0001564590-20-051686 | 10-Q | XBRL Viewer | Crinetics Pharmaceuticals INC

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Oct. 31, 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
Trading Symbol	CRNX
Entity Registrant Name	Crinetics Pharmaceuticals, Inc.
Entity Central Index Key	0001658247
Current Fiscal Year End Date	--12-31
Entity Filer Category	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		32,922,328

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 117,820	$ 40,326
Investment securities	69,004	78,066
Prepaid expenses and other current assets	7,298	4,947
Total current assets	194,122	123,339
Property and equipment, net	3,389	3,946
Operating lease right-of-use asset	2,306	2,510
Restricted cash	500	500
Other assets		82
Total assets	200,317	130,377
Current liabilities:
Accounts payable and accrued expenses	4,690	5,498
Accrued compensation and related expenses	3,333	2,118
Other current liabilities	810	724
Total current liabilities	8,833	8,340
Operating lease liability, non-current	4,234	4,849
Unvested stock liability	28	49
Total liabilities	13,095	13,238
Commitments and contingencies (Note 7)
Stockholders’ equity:
Preferred stock, $0.001 par value; 10,000 shares authorized; no shares issued or outstanding at September 30, 2020 or at December 31, 2019
Common stock and paid-in capital, $0.001 par value; 200,000 shares authorized; 32,941 shares issued and 32,921 shares outstanding at September 30, 2020; 24,296 shares issued and 24,263 shares outstanding at December 31, 2019	333,151	210,793
Accumulated other comprehensive income	44	148
Accumulated deficit	(145,973)	(93,802)
Total stockholders’ equity	187,222	117,139
Total liabilities and stockholders’ equity	$ 200,317	$ 130,377

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Income Statement [Abstract]
Grant revenues		$ 505	$ 71	$ 872
Type of Revenue Extensible List			us-gaap:GrantMember	us-gaap:GrantMember
Operating expenses:
Research and development	$ 13,699	11,823	$ 40,168	$ 29,363
General and administrative	4,752	3,911	13,065	10,127
Total operating expenses	18,451	15,734	53,233	39,490
Loss from operations	(18,451)	(15,229)	(53,162)	(38,618)
Other income (expense):
Interest income	122	835	938	2,805
Other income (expense), net	9	(36)	53	(60)
Total other income (expense), net	131	799	991	2,745
Net loss	(18,320)	(14,430)	(52,171)	(35,873)
Other comprehensive income (loss):
Unrealized gain (loss) on investment securities	(83)	(36)	(104)	137
Comprehensive loss	$ (18,403)	$ (14,466)	$ (52,275)	$ (35,736)
Net loss per share:
Net loss per share – basic and diluted	$ (0.56)	$ (0.60)	$ (1.76)	$ (1.49)
Weighted average shares outstanding – basic and diluted	32,890	24,208	29,608	24,155

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Follow On Public Offering	Common Stock	Common Stock Follow On Public Offering	Common stock and Paid-In Capital	Common stock and Paid-In Capital Follow On Public Offering	Accumulated Other Comprehensive Income	Accumulated Deficit
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			76,000
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
Beginning Balance at Dec. 31, 2019	117,139				210,793		148	(93,802)
Beginning Balance, Shares at Dec. 31, 2019			24,263,000
Issuance of common stock	6,427	$ 107,856			6,427	$ 107,856
Issuance of common stock, shares			276,000	8,223,000
Vesting of stock subject to repurchase	21				21
Vesting of stock subject to repurchase, shares			13,000
Exercise of stock options	$ 191				191
Exercise of stock options, shares	119		119,000
Issuance of stock under Stock Purchase Plan	$ 407				407
Issuance of stock under Stock Purchase Plan, shares			27,000
Stock-based compensation	7,456				7,456
Comprehensive income (loss)	(104)						(104)
Net loss	(52,171)							(52,171)
Ending Balance at Sep. 30, 2020	187,222				333,151		44	(145,973)
Ending Balance, Shares at Sep. 30, 2020			32,921,000
Beginning Balance at Jun. 30, 2020	202,774				330,300		127	(127,653)
Beginning Balance, Shares at Jun. 30, 2020			32,882,000
Vesting of stock subject to repurchase	5				5
Vesting of stock subject to repurchase, shares			4,000
Exercise of stock options	64				64
Exercise of stock options, shares			35,000
Stock-based compensation	2,782				2,782
Comprehensive income (loss)	(83)						(83)
Net loss	(18,320)							(18,320)
Ending Balance at Sep. 30, 2020	$ 187,222				$ 333,151		$ 44	$ (145,973)
Ending Balance, Shares at Sep. 30, 2020			32,921,000

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019
Operating activities:
Net loss	$ (52,171)	$ (35,873)
Reconciliation of net loss to net cash used in operating activities:
Stock-based compensation	7,456	4,463
Depreciation and amortization	723	658
Noncash lease expense	204	166
Accretion of purchase discounts and amortization of premiums on investment securities, net	(293)	(1,009)
Other, net	(18)	3
Increase (decrease) in cash resulting from changes in:
Prepaid expenses and other current assets	(2,269)	(923)
Accounts payable and accrued expenses	808	22
Operating lease liability	(529)	(441)
Net cash used in operating activities	(46,089)	(32,934)
Investing activities:
Purchases of investment securities	(113,762)	(67,070)
Maturities of investment securities	123,040	122,024
Purchases of property and equipment	(169)	(464)
Net cash provided by investing activities	9,109	54,490
Financing activities:
Proceeds from issuance of stock in public offering, net	107,856
Proceeds from issuance of stock in at-the-market offering, net	6,427
Proceeds from exercise of stock options	191	109
Repurchase of unvested shares		(59)
Net cash provided by financing activities	114,474	50
Net change in cash, cash equivalents and restricted cash	77,494	21,606
Cash, cash equivalents and restricted cash at beginning of period	40,826	45,473
Cash, cash equivalents and restricted cash at end of period	118,320	67,079
Components of cash, cash equivalents and restricted cash:
Cash and cash equivalents	117,820	66,579
Restricted cash	500	500
Noncash investing and financing activities:
Issuance of shares under Stock Purchase Plan	407	379
Amounts accrued for purchases of property and equipment	6
Change in unvested stock liability	$ 21	$ 83

Organization and Basis of Presentation

9 Months Ended

Sep. 30, 2020

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.

Unaudited Interim Financial Information

The accompanying interim 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 stockholders’ equity 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, and the related disclosures are unaudited. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited consolidated 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, 2020 and the results of its operations and cash flows for the nine months ended September 30, 2020 and 2019 in accordance with accounting principles generally accepted in the United States of America (“GAAP”). The results for the three and nine months ended September 30, 2020 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, 2020, the Company had $186.8 million in unrestricted cash, cash equivalents and investment securities, which the Company believes is sufficient to meet its funding requirements for at least the next 12 months.

The Company has experienced net losses and negative cash flows from operating activities since its inception and has an accumulated deficit of $146.0 million as of September 30, 2020. 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.

COVID-19

The COVID-19 pandemic has caused significant business disruption around the globe. The extent of the impact of COVID-19 on the Company's operational and financial performance will depend on certain developments, including the duration and spread of the pandemic and the impact on the Company's clinical trials, employees and vendors. In response to the spread of COVID-19, we have restricted access to our offices to lab and a limited number of other personnel, while the remainder of our employees are continuing their work outside of our offices. At this point, the degree to which COVID-19 may impact the Company's financial condition or future results of operations is uncertain. A prolonged outbreak could have a material adverse impact on financial results and business operations of the Company, including the timing and ability of Company to complete certain clinical trials and other efforts required to advance the development of its drug candidates and raise additional capital.

In response to the pandemic, the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) was signed into law on March 27, 2020. The CARES Act, among other things, includes tax provisions relating to refundable payroll tax credits, deferment of employer’s social security payments, net operating loss utilization and carryback periods, modifications to the net interest deduction limitations and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act has not had a material impact on our income tax provision for the nine months ended September 30, 2020. We will continue to evaluate the impact of the CARES Act on our financial position, results of operations and cash flows.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

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 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 accrued expenses and associated research and development expense, accrued amounts receivable under the Australian research and development tax incentive program, the assumptions underlying the determination of the estimated incremental borrowing rate for the determination of the Company’s 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

Cash and cash equivalents include cash held in readily available checking and money market accounts, as well as short-term debt securities with maturities of three months or less when purchased. 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 on investment securities 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 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 is included in investment income, as are the amortization of purchase premiums and accretion of purchase discounts on investment securities.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash, cash equivalents and investment securities. 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.

Research and Development Expenses

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

Accrued R&D expenses were $2.1 million at September 30, 2020 and $2.8 million at December 31, 2019 and are included in accounts payable and accrued expenses in the condensed consolidated balance sheets.

Australian Tax Incentive

CAPL is eligible to obtain a cash refund from the Australian Taxation Office for eligible R&D expenditures under the Australian R&D Tax Incentive Program (the “Australian Tax Incentive”). The Australian Tax Incentive is recognized as a reduction to R&D 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 R&D expense of $0.2 million and $0.6 million for the three and nine months ended September 30, 2020, respectively; for the three and nine months ended September 30, 2019, the Company recognized a reduction to R&D expense of $0.3 million and $0.6 million, respectively.

Stock-Based Compensation

Stock-based compensation expense represents the estimated grant date fair value of the Company’s equity awards, consisting of stock options and shares issued under the Company’s Employee Stock Purchase Plan, recognized over the requisite service period of such 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 and the unrealized gain or loss on the Company’s investment securities held for all periods presented.

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 common stock subject to repurchase and stock 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.

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are shown below in common stock equivalent shares (in thousands):

	September 30,
	2020		2019
Common stock options		4,224		3,107
Unvested common stock subject to repurchase		20		40
		4,244		3,147

Recently Adopted 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. The Company has prospectively adopted ASU 2018-13 as of January 1, 2020 for periods presented after adoption. The adoption of ASU 2018-13 did not have a material impact on the Company’s consolidated financial statements.

Recent Accounting Pronouncements

ASU 2016-13

In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” (“Topic 326”). Topic 326 amends guidance on reporting credit losses for assets held at amortized cost basis and available for sale debt securities. For assets held at amortized cost basis, Topic 326 eliminates the probable initial recognition threshold in current GAAP and, instead, requires an entity to reflect its current estimate of all expected credit losses. The allowance for credit losses is a valuation account that is deducted from the amortized cost basis of the financial assets to present the net amount expected to be collected. For available for sale debt securities, credit losses should be measured in a manner similar to current GAAP, however Topic 326 will require that credit losses be presented as an allowance rather than as a write-down. This ASU update affects entities holding financial assets and net investment in leases that are not accounted for at fair value through net income. This update is effective for the company for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. 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, 2020

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, 2020 and December 31, 2019 (in thousands):

	As of September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	58,658	$	5	$	(7	)	$	58,656
Certificates of deposit		5,310		26		—			5,336
Corporate debt securities		4,992		20		—			5,012
Total	$	68,960	$	51	$	(7	)	$	69,004

	As of December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	43,275	$	94	$	(1	)	$	43,368
Certificates of deposit		5,931		51		—			5,982
Commercial paper		17,645		—		—			17,645
Corporate debt securities		11,067		7		(3	)		11,071
Total	$	77,918	$	152	$	(4	)	$	78,066

All available-for-sale investment securities held at September 30, 2020 and December 31, 2019, 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, 2020 or December 31, 2019. 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, 2020

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, 2020 and December 31, 2019 were as follows (in thousands):

	As of September 30, 2020
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	50,157	$	8,499	$	—	$	58,656
Certificates of deposit		—		5,336		—		5,336
Corporate debt securities		—		5,012		—		5,012
Total assets measured at fair value	$	50,157	$	18,847	$	—	$	69,004

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	15,478	$	27,890	$	—	$	43,368
Certificates of deposit		—		5,982		—		5,982
Commercial paper		—		17,645		—		17,645
Corporate debt securities		—		11,071		—		11,071
Total assets measured at fair value	$	15,478	$	62,588	$	—	$	78,066

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, 2020.

- 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, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Balance Sheet Details

5. BALANCE SHEET DETAILS

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

	September 30, 2020		December 31, 2019
Prepaid research and development costs	$	3,848	$	2,478
Australian tax incentive receivable		1,644		929
Prepaid insurance		1,022		648
Interest receivable		125		224
Prepaid expenses and other assets		659		668
Total	$	7,298	$	4,947

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

	September 30, 2020		December 31, 2019
Leasehold improvements	$	3,494	$	3,494
Lab equipment		1,534		1,468
Office equipment		653		567
Computers and software		41		41
Property and equipment at cost		5,722		5,570
Less accumulated depreciation and amortization		2,333		1,624
Total	$	3,389	$	3,946

Equity Incentive Plans

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans

9. 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, 2020, 2,216,046 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. Under this evergreen provision, on January 1, 2020, an additional 1,214,804 shares became available for future issuance under the 2018 Plan.

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, 2020, 19,630 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 $28,000 as of September 30, 2020.

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, 2020, an aggregate of 638,720 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. Under this evergreen provision, on January 1, 2020, an additional 242,961 shares became available for future issuance under the ESPP.

Stock Options

Activity under the Company’s stock option plans during the nine months ended September 30, 2020 was as follows:

				Weighted-		Weighted-		Aggregate
	Options			Average		Average		Intrinsic
	Outstanding			Exercise		Remaining		Value
	(000’s)			Price		Term		(000’s)
Balance at December 31, 2019		3,127		$	11.52
Granted		1,342		$	20.28
Exercised		(119	)	$	1.60
Forfeited and expired		(126	)	$	19.35
Balance at September 30, 2020		4,224		$	14.35		8.2	$	19,534
Exercisable at September 30, 2020		1,773		$	10.12		7.6	$	13,740

Aggregate intrinsic value is calculated as the difference at September 30, 2020 between the closing price of the Company’s common stock and the exercise price of stock options that had exercise prices below the closing price.

The aggregate intrinsic value of options exercised during the nine months ended September 30, 2020 was $2.0 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 under the Company’s stock option plans and the shares purchasable under the ESPP during the periods presented:

Stock Option Plans	2020	2019
Expected option term	6.0 years	5.9 years
Expected volatility	78%	78%
Risk free interest rate	0.9%	2.3%
Expected dividend yield	—%	—%

ESPP	2020	2019
Expected option term	2.0 years	1.3 years
Expected volatility	82%	62%
Risk free interest rate	0.0%	2.3%
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 option 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 dividends and has no present intention to do so in the future.

The weighted-average fair value of stock options awarded during the nine months ended September 30, 2020 and 2019 was $13.55 and $16.61 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,
	2020		2019		2020		2019
Included in research and development	$	1,376	$	864	$	3,689	$	2,242
Included in general and administrative		1,406		990		3,767		2,221
Total stock-based compensation expense	$	2,782	$	1,854	$	7,456	$	4,463

As of September 30, 2020, unrecognized stock-based compensation cost related to option awards and to the ESPP was $27.4 million and $0.7 million, respectively, which is expected to be recognized over a remaining weighted-average period of approximately 2.5 years and 1.5 years, respectively.

Summary of Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Description of Business

Unaudited Interim Financial Information

Principles of Consolidation and Foreign Currency Transactions

Segment Reporting

Liquidity and Going Concern

COVID-19

Use of Estimates

Fair Value Measurements

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.

Cash, Cash Equivalents and Restricted Cash

Investment Securities

Concentrations of Credit Risk

Leases

Research and Development Expenses

Australian Tax Incentive

Stock-Based Compensation

Comprehensive Loss

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

Net Loss Per Share

Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are shown below in common stock equivalent shares (in thousands):

	September 30,
	2020		2019
Common stock options		4,224		3,107
Unvested common stock subject to repurchase		20		40
		4,244		3,147

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

ASU 2018-13

Recent Accounting Pronouncements

ASU 2016-13

Investment Securities (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019 (in thousands):

	As of September 30, 2020
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	58,658	$	5	$	(7	)	$	58,656
Certificates of deposit		5,310		26		—			5,336
Corporate debt securities		4,992		20		—			5,012
Total	$	68,960	$	51	$	(7	)	$	69,004

	As of December 31, 2019
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Market Value
Available-for-sale investment securities:
U.S. government and agency obligations	$	43,275	$	94	$	(1	)	$	43,368
Certificates of deposit		5,931		51		—			5,982
Commercial paper		17,645		—		—			17,645
Corporate debt securities		11,067		7		(3	)		11,071
Total	$	77,918	$	152	$	(4	)	$	78,066

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

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, 2020 and December 31, 2019 were as follows (in thousands):

	As of September 30, 2020
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	50,157	$	8,499	$	—	$	58,656
Certificates of deposit		—		5,336		—		5,336
Corporate debt securities		—		5,012		—		5,012
Total assets measured at fair value	$	50,157	$	18,847	$	—	$	69,004

	As of December 31, 2019
	Level 1		Level 2		Level 3		Total
Investment securities:
U.S. government and agency obligations	$	15,478	$	27,890	$	—	$	43,368
Certificates of deposit		—		5,982		—		5,982
Commercial paper		—		17,645		—		17,645
Corporate debt securities		—		11,071		—		11,071
Total assets measured at fair value	$	15,478	$	62,588	$	—	$	78,066

Balance Sheet Details (Tables)

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Components of Prepaid Expenses and Other Current Assets

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

	September 30, 2020		December 31, 2019
Prepaid research and development costs	$	3,848	$	2,478
Australian tax incentive receivable		1,644		929
Prepaid insurance		1,022		648
Interest receivable		125		224
Prepaid expenses and other assets		659		668
Total	$	7,298	$	4,947

Components of Property and Equipment, Net

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

	September 30, 2020		December 31, 2019
Leasehold improvements	$	3,494	$	3,494
Lab equipment		1,534		1,468
Office equipment		653		567
Computers and software		41		41
Property and equipment at cost		5,722		5,570
Less accumulated depreciation and amortization		2,333		1,624
Total	$	3,389	$	3,946

Equity Incentive Plans (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Activity Under Stock Option Plans

Activity under the Company’s stock option plans during the nine months ended September 30, 2020 was as follows:

				Weighted-		Weighted-		Aggregate
	Options			Average		Average		Intrinsic
	Outstanding			Exercise		Remaining		Value
	(000’s)			Price		Term		(000’s)
Balance at December 31, 2019		3,127		$	11.52
Granted		1,342		$	20.28
Exercised		(119	)	$	1.60
Forfeited and expired		(126	)	$	19.35
Balance at September 30, 2020		4,224		$	14.35		8.2	$	19,534
Exercisable at September 30, 2020		1,773		$	10.12		7.6	$	13,740

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

Stock Option Plans	2020	2019
Expected option term	6.0 years	5.9 years
Expected volatility	78%	78%
Risk free interest rate	0.9%	2.3%
Expected dividend yield	—%	—%

ESPP	2020	2019
Expected option term	2.0 years	1.3 years
Expected volatility	82%	62%
Risk free interest rate	0.0%	2.3%
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,
	2020		2019		2020		2019
Included in research and development	$	1,376	$	864	$	3,689	$	2,242
Included in general and administrative		1,406		990		3,767		2,221
Total stock-based compensation expense	$	2,782	$	1,854	$	7,456	$	4,463

Operating Lease - Schedule of Future Minimum Payments Under Non-cancellable Operating Leases (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (3 months)	$ 290
2021	1,173
2022	1,208
2023	1,244
2024	1,280
Thereafter	871
Total future minimum lease payments	6,066
Less imputed interest	1,022
Total operating lease liability	5,044
Less operating lease liability, current	810
Operating lease liability, non-current	4,234	$ 4,849
Total operating lease liabilities	$ 5,044

Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	9 Months Ended
	Apr. 17, 2020	Aug. 13, 2019	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019	Jul. 31, 2018
Subsidiary Sale Of Stock [Line Items]
Common stock, shares authorized				200,000,000	200,000,000
Common stock and paid-in capital, par value				$ 0.001	$ 0.001
Preferred stock, shares authorized				10,000,000	10,000,000
Preferred stock, par value				$ 0.001	$ 0.001
Proceeds from issuance of common stock, net		$ 75,000		$ 6,427
Maximum amount of common stock preferred stock debt securities warrants and units to be issued		300,000
Registration Statement effective date				Aug. 29, 2019
Common stock, shares issued				32,941,000	24,296,000
SVB Leerink LLC and Cantor Fitzgerald & Co. \| Maximum [Member]
Subsidiary Sale Of Stock [Line Items]
Sale of common stock at offering price		$ 75,000
Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock, shares				276,000
Initial Public Offering
Subsidiary Sale Of Stock [Line Items]
Common stock, shares authorized						200,000,000
Common stock and paid-in capital, par value						$ 0.001
Preferred stock, shares authorized						10,000,000
Preferred stock, par value						$ 0.001
Proceeds from issuance of common stock, net	$ 107,900
Offering Discounts Commissions And Offering Costs Net	$ 7,300
Initial Public Offering \| Common Stock
Subsidiary Sale Of Stock [Line Items]
Issuance of common stock, shares	8,222,500
Common stock price per share	$ 14.00
ATM Offering
Subsidiary Sale Of Stock [Line Items]
Proceeds from issuance of common stock, net			$ 6,400
Common stock, shares issued			275,764	0

Equity Incentive Plans - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended		9 Months Ended
	Jan. 01, 2020	Jul. 31, 2018	Feb. 28, 2015	Sep. 30, 2020	Sep. 30, 2019
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total intrinsic value of options exercised				$ 2.0
Dividend yield				0.00%
Weighted-average fair value of stock options granted to employees per share				$ 13.55	$ 16.61
Unrecognized stock-based compensation cost				$ 27.4
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period				2 years 6 months
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%
Unrecognized stock-based compensation cost				$ 0.7
Weighted-average period of unrecognized stock-based compensation cost expected to be recognized over remaining period				1 year 6 months
Common Stock \| ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Plan expiration date				Jan. 01, 2028
Shares reserved for issuance, authorized				638,720
Additional shares available for future issuance	242,961
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				2,216,046
Plan expiration date				Jan. 01, 2028
Annual increase in the number of shares available for issuance				5.00%
2018 Plan \| Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Additional shares available for future issuance	1,214,804
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				19,630
Unvested stock liability				$ 28,000.0

Equity Incentive Plans - Summary of Activity Under Stock Option Plans (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2020
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning balance	3,127
Options Outstanding, Granted	1,342
Options Outstanding, Exercised	(119)
Options Outstanding, Forfeited and expired	(126)
Options Outstanding, Ending balance	4,224
Options Exercisable, Ending balance	1,773
Weighted-Average Exercise Price, Beginning balance	$ 11.52
Weighted-Average Exercise Price, Granted	20.28
Weighted Average Exercise Price, Exercised	1.60
Weighted Average Exercise Price, Forfeited and expired	19.35
Weighted-Average Exercise Price, Ending balance	14.35
Weighted-Average Exercise Price, Exercisable	$ 10.12
Weighted-Average Remaining Term, Ending balance	8 years 2 months 12 days
Weighted-Average Remaining Term, Exercisable	7 years 7 months 6 days
Aggregate Intrinsic Value, Ending balance	$ 19,534
Aggregate Intrinsic Value, Exercisable	$ 13,740

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Issuance of common stock in at-the-market offering, issuance costs	$ 199
Follow On Public Offering
Issuance of common stock in public offering, issuance costs	$ 7,259

Organization and Basis of Presentation - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020 USD ($) Segment	Dec. 31, 2019 USD ($)
Organization And Basis Of Presentation [Line Items]
Number of operating segments \| Segment	1
Unrestricted cash, cash equivalents and investments securities	$ 186,800,000
Accumulated deficit	$ 145,973,000	$ 93,802,000
Minimum
Organization And Basis Of Presentation [Line Items]
Period of sufficient cash to meet its funding requirements	12 months

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
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	$ 0.2	$ 0.3	$ 0.6	$ 0.6
Accounts Payable And Accrued Expenses
Summary Of Significant Accounting Policies [Line Items]
Accrued research and development expenses	$ 2.1		$ 2.1		$ 2.8

Fair Value Measurements - Additional Information (Details)	9 Months Ended
	Sep. 30, 2020 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

Operating Lease - Additional Information (Details) - 2018 Operating Lease - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
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	$ 0.3	$ 0.2	0.8	$ 0.7
Cash paid for operating lease liabilities			$ 0.8	$ 0.8

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2020	Dec. 31, 2019
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	32,941,000	24,296,000
Common stock and paid-in capital, shares outstanding	32,921,000	24,263,000

Summary of Significant Accounting Policies - 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, 2020	Sep. 30, 2019
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	4,244	3,147
Common Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	4,224	3,107
Unvested Common Stock Subject to Repurchase
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	20	40

Investment Securities - Summary of Available-For-Sale Investment Securities Held by the Company (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	$ 68,960	$ 77,918
Available-for-sale investment securities, Gross Unrealized Gains	51	152
Available-for-sale investment securities, Gross Unrealized Losses	(7)	(4)
Available-for-sale investment securities, Fair Market Value	69,004	78,066
U.S. Government and Agency Obligations
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	58,658	43,275
Available-for-sale investment securities, Gross Unrealized Gains	5	94
Available-for-sale investment securities, Gross Unrealized Losses	(7)	(1)
Available-for-sale investment securities, Fair Market Value	58,656	43,368
Certificates of Deposit
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	5,310	5,931
Available-for-sale investment securities, Gross Unrealized Gains	26	51
Available-for-sale investment securities, Fair Market Value	5,336	5,982
Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost	4,992	11,067
Available-for-sale investment securities, Gross Unrealized Gains	20	7
Available-for-sale investment securities, Gross Unrealized Losses		(3)
Available-for-sale investment securities, Fair Market Value	$ 5,012	11,071
Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Available-for-sale investment securities, Amortized Cost		17,645
Available-for-sale investment securities, Fair Market Value		$ 17,645

Investment Securities - Additional Information (Details) - USD ($)	Sep. 30, 2020	Dec. 31, 2019
Investments Debt And Equity Securities [Abstract]
Available-for-sale investment securities maturity period, maximum	24 months	24 months
Available-for-sale, unrealized loss position	0	0

Fair Value Measurements - Schedule of Financial Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	$ 69,004	$ 78,066
Level 1
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	50,157	15,478
Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	18,847	62,588
U.S. Government and Agency Obligations
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	58,656	43,368
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	50,157	15,478
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	8,499	27,890
Certificates of Deposit
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	5,336	5,982
Certificates of Deposit \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	5,336	5,982
Corporate Debt Securities
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	5,012	11,071
Corporate Debt Securities \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value	$ 5,012	11,071
Commercial Paper
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value		17,645
Commercial Paper \| Level 2
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Total assets measured at fair value		$ 17,645

Balance Sheet Details - Components of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract]
Prepaid research and development costs	$ 3,848	$ 2,478
Australian tax incentive receivable	1,644	929
Prepaid insurance	1,022	648
Interest receivable	125	224
Prepaid expenses and other assets	659	668
Total	$ 7,298	$ 4,947

Balance Sheet Details - Components of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 5,722	$ 5,570
Less accumulated depreciation and amortization	2,333	1,624
Total	3,389	3,946
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	1,534	1,468
Office Equipment
Property Plant And Equipment [Line Items]
Property and equipment at cost	653	567
Computers and Software
Property Plant And Equipment [Line Items]
Property and equipment at cost	$ 41	$ 41