SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

Summary of Net Assets Acquired

The following table summarizes the net assets acquired based on their estimated fair values immediately prior to the Merger (in thousands):

Cash and cash equivalents	$	13,017
Marketable securities	23,959
Prepaid expenses and other current assets	1,474
Accrued liabilities	(2,357		)
Net acquired tangible assets	$	36,093

Fair Value Measurements, Recurring and Nonrecurring

The following tables set forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):

	December 31, 2019
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	7,232	$	—	$	—
U.S. treasuries	4,497		—		—
Total	$	11,729	$	—	$	—

	December 31, 2018
	Level 1		Level 2		Level 3
Assets:
Money market funds	$	8,067	$	—	$	—
Liabilities:
Redeemable convertible preferred stock warrant liability	$	—	$	—	$	242
Contingent consideration	—		—		145
Total	$	—	$	—	$	387

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments as follows (in thousands):

	Derivative Liability			Common Stock Warrant Liability			Redeemable Convertible Preferred Stock Warrant Liability			Contingent Consideration Liabilities
Fair value as of December 31, 2018	$	—		$	—		$	242		$	145
Fair value of financial instruments issued	1,442			1,492			—			—
Change in fair value	11			17			(240		)	(145		)
Reclassification to equity	(1,453		)	(1,509		)	(2		)	—
Fair value as of December 31, 2019	$	—		$	—		$	—		$	—

Fair Value Measurement Inputs and Valuation Techniques

The fair value of the outstanding warrants was remeasured for the following period end using the Black-Scholes option-pricing model with the following assumptions:

	2018
Expected term (in years)	7.1
Expected volatility	30.00	%
Risk free interest rate	2.59	%
Expected dividend yield	—	%

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share

The following table sets forth the potential common shares excluded from the calculation of net loss per common share, because their inclusion would be anti-dilutive:

	Year Ended December 31,
	2019	2018
Warrants to purchase common stock	720,982	55,344
Options to purchase common stock	525,665	376,299
Redeemable convertible preferred stock (as converted into common stock)	—	1,256,466
Warrants to purchase redeemable convertible preferred stock (as converted into common stock)	—	9,005
Total	1,246,647	1,697,114

Segment Data

The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is identifying, developing and commercializing innovative and differentiated therapeutics for the treatment of skin diseases. No revenue from sales of product has been generated since inception, and all tangible assets are held in the United States.