2019 Q1 Form 10-Q Financial Statement
#000156459019015358 Filed on May 02, 2019
Income Statement
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| Revenue | $308.0K | $497.0K |
| YoY Change | -38.03% | 10.69% |
| Cost Of Revenue | $16.19M | |
| YoY Change | ||
| Gross Profit | -$15.88M | |
| YoY Change | ||
| Gross Profit Margin | -5157.14% | |
| Selling, General & Admin | $5.340M | $2.700M |
| YoY Change | 97.78% | 167.33% |
| % of Gross Profit | ||
| Research & Development | $15.92M | $11.02M |
| YoY Change | 44.49% | 120.75% |
| % of Gross Profit | ||
| Depreciation & Amortization | $80.00K | $10.00K |
| YoY Change | 700.0% | |
| % of Gross Profit | ||
| Operating Expenses | $19.67M | $13.72M |
| YoY Change | 43.39% | 128.46% |
| Operating Profit | -$15.88M | -$13.22M |
| YoY Change | 20.15% | 137.98% |
| Interest Expense | $796.0K | $563.0K |
| YoY Change | 41.39% | 595.06% |
| % of Operating Profit | ||
| Other Income/Expense, Net | $796.0K | $563.0K |
| YoY Change | 41.39% | |
| Pretax Income | -$15.38M | -$12.66M |
| YoY Change | 21.48% | 131.44% |
| Income Tax | -$180.0K | |
| % Of Pretax Income | ||
| Net Earnings | -$18.87M | -$12.66M |
| YoY Change | 49.11% | 131.22% |
| Net Earnings / Revenue | -6127.6% | -2546.68% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | -$1.888M | -$2.877M |
| COMMON SHARES | ||
| Basic Shares Outstanding | 23.26M | 22.98M shares |
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $121.5M | $155.8M |
| YoY Change | -22.02% | |
| Cash & Equivalents | $62.00M | $78.53M |
| Short-Term Investments | $59.60M | $77.30M |
| Other Short-Term Assets | $3.700M | $3.600M |
| YoY Change | 2.78% | |
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | $234.0K | |
| Other Receivables | $0.00 | |
| Total Short-Term Assets | $125.2M | $159.7M |
| YoY Change | -21.57% | |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | $143.0K | $25.00K |
| YoY Change | 472.0% | |
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $20.70M | |
| YoY Change | ||
| Other Assets | $200.0K | $83.00K |
| YoY Change | 140.96% | |
| Total Long-Term Assets | $1.078M | $20.82M |
| YoY Change | -94.82% | |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $125.2M | $159.7M |
| Total Long-Term Assets | $1.078M | $20.82M |
| Total Assets | $126.3M | $180.5M |
| YoY Change | -30.02% | |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | $3.800M | $3.501M |
| YoY Change | 8.54% | |
| Accrued Expenses | $6.400M | $3.174M |
| YoY Change | 101.64% | |
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $10.60M | $8.471M |
| YoY Change | 25.13% | |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $0.00 | $20.00K |
| YoY Change | -100.0% | |
| Total Long-Term Liabilities | $0.00 | $20.00K |
| YoY Change | -100.0% | |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $10.60M | $8.471M |
| Total Long-Term Liabilities | $0.00 | $20.00K |
| Total Liabilities | $10.63M | $14.78M |
| YoY Change | -28.08% | |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | -$129.5M | -$71.85M |
| YoY Change | 80.25% | |
| Common Stock | $245.2M | $3.000K |
| YoY Change | 8171566.67% | |
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $78.00M | $165.7M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $126.3M | $180.5M |
| YoY Change | -30.04% |
Cashflow Statement
| Concept | 2019 Q1 | 2018 Q1 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | -$18.87M | -$12.66M |
| YoY Change | 49.11% | 131.22% |
| Depreciation, Depletion And Amortization | $80.00K | $10.00K |
| YoY Change | 700.0% | |
| Cash From Operating Activities | -$16.64M | -$11.20M |
| YoY Change | 48.54% | 100.61% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$140.0K | |
| YoY Change | ||
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | $7.880M | -$45.78M |
| YoY Change | -117.21% | -703.16% |
| Cash From Investing Activities | $7.740M | -$45.78M |
| YoY Change | -116.91% | -703.37% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | $125.4M | |
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | 20.00K | $125.4M |
| YoY Change | -99.98% | |
| NET CHANGE | ||
| Cash From Operating Activities | -16.64M | -11.20M |
| Cash From Investing Activities | 7.740M | -$45.78M |
| Cash From Financing Activities | 20.00K | $125.4M |
| Net Change In Cash | -8.880M | 68.41M |
| YoY Change | -112.98% | 3315.33% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | -$16.64M | -$11.20M |
| Capital Expenditures | -$140.0K | |
| Free Cash Flow | -$16.50M | |
| YoY Change |
Facts In Submission
| Frame | Concept Type | Concept / XBRL Key | Value | Unit |
|---|---|---|---|---|
| CY2019Q1 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
3706000 | |
| CY2019Q1 | us-gaap |
Assets Current
AssetsCurrent
|
125222000 | |
| CY2019Q1 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
143000 | |
| CY2018Q4 | us-gaap |
Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
|
146000 | |
| CY2019Q1 | us-gaap |
Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
|
223000 | |
| CY2018Q4 | us-gaap |
Prepaid Expense And Other Assets Noncurrent
PrepaidExpenseAndOtherAssetsNoncurrent
|
282000 | |
| CY2019Q1 | us-gaap |
Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
|
670000 | |
| CY2019Q1 | us-gaap |
Operating Lease Liability
OperatingLeaseLiability
|
684000 | |
| CY2018Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
7000 | |
| CY2019Q1 | us-gaap |
Liabilities
Liabilities
|
10627000 | |
| CY2018Q4 | us-gaap |
Liabilities
Liabilities
|
9551000 | |
| CY2019Q1 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2018Q4 | us-gaap |
Commitments And Contingencies
CommitmentsAndContingencies
|
||
| CY2019Q1 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2018Q4 | us-gaap |
Preferred Stock Value
PreferredStockValue
|
||
| CY2019Q1 | us-gaap |
Common Stock Value
CommonStockValue
|
3000 | |
| CY2018Q4 | us-gaap |
Common Stock Value
CommonStockValue
|
3000 | |
| CY2019Q1 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
245147000 | |
| CY2018Q4 | us-gaap |
Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
|
241106000 | |
| CY2019Q1 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-10000 | |
| CY2018Q4 | us-gaap |
Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
|
-96000 | |
| CY2019Q1 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-129509000 | |
| CY2018Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
-110636000 | |
| CY2019Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
115631000 | |
| CY2018Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
130377000 | |
| CY2019Q1 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
126258000 | |
| CY2018Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
139928000 | |
| CY2019Q1 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2018Q4 | us-gaap |
Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
|
0.0001 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
300000000 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Authorized
CommonStockSharesAuthorized
|
300000000 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
23672235 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Issued
CommonStockSharesIssued
|
22233184 | |
| CY2019Q1 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
23672235 | |
| CY2018Q4 | us-gaap |
Common Stock Shares Outstanding
CommonStockSharesOutstanding
|
22233184 | |
| CY2018Q1 | us-gaap |
Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
|
497000 | |
| CY2019Q1 | us-gaap |
Type Of Revenue Extensible List
TypeOfRevenueExtensibleList
|
us-gaap:LicenseAndServiceMember | |
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Type Of Revenue Extensible List
TypeOfRevenueExtensibleList
|
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Research And Development Expense
ResearchAndDevelopmentExpense
|
15923000 | |
| CY2018Q1 | us-gaap |
Research And Development Expense
ResearchAndDevelopmentExpense
|
11020000 | |
| CY2019Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
3746000 | |
| CY2018Q1 | us-gaap |
General And Administrative Expense
GeneralAndAdministrativeExpense
|
2697000 | |
| CY2019Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
19669000 | |
| CY2018Q1 | us-gaap |
Operating Expenses
OperatingExpenses
|
13717000 | |
| CY2019Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-19669000 | |
| CY2018Q1 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
-13220000 | |
| CY2019Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
796000 | |
| CY2018Q1 | us-gaap |
Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
|
563000 | |
| CY2019Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-18873000 | |
| CY2018Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-12657000 | |
| CY2019Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
86000 | |
| CY2018Q1 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-151000 | |
| CY2019Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-18787000 | |
| CY2018Q1 | us-gaap |
Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
|
-12808000 | |
| CY2019Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.81 | |
| CY2018Q1 | us-gaap |
Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
|
-0.72 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
23286282 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
|
17583377 | |
| CY2017Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
-57034000 | |
| CY2018Q1 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities
StockIssuedDuringPeriodValueConversionOfConvertibleSecurities
|
109327000 | |
| CY2018Q1 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
125389000 | |
| CY2018Q1 | mnlo |
Adjustment To Additional Paid In Capital Vesting Of Early Exercised Stock Options
AdjustmentToAdditionalPaidInCapitalVestingOfEarlyExercisedStockOptions
|
6000 | |
| CY2018Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
822000 | |
| CY2018Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
165702000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
83000 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
300000 | |
| CY2019Q1 | mnlo |
Adjustment To Additional Paid In Capital Vesting Of Early Exercised Stock Options
AdjustmentToAdditionalPaidInCapitalVestingOfEarlyExercisedStockOptions
|
7000 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
|
1019000 | |
| CY2019Q1 | us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
229000 | |
| CY2019Q1 | mnlo |
Operating Lease Right Of Use Asset Amortization
OperatingLeaseRightOfUseAssetAmortization
|
177000 | |
| CY2018Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
123000 | |
| CY2018Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
822000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-552000 | |
| CY2018Q1 | mnlo |
Increase Decrease In Prepaid Expenses And Other Current Assets
IncreaseDecreaseInPrepaidExpensesAndOtherCurrentAssets
|
-75000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
|
85000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
1039000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
|
-385000 | |
| CY2019Q1 | mnlo |
Increase Decrease In Operating Lease Liability
IncreaseDecreaseInOperatingLeaseLiability
|
-163000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
|
-449000 | |
| CY2018Q1 | us-gaap |
Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
|
4000 | |
| CY2018Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-11202000 | |
| CY2019Q1 | mnlo |
Depreciation Depletion And Amortization Excluding Amortization Of Discounts And Premiums
DepreciationDepletionAndAmortizationExcludingAmortizationOfDiscountsAndPremiums
|
14000 | |
| CY2018Q1 | mnlo |
Depreciation Depletion And Amortization Excluding Amortization Of Discounts And Premiums
DepreciationDepletionAndAmortizationExcludingAmortizationOfDiscountsAndPremiums
|
5000 | |
| CY2019Q1 | us-gaap |
Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
|
240000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation
ShareBasedCompensation
|
1019000 | |
| CY2019Q1 | us-gaap |
Proceeds From Stock Plans
ProceedsFromStockPlans
|
300000 | |
| CY2019Q1 | mnlo |
Non Cash Operating Lease Addition Of Right Of Use Asset
NonCashOperatingLeaseAdditionOfRightOfUseAsset
|
847000 | |
| CY2018Q1 | us-gaap |
Conversion Of Stock Amount Converted1
ConversionOfStockAmountConverted1
|
109327000 | |
| CY2019Q1 | us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1.<font style="margin-left:36pt;">Formation and Business of the Company</font></p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Menlo Therapeutics Inc. (the “Company”) is a late‑stage biopharmaceutical company focused on the development and commercialization of serlopitant for the treatment of pruritus, or itch, associated with various conditions such as prurigo nodularis, psoriasis and chronic pruritus of unknown origin, or CPUO. The Company believes serlopitant, a highly selective small molecule inhibitor of the neurokinin 1 receptor, or NK1-R, given as a once-daily, oral tablet, has the potential to significantly alleviate pruritus. </p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company was incorporated in Delaware in October 2011. Since commencing operations, the Company has devoted substantially all of its resources to developing its product candidate, serlopitant, including conducting clinical trials and providing general and administrative support for these operations.</p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;font-weight:bold;color:#000000;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Shelf Registration Statement and At-the-Market Offering</p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:4pt;"> </p> <p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000000;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">On February 1, 2019, the Company filed a shelf registration statement on Form S-3, which permitted: (a) the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $150.0 million of its common stock, preferred stock, debt securities, warrants, purchase contracts and/or units; and (b) as part of the $150.0 million, the offering, issuance and sale by the Company of up to a maximum aggregate offering price of $50.0 million of its common stock that may be issued and sold under a sales agreement with Cantor Fitzgerald & Co in one or more at-the-market offerings</font>. Cantor Fitzgerald is entitled to compensation for its services equal to up to 3.0% of the gross proceeds of any shares of common stock sold through Cantor Fitzgerald under the Sales Agreement.  </p> <p style="margin-bottom:0pt;margin-top:9pt;text-indent:0%;color:#000000;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In March 2019, the Company issued 358,614 shares of its common stock pursuant to the Company’s at-the-market offering program at an average price of $8.08 per share for aggregate offering proceeds of $3.0 million and aggregate net proceeds of $2.9 million, after deducting sales agent fees and before offering costs. In April 2019, the Company issued 244,316 shares of its common stock pursuant to the at-the-market offering program at an average price of $7.83 per share for aggregate offering proceeds of $1.9 million and aggregate net proceeds of $1.8 million, after deducting sales agent fees and total year-to-date aggregate net proceeds under the at-the-market offering program of $4.7 million. </p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Initial Public Offering</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In January 2018, the Company completed its initial public offering (“IPO”) of shares of its common stock, pursuant to which the Company issued 8,050,000 shares of common stock, which includes 1,050,000 shares issued pursuant to the underwriter’s option to purchase additional shares, and received net proceeds of approximately $125.4 million, after deducting underwriting discounts, commissions and offering expenses. In connection with the completion of the Company's IPO, all shares of convertible preferred stock converted into 9,629,405 shares of common stock.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Liquidity and Capital Resources</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The accompanying financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. The financial statements do not reflect any adjustments relating to the recoverability and classification of assets and liabilities that might be necessary if the Company is unable to continue as a going concern. Since inception, the Company has incurred losses and negative cash flows from operations. For the three months ended March 31, 2019, the Company incurred a net loss of $18.9 million and used<font style="font-size:10pt;"> </font>$18.1<font style="font-size:10pt;"> </font>million of cash in operations. As of March 31, 2019, the Company had cash, cash equivalents and investments of $121.5 million and an accumulated deficit of<font style="font-size:10pt;"> </font>$129.5 million.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Management expects to continue to incur additional substantial losses in the foreseeable future as the Company continues its development, seeks regulatory approval of, and, if approved, begins to commercialize serlopitant. Management plans to finance operations through equity or debt financings or other capital sources, including potential collaborations or other strategic transactions. There can be no assurances that, in the event that the Company requires additional financing, such financing will be available on terms which are favorable to the Company, or at all. If the Company is unable to raise additional funding to meet its working capital needs in the future, it will be forced to delay or reduce the scope of its research programs and/or limit or cease its operations.</p> <p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company believes that its existing cash, cash equivalents and investments as of March 31, 2019 will provide sufficient funds to enable it to meet its obligations for at least the next 12 months from the issuance of our financial statements as of and for the three months ended March 31, 2019.</p> | |
| CY2019Q1 | us-gaap |
Use Of Estimates
UseOfEstimates
|
<p style="margin-top:9pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-size:9.5pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:4pt;margin-bottom:0pt;text-indent:0%;font-size:9.5pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Preparation of financial statements in conformity with U.S. Generally Accepted Accounting Principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting periods covered by the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, stock‑based compensation expense, the resolution of uncertain tax positions and valuation allowance and accruals for research and development costs. Management bases its estimates on historical experience or various assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ materially from those estimates.</p> | |
| CY2019Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
6181112 | |
| CY2018Q1 | us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
6355952 | |
| CY2019Q1 | mnlo |
Maximum Amount Of Offering Price Of Securities In Transaction
MaximumAmountOfOfferingPriceOfSecuritiesInTransaction
|
150000000 | |
| CY2019Q1 | us-gaap |
Investments And Cash
InvestmentsAndCash
|
121500000 | |
| CY2019Q1 | us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | |
| CY2019Q1 | us-gaap |
Revenues
Revenues
|
0 | |
| CY2019Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-18873000 | |
| CY2018Q1 | us-gaap |
Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
|
-12657000 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
23332570 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
|
17709274 | |
| CY2019Q1 | us-gaap |
Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
|
46288 | |
| CY2018Q1 | us-gaap |
Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
|
125897 | |
| CY2019Q1 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2018Q1 | us-gaap |
Available For Sale Securities Gross Realized Gain Loss Net
AvailableForSaleSecuritiesGrossRealizedGainLossNet
|
0 | |
| CY2019Q1 | us-gaap |
Availableforsale Securities In Unrealized Loss Positions Qualitative Disclosure Number Of Positions Greater Than Or Equal To One Year
AvailableforsaleSecuritiesInUnrealizedLossPositionsQualitativeDisclosureNumberOfPositionsGreaterThanOrEqualToOneYear
|
0 | |
| CY2019Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
121526000 | |
| CY2019Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
15000 | |
| CY2019Q1 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
25000 | |
| CY2019Q1 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
121516000 | |
| CY2019Q1 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
121516000 | |
| CY2018Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
136346000 | |
| CY2018Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
2000 | |
| CY2018Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
98000 | |
| CY2018Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
136250000 | |
| CY2018Q4 | us-gaap |
Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
|
136250000 | |
| CY2019Q1 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
117772000 | |
| CY2018Q4 | us-gaap |
Assets Fair Value Disclosure
AssetsFairValueDisclosure
|
134562000 | |
| CY2016Q3 | mnlo |
Number Of Milestones
NumberOfMilestones
|
2 | |
| CY2019Q1 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
706000 | |
| CY2018Q4 | us-gaap |
Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
|
2649000 | |
| CY2019Q1 | mnlo |
Accrued Clinical And Development Expenses
AccruedClinicalAndDevelopmentExpenses
|
5031000 | |
| CY2018Q4 | mnlo |
Accrued Clinical And Development Expenses
AccruedClinicalAndDevelopmentExpenses
|
3349000 | |
| CY2019Q1 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
424000 | |
| CY2018Q4 | us-gaap |
Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
|
256000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Discount Rate
LesseeOperatingLeaseDiscountRate
|
0.060 | |
| CY2019Q1 | us-gaap |
Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
|
P1Y | |
| CY2019Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
200000 | |
| CY2018Q1 | us-gaap |
Operating Lease Expense
OperatingLeaseExpense
|
200000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
|
528000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
|
179000 | |
| CY2019Q1 | mnlo |
Lessee Operating Leases Present Value Adjustment
LesseeOperatingLeasesPresentValueAdjustment
|
23000 | |
| CY2019Q1 | us-gaap |
Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
|
684000 | |
| CY2019Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
1019000 | |
| CY2018Q1 | us-gaap |
Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
|
822000 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3905470 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod
|
108881 | |
| CY2019Q1 | us-gaap |
Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
|
34418 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
|
60355 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
|
3822526 | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
5.35 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures And Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice
|
9.13 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
|
2.41 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
|
6.99 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
|
5.26 | |
| CY2018 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y7M24D | |
| CY2019Q1 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
|
P8Y4M17D | |
| CY2018Q4 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
2509000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
130000 | |
| CY2019Q1 | us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
|
11103000 |
