Related Party Transactions |
3 Months Ended |
---|---|
Mar. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transactions |
Note 7. Related Party Transactions In June 2014, the Company entered into a research grant and license agreement (the Agreement) with a stockholder of the Company. The Agreement requires the Company to pay royalties to the stockholder in the amount of 3% of gross revenues not to exceed $1.05 million. This agreement was amended in April 2019 and the royalty payment provision was removed. As described in Note 5, the Company entered into a three-year lease agreement with a Series B redeemable preferred stock investor. The lease began on July 16, 2018 and provides 3,185 square feet of office space in South San Francisco, California. The Company issued 114,437 restricted shares of its Series B redeemable convertible preferred stock in exchange for the leased facility. During the three months ended March 31, 2019, 9,537 shares vested under the lease agreement. As described in Note 1, the Company completed its IPO in May 2019. As a result of the IPO, 82,649 shares of previously restricted Series B redeemable convertible preferred stock under the lease agreement became fully vested and were converted to common stock. |