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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Oct. 31, 2019
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Trading Symbol	CRNX
Entity Registrant Name	Crinetics Pharmaceuticals, Inc.
Entity Central Index Key	0001658247
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-38583
Entity Tax Identification Number	26-3744114
Entity Interactive Data Current	Yes
Document Transition Report	false
Title of 12(b) Security	Common Stock, par value $0.001 per share
Security Exchange Name	NASDAQ
Entity Incorporation, State or Country Code	DE
Document Quarterly Report	true
Entity Address, Address Line One	10222 Barnes Canyon Road
Entity Address, Address Line Two	Bldg. #2
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92121
City Area Code	858
Local Phone Number	450-6464
Entity Common Stock, Shares Outstanding		24,222,296

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 66,579	$ 44,973
Investment securities	65,094	118,902
Prepaid expenses and other current assets	3,731	2,808
Total current assets	135,404	166,683
Property and equipment, net	4,035	4,232
Operating lease right-of-use asset	2,570
Restricted cash	500	500
Total assets	142,509	171,415
Current liabilities:
Accounts payable	2,113	1,456
Accrued expenses and other current liabilities	3,177	4,190
Accrued compensation and benefits	2,592	2,279
Total current liabilities	7,882	7,925
Non-current operating lease liability	5,044
Deferred rent		3,063
Unvested stock liability	60	202
Total liabilities	12,986	11,190
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par, 10,000 shares authorized; no shares issued or outstanding at September 30, 2019 or at December 31, 2018
Common stock and paid-in capital, $0.001 par, 200,000 shares authorized; 24,258 and 24,218 shares issued and outstanding at September 30, 2019; 24,188 and 24,061 shares issued and outstanding at December 31, 2018	208,578	203,544
Accumulated other comprehensive income	198	61
Accumulated deficit	(79,253)	(43,380)
Total stockholders’ equity	129,523	160,225
Total liabilities and stockholders’ equity	$ 142,509	$ 171,415

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Income Statement [Abstract]
Grant revenues	$ 505	$ 548	$ 872	$ 1,647
Type of Revenue Extensible List	us-gaap:GrantMember	us-gaap:GrantMember	us-gaap:GrantMember	us-gaap:GrantMember
Operating expenses:
Research and development	$ 11,823	$ 6,886	$ 29,363	$ 16,828
General and administrative	3,911	1,732	10,127	4,098
Total operating expenses	15,734	8,618	39,490	20,926
Loss from operations	(15,229)	(8,070)	(38,618)	(19,279)
Other income (expense):
Interest income	835	534	2,805	749
Other income (expense)	(36)	(52)	(60)	(90)
Total other income (expense), net	799	482	2,745	659
Net loss	(14,430)	(7,588)	(35,873)	(18,620)
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities	(36)		137
Comprehensive loss	$ (14,466)	$ (7,588)	$ (35,736)	$ (18,620)
Net loss per share:
Net loss per share – basic and diluted	$ (0.60)	$ (0.38)	$ (1.49)	$ (2.29)
Weighted-average shares outstanding – basic and diluted	24,208	20,016	24,155	8,131

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands	Total	Initial Public Offering	Convertible Preferred Stock	Common Stock	Common Stock Initial Public Offering	Common stock and Paid-In Capital	Common stock and Paid-In Capital Initial Public Offering	Accumulated Other Comprehensive Income	Accumulated Deficit
Temporary equity, Beginning Balance at Dec. 31, 2017			$ 29,700
Temporary equity, Beginning Balance, Shares at Dec. 31, 2017			28,763,000
Beginning Balance at Dec. 31, 2017	$ (15,022)					$ 1,243			$ (16,265)
Beginning Balance, Shares at Dec. 31, 2017				1,550,000
Temporary equity, Issuance of convertible preferred stock			$ 63,275
Temporary equity, Issuance of convertible preferred stock, shares			19,641,000
Issuance of common stock		$ 106,472					$ 106,472
Issuance of common stock, shares					6,900,000
Conversion of preferred stock into common stock	92,975		$ (92,975)			92,975
Conversion of preferred stock into common stock, shares			(48,404,000)	14,713,000
Vesting of founders shares	14					14
Vesting of founder shares, shares				535,000
Exercise of stock options	231					231
Exercise of stock options, shares				337,000
Stock-based compensation	1,473					1,473
Net loss	(18,620)								(18,620)
Ending Balance at Sep. 30, 2018	167,523					202,408			(34,885)
Ending Balance, Shares at Sep. 30, 2018				24,035,000
Temporary equity, Beginning Balance at Jun. 30, 2018			$ 92,975
Temporary equity, Beginning Balance, Shares at Jun. 30, 2018			48,404,000
Beginning Balance at Jun. 30, 2018	(25,177)					2,120			(27,297)
Beginning Balance, Shares at Jun. 30, 2018				2,344,000
Issuance of common stock		$ 106,472					$ 106,472
Issuance of common stock, shares					6,900,000
Conversion of preferred stock into common stock	92,975		$ (92,975)			92,975
Conversion of preferred stock into common stock, shares			(48,404,000)	14,713,000
Vesting of stock subject to repurchase	7					7
Vesting of stock subject to repurchase, shares				6,000
Exercise of stock options	59					59
Exercise of stock options, shares				72,000
Stock-based compensation	775					775
Net loss	(7,588)								(7,588)
Ending Balance at Sep. 30, 2018	167,523					202,408			(34,885)
Ending Balance, Shares at Sep. 30, 2018				24,035,000
Beginning Balance at Dec. 31, 2018	160,225					203,544		$ 61	(43,380)
Beginning Balance, Shares at Dec. 31, 2018				24,061,000
Vesting of stock subject to repurchase	83					83
Vesting of stock subject to repurchase, shares				56,000
Exercise of stock options	$ 109					109
Exercise of stock options, shares	76,117			76,000
Issuance of stock under Stock Purchase Plan	$ 379					379
Issuance of stock under Stock Purchase Plan, shares				25,000
Stock-based compensation	4,463					4,463
Comprehensive Income (loss)	137							137
Net loss	(35,873)								(35,873)
Ending Balance at Sep. 30, 2019	129,523					208,578		198	(79,253)
Ending Balance, Shares at Sep. 30, 2019				24,218,000
Beginning Balance at Jun. 30, 2019	142,101					206,690		234	(64,823)
Beginning Balance, Shares at Jun. 30, 2019				24,195,000
Vesting of stock subject to repurchase	12					12
Vesting of stock subject to repurchase, shares				10,000
Exercise of stock options	22					22
Exercise of stock options, shares				13,000
Stock-based compensation	1,854					1,854
Comprehensive Income (loss)	(36)							(36)
Net loss	(14,430)								(14,430)
Ending Balance at Sep. 30, 2019	$ 129,523					$ 208,578		$ 198	$ (79,253)
Ending Balance, Shares at Sep. 30, 2019				24,218,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities:
Net loss	$ (35,873)	$ (18,620)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	4,463	1,473
Depreciation and amortization	658	263
Noncash lease expense	166
Accretion of investment securities and purchase discounts, net of amortization of purchase premiums	(1,009)
Other	3	11
Increase (decrease) in cash resulting from changes in:
Prepaid expenses and other current assets	(923)	(1,170)
Accounts payable and accrued expenses	22	4,480
Deferred rent		113
Operating lease liability	(441)
Net cash used in operating activities	(32,934)	(13,450)
Cash flows from investing activities:
Purchases of investment securities	(67,070)
Maturities of investment securities	122,024
Purchases of property and equipment	(464)	(777)
Net cash provided by (used in) investing activities	54,490	(777)
Financing activities:
Proceeds from issuance of convertible preferred stock, net		63,266
Proceeds from issuance of common stock, net		106,472
Proceeds from exercise of stock options	109	451
Repurchase of unvested shares	(59)
Net cash provided by financing activities	50	170,189
Net change in cash, cash equivalents and restricted cash	21,606	155,962
Cash, cash equivalents and restricted cash at beginning of period	45,473	14,192
Cash, cash equivalents and restricted cash at end of period	67,079	170,154
Noncash investing and financing activities:
Purchase of shares pursuant to Employee Stock Purchase Plan	379
Change in unvested stock liability	$ (83)	(14)
Amounts accrued for purchases of property and equipment		146
Tenant improvement allowance		$ 3,304

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization and Basis of Presentation

1. ORGANIZATION AND BASIS OF PRESENTATION

Description of Business

Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical stage pharmaceutical company incorporated in Delaware on November 18, 2008 and based in San Diego, California. The Company is focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates.

On July 6, 2018, the Company effected a 1-for-3.29 reverse stock split of its common stock. The par value and the authorized shares of the common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the conversion prices of the Company’s Series A and B preferred stock to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.

Unaudited Interim Financial Information

The accompanying interim condensed consolidated balance sheet as of September 30, 2019, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2019 and 2018, the condensed consolidated statements of convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2019 and 2018, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018, and the related disclosures are unaudited. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2019 and the results of its operations and cash flows for the nine months ended September 30, 2019 and 2018 in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results expected for the full fiscal year or any other interim period.

Principles of Consolidation and Foreign Currency Transactions

The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and were not material for all periods presented.

Segment Reporting

Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.

Liquidity and Going Concern

From inception, the Company has devoted substantially all of its efforts to drug discovery and development and conducting preclinical studies and clinical trials. The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure.

As of September 30, 2019, the Company had $131.7 million in unrestricted cash, cash equivalents and investment securities. The Company believes it has sufficient cash to meet its funding requirements for at least the next 12 months. However, the Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $79.3 million as of September 30, 2019. The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future.

On August 13, 2019 the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (collectively, the “Sales Agents”), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $75.0 million through the Sales Agents (the “ATM Offering”).

On August 13, 2019, the Company also filed a registration statement on Form S-3 (the “Shelf Registration Statement”), covering the offering of up to $300.0 million of common stock, preferred stock, debt securities, warrants and units. The Shelf Registration Statement included a prospectus covering the offering, issuance and sale of up to $75.0 million of the Company’s common stock from time to time through the ATM Offering. The Registration Statement became effective on August 29, 2019. The shares to be sold under the Sales Agreement may be issued and sold pursuant to the Shelf Registration Statement.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Use of Estimates

The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to revenue recognition, accrued amounts receivable under the Australian research and development tax incentive program, accrued expenses and associated research and development expense, the assumptions underlying the determination of the estimated incremental borrowing rate for the determination of the operating lease right-of-use asset, and the assumptions underlying the determination of the fair value of equity awards for purposes of determining stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly.

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

The carrying amounts of the Company’s current financial assets, restricted cash and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. Restricted cash represents cash held as collateral for the Company’s facility lease and is reported as a long-term asset in the accompanying condensed consolidated balance sheets.

Investment Securities

All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months.

Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. The Company has not realized any significant gains or losses on sales of available-for-sale investment securities during any of the periods presented. As all of the Company’s investment holdings are in the form of debt securities, unrealized gains and losses that are determined to be temporary in nature are reported as a component of accumulated other comprehensive income (loss). A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Interest income is recognized when earned and includes the amortization of purchase premiums and accretion of purchase discounts.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations 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. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.

Leases

The Company determines if an arrangement is a lease at the inception of the arrangement. Leases with a term longer than 12 months that are determined to be operating leases are included in operating lease assets, accrued expenses and other current liabilities and noncurrent operating lease liabilities in the condensed consolidated balance sheets based on the present value of the minimum lease payments called for under the arrangement. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

Grant Revenue Recognition

The Company’s grant revenues are derived from Small Business Innovation Research (“SBIR”) grants from the National Institutes of Health. The Company recognizes SBIR grant revenue as reimbursable grant costs are incurred. The costs associated with these reimbursements are reflected as a component of research and development expense in the accompanying condensed consolidated statements of operations. Earnings in excess of billings are included as a component of prepaid expenses and other current assets.

Research and Development Expenses

Research and development expenses consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation charges for those individuals involved in research and development efforts, as well as consulting expenses, third-party research and development expenses, laboratory supplies, clinical materials and overhead, including facilities and depreciation costs, offset by the Australian Tax Incentive discussed below. Research and development expenses are charged to expense as incurred. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received.

Costs incurred under contracts with contract research organizations that conduct and manage the Company’s clinical trials are also included in research and development expenses. The financial terms and activities of these agreements vary from contract to contract and may result in uneven expense levels. Generally, these agreements set forth activities that drive the recording of expenses such as start-up and initiation activities, enrollment and treatment of patients, or the completion of other clinical trial activities. Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts that the Company is obligated to pay under its clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts its accruals accordingly on a prospective basis. Revisions to contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.

Australian Research and Development Tax Incentive

CAPL is eligible to obtain a cash refund from the Australian Taxation Office for eligible research and development expenditures under the Australian Research and Development Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to research and development expense when there is reasonable assurance that the Australian Tax Incentive will be received, the relevant expenditure has been incurred, and the amount can be reliably measured. The Company recognized a reduction to research and development expense of $0.3 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively, and a reduction to research and development expense of $0.6 million and $0.9 million for the nine months ended September 30, 2019 and 2018, respectively.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of awards over the requisite service period of the awards (usually the vesting period) on a straight-line basis. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the remaining service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company estimates the fair value of all stock option grants using the Black-Scholes option pricing model and recognizes forfeitures as they occur.

Comprehensive Loss

Comprehensive loss is comprised of the Company’s net loss for all periods presented and the unrealized gain or loss on investment securities held as of September 30, 2019.

Net Loss Per Share

Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, common stock subject to repurchase, and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive.

Recently Adopted Accounting Pronouncements

ASU 2016-02

In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. ASU 2016-02 also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. On January 1, 2019, the Company adopted ASU 2016-02 using the modified retrospective transition method. Under this transition method, the Company recognized and measured leases that existed at the adoption date in the condensed consolidated balance sheet as of January 1, 2019.

ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, discounted at the rate implicit in the lease. If the rate implicit in the lease cannot be determined, Topic 842 requires the use of the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term for a similar amount to the lease payments in a similar economic environment. The operating lease ROU asset is also adjusted for any prepaid or accrued lease payments and any lease incentives received. Operating lease terms may include options to extend or terminate the lease when it is reasonably certain that these options will be exercised. Further, the Company has elected to recognize short-term lease payments on a straight-line basis over the associated lease term and variable lease payments in the period in which the obligation for those payments is incurred. Short-term and variable lease payments were not material in the first nine months of 2019.

In connection with the adoption of ASU 2016-02, the Company elected the package of practical expedients requiring no reassessment of whether any expired or existing contracts contain leases, the lease classification of any expired or existing leases, or initial direct costs for any existing leases. The Company also made accounting policy elections not to apply the recognition requirements under ASU 2016-02 to any short-term leases and to account for each separate lease and associated non-lease components as a single lease component for all of the Company’s leases.

Adoption of ASU 2016-02 resulted in recognition of a ROU asset of $2.8 million and an operating lease liability of $6.2 million, related to the lease of office and laboratory space; and the derecognition of deferred rent of $3.4 million for certain lease incentives received previously. The comparative prior period information continues to be reported under the accounting standards in effect during those periods.

ASU 2018-07

In June 2018, the FASB issued ASU 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees and applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. ASU 2018-07 was adopted by the Company on January 1, 2019 using the modified retrospective transition method with no impact on the condensed consolidated financial statements. As a result of adopting ASU 2018-07, the estimated fair values of stock awards issued to non-employees are determined at issuance and are no longer subject to revaluation over their vesting terms.

Recent Accounting Pronouncements

ASU 2018-13

In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which improves the effectiveness of the disclosures required under ASC 820, “Fair Value Measurements and Disclosures” and modifies the disclosure requirements on fair value measurements, including the consideration of costs and benefits. The new standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the pending adoption of this new standard on its consolidated financial statements.

Investment Securities

9 Months Ended

Sep. 30, 2019

Investments Debt And Equity Securities [Abstract]

Investment Securities

3. INVESTMENT SECURITIES

The Company reports its available-for-sale investment securities at their estimated fair values based on quoted market prices for identical or similar instruments. The following is a summary of the available-for-sale investment securities held by the Company as of September 30, 2019 and December 31, 2018 (in thousands):

	As of September 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	32,342	$	126	$	—	$	32,468
Certificates of deposit		5,670		60		—		5,730
Commercial paper		17,559		—		—		17,559
Corporate debt securities		9,325		12		—		9,337
Total	$	64,896	$	198	$	—	$	65,094

	As of December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	42,193	$	72	$	(1	)	$	42,264
Certificates of deposit		5,408		—		—			5,408
Commercial paper		47,686		—		—			47,686
Corporate debt securities		23,554		2		(12	)		23,544
Total	$	118,841	$	74	$	(13	)	$	118,902

All available-for-sale investment securities held at September 30, 2019 and December 31, 2018, had maturity dates of less than 24 months.

None of the Company’s available-for-sale investment securities were in a material unrealized loss position at September 30, 2019 or December 31, 2018. As such, the Company has not recognized any impairment in its financial statements related to its available-for-sale investment securities.

Fair Value Measurements

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Fair Value Measurements

4. FAIR VALUE MEASUREMENTS

The Company holds investment securities that consist of highly liquid, investment grade debt securities. The Company determines the fair value of its investment securities based upon one or more valuations reported by its investment accounting and reporting service provider. The investment service provider values the securities using a hierarchical security pricing model that relies primarily on valuations provided by an industry-recognized valuation service. Such valuations may be based on trade prices in active markets for identical assets or liabilities (Level 1 inputs) or valuation models using inputs that are observable either directly or indirectly (Level 2 inputs), such as quoted prices for similar assets or liabilities, yield curves, volatility factors, credit spreads, default rates, loss severity, current market and contractual prices for the underlying instruments or debt, and broker and dealer quotes, as well as other relevant economic measures.

Financial assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 were as follows (in thousands):

	As of September 30, 2019
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	20,458	$	12,010	$	—	$	32,468
Certificates of deposit		—		5,730		—		5,730
Commercial paper		—		17,559		—		17,559
Corporate debt securities		—		9,337		—		9,337
Total assets measured at fair value	$	20,458	$	44,636	$	—	$	65,094

	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	22,275	$	19,989	$	—	$	42,264
Certificates of deposit		—		5,408		—		5,408
Commercial paper		—		47,686		—		47,686
Corporate debt securities		—		23,544		—		23,544
Total assets measured at fair value	$	22,275	$	96,627	$	—	$	118,902

The Company’s policy is to recognize transfers between levels of the fair value hierarchy on the date of the event or change in circumstances that caused the transfer. There were no transfers into or out of Level 3 during the nine months ended September 30, 2019.

- 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

Balance Sheet Details

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Details

5. BALANCE SHEET DETAILS

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

	September 30, 2019		December 31, 2018
Prepaid research and development costs	$	1,207	$	8
Australian tax incentive receivable		574		1,016
SBIR grant receivable		205		568
Interest receivable		269		340
Prepaid expenses and other assets		1,476		876
Total	$	3,731	$	2,808

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

	September 30, 2019		December 31, 2018
Leasehold improvements	$	3,494	$	3,494
Lab equipment		1,373		915
Office equipment		523		523
Computers and software		41		41
Property and equipment at cost		5,431		4,973
Less accumulated depreciation and amortization		1,396		741
Total	$	4,035	$	4,232

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

	September 30, 2019		December 31, 2018
Accrued research and development costs	$	1,705	$	3,634
Short-term operating lease liability		696		—
Other accrued expenses		776		556
Total	$	3,177	$	4,190

Equity Incentive Plans

9 Months Ended

Sep. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans

10. EQUITY INCENTIVE PLANS

2018 Incentive Award Plan

In July 2018, the Company adopted the 2018 Incentive Award Plan (the “2018 Plan”). Under the 2018 Plan, which expires in July 2028, the Company may grant equity-based awards to individuals who are employees, officers, directors or consultants of the Company. Options issued under the 2018 Plan, will generally expire ten years from the date of grant and vest over a four-year period. As of September 30, 2019, 2,251,922 shares were available for future issuance under the 2018 Plan.

The 2018 Plan contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028 in an amount equal to the lesser of: (i) 5% of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company.

2015 Stock Incentive Plan

In February 2015, the Company adopted the Crinetics Pharmaceuticals, Inc. 2015 Stock Incentive Plan (the “2015 Plan”), which provided for the issuance of equity awards to the Company’s employees, members of its board of directors and consultants. In general, options issued under this plan vest over four years and expire after 10 years. Subsequent to the adoption of the 2018 Plan, no additional equity awards can be made under the 2015 Plan.

Certain awards under the 2015 Plan allowed for exercise prior to vesting. Shares issued under such early-exercise provisions are subject to repurchase by the Company until they become fully vested. As of September 30, 2019, 40,242 unvested shares issued under early-exercise provisions were subject to repurchase by the Company. The condensed consolidated balance sheet reflects an unvested stock liability of $0.1 million as of September 30, 2019.

2018 Employee Stock Purchase Plan

In July 2018, the Company adopted the 2018 Employee Stock Purchase Plan (the “ESPP”). The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation. As of September 30, 2019, an aggregate of 447,061 shares of common stock were available for issuance under the ESPP.

The ESPP contains a provision that allows annual increases in the number of shares available for issuance on the first day of each calendar year through January 1, 2028 in an amount equal to the lesser of: (i) 1% of the aggregate number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding calendar year, or (ii) such lesser amount determined by the Company.

Stock Options

Stock option activity during the nine months ended September 30, 2019 under both of the 2015 Plan and the 2018 Plan is as follows:

				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
	Options			Exercise		Remaining		Value
	Outstanding			Price		Term		(000’s)
Balance at December 31, 2018		2,339,157		$	6.40
Granted		852,975		$	24.40
Cancelled		(9,119	)	$	9.28
Exercised		(76,117	)	$	1.44
Balance at September 30, 2019		3,106,896		$	11.45		8.6	$	20,244
Exercisable at September 30, 2019		1,061,682		$	6.10		8.1	$	10,386

The aggregate intrinsic value in the above table is calculated as the difference between the closing price of the Company’s common stock at September 30, 2019 and the exercise price of stock options that had strike prices below the closing price.

The total intrinsic value of options exercised during the first nine months of 2019 was $1.7 million.

Fair Value of Stock Option Awards

The Company utilizes the Black-Scholes option pricing model to value awards under its equity plans. The following table summarizes the weighted average assumptions used to estimate the fair value of stock options granted to employees under the Company’s stock option plans and the shares purchasable under the ESPP during the periods presented:

Stock Option Plans	2019	2018
Expected term	5.9 years	6.0 years
Expected volatility	78%	69%
Risk-free interest rate	2.3%	2.8%
Expected dividend yield	—%	—%

Employee Stock Purchase Plan	2019	2018
Expected term	1.3 years	1.1 years
Expected volatility	62%	66%
Risk-free interest rate	2.3%	2.4%
Expected dividend yield	—%	—%

The key assumptions used in determining the fair value of equity awards, and the Company’s rationale, were as follows: (i) Expected term - the expected term represents the period that options are expected to be outstanding and has been estimated using the simplified method, which is an average of the contractual option term and its vesting period; (ii) Expected volatility - the expected volatility assumption is based on volatilities of a peer group of similar companies in the biotechnology industry whose share prices are publicly available; (iii) Risk-free interest rate - the risk-free interest rate is based on the U.S. Treasury yield in effect at the time of grant for zero coupon U.S. Treasury notes with maturities that approximate the expected terms of awards; and (iv) Expected dividend yield - the expected dividend yield assumption is zero as the Company has never paid cash dividends and has no present intention to do so in the near future.

The weighted-average fair value of stock options granted to employees during the first nine months of 2019 and 2018 was $16.61 and $4.39 per share, respectively.

Stock-Based Compensation Expense

Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Included in research and development	$	864	$	373	$	2,242	$	663
Included in general and administrative		990		402		2,221		810
Total	$	1,854	$	775	$	4,463	$	1,473

Unrecognized stock-based compensation cost related to option awards was $19.0 million as of September 30, 2019, which is expected to be recognized over a remaining weighted-average period of approximately 3.1 years.

Unrecognized stock-based compensation cost related to the ESPP was $0.4 million as of September 30, 2019, which is expected to be recognized over a remaining weighted-average period of approximately 1.0 years.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2019
Accounting Policies [Abstract]
Description of Business	Description of Business Crinetics Pharmaceuticals, Inc. (the “Company”) is a clinical stage pharmaceutical company incorporated in Delaware on November 18, 2008 and based in San Diego, California. The Company is focused on the discovery, development and commercialization of novel therapeutics for rare endocrine diseases and endocrine-related tumors. In January 2017, the Company established a wholly owned Australian subsidiary, Crinetics Australia Pty Ltd (“CAPL”), in order to conduct various preclinical and clinical activities for its development candidates. On July 6, 2018, the Company effected a 1-for-3.29 reverse stock split of its common stock. The par value and the authorized shares of the common stock were not adjusted as a result of the reverse stock split. The reverse stock split resulted in an adjustment to the conversion prices of the Company’s Series A and B preferred stock to reflect a proportional decrease in the number of shares of common stock to be issued upon conversion. The accompanying condensed consolidated financial statements and notes to the condensed consolidated financial statements give retroactive effect to the reverse stock split for all periods presented.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying interim condensed consolidated balance sheet as of September 30, 2019, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2019 and 2018, the condensed consolidated statements of convertible preferred stock and stockholders’ equity (deficit) for the three and nine months ended September 30, 2019 and 2018, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2019 and 2018, and the related disclosures are unaudited. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of September 30, 2019 and the results of its operations and cash flows for the nine months ended September 30, 2019 and 2018 in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). The results for the three and nine months ended September 30, 2019 are not necessarily indicative of the results expected for the full fiscal year or any other interim period.
Principles of Consolidation and Foreign Currency Transactions	Principles of Consolidation and Foreign Currency Transactions The condensed consolidated financial statements include the accounts of the Company and CAPL. All intercompany accounts and transactions have been eliminated in consolidation. The functional currency of both the Company and CAPL is the U.S. dollar. Assets and liabilities that are not denominated in the functional currency are remeasured into U.S. dollars at foreign currency exchange rates in effect at the balance sheet date except for nonmonetary assets, which are remeasured at historical foreign currency exchange rates in effect at the date of transaction. Net realized and unrealized gains and losses from foreign currency transactions and remeasurement are reported in other income (expense), in the condensed consolidated statements of operations and were not material for all periods presented.
Segment Reporting	Segment Reporting Operating segments are identified as components of an enterprise about which discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.
Liquidity and Going Concern	Liquidity and Going Concern From inception, the Company has devoted substantially all of its efforts to drug discovery and development and conducting preclinical studies and clinical trials. The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. As of September 30, 2019, the Company had $131.7 million in unrestricted cash, cash equivalents and investment securities. The Company believes it has sufficient cash to meet its funding requirements for at least the next 12 months. However, the Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $79.3 million as of September 30, 2019. The Company expects to continue to incur net losses for the foreseeable future and believes it will need to raise substantial additional capital to accomplish its business plan over the next several years. The Company plans to continue to fund its losses from operations and capital funding needs through a combination of equity offerings, debt financings or other sources, including potential collaborations, licenses and other similar arrangements. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects. There can be no assurance as to the availability or terms upon which such financing and capital might be available in the future. On August 13, 2019 the Company entered into a Sales Agreement (the “Sales Agreement”) with SVB Leerink LLC and Cantor Fitzgerald & Co. (collectively, the “Sales Agents”), under which the Company may, from time to time, sell shares of its common stock having an aggregate offering price of up to $75.0 million through the Sales Agents (the “ATM Offering”). On August 13, 2019, the Company also filed a registration statement on Form S-3 (the “Shelf Registration Statement”), covering the offering of up to $300.0 million of common stock, preferred stock, debt securities, warrants and units. The Shelf Registration Statement included a prospectus covering the offering, issuance and sale of up to $75.0 million of the Company’s common stock from time to time through the ATM Offering. The Registration Statement became effective on August 29, 2019. The shares to be sold under the Sales Agreement may be issued and sold pursuant to the Shelf Registration Statement.
Use of Estimates	Use of Estimates The Company’s condensed consolidated financial statements are prepared in accordance with U.S. GAAP. The preparation of the Company’s condensed consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in the Company’s condensed consolidated financial statements and accompanying notes. The most significant estimates in the Company’s condensed consolidated financial statements relate to revenue recognition, accrued amounts receivable under the Australian research and development tax incentive program, accrued expenses and associated research and development expense, the assumptions underlying the determination of the estimated incremental borrowing rate for the determination of the operating lease right-of-use asset, and the assumptions underlying the determination of the fair value of equity awards for purposes of determining stock-based compensation. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Fair Value Measurements	Fair Value Measurements The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: Level 1: Observable inputs such as quoted prices in active markets. Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly. Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. The carrying amounts of the Company’s current financial assets, restricted cash and current financial liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking and money market accounts. Restricted cash represents cash held as collateral for the Company’s facility lease and is reported as a long-term asset in the accompanying condensed consolidated balance sheets.
Investment Securities	Investment Securities All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Investments with contractual maturities beyond one year are also classified as short-term due to the Company’s ability to liquidate the investment for use in operations within the next 12 months. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. The Company has not realized any significant gains or losses on sales of available-for-sale investment securities during any of the periods presented. As all of the Company’s investment holdings are in the form of debt securities, unrealized gains and losses that are determined to be temporary in nature are reported as a component of accumulated other comprehensive income (loss). A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the establishment of a new cost basis for the security. Interest income is recognized when earned and includes the amortization of purchase premiums and accretion of purchase discounts.
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to significant concentrations 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. The Company has not experienced any losses in such accounts and believes it is not exposed to significant risk on its cash balances due to the financial position of the depository institution in which those deposits are held. Additionally, the Company has established guidelines regarding approved investments and maturities of investments, which are designed to maintain safety and liquidity.
Leases	Leases The Company determines if an arrangement is a lease at the inception of the arrangement. Leases with a term longer than 12 months that are determined to be operating leases are included in operating lease assets, accrued expenses and other current liabilities and noncurrent operating lease liabilities in the condensed consolidated balance sheets based on the present value of the minimum lease payments called for under the arrangement. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.
Grant Revenue Recognition	Grant Revenue Recognition The Company’s grant revenues are derived from Small Business Innovation Research (“SBIR”) grants from the National Institutes of Health. The Company recognizes SBIR grant revenue as reimbursable grant costs are incurred. The costs associated with these reimbursements are reflected as a component of research and development expense in the accompanying condensed consolidated statements of operations. Earnings in excess of billings are included as a component of prepaid expenses and other current assets.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist primarily of salaries, payroll taxes, employee benefits and stock-based compensation charges for those individuals involved in research and development efforts, as well as consulting expenses, third-party research and development expenses, laboratory supplies, clinical materials and overhead, including facilities and depreciation costs, offset by the Australian Tax Incentive discussed below. Research and development expenses are charged to expense as incurred. Payments made prior to the receipt of goods or services to be used in research and development are capitalized until the goods or services are received. Costs incurred under contracts with contract research organizations that conduct and manage the Company’s clinical trials are also included in research and development expenses. The financial terms and activities of these agreements vary from contract to contract and may result in uneven expense levels. Generally, these agreements set forth activities that drive the recording of expenses such as start-up and initiation activities, enrollment and treatment of patients, or the completion of other clinical trial activities. Expenses related to clinical trials are accrued based on estimates and/or representations from service providers regarding work performed, including actual level of patient enrollment, completion of patient studies and progress of the clinical trials. Other incidental costs related to patient enrollment or treatment are accrued when reasonably certain. If the amounts that the Company is obligated to pay under its clinical trial agreements are modified (for instance, as a result of changes in the clinical trial protocol or scope of work to be performed), the Company adjusts its accruals accordingly on a prospective basis. Revisions to contractual payment obligations are charged to expense in the period in which the facts that give rise to the revision become reasonably certain.
Australian Research and Development Tax Incentive	Australian Research and Development Tax Incentive CAPL is eligible to obtain a cash refund from the Australian Taxation Office for eligible research and development expenditures under the Australian Research and Development Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to research and development expense when there is reasonable assurance that the Australian Tax Incentive will be received, the relevant expenditure has been incurred, and the amount can be reliably measured. The Company recognized a reduction to research and development expense of $0.3 million and $0.1 million for the three months ended September 30, 2019 and 2018, respectively, and a reduction to research and development expense of $0.6 million and $0.9 million for the nine months ended September 30, 2019 and 2018, respectively.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the cost of the grant date fair value of awards over the requisite service period of the awards (usually the vesting period) on a straight-line basis. For stock awards for which vesting is subject to performance-based milestones, the expense is recorded over the remaining service period after the point when the achievement of the milestone is probable, or the performance condition has been achieved. The Company estimates the fair value of all stock option grants using the Black-Scholes option pricing model and recognizes forfeitures as they occur.
Comprehensive Loss	Comprehensive Loss Comprehensive loss is comprised of the Company’s net loss for all periods presented and the unrealized gain or loss on investment securities held as of September 30, 2019.
Net Loss Per Share	Net Loss Per Share Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of shares of common stock and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of convertible preferred stock, common stock subject to repurchase, and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities would be antidilutive.
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements ASU 2016-02 In February 2016, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2016-02, “Leases (Topic 842)” (“ASU 2016-02”) which requires lessees to recognize leases on the balance sheet and disclose key information about leasing arrangements. ASU 2016-02 establishes a right-of-use (“ROU”) model that requires a lessee to recognize a ROU asset and lease liability on the balance sheet for all leases with a term longer than 12 months. ASU 2016-02 also requires disclosures to meet the objective of enabling users of financial statements to assess the amount, timing, and uncertainty of cash flows arising from leases. On January 1, 2019, the Company adopted ASU 2016-02 using the modified retrospective transition method. Under this transition method, the Company recognized and measured leases that existed at the adoption date in the condensed consolidated balance sheet as of January 1, 2019. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and operating lease liabilities are recognized at the commencement date based on the present value of lease payments over the lease term, discounted at the rate implicit in the lease. If the rate implicit in the lease cannot be determined, Topic 842 requires the use of the rate of interest that a lessee would have to pay to borrow on a collateralized basis over a similar term for a similar amount to the lease payments in a similar economic environment. The operating lease ROU asset is also adjusted for any prepaid or accrued lease payments and any lease incentives received. Operating lease terms may include options to extend or terminate the lease when it is reasonably certain that these options will be exercised. Further, the Company has elected to recognize short-term lease payments on a straight-line basis over the associated lease term and variable lease payments in the period in which the obligation for those payments is incurred. Short-term and variable lease payments were not material in the first nine months of 2019. In connection with the adoption of ASU 2016-02, the Company elected the package of practical expedients requiring no reassessment of whether any expired or existing contracts contain leases, the lease classification of any expired or existing leases, or initial direct costs for any existing leases. The Company also made accounting policy elections not to apply the recognition requirements under ASU 2016-02 to any short-term leases and to account for each separate lease and associated non-lease components as a single lease component for all of the Company’s leases. Adoption of ASU 2016-02 resulted in recognition of a ROU asset of $2.8 million and an operating lease liability of $6.2 million, related to the lease of office and laboratory space; and the derecognition of deferred rent of $3.4 million for certain lease incentives received previously. The comparative prior period information continues to be reported under the accounting standards in effect during those periods. ASU 2018-07 In June 2018, the FASB issued ASU 2018-07, “Compensation-Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting” (“ASU 2018-07”), which expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees and applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. ASU 2018-07 was adopted by the Company on January 1, 2019 using the modified retrospective transition method with no impact on the condensed consolidated financial statements. As a result of adopting ASU 2018-07, the estimated fair values of stock awards issued to non-employees are determined at issuance and are no longer subject to revaluation over their vesting terms. Recent Accounting Pronouncements ASU 2018-13 In August 2018, the FASB issued ASU 2018-13, “Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which improves the effectiveness of the disclosures required under ASC 820, “Fair Value Measurements and Disclosures” and modifies the disclosure requirements on fair value measurements, including the consideration of costs and benefits. The new standard is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The Company is currently evaluating the impact of the pending adoption of this new standard on its consolidated financial statements

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2019

Investments Debt And Equity Securities [Abstract]

Summary of Available-For-Sale Investment Securities Held by the Company

The following is a summary of the available-for-sale investment securities held by the Company as of September 30, 2019 and December 31, 2018 (in thousands):

	As of September 30, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	32,342	$	126	$	—	$	32,468
Certificates of deposit		5,670		60		—		5,730
Commercial paper		17,559		—		—		17,559
Corporate debt securities		9,325		12		—		9,337
Total	$	64,896	$	198	$	—	$	65,094

	As of December 31, 2018
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	42,193	$	72	$	(1	)	$	42,264
Certificates of deposit		5,408		—		—			5,408
Commercial paper		47,686		—		—			47,686
Corporate debt securities		23,554		2		(12	)		23,544
Total	$	118,841	$	74	$	(13	)	$	118,902

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2019

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

Financial assets measured at fair value on a recurring basis as of September 30, 2019 and December 31, 2018 were as follows (in thousands):

	As of September 30, 2019
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	20,458	$	12,010	$	—	$	32,468
Certificates of deposit		—		5,730		—		5,730
Commercial paper		—		17,559		—		17,559
Corporate debt securities		—		9,337		—		9,337
Total assets measured at fair value	$	20,458	$	44,636	$	—	$	65,094

	As of December 31, 2018
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	22,275	$	19,989	$	—	$	42,264
Certificates of deposit		—		5,408		—		5,408
Commercial paper		—		47,686		—		47,686
Corporate debt securities		—		23,544		—		23,544
Total assets measured at fair value	$	22,275	$	96,627	$	—	$	118,902

Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2019

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Components of Prepaid Expenses and Other Current Assets

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

	September 30, 2019		December 31, 2018
Prepaid research and development costs	$	1,207	$	8
Australian tax incentive receivable		574		1,016
SBIR grant receivable		205		568
Interest receivable		269		340
Prepaid expenses and other assets		1,476		876
Total	$	3,731	$	2,808

Components of Property and Equipment

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

	September 30, 2019		December 31, 2018
Leasehold improvements	$	3,494	$	3,494
Lab equipment		1,373		915
Office equipment		523		523
Computers and software		41		41
Property and equipment at cost		5,431		4,973
Less accumulated depreciation and amortization		1,396		741
Total	$	4,035	$	4,232

Components of Accrued Expenses

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

	September 30, 2019		December 31, 2018
Accrued research and development costs	$	1,705	$	3,634
Short-term operating lease liability		696		—
Other accrued expenses		776		556
Total	$	3,177	$	4,190

Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2019

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Option Activity under 2015 Plan and 2018 Plan

Stock option activity during the nine months ended September 30, 2019 under both of the 2015 Plan and the 2018 Plan is as follows:

				Weighted-		Weighted-		Aggregate
				Average		Average		Intrinsic
	Options			Exercise		Remaining		Value
	Outstanding			Price		Term		(000’s)
Balance at December 31, 2018		2,339,157		$	6.40
Granted		852,975		$	24.40
Cancelled		(9,119	)	$	9.28
Exercised		(76,117	)	$	1.44
Balance at September 30, 2019		3,106,896		$	11.45		8.6	$	20,244
Exercisable at September 30, 2019		1,061,682		$	6.10		8.1	$	10,386

Weighted Average Assumptions Used to Estimate Fair Value of Stock Options Granted to Employees

Stock Option Plans	2019	2018
Expected term	5.9 years	6.0 years
Expected volatility	78%	69%
Risk-free interest rate	2.3%	2.8%
Expected dividend yield	—%	—%

Employee Stock Purchase Plan	2019	2018
Expected term	1.3 years	1.1 years
Expected volatility	62%	66%
Risk-free interest rate	2.3%	2.4%
Expected dividend yield	—%	—%

Summary of Stock-based Compensation Expense for the Equity Awards Issued to Employees and Non-Employees

Stock-based compensation expense for the equity awards issued by the Company to employees and non-employees for the periods presented below was as follows (in thousands):

	Three months ended September 30,				Nine months ended September 30,
	2019		2018		2019		2018
Included in research and development	$	864	$	373	$	2,242	$	663
Included in general and administrative		990		402		2,221		810
Total	$	1,854	$	775	$	4,463	$	1,473

Organization and Basis of Presentation - Additional Information (Details) $ in Thousands			9 Months Ended
	Aug. 13, 2019 USD ($)	Jul. 06, 2018	Sep. 30, 2019 USD ($) Segment	Sep. 30, 2018 USD ($)	Dec. 31, 2018 USD ($)
Organization And Basis Of Presentation [Line Items]
Number of operating segments \| Segment			1
Unrestricted cash, cash equivalents and investments securities			$ 131,700
Accumulated deficit			$ 79,253		$ 43,380
Maximum amount of common stock preferred stock debt securities warrants and units to be issued	$ 300,000
Issuance and sale of Common Stock	75,000			$ 106,472
Registration Statement effective date			Aug. 29, 2019
Minimum
Organization And Basis Of Presentation [Line Items]
Period of sufficient cash to meet its funding requirements			12 months
Maximum [Member] \| SVB Leerink LLC and Cantor Fitzgerald & Co.
Organization And Basis Of Presentation [Line Items]
Sale of common stock at offering price	$ 75,000
Common Stock
Organization And Basis Of Presentation [Line Items]
Stock reverse stock split		1-for-3.29
Stock split conversion ratio		0.3040

Operating Lease - Schedule of Future Minimum Payments Under Non-cancellable Operating Leases (Details) $ in Thousands	Sep. 30, 2019 USD ($)
Leases [Abstract]
2019 (3 months)	$ 276
2020	1,123
2021	1,173
2022	1,208
2023	1,244
Thereafter	2,151
Total future minimum lease payments	7,175
Less imputed interest	1,435
Total operating lease liability	5,740
Less current operating lease liability	696
Non-current operating lease liability	$ 5,044

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands		2 Months Ended	9 Months Ended
	Jul. 20, 2018	Mar. 31, 2018	Sep. 30, 2018	Jan. 01, 2018
Temporary Equity [Line Items]
Net proceeds from issuance of convertible preferred stock			$ 63,266
Series A Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred,Shares Outstanding				28,763,179
Series A and B Convertible Preferred Stock \| Initial Public Offering
Temporary Equity [Line Items]
Stock issued upon conversion of convertible securities	14,712,571
Series B Convertible Preferred Stock
Temporary Equity [Line Items]
Convertible preferred stock, shares issued		19,641,200
Net proceeds from issuance of convertible preferred stock		$ 63,500
Convertible preferred stock, issuance costs		$ 200

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		9 Months Ended
	Jul. 31, 2018	Feb. 28, 2015	Sep. 30, 2019	Sep. 30, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options exercised			$ 1.7
Dividend yield			0.00%
Weighted-average fair value of stock options granted to employees per share			$ 16.61	$ 4.39
Unrecognized stock-based compensation cost			$ 19.0
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period			3 years 1 month 6 days
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percentage of eligible compensation to purchase common stock through payroll deductions	20.00%
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period			1 year
Unrecognized stock-based compensation cost			$ 0.4
Common Stock \| ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan expiration date			Jan. 01, 2028
Shares of common stock available for issuance			447,061
2018 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan expiration period	2028-07
Plan expiration term	10 years
Vesting period	4 years
Remaining shares available for future issuance			2,251,922
Plan expiration date			Jan. 01, 2028
Annual increase in the number of shares available for issuance			5.00%
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan expiration term		10 years
Vesting period		4 years
Shares issued under early-exercise provisions subject to repurchase			40,242
Unvested stock liability			$ 0.1

Equity Incentive Plans - Summary of Stock Option Activity under 2015 Plan and 2018 Plan (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning Balance	2,339,157
Options Outstanding, Granted	852,975
Options Outstanding, Cancelled	(9,119)
Options Outstanding, Exercised	(76,117)
Options Outstanding, Ending Balance	3,106,896
Options Exercisable, Ending Balance	1,061,682
Weighted-Average Exercise Price, Beginning Balance	$ 6.40
Weighted-Average Exercise Price, Granted	24.40
Weighted-Average Exercise Price, Cancelled	9.28
Weighted Average Exercise Price, Exercised	1.44
Weighted-Average Exercise Price, Ending Balance	11.45
Weighted-Average Exercise Price, Exercisable	$ 6.10
Weighted-Average Remaining Term, Ending Balance	8 years 7 months 6 days
Weighted-Average Remaining Term, Exercisable	8 years 1 month 6 days
Aggregate Intrinsic Value, Ending balance	$ 20,244
Aggregate Intrinsic Value, Exercisable	$ 10,386

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2019	Dec. 31, 2018
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock and paid-in capital, par value	$ 0.001	$ 0.001
Common stock and paid-in capital, shares authorized	200,000,000	200,000,000
Common stock and paid-in capital, shares issued	24,258,000	24,188,000
Common stock and paid-in capital, shares outstanding	24,218,000	24,061,000

Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2018
Statement Of Stockholders Equity [Abstract]
Issuance of common stock in initial public offering, issuance costs	$ 10,829	$ 10,829

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Summary Of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset	$ 2,570		$ 2,570
Operating Lease, Liability	5,740		5,740
ASU 2016-02
Summary Of Significant Accounting Policies [Line Items]
Operating lease right-of-use asset	2,800		2,800
Operating Lease, Liability	6,200		6,200
Deferred rent	3,400		3,400
Australian Research and Development Tax Incentive \| Australian Taxation Office
Summary Of Significant Accounting Policies [Line Items]
Tax incentive receivable, reductions to research and development expense	$ 300	$ 100	$ 600	$ 900

Investment Securities - Summary of Available-For-Sale Investment Securities Held by the Company (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	$ 64,896	$ 118,841
Available-for-sale investment securities, Gross Unrealized Gains	198	74
Available-for-sale investment securities, Gross Unrealized Losses		(13)
Available-for-sale investment securities, Fair Market Value	65,094	118,902
U.S. Government and Agency Obligations
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	32,342	42,193
Available-for-sale investment securities, Gross Unrealized Gains	126	72
Available-for-sale investment securities, Gross Unrealized Losses		(1)
Available-for-sale investment securities, Fair Market Value	32,468	42,264
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	5,670	5,408
Available-for-sale investment securities, Gross Unrealized Gains	60
Available-for-sale investment securities, Fair Market Value	5,730	5,408
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	17,559	47,686
Available-for-sale investment securities, Fair Market Value	17,559	47,686
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	9,325	23,554
Available-for-sale investment securities, Gross Unrealized Gains	12	2
Available-for-sale investment securities, Gross Unrealized Losses		(12)
Available-for-sale investment securities, Fair Market Value	$ 9,337	$ 23,544

Operating Lease - Additional Information (Details) - 2018 Operating Lease - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Operating Leased Assets [Line Items]
Operating lease, initial term	7 years		7 years
Operating lease expiration period			2025-08
Operating lease, option to extend term			five years
Lessee,operating lease, discount rate	8.00%		8.00%
Irrevocable letter of credit	$ 0.5		$ 0.5
Rent expense	$ 0.2	$ 0.2	0.7	$ 0.4
Cash paid for operating lease liabilities			$ 0.8

Investment Securities - Additional Information (Details)	Sep. 30, 2019	Dec. 31, 2018
Investments Debt And Equity Securities [Abstract]
Available-for-sale investment securities maturity period, maximum	24 months	24 months

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	$ 65,094	$ 118,902
Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	20,458	22,275
Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	44,636	96,627
U.S. Government and Agency Obligations
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	32,468	42,264
U.S. Government and Agency Obligations \| Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	20,458	22,275
U.S. Government and Agency Obligations \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	12,010	19,989
Certificates of Deposit
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	5,730	5,408
Certificates of Deposit \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	5,730	5,408
Commercial Paper
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	17,559	47,686
Commercial Paper \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	17,559	47,686
Corporate Debt Securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	9,337	23,544
Corporate Debt Securities \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	$ 9,337	$ 23,544

Fair Value Measurements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2019 USD ($)
Fair Value Disclosures [Abstract]
Fair value assets transferred into level 3	$ 0
Fair value assets transferred into level 3	0
Fair value assets transferred into level 3	0
Fair value assets transferred into level 3	$ 0

Balance Sheet Details - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid research and development costs	$ 1,207	$ 8
Australian tax incentive receivable	574	1,016
SBIR grant receivable	205	568
Interest receivable	269	340
Prepaid expenses and other assets	1,476	876
Total	$ 3,731	$ 2,808

Balance Sheet Details - Components of Property and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 5,431	$ 4,973
Less accumulated depreciation and amortization	1,396	741
Total	4,035	4,232
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property and equipment at cost	3,494	3,494
Lab Equipment
Property Plant And Equipment [Line Items]
Property and equipment at cost	1,373	915
Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment at cost	523	523
Computers and Software
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 41	$ 41

Balance Sheet Details - Components of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Payables And Accruals [Abstract]
Accrued research and development costs	$ 1,705	$ 3,634
Short-term operating lease liability	696
Other accrued expenses	776	556
Total	$ 3,177	$ 4,190

Net Loss Per Share - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Net Loss Per Share (Details) - shares shares in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities (in common stock equivalent shares) excluded from calculation of diluted net loss per share	3,147	2,422
Common Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities (in common stock equivalent shares) excluded from calculation of diluted net loss per share	3,107	2,289
Unvested Common Stock Subject to Repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities (in common stock equivalent shares) excluded from calculation of diluted net loss per share	40	133