Balance Sheet Details

6 Months Ended

Jun. 30, 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):

	June 30, 2020
Description	Maturity	Amortized Costs		Gross Unrealized Gains		Gross Unrealized Losses			Estimated Fair Value
Commercial paper	1 year or less	$	9,100	$	11	$	(1	)	$	9,110
Corporate debt securities	1 year or less		2,888		—		—			2,888
U.S. Treasury securities	1 year or less		1,003		3		—			1,006
		$	12,991	$	14	$	(1	)	$	13,004

	December 31, 2019
Description	Maturity	Amortized Costs		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

Total short-term investments at June 30, 2020 with unrealized losses were as follows (dollar amounts in thousands):

	June 30, 2020
Description	Maturity	Fair Value		Unrealized Losses
Commercial paper	1 year or less	$	2,611	$	(1	)
		$	2,611	$	(1	)

The Company did not have any short-term investments with unrealized losses at December 31, 2019.

The Company concluded that the net 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 June 30, 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 June 30, 2020		At December 31, 2019
Interest receivable	$	82	$	104
Prepaid research studies		285		—
Prepaid seminars		122		—
Prepaid insurance		9		47
Prepaid taxes		39		42
Prepaid other		256		135
Total	$	793	$	328

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

	At June 30, 2020			At December 31, 2019
Laboratory equipment and manufacturing equipment	$	312		$	308
Furniture and fixtures		98			—
Computer equipment		92			53
Leasehold improvements		505			47
		1,007			408
Less accumulated depreciation		(161	)		(110	)
Total	$	846		$	298

Depreciation expense for the three months ended June 30, 2020 and 2019 was $26 thousand and $19 thousand, respectively. Depreciation expense for the six months ended June 30, 2020 and 2019 was $51 thousand and $38 thousand, respectively.

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

	At June 30, 2020		At December 31, 2019
Payroll and related liabilities	$	736	$	861
Professional fees		1,110		268
Research and development costs		2,697		1,086
Other		785		120
Total	$	5,328	$	2,335