of issuance costs on the dates of issuance, which represents the carrying value. In the event of a change of control of the Company, proceeds will be distributed in accordance with the liquidation preferences set forth in its organization documents unless the holders of convertible preferred stock have converted their convertible preferred stock into common stock. Convertible preferred stock are classified outside of stockholders’ equity (deficit) on the accompanying condensed consolidated balance sheets as events triggering the liquidation preferences are not solely within the Company’s control. The Company has elected not to adjust the carrying values of the convertible preferred stock to the liquidation preferences of such shares because of the uncertainty of whether or when such an event would occur. Upon the consummation of the Company’s initial public offering in July 2020, all shares of convertible preferred stock outstanding and accrued cumulative dividends automatically converted into 23,934,533 shares of common stock.
Revenue Recognition	Revenue Recognition To date, the Company has derived revenue from providing research and development services on a time and materials basis to a related-party. The Company recognizes such revenues over time as services are delivered, and invoices the customer as the work is incurred in arrears. The Company recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of Topic 606, the Company performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the Company satisfies a performance obligation. As part of the Company’s consideration as to whether the Company has entered into a contract with a customer, it considers whether it is probable that it will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, determines those that are performance obligations, and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied.
Cost of Services for Related Party Revenue	Cost of Services for Related-Party Revenue The Company incurs costs associated with related-party services including direct labor and associated employee benefits, laboratory supplies, and other expenses. These costs are recorded in cost of services for related-party revenue as a component of total operating expenses in the accompanying condensed consolidated statements of operations and comprehensive loss.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred and consist primarily of salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to nonemployees and entities that conduct certain research and development activities on behalf of the Company and expenses incurred in connection with license agreements (Note 8). Nonrefundable advance payments for goods or services to be received in the future for use in research and development activities are capitalized and recorded in prepaid expenses and other current assets, and then expensed as the related goods are delivered or the services are performed.
Clinical and Manufacturing Accruals	Clinical and Manufacturing Accruals The Company records accruals for estimated costs of research, preclinical studies and clinical trials, and manufacturing development, which are a significant component of research and development expenses. A substantial portion of the Company’s ongoing research and development activities are conducted by third-party service providers, including contract research organizations, or CROs, and contract manufacturing organizations, or CMOs. The Company’s contracts with CROs generally include pass-through fees such as regulatory expenses, investigator fees, travel costs and other miscellaneous costs, including shipping and printing fees. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated costs through discussions with internal personnel and external service providers as to the progress or stage of completion of the services and the agreed-upon fees to be paid for such services. The Company makes significant judgments and estimates in determining the accrual balance at the end of each reporting period. As actual costs become known, the Company adjusts its accruals. Although the Company does not expect its estimates to be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and could result in the Company reporting amounts that are too high or too low in any particular period. To assist in its estimates the Company relies upon the receipt of timely and accurate reporting from its clinical and non-clinical studies and other third-party vendors. Through September 30, 2020, there have been no material differences from the Company’s accrued estimated expenses to the actual clinical trial expenses. However, variations in the assumptions used to estimate accruals, including, but not limited to, the number of patients enrolled, the rate of patient enrollment, and the actual services performed, and related costs may vary from the Company’s estimates, resulting in adjustments to clinical trial expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect its financial position and results of operations.
Stock-Based Compensation	Stock-based Compensation Expense The Company accounts for stock-based compensation by measuring and recognizing compensation expense for all stock-based payments made to employees, directors and non-employees based on estimated grant-date fair values. The Company uses the straight-line method to allocate compensation expense to reporting periods over each optionee’s requisite service period, which is generally the vesting period, and estimates the fair value of stock-based awards to employees and directors using the Black-Scholes option-pricing model. The Black-Scholes model requires the input of subjective assumptions, including expected volatility, expected dividend yield, expected term, risk-free rate of return and the estimated fair value of the underlying common stock on the date of grant. The Company accounts for the effect of forfeitures as they occur.
Segment Reporting	Segment Reporting The Company manages its operations as a single operating segment for the purposes of assessing performance and making operating decisions.
Foreign Currency Transactions	Foreign Currency Transactions The functional currency of the Company’s operation and each of its subsidiaries is U.S. dollars. All assets and liabilities denominated in a foreign currency are translated into U.S. dollars at the exchange rate prevailing on the balance sheet date. Expenses are translated at the average exchange rates prevailing during the applicable period. Foreign currency transaction gains and losses are included in the consolidated statement of operations and comprehensive loss and recorded in other expense, net, and were immaterial for the three and nine months ended September 30, 2020 and 2019, respectively.
Income Taxes	Income Taxes The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the condensed consolidated financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the condensed consolidated financial statement carrying amounts and tax bases of assets and liabilities using enacted tax rates in effect for the period in which the temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the condensed consolidated statements of operations and comprehensive loss in the period that includes the enactment date. The Company recognizes deferred tax assets to the extent that it believes these assets are more likely than not to be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If the Company determines that it would be able to realize its deferred tax assets in the future in excess of their net recorded amount, it would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes. The Company recognizes benefits of uncertain tax positions if it is more likely than not that such positions will be sustained upon examination based solely on their technical merits, as the largest amount of benefit that is more likely than not to be realized upon the ultimate settlement. The Company’s policy is to recognize interest and penalties related to the underpayment of income taxes as a component of income tax expense or benefit.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is equal to net loss for all periods presented.
Net Loss Per Share Attributable to Common Stockholders	Net Loss Per Share Attributable to Common Stockholders Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is the same as basic net loss per share, since the effects of potentially dilutive securities are antidilutive given the net loss for each period presented. The Company applies the two-class method to compute basic and diluted net loss per share when it has issued shares that meet the definition of participating securities. The two-class method determines net loss per share for each class of common stock and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires net loss available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to share in the earnings as if all net loss for the period had been distributed. The Company’s convertible preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities. The participating securities are not required to participate in the losses of the Company, and therefore during periods of loss there is no allocation required under the two-class method.
Recently Issued Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 (Topic 842), Leases (ASU 2016-02). ASU 2016-02 requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. ASU No. 2016-02 will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. In June 2020, the FASB issued ASU No. 2020-05, which extends the effective date of ASU No. 2016-02 for non-public business entities, including smaller reporting companies, to fiscal years beginning after December 15, 2021. The new standard is effective for the Company beginning January 1, 2022 (or earlier if the Company ceases to be an emerging growth company). Early adoption is permitted. The Company is currently evaluating the effects of the adoption of this guidance on its condensed consolidated financial statements and related disclosures. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which is intended to simplify various aspects related to accounting for income taxes. The pronouncement is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2021. ASU 2019-12 is effective for the Company beginning January 1, 2022. Early adoption is permitted. The Company is currently in the process of evaluating the effects of the adoption of this guidance on the Company’s financial statements and does not expect it to have a material impact on its condensed consolidated financial statements.
New Accounting Pronouncements Recently Adopted	New Accounting Pronouncements Recently Adopted In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses (Topic 326), which requires entities to measure all expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This replaces the existing incurred loss model and is applicable to the measurement of credit losses on financial assets measured at amortized cost. The Company early adopted this guidance on January 1, 2020. The adoption of this guidance did not have a material impact on the Company’s condensed consolidated financial statements. In September 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The FASB issued final guidance that eliminates, adds and modifies certain disclosure requirements for fair value measurements as part of its disclosure framework project. Under the ASU, entities will no longer be required to disclose the amount of transfers between Level 1 and Level 2 of the fair value hierarchy. Public companies will be required to disclose changes in unrealized gains and losses for the period included in other comprehensive income for recurring Level 3 fair value measurements held at the end of the reporting period and the range and weighted average used to develop significant unobservable inputs for Level 3 fair value measurements. ASU 2018-13 is effective for public business entities for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance on January 1, 2020. The adoption of ASU 2018-13 did not have a material impact on its condensed consolidated financial statements.
Series B Preferred Stock
Convertible Preferred Stock Warrant Liability	Series B Convertible Preferred Stock Warrant Liability The Company has issued freestanding warrants to purchase its Series B convertible preferred stock. Freestanding warrants for the Company’s convertible preferred stock that are classified outside of permanent equity are recorded at fair value, and are subject to re-measurement at the end of every period until the earlier of the exercise of the warrants or the completion of a liquidation event, including the completion of an initial public offering. Upon exercise, the Series B convertible preferred stock warrant liability would be reclassified to additional paid-in capital, with any change in fair value recognized as a component of other expense, net. Following the Company’s initial public offering, the warrants were automatically converted to warrants to purchase shares of common stock (Note 5). The Company revalued the Series B convertible preferred stock warrants as of the completion of the initial public offering and reclassified the outstanding preferred stock warrant liability balance to additional paid-in capital with no further re-measurement required as common stock warrants are considered permanent equity.

Commitments and Contingencies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2017
Commitments And Contingencies [Line Items]
Rent expense	$ 0.1	$ 0.2	$ 0.5	$ 0.6
Office Space
Commitments And Contingencies [Line Items]
Lessee, operating lease, term of contract					5 years 4 months
Lessee, operating lease commencing end date					May 31, 2023

Stock-Based Compensation

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

STOCK-BASED COMPENSATION

(7) STOCK-BASED COMPENSATION

2020 Amended and Restated Equity Incentive Plan

On April 1, 2020, the board of directors approved a new equity incentive plan, or the 2020 Equity Incentive Plan, that replaced the 2015 Share Award Scheme.

In July 2020, the Company adopted the Amended and Restated 2020 Equity Incentive Plan, or the 2020 Plan. The 2020 Plan replaced the Company’s 2020 Equity Incentive Plan and a total of 7,874,862 shares were reserved under the 2020 Plan.

Stock Option Modification

In connection with the transfer of employees to Tallac Therapeutics, Dr. Hong Wan, the Company’s former Chief Scientific Officer, and eight of the Company’s employees, or Transferred Employees, terminated their employment with the Company effective as of June 30, 2020 and became employees of Tallac Therapeutics effective as of July 1, 2020. The options to purchase shares of the Company’s common stock that were previously granted to the Transferred Employees will continue to vest and be exercisable subject to the Transferred Employees remaining service providers under the original terms of the award. The Company evaluated the change in status from an employee to a consultant in accordance with ASC 718. While the Company concluded that the change in status did not affect the vesting condition or the classification of the initial awards, the significant reduction in the level of services that the grantees were expected to provide under the original awards as compared to the level of services expected under the Tallac Services Agreement will no longer meet the substantive service condition requirements and therefore the compensation cost for the unvested awards was recognized immediately with no future service requirement. The Company recorded $2.3 million in stock-based compensation expenses related to the modification for the three months ended June 30, 2020.

In September 2020, in connection with the resignation of the Company’s former Chief Business Officer and the entry into a consulting agreement with him, the Company evaluated the change in status from an employee to a consultant in accordance with ASC 718. While the Company concluded that the change in status did not affect the vesting condition or the classification of the initial awards, the significant reduction in the level of services that the grantee was expected to provide under the original awards as compared to the level of services expected under the consulting agreement will no longer meet the substantive service condition requirements and therefore the compensation expense for the unvested awards expected to vest during the consultancy was recognized immediately with no future service requirement. The Company recorded $0.2 million in stock-based compensation expenses related to the modification for the three months ended September 30, 2020.

Stock-based Compensation Expense

Total stock-based compensation expense recognized in the condensed consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Three Months Ended September 30,					Nine Months Ended September 30,
	2020			2019		2020		2019
Research and development	$	(359	)	$	25	$	2,008	$	79
General and administrative		1,048			10		1,685		24
Cost of services for related-party revenue		—			51		—		119
	$	689		$	86	$	3,693	$	222

Term Loan (Tables)

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

Schedule of Future Payments of Principal and Interest

The following table presents future payments of principal and interest as of September 30, 2020 (in thousands):

	September 30, 2020
2020 (remaining three months)	$	106
2021		3,743
2022		3,007
		6,856
Less: amount representing interest	$	(496	)
Less: amount representing final payment		(360	)
Term loan, principal amount		6,000
Less: unamortized issuance costs and debt discounts		(240	)
Less: current portion		(2,571	)
Non-current portion of term loan	$	3,189

License Agreement

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

LICENSE AGREEMENT

(8) LICENSE AGREEMENT

Exclusive (Equity) Agreement with The Board of Trustees of the Leland Stanford Junior University

In March 2015, the Company entered into a license agreement, or the Stanford Agreement, with the Board of Trustees of the Leland Stanford Junior University, or Stanford, under which the Company obtained a worldwide, royalty-bearing, sublicensable license under certain patents relating to the Company’s current product candidates, to develop, manufacture and commercialize products for use in certain licensed fields, the scope of which would include the application of the licensed intellectual property in oncology. The license granted to the Company in the Stanford Agreement includes an exclusive grant, subject to certain pre-existing non-exclusive or exclusive rights that Stanford retained for grant to third parties with respect to certain categories of the licensed patents in certain fields of use and retained rights by Stanford and all other nonprofit institutions to use and practice the licensed patents and technology for internal research and other nonprofit purposes. The license granted to the Company in the Stanford Agreement also includes non-exclusive grants to certain Stanford patents.

In consideration for the rights granted to the Company under the Stanford Agreement, the Company paid Stanford a nonrefundable license royalty and reimbursed Stanford for past patent expenses, together totaling less than $0.1 million, and granted Stanford a specified number of shares of common stock of the Company. In addition, the Company is obligated to pay Stanford ongoing patent expenses and an annual license maintenance fee, which are nominal and will be creditable against any royalties payable to Stanford in the applicable year. The Company is required to make milestone payments up to an aggregate of $5.0 million in respect of a specified number of licensed products that successfully satisfy certain clinical and regulatory milestones. No milestone payments have been made through September 30, 2020. The Company also agreed to pay Stanford tiered royalties on a specified percentage of net sales made by the Company, its affiliates and its sublicensees of licensed products at rates ranging within low single-digit percentages, subject to certain reductions and offsets. The license, on a licensed product-by-licensed product and country-by-country basis, shall become royalty-free and fully paid-up upon the later of the date on which the last valid claim included in the exclusively or non-exclusively licensed patents expires and ten years after the first commercial sale of the licensed product in such country.

The Company may terminate the Stanford Agreement, on a licensed product-by-licensed product basis, at any time for any reason by providing at least 60 days’ written notice to Stanford. Stanford may terminate the Stanford Agreement, if the Company is in breach of any provision of the Stanford Agreement and fails to remedy such breach within 60 days after written notice of such breach by Stanford. In addition, Stanford has the right to terminate the Stanford Agreement, on a licensed product-by-licensed product basis, if the Company is not diligently developing and commercializing such licensed product under certain conditions or if the Company fails to achieve specified development milestones for such licensed product by certain dates, subject to the Company’s extension rights.

Commercial License Agreement with Selexis SA

In June 2016, the Company entered into a license agreement with Selexis SA, or Selexis, under which the Company obtained a worldwide, royalty-bearing, sublicensable license under certain patents, know-how and other intellectual property, to use Selexis generated cell lines to manufacture ALX148 and to make, use and sell licensed product containing such compound in all fields of use. The rights granted under this agreement include the rights to grant sublicenses to contractors or other collaboration partners, in each case to develop production processes or manufacture licensed product containing ALX148.

In consideration for the rights granted to the Company under the agreement, the Company paid Selexis a nominal one-time fee and will pay Selexis an annual maintenance fee. The Company also agreed to pay Selexis milestone payments up to an aggregate of 1.2 million Swiss Francs in respect of all licensed products developed and/or commercialized under the grant that successfully satisfies certain milestone events. The Company also agreed to pay Selexis a flat royalty of a very low single-digit percentage on net sales made by the Company, its affiliates and sublicensees of products. This royalty obligation, on a product-by-product and country-by-country basis, shall terminate and become fully paid-up upon the passing of ten years after the first commercial sale of the product in such country, or the Company’s exercise of the royalty buyout option exercisable at any time prior to the first commercial sale of a licensed product.

The Company may terminate the license agreement at any time for any reason with at least 60 days’ written notice to Selexis. Either party may terminate the license agreement if the other party enters into a bankruptcy event or in the event of a material breach of the agreement (that cannot be cured or remains uncured for 60 days after the date that the defaulting party is provided with written notice of such breach). The Company’s obligations to pay royalties that are accrued or accruable will survive any termination of the agreement, and in certain circumstances the licenses granted under the agreement will terminate unless they have become fully paid up as described in the previous paragraph.

Commercial Antibody Agreement with Crystal Bioscience Inc. (Now a Subsidiary of Ligand Pharmaceuticals Incorporated)

In March 2017, the Company entered into an agreement with Crystal Bioscience Inc. (now a subsidiary of Ligand Pharmaceuticals Incorporated), or Crystal, under which the Company obtained an assignment of certain patents, covering certain SIRPα antibodies. Under this agreement, the Company also received a worldwide, royalty-bearing non-exclusive license, with the right to grant sublicenses through multiple tiers of sublicenses, under certain of Crystal’s background patents and know-how necessary to commercialize the rights under the assigned patents.

In consideration for the rights granted to the Company under the agreement, it agreed to pay Crystal milestone payments up to $11.1 million in respect of all licensed products developed under the assigned patents, that successfully satisfy certain clinical and regulatory milestones, each milestone being paid only once for all products. The Company also agreed to pay Crystal tiered royalties on net sales made by the Company, its affiliates and sublicensees of products at rates ranging within low single-digit percentages, subject to certain potential reductions. This royalty obligation, on a product-by-product and country-by-country basis, shall terminate and become fully paid-up upon the later of the date on which the last valid claim included in the licensed patents expires and ten years after the first commercial sale of the product in such country.

The Company agreed to use commercially reasonable efforts to develop and commercialize licensed products, including meeting defined development milestones by certain specified dates.

The Company may terminate the agreement at any time for any reason with at least 60 days’ written notice to Crystal. Either party may terminate the agreement if the other party enters into a bankruptcy event or in the event of material breach of the agreement (that remains uncured for 60 days after the date that it is provided with written notice of such breach). The Company’s obligations to pay royalties and milestone payments which accrued pre-termination or accrue post-termination will survive any termination.

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended			9 Months Ended
	Sep. 30, 2020	Jun. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jul. 31, 2020	Dec. 31, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance	7,692,751			7,692,751			12,156,391
Stock-based compensation expenses	$ 689		$ 86	$ 3,693	$ 222
Stock Option Modification
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expenses	$ 200	$ 2,300
2020 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for future issuance						7,874,862

Term Loan - Additional Information (Details)			3 Months Ended		9 Months Ended
Term Loan - Additional Information (Details)	Aug. 17, 2020 $ / shares shares	Dec. 20, 2019 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) shares	Mar. 31, 2020 USD ($)	Sep. 30, 2020 USD ($)	Jul. 21, 2020 $ / shares shares	Jul. 16, 2020 USD ($)	Dec. 31, 2019 USD ($)
Debt Instrument [Line Items]
Warrants issued to purchase \| shares	61,292
Warrant exercise price per share \| $ / shares	$ 9.4972
Unamortized issuance costs and debt discounts			$ 240,000		$ 240,000
Interest expense for term loan			300,000		700,000
Compound Derivative Liability
Debt Instrument [Line Items]
Fair value of compound derivative liability		$ 51,000
Compound Derivative Liability \| Other Non-current Liabilities
Debt Instrument [Line Items]
Fair value of compound derivative liability			$ 43,000		$ 43,000
Common Stock
Debt Instrument [Line Items]
Warrants to purchase common stock \| shares						61,292
Common stock exercise price per share \| $ / shares						$ 9.4972
Stock issued upon warrants exercise \| shares			21,369,774
Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrants issued to purchase \| shares						61,292
Warrant exercise price per share \| $ / shares						$ 9.4972
Loan Agreement
Debt Instrument [Line Items]
Debt instrument, description of variable rate basis					The loans under the Loan Agreement bear interest at a floating per annum interest rate equal to the greater of 7.0% or 2.0% plus the prime rate as reported in The Wall Street Journal. The Wall Street Journal prime rate was 3.25% as of September 30, 2020. Therefore, the rate applicable to the Company as of September 30, 2020 was 7.0%.
Term loan, annual floating interest rate		7.00%
Term loan, interest rate					7.00%
Term loan interest-only payments, term					Interest-only payments for the first 12 months after the closing of the Loan Agreement
Frequency of periodic payment					monthly
Term loan principal and interest payment commencement date		Jan. 01, 2021
Term loan maturity date		Sep. 01, 2022
Percentage of principal amount as final payment		6.00%
Loan Agreement \| Common Stock
Debt Instrument [Line Items]
Warrants to purchase common stock \| shares		61,292
Common stock exercise price per share \| $ / shares		$ 9.4972
Stock issued upon warrants exercise \| shares	48,932
Loan Agreement \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrants issued to purchase \| shares	61,292	61,292
Warrant exercise price per share \| $ / shares	$ 9.4972	$ 9.4972
Estimated fair value of warrants		$ 400,000
Outstanding preferred stock warrant liability converted into common stock							$ 1,000,000
Loan Agreement \| Volatility \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrants and rights outstanding, measurement input							84.2
Loan Agreement \| Risk-free Rate \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrants and rights outstanding, measurement input							0.6
Loan Agreement \| Dividend Rate
Debt Instrument [Line Items]
Warrants and rights outstanding, measurement input							0
Loan Agreement \| Prime Rate
Debt Instrument [Line Items]
Term loan, interest rate above prime rate		2.00%
Percentage of prime rate					3.25%
Loan Agreement \| Maximum
Debt Instrument [Line Items]
Term loan, principal amount		$ 10,000,000
Prepayment fee percentage		3.00%
Loan Agreement \| Maximum \| Time to Liquidity \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrants and rights outstanding, measurement input term							9 years 9 months 18 days
Loan Agreement \| Minimum
Debt Instrument [Line Items]
Proceeds from equity financing				$ 30,000,000
Prepayment fee percentage		1.00%
Loan Agreement \| Minimum \| Time to Liquidity \| Series B Convertible Preferred Stock
Debt Instrument [Line Items]
Warrants and rights outstanding, measurement input term			2 years		2 years
First Tranche \| Loan Agreement
Debt Instrument [Line Items]
Term loan, principal amount								$ 6,000,000
Second Tranche \| Loan Agreement
Debt Instrument [Line Items]
Term loan, principal amount				$ 4,000,000

License Agreement - Additional Information (Details) $ in Millions	9 Months Ended
	Sep. 30, 2020 USD ($)
Exclusive Equity Agreement \| Stanford Junior University
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Nonrefundable license royalty and patent expenses	$ 0.1
Clinical and regulatory milestones payments	$ 5.0
Agreement expiry description	licensed patents expires and ten years after the first commercial sale of the licensed product in such country
Termination of agreement written notice period	60 days
Notice period to remedy the breach of agreement	60 days
Commercial License Agreement \| Selexis SA
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Clinical and regulatory milestones payments	$ 1.2
Agreement expiry description	shall terminate and become fully paid-up upon the passing of ten years after the first commercial sale of the product in such country, or the Company’s exercise of the royalty buyout option exercisable at any time prior to the first commercial sale of a licensed product
Termination of agreement written notice period	60 days
Notice period to remedy the breach of agreement	60 days
Commercial Antibody Agreement \| Crystal Bioscience Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Clinical and regulatory milestones payments	$ 11.1
Agreement expiry description	licensed patents expires and ten years after the first commercial sale of the product in such country
Termination of agreement written notice period	60 days
Notice period to remedy the breach of agreement	60 days

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Nov. 06, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ALX ONCOLOGY HOLDINGS INC
Entity Central Index Key	0001810182
Entity File Number	001-39386
Entity Tax Identification Number	85-0642577
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	866 Malcolm Road
Entity Address, Address Line Two	Suite 100
Entity Address, City or Town	Burlingame
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94010
City Area Code	650
Local Phone Number	466-7125
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		37,107,522
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	ALXO
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false

Balance Sheet Components - Schedule of Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 142	$ 2,309
Less: accumulated depreciation and amortization	(97)	(1,449)
Total property and equipment, net	45	860
Computer Hardware and Software
Property Plant And Equipment [Line Items]
Property and equipment, gross	74	146
Machinery and Equipment
Property Plant And Equipment [Line Items]
Property and equipment, gross	40	1,698
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property and equipment, gross	9	36
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment, gross	$ 19	$ 429

Balance Sheet Components (Tables)

9 Months Ended

Sep. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Schedule of Components of Property and Equipment

The following table presents the components of property and equipment, net as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30,			December 31,
	2020			2019
Computer hardware and software	$	74		$	146
Machinery and equipment		40			1,698
Furniture and fixtures		9			36
Leasehold improvements		19			429
		142			2,309
Less: accumulated depreciation and amortization		(97	)		(1,449	)
Total property and equipment, net	$	45		$	860

Components of Accrued Expenses and Other Current Liabilities

The following table presents the components of accrued expenses and other current liabilities as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30,		December 31,
	2020		2019
Accrued professional fees	$	345	$	122
Accrued compensation		1,124		924
Accrued clinical and nonclinical study costs		629		—
Accrued contract manufacturing		867		53
Other		240		137
Total accrued expenses and other current liabilities	$	3,205	$	1,236

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Convertible preferred stock, shares authorized		11,567,003
Convertible preferred stock, liquidation preference		$ 83,585
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	1,000,000,000	1,519,618,271
Common stock, shares issued	37,107,522	3,166,946
Common stock, shares outstanding	37,107,522	3,166,946
Series A Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	0	9,421,633
Convertible preferred stock, shares issued	0	9,297,081
Convertible preferred stock, shares outstanding	0	9,297,081
Convertible preferred stock, liquidation preference		$ 73,571
Series B Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.001	$ 0.001
Convertible preferred stock, shares authorized	0	2,145,370
Convertible preferred stock, shares issued	0	1,016,727
Convertible preferred stock, shares outstanding	0	1,016,727
Convertible preferred stock, liquidation preference		$ 10,014

Organization

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

ORGANIZATION

(1) ORGANIZATION

Organization

ALX Oncology Holdings Inc., or the Company, was formed as a Delaware corporation on April 1, 2020, or Inception. The Company was formed for the purpose of completing the Company’s initial public offering of its common stock and related transactions in order to carry on the business of ALX Oncology Limited. After Inception, ALX Oncology Limited became a wholly-owned subsidiary of the Company as a result of the internal reorganization. As part of the internal reorganization, all of the equity, option and warrant holders of ALX Oncology Limited became equity, option and warrant holders of the Company, holding the same number of corresponding shares, options and/or warrants in the Company as they did in ALX Oncology Limited immediately prior to the internal reorganization. The information included herein is presented as that of ALX Oncology Holdings Inc. unless such information refers to a date prior to April 1, 2020, in which case it will reflect that of ALX Oncology Limited, the predecessor company. The Company is a clinical-stage immuno-oncology company focused on helping patients fight cancer by developing therapies that block the CD47 checkpoint pathway and bridge the innate and adaptive immune system.

The Company owns subsidiaries, consisting of ALX Oncology Limited, incorporated in Ireland; ALX Oncology Inc., incorporated in the United States, and Alexo International Holdings Ltd, incorporated in Malta; Alexo Therapeutics International, incorporated in the Cayman Islands, which is a wholly-owned subsidiary of Alexo International Holdings Ltd. and Sirpant Therapeutics, incorporated in the Cayman Islands, which is a wholly-owned subsidiary of Alexo Therapeutics International, or collectively, the Subsidiaries.

As of September 30, 2020, the Company has devoted substantially all of its efforts to the formation and financing of the Company, as well as product development, and has not realized product revenues from its planned principal operations. The Company has no manufacturing facilities and all manufacturing related activities are contracted out to third-party service providers.

In July 2020, the Company consummated its initial public offering and issued 9,775,000 shares of common stock for net proceeds of approximately $169.5 million, after deducting underwriting discounts and commissions of $13.0 million and offering-related expenses of $3.2 million. Upon the closing of the initial public offering, all shares of convertible preferred stock outstanding and accrued cumulative dividends were automatically converted into 23,934,533 shares of common stock.

On July 21, 2020, the Company’s amended and restated certificate of incorporation became effective, authorizing 1,000,000,000 shares of common stock and 100,000,000 shares of undesignated preferred stock.

Liquidity and Capital Resources

As of September 30, 2020, the Company had cash and cash equivalents of $259.5 million, which will be sufficient to fund its planned operations for a period of at least twelve months following the issuance of these condensed consolidated financial statements.

Management expects to incur additional losses in the future to conduct product candidate research and development and to conduct pre-commercialization activities and recognizes the need to raise additional capital to fully implement its business plan. The Company intends to raise such capital through the sale of additional equity, debt financings or strategic alliances with third parties. However, there can be no assurance that the Company will be successful in acquiring additional funding at levels sufficient to fund its operations or on terms acceptable to the Company. If the Company is unsuccessful in its efforts to raise additional financing, the Company could be required to significantly reduce operating expenses and delay, reduce the scope of or eliminate some of its development programs or its future commercialization efforts, out-license intellectual property rights to its product candidates and sell unsecured assets, or a combination of the above, any of which may have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to fund its scheduled obligations on a timely basis or at all.

Capital Structure - Summary of Convertible Preferred Stock (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Authorized Shares		11,567,003
Shares Issued And Outstanding		10,313,808
Net Proceeds		$ 70,363
Aggregate Liquidation Preference		$ 83,585
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Authorized Shares	0	9,421,633
Shares Issued And Outstanding		9,297,081
Net Proceeds		$ 60,933
Aggregate Liquidation Preference		$ 73,571
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Authorized Shares	0	2,145,370
Shares Issued And Outstanding		1,016,727
Net Proceeds		$ 9,430
Aggregate Liquidation Preference		$ 10,014

Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Summary of Company's Commitments and Contractual Obligations

The Company has contractual obligations from its operating lease, manufacturing and service contracts, Term Loan, and other research and development activities. The following table aggregates the Company’s material expected contractual obligations and commitments as of September 30, 2020 (in thousands):

	September 30, 2020
	Total		2020 ⁽⁴⁾		2021 - 2022		2023 - 2024		Thereafter
Operating lease obligations⁽¹⁾	$	380	$	34	$	284	$	62	$	—
Manufacturing and service contracts⁽²⁾		7,622		6,238		1,384		—		—
Term loan⁽³⁾		6,856		106		6,750		—		—
Total	$	14,858	$	6,378	$	8,418	$	62	$	—

(1)

Payments due for the office space in Burlingame, California under a single operating sub-lease agreement that expires in 2023.

(2)

In November 2015, the Company entered into a Master Service Agreement, or the MSA, with KBI Biopharma, Inc. relating to formulation development, process development and cGMP manufacturing of ALX148 for use in clinical trials on a project basis. The MSA had an initial term of three years with successive one-year renewal periods, is cancellable upon notice and is non-exclusive. Statements of work under the MSA commit the Company to certain purchase obligations of approximately $7.5 million. In addition, the Company has commitments with a second drug product manufacturer that commits the Company to certain purchase obligations of approximately $0.1 million. These amounts are based on non-cancellable commitments and forecasts that include estimates of future market demand, quantity discounts and manufacturing efficiencies that may impact timing of purchases.

(3)

On December 20, 2019, the Company borrowed a loan pursuant to the Loan Agreement. See Note 5 to these condensed consolidated financial statements for additional details.

(4)

Remaining three months.

Balance Sheet Components - Components of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Accrued professional fees	$ 345	$ 122
Accrued compensation	1,124	924
Accrued clinical and nonclinical study costs	629
Accrued contract manufacturing	867	53
Other	240	137
Total accrued expenses and other current liabilities	$ 3,205	$ 1,236

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

(11) COMMITMENTS AND CONTINGENCIES

Guarantees and Indemnifications

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its officers and directors for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company has director and officer insurance that may enable the Company to recover a portion of any amounts paid for future potential claims. The Company believes the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of September 30, 2020.

Contingencies

From time to time, the Company may be a party to various claims in the normal course of business. Legal fees and other costs associated with such actions will be expensed as incurred. The Company will assess, in conjunction with its legal counsel, the need to record a liability for litigation and contingencies. Reserve estimates will be recorded when and if it is determined that a loss related matter is both probable and reasonably estimable. For the nine months ended September 30, 2020 the Company had no pending or threatened litigation.

Contractual Obligations and Other Commitments

	September 30, 2020
	Total		2020 ⁽⁴⁾		2021 - 2022		2023 - 2024		Thereafter
Operating lease obligations⁽¹⁾	$	380	$	34	$	284	$	62	$	—
Manufacturing and service contracts⁽²⁾		7,622		6,238		1,384		—		—
Term loan⁽³⁾		6,856		106		6,750		—		—
Total	$	14,858	$	6,378	$	8,418	$	62	$	—

(1)

Payments due for the office space in Burlingame, California under a single operating sub-lease agreement that expires in 2023.

(2)

(3)

On December 20, 2019, the Company borrowed a loan pursuant to the Loan Agreement. See Note 5 to these condensed consolidated financial statements for additional details.

(4)

Remaining three months.

The Company enters into contracts in the normal course of business with various third parties for clinical trials, preclinical research studies and testing, manufacturing and other services and products for operating purposes. These contracts generally provide for termination upon notice. Payments due upon cancellation consist only of payments for services provided or expenses incurred, including non-cancellable obligations of our service providers, up to the date of cancellation. These payments are not included in the table of contractual obligations above.

Facilities

In 2017, the Company entered into a lease agreement for office space for a period of five years and four months, commencing February 1, 2018 and ending May 31, 2023.

In July 2020, the Company (i) assigned to Tallac Therapeutics (Note 9) the Company’s lease with respect to the premises located at 866 Malcolm Road, Burlingame, California, and (ii) received a sub-lease for premises from Tallac Therapeutics.

Minimum rent payments under operating leases are recognized on a straight-line basis over the term of the lease including any periods of free rent. Rent expense was $0.1 million and $0.2 million for the three months ended September 30, 2020 and 2019, respectively, and $0.5 million and $0.6 million for the nine months ended September 30, 2020 and 2019, respectively. Sub-lease expenses are recorded within rent expense.

Organization - Additional Information (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 21, 2020	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Dec. 31, 2019
Organization [Line Items]
Underwriting discounts and commissions paid				$ 3,183
Common stock, shares authorized	1,000,000,000		1,000,000,000	1,000,000,000	1,519,618,271
Convertible preferred stock, shares authorized					11,567,003
Cash and cash equivalents			$ 259,484	$ 259,484	$ 9,017
Undesignated Preferred Stock
Organization [Line Items]
Convertible preferred stock, shares authorized	100,000,000
Common Stock
Organization [Line Items]
Shares issued			9,775,000
Initial Public Offering \| Common Stock
Organization [Line Items]
Shares issued	9,775,000	9,775,000
Net proceeds from initial public offering	$ 169,500	$ 169,500
Underwriting discounts and commissions paid	13,000	13,000
Payment for offering related expense	$ 3,200	$ 3,200
Convertible shares converted into common stock	23,934,533	23,934,533

Net Loss Per Share Attributable to Common Stockholders

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

(10) NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS

The following table sets forth the computation of the basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Numerator:
Net loss	$	(10,181	)	$	(3,044	)	$	(26,966	)	$	(11,479	)
Less: cumulative preferred dividends allocated to preferred stockholders		(578	)		(1,071	)		(5,202	)		(2,957	)
Net loss attributable to common stockholders	$	(10,759	)	$	(4,115	)	$	(32,168	)	$	(14,436	)
Denominator:
Weighted-average shares of common stock outstanding		29,664,122			3,100,544			12,052,876			3,061,082
Net loss per share attributable to common stockholders, basic and diluted	$	(0.36	)	$	(1.33	)	$	(2.67	)	$	(4.72	)

Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods presented as the inclusion of all potential common stock outstanding would have been anti-dilutive.

	September 30,
	2020		2019
Convertible preferred stock		—		10,313,808
Common stock subject to repurchase		253		53,070
Options issued and outstanding		4,751,589		1,206,690
Total		4,751,842		11,573,568

Capital Structure (Tables)

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

Common Stock Reserved for Future Issuance on Converted Basis

Common stock reserved for future issuance, on an as if converted basis, as of September 30, 2020 and December 31, 2019, consists of the following:

	September 30,		December 31,
	2020		2019
Convertible preferred stock issued and outstanding		—		10,313,808
Stock options issued and outstanding		4,751,589		1,183,745
Stock options authorized for future issuance		2,941,162		566,900
Warrants issued and outstanding		—		61,292
Warrants authorized for future issuance		—		30,646
Total		7,692,751		12,156,391

Summary of Convertible Preferred Stock

As of December 31, 2019, the Company’s convertible preferred stock consisted of the following (in thousands, except share amounts):

	December 31, 2019
			Shares				Aggregate
	Authorized		Issued And		Net		Liquidation
	Shares		Outstanding		Proceeds⁽¹⁾		Preference
Shares designated as:
Series A convertible preferred stock		9,421,633		9,297,081	$	60,933	$	73,571
Series B convertible preferred stock		2,145,370		1,016,727		9,430		10,014
Total		11,567,003		10,313,808	$	70,363	$	83,585

(1)	Net proceeds are gross proceeds from the offerings net of issuance costs

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Related-party revenue		$ 1,256	$ 1,182	$ 3,583
Type of Revenue [Extensible List]	alxo:RelatedPartyMember	alxo:RelatedPartyMember	alxo:RelatedPartyMember	alxo:RelatedPartyMember
Operating expenses:
Research and development	$ 5,328	$ 2,210	$ 16,819	$ 9,571
General and administrative	4,481	938	9,126	2,205
Cost of services for related-party revenue		1,142	1,075	3,257
Total operating expenses	9,809	4,290	27,020	15,033
Loss from operations	(9,809)	(3,034)	(25,838)	(11,450)
Interest expense	(226)		(660)
Other expense, net	(111)	(2)	(409)	(4)
Loss before income taxes	(10,146)	(3,036)	(26,907)	(11,454)
Income tax provision	(35)	(8)	(59)	(25)
Net loss and comprehensive loss	(10,181)	(3,044)	(26,966)	(11,479)
Cumulative dividends allocated to preferred stockholders	(578)	(1,071)	(5,202)	(2,957)
Net loss attributable to common stockholders	$ (10,759)	$ (4,115)	$ (32,168)	$ (14,436)
Net loss per share attributable to common stockholders, basic and diluted	$ (0.36)	$ (1.33)	$ (2.67)	$ (4.72)
Weighted-average shares of common stock used to compute net loss per share attributable to common stockholders, basic and diluted	29,664,122	3,100,544	12,052,876	3,061,082

Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Financial Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	As of September 30, 2020
	Level 1		Level 2		Level 3		Fair Value
Financial assets
Cash equivalents
Money market funds	$	90,114		—		—	$	90,114
Financial liabilities
Non-current liabilities
Compound derivative liability	$	—		—		43	$	43

	As of December 31, 2019
	Level 1		Level 2		Level 3		Fair Value
Financial liabilities
Non-current liabilities
Compound derivative liability	$	—		—		51	$	51
Warrant liability	$	—		—		361	$	361

Reconciliation of Financial Liabilities Measured at Fair Value Using Level 3 Unobservable Inputs

The following table is a reconciliation of all financial liabilities measured at fair value using Level 3 unobservable inputs (in thousands):

				Compound
	Warrant			Derivative
	Liability			Liability
Fair value at December 31, 2019	$	361		$	51
Change in fair value		658			(8	)
Reclassification to equity		(1,019	)		—
Fair value at September 30, 2020	$	—		$	43

Fair Value of Financial Instruments - Financial Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value on Recurring Basis - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Financial liabilities
Compound derivative liability	$ 43	$ 51
Warrant liability		361
Money Market Funds
Financial assets
Cash equivalents	90,114
Level 1 \| Money Market Funds
Financial assets
Cash equivalents	90,114
Level 3
Financial liabilities
Compound derivative liability	$ 43	51
Warrant liability		$ 361

Fair Value of Financial Instruments

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

(3) FAIR VALUE OF FINANCIAL INSTRUMENTS

The fair value of the Company’s financial assets and liabilities are determined in accordance with the fair value hierarchy established in ASC Topic 820, Fair Value Measurements and Disclosures. ASC Topic 820 defines fair value 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. The fair value hierarchy of ASC Topic 820 requires an entity to maximize the use of observable inputs when measuring fair value and classifies those inputs into three levels:

Level 1—Observable inputs, such as quoted prices in active markets

Level 2—Inputs, other than the quoted prices in active markets, which are observable either directly or indirectly such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the instrument’s anticipated life

Level 3—Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions

Cash and cash equivalents are reported at their respective fair values on the Company’s condensed consolidated balance sheets. Where quoted prices are available in an active market, securities are classified as Level 1. The Company classifies money market funds as Level 1. When quoted market prices are not available for the specific security, then the Company estimates fair value by using quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. Where applicable, these models project future cash flows and discount the future amounts to a present value using market-based observable inputs obtained from various third-party data providers, including but not limited to benchmark yields, reported trades and broker/dealer quotes. Where applicable the market approach utilizes prices and information from market transactions for similar or identical assets.

The Company measures its Series B convertible preferred stock warrant liability and term loan compound derivative liability at fair value on a recurring basis and these are classified as Level 3 liabilities. The fair value of the Series B convertible preferred stock warrant liability was determined using an option-pricing model. The Company revalued the Series B convertible preferred stock warrants as of the completion of the initial public offering and reclassified the outstanding preferred stock warrant liability balance to additional paid-in capital with no further re-measurement required as the common stock warrants are considered permanent equity effective with the completion of the initial public offering. The Company calculated the fair value of the term loan compound derivative liability by computing the difference between the fair value of the term loan with the compound derivative using the “with and without” method under the income approach, and the fair value of the term loan without the compound derivative. The valuation methodology and underlying assumptions are discussed further in Note 5.

The following table sets forth the Company’s financial liabilities that are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	As of September 30, 2020
	Level 1		Level 2		Level 3		Fair Value
Financial assets
Cash equivalents
Money market funds	$	90,114		—		—	$	90,114
Financial liabilities
Non-current liabilities
Compound derivative liability	$	—		—		43	$	43

	As of December 31, 2019
	Level 1		Level 2		Level 3		Fair Value
Financial liabilities
Non-current liabilities
Compound derivative liability	$	—		—		51	$	51
Warrant liability	$	—		—		361	$	361

The following table is a reconciliation of all financial liabilities measured at fair value using Level 3 unobservable inputs (in thousands):

				Compound
	Warrant			Derivative
	Liability			Liability
Fair value at December 31, 2019	$	361		$	51
Change in fair value		658			(8	)
Reclassification to equity		(1,019	)		—
Fair value at September 30, 2020	$	—		$	43

The Company did not have any outstanding financial assets or liabilities to be re-measured on a recurring basis as of September 30, 2019.

There were no transfers of assets or liabilities between the fair value measurement levels during the nine months ended September 30, 2020 and the year ended December 31, 2019.

The carrying values of the Company’s financial instruments, such as accounts payable and accrued expenses and other current liabilities, approximate fair value due to the short-term nature of these items.

Term Loan

The estimated fair value of the Term Loan was $6.1 million as of September 30, 2020, which approximates the carrying value and is classified as Level 3. The Company utilized a market yield analysis and income approach to estimate a value for the Term Loan. The key valuation assumptions used consist of the discount rate of 12.0% and the probability of the occurrence of a change in control event of 20.0%.

- 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

Term Loan

9 Months Ended

Sep. 30, 2020

Debt Disclosure [Abstract]

TERM LOAN

(5) TERM LOAN

The Company’s wholly-owned subsidiaries Alexo Therapeutics International and Sirpant Therapeutics, as borrowers, entered into a Loan and Security Agreement, or the Loan Agreement, dated as of December 20, 2019, with SVB and WestRiver, collectively as lenders, and SVB, as administrative agent and collateral agent.

As a result of the internal reorganization, in May 2020 the Company entered into a Joinder and First Amendment to the Loan and Security Agreement, or the Joinder Amendment, and Amended and Restated Warrants to Purchase Stock, or the Amended Warrants. The purpose for entering into the Joinder Amendment was to add the newly established ALX Oncology Holdings Inc. as additional borrower to the Term Loan. Concurrently, the Company modified the Amended Warrants to change the issuer from ALX Oncology Limited to ALX Oncology Holdings Inc. The Company accounted for the First Amendment to the Loan and Security Agreement as a modification.

The Loan Agreement provides for term loans in an aggregate principal amount of up to $10.0 million funded in two tranches, subject to the satisfaction of a certain milestone. The first tranche, in the amount of $6.0 million, was funded on the closing date of the Loan Agreement in December 2019. A second tranche of $4.0 million was available on or before March 31, 2020, upon the Company’s achievement of an equity financing resulting in net cash proceeds in an amount of at least $30.0 million to the Company. The Company elected not to draw down on the second tranche, which is no longer available.

The loans under the Loan Agreement bear interest at a floating per annum interest rate equal to the greater of 7.0% or 2.0% plus the prime rate as reported in The Wall Street Journal. The Wall Street Journal prime rate was 3.25% as of September 30, 2020. Therefore, the rate applicable to the Company as of September 30, 2020 was 7.0%.

The Company is required to make interest-only payments for the first 12 months after the closing of the Loan Agreement, followed by consecutive equal monthly payments of principal and interest commencing on January 1, 2021 and continuing through the maturity date of September 1, 2022. The Loan Agreement also provides for a final payment equal to 6.0% multiplied by the aggregate principal amount of the term loans funded, which is due on the maturity date, upon the acceleration of the term loans, or upon prepayment of the term loans. If the Company elects to prepay the term loans, there is also a prepayment fee of between 1.0% and 3.0% of the principal amount being prepaid depending on the timing and circumstances of prepayment.

In conjunction with the Loan Agreement, the Company has issued warrants to purchase 61,292 Series B convertible preferred stock to SVB and WestRiver with an exercise price of $9.4972 per share. Following the Company’s initial public offering, these warrants were automatically converted to warrants to purchase 61,292 shares of common stock at an exercise price of $9.4972 per share. The estimated fair value of the warrants at the date of issuance was approximately $0.4 million. The Company revalued the Series B convertible preferred stock warrants as of the completion of the initial public offering and reclassified the outstanding preferred stock warrant liability balance of $1.0 million to additional paid-in capital with no further re-measurement required as the common stock warrants are considered permanent equity effective July 16, 2020. The fair value of the common stock warrant was determined using a Black-Scholes option-pricing model with the following assumptions: an expected term of 9.8 years, a volatility of 84.2%, a dividend rate of zero and a risk-free rate of 0.6%. The changes in fair value in warrant liability was recognized as a component of other expense, net in the accompanying condensed consolidated statement of operations and comprehensive loss. On August 17, 2020, SVB and WestRiver delivered the Notice of Exercise for net exercise of 61,292 warrants at an exercise price of $9.4972 per share. Accordingly, the Company issued 48,932 shares of the Company’s common stock (Note 6).

The loans under the Loan Agreement are secured by substantially all of the Company’s assets, except the Company’s intellectual property, which is the subject of a negative pledge.

The Company determined that certain loan features were embedded derivatives requiring bifurcation and separate accounting. Those embedded derivatives were bundled together as a single, compound embedded derivative and then bifurcated and accounted for separately from the host contract. The Company recorded a term loan compound derivative liability of approximately $51,000 which will be marked-to-market in future periods. The Company calculated the fair value of the compound derivative by computing the difference between the fair value of the term loan with the compound derivative using the “with and without” method under the income approach, and the fair value of the term loan without the compound derivative. The Company calculated the fair values using a probability-weighted discounted cash flow analysis. The key valuation assumptions used consist of the discount rate and the probability of the occurrence of a change in control event. The term loan compound derivative liability is being re-measured at each financial reporting period with any changes in fair value being recognized as a component of other expense, net in the condensed consolidated statement of operations and comprehensive loss. As of September 30, 2020, the fair value of the compound derivative liability was approximately $43,000 and was recorded in other non-current liabilities on the condensed consolidated balance sheets.

The fair value of Series B convertible preferred stock warrant liability at issuance, fair value of embedded derivatives which were bifurcated and other debt issuance costs have been treated as debt discounts on the Company’s condensed consolidated balance sheet and together with the final payment are being amortized to interest expense throughout the life of the term loan using the effective interest rate method.

As of September 30, 2020, there were unamortized issuance costs and debt discounts of $0.2 million, which were recorded as a direct deduction from the term loan on the condensed consolidated balance sheet. Interest expense for the term loan was $0.3 million and $0.7 million for the three and nine months ended September 30, 2020, respectively.

The following table presents future payments of principal and interest as of September 30, 2020 (in thousands):

	September 30, 2020
2020 (remaining three months)	$	106
2021		3,743
2022		3,007
		6,856
Less: amount representing interest	$	(496	)
Less: amount representing final payment		(360	)
Term loan, principal amount		6,000
Less: unamortized issuance costs and debt discounts		(240	)
Less: current portion		(2,571	)
Non-current portion of term loan	$	3,189

Commitments and Contingencies - Summary of Company's Commitments and Contractual Obligations (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Commitments And Contingencies Disclosure [Abstract]
Operating lease obligations, Total	$ 380
Operating lease obligations, 2020	34
Operating lease obligations, 2021 - 2022	284
Operating lease obligations, 2023 - 2024	62
Manufacturing and service contracts, Total	7,622
Manufacturing and service contracts, 2020	6,238
Manufacturing and service contracts, 2021 - 2022	1,384
Term loan, Total	6,856
2020 (remaining three months)	106
Term loan, 2021 - 2022	6,750
Contractual Obligation, Total	14,858
Contractual Obligation, 2020	6,378
Contractual Obligation, 2021 - 2022	8,418
Contractual Obligation, 2023 - 2024	$ 62

Fair Value of Financial Instruments - Reconciliation of Financial Liabilities Measured at Fair Value Using Level 3 Unobservable Inputs (Details) - Level 3 $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Warrant Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2019	$ 361
Change in fair value	658
Reclassification to equity	(1,019)
Compound Derivative Liability
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value at December 31, 2019	51
Change in fair value	(8)
Fair value at September 30, 2020	$ 43

Significant Accounting Policies - Additional Information (Details)		3 Months Ended		9 Months Ended
	Jul. 08, 2020	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Segment	Sep. 30, 2019 USD ($)	Jul. 31, 2020 shares	Jul. 21, 2020 shares
Significant Accounting Policies [Line Items]
Reverse stock split, description				On July 8, 2020, the Company’s board of directors approved an amendment to the Company’s certificate of incorporation to effect a 1-for-6.5806 reverse split of its common stock and convertible preferred stock.
Reverse stock split, conversion ratio	0.151961827
Impairment charges \| $		$ 0	$ 0	$ 0	$ 0
Number of operating segment \| Segment				1
ASU 2016-13
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2020		Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true		true
ASU 2018-13
Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]		true		true
Change in Accounting Principle, Accounting Standards Update, Adoption Date		Jan. 01, 2020		Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Immaterial Effect [true false]		true		true
Initial Public Offering \| Common Stock
Significant Accounting Policies [Line Items]
Convertible shares converted into common stock \| shares						23,934,533	23,934,533

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities
Net loss	$ (26,966)	$ (11,479)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	197	317
Stock-based compensation	3,693	222
Amortization of term loan discount and issuance costs	339
Changes in fair value of compound derivative liability and warrants	650
Gain on assignment of lease	(126)
Changes in operating assets and liabilities
Receivables due from related-party	9	(414)
Prepaid expenses and other current assets	(2,137)	360
Accounts payable	(2,323)	(91)
Accrued expenses and other current liabilities	1,995	(291)
Other non-current liabilities	(5)	1
Net cash used in operating activities	(24,674)	(11,375)
Investing activities
Purchase of property and equipment	(20)	(415)
Proceeds from assets held for sale	641
Net cash provided by (used in) investing activities	621	(415)
Financing activities
Proceeds from equity offerings, net	172,724
Payments of offering costs	3,183
Proceeds from exercise of common stock under equity incentive plans	299
Proceeds from related parties for issuance of convertible preferred stock, net	68,452	6,829
Proceeds from issuance of convertible preferred stock, net	36,228	2,601
Net cash provided by financing activities	274,520	9,430
Net increase (decrease) in cash and cash equivalents	250,467	(2,360)
Cash and cash equivalents at beginning of period	9,017	8,262
Cash and cash equivalents at end of period	259,484	5,902
Supplemental disclosure
Cash paid for interest	295
Cash paid for taxes	47
Supplemental disclosure of non-cash investing and financing activities
Vesting of early exercised stock options	26	$ 59
Acquisition of property and equipment in accounts payable	3
Conversion of convertible preferred stock into common stock upon closing of initial public offering	175,043
Accumulated dividend on convertible preferred stock	$ 3

Stock-Based Compensation - Summary of Total Stock Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 689	$ 86	$ 3,693	$ 222
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	(359)	25	2,008	79
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,048	10	$ 1,685	24
Cost of Services for Related-party Revenue
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense		$ 51		$ 119

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 31, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Dec. 31, 2019
Schedule Of Balance Sheet Components [Line Items]
Depreciation and amortization expense		$ 100	$ 200	$ 300
Property and equipment			$ 45			$ 860
Lab Equipment and Other Assets
Schedule Of Balance Sheet Components [Line Items]
Property and equipment					$ 600
Proceeds from transfer of assets for cash	$ 600

Related-Party Transactions - Additional Information (Details) $ in Thousands		1 Months Ended	3 Months Ended		9 Months Ended
	Jul. 01, 2020	Jun. 30, 2018	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Investor	Sep. 30, 2019 USD ($)	Dec. 31, 2019 USD ($)
Related Party Transaction [Line Items]
Related-party revenue				$ 1,256	$ 1,182	$ 3,583
Research and development costs			$ 5,328	2,210	16,819	9,571
Tollnine
Related Party Transaction [Line Items]
Outstanding related-party receivables			500		$ 500		$ 500
Research and Development Services Agreement \| Tollnine
Related Party Transaction [Line Items]
Number of company's investors who are investors in related party as well \| Investor					2
Related-party revenue			0	$ 1,300	$ 1,200	$ 3,600
Initial term of agreement with related party		3 years
Agreement automatically renewal additional term unless terminated		1 year
Markup cost in percentage		10.00%
Research and Development Services Agreement \| Tallac Therapeutics
Related Party Transaction [Line Items]
Initial term of agreement with related party	4 years
Agreement automatically renewal additional term unless terminated	1 year
Markup cost in percentage	10.00%
Research and development costs			$ 400

Capital Structure - Common Stock Reserved for Future Issuance on Converted Basis (Details) - shares	Sep. 30, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Common stock reserved for future issuance	7,692,751	12,156,391
Convertible Preferred Stock Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance		10,313,808
Stock Options Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance	4,751,589	1,183,745
Stock Options Authorized for Future Issuance
Class Of Stock [Line Items]
Common stock reserved for future issuance	2,941,162	566,900
Warrants Issued and Outstanding
Class Of Stock [Line Items]
Common stock reserved for future issuance		61,292
Warrants Authorized for Future Issuance
Class Of Stock [Line Items]
Common stock reserved for future issuance		30,646

Balance Sheet Components

9 Months Ended

Sep. 30, 2020

Balance Sheet Related Disclosures [Abstract]

BALANCE SHEET COMPONENTS

(4) BALANCE SHEET COMPONENTS

Property and Equipment, Net

The following table presents the components of property and equipment, net as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30,			December 31,
	2020			2019
Computer hardware and software	$	74		$	146
Machinery and equipment		40			1,698
Furniture and fixtures		9			36
Leasehold improvements		19			429
		142			2,309
Less: accumulated depreciation and amortization		(97	)		(1,449	)
Total property and equipment, net	$	45		$	860

Depreciation and amortization expense for the three months ended September 30, 2020 was nominal. Depreciation and amortization expense was $0.1 million for the three months ended September 30, 2019, and $0.2 million and $0.3 million for the nine months ended September 30, 2020 and 2019, respectively.

At June 30, 2020, certain lab equipment and other assets for an aggregated net book value of $0.6 million relating to the asset transfer with Tallac Therapeutics, Inc. (formerly known as Tollnine, Inc., or Tollnine), or Tallac Therapeutics, a related party (Note 9), met the criteria as assets held for sale. Those assets were reported at the lower of carrying value or fair value less costs to sell. In July 2020, the Company received $0.6 million cash in exchange for the transfer of such assets.

Accrued Expenses and Other Current Liabilities

The following table presents the components of accrued expenses and other current liabilities as of September 30, 2020 and December 31, 2019 (in thousands):

	September 30,		December 31,
	2020		2019
Accrued professional fees	$	345	$	122
Accrued compensation		1,124		924
Accrued clinical and nonclinical study costs		629		—
Accrued contract manufacturing		867		53
Other		240		137
Total accrued expenses and other current liabilities	$	3,205	$	1,236

Capital Structure - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 21, 2020	Jul. 20, 2020	Jul. 31, 2020	Sep. 30, 2020	Sep. 30, 2020	Aug. 17, 2020	Dec. 31, 2019
Class Of Stock [Line Items]
Underwriting discounts and commissions paid					$ 3,183
Warrants issued to purchase						61,292
Warrant exercise price per share						$ 9.4972
Common stock, shares issued				37,107,522	37,107,522	48,932	3,166,946
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Warrants issued to purchase	61,292
Warrant exercise price per share	$ 9.4972
Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, cumulative dividends percentage					6.00%
Accrued cumulative dividends on the Series A, Series B and Series C convertible preferred stock		$ 18,000
Cumulative preferred stock dividend convertible shares issued upon conversion		2,564,759
Series A Convertible Preferred Stock
Class Of Stock [Line Items]
Shares original issue price				$ 6.58	$ 6.58
Series B and C Convertible Preferred Stock
Class Of Stock [Line Items]
Shares original issue price				$ 9.4972	$ 9.4972
Common Stock
Class Of Stock [Line Items]
Issuance of common stock in connection with initial public offering, net of underwriter discounts and issuance costs, shares				9,775,000
Warrants to purchase common stock	61,292
Common stock exercise price per share	$ 9.4972
Initial Public Offering \| Common Stock
Class Of Stock [Line Items]
Issuance of common stock in connection with initial public offering, net of underwriter discounts and issuance costs, shares	9,775,000		9,775,000
Net proceeds from initial public offering	$ 169,500		$ 169,500
Underwriting discounts and commissions paid	13,000		13,000
Payment for offering related expense	$ 3,200		$ 3,200
Convertible shares converted into common stock	23,934,533		23,934,533

Fair Value of Financial Instruments - Additional Information (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2020 USD ($)	Dec. 31, 2019 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value assets transferred from level 1 to level 2	$ 0	$ 0
Fair value assets transferred from level 2 to level 1	0	0
Fair value liabilities transferred from level 1 to level 2	0	0
Fair value liabilities transferred from level 2 to level 1	0	0
Fair value assets transferred into level 3	0	0
Fair value assets transferred out of level 3	0	0
Fair value liabilities transferred into level 3	0	0
Fair value liabilities transferred out of level 3	$ 0	$ 0
Discount Rate \| Term Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Valuation assumptions rate	12.0
Probability of Occurrence \| Term Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Valuation assumptions rate	20.0
Level 3 \| Market Yield Analysis and Income Approach \| Term Loan
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Estimated fair value	$ 6,100,000

Capital Structure

6 Months Ended

Jun. 30, 2020

Equity [Abstract]

CAPITAL STRUCTURE

(6) CAPITAL STRUCTURE

Common Stock

Common stock reserved for future issuance, on an as if converted basis, as of September 30, 2020 and December 31, 2019, consists of the following:

	September 30,		December 31,
	2020		2019
Convertible preferred stock issued and outstanding		—		10,313,808
Stock options issued and outstanding		4,751,589		1,183,745
Stock options authorized for future issuance		2,941,162		566,900
Warrants issued and outstanding		—		61,292
Warrants authorized for future issuance		—		30,646
Total		7,692,751		12,156,391

Convertible Preferred Stock

On July 21, 2020, the Company completed its initial public offering and issued 9,775,000 shares of common stock for net proceeds of approximately $169.5 million, after deducting underwriting discounts and commissions of $13.0 million and offering-related expenses of $3.2 million. Upon the closing of the initial public offering, all shares of convertible preferred stock outstanding and accrued cumulative dividends were automatically converted into 23,934,533 shares of common stock.

As of December 31, 2019, the Company’s convertible preferred stock consisted of the following (in thousands, except share amounts):

	December 31, 2019
			Shares				Aggregate
	Authorized		Issued And		Net		Liquidation
	Shares		Outstanding		Proceeds⁽¹⁾		Preference
Shares designated as:
Series A convertible preferred stock		9,421,633		9,297,081	$	60,933	$	73,571
Series B convertible preferred stock		2,145,370		1,016,727		9,430		10,014
Total		11,567,003		10,313,808	$	70,363	$	83,585

(1)	Net proceeds are gross proceeds from the offerings net of issuance costs

Preferred Stock Warrant Liability

On July 21, 2020, the warrants to purchase 61,292 Series B convertible preferred stock issued to SVB and WestRiver with an exercise price of $9.4972 per share were automatically converted to warrants to purchase 61,292 shares of common stock at an exercise price of $9.4972 per share. The Company revalued the Series B convertible preferred stock warrants as of the completion of the initial public offering and reclassified the outstanding preferred stock warrant liability balance to additional paid-in capital with no further re-measurement required as the common stock warrants are considered permanent equity.

On August 17, 2020, SVB and WestRiver delivered the Notice of Exercise to net exercise 61,292 warrants at an exercise price of $9.4972 per share. Accordingly, the Company issued 48,932 shares of the Company’s common stock.

Dividends

Cumulative dividends of 6.0% per annum of the original issue price for each preferred stock series are payable when and as declared by the Company’s Board of Directors, or Board of Directors, upon the occurrence of a liquidation event or upon a contingent mandatory conversion of the preferred stock in connection with a qualified initial public offering as described below. The Series A original issue price is $6.58, and the Series B and Series C original issue price is $9.4972. The original issue price is subject to adjustment in the event of any share dividend, share split, combination, consolidation or other recapitalization. The dividends shall accrue from day to day from the issue date of such preferred stock whether or not declared and shall be cumulative. In addition, the preferred stockholders participate on an as-converted basis in any dividends payable to ordinary shareholders. As of July 20, 2020, there were approximately $18.0 million of accrued cumulative dividends on the Series A, Series B and Series C convertible preferred stock, which became payable upon the consummation of the Company’s initial public offering and automatically converted into 2,564,759 shares of the Company’s common stock.

Net Loss Per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 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
Numerator:
Net loss	$ (10,181)	$ (11,331)	$ (5,454)	$ (3,044)	$ (4,197)	$ (4,238)	$ (26,966)	$ (11,479)
Less: cumulative preferred dividends allocated to preferred stockholders	(578)			(1,071)			(5,202)	(2,957)
Net loss attributable to common stockholders	$ (10,759)			$ (4,115)			$ (32,168)	$ (14,436)
Denominator:
Weighted-average shares of common stock outstanding	29,664,122			3,100,544			12,052,876	3,061,082
Net loss per share attributable to common stockholders, basic and diluted	$ (0.36)			$ (1.33)			$ (2.67)	$ (4.72)

- Definition

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

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