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Balance Sheet Details
12 Months Ended
Dec. 31, 2020
Organization Consolidation And Presentation Of Financial Statements [Abstract]  
Balance Sheet Details

4. Balance Sheet Details

Short-term investments consisted of the following (dollar amounts in thousands):

 

 

 

December 31, 2020

 

Description

 

Maturity

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Commercial paper

 

1 year or less

 

$

94,873

 

 

$

5

 

 

$

(6

)

 

$

94,872

 

U.S. Treasury securities

 

1 year or less

 

 

11,614

 

 

 

2

 

 

 

(1

)

 

 

11,615

 

U.S. government agency debt securities

 

1 year or less

 

 

13,169

 

 

 

1

 

 

 

 

 

 

13,170

 

 

 

 

 

$

119,656

 

 

$

8

 

 

$

(7

)

 

$

119,657

 

 

 

 

December 31, 2019

 

Description

 

Maturity

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

Commercial paper

 

1 year or less

 

$

10,903

 

 

$

3

 

 

$

 

 

$

10,906

 

Corporate debt securities

 

1 year or less

 

 

3,370

 

 

 

1

 

 

 

 

 

 

3,371

 

U.S. Treasury securities

 

1 year or less

 

 

1,249

 

 

 

1

 

 

 

 

 

 

1,250

 

 

 

 

 

$

15,522

 

 

$

5

 

 

$

 

 

$

15,527

 

 

Long-term investments consisted of the following (dollar amounts in thousands):

 

 

 

December 31, 2020

 

Description

 

Maturity

 

Amortized

Cost

 

 

Gross

Unrealized

Gains

 

 

Gross

Unrealized

Losses

 

 

Estimated

Fair Value

 

U.S. Treasury securities

 

After 1 year through 5 years

 

$

5,126

 

 

$

 

 

$

 

 

$

5,126

 

U.S. government agency debt securities

 

After 1 year through 5 years

 

 

7,072

 

 

 

1

 

 

 

 

 

 

7,073

 

 

 

 

 

$

12,198

 

 

$

1

 

 

$

 

 

$

12,199

 

 

The Company did not have any long-term investments at December 31, 2019. 

 

The Company concluded that the declines in market value of available-for-sale securities were temporary in nature and did not consider any of the investments to be other-than-temporarily impaired. In accordance with its investment policy, the Company invests in investment grade securities with high credit quality issuers, and generally limits the amount of credit exposure to any one issuer. The Company evaluates securities for other-than-temporary impairment at the end of each reporting period. Impairment is evaluated considering numerous factors, and their relative significance varies depending on the situation. Factors considered include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the issuer, and the Company’s intent and ability to hold the investment to allow for an anticipated recovery in fair value. Furthermore, the aggregate of individual unrealized losses that had been outstanding for 12 months or less was not significant as of December 31, 2020 and December 31, 2019. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell the investments before a recovery of their amortized cost bases, which may be maturity. The Company also believes that it will be able to collect both principal and interest amounts due at maturity.

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

 

 

 

At December 31,

2020

 

 

At December 31,

2019

 

Interest receivable

 

$

155

 

 

$

104

 

Prepaid insurance

 

 

1,723

 

 

 

47

 

Prepaid research studies

 

 

804

 

 

 

 

Prepaid other

 

 

600

 

 

 

177

 

Total

 

$

3,282

 

 

$

328

 

 

Noncurrent prepaid expenses consisted of the following (dollar amounts in thousands):

 

 

 

At December 31,

2020

 

 

At December 31,

2019

 

 

Prepaid clinical trial and other

 

$

3,183

 

 

$

 

 

 

 

$

3,183

 

 

$

 

 

 

Property and equipment consisted of the following (dollar amounts in thousands):

 

 

 

At December 31,

2020

 

 

At December 31,

2019

 

Laboratory equipment and manufacturing equipment

 

$

339

 

 

$

308

 

Furniture and fixtures

 

 

254

 

 

 

 

Computer equipment and software

 

 

287

 

 

 

53

 

Leasehold improvements

 

 

2,095

 

 

 

47

 

 

 

 

2,975

 

 

 

408

 

Less accumulated depreciation

 

 

(327

)

 

 

(110

)

Total

 

$

2,648

 

 

$

298

 

 

Depreciation expense for the years ended December 31, 2020 and 2019 totaled $217 thousand and $83 thousand, respectively.

Accrued expenses consisted of the following (dollar amounts in thousands):

 

 

At December 31,

2020

 

 

At December 31,

2019

 

Payroll and related liabilities

 

$

2,296

 

 

$

861

 

Professional fees

 

 

454

 

 

 

268

 

Research and development costs

 

 

2,997

 

 

 

1,086

 

Deferred rent

 

 

279

 

 

 

 

Other

 

 

878

 

 

 

120

 

Total

 

$

6,904

 

 

$

2,335