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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 06, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	SPRINGWORKS THERAPEUTICS, INC.
Entity Central Index Key	0001773427
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Shell Company	false
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		43,010,490
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 311,075	$ 327,652
Prepaid expenses and other current assets	2,567	3,709
Total current assets	313,642	331,361
Property and equipment, net	885	795
Equity investment	876	976
Restricted cash	565	540
Other assets	1,440	1,159
Total assets	317,408	334,831
Current liabilities:
Accounts payable	1,617	2,654
Accrued expenses	6,595	8,953
Deferred rent	370	363
Total current liabilities	8,582	11,970
Long-term portion of deferred rent	692	789
Total liabilities	9,274	12,759
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.0001 par value, 150,000,000 shares authorized, 43,003,733 and 43,006,077 shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively.	4	4
Additional paid-in capital	396,453	395,097
Accumulated deficit	(88,323)	(73,029)
Total stockholders’ equity	308,134	322,072
Total liabilities and stockholders’ equity	$ 317,408	$ 334,831

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Condensed Consolidated Balance Sheets
Common stock, Par value	$ 0.0001	$ 0.0001
Common stock, Shares authorized	150,000,000	150,000,000
Common stock, Shares issued	43,003,733	43,006,077
Common stock, Shares outstanding	43,003,733	43,006,077

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating expenses:
Research and development	$ 9,727	$ 8,423
General and administrative	6,403	3,265
Total operating expenses	16,130	11,688
Loss from operations	(16,130)	(11,688)
Other income:
Interest income, net	936	279
Total other income	936	279
Equity investment loss	(100)
Net loss	(15,294)	(11,409)
Reconciliation of net loss to net loss attributable to common stockholders:
Net loss	(15,294)	(11,409)
Net gain attributable to extinguishment of Series A convertible preferred and Junior Series A convertible preferred units	0	7,729
Net loss attributable to common stockholders, basic and diluted	$ (15,294)	$ (3,680)
Net loss per share, basic and diluted	$ (0.37)	$ (5.41)
Weighted average common shares outstanding, basic and diluted	41,789,120	680,006

Condensed Consolidated Statements of Preferred Stock and Members'/Stockholders’ Deficit - USD ($) $ in Thousands	Junior Series A convertible preferred	Common stock options issued and outstanding	Additional Paid-in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2018	$ 2,014		$ 1,069	$ (22,452)	$ (19,369)
Beginning balance (in shares) at Dec. 31, 2018	6,437,500	3,101,206
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Convertible preferred extinguishment	$ 1,868			(1,868)
Forfeiture of restricted stock awards (in shares)		(12,570)
Stock-based compensation			723		723
Convertible preferred extinguishment				9,597	9,597
Net loss				(11,409)	(11,409)
Ending balance at Mar. 31, 2019	$ 3,882		1,792	(26,132)	(20,458)
Ending balance (in shares) at Mar. 31, 2019	6,437,500	3,088,636
Beginning balance at Dec. 31, 2019		$ 4	395,097	(73,029)	322,072
Beginning balance (in shares) at Dec. 31, 2019		43,006,077
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Forfeiture of restricted stock awards (in shares)		(5,228)
Stock-based compensation			1,350		1,350
Exercise of stock options			6		6
Exercise of stock options (in shares)		2,884
Net loss				(15,294)	(15,294)
Ending balance at Mar. 31, 2020		$ 4	$ 396,453	$ (88,323)	$ 308,134
Ending balance (in shares) at Mar. 31, 2020		43,003,733

Condensed Consolidated Statements of Preferred Stock and Members'/Stockholders’ Deficit - Temporary Equity - 3 months ended Mar. 31, 2019 - USD ($) $ in Thousands	Series A convertible preferred stock	Series B convertible preferred stock	Series A and B Convertible Preferred Stock	Total
Beginning balance at Dec. 31, 2018			$ 62,930
Beginning balance (in shares) at Dec. 31, 2018			63,600,000
Increase (Decrease) in Temporary Equity [Roll Forward]
Issuance of convertible preferred units, net	$ 39,367	$ 124,590
Issuance of convertible preferred units, net (in shares)	39,400,000	86,639,279
Convertible preferred extinguishment				$ 9,597
Convertible preferred extinguishment (in shares)			9,597,000
Ending balance at Mar. 31, 2019			$ 217,290
Ending balance (in shares) at Mar. 31, 2019			189,639,279

Condensed Consolidated Statements of Preferred Stock and Members'/Stockholders’ Deficit (Parenthetical)	3 Months Ended
	Mar. 31, 2019 USD ($)
Series B convertible preferred stock
Legal Costs	$ 413,063

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Activities
Net loss	$ (15,294)	$ (11,409)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	70	21
Stock compensation expense	1,350	723
Equity investment loss	100
Changes in Operating Assets and Liabilities
Prepaid expenses and other current assets	1,142	756
Other assets	(281)	(120)
Accounts payable	(1,037)	108
Accrued expenses	(2,358)	2,827
Deferred rent	(90)	(83)
Net cash used in operating activities	(16,398)	(7,177)
Investing activities
Capital expenditures	(160)	(261)
Net cash used in investing activities	(160)	(261)
Financing Activities
Proceeds from issuance of Series A convertible preferred shares, net of issuance costs		39,367
Proceeds from issuance of Series B convertible preferred shares, net of issuance costs		124,590
Proceeds from stock option exercises	6
Net cash provided by financing activities	6	163,957
Net increase in cash and cash equivalents	(16,552)	156,519
Cash and cash equivalents including Restricted cash, beginning of period	328,192	46,188
Cash and cash equivalents including Restricted cash, end of period	$ 311,640	$ 202,707

Nature of Operations	3 Months Ended
Nature of Operations	Mar. 31, 2020
Nature of Operations
Nature of Operations	1. Nature of Operations SpringWorks Therapeutics, Inc. (the “Company”) was formed in Delaware on August 18, 2017. Prior to March 29, 2019, the Company conducted its business through SpringWorks Therapeutics, LLC, a Delaware limited liability company. On March 29, 2019, it completed a series of transactions pursuant to which SpringWorks MergerSub LLC, a wholly owned subsidiary of the Company, merged with SpringWorks Therapeutics, LLC, with SpringWorks Therapeutics, LLC surviving the merger as a wholly owned subsidiary of the Company. The Company is a clinical-stage biopharmaceutical company applying a precision medicine approach to acquiring, developing and commercializing life-changing medicines for underserved patient populations suffering from devastating rare diseases and cancer. The Company has a differentiated portfolio of small molecule targeted oncology product candidates and is advancing two potentially registrational clinical trials in rare tumor types, as well as several other programs addressing highly prevalent, genetically defined cancers. Two of the programs are late stage clinical product candidates: nirogacestat and mirdametinib. The Company has incurred losses and negative operating cash flows since inception and had an accumulated deficit of $88.3 million and $73.0 million and working capital of $305.0 million and $319.0 million at March 31, 2020 and December 31, 2019, respectively. The Company is subject to those risks associated with any biopharmaceutical company that has substantial expenditures for development. There can be no assurance that the Company’s development projects will be successful, that products developed will obtain necessary regulatory approval, or that any approved product will be commercially viable. In addition, the Company operates in an environment of rapid technological change and is largely dependent on the services of its employees, advisors, consultants and vendors. The Company had cash and cash equivalents of $311.1 million and $327.7 million as of March 31, 2020 and December 31, 2019, respectively. Based on the Company's cash and cash equivalents balance at March 31, 2020, management estimates that its cash and cash equivalents balance will enable it to meet operating expenses through at least twelve months after the date that these financial statements were issued. COVID-19 Pandemic On March 11, 2020, the World Health Organization designated the outbreak of the disease associated with the novel strain of coronavirus known as COVID-19 as a global pandemic. Governments and businesses around the world have taken unprecedented actions to mitigate the spread of COVID-19, including, but not limited to, shelter-in-place orders, quarantines, significant restrictions on travel, as well as restrictions that prohibit many employees from going to work. Uncertainty with respect to the economic impacts of the pandemic has introduced significant volatility in the financial markets. The Company did not observe significant impacts on its business or results of operations for the three months ended March 31, 2020 due to the global emergence of COVID-19. While the extent to which COVID-19 impacts the Company’s future results will depend on future developments, the pandemic and associated economic impacts could result in a material impact to the Company’s future financial condition, results of operations and cash flows.

Basis of Presentation	3 Months Ended
Basis of Presentation	Mar. 31, 2020
Basis of Presentation
Basis of Presentation	2. Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The Company does not have any components of other comprehensive income recorded within its consolidated financial statements and therefore does not separately present a statement of comprehensive income in its condensed consolidated financial statements. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, accrued expenses and deferred tax asset valuation allowances. Management bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions. Research and Development Expenses Research and development expenses consist of expenses incurred in performing development activities, including salaries and benefits, equity-based compensation expenses, materials and supplies, preclinical expenses, clinical trial and related clinical manufacturing expenses, depreciation of equipment, contract services and other outside expenses. Costs for certain development activities, such as manufacturing and clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the condensed consolidated financial statements as prepaid or accrued development expenses. Nonrefundable advance payments for goods or services to be received in the future for use in development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed. Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment functioning exclusively in the United States. Recently Issued Accounting Pronouncements (not yet adopted) In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” This standard requires entities that lease assets to recognize on the balance sheet the assets and liabilities of the rights and obligations created by those leases. The Company will use the new transition option and is also utilizing the package of practical expedients that allows it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. The Company additionally expects to use the practical expedient that allows it to treat the lease and non-lease components of its leases as a single component. The Company has identified two leasing arrangements and is currently assessing the financial impact on the consolidated balance sheet. The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards. ASU 2016-02 is effective for the Company for annual reporting periods beginning after December 15, 2020, and early adoption is permitted. In August 2018, the FASB issued ASU No. 2018-15, Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). The FASB issued ASU 2018-15 to align the requirements for capitalizing implementation costs incurred in a cloud-based hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for the Company for annual and interim reporting periods beginning after December 15, 2020, and early adoption is permitted. The amendments under ASU 2018-15 may be applied either retrospectively or prospectively to all implementation costs incurred after adoption. The Company is evaluating the impact of ASU 2018-15 on its financial statements.

Fair Value Measurements	3 Months Ended
Fair Value Measurements	Mar. 31, 2020
Fair Value Measurements
Fair Value Measurements	3. Fair Value Measurements Management believes that the carrying amounts of the Company’s financial instruments, including accounts payable and accrued expenses, approximate fair value due to the short-term nature of those instruments. The Company classifies financial assets and liabilities measured on a recurring basis in one of the following three categories: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets, or liabilities. Level 2 — Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the instrument. Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The Company considers all highly liquid instruments that have maturities of three months or less when acquired to be cash equivalents. The Company had cash and cash equivalents at March 31, 2020 and December 31, 2019 of $311.1 million and $327.7 million, respectively, consisting of money market funds and are measured at fair value at the reporting date using quoted prices in active markets for identical assets (Level 1). The Company has no other financial assets or liabilities that are measured at fair value on a recurring basis.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Investment and Variable Interest Entity	3 Months Ended
Investment and Variable Interest Entity	Mar. 31, 2020
Investment and Variable Interest Entity
Investment and Variable Interest Entity	4. Investment and Variable Interest Entity MapKure June 2019, the Company announced the formation of MapKure, an entity jointly owned by the Company and BeiGene Ltd. (“BeiGene”). BeiGene licensed to MapKure exclusive rights to BGB‑3245, an oral, small molecule selective inhibitor of specific BRAF driver mutations and genetic fusions. MapKure is advancing BGB‑3245 through clinical development for solid tumor patients harboring BRAF driver mutations and genetic fusions that were observed to be sensitive to the compound in preclinical studies. In addition to the Company’s equity ownership in MapKure, the Company has appointed a member to each of MapKure’s joint steering committee and board of directors. The Company will also contribute to clinical development and other operational activities for BGB‑3245 through a service agreement with MapKure. The Company purchased 3,500,000 Series A preferred units of MapKure, or a 25% ownership interest, of the outstanding unit for $3.5 million, and BeiGene received 10,000,000 Series A preferred units as payment for its contributed intellectual property, or a 71.4% ownership interest. Two individuals each purchased 250,000 Series A preferred units, or 1.8% ownership interest each. Upon the first anniversary of the initial closing (the “Second Closing”), MapKure is obligated to sell another 4,000,000 Series A preferred units to the same two individuals and the Company. At the Second Closing, the Company is obligated to purchase 3,500,000 Series A preferred units, which will increase the Company’s ownership to 38.9%. The Company determined that MapKure is a variable interest entity, but the Company is not the primary beneficiary. The Company does not have the power to direct the activities that most significantly impact the economic performance of MapKure. Accordingly, the Company does not consolidate the financial statements of this entity and accounts for this investment using equity method accounting. In accordance with ASC 323-10-35-6, the Company records MapKure’s earnings or losses based on a one quarter lag. The Company recognized an equity loss of $0.1 million for the three months ended. The Company’s ownership interest in MapKure is included in “Equity method investments” in the Condensed Consolidated Balance Sheet as of March 31, 2020. The balance of the Company’s investment was $0.9 million at March 31, 2020, representing the maximum exposure to loss as a result of the Company’s involvement with MapKure.

Accrued Expenses

3 Months Ended

Mar. 31, 2020

Accrued Expenses

Accrued Expenses

5. Accrued Expenses

Accrued expenses consisted of the following:


	March 31,		December 31,
(in thousands)	2020		2019
Accrued professional fees	$	1,112	$	793
Accrued compensation and benefits		1,084		3,147
Accrued research and development		3,970		4,447
Accrued other		429		566
	$	6,595	$	8,953

Commitments and Contingencies

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies

Commitments and Contingencies

6. Commitments and Contingencies

Leases

The Company’s future minimum lease obligations as of March 31, 2020 are as follows:


	Premises Operating
(in thousands)	Leases
2020		1,009
2021		1,372
2022		1,297
2023		135
Total Obligations	$	3,813

The Company recorded rent expense of $0.4 million for the three months ended March 31, 2020 and the three months ended March 31, 2019.

Contingencies

From time to time, the Company may be involved in disputes or regulatory inquiries that arise in the ordinary course of business. When the Company determines that a loss is both probable and reasonably estimable, a liability is recorded and disclosed if the amount is material to the financial statements taken as a whole. When a material loss contingency is only reasonably possible, the Company does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can reasonably be made.

As of March 31, 2020, there was no litigation or contingency with at least a reasonable possibility of a material loss.

Equity-Based Compensation	3 Months Ended
Equity-Based Compensation	Mar. 31, 2020
Equity-Based Compensation
Equity-Based Compensation	7. Equity-Based Compensation 2019 Equity Incentive Plan The 2019 Equity Incentive Plan provides for the grant of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock units, restricted stock awards, unrestricted stock awards and dividend equivalent rights to the Company’s officers, employees, directors and other key persons (including consultants). The number of shares reserved for issuance under the 2019 Equity Incentive Plan is cumulatively increased each January 1 by 5% of the number of shares of the Company’s common stock outstanding on the immediately preceding December 31 or such lesser number of shares determined by the Company’s compensation committee. Effective January 1, 2020, the number of shares reserved for issuance under the 2019 Equity Incentive Plan was increased by 2,150,304 shares. The terms of stock options and restricted stock awards, including vesting requirements, are determined by the Board of Directors or its delegates, subject to the provisions of the 2019 Equity Incentive Plan. Stock options and restricted stock awards granted by the Company to employees and directors generally vest over four years. As of March 31, 2020, there were 4,591,448 shares available for issuance under the 2019 Equity Incentive Plan. Share-Based Awards During the three months ended March 31, 2020, the Company granted 1,144,900 stock option awards to executive officers and employees under the 2019 Equity Incentive Plan. During the three months ended March 31, 2020, 147,449 restricted stock awards previously issued to employees of the Company vested, and 2,884 stock options were exercised. As of March 31, 2020, there were 665,256 stock options vested and exercisable. In June 2019, the Company’s CEO received an award of 176,411 stock options (the “2019 CEO Performance Award”) at an exercise price of $7.50 per share. During the quarter ended March 31, 2020, 40,427 options of the CEO Performance Award became exercisable upon the satisfaction of the market condition applicable to this award. Share-based compensation expense included in general and administrative expense, and research and development expense, for the three months ended March 31, 2020 was $1.0 million and $0.4 million, respectively, and $0.6 million and $0.1 million, respectively, the for three months ended March 31, 2019. As of March 31, 2020, the unrecognized compensation expense related to unvested stock options and restricted stock awards was $32.8 million and $0.7 million, respectively, which is expected to be recognized over a weighted-average remaining period of approximately 3.45 years and 1.27 years, respectively. As of March 31, 2020, the Company had 4,349,449 stock options outstanding and 1,136,760 unvested restricted stock awards.

Net Loss per Share and Unit

3 Months Ended

Mar. 31, 2020

Net Loss per Share and Unit

Net Loss per Share and Unit

8. Net Loss per Share

Since the Company had a net loss in each of the periods presented, basic and diluted net loss per share are the same. The table below provides potential common shares not included in the calculation of the diluted net loss per share for the three months ended March 31, 2020 and March 31, 2019, because to do so would be anti-dilutive:


	Three Months Ended March 31,
	2020	2019
Common stock options issued and outstanding	4,349,449	148,415
Restricted stock subject to future vesting	1,136,760	2,262,563
	5,486,209	2,410,978

Basis of Presentation (Policies)	3 Months Ended
Basis of Presentation (Policies)	Mar. 31, 2020
Basis of Presentation
Basis of Presentation	Basis of Presentation The Company’s unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and Article 10 of Regulation S-X of the Securities and Exchange Commission ("SEC"), and should be read in conjunction with the Company's consolidated financial statements and notes thereto contained in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 ("2019 Form 10-K") filed with the SEC. The condensed consolidated financial statements presented in this Quarterly Report on Form 10-Q are unaudited; however, in the opinion of management, such financial statements reflect all adjustments, consisting solely of normal recurring adjustments, necessary for a fair presentation of the results for the interim periods presented. The Company does not have any components of other comprehensive income recorded within its consolidated financial statements and therefore does not separately present a statement of comprehensive income in its condensed consolidated financial statements.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the financial statements and accompanying notes. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, accrued expenses and deferred tax asset valuation allowances. Management bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. On an ongoing basis, management evaluates its estimates as there are changes in circumstances, facts and experience. Actual results may differ from those estimates or assumptions.
Research and Development Expenses	Research and Development Expenses Research and development expenses consist of expenses incurred in performing development activities, including salaries and benefits, equity-based compensation expenses, materials and supplies, preclinical expenses, clinical trial and related clinical manufacturing expenses, depreciation of equipment, contract services and other outside expenses. Costs for certain development activities, such as manufacturing and clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using either time-based measures or data such as information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the condensed consolidated financial statements as prepaid or accrued development expenses. Nonrefundable advance payments for goods or services to be received in the future for use in development activities are deferred and capitalized. The capitalized amounts are expensed as the related goods are delivered or the services are performed.
Segment Information	Segment Information Operating segments are defined as components of an entity about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment functioning exclusively in the United States.
Recently Issued Accounting Pronouncements (not yet adopted)	Recently Issued Accounting Pronouncements (not yet adopted) In February 2016, the FASB issued ASU 2016-02 “Leases (Topic 842).” This standard requires entities that lease assets to recognize on the balance sheet the assets and liabilities of the rights and obligations created by those leases. The Company will use the new transition option and is also utilizing the package of practical expedients that allows it to not reassess: (1) whether any expired or existing contracts are or contain leases, (2) lease classification for any expired or existing leases, and (3) initial direct costs for any expired or existing leases. The Company additionally expects to use the practical expedient that allows it to treat the lease and non-lease components of its leases as a single component. The Company has identified two leasing arrangements and is currently assessing the financial impact on the consolidated balance sheet. The Company qualifies as an emerging growth company (“EGC”) as defined under the Jumpstart Our Business Startups Act (the “JOBS Act”). Using exemptions provided under the JOBS Act provided to EGCs, the Company has elected to defer compliance with new or revised financial accounting standards until it is required to comply with such standards. ASU 2016-02 is effective for the Company for annual reporting periods beginning after December 15, 2020, and early adoption is permitted. In August 2018, the FASB issued ASU No. 2018-15, Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract (“ASU 2018-15”). The FASB issued ASU 2018-15 to align the requirements for capitalizing implementation costs incurred in a cloud-based hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for the Company for annual and interim reporting periods beginning after December 15, 2020, and early adoption is permitted. The amendments under ASU 2018-15 may be applied either retrospectively or prospectively to all implementation costs incurred after adoption. The Company is evaluating the impact of ASU 2018-15 on its financial statements.

Accrued Expenses (Tables)

3 Months Ended

Mar. 31, 2020

Accrued Expenses

Schedule of accrued expenses

Accrued expenses consisted of the following:


	March 31,		December 31,
(in thousands)	2020		2019
Accrued professional fees	$	1,112	$	793
Accrued compensation and benefits		1,084		3,147
Accrued research and development		3,970		4,447
Accrued other		429		566
	$	6,595	$	8,953

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2020

Commitments and Contingencies

Schedule of future minimum lease obligations

The Company’s future minimum lease obligations as of March 31, 2020 are as follows:


	Premises Operating
(in thousands)	Leases
2020		1,009
2021		1,372
2022		1,297
2023		135
Total Obligations	$	3,813

Net Loss per Share and Unit (Tables)

3 Months Ended

Mar. 31, 2020

Net Loss per Share and Unit

Schedule of potential common units not included in the calculation of the diluted net loss per unit and share


	Three Months Ended March 31,
	2020	2019
Common stock options issued and outstanding	4,349,449	148,415
Restricted stock subject to future vesting	1,136,760	2,262,563
	5,486,209	2,410,978

Nature of Operations (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Nature of Operations
Accumulated deficit	$ (88,323)	$ (73,029)
Working Capital	305,000	319,000
Cash and cash equivalents	$ 311,075	$ 327,652

Basis of Presentation (Details)	3 Months Ended
Basis of Presentation (Details)	Mar. 31, 2020 segment agreement
Basis of Presentation
Number of Operating Segments \| segment	1
Number of Leasing Arrangements \| agreement	2

Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2020	Dec. 31, 2019
Level 1 \| Recurring
Fair Value Measurements
Cash and cash equivalents	$ 311.1	$ 327.7

Investment and Variable Interest Entity (Details)	1 Months Ended	3 Months Ended
Investment and Variable Interest Entity (Details)	Jun. 30, 2019 USD ($) individual shares	Mar. 31, 2020 USD ($)	Dec. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Number of individuals under the equity method investments \| individual	2
Investment in Mapkure		$ 876,000		$ 976,000
Income (Loss) from Equity Method Investments, Total		100,000
BeiGene \| Series A Preferred Units
Shares purchased under the equity method investments \| shares	10,000,000
Ownership Interest	71.40%
Individual One \| Series A Preferred Units
Shares purchased under the equity method investments \| shares	250,000
Ownership Interest	1.80%
Individual Two \| Series A Preferred Units
Shares purchased under the equity method investments \| shares	250,000
Ownership Interest	1.80%
MapKure
Investment in Mapkure		900,000
Income (Loss) from Equity Method Investments, Total		$ 100,000
MapKure \| Series A Preferred Units
Investment in Mapkure	$ 3,500,000
Number of units obligated to sell \| shares	4,000,000
Preferred units purchased \| shares	3,500,000
Ownership Interest	25.00%
MapKure \| Series A Preferred Units \| Forecast
Investment in Mapkure			$ 3,500,000
Ownership Interest			38.90%

Accrued Expenses (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Accrued Expenses
Accrued professional fees	$ 1,112	$ 793
Accrued compensation and benefits	1,084	3,147
Accrued research and development	3,970	4,447
Accrued other	429	566
Accrued expenses	$ 6,595	$ 8,953

Commitments and Contingencies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Operating Leases
Rent expense	$ 400	$ 400
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]
2020	1,009
2021	1,372
2022	1,297
2023	135
Total obligations	$ 3,813

Equity-Based Compensation - 2019 Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	3 Months Ended
	Jan. 01, 2020	Jun. 30, 2019	Mar. 31, 2020	Mar. 31, 2019
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense			$ 1.0	$ 0.6
Research and development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock compensation expense			$ 0.4	$ 0.1
2019 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of annual increase in the shares			5.00%
Vesting period			4 years
Shares available for future issuance			4,591,448
Number of additional shares reserved for issuance	2,150,304
2019 Equity Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options vested and exercisable			665,256
Unrecognized compensation expense related to unvested stock options			$ 32.8
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period			3 years 5 months 12 days
Stock options outstanding			4,349,449
2019 Equity Incentive Plan \| Stock options \| Executive officer and employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted			1,144,900
2019 Equity Incentive Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to restricted stock awards			$ 0.7
Unrecognized compensation expense expected to be recognized over a weighted-average remaining period			1 year 3 months 7 days
Unvested restricted stock award outstanding			1,136,760
CEO Performance Award \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted		176,411
Stock options vested and exercisable			40,427
Exercise price of option		$ 7.50
Employees \| 2019 Equity Incentive Plan \| Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise of stock options (in shares)			2,884
Employees \| 2019 Equity Incentive Plan \| Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards vested			147,449

Net Loss per Share (Details) - shares	3 Months Ended
Net Loss per Share (Details) - shares	Mar. 31, 2020	Mar. 31, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	5,486,209	2,410,978
Common stock options issued and outstanding
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	4,349,449	148,415
Restricted stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount	1,136,760	2,262,563