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Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2020	Aug. 03, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes
Document Period End Date	Jun. 30, 2020
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Entity Registrant Name	PHATHOM PHARMACEUTICALS, INC.
Entity Central Index Key	0001783183
Entity Tax Identification Number	82-4151574
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity File Number	001-39094
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Small Business	true
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	100 Campus Drive
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Florham Park
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07932
City Area Code	877
Local Phone Number	742-8466
Entity Common Stock, Shares Outstanding		28,964,506
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	PHAT
Security Exchange Name	NASDAQ

Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 247,271	$ 243,765
Prepaid expenses and other current assets	1,408	11,836
Total current assets	248,679	255,601
Property, plant and equipment, net	748	463
Operating lease right-of-use assets	2,614	933
Other long-term assets	381	181
Total assets	252,422	257,178
Current liabilities:
Accounts payable (including related party amounts of $142 and $200, respectively)	4,894	699
Accrued expenses (including related party amounts of $185 and $308, respectively)	6,257	2,319
Accrued interest	302	156
Current portion of long-term debt	1,389
Operating lease liabilities, current	416	161
Warrant liabilities		413
Total current liabilities	13,258	3,748
Long-term debt, net of discount	44,870	22,777
Operating lease liabilities	1,746	635
Other long-term liabilities	4,125	2,063
Total liabilities	63,999	29,223
Commitments and contingencies (Note 4)
Stockholders’ equity:
Common stock, $0.0001 par value; authorized shares — 400,000,000; issued shares — 28,964,506; outstanding shares — 25,614,412 at June 30, 2020 and 24,728,258 at December 31, 2019, respectively	3	2
Additional paid-in capital	486,081	484,372
Accumulated deficit	(297,661)	(256,419)
Total stockholders’ equity	188,423	227,955
Total liabilities and stockholders’ equity	$ 252,422	$ 257,178

Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Statement Of Financial Position [Abstract]
Accounts payable, related parties	$ 142	$ 200
Accrued expenses, related parties	$ 185	$ 308
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, authorized shares	400,000,000	400,000,000
Common stock, issued shares	28,964,506	28,964,506
Common stock, outstanding shares	25,614,412	24,728,258

Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development (includes related party amounts of $249, $0, $653, and $0 respectively)	$ 14,859	$ 2,772	$ 30,724	$ 3,201
In-process research and development		78,897		78,897
General and administrative (includes related party amounts of $34, $47, $77, and $18, respectively)	5,162	1,345	9,672	2,142
Total operating expenses	20,021	83,014	40,396	84,240
Loss from operations	(20,021)	(83,014)	(40,396)	(84,240)
Other income (expense):
Interest income	182	101	1,060	101
Interest expense (includes related party amounts of $0, $(71), $0 and $(82), respectively)	(1,262)	(1,137)	(2,000)	(1,148)
Change in fair value of warrant liabilities (includes related party amounts of $0, $(1,277), $0 and $(1,277), respectively)		(1,284)	95	(1,284)
Change in fair value of convertible promissory notes (includes related party amounts of $0, $(488), $0, and $(502), respectively)		(2,428)		(2,442)
Other income (expense)			(1)
Total other income (expense)	(1,080)	(4,748)	(846)	(4,773)
Net loss	$ (21,101)	$ (87,762)	$ (41,242)	$ (89,013)
Net loss per share, basic and diluted	$ (0.64)	$ (13.11)	$ (1.26)	$ (13.40)
Weighted-average shares of common stock outstanding, basic and diluted	32,997,099	6,694,682	32,733,750	6,640,394

Statements of Operations and Comprehensive Loss (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Research and development expenses, related party	$ 249	$ 0	$ 653	$ 0
General and administrative expenses, related party	34	47	77	18
Interest expense, related party	0	(71)	0	(82)
Change in fair value of warrant liabilities, related party	0	(1,277)	0	(1,277)
Change in fair value of convertible promissory notes, related party	$ 0	$ (488)	$ 0	$ (502)

Statements of Stockholders' Equity (Deficit) (Unaudited) - USD ($) $ in Thousands	Total	Takeda License	Common Stock	Common Stock Takeda License	Common Stock Frazier	Additional Paid-in Capital	Additional Paid-in Capital Takeda License	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ (1,286)		$ 0			$ 2		$ (1,288)
Beginning balance, shares at Dec. 31, 2018			0
Merger of entities under common control into the Company, shares			6,760,334
Vesting restrictions placed on previously issued and outstanding common stock, shares			(3,373,408)
Issuance of common stock, shares					1,491,072
Vesting of restricted shares, shares			1,054,192
Net loss	(1,251)							(1,251)
Ending balance at Mar. 31, 2019	(2,537)		$ 0			2		(2,539)
Ending balance, shares at Mar. 31, 2019			5,932,190
Beginning balance at Dec. 31, 2018	(1,286)		$ 0			2		(1,288)
Beginning balance, shares at Dec. 31, 2018			0
Net loss	(89,013)
Ending balance at Jun. 30, 2019	(84,385)		$ 0			5,916		(90,301)
Ending balance, shares at Jun. 30, 2019			7,219,268
Beginning balance at Mar. 31, 2019	(2,537)		$ 0			2		(2,539)
Beginning balance, shares at Mar. 31, 2019			5,932,190
Issuance of common stock		$ 5,885					$ 5,885
Issuance of common stock, shares				1,084,000
Vesting of restricted shares, shares			203,078
Stock-based compensation	29					29
Net loss	(87,762)							(87,762)
Ending balance at Jun. 30, 2019	(84,385)		$ 0			5,916		(90,301)
Ending balance, shares at Jun. 30, 2019			7,219,268
Beginning balance at Dec. 31, 2019	$ 227,955		$ 2			484,372		(256,419)
Beginning balance, shares at Dec. 31, 2019	24,728,258		24,728,258
Conversion of Lender Warrants into equity	$ 318					318
Vesting of restricted shares, shares			425,295
Stock-based compensation	563					563
Net loss	(20,141)							(20,141)
Ending balance at Mar. 31, 2020	208,695		$ 2			485,253		(276,560)
Ending balance, shares at Mar. 31, 2020			25,153,553
Beginning balance at Dec. 31, 2019	$ 227,955		$ 2			484,372		(256,419)
Beginning balance, shares at Dec. 31, 2019	24,728,258		24,728,258
Net loss	$ (41,242)
Ending balance at Jun. 30, 2020	$ 188,423		$ 3			486,081		(297,661)
Ending balance, shares at Jun. 30, 2020	25,614,412		25,614,412
Beginning balance at Mar. 31, 2020	$ 208,695		$ 2			485,253		(276,560)
Beginning balance, shares at Mar. 31, 2020			25,153,553
Vesting of restricted shares	1		$ 1
Vesting of restricted shares, shares			460,859
Stock-based compensation	828					828
Net loss	(21,101)							(21,101)
Ending balance at Jun. 30, 2020	$ 188,423		$ 3			$ 486,081		$ (297,661)
Ending balance, shares at Jun. 30, 2020	25,614,412		25,614,412

Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities
Net loss	$ (41,242)	$ (89,013)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	129
Stock-based compensation	1,391	29
Amortization of debt discount	544	81
Acquired in-process research and development		78,897
Change in fair value of warrant liabilities (includes related party amounts of $0 and $1,277, respectively)	(95)	1,284
Change in fair value of convertible promissory notes (includes related party amounts of $0 and $502, respectively)		2,442
Changes in operating assets and liabilities:
Prepaid expenses and other current assets (includes the change in related party amounts of $0, and $4, respectively)	10,428	(1,602)
Accounts payable and accrued expenses (includes the change in related party amounts of $(181), and $3, respectively)	8,129	883
Accrued interest (includes the change in related party amounts of $0 and $82, respectively)	146	981
Operating right-of-use asset and lease liabilities	9
Other long-term assets	(200)
Net cash used in operating activities	(20,761)	(6,018)
Cash flows from investing activities
Cash paid for purchased in-process research and development		(25,118)
Cash paid for property, plant and equipment	(733)
Net cash used in investing activities	(733)	(25,118)
Cash flows from financing activities
Proceeds from issuance of convertible promissory notes		88,324
Net proceeds from issuance of long-term debt	25,000	24,850
Net cash provided by financing activities	25,000	113,174
Net increase in cash and cash equivalents	3,506	82,038
Cash and cash equivalents – beginning of period	243,765	879
Cash and cash equivalents – end of period	247,271	82,917
Supplemental disclosure of cash flow information
Interest paid	1,309	86
Supplemental disclosure of noncash investing and financing activities
Exchange of accrued interest for convertible promissory notes		27
Issuance of common stock warrants in connection with long-term debt		419
Property and equipment purchases included in accounts payable and accrued liabilities	20
Final interest payment fee	2,063	2,063
Operating lease liabilities arising from obtaining right-of-use assets	1,423
Unpaid initial public offering costs		337
Takeda License
Supplemental disclosure of noncash investing and financing activities
Issuance of Takeda Warrants in connection with Takeda License		47,894
Issuance of common stock in connection with Takeda License		$ 5,885
Lender Warrants
Supplemental disclosure of noncash investing and financing activities
Conversion of Lender Warrants into equity	$ 318

Statements of Cash Flows (Unaudited) (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement Of Cash Flows [Abstract]
Change in fair value of warrant liabilities related party	$ 0	$ 1,277
Change in fair value of convertible promissory notes related party	0	502
Related parties prepaid expenses and other assets current	0	4
Related parties accounts payable and accrued expenses	(181)	3
Related parties accrued interest	$ 0	$ 82

Organization, Basis of Presentation and Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Organization, Basis of Presentation and Summary of Significant Accounting Policies

1. Organization, Basis of Presentation and Summary of Significant Accounting Policies

Organization

Phathom Pharmaceuticals, Inc. (the “Company” or “Phathom”) was incorporated in the state of Delaware in January 2018 under the name North Bridge IV, Inc. On March 13, 2019, the Company changed its name to Phathom Pharmaceuticals, Inc. and merged with YamadaCo IIA, Inc. (“YamadaCo”), a Delaware corporation formed in September 2017, with Phathom being the surviving entity (the “Merger”). All activities of YamadaCo prior to 2018 related to formation and were insignificant. The Company is a late clinical-stage biopharmaceutical company focused on developing and commercializing novel treatments for gastrointestinal diseases.

On October 29, 2019, the Company completed its initial public offering (the “IPO”) and issued 10,997,630 shares of common stock for net proceeds of approximately $191.5 million.

Stock Split

On October 11, 2019, the Company effected a 2.168-for-1 forward stock split of its common stock (the “Forward Stock Split”). The par value of the common stock was not adjusted as a result of the Forward Stock Split and the authorized shares were increased to 50,000,000 shares of common stock in connection with the Forward Stock Split. In conjunction with the Company’s IPO, the authorized shares of common stock were increased to 400,000,000. The accompanying financial statements and notes to the financial statements give retroactive effect to the Forward Stock Split for all periods presented, unless otherwise indicated.

Basis of Presentation

The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The accompanying financial statements include the accounts of the Company (the receiving entity) and YamadaCo, prior to the Merger. The Company and YamadaCo were entities under the common control of Frazier Life Sciences IX, L.P. (“Frazier”) as a result of, among other things, Frazier’s; (i) ownership of a majority of the outstanding capital stock of both companies, (ii) financing of both companies, (iii) control of the board of directors of both companies, and (iv) management of both companies. Both the Company and YamadaCo were formed for the purpose of identifying potential assets around which to form an operating company. As the merged entities were under common control, the financial statements report the financial position, results of operations and cash flows of the Company and YamadaCo as though the transfer of net assets and equity interests had occurred at the beginning of 2018. All intercompany accounts and transactions have been eliminated.

Interim results may not be indicative of the results that may be expected for the full year. In the opinion of management, these unaudited financial statements include all normal and recurring adjustments considered necessary for a fair presentation of these interim unaudited financial statements.

Liquidity and Capital Resources

From inception to June 30, 2020, the Company has devoted substantially all of its efforts to organizing and staffing the Company, business planning, raising capital, in-licensing its initial product candidate, vonoprazan, meeting with regulatory authorities, preparing for and managing the Phase 3 clinical trials of vonoprazan, and providing other general and administrative support for these operations. The Company has a limited operating history, has never generated any revenue, and the sales and income potential of its business is unproven. The Company has incurred net losses and negative cash flows from operating activities since its inception and expects to continue to incur net losses into the foreseeable future as it continues the development and commercialization of vonoprazan. From inception to June 30, 2020, the Company has funded its operations through the issuance of convertible promissory notes, commercial bank debt and the sale of 10,997,630 shares of common stock for net proceeds of approximately $191.5 million in its 2019 IPO.

The accompanying financial statements have been prepared assuming the Company will continue as a going concern, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business, and do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or amounts and classification of liabilities that may result from the outcome of this uncertainty. Management is required to perform a two-step analysis over the Company’s ability to continue as a going concern. Management must first evaluate whether there are conditions and events that raise substantial doubt about the Company’s ability to continue as a going concern (Step 1). If management concludes that substantial doubt is raised, management is also required to consider whether its plans alleviate that doubt (Step 2).

Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date these financial statements were available to be issued. There can be no assurance that the Company will be successful in acquiring additional funding (if needed), that the Company’s projections of its future working capital needs will prove accurate, or that any additional funding would be sufficient to continue operations in future years.

Use of Estimates

The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, and the valuation of convertible promissory notes, warrant liabilities and various other equity instruments. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results could differ materially from those estimates and assumptions.

Fair Value Option

As permitted under Accounting Standards Codification (“ASC”) 825, Financial Instruments, (“ASC 825”), the Company has elected the fair value option to account for its convertible promissory notes issued since inception. In accordance with ASC 825, the Company records these convertible promissory notes at fair value with changes in fair value recorded in the statements of operations. As a result of applying the fair value option, direct costs and fees related to the convertible promissory notes were recognized in earnings as incurred and not deferred.

Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or non-recurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, are classified within the Level 1 designation discussed above, while prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Warrant liabilities and convertible promissory notes are recorded at fair value on a recurring basis.

The Company has no financial assets measured at fair value on a recurring basis. None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.

Liabilities measured at fair value on a recurring basis are as follows (in thousands):

			Fair Value Measurements at Reporting Date Using:
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2019:
Warrant liabilities	$	413		—		—		413
Total	$	413	$	—	$	—	$	413

As of June 30, 2020:
Warrant liabilities	$	—		—		—		—
Total	$	—	$	—	$	—	$	—

The warrant liabilities consist of warrants (the “Lender Warrants”) issued in connection with the loan and security agreement (the “Loan Agreement”) for commercial bank debt (see Note 7). The Lender Warrants were accounted for as liabilities as they contained a holder put right under which the lenders could have required the Company to pay cash in exchange for the Lender Warrants. The fair value of the Lender Warrants was estimated on the date of grant using the Black-Scholes option-pricing model with an expected term equal to the remaining contractual term of the warrants. The Company estimates its expected stock volatility based on the historical volatility of a set of peer companies, which are publicly traded, and expects to continue to do so until it has adequate historical data regarding the volatility of its own publicly-traded stock price. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. The Company uses an expected dividend yield of zero based on the fact that the Company has never paid cash dividends and does not expect to pay cash dividends in the foreseeable future. When the Company drew down the Term Loan B under the Loan Agreement in March 2020 (see Note 7), the Lenders’ put right expired, and the Company recorded a final fair value adjustment and reclassified the Lender Warrants balance of $0.3 million to additional paid-in-capital.

The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands):

	Warrant Liabilities
Balance at December 31, 2019		413
Change in fair value		(95	)
Reclassification of Lender Warrants into equity (Note 7)		(318	)
Balance at June 30, 2020	$	—

Cash and Cash Equivalents

The Company considers all highly liquid investments with original maturities of three months or less when purchased to be cash equivalents. Cash and cash equivalents include cash in readily available checking accounts and money market funds.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.

Property, Plant, and Equipment, Net

Property, plant and equipment are recorded at cost, less accumulated depreciation. Depreciation expense is recognized using the straight-line method over the useful life of the asset. Computer equipment and related software are depreciated over two to three years. Furniture and fixtures are depreciated over three years. Leasehold improvements are amortized over the lesser of the lease term or the estimated useful lives of the related assets. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations.

Impairment of Long-Lived Assets

The Company reviews long-lived assets, including property, plant and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition are less than the carrying amount. The impairment loss, if recognized, would be based on the excess of the carrying value of the impaired asset over its respective fair value. No impairment losses have been recorded through June 30, 2020.

Leases

At the inception of a contractual arrangement, the Company determines whether the contract contains a lease by assessing whether there is an identified asset and whether the contract conveys the right to control the use of the identified asset in exchange for consideration over a period of time. If both criteria are met, the Company records the associated lease liability and corresponding right-of-use asset upon commencement of the lease using the implicit rate or a discount rate based on a credit-adjusted secured borrowing rate commensurate with the term of the lease. The Company additionally evaluates leases at their inception to determine if they are to be accounted for as an operating lease or a finance lease. A lease is accounted for as a finance lease if it meets one of the following five criteria: the lease has a purchase option that is reasonably certain of being exercised, the present value of the future cash flows is substantially all of the fair market value of the underlying asset, the lease term is for a significant portion of the remaining economic life of the underlying asset, the title to the underlying asset transfers at the end of the lease term, or if the underlying asset is of such a specialized nature that it is expected to have no alternative uses to the lessor at the end of the term. Leases that do not meet the finance lease criteria are accounted for as an operating lease. Operating lease assets represent a right to use an underlying asset for the lease term and operating lease liabilities represent an obligation to make lease payments arising from the lease. Operating lease liabilities with a term greater than one year and their corresponding right-of-use assets are recognized on the balance sheet at the commencement date of the lease based on the present value of lease payments over the expected lease term. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. As the Company’s leases do not typically provide an implicit rate, the Company utilizes the appropriate incremental borrowing rate, determined as the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term and in a similar economic environment. Lease cost is recognized on a straight-line basis over the lease term and variable lease payments are recognized as operating expenses in the period in which the obligation for those payments is incurred. Variable lease payments primarily include common area maintenance, utilities, real estate taxes, insurance, and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company has elected the practical expedient to not separate between lease and non-lease components.

Research and Development Expenses and Accruals

All research and development costs are expensed in the period incurred and consist primarily of salaries, payroll taxes, employee benefits, stock-based compensation charges for those individuals involved in research and development efforts, external research and development costs incurred under agreements with contract research organizations and consultants to conduct and support the Company’s ongoing clinical trials of vonoprazan, and costs related to manufacturing vonoprazan for clinical trials.

The Company has entered into various research and development contracts with clinical research organizations, clinical manufacturing organizations and other companies. Payments for these activities are based on the terms of the individual agreements, which may differ from the pattern of costs incurred, and payments made in advance of or after performance are reflected in the accompanying balance sheets as prepaid expenses or accrued liabilities, respectively. The Company records accruals for estimated costs incurred for ongoing research and development activities. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the services, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates may be made in determining the prepaid or accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates.

In-Process Research and Development

The Company evaluates whether acquired intangible assets are a business under applicable accounting standards. Additionally, the Company evaluates whether the acquired assets have a future alternative use. Intangible assets that do not have future alternative use are considered acquired in-process research and development. When the acquired in-process research and development assets are not part of a business combination, the value of the consideration paid is expensed on the acquisition date. Future costs to develop these assets are recorded to research and development expense as they are incurred.

General and Administrative Expenses

General and administrative expenses consist of salaries, stock-based compensation, facilities and third-party expenses. General and administrative expenses are associated with the activities of the executive, finance, accounting, information technology, legal, medical affairs and human resource functions.

Stock-Based Compensation

Stock-based compensation expense represents the cost of the grant date fair value of equity awards recognized over the requisite service period of the awards (generally the vesting period) on a straight-line basis. The Company recognizes forfeitures as they occur.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in the statement of operations in the period that includes the enactment date.

The Company recognizes net deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies, and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their net recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

The Company records uncertain tax positions on the basis of a two-step process whereby (i) management determines whether it is more likely than not that the tax positions will be sustained on the basis of the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, management recognizes the largest amount of tax benefit that is more than 50 percent likely to be realized upon ultimate settlement with the related tax authority. The Company recognizes interest and penalties related to unrecognized tax benefits within income tax expense. Any accrued interest and penalties are included within the related tax liability.

Comprehensive Loss

Comprehensive loss is defined as a change in equity during a period from transactions and other events and circumstances from non-owner sources. The Company’s comprehensive loss was the same as its reported net loss for all periods presented.

Segment Reporting

Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company views its operations and manages its business as one operating segment.

Net Loss Per Share

For the three and six months ended June 30, 2019, the net loss per share was recast to include in the numerator the net losses of both the Company and YamadaCo and include in the denominator the weighted-average outstanding shares of both the Company and YamadaCo. Basic net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for potentially dilutive securities. The Company included 7,588,000 shares of common stock under its warrant (the “Takeda Warrant”) issued to Takeda Pharmaceutical Company Limited (“Takeda”) in connection with a May 2019 license agreement (see Note 4) in the calculation of basic weighted-average common shares outstanding from the time it became exercisable at the Company’s IPO because the Takeda Warrant is exercisable for little consideration. For the three and six months ended June 30, 2020, the Company has excluded weighted-average unvested shares of 3,555,407 and 3,818,756, respectively, from the weighted-average number of common shares outstanding, compared to 4,579,030 and 2,728,593, respectively, for the same periods in 2019. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common stock equivalents outstanding for the period determined using the treasury-stock and if-converted methods. Dilutive common stock equivalents are comprised of unvested common stock, options, warrants and convertible promissory notes. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding as inclusion of the potentially dilutive securities (warrants, stock options, and common shares subject to repurchase) would be antidilutive.

Recently Adopted Accounting Standards

In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 implements an impairment model, known as the current expected credit loss model, based on expected losses rather than incurred losses. Under the new guidance, an entity will recognize, as an allowance, its estimate of expected credit losses. ASU 2016-13 is effective for interim and annual periods beginning after December 15, 2019, with early adoption permitted. The Company adopted this guidance effective January 1, 2020, and the adoption did not have a material impact on the Company's financial statements.

In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, which eliminates, modifies and adds disclosure requirements on fair value measurements. The standard is effective for annual periods beginning after December 15, 2019, including interim periods within those fiscal years, and early adoption is permitted. The Company adopted this guidance effective January 1, 2020, and the adoption did not have a material impact on the Company's financial statements.

Recently Issued Accounting Pronouncements

In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which simplifies the accounting for income taxes. ASU 2019-12 is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2020 on a prospective basis, and early adoption is permitted. The Company does not expect the adoption of ASU 2019-12 will have a significant impact on its financial statements.

Balance Sheet Details

6 Months Ended

Jun. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Details

2. Balance Sheet Details

Property, Plant and Equipment, net

Property, plant and equipment, net, consist of the following (in thousands):

	June 30,			December 31,
	2020			2019
Computer equipment and software	$	210		$	152
Furniture and fixtures		644			306
Leasehold improvements		31			13
		885			471
Less: accumulated depreciation		(137	)		(8	)
Total property, plant and equipment, net	$	748		$	463

Depreciation expense for the three and six months ended June 30, 2020 was approximately $77,000 and $129,000, respectively. There was no depreciation expense for the six months ended June 30, 2019. No property, plant or equipment was disposed of during the six months ended June 30, 2020 or the year ended December 31, 2019.

Accrued Expenses

Accrued expenses consist of the following (in thousands):

	June 30,		December 31,
	2020		2019
Accrued R&D expenses	$	4,534	$	384
Accrued compensation expenses		1,510		1,052
Accrued professional & consulting expenses		211		478
Accrued other		2		405
Total accrued expenses	$	6,257	$	2,319

Related Party Transactions

6 Months Ended

Jun. 30, 2020

Related Party Transactions

3. Related Party Transactions

Frazier is a principal stockholder of the Company and is represented on the Company’s board of directors. The Company has conducted operations within office space controlled by Frazier and Frazier allocated a portion of the costs associated with this office space to the Company. In addition, Frazier paid for various goods and services, such as employee wages, insurance and expense reimbursements and various administrative services associated with the operations of the Company and charged the Company for those expenses. As of June 30, 2020 and December 31, 2019, the Company had outstanding accounts payable and accrued expenses due to Frazier in the amount of $34,000 and $0.1 million, respectively, related to these shared operating expenses. For the three months ended June 30, 2020 and 2019, the Company incurred $34,000 and $52,000, respectively, of shared operating expenses. For the six months ended June 30, 2020 and 2019, the Company incurred $77,000 and $0.1 million, respectively, of shared operating expenses. In addition to the shared operating expenses, the Company issued convertible promissory notes to Frazier during 2018 and 2019 (see Note 5).

Frazier is a principal stockholder in PCI Pharma Services (“PCI”). In the third quarter of 2019, the Company engaged PCI for clinical manufacturing services. As of June 30, 2020 and December 31, 2019, the Company had $0.3 million outstanding accounts payable and accrued expenses related to these manufacturing services. For the three and six months ended June 30, 2020, the Company incurred $0.2 million and $0.7 million, respectively, of expenses related to services performed by PCI. The Company did not incur expenses related to services performed by PCI for the same periods in 2019.

Mountain Field LLC (“Mountain Field”) is an entity owned by the chairman of the Company’s board of directors. During 2019, the Company charged Mountain Field for certain rent and payroll related expenses. These shared expenses were allocated based on usage of the related facilities and time incurred by personnel. For the three and six months ended June 30, 2019, the Company charged Mountain Field $5,000 and $0.1 million, respectively, for shared expenses. There were no such expenses for the six months ended June 30, 2020.

Takeda became a common stockholder of the Company in connection with the May 2019 license agreement (see Note 4). In conjunction with this license, Takeda provides proprietary supplies for the Company’s ongoing clinical development of vonoprazan in addition to the exclusive license for the commercialization of vonoprazan in the United States, Canada and Europe. As of June 30, 2020 and December 31, 2019, the Company had $22,000 and $0.1 million, respectively, in outstanding accounts payable and accrued expenses related to these supply services. The Company did not have any such expenses incurred for the three and six months ended June 30, 2020 and 2019 related to services performed by Takeda.

On May 5, 2020, the Company entered into a Commercial Supply Agreement (the “Commercial Supply Agreement”) with Takeda, pursuant to which Takeda will supply commercial quantities of vonoprazan bulk drug product. Pursuant to the Commercial Supply Agreement, Takeda has agreed to supply the Company with and the Company has agreed to purchase from Takeda certain quantities of vonoprazan bulk drug product according to approved specifications at a fixed price per batch of bulk drug product in order to commercialize vonoprazan in accordance with the Takeda License. Unless terminated earlier, the term of the Commercial Supply Agreement extends for a period of two years from the date the Company places an order for bulk drug product for the first commercial launch of vonoprazan in any jurisdiction in the licensed territory, provided that this two-year period will expire no later than December 31, 2023. The Commercial Supply Agreement will terminate immediately upon the termination of the Takeda License in accordance with its terms. As of June 30, 2020, no costs have been incurred related to the Commercial Supply Agreement. The Company has a minimum purchase obligation of approximately $2.5 million related to this agreement.

Commitments and Contingencies

6 Months Ended

Jun. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

4. Commitments and Contingencies

License Agreement

On May 7, 2019, the Company entered into a license agreement with Takeda pursuant to which it was granted an exclusive license to commercialize vonoprazan fumarate in the United States, Canada and Europe (the “Takeda License”). The Company also has the right to sublicense its rights under the agreement, subject to certain conditions. The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents.

In consideration of the Takeda License, the Company (i) paid Takeda $25.0 million in cash, (ii) issued Takeda 1,084,000 shares of its common stock at a fair value of $5.9 million, (iii) issued the Takeda Warrant to purchase 7,588,000 shares of its common stock at an exercise price of $0.00004613 per share at an initial fair value of $47.9 million, and (iv) issued a right to receive an additional common stock warrant (the “Takeda Warrant Right”) should Takeda’s fully-diluted ownership of the Company represent less than a certain specified percentage of the fully-diluted capitalization, including shares issuable upon conversion of then outstanding convertible promissory notes, calculated immediately before the closing of the Company’s IPO, with a nominal initial fair value due to the low probability of issuance. The Takeda Warrant Right expired without effect since no fair value had been allocated to it upon completion of the IPO, and no additional warrant was issued. In addition, the Company is obligated to pay Takeda up to an aggregate of $250.0 million in sales milestones upon the achievement of specified levels of product sales, and a low double-digit royalty rate on aggregate net sales of licensed products, subject to certain adjustments. The Company incurred $0.1 million of transaction costs in connection with the Takeda License. The Takeda Warrant has an exercise price of $0.00004613 per share, expires on May 7, 2029 and became exercisable upon the consummation of the IPO. Following the October 11, 2019 increase in the Company’s authorized shares of common stock to 50,000,000, the Company recorded a non-cash charge related to the final fair value adjustment of the Takeda Warrants and reclassified the full balance of $144.2 million from warrant liabilities to additional paid-in capital.

Contingencies

In the event the Company becomes subject to claims or suits arising in the ordinary course of business, the Company would accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Convertible Promissory Notes

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Convertible Promissory Notes

5. Convertible Promissory Notes

Frazier Convertible Note Financing

From January 2018 to April 2019, the Company issued convertible promissory notes to Frazier (the “Frazier Notes”) for an aggregate of $2.4 million and bearing interest at per annum rates ranging from 1.68% to 2.55%. Of the Frazier Notes, $1.9 million were issued in 2018 and $0.5 million were issued in April 2019. Due to certain embedded features within the Frazier Notes, the Company elected to account for these notes and all their embedded features under the fair value option. The Company recorded changes in the fair value of the Frazier Notes in the statements of operations until May 2019, when the Frazier Notes and related accrued interest were exchanged, at their then fair value of $2.4 million, for the convertible promissory notes issued by the Company in May 2019 (the “May 2019 Notes”). For the three and six months ended June 30, 2019, the Company recognized $64,000 and $50,000, respectively, of other income in the statements of operations related to decreases in the fair value of the Frazier Notes. For the three and six months ended June 30, 2019, the Company recognized $4,000 and $15,000, respectively, of interest expense in connection with the Frazier Notes. The Company did not have any such expenses incurred for the three and six months ended June 30, 2020 in connection with the Frazier Notes.

May 2019 Convertible Note Financing

In May 2019, the Company entered into a note purchase agreement under which it issued the unsecured May 2019 Notes for an aggregate of $90.3 million, resulting in gross proceeds to the Company of $87.8 million in cash and $2.4 million related to the exchange of the Frazier Notes and related accrued interest for the May 2019 Notes. Including the conversion of the Frazier Notes, Frazier purchased $20.0 million of the May 2019 Notes. The May 2019 Notes bore interest at a rate of 6% per annum and were subordinated to borrowings under the Company’s loan and security agreement (see Note 7).

Due to certain embedded features within the May 2019 Notes, the Company elected to account for these notes and all their embedded features under the fair value option. The outstanding principal and accrued interest of the May 2019 Notes automatically converted into 6,107,918 shares of common stock immediately prior to the completion of the IPO on October 29, 2019.

Lease Commitments

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Lease Commitments

6. Lease Commitments

As of June 30, 2020, the Company had operating leases for office space in both Buffalo Grove, Illinois and Florham Park, New Jersey, with remaining lease terms of 4.8 years and 5.2 years, respectively. Both operating leases contain an option to extend the term for one additional five year period, which was not considered in the determination of the right-of-use asset or lease liability as the Company did not consider it reasonably certain that it would exercise such options.

The total rent expense for the three and six months ended June 30, 2020 was approximately $0.1 million and $0.2 million, respectively. There was no rent expense for the three and six months ended June 30, 2019.

The following table summarizes supplemental balance sheet information related to the operating leases as of June 30, 2020 and December 31, 2019.

	June 30,		December 31,
	2020		2019
Assets:
Operating lease right-of-use assets		2,614		933
Total right-of-use assets	$	2,614	$	933

Liabilities:
Operating lease liabilities, current		416		161
Operating lease liabilities, non-current		1,746		635
Total operating lease liabilities	$	2,162	$	796

As of June 30, 2020, the future minimum annual lease payments under the operating leases were as follows (in thousands):

2020	$	188
2021		490
2022		503
2023		516
2024		529
Thereafter		342
Total minimum lease payments	$	2,568

Less: amount representing interest		(406	)
Present value of operating lease liabilities		2,162
Less: operating lease liabilities, current		(416	)
Operating lease liabilities	$	1,746

Weighted-average remaining lease term (in years)		5.06
Weighted-average incremental borrowing rate		7.25	%

Operating cash flows for the six months ended June 30, 2020 included $0.7 million in cash payments for operating leases, $0.5 million of which were prepaid lease payments. There were no lease costs for the six months ended June 30, 2019.

Debt

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Debt

7. Debt

Long-term debt consists of the following (in thousands):

	June 30, 2020
Long-term debt, current portion	$	1,389
Long-term debt, non-current portion		48,611
Unamortized debt discount		(3,741	)
Long-term debt, net of debt discount	$	46,259

On May 14, 2019, the Company entered into a loan and security agreement (the “Loan Agreement”, and all amounts borrowed thereunder the “Term Loans”) with Silicon Valley Bank (“SVB”), as administrative and collateral agent, and lenders including SVB and WestRiver Innovation Lending Fund VIII, L.P. (“WestRiver”). The Company borrowed $25.0 million (“Term Loan A”) at the inception of the Loan Agreement and an additional $25.0 million (“Term Loan B”) on March 16, 2020.

The Term Loans bear interest at a floating rate of the higher of the Wall Street Journal Prime rate plus 1.75% (5% at June 30, 2020) or 7.25%. Under the original Loan Agreement, the monthly payments consisted of interest-only through May 31, 2021. On March 11, 2020, the Company entered into the first amendment (the “Amendment”) to the Loan Agreement. Pursuant to the Amendment, the interest-only payment period was extended either (i) until December 31, 2021, if the Company receives positive data from its Phase 3 clinical trial in H. pylori infection sufficient to file a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”); or (ii) until November 30, 2022, if the Company receives positive data from its Phase 3 clinical trials in both indications for vonoprazan sufficient to file an NDA with the FDA; provided, in each case, that the Company had drawn down an additional $25.0 million, Term Loan B, pursuant to the Loan Agreement. Subsequent to the interest-only period, the Term Loans will be payable in equal monthly installments of principal, plus accrued and unpaid interest through the maturity date of May 1, 2024. In addition, the Company is obligated to pay a final payment fee of 8.25% of the original principal amount of the Term Loans. As of June 30, 2020, the aggregate final payment fee for the Term Loans of $4.1 million has been recorded as an other long-term liability.

The Company may elect to prepay all or a portion of the Term Loans prior to maturity, subject to a prepayment fee of up to 2.0% of the then outstanding principal balance and payment of a pro rata portion of the final payment fee. After repayment, no Term Loan amounts may be borrowed again.

The borrowings under the Loan Agreement are collateralized by substantially all of the Company’s assets, excluding intellectual property and certain other assets. The Loan Agreement includes affirmative and negative covenants. The affirmative covenants include, among others, covenants requiring the Company to maintain its legal existence and governmental approvals, deliver certain financial reports, maintain insurance coverage and satisfy certain requirements regarding its operating accounts. The negative covenants include, among others, limitations on the Company’s ability to incur additional indebtedness and liens, merge with other companies or consummate certain changes of control, acquire other companies, engage in new lines of business, make certain investments, pay dividends, transfer or dispose of assets, amend certain material agreements or enter into various specified transactions. The Loan Agreement also contains customary events of default, including bankruptcy, the failure to make payments when due, and a material adverse change. Upon the occurrence of an event of default, subject to any specified cure periods, all amounts owed by the Company would begin to bear interest at a rate that is 4.00% above the rate effective immediately before the event of default and may be declared immediately due and payable by SVB, as collateral agent. As of June 30, 2020, the Company was in compliance with all applicable covenants under the Loan Agreement.

In connection with the Loan Agreement, the Company issued the Lender Warrants to purchase stock of the Company, which expire ten years from the date of issuance. Upon completion of the IPO in 2019, the Lender Warrants became exercisable for 16,446 shares of common stock. The Lender Warrants included a put option pursuant to which, in the event that the Company did not draw down Term Loan B on or before March 31, 2020, the warrant holders could have required that the Company repurchase the warrants for a total aggregate repurchase price of $0.5 million. Upon the Term Loan B draw in March 2020, the Lender Warrants became exercisable and the put option related to the Lender Warrants expired. Accordingly, the Company recorded a final fair value adjustment and reclassified the Lender Warrants balance of $0.3 million to additional paid-in-capital.

The initial $0.4 million fair value of the Lender Warrants, the $4.1 million final payment fee and $0.2 million of debt issuance costs have been recorded as debt discount and are being amortized to interest expense using the effective interest method over the term of the Term Loans. During the three and six months ended June 30, 2020, the Company recognized $1.3 million and $2.0 million, respectively, of interest expense, including amortization of the debt discount, in connection with the Loan Agreement, compared to $0.3 million for the same periods in 2019. As of June 30, 2020, the Company had outstanding Term Loans of $50.0 million and accrued interest of $0.3 million.

Future minimum principal and interest payments under the Term Loans, including the final payment fee, as of June 30, 2020 are as follows (in thousands):

Year ending December 31:
2020	$	1,843
2021		13,219
2022		19,065
2023		17,840
2024		11,197
Total principal and interest payments		63,164
Less interest and final payment fee		(13,164	)
Total term loan borrowings	$	50,000

Stockholders' Equity

6 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Stockholders' Equity

8. Stockholders’ Equity

Common Stock

In March 2019, subsequent to the Merger, the Company sold 1,491,072 shares of the Company’s common stock to Frazier.

In March 2019, the founders granted the Company a repurchase right for the 3,373,408 shares of common stock originally purchased in 2018. The Company has the right, but not the obligation, to repurchase unvested shares in the event the founder’s relationship with the Company is terminated, subject to certain limitations, at the original purchase price of the stock. The repurchase right lapsed for 843,352 shares in March 2019 and the repurchase right for the remaining 2,530,056 shares lapses in equal monthly amounts over the following 48-month period ending in March 2023. The fair value of the founder shares at the date the repurchase right was granted is being recognized as stock-based compensation expense on a straight-line basis over the vesting period. As of June 30, 2020, 1,739,436 shares of common stock were subject to repurchase by the Company and the associated repurchase liability was not significant. The amount of recognized and unrecognized stock-based compensation related to the founder stock was immaterial for all periods presented.

In May 2019, the Company issued Takeda 1,084,000 shares of common stock in connection with the Takeda License.

For the period from January 1, 2019 to May 6, 2019, the Company issued 2,524,852 shares of common stock to various employees and consultants of the Company for aggregate proceeds of approximately $1,000. Upon issuance, these shares were subject to a repurchase option by the Company at the original purchase price of the shares. The repurchase rights generally lapse as to 25% of the shares on the first anniversary of the vesting commencement date, and the repurchase right lapses as to 1/48th of the shares each one-month period thereafter, subject to the purchaser remaining continuously an employee, consultant or director of the Company. In November 2019, the Company repurchased 17,560 shares at the original purchase price for an aggregate purchase price of $5.20. As of June 30, 2020, 1,610,664 shares remain available for repurchase by the Company and the associated repurchase liability was not significant.

On October 29, 2019, upon completion of the IPO, the Company sold 10,997,630 shares of common stock, which included the exercise in full by the underwriters of their option to purchase 1,434,473 additional shares at a public offering price of $19.00 per share. The net proceeds were approximately $191.5 million, after deducting underwriting discounts, commissions and offering costs.

Preferred Stock

The Company is authorized to issue up to 40 million shares of preferred stock. As of June 30, 2020, and December 31, 2019, there were no shares of preferred stock issued or outstanding.

Equity Incentive Plan

The Company’s 2019 Equity Incentive Plan (the “Existing Incentive Plan”) provides for the grant of incentive stock options, non-statutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, and other stock awards to eligible recipients, including employees, directors or consultants of the Company. The Company had 2,231,739 shares of common stock authorized for issuance under the Existing Incentive Plan, of which, 1,400,528 stock options and 16,260 restricted stock awards were granted in 2019. As a result of the adoption of the 2019 Incentive Award Plan (the “2019 Plan”) in October 2019, no further shares are available for issuance under the Existing Incentive Plan.

2019 Incentive Award Plan

In October 2019, the board of directors adopted, and the Company’s stockholders approved the 2019 Plan, which became effective in connection with the IPO. Under the 2019 Plan, the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units and other awards to individuals who are then employees, officers, non-employee directors or consultants of the Company or its subsidiaries. The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the board of directors. The Company initially had 2,700,000 shares of common stock available for issuance under the 2019 Plan, of which, 134,227 stock options were granted. As of June 30, 2020, 3,581,853 shares remain available for issuance, which includes the annual increase of 1,158,580 shares that were authorized on January 1, 2020.

Employee Stock Purchase Plan

In October 2019, the board of directors adopted, and the Company’s stockholders approved, the Employee Stock Purchase Plan (the “ESPP”), which became effective in connection with the IPO. The ESPP permits participants to purchase common stock through payroll deductions of up to 20% of their eligible compensation, which includes a participant’s gross base compensation for services to the Company, including overtime payments and excluding sales commissions, incentive compensation, bonuses, expense reimbursements, fringe benefits and other special payments. A total of 270,000 shares of common stock was initially reserved for issuance under the ESPP. In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2020 and ending in 2029, by an amount equal to the lesser of: (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the board of directors. As of June 30, 2020, 559,645 shares of common stock remain available for issuance, which includes the annual increase of 289,645 shares that were authorized on January 1, 2020.

A summary of the Company’s unvested shares is as follows:

Balance at December 31, 2019	4,236,248
Share vesting	(886,154	)
Balance at June 30, 2020	3,350,094

For accounting purposes, unvested shares of common stock are considered issued, but not outstanding until they vest.

Common stock reserved for future issuance consists of the following:

	June 30, 2020
Common stock warrants		7,604,446
Stock options outstanding		1,677,255
Shares available for issuance under the 2019 Incentive Plan		3,581,853
Shares available for issuance under the ESPP Plan		559,645
Balance at June 30, 2020		13,423,199

Stock Options

The fair value of each employee and non-employee stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. The Company, prior to the IPO on October 29, 2019, was a private company and lacked company-specific historical and implied volatility information. Therefore, it estimated its expected volatility based on the historical volatility of a publicly traded set of peer companies. Due to the lack of historical exercise history, the expected term of the Company’s stock options for employees was determined utilizing the “simplified” method for awards. The expected term of stock options granted to non-employees was equal to the contractual term of the option award. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield was zero based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.

A summary of the Company’s stock option activity and related information is as follows:

	Options Outstanding		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2019		1,400,528	$	9.10		9.69	$	30,874
Options granted		276,727		32.34
Options exercised and shares vested		—		—
Options cancelled		—		—
Balance at June 30, 2020		1,677,255	$	12.93		9.28	$	33,512
Options exercisable as of June 30, 2020		—		—		—		—

The estimated weighted-average fair value of employee and nonemployee director stock options granted during 2020 was $18.65. As of June 30, 2020, the Company had $10.6 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted-average period of 3.28 years. As of June 30, 2019, the unrecognized stock-based compensation expense was $59,000, which was recognized as expense over a weighted-average period of approximately 0.7 years.

Valuation Assumptions

The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:

	Six Months Ended June 30,
	2020			2019
Assumptions:
Expected term (in years)		5.99			—
Expected volatility		63.72	%		—
Risk free interest rate		0.82	%		—
Dividend yield		—			—

Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development expense	$	124	$	—	$	238	$	—
General and administrative expense		704		29		1,153		29
Total	$	828	$	29	$	1,391	$	29

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Stock Split

Basis of Presentation

Liquidity and Capital Resources

Use of Estimates

Fair Value Option

Fair Value Measurements

Level 1: Observable inputs such as quoted prices in active markets.

Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly.

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

Liabilities measured at fair value on a recurring basis are as follows (in thousands):

			Fair Value Measurements at Reporting Date Using:
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2019:
Warrant liabilities	$	413		—		—		413
Total	$	413	$	—	$	—	$	413

As of June 30, 2020:
Warrant liabilities	$	—		—		—		—
Total	$	—	$	—	$	—	$	—

The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands):

	Warrant Liabilities
Balance at December 31, 2019		413
Change in fair value		(95	)
Reclassification of Lender Warrants into equity (Note 7)		(318	)
Balance at June 30, 2020	$	—

Cash and Cash Equivalents

Concentrations of Credit Risk

Property, Plant, and Equipment, Net

Impairment of Long-Lived Assets

Leases

Research and Development Expenses and Accruals

In-Process Research and Development

General and Administrative Expenses

Stock-Based Compensation

Recently Adopted and Issued Accounting Pronouncements

Recently Adopted Accounting Standards

Recently Issued Accounting Pronouncements

Organization, Basis of Presentation and Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Schedule of Liabilities Measured at Fair Value on Recurring Basis

Liabilities measured at fair value on a recurring basis are as follows (in thousands):

			Fair Value Measurements at Reporting Date Using:
	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
As of December 31, 2019:
Warrant liabilities	$	413		—		—		413
Total	$	413	$	—	$	—	$	413

As of June 30, 2020:
Warrant liabilities	$	—		—		—		—
Total	$	—	$	—	$	—	$	—

Schedule of Reconciliation of Liabilities Measured at Fair Value

The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands):

	Warrant Liabilities
Balance at December 31, 2019		413
Change in fair value		(95	)
Reclassification of Lender Warrants into equity (Note 7)		(318	)
Balance at June 30, 2020	$	—

Balance Sheet Details (Tables)

6 Months Ended

Jun. 30, 2020

Balance Sheet Related Disclosures [Abstract]

Schedule of Property, Plant and Equipment, Net

Property, plant and equipment, net, consist of the following (in thousands):

	June 30,			December 31,
	2020			2019
Computer equipment and software	$	210		$	152
Furniture and fixtures		644			306
Leasehold improvements		31			13
		885			471
Less: accumulated depreciation		(137	)		(8	)
Total property, plant and equipment, net	$	748		$	463

Schedule of Accrued Expenses

Accrued expenses consist of the following (in thousands):

	June 30,		December 31,
	2020		2019
Accrued R&D expenses	$	4,534	$	384
Accrued compensation expenses		1,510		1,052
Accrued professional & consulting expenses		211		478
Accrued other		2		405
Total accrued expenses	$	6,257	$	2,319

Lease Commitments (Tables)

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Summary of Supplemental Balance Sheet Information Related to the Operating Leases

The following table summarizes supplemental balance sheet information related to the operating leases as of June 30, 2020 and December 31, 2019.

	June 30,		December 31,
	2020		2019
Assets:
Operating lease right-of-use assets		2,614		933
Total right-of-use assets	$	2,614	$	933

Liabilities:
Operating lease liabilities, current		416		161
Operating lease liabilities, non-current		1,746		635
Total operating lease liabilities	$	2,162	$	796

Summary of Future Minimum Lease Payments Under Operating Leases

As of June 30, 2020, the future minimum annual lease payments under the operating leases were as follows (in thousands):

2020	$	188
2021		490
2022		503
2023		516
2024		529
Thereafter		342
Total minimum lease payments	$	2,568

Less: amount representing interest		(406	)
Present value of operating lease liabilities		2,162
Less: operating lease liabilities, current		(416	)
Operating lease liabilities	$	1,746

Weighted-average remaining lease term (in years)		5.06
Weighted-average incremental borrowing rate		7.25	%

Debt (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

Long-term debt consists of the following (in thousands):

	June 30, 2020
Long-term debt, current portion	$	1,389
Long-term debt, non-current portion		48,611
Unamortized debt discount		(3,741	)
Long-term debt, net of debt discount	$	46,259

Schedule of Future Minimum Principal and Interest Payments Under Term Loans

Future minimum principal and interest payments under the Term Loans, including the final payment fee, as of June 30, 2020 are as follows (in thousands):

Year ending December 31:
2020	$	1,843
2021		13,219
2022		19,065
2023		17,840
2024		11,197
Total principal and interest payments		63,164
Less interest and final payment fee		(13,164	)
Total term loan borrowings	$	50,000

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.22)
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-Name Accounting Standards Codification
-Topic 835
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-Paragraph 1A
-URI http://asc.fasb.org/extlink&oid=119993939&loc=d3e28541-108399

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
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-Paragraph 6
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(e),(f))
-URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 505
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
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-URI http://asc.fasb.org/extlink&oid=75038535&loc=d3e64711-112823

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 835
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-Section 55
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-URI http://asc.fasb.org/extlink&oid=114775985&loc=d3e28878-108400

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21475-112644

+ Details

Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Unvested Shares

A summary of the Company’s unvested shares is as follows:

Balance at December 31, 2019	4,236,248
Share vesting	(886,154	)
Balance at June 30, 2020	3,350,094

Summary of Common Stock Reserved for Future Issuance

Common stock reserved for future issuance consists of the following:

	June 30, 2020
Common stock warrants		7,604,446
Stock options outstanding		1,677,255
Shares available for issuance under the 2019 Incentive Plan		3,581,853
Shares available for issuance under the ESPP Plan		559,645
Balance at June 30, 2020		13,423,199

Summary of Stock Option Activity

A summary of the Company’s stock option activity and related information is as follows:

	Options Outstanding		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term		Aggregate Intrinsic Value (in thousands)
Balance at December 31, 2019		1,400,528	$	9.10		9.69	$	30,874
Options granted		276,727		32.34
Options exercised and shares vested		—		—
Options cancelled		—		—
Balance at June 30, 2020		1,677,255	$	12.93		9.28	$	33,512
Options exercisable as of June 30, 2020		—		—		—		—

Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted

The weighted-average assumptions used to estimate the fair value of stock options using the Black-Scholes option valuation model were as follows:

	Six Months Ended June 30,
	2020			2019
Assumptions:
Expected term (in years)		5.99			—
Expected volatility		63.72	%		—
Risk free interest rate		0.82	%		—
Dividend yield		—			—

Summary of Stock-Based Compensation Expense

Stock-based compensation expense recognized for all equity awards, including founder stock, has been reported in the statements of operations as follows (in thousands):

	Three Months Ended June 30,				Six Months Ended June 30,
	2020		2019		2020		2019
Research and development expense	$	124	$	—	$	238	$	—
General and administrative expense		704		29		1,153		29
Total	$	828	$	29	$	1,391	$	29

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details)			1 Months Ended	3 Months Ended			4 Months Ended	6 Months Ended		12 Months Ended
	Oct. 29, 2019 USD ($) shares	Oct. 11, 2019 shares	May 31, 2019 shares	Jun. 30, 2020 USD ($) shares	Mar. 31, 2020 USD ($)	Jun. 30, 2019 shares	May 06, 2019 shares	Jun. 30, 2020 USD ($) Segment shares	Jun. 30, 2019 shares	Dec. 31, 2019 USD ($) shares
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Description of forward stock split		2.168-for-1
Forward stock split conversion ratio		2.168
Common stock, shares authorized \| shares		50,000,000		400,000,000				400,000,000		400,000,000
Fair value liabilities, level 1 to level 2 transfers, amount				$ 0				$ 0		$ 0
Fair value liabilities, level 2 to level 1 transfers, amount				$ 0				0		0
Fair value liability, transfers into level 3								0		0
Fair value liability, transfers out of level 3								0		$ 0
Conversion of Lender Warrants into equity					$ 318,000
Impairment losses								$ 0
Number of operating segment \| Segment								1
Accounting Standards Update 2016-13
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, Accounting Standards Update, adopted [true false]				true				true
Change in accounting principle, Accounting Standards Update, Adoption date				Jan. 01, 2020				Jan. 01, 2020
Change in accounting principle, Accounting Standards Update, Immaterial effect [true false]				true				true
Accounting Standards Update 2018-13
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Change in accounting principle, Accounting Standards Update, adopted [true false]				true				true
Change in accounting principle, Accounting Standards Update, Adoption date				Jan. 01, 2020				Jan. 01, 2020
Change in accounting principle, Accounting Standards Update, Immaterial effect [true false]				true				true
Unvested Shares
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Weighted-average unvested shares \| shares				3,555,407		4,579,030		3,818,756	2,728,593
Furniture and Fixtures
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Property and equipment, useful life								3 years
Minimum \| Computer Equipment and Related Software
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Property and equipment, useful life								2 years
Maximum \| Computer Equipment and Related Software
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Property and equipment, useful life								3 years
Lender Warrants
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Expected cash dividend yield								0.00%
Takeda Warrant \| Takeda License \| Takeda
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Shares of common stock included in calculation of basic weighted-average common shares \| shares						7,588,000			7,588,000
Fair Value, Recurring
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Financial assets fair value disclosure				$ 0				$ 0
Fair Value, Nonrecurring
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Non-financial assets fair value disclosure				0				0
Non-financial liabilities fair value disclosure				$ 0				0
Common Stock
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares							2,524,852
Common Stock \| Takeda License
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares			1,084,000			1,084,000
Additional Paid-in Capital
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Conversion of Lender Warrants into equity					$ 318,000
Additional Paid-in Capital \| Lender Warrants
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Conversion of Lender Warrants into equity								$ 300,000
IPO \| Common Stock
Organization Basis of Presentation and Summary of Significant Accounting Policies [Line Items]
Common stock shares issued \| shares	10,997,630
Proceeds from Initial Public Offering (IPO)	$ 191,500,000

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring $ in Thousands	Dec. 31, 2019 USD ($)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities measured at fair value	$ 413
Warrant Liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities measured at fair value	413
Significant Unobservable Inputs (Level 3)
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities measured at fair value	413
Significant Unobservable Inputs (Level 3) \| Warrant Liabilities
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]
Liabilities measured at fair value	$ 413

Organization, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Reconciliation of Liabilities Measured at Fair Value (Details) - Significant Unobservable Inputs (Level 3) - Warrant Liabilities $ in Thousands	6 Months Ended
	Jun. 30, 2020 USD ($)
Fair Value Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Beginning Balance	$ 413
Change in fair value	(95)
Reclassification of Lender Warrants into equity (Note 7)	$ (318)

Balance Sheet Details - Schedule of Property, Plant and Equipment, net (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 885	$ 471
Less: accumulated depreciation	(137)	(8)
Total property, plant and equipment, net	748	463
Computer Equipment
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	210	152
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	644	306
Leasehold Improvements
Property Plant And Equipment [Line Items]
Property, plant and equipment, gross	$ 31	$ 13

Balance Sheet Details - Additional Information (Details) - USD ($)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Balance Sheet Related Disclosures [Abstract]
Depreciation expense	$ 77,000	$ 129,000	$ 0
Disposal of property, plant or equipment		$ 0		$ 0

Balance Sheet Details - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Accrued Liabilities Current [Abstract]
Accrued R&D expenses	$ 4,534	$ 384
Accrued compensation expenses	1,510	1,052
Accrued professional & consulting expenses	211	478
Accrued other	2	405
Total accrued expenses	$ 6,257	$ 2,319

Related Party Transactions - Additional Information (Details) - USD ($)		3 Months Ended		6 Months Ended
	May 05, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Commercial Supply Agreement
Related Party Transaction [Line Items]
Agreement extends period for termination	2 years
Costs incurred				$ 0
Minimum purchase obligation	$ 2,500,000
Frazier
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		$ 34,000		34,000		$ 100,000
Shared operating expenses		34,000	$ 52,000	77,000	$ 100,000
PCI Pharma Services \| Clinical Manufacturing Services
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		300,000		300,000		300,000
Expense related to services		200,000	0	700,000	0
Mountain Field LLC
Related Party Transaction [Line Items]
Shared operating expenses			5,000	0	100,000
Takeda \| Takeda License
Related Party Transaction [Line Items]
Outstanding accounts payable and accrued expenses		22,000		22,000		$ 100,000
Expense related to services		$ 0	$ 0	$ 0	$ 0

Commitments and Contingencies - Additional Information (Details) - USD ($)			3 Months Ended	6 Months Ended
	Oct. 11, 2019	May 07, 2019	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Commitments And Contingencies [Line Items]
Common stock fair value				$ 3,000		$ 2,000
Common stock, shares issued				28,964,506		28,964,506
Common stock, shares authorized	50,000,000			400,000,000		400,000,000
Fair value adjustment of warrants			$ 1,284,000	$ (95,000)	$ 1,284,000
Takeda License \| Takeda
Commitments And Contingencies [Line Items]
License agreement description				The agreement will remain in effect, on a country-by-country and product-by-product basis, until the later of (i) the expiration of the last to expire valid patent claim covering vonoprazan fumarate alone or in combination with at least one other therapeutically active ingredient, (ii) the expiration of the applicable regulatory exclusivity and (iii) 15 years from the date of first commercial sale, unless earlier terminated. The Company may terminate the Takeda License upon six months’ written notice. The Company and Takeda may terminate the Takeda License in the case of the other party’s insolvency or material uncured breach. Takeda may terminate the Takeda License if the Company challenges, or assists in challenging, licensed patents.
Agreement expiration term from date of first commercial sale		15 years
Cash consideration paid for license		$ 25,000,000
Common stock fair value		$ 5,900,000
Common stock, shares issued		1,084,000
Warrants exercise price		$ 0.00004613
Initial fair value of warrants		$ 47,900,000
Additional warrant issued		0
Maximum amount payable in sales milestones upon achievement of specified levels of product sales		$ 250,000,000
Transaction costs		$ 100,000
Warrants expiration date		May 07, 2029
Fair value adjustment of warrants	$ 144,200,000
Takeda License \| Takeda \| Common Stock
Commitments And Contingencies [Line Items]
Warrants issued to purchase shares		7,588,000

Convertible Promissory Notes - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Oct. 29, 2019	May 31, 2019	Apr. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2018
Frazier Convertible Note Financing
Debt Instrument [Line Items]
Aggregate amount of debt instrument			$ 2,400,000
Debt instrument issued, amount			$ 500,000					$ 1,900,000
Interest expense				$ 0	$ 4,000	$ 0	$ 15,000
Frazier Convertible Note Financing \| Other Income (Expense)
Debt Instrument [Line Items]
Increases (decreases) in fair value of debt instrument				$ 0	$ (64,000)	$ 0	$ (50,000)
Frazier Convertible Note Financing \| Minimum
Debt Instrument [Line Items]
Debt instrument, interest rate percentage			1.68%
Frazier Convertible Note Financing \| Maximum
Debt Instrument [Line Items]
Debt instrument, interest rate percentage			2.55%
May 2019 Convertible Note Financing
Debt Instrument [Line Items]
Aggregate amount of debt instrument		$ 90,300,000
Debt instrument, interest rate percentage		6.00%
Fair value of convertible promissory notes		$ 2,400,000
Proceeds from issuance of unsecured debt		87,800,000
May 2019 Convertible Note Financing \| Common Stock
Debt Instrument [Line Items]
Debt instrument conversion, shares issued	6,107,918
May 2019 Convertible Note Financing \| Frazier
Debt Instrument [Line Items]
Debt instrument purchased amount		$ 20,000,000

Lease Commitments - Additional Information (Details)	3 Months Ended		6 Months Ended
Lease Commitments - Additional Information (Details)	Jun. 30, 2020 USD ($)	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) Option	Jun. 30, 2019 USD ($)
Lessee Lease Description [Line Items]
Operating leases, rent expense	$ 100,000	$ 0	$ 200,000	$ 0
Cash payments for operating lease costs			700,000	$ 0
Prepaid Lease Payments
Lessee Lease Description [Line Items]
Cash payments for operating lease costs			$ 500,000
Buffalo Grove, Illinois
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	4 years 9 months 18 days		4 years 9 months 18 days
Operating lease number of option to extend \| Option			1
Operating lease, option to extend description			Both operating leases contain an option to extend the term for one additional five year period
Lessee, operating lease, existence of option to terminate			true
Operating lease, renewal term	5 years		5 years
Florham Park, New Jersey
Lessee Lease Description [Line Items]
Operating leases, remaining lease terms	5 years 2 months 12 days		5 years 2 months 12 days
Operating lease number of option to extend \| Option			1
Operating lease, option to extend description			Both operating leases contain an option to extend the term for one additional five year period
Lessee, operating lease, existence of option to terminate			true
Operating lease, renewal term	5 years		5 years

Lease Commitments - Summary of Supplemental Balance Sheet Information Related to the Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Assets:
Operating lease right-of-use assets	$ 2,614	$ 933
Liabilities:
Operating lease liabilities, current	416	161
Operating lease liabilities	1,746	635
Total operating lease liabilities	$ 2,162	$ 796

Lease Commitments - Summary of Future Annual Minimum Lease Payments Under Operating Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Leases [Abstract]
2020	$ 188
2021	490
2022	503
2023	516
2024	529
Thereafter	342
Total minimum lease payments	2,568
Less: amount representing interest	(406)
Present value of operating lease liabilities	2,162	$ 796
Less: operating lease liabilities, current	(416)	(161)
Operating lease liabilities	$ 1,746	$ 635
Weighted-average remaining lease term (in years)	5 years 21 days
Weighted-average incremental borrowing rate	7.25%

Debt - Schedule of Long-Term Debt (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Debt Disclosure [Abstract]
Long-term debt, current portion	$ 1,389
Long-term debt, non-current portion	48,611
Unamortized debt discount	(3,741)
Long-term debt, net of debt discount	$ 46,259

Debt - Additional Information (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	May 14, 2019	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Mar. 16, 2020	Mar. 11, 2020
Debt Instrument [Line Items]
Long-term debt outstanding		$ 50,000		$ 50,000
Loan Agreement
Debt Instrument [Line Items]
Interest bearing rate upon customary events	4.00%
Warrants exercisable shares of common stock	16,446
Warrants expire term	10 years
Aggregate repurchase price of warrants	$ 500
Adjustments to additional paid-in-capital, warrants issued				300
Fair value of warrant liabilities	400
Interest expense		$ 1,300	$ 300	$ 2,000	$ 300
Term Loans
Debt Instrument [Line Items]
Aggregate amount of debt instrument	$ 25,000
Debt instrument, additional borrowing capacity amount						$ 25,000	$ 25,000
Debt instrument, interest rate percentage	7.25%	5.00%		5.00%
Debt instrument, description				Under the original Loan Agreement, the monthly payments consisted of interest-only through May 31, 2021. On March 11, 2020, the Company entered into the first amendment (the “Amendment”) to the Loan Agreement. Pursuant to the Amendment, the interest-only payment period was extended either (i) until December 31, 2021, if the Company receives positive data from its Phase 3 clinical trial in H. pylori infection sufficient to file a New Drug Application (“NDA”) with the U.S. Food and Drug Administration (“FDA”); or (ii) until November 30, 2022, if the Company receives positive data from its Phase 3 clinical trials in both indications for vonoprazan sufficient to file an NDA with the FDA;
Debt instrument, maturity date	May 01, 2024
Debt instrument, final payment fee percentage	8.25%
Debt instrument, final payment fee	$ 4,100	$ 4,100		$ 4,100
Debt issuance costs	$ 200
Long-term debt outstanding		50,000		50,000
Accrued interest		$ 300		$ 300
Term Loans \| Maximum
Debt Instrument [Line Items]
Debt instrument, prepayment fee percentage of outstanding principal amount	2.00%
Term Loans \| Prime Rate
Debt Instrument [Line Items]
Debt instrument, basis spread on variable rate	1.75%

Debt - Schedule of Future Minimum Principal and Interest Payments Under Term Loans (Details) $ in Thousands	Jun. 30, 2020 USD ($)
Debt Disclosure [Abstract]
2020	$ 1,843
2021	13,219
2022	19,065
2023	17,840
2024	11,197
Total principal and interest payments	63,164
Less interest and final payment fee	(13,164)
Total term loan borrowings	$ 50,000

Stockholders' Equity - Additional Information (Details) - USD ($)		1 Months Ended				3 Months Ended	4 Months Ended	6 Months Ended		12 Months Ended
	Oct. 29, 2019	Nov. 30, 2019	Oct. 31, 2019	May 31, 2019	Mar. 31, 2019	Jun. 30, 2019	May 06, 2019	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019	Jan. 01, 2020
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, shares authorized								40,000,000
Preferred stock, shares issued								0		0
Preferred stock, shares outstanding								0		0
Stock options, granted								276,727
Common stock initially reserved for issuance								13,423,199
Expected dividend yield								0.00%
Unrecognized stock-based compensation expense						$ 59,000		$ 10,600,000	$ 59,000
Unrecognized stock-based compensation expense, weighted-average period for recognition								3 years 3 months 10 days	8 months 12 days
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock initially reserved for issuance								1,677,255
Expected dividend yield								0.00%
2019 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized for issuance										2,231,739
Stock options, granted										1,400,528
Number of shares available for issuance								0
2019 Equity Incentive Plan \| Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock awards, granted										16,260
2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock options, granted								134,227
Annual increase to shares available for issuance percentage of outstanding common stock			5.00%
Equity plan, description			The number of shares initially available for issuance will be increased by (i) the number of shares subject to stock options or similar awards granted under the Existing Incentive Plan that expire or otherwise terminate without having been exercised in full after the effective date of the 2019 Plan and unvested shares issued pursuant to awards granted under the Existing Incentive Plan that are forfeited to or repurchased by the Company after the effective date of the 2019 Plan, with the maximum number of shares to be added to the 2019 Plan pursuant to clause (i) above equal to 1,416,788 shares, and (ii) an annual increase on January 1 of each calendar year beginning in 2020 and ending in 2029, equal to the lesser of (a) 5% of the shares of common stock outstanding on the final day of the immediately preceding calendar year and (b) such smaller number of shares as determined by the board of directors. The Company initially had 2,700,000 shares of common stock available for issuance under the 2019 Plan, of which, 134,227 stock options were granted. As of June 30, 2020, 3,581,853 shares remain available for issuance, which includes the annual increase of 1,158,580 shares that were authorized on January 1, 2020.
Number of shares remain available for issuance, annual increase											1,158,580
Common stock initially reserved for issuance								3,581,853
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for issuance								559,645
Annual increase to shares available for issuance percentage of outstanding common stock			1.00%
Equity plan, description			In addition, the number of shares available for issuance under the ESPP will be annually increased on January 1 of each calendar year beginning in 2020 and ending in 2029, by an amount equal to the lesser of: (i) 1% of the shares outstanding on the final day of the immediately preceding calendar year and (ii) such smaller number of shares as is determined by the board of directors. As of June 30, 2020, 559,645 shares of common stock remain available for issuance, which includes the annual increase of 289,645 shares that were authorized on January 1, 2020.
Number of shares remain available for issuance, annual increase											289,645
Common stock initially reserved for issuance			270,000					559,645
Employee and Nonemployee Director
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Estimated weighted-average fair value								$ 18.65
Common Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued							2,524,852
Number of shares authorized to repurchase					3,373,408
Stock repurchase program, number of shares right lapse					843,352
Remaining number of shares to be repurchased					2,530,056
Stock repurchase program, period in force					48 months
Stock repurchase program expiration date					Mar. 31, 2023
Proceeds from issuance of common stock							$ 1,000,000
Repurchase right lapse each month after first anniversary, shares							0.000208
Repurchases of shares		17,560
Shares aggregate repurchase price		$ 5.20
Common Stock \| 2019 Incentive Award Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Common stock, shares authorized for issuance			2,700,000
Number of shares available for issuance								3,581,853
Additional number of shares available for issuance			1,416,788
Common Stock \| Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Maximum percentage of eligible compensation contributed by participants			20.00%
Common Stock \| IPO
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	10,997,630
Common stock, price per share	$ 19.00
Proceeds from Initial Public Offering (IPO)	$ 191,500,000
Common Stock \| Underwriters
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued	1,434,473
Common Stock \| Employees
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares to be repurchased								1,610,664
Common Stock \| First Anniversary
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Repurchase right lapse rate							25.00%
Common Stock \| Takeda License
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued				1,084,000		1,084,000
Common Stock \| Founders
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Remaining number of shares to be repurchased								1,739,436
Common Stock \| Frazier
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued					1,491,072

Stockholders' Equity - Summary of Unvested Shares (Details)	6 Months Ended
	Jun. 30, 2020 shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Balance at December 31, 2019	4,236,248
Share vesting	(886,154)
Balance at June 30, 2020	3,350,094

Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Details) - shares	Jun. 30, 2020	Oct. 31, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	13,423,199
Common stock warrants
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	7,604,446
Stock Options Outstanding
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	1,677,255
2019 Incentive Award Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	3,581,853
ESPP Plan
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Common stock reserved for future issuance (in shares)	559,645	270,000

Stockholders' Equity - Summary of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Options Outstanding, Beginning Balance	1,400,528
Options Outstanding, Options granted	276,727
Options Outstanding, Ending Balance	1,677,255	1,400,528
Weighted-Average Exercise Price, Beginning Balance	$ 9.10
Weighted-Average Exercise Price, Options granted	32.34
Weighted-Average Exercise Price, Ending Balance	$ 12.93	$ 9.10
Weighted-Average Remaining Contractual Term	9 years 3 months 10 days	9 years 8 months 8 days
Weighted-Average Remaining Contractual Term, Options exercisable	0 years
Aggregate Intrinsic Value, Balance	$ 33,512	$ 30,874

Stockholders' Equity - Summary of Weighted-Average Assumptions Used to Estimate Fair Value of Stock Options Granted (Details)	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Assumptions:
Expected term (in years)	5 years 11 months 26 days	0 years
Expected volatility	63.72%
Risk free interest rate	0.82%
Expected dividend yield	0.00%

Stockholders' Equity - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 828	$ 29	$ 1,391	$ 29
Research and Development Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	124		238
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 704	$ 29	$ 1,153	$ 29