2019 Q1 Form 10-Q Financial Statement
#000156459020025816 Filed on May 15, 2020
Income Statement
| Concept | 2019 Q1 |
|---|---|
| Revenue | $5.000M |
| YoY Change | 430.79% |
| Cost Of Revenue | |
| YoY Change | |
| Gross Profit | |
| YoY Change | |
| Gross Profit Margin | |
| Selling, General & Admin | $3.940M |
| YoY Change | 3.14% |
| % of Gross Profit | |
| Research & Development | $16.15M |
| YoY Change | 92.24% |
| % of Gross Profit | |
| Depreciation & Amortization | $351.0K |
| YoY Change | -37.66% |
| % of Gross Profit | |
| Operating Expenses | $20.09M |
| YoY Change | 64.37% |
| Operating Profit | -$15.09M |
| YoY Change | 33.77% |
| Interest Expense | $360.0K |
| YoY Change | 111.76% |
| % of Operating Profit | |
| Other Income/Expense, Net | $316.0K |
| YoY Change | 251.11% |
| Pretax Income | -$14.42M |
| YoY Change | 30.73% |
| Income Tax | |
| % Of Pretax Income | |
| Net Earnings | -$14.42M |
| YoY Change | 30.76% |
| Net Earnings / Revenue | -288.36% |
| Basic Earnings Per Share | |
| Diluted Earnings Per Share | -$5.655M |
| COMMON SHARES | |
| Basic Shares Outstanding | 51.04M |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2019 Q1 |
|---|---|
| SHORT-TERM ASSETS | |
| Cash & Short-Term Investments | $105.3M |
| YoY Change | 66.35% |
| Cash & Equivalents | $32.41M |
| Short-Term Investments | $73.70M |
| Other Short-Term Assets | $3.100M |
| YoY Change | 34.78% |
| Inventory | |
| Prepaid Expenses | |
| Receivables | |
| Other Receivables | |
| Total Short-Term Assets | $108.5M |
| YoY Change | 65.4% |
| LONG-TERM ASSETS | |
| Property, Plant & Equipment | $14.10M |
| YoY Change | -9.62% |
| Goodwill | |
| YoY Change | |
| Intangibles | |
| YoY Change | |
| Long-Term Investments | |
| YoY Change | |
| Other Assets | $900.0K |
| YoY Change | 3650.0% |
| Total Long-Term Assets | $15.00M |
| YoY Change | -9.94% |
| TOTAL ASSETS | |
| Total Short-Term Assets | $108.5M |
| Total Long-Term Assets | $15.00M |
| Total Assets | $123.5M |
| YoY Change | 50.14% |
| SHORT-TERM LIABILITIES | |
| YoY Change | |
| Accounts Payable | $2.000M |
| YoY Change | 63.67% |
| Accrued Expenses | $7.600M |
| YoY Change | 45.54% |
| Deferred Revenue | |
| YoY Change | |
| Short-Term Debt | $0.00 |
| YoY Change | |
| Long-Term Debt Due | |
| YoY Change | |
| Total Short-Term Liabilities | $9.600M |
| YoY Change | 18.52% |
| LONG-TERM LIABILITIES | |
| Long-Term Debt | $0.00 |
| YoY Change | |
| Other Long-Term Liabilities | $12.90M |
| YoY Change | -7.86% |
| Total Long-Term Liabilities | $12.90M |
| YoY Change | -7.86% |
| TOTAL LIABILITIES | |
| Total Short-Term Liabilities | $9.600M |
| Total Long-Term Liabilities | $12.90M |
| Total Liabilities | $22.50M |
| YoY Change | 1.81% |
| SHAREHOLDERS EQUITY | |
| Retained Earnings | |
| YoY Change | |
| Common Stock | |
| YoY Change | |
| Preferred Stock | |
| YoY Change | |
| Treasury Stock (at cost) | |
| YoY Change | |
| Treasury Stock Shares | |
| Shareholders Equity | $101.0M |
| YoY Change | |
| Total Liabilities & Shareholders Equity | $123.5M |
| YoY Change | 50.06% |
Cashflow Statement
| Concept | 2019 Q1 |
|---|---|
| OPERATING ACTIVITIES | |
| Net Income | -$14.42M |
| YoY Change | 30.76% |
| Depreciation, Depletion And Amortization | $351.0K |
| YoY Change | -37.66% |
| Cash From Operating Activities | -$13.43M |
| YoY Change | 11.59% |
| INVESTING ACTIVITIES | |
| Capital Expenditures | $9.000K |
| YoY Change | |
| Acquisitions | |
| YoY Change | |
| Other Investing Activities | $16.16M |
| YoY Change | 1715.73% |
| Cash From Investing Activities | $16.15M |
| YoY Change | 1708.17% |
| FINANCING ACTIVITIES | |
| Cash Dividend Paid | |
| YoY Change | |
| Common Stock Issuance & Retirement, Net | |
| YoY Change | |
| Debt Paid & Issued, Net | |
| YoY Change | |
| Cash From Financing Activities | 56.00K |
| YoY Change | 21.74% |
| NET CHANGE | |
| Cash From Operating Activities | -13.43M |
| Cash From Investing Activities | 16.15M |
| Cash From Financing Activities | 56.00K |
| Net Change In Cash | 2.774M |
| YoY Change | -125.0% |
| FREE CASH FLOW | |
| Cash From Operating Activities | -$13.43M |
| Capital Expenditures | $9.000K |
| Free Cash Flow | -$13.44M |
| YoY Change | 11.67% |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2019Q1 | us-gaap |
Investment Income Interest
InvestmentIncomeInterest
|
357000 | |
| CY2020Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-10105000 | |
| CY2020Q1 | us-gaap |
Interest Expense
InterestExpense
|
3000 | |
| CY2020Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
52146633 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
36000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
17000 | |
| CY2020Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-9842000 | |
| CY2019Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-14401000 | |
| CY2020Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.19 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
50976907 | |
| CY2020Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
578000 | |
| CY2020Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
26000 | |
| CY2020Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
36000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
114342000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
3000 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
801000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
|
169000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
53000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
17000 | |
| CY2020Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-9878000 | |
| CY2019Q1 | us-gaap |
Profit Loss
ProfitLoss
|
-14418000 | |
| CY2020Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
357000 | |
| CY2019Q1 | us-gaap |
Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
|
351000 | |
| CY2020Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
26000 | |
| CY2019Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
317000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
578000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
801000 | |
| CY2019Q1 | us-gaap |
Issuance Of Stock And Warrants For Services Or Claims
IssuanceOfStockAndWarrantsForServicesOrClaims
|
169000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
1085000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Prepaid Expenses Other
IncreaseDecreaseInPrepaidExpensesOther
|
653000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
|
88000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-1082000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
120000 | |
| CY2020Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-2139000 | |
| CY2019Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
858000 | |
| CY2020Q1 | pti |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-275000 | |
| CY2019Q1 | pti |
Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
|
-252000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-13550000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-13429000 | |
| CY2020Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
5232000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
20844000 | |
| CY2020Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
26000000 | |
| CY2019Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
37000000 | |
| CY2019Q1 | us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
9000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
20768000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
16147000 | |
| CY2019Q1 | us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
3000 | |
| CY2020Q1 | us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
26000 | |
| CY2019Q1 | us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
53000 | |
| CY2020Q1 | us-gaap |
Proceeds From Short Term Debt
ProceedsFromShortTermDebt
|
1220000 | |
| CY2020Q1 | us-gaap |
Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
|
121000 | |
| CY2020Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
1125000 | |
| CY2019Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
56000 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
8343000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
2774000 | |
| CY2019Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
25836000 | |
| CY2018Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
29638000 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
34179000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
32412000 | |
| CY2020Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<div align="left"> <table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse; width:100%;"> <tr> <td valign="top" style="width:4.54%;white-space:nowrap"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">1.</font></p></td> <td valign="top"> <p style="margin-bottom:0pt;margin-top:0pt;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Nature of the Business</p></td></tr></table></div> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Proteostasis Therapeutics, Inc. (the “Company”) was incorporated in Delaware on December 13, 2006. The Company is a clinical stage biopharmaceutical company committed to the discovery and development of novel therapeutics to treat cystic fibrosis (“CF”) through theratyping, or the process of matching modulators to individual response to treatment regardless of CFTR mutations. CF is a disease caused by defects in the function or abundance of cystic fibrosis transmembrane conductance regulator (“CFTR”) protein. Although, CF is defined as a monogenic recessive genetic disorder caused by mutations in the CFTR gene, there is a broad range of disease activity for different organ systems in CF, including lung disease, meconium ileus, diabetes, and liver disease, even for CF patients who are homozygous for the most common mutation, F508del mutation. In summary, CF genotype does not always match CF phenotype.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Since its inception, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, acquiring and developing product and technology rights, and conducting research and development activities. It has funded its operations to date with proceeds from the sale of preferred stock, the issuance of convertible promissory notes, proceeds from its initial public offering in February 2016, proceeds from its follow-on public offerings, and payments received in connection with collaboration agreements and a research grant, as well as funds from the sale of stock under the at-the-market offering program described below. The Company does not have any products approved for sale and has not generated any revenue from product sales.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company has not generated any revenue since inception. As a result, the Company has incurred recurring losses and requires significant cash resources to execute its business plans. In accordance with ASC 205-40, <font style="font-style:italic;">Going Concern</font> (“ASC 205-40”), the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the financial statements are issued<font style="color:#000000;">.</font> <font style="color:#000000;">As of March 31, 2020, the Company had an accumulated deficit of $346.5 million. The Company has incurred losses and negative cash flows from operations since its inception. During the three months ended March 31, 2020, the Company incurred losses of $9.9 million and used $13.6 million of cash in operations. </font>The Company expects that its operating losses and negative cash flows will continue for the foreseeable future. The Company currently expects that its cash, cash equivalents and short-term investments of<font style="color:#000000;"> $57.1 million will be sufficient to fund its operating expenses and capital requirements, based upon its current operating plan, for at least 12 months from the date that these financial statements are issued.</font> However, additional funding will be necessary to fund its proposed Phase 3 Modulator Options to RestorE CFTR (“MORE”) trial and to advance the Company’s proprietary combination therapy candidates through regulatory approval and into commercialization, if approved. The Company will seek additional funding through public financings, debt financings, collaboration agreements, strategic alliances and licensing arrangements. Although the Company has been successful in raising capital in the past, there is no assurance that it will be successful in obtaining such additional financing on terms acceptable to the Company, if at all, and the Company may not be able to enter into collaborations or other arrangements. The <font style="color:#000000;">novel coronavirus (“COVID-19”)</font> pandemic continues to rapidly evolve and has already resulted in a significant disruption of global financial markets. If the disruption persists and deepens, the Company could experience an inability to access additional capital, when and if needed. If the Company is unable to obtain funding, the Company could be forced to delay, reduce, or eliminate its research and development programs, product portfolio expansion, or commercialization efforts, which could adversely affect its business prospects, or the Company may be unable to continue operations.</p> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">At-the-Market Offering Program</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In May 2019, the Company entered into a sales agreement with H.C. Wainwright & Co., LLC (“HCW”) with respect to an at-the-market (“ATM”) offering program under which the Company may issue and sell, from time-to-time at its sole discretion, shares of its common stock, in an aggregate offering amount of up to $56.6 million (the “HCW ATM program”). HCW acts as the Company’s sales agent and will use commercially reasonable efforts to sell shares of common stock from time-to-time, based upon instruction from the Company. Common stock will be sold at prevailing market prices at the time of the sale, and as a result, prices may vary. The Company will pay HCW up to 3% of the gross proceeds from any common stock sold through the sales agreement. As of December 31, 2019, the Company sold 987,653 shares of its common stock for total net proceeds of approximately $3.5 million under the HCW ATM program. The Company did not sell any shares of its common stock under the ATM program during the three months ended March 31, 2020.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2018, the Company entered into a sales agreement with Leerink Partners LLC (“Leerink”) with respect to an ATM offering program under which the Company could have issued and sold, from time to time at its sole discretion, shares of its common stock, in an aggregate offering amount of up to $50.0 million. As of March 31, 2019, the Company had sold an aggregate of 3,475,166 shares of its common stock for total net proceeds of approximately $21.6 million under the ATM program. Effective April 7, 2019, the Company terminated this ATM offering program.</p> | |
| CY2020Q1 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
23753000 | |
| CY2019Q1 | us-gaap |
Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
|
0 | |
| CY2020Q1 | us-gaap |
Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
|
0 | |
| CY2019Q1 | us-gaap |
Federal Income Tax Expense Benefit Continuing Operations
FederalIncomeTaxExpenseBenefitContinuingOperations
|
0 | |
| CY2019Q1 | us-gaap |
State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
|
0 | |
| CY2019Q4 | pti |
Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
|
767000 | |
| CY2020Q1 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
1629000 | |
| CY2019Q4 | us-gaap |
Prepaid Insurance
PrepaidInsurance
|
125000 | |
| CY2020Q1 | pti |
Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
|
431000 | |
| CY2019Q4 | pti |
Other Prepaid Expenses And Other Current Assets
OtherPrepaidExpensesAndOtherCurrentAssets
|
512000 | |
| CY2020Q1 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
429000 | |
| CY2019Q4 | us-gaap |
Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
|
397000 | |
| CY2020Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
51000 | |
| CY2020Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual for research and development expenses, and the valuation of common stock and the derivative liability. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.</p> | |
| CY2020Q1 | us-gaap |
Comparability Of Prior Year Financial Data
ComparabilityOfPriorYearFinancialData
|
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:4.54%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">Summary of Significant Accounting Policies</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company’s significant accounting policies, which are disclosed in the audited consolidated financial statements for the year ended December 31, 2019 and the notes thereto, are included in the Company’s Annual Report on Form 10-K that was filed with the SEC on March 10, 2020. There were no changes to significant accounting policies during the three months ended March 31, 2020, except for the items noted below. </p> | |
| CY2019Q4 | pti |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
3186000 | |
| CY2019Q4 | us-gaap |
Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
|
0 | |
| CY2020Q1 | pti |
Fair Value Option Methodology And Assumption
FairValueOptionMethodologyAndAssumption
|
Monte-Carlo simulation analysis | |
| CY2020Q1 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
0 | |
| CY2019Q4 | us-gaap |
Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
|
0 | |
| CY2020Q1 | pti |
Prepaid Clinical Manufacturing And Scientific Expenses Current
PrepaidClinicalManufacturingAndScientificExpensesCurrent
|
429000 | |
| CY2019Q4 | us-gaap |
Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
|
0 | |
| CY2020Q1 | us-gaap |
Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
|
0 | |
| CY2019Q4 | us-gaap |
Fair Value Assets Level2 To Level1 Transfers Amount
FairValueAssetsLevel2ToLevel1TransfersAmount
|
0 | |
| CY2020Q1 | us-gaap |
Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
|
0 | |
| CY2019Q4 | us-gaap |
Fair Value Liabilities Level1 To Level2 Transfers Amount
FairValueLiabilitiesLevel1ToLevel2TransfersAmount
|
0 | |
| CY2020Q1 | us-gaap |
Fair Value Liabilities Level2 To Level1 Transfers Amount
FairValueLiabilitiesLevel2ToLevel1TransfersAmount
|
0 | |
| CY2020Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
57100000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
23710000 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities Amortized Cost
AvailableForSaleSecuritiesAmortizedCost
|
44452000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
43000 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
9000 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
2000 | |
| CY2019Q4 | us-gaap |
Available For Sale Securities
AvailableForSaleSecurities
|
44459000 | |
| CY2020Q1 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2019Q1 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2020Q1 | us-gaap |
Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
|
0 | |
| CY2020Q1 | us-gaap |
Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
|
0 | |
| CY2020Q1 | pti |
Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
|
3127000 | |
| CY2020Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
1118000 | |
| CY2019Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
3203000 | |
| CY2019Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
78000 | |
| CY2020Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
578000 | |
| CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
970000 | |
| CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
4364839 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
1528600 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
|
363028 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
5530411 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
|
2509969 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
|
5447161 | |
| CY2019Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
5.30 | |
| CY2020Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
462000 | |
| CY2019Q1 | us-gaap |
Operating Lease Cost
OperatingLeaseCost
|
462000 | |
| CY2020Q1 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
103000 | |
| CY2019Q1 | us-gaap |
Variable Lease Cost
VariableLeaseCost
|
137000 | |
| CY2020Q1 | us-gaap |
Lease Cost
LeaseCost
|
565000 | |
| CY2019Q1 | us-gaap |
Lease Cost
LeaseCost
|
599000 | |
| CY2020Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
425000 | |
| CY2019Q1 | us-gaap |
Operating Lease Payments
OperatingLeasePayments
|
414000 | |
| CY2020Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
12921000 | |
| CY2019Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
14000000 | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P8Y | |
| CY2019Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P9Y | |
| CY2020Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0450 | |
| CY2019Q1 | us-gaap |
Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
|
0.0450 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
1308000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
1780000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
|
1829000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
|
1880000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
|
1931000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
|
6825000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
15553000 | |
| CY2020Q1 | us-gaap |
Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
|
2632000 | |
| CY2020Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
12921000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
|
4.23 | |
| CY2019 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y3M25D | |
| CY2020Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P7Y10M6D | |
| CY2020Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
|
P6Y5M23D | |
| CY2020Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
|
P7Y11M15D | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
1.57 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
|
6.34 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
4.20 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
|
5.79 | |
| CY2019Q4 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
|
132000 | |
| CY2020Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Equity Instruments Other Than Options Aggregate Intrinsic Value Outstanding
SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueOutstanding
|
14000 | |
| CY2020Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
|
5000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
|
14000 | |
| CY2020Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested In Period Fair Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1
|
1700000 | |
| CY2020Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
|
1.10 | |
| CY2020Q1 | pti |
Share Based Compensation Arrangement By Share Based Payment Award Requisite Service Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardRequisiteServicePeriod
|
P4Y | |
| CY2020Q1 | us-gaap |
State And Local Income Tax Expense Benefit Continuing Operations
StateAndLocalIncomeTaxExpenseBenefitContinuingOperations
|
0 | |
| CY2020Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
5534930 | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
4564427 | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
|
P10Y | |
| CY2018Q1 | us-gaap |
Lessee Operating Lease Renewal Term
LesseeOperatingLeaseRenewalTerm
|
P7Y |
