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Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2020	May 08, 2020
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Entity Registrant Name	Applied Therapeutics Inc.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		21,970,177
Entity Central Index Key	0001697532
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Amendment Flag	false

Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 92,503	$ 18,850
Prepaid expenses and other current assets	9,432	7,301
Investments	61,806	20,004
Total current assets	163,741	46,155
Operating lease right-of-use asset	1,942	2,035
Security deposits and leasehold improvements	199	199
TOTAL ASSETS	165,882	48,389
CURRENT LIABILITIES:
Current portion of operating lease liabilities	364	356
Accounts payable	1,606	8,793
Accrued expenses and other current liabilities	6,496	4,950
Total current liabilities	8,466	14,099
NONCURRENT LIABILITIES:
Noncurrent portion of operating lease liabilities	1,588	1,683
Total noncurrent liabilities	1,588	1,683
Total liabilities	10,054	15,782
STOCKHOLDERS’ EQUITY (DEFICIT):
Common stock, $0.0001 par value; 100,000,000 and 100,000,000 shares authorized as of March 31, 2020 and December 31, 2019, respectively; 21,969,277 shares and 18,531,560 shares issued and outstanding as of March 31, 2020 and December 31, 2019, respectively	2	1
Additional paid-in capital	234,876	99,378
Accumulated other comprehensive loss	89	(2)
Accumulated deficit	(79,139)	(66,770)
Total stockholders' equity	155,828	32,607
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 165,882	$ 48,389

Statements of Operations - USD ($) $ in Thousands	3 Months Ended
Statements of Operations - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
OPERATING EXPENSES:
Research and development	$ 7,271	$ 6,874
General and administrative	5,196	1,855
Total operating expenses	12,467	8,729
LOSS FROM OPERATIONS	(12,467)	(8,729)
OTHER INCOME (EXPENSE), NET:
Interest income (expense), net	122	(1)
Other income (expense)	(24)
Total other income (expense), net	98	(1)
Net loss	(12,369)	(8,730)
Net loss attributable to common stockholders—basic	(12,369)	(8,730)
Net loss attributable to common stockholders— diluted	$ (12,369)	$ (8,730)
Net loss per share attributable to common stockholders—basic and diluted	$ (0.59)	$ (1.58)
Weighted-average common stock outstanding—basic and diluted	20,840,658	5,513,531

Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
Statements of Comprehensive Loss - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
Statements of Comprehensive Loss
Net loss	$ (12,369)	$ (8,730)
Other comprehensive income
Unrealized gain on marketable securities	91
Other comprehensive income, net of tax	91
Comprehensive income (loss), net of tax	$ (12,278)	$ (8,730)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Statement of Stockholders' (Deficit) Equity - USD ($) $ in Thousands	Common Stock Series A Convertible Preferred Stock	Common Stock Series B Convertible Preferred Stock	Common Stock IPO	Common Stock Private Placement	Common Stock Secondary Public Offering	Common Stock	Additional Paid-in Capital Series A Convertible Preferred Stock	Additional Paid-in Capital Series B Convertible Preferred Stock	Additional Paid-in Capital IPO	Additional Paid-in Capital Private Placement	Additional Paid-in Capital Secondary Public Offering	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Series A Convertible Preferred Stock	Series B Convertible Preferred Stock	IPO	Private Placement	Secondary Public Offering	Total
Balance at Dec. 31, 2018												$ 1,665	$ (21,257)							$ (19,592)
Balance (in shares) at Dec. 31, 2018						5,513,531
Increase (Decrease) in Stockholders' Equity
Issuance of common stock warrants in connection with the issuance of convertible preferred stock												80								80
Conversion of convertible preferred stock into common stock upon closing of the IPO		$ 1					$ 6,254	$ 32,052							$ 6,254	$ 32,053
Conversion of convertible preferred stock into common stock upon closing of the IPO (in shares)	3,093,898	4,444,773
Issuance of common stock									$ 34,582	$ 18,348							$ 34,582	$ 18,348
Issuance of common stock (in shares)			4,000,000	1,380,344
Exercise of options for common stock issued under Equity Incentive Plan												226								226
Exercise of options for common stock issued under Equity Incentive Plan (in shares)						81,988
Issuance costs																	$ (5,417)	(1,667)
Exercise of warrants of common stock (in shares)						17,026
Stock-based compensation expense												6,171								6,171
Net loss													(45,513)							(45,513)
Other comprehensive income (loss)														$ (2)						(2)
Balance at Dec. 31, 2019						$ 1						99,378	(66,770)	(2)						32,607
Balance (in shares) at Dec. 31, 2019						18,531,560
Increase (Decrease) in Stockholders' Equity
Issuance of common stock					$ 1						$ 134,127								$ 134,128
Issuance of common stock (in shares)					3,152,712
Exercise of options for common stock issued under Equity Incentive Plan						$ 0						81								$ 81
Exercise of options for common stock issued under Equity Incentive Plan (in shares)						35,027														35,027
Issuance costs										$ (41)								$ (41)	$ (714)
Exercise of warrants of common stock (in shares)						249,978
Stock-based compensation expense												1,331								$ 1,331
Net loss													(12,369)							(12,369)
Other comprehensive income (loss)														91						91
Balance at Mar. 31, 2020						$ 2						$ 234,876	$ (79,139)	$ 89						$ 155,828
Balance (in shares) at Mar. 31, 2020						21,969,277

Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
Statements of Cash Flows - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (12,369)	$ (8,730)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,331	325
Amortization of operating lease right-of-use assets	93
Change in operating lease liability	(87)
Changes in operating assets and liabilities:
Prepaid expenses	(2,131)	(497)
Accounts payable	(7,199)	(366)
Accrued expenses and other current liabilities	1,507	2,266
Net cash used in operating activities	(18,855)	(7,002)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of available-for-sale securities	(41,711)
Net cash used in investing activities	(41,711)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of Series B convertible preferred stock, net of cash issuance costs of $186		3,131
Proceeds from secondary public offering, net of cash issuance costs of $702	134,139
Payment of deferred offering costs	(1)	(191)
Exercise of stock options for common stock under Equity Incentive Plan	81
Net cash provided by financing activities	134,219	2,940
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	73,653	(4,062)
Cash and cash equivalents at beginning of period	18,850	18,748
Cash and cash equivalents at end of period	92,503	14,686
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:
Issuance of warrants		80
Private offering costs in accrued expenses	40	872
Secondary offering costs in accounts payable	12	$ 79
Unrealized gain (loss) on marketable securities	$ (91)

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2020
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Operations and Business Applied Therapeutics, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing a pipeline of novel product candidates against validated molecular targets in indications of high unmet medical need. In particular, the Company is currently targeting treatments for cardiovascular disease, galactosemia and diabetic complications. The Company was incorporated in Delaware on January 20, 2016 and is headquartered in New York, New York. On May 16, 2019, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 4,000,000 shares of its common stock at a public offering price of $10.00 per share, for aggregate gross proceeds of $40.0 million. The Company received net of proceeds $34.6 million, after deducting underwriting discounts and commissions and offering costs. Prior to the completion of the IPO, the Company primarily funded its operations with proceeds from the sale of convertible preferred stock (see Note 8). In connection with the IPO, the Company effected a 55.2486-for-1 stock split of its issued and outstanding shares of common stock and convertible preferred stock. The stock split became effective on April 26, 2019. Stockholders entitled to fractional shares as a result of the forward stock split received cash payment in lieu of receiving fractional shares. All share and per share amounts for all periods presented in the accompanying condensed financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately increased and the respective per share value and exercise prices, if applicable, were proportionately decreased in accordance with the terms of the agreements governing such securities. Upon the closing of the IPO on May 16, 2019, all of the then-outstanding shares of convertible preferred stock automatically converted into 7,538,671 shares of common stock on a one-for-one basis. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. On November 12, 2019, the Company completed a private placement (the “Private Placement”), pursuant to which it issued and sold 1,380,344 shares of the Company’s common stock at a price of $14.50 per share, for net proceeds of $18.4 million after deducting placement agent discounts and commissions and offering costs. On January 28, 2020, the Company completed its secondary public offering (the “Secondary Public Offering”), pursuant to which it issued and sold 2,741,489 shares of common stock at a public offering price of $45.50 per share, with an additional 411,223 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate net proceeds received by the Company from the offering, after deducting underwriting discounts and commissions and offering costs, were $134.1 million. The accompanying unaudited condensed financial statements as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2019 included in the Annual Report, filed with the SEC on March 13, 2020 (the “Annual Report”). The unaudited condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments which are necessary for a fair presentation of the Company’s financial position as of March 31, 2020, results of operations for the three months ended March 31, 2020 and 2019 and cash flows for the three months ended March 31, 2020 and 2019. Such adjustments are of a normal and recurring nature. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020. Liquidity The Company has incurred, and expects to continue to incur, significant operating losses and negative cash flows for at least the next several years as it continues to develop its drug candidates. To date, the Company has not generated any revenue, and it does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. Management believes that the Company’s existing cash, cash equivalents, and investments will allow the Company to continue its operations for at least 12 months from the issuance date of these financial statements. After 12 months from the issuance of these financial statements, the Company may need to obtain additional funding. The Company may pursue additional cash resources through public or private financings. Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and reliance on third‑party manufacturers. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Significant Accounting Policies The significant accounting policies and estimates used in preparation of the condensed financial statements are described in the Company’s audited financial statements as of and for the year ended December 31, 2019, and the notes thereto, which are included in the Annual Report. Except as detailed below, there have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2020. Stock‑Based Compensation–Restricted Stock Units The Company accounts for restricted stock units in accordance with the authoritative guidance for stock-based compensation. The fair value of restricted stock units is measured at the grant date based on the closing market price of the Company’s common stock on the date of grant, and is recognized as expense on a straight-line basis over the period of vesting. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur. Recent Accounting Pronouncements On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology applies to financial instruments measured at amortized cost, including loan receivables and held-to-maturity debt securities, off-balance sheet credit exposures and net investments in leases recognized by a lessor. ASC 326 also made changes to the accounting for available-for-sale debt securities, where credit losses are required to be presented as an allowance as opposed to a write-down. The FASB issued authoritative guidance that amends guidance on reporting credit losses for assets, including available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, will require that credit losses be presented as an allowance rather than as a write-down. For available-for-sale debt securities in an unrealized position, the Company assesses whether a decline in fair value resulted from credit losses or other factors. Management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security, and adverse conditions specifically related to the security. If the assessment indicates a credit loss exists, an allowance is recorded that is limited to the amount the amortized cost exceeds the fair value. Any impairment that is not recognized through the allowance for credit loss is recognized in other comprehensive income. The Company adopted ASC 326 using the modified retrospective method approach, where a cumulative-effect adjustment to credit loss allowance would be reflected in retained earnings. The adoption of this standard did not have an impact on the Company’s balance sheet as there were no credit losses identified. 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 modifies the disclosure requirements on fair value measurements. The new guidance is effective for fiscal years beginning after December 15, 2019. Upon the effective date, certain provisions are to be applied prospectively, while others are to be applied retrospectively to all periods presented. The amendments eliminated certain disclosure requirements such as the elimination of disclosing the valuation process for Level 3 fair value measurements. Other amendments in the update did not impact the Company. The Company adopted the amendments on January 1, 2020 with no impact on our financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact adoption of ASU 2019-12 will have on its financial statements.

LICENSE AGREEMENT	3 Months Ended
LICENSE AGREEMENT	Mar. 31, 2020
LICENSE AGREEMENT
LICENSE AGREEMENT	2. LICENSE AGREEMENT Columbia University In October 2016, the Company entered into a license agreement (the “2016 Columbia Agreement”) with the Trustees of Columbia University (“Columbia University”) to obtain an exclusive royalty-bearing sublicensable license in respect to certain patents. As part of the consideration for entering into the 2016 Columbia Agreement, the Company issued to Columbia University shares equal to 5% of its outstanding common stock on a fully diluted basis at the time of issue. The common stock had a fair value of $0.5 million at the time of issuance. The Company will be required to make further payments to Columbia University of up to an aggregate of $1.3 million for the achievement of specified development and regulatory milestones, and up to an aggregate of $1.0 million for the achievement of a specified level of aggregate annual net sales, in each case in connection with products covered by the 2016 Columbia Agreement. The Company will also be required to pay tiered royalties to Columbia University in the low‑ to mid‑single digit percentages on the Company’s, its affiliates’ and its sublicensees’ net sales of licensed products, subject to specified offsets and reductions. In addition, the Company is required to make specified annual minimum royalty payments to Columbia University, which is contingent upon the approval of the licensed products, in the mid-six figures beginning on the 10th anniversary of the effective date of the 2016 Columbia Agreement. The Company has not granted any sublicenses under the 2016 Columbia Agreement. However, if the Company sublicenses the rights granted under the 2016 Columbia Agreement to one or more third parties, it will be required to pay Columbia University a portion of the net sublicensing revenue received from such third parties, at percentages between 10% and 20%, depending on the stage of development at the time such revenue is received from such third parties. The 2016 Columbia Agreement will terminate upon the expiration of all the Company’s royalty payment obligations in all countries. The Company may terminate the 2016 Columbia Agreement for convenience upon 90 days’ written notice to Columbia University. At its election, Columbia University may terminate the 2016 Columbia Agreement, or convert the licenses granted to the Company into non‑exclusive, non‑sublicensable licenses, in the case of (a) the Company’s uncured material breach upon 30 days’ written notice (which shall be extended to 90 days if the Company is diligently attempting to cure such material breach), (b) the Company’s failure to achieve the specified development and funding milestone events, or (c) the Company’s insolvency. In January 2019, the Company entered into a second license agreement with Columbia University (the “2019 Columbia Agreement”). Pursuant to the 2019 Columbia Agreement, Columbia University granted the Company a royalty-bearing, sublicensable license that is exclusive with respect to certain patents, and non-exclusive with respect to certain know-how, in each case to develop, manufacture and commercialize PI3k inhibitor products. The license grant is worldwide. Under the 2019 Columbia Agreement, the Company is obligated to use commercially reasonable efforts to research, discover, develop and market licensed products for commercial sale in the licensed territory, and to comply with certain obligations to meet specified development and funding milestones within defined time periods. Columbia University retains the right to conduct, and grant third parties the right to conduct, non-clinical academic research using the licensed technology; provided that such research is not funded by a commercial entity or for-profit entity or results in rights granted to a commercial or for-profit entity. As consideration for entering into the 2019 Columbia Agreement, the Company made a nominal upfront payment to Columbia University. The Company will be required to make further payments to Columbia University of up to an aggregate of $1.3 million for the achievement of specified development and regulatory milestones, and up to an aggregate of $1.0 million for the achievement of a specified level of aggregate annual net sales, in each case in connection with products covered by the 2019 Columbia Agreement. The Company will also be required to pay tiered royalties to Columbia University in the low- to mid-single digit percentages on the Company’s, its affiliates’ and its sublicensees’ net sales of licensed products, subject to specified offsets and reductions. In addition, the Company is required to make specified annual minimum royalty payments to Columbia University, which is contingent upon the approval of the licensed products, in the mid-six figures beginning on the tenth anniversary of the effective date of the 2019 Columbia Agreement. The Company has not granted any sublicenses under the 2019 Columbia Agreement. However, if the Company sublicenses the rights granted under the 2019 Columbia Agreement to one or more third parties, it will be required to pay Columbia University a portion of the net sublicensing revenue received from such third parties, at percentages between 10% and 50%, depending on the stage of development at the time such revenue is received from such third parties. The 2019 Columbia Agreement will terminate upon the expiration of all the Company’s royalty payment obligations in all countries. The Company may terminate the 2019 Columbia Agreement for convenience upon 90 days’ written notice to Columbia University. At its election, Columbia University may terminate the 2019 Columbia Agreement, or convert the licenses granted to the Company into non-exclusive, non-sublicensable licenses, in the case of (a) the Company’s uncured material breach upon 30 days’ written notice (which shall be extended to 90 days if the Company is diligently attempting to cure such material breach), (b) the Company’s failure to achieve the specified development and funding milestone events, or (c) the Company’s insolvency. In March 2019, and in connection with the 2016 Columbia Agreement, the Company entered into a research services agreement (the “2019 Columbia Research Agreement” and collectively with the 2016 Columbia Agreement and 2019 Columbia Agreement, the “Columbia Agreements”) with Columbia University with the purpose of analyzing structural and functional changes in brain tissue in an animal model of galactosemia, and the effects of certain compounds whose intellectual property rights were licensed to the Company as part of the 2016 Columbia Agreement on any such structural and functional changes. The 2019 Columbia Research Agreement has a term of 12 months from its effective date; provided that the Company can terminate the 2019 Columbia Research Agreement without cause with at least 30 days’ prior written notice. The services covered by the 2019 Columbia Research Agreement will be performed by Columbia University in two parts consisting of six months. The decision to proceed with Part 2 of the 2019 Columbia Research Agreement shall be made solely by the Company and will be contingent on the success of the research performed in Part 1. In consideration for the services performed by Columbia University in Part 1, the Company will be required to pay $0.1 million to Columbia University for staffing, supplies and indirect costs. If the Company decides to continue the research defined in Part 2, the Company will be required to pay an additional $0.2 million to Columbia University. On October 3, 2019, and in connection with the 2019 Columbia Agreement, the Company entered into a research services agreement (the “PI3k Columbia Research Agreement” and collectively with the 2016 Columbia Agreement, 2019 Columbia Agreement and 2019 Research Agreement, the “Columbia Agreements”) with Columbia University with the purpose of analyzing PI3k inhibitors for the treatment of lymphoid malignancies. The research service agreement has a term of 18 months from is effective date; provided that the Company can terminate the research service agreement without cause with at least 30 days prior written notice. Midway through the study period, the Company and Columbia University will review the results of all completed and in progress research and determine whether the research will continue. In consideration for the services performed by Columbia University, the Company will be required to pay $0.4 million to Columbia University for staffing, supplies and indirect costs. During the three months ended March 31, 2020, the Company recorded $0.3 million in research and development expense and $40,000 in general and administrative expense related to the Columbia Agreements. During the three months ended March 31, 2019, the Company recorded $0 million in research and development expense and $0.2 million in general and administrative expense related to the Columbia Agreements. In aggregate, the Company has incurred $2.2 million in expense from the execution of the Columbia Agreements through March 31, 2020. As of March 31, 2020, the Company had $0.3 million due to Columbia University included in accrued expenses and $52,000 included in accounts payable. As of December 31, 2019, the Company had $0.1 million due to Columbia University included in accrued expenses and $0.1 million included in accounts payable.

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS

3. FAIR VALUE MEASUREMENTS

The following table summarizes, as of March 31, 2020, the Company's financial assets and liabilities that are measured at fair value on a recurring basis, according to the fair value hierarchy described in the significant accounting policies in the Company’s audited financial statements as of and for the year ended December 31, 2019, and the notes thereto, which are included in the Annual Report.


	As of March 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	58,186	$	—	$	—	$	58,186
Money market funds		34,317		—		—		34,317
Total cash and cash equivalents	$	92,503	$	—	$	—	$	92,503
Commercial paper and corporate bonds		—		15,741		—		15,741
U.S. government agency debt securities		—		46,065		—		46,065
Total marketable securities	$	—	$	61,806	$	—	$	61,806
Total financial assets measured at fair value on a recurring basis	$	92,503	$	61,806	$	—	$	154,309

Investments in commercial paper, corporate bonds, and U.S. government agency debt securities have been classified as Level 2 as they are valued using quoted prices in less active markets or other directly or indirectly observable inputs. Fair values of corporate bonds and U.S. government agency debt securities were derived from a consensus or weighted average price based on input of market prices from multiple sources at each reporting period. With regard to commercial paper, all of the securities had high credit ratings and one year or less to maturity; therefore, fair value was derived from accretion of purchase price to face value over the term of maturity or quoted market prices for similar instruments if available. During the three months ended March 31, 2020, there were no transfers of financial assets between Level 1 and Level l.

INVESTMENTS

3 Months Ended

Mar. 31, 2020

INVESTMENTS

INVESTMENTS

4. INVESTMENTS

Marketable Securities

Marketable securities, which the Company classifies as available-for-sale securities, primarily consist of high quality commercial paper, corporate bonds, and U.S. government debt obligations. The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs. The Company classifies its investments as current based on the nature of the investments and their availability for use in current operations.

The following tables provide the Company’s marketable securities by security type as of March 31, 2020 and December 31, 2019:


	As of March 31, 2020								As of December 31, 2019
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Estimated				Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Commercial paper and corporate bonds	$	15,765	$	13	$	(37)	$	15,741	$	7,540	$	—	$	(20)	$	7,520
US government agency debt security		45,952		113		—		46,065		12,466		19		(1)		12,484
Total	$	61,717	$	126	$	(37)	$	61,806	$	20,006	$	19	$	(21)	$	20,004

The Company adopted ASU No. 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments” on January 1, 2020 and applied the new modified credit impairment guidance related to available-for-sale debt securities prospectively. Under the new guidance, at each reporting date, entities must evaluate their individual available-for-sale debt securities that are in an unrealized loss position and determine whether the decline in fair value below the amortized cost basis from a credit loss or other factors. The amount of the decline related to credit losses are recorded as a credit loss expense in earnings with a corresponding allowance for credit losses and the amount of decline not related to credit losses are recorded through other comprehensive income, net of tax. As of March 31, 2020, our corporate bond portfolio reported an unrealized net loss of $37 thousand. Based on our evaluations, we determined that a credit loss allowance is not required since the decline was not related to underlying credit issues of the counterparties. The counterparties to these investments have high credit quality with investment grade ratings of at least A- or above, along with a history of no defaults. No single investment in the corporate bond portfolio had an individually material unrealized loss and in the aggregate. The total amount of unrealized losses of $37 thousand as of March 31, 2020 was only 0.23% of the total amortized costs basis of the corporate bond portfolio. In addition, the Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost bases. Accordingly, based on the forgoing evaluation, the Company did not record any credit losses during the three months ended March 31, 2020 and the entire amount of the decline in fair value below the amortized cost basis was recorded as an unrealized loss, net of tax, in other comprehensive loss in the Statements of Comprehensive Loss. Unrealized gains are also reflected, net of tax, as other comprehensive income (loss) in the Statements of Comprehensive Loss.

Contractual maturities of the Company’s marketable securities as of March 31, 2020 and December 31, 2019 are summarized as follows:


	As of March 31, 2020								As of December 31, 2019
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Estimated				Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Due in one year or less	$	57,157	$	110	$	(37)	$	57,230	$	20,006	$	19	$	(21)	$	20,004
Due in one through two years		4,560		16		—		4,576		—		—		—		—
Total	$	61,717	$	126	$	(37)	$	61,806	$	20,006	$	19	$	(21)	$	20,004

At March 31, 2020, the Company had $126 thousand of gross unrealized gains and $37 thousand of gross unrealized losses primarily due to fluctuations in the fair value of certain U.S. government agency debt securities.

During the three months ended March 31, 2020, the Company recorded no net realized gains or losses from the sale of marketable securities.

The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of March 31, 2020 are as follows:


	As of March 31, 2020
	Securities in an unrealized loss position less than 12 months				Securities in an unrealized loss position greater than 12 months				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
(in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
Commercial paper and corporate bonds	$	(37)	$	10,176	$	—	$	—	$	(37)	$	10,176
US government agency debt security		—		—		—		—		—		—
Total	$	(37)	$	10,176	$	—	$	—	$	(37)	$	10,176


	As of December 31, 2019
	Securities in an unrealized loss position less than 12 months				Securities in an unrealized loss position greater than 12 months				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
(in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
Commercial paper and corporate bonds	$	(20)	$	7,520	$	—	$	—	$	(20)	$	7,520
US government agency debt security		(1)		3,497		—		—		(1)		3,497
Total	$	(21)	$	11,017	$	—	$	—	$	(21)	$	11,017

As of March 31, 2020, we did not intend to sell and it was not likely that we would be required to sell these investments before recovery of their amortized cost basis, which may be at maturity. Unrealized losses related to these investments are primarily due to interest rate fluctuations as opposed to changes in credit quality. Therefore, as of March 31, 2020, we have recognized no other-than-temporary impairment loss.

STOCK BASED COMPENSATION

3 Months Ended

Mar. 31, 2020

STOCK BASED COMPENSATION

STOCK BASED COMPENSATION

7. STOCK‑BASED COMPENSATION

Equity Incentive Plans

In May 2019, the Company's board of directors (the "Board") adopted its 2019 Equity Incentive Plan ("2019 Plan"), which was subsequently approved by its stockholders and became effective on May 13, 2019. As a result, no additional awards under the Company's 2016 Equity Incentive Plan, as amended (the "2016 Plan") will be granted and all outstanding stock awards granted under the 2016 Plan that are repurchased, forfeited, expired or are cancelled will become available for grant under the 2019 Plan in accordance with its terms. The 2016 Plan will continue to govern outstanding equity awards granted thereunder.

The 2019 Plan provides for the issuance of incentive stock options ("ISOs") to employees, and for the grant of nonstatutory stock options ("NSOs"), stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, performance cash awards and other forms of stock awards to the Company's employees, officers and directors, as well as non- employees, consultants and affiliates to the Company. Under the terms of the 2019 Plan, stock options may not be granted at an exercise price less than fair market value of the Company's common stock on the date of the grant. The 2019 Plan will be administered by the Compensation Committee of the Company's Board.

Initially, subject to adjustments as provided in the 2019 Plan, the maximum number of the Company's common stock that may be issued under the 2019 Plan is 4,530,000 shares, which is the sum of (i) 1,618,841 new shares, plus (ii) the number of shares (not to exceed 2,911,159 shares) that remained available for the issuance of awards under the 2016 Plan, at the time the 2019 Plan became effective, and (iii) any shares subject to outstanding stock options or other stock awards granted under the 2016 Plan that are forfeited, expired, or reacquired. The 2019 Plan provides that the number of shares reserved and available for issuance under the 2019 Plan will automatically increase each January 1, beginning on January 1, 2020, by 5% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Board. Subject to certain changes in capitalization of the Company, the aggregate maximum number of shares of common stock that may be issued pursuant to the exercise of ISOs shall be equal to 13,000,000 shares of common stock. Stock options awarded under the 2019 Plan expire 10 years after grant and typically vest over four years.

As of March 31, 2020, there were 2,675,770 shares reserved by the Company to grant under the 2016 and 2019 Plans and an aggregate of 1,100,671 shares remained available for future grants under the 2019 Plan.

Stock-Based Compensation Expense

Total stock-based compensation expense recorded for employees, directors and non-employees during the three months ended March 31, 2020 and 2019 was as follows:


	Three Months Ended
	March 31,
(in thousands)	2020		2019
Research and development	$	642	$	$ 147
General and administrative		670		178
Total stock-based compensation expense	$	1,312	$	325

During the three months ended March 31, 2020, the Company granted options to purchase 194,031 shares of common stock. The Company recorded stock-based compensation expense for options granted during the three months ended March 31, 2020 and 2019 of $1.3 million and $0.3 million, respectively. As of March 31, 2020 and December 31, 2019, there were 4,238,892 and 4,079,888 options outstanding, respectively. The weighted‑average fair value of options granted during the three months ended March 31, 2020 and 2019 was $21.65 and $1.54 per share, respectively. As of March 31, 2020, and March 31, 2019, the total unrecognized stock‑based compensation balance for unvested options was $15.4 million and $5.3 million, respectively, which is expected to be recognized over a period of 1.6 years and 2.3 years, respectively.

The following table summarizes the information about options outstanding at March 31, 2020:


				Weighted-Average
		Weighted-		Remaining	Aggregate
	Options	Average		Contractual	Intrinsic
(in thousands, except for share data)	Outstanding	Exercise Price		Term (in years)	Value
Outstanding at December 31, 2019	4,079,888	$	5.11	8.26	$	82,327
Options granted	194,031		35.43
Options exercised	(35,027)		2.32			—
Forfeited	—		—
Expired	—		—
Outstanding at March 31, 2020	4,238,892	$	8.16	8.83	$	104,515
Exercisable at March 31, 2020	2,073,735	$	3.22	8.42	$	61,123
Nonvested at March 31, 2020	2,165,157	$	12.89	9.23	$	43,392

Valuation of Stock Options Granted to Employees that Contain Service Conditions Only

The fair value of each option award granted with service-based vesting is estimated on the date of the grant using the Black-Scholes option valuation model based on the weighted average assumptions noted in the table below for those options granted in the years ended March 31, 2020 and 2019.


	Three Months Ended
	March 31,
	2020			2019
Expected term (in years)		6.1			6.0
Volatility		68.77	%		68.44	%
Risk-free interest rate		0.59	%		2.47	%
Dividend yield		0.00	%		0.00	%

Stock Options Granted to Employees that Contain Service, Performance and Market Conditions

Included in the stock options granted during the three months ended March 31, 2019 were 159,501 stock options that contain service-, performance- and market-based vesting conditions granted to the Company's interim Chief Financial Officer ("CFO") with a fair value at the grant date of $0.5 million, valued using the Monte-Carlo simulation model. The derived service period, calculated using the Monte-Carlo simulation model, ranged from one day to three years. The assumptions used in the Monte-Carlo simulation model were as follows:


	Three Months Ended
	March 31,
	2020
Time to expiration (in years)		10.0
Volatility		68.54	%
Risk-free interest rate		2.64	%
Dividend yield		0.00	%
Cost of equity		24.00	%
Fair value of underlying common stock (as of valuation date)	$	5.85

The compensation expense for these awards is recognized over the derived service period, or, if earlier, until the vesting condition is met. The condition for the performance-based stock options was based on the Company's completion of its IPO and the condition for the market-based stock options was based on the future price of the Company's common stock trading at or above a specified threshold.

As of March 31, 2020 there were no outstanding stock options containing service-, performance-, and market-based vesting conditions. The Company recorded $0.1 million in compensation expense related to these awards for the three months ended March 31, 2019.

Issuance of Restricted Common Stock

On March 9, 2020, the Board of Directors of the Company approved the grant of 36,464 restricted stock units (the “RSUs”) to an employee of the Company, pursuant to the 2019 Equity Plan. One-fourth of the RSUs shall vest in four equal annual installments commencing one year after the date of grant, subject to the employee continuing to provide services through each such date. These shares were valued at $1.3 million, determined using price per share of $34.28, the closing price of the Company’s common stock on March 9, 2020, and will be amortized ratably over the term of the vesting periods of three years on a straight line basis. For the three months ended March 31, 2020, amortization of deferred stock compensation of these shares amounted to $19,000. As of March 31, 2020, the unamortized deferred compensation costs associated with non-vested restricted stock awards were $1.2 million with a weighted-average remaining amortization period of 3.9 years.

2019 Employee Stock Purchase Plan

In May 2019, the Company’s Board and its stockholders approved the 2019 Employee Stock Purchase Plan (the “2019 ESPP”), which became effective as of May 13, 2019. The ESPP is intended to qualify as an “employee stock purchase plan” within the meaning of Section 423 of the U.S. Internal Revenue Code of 1986, as amended. The number of shares of common stock initially reserved for issuance under the ESPP was 180,000 shares. The ESPP provides for an annual increase on the first day of each year beginning in 2020 and ending in 2029, in each case subject to the approval of the Board, equal to the lesser of (i) 1% of the shares of common stock outstanding on the last day of the calendar month before the date of the automatic increase and (ii) 360,000 shares; provided that prior to the date of any such increase, the Board may determine that such increase will be less than the amount set forth in clauses (i) and (ii). As of March 31, 2020, no shares of common stock had been issued under the ESPP. The first offering period has not yet been decided by the Board.

WARRANTS

3 Months Ended

Mar. 31, 2020

WARRANTS

WARRANTS

9. WARRANTS

Warrants Issued with Series A Preferred Stock

On January 26, 2017, in connection with the sale and issuance of the Series A Preferred Stock, the Company issued equity‑classified warrants to purchase 309,389 shares of common stock (the “2017 Warrants”), valued at $0.2 million, and included in the issuance costs of the Series A Preferred Stock. The warrants vested immediately and have an exercise price of $2.49 per share and expire on March 13, 2027.

The fair value of warrants issued is estimated using the Black‑Scholes option pricing model with the following assumptions for the 2017 Warrants.


Contractual term (in years)	10.0
Volatility	74.48	%
Risk-free interest rate	3.20	%
Dividend yield	0.00	%

On February 21, 2020, two warrantholders exercised 185,634 options in a cashless exercise at net, and the Company issued 176,092 shares of common stock. On February 24, 2020, a warrantholder exercised 72,817 options in a cashless exercise at net, and the Company issued 69,094 shares of common stock.

Warrants Issued with the 2018 Notes

On January 18, 2018, the Company entered into a placement agent agreement through which it became obligated to issue common stock warrants in connection with the issuance of the 2018 Notes. The obligation to issue the 2018 Notes Warrants was recorded as a liability at its fair value, which was initially $0.1 million, and was included in the issuance costs of the 2018 Notes. On November 5, 2018, in connection with the extinguishment of the 2018 Notes into shares of Series B Preferred Stock, the Company issued the 2018 Notes Warrants, which were equity‑classified warrants upon issuance, to purchase 76,847 shares of common stock, valued at $0.3 million. The 2018 Notes Warrants vested immediately upon issuance and have an exercise price of $6.59 per share and expire on November 4, 2028.

On February 24, 2020, a warrantholder exercised 386 options in a cashless exercise at net, and the Company issued 333 shares of common stock.

Warrants Issued with Series B Preferred Stock

In November and December 2018, in connection with the sale and issuance of the Series B Preferred Stock, the Company was obligated to issue warrants to purchase 72,261 shares of common stock (collectively the “2018 Warrants”), valued in the aggregate at $0.2 million, which was included in the issuance costs for the Series B Preferred Stock. The warrants vest immediately upon issuance, have an exercise price of $8.24 per share and expire 10 years from the date of issuance.

The fair value of the 2018 Warrants was estimated using the Black‑Scholes option pricing model with the following assumptions:


Contractual term (in years)	10.0
Volatility	74.48	%
Risk-free interest rate	3.20	%
Dividend yield	0.00	%

In February 2019, in connection with the sale and issuance of the Series B Preferred Stock, the Company was obligated to issue warrants to purchase 23,867 shares of common stock (collectively the “2019 Warrants”), valued in the aggregate at $0.1 million, which was included in the issuance costs for the Series B Preferred Stock. The warrants vest immediately upon issuance, have an exercise price of $8.24 per share and expire 10 years from the date of issuance.

The fair value of the 2019 Warrants was estimated using the Black-Scholes option pricing model with the following assumptions:


Contractual term (in years)	10.0
Volatility	73.22	%
Risk-free interest rate	2.70	%
Dividend yield	0.00	%

The inputs utilized by management to value the warrants are highly subjective. The assumptions used in calculating the fair value of the warrants represent the Company’s best estimates, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if factors change and the Company uses different assumptions, the fair value of the warrants may be materially different in the future.

On January 14, 2020, a warrantholder exercised 220 options in a cashless exercise at net, and the Company issued 146 shares of common stock. On February 24, 2020, a warrantholder exercised 5,193 options in a cashless exercise at net, and the Company issued 4,313 shares of common stock.

A summary of the Company’s outstanding common stock warrants as of March 31, 2020 is as follows:


	Warrants
Outstanding as of December 31, 2019		462,364
Warrants granted and issued		—
Warrants exercised		(264,251)
Warrants exchanged		—
Balance as of March 31, 2020		198,113

LEASES

3 Months Ended

Mar. 31, 2020

LEASES

LEASES

10. LEASES

The following table summarizes the Company’s lease assets and liabilities as of March 31, 2020:



ROU Assets and Liabilities	Balance Sheet Location	Operating (in thousands)
ROU - Asset	Right-of-use assets	$	1,942
Lease liabilities (current)	Operating lease liabilities, current		364
Lease liabilities (non-current)	Operating lease liabilities, non-current		1,588

The following table summarizes the Company’s lease related costs for the three months ended March 31, 2020:


Lease Cost	Statement of Operations Location	Operating (in thousands)
Operating Lease Cost	General and administrative	$	121
Total Lease Cost		$	121

Average lease terms and discount rates for the Company’s operating leases were as follows:


	Three Months Ended
	March 31,
Other Information	2020
Weighted-average remaining lease term
Operating leases		4.59 years
Weighted-average discount rate
Operating leases		5.69%

The following table summarizes the maturities of lease liabilities as of March 31, 2020:


	Operating
Year	(in thousands)
2020	$	347
2021		474
2022		486
2023		497
2024		424
Thereafter		—
Total lease payments		2,228
Less: interest		276
Total lease liabilities	$	1,952

NET LOSS PER COMMON SHARE

3 Months Ended

Mar. 31, 2020

NET LOSS PER COMMON SHARE

NET LOSS PER COMMON SHARE

13. NET LOSS PER COMMON SHARE

Basic net loss per common share is computed by dividing the net loss available to common stockholders by the weighted‑average number of shares of common stock outstanding during the period.

Diluted net loss per common share is computed by giving the effect of all potential shares of common stock, including stock options, preferred shares, warrants and instruments convertible into common stock, to the extent dilutive. Basic and diluted net loss per common share was the same for the three months ended March 31, 2020 and 2019, as the inclusion of all potential common shares outstanding would have been anti‑dilutive.

The following table sets forth the computation of basic and diluted net loss per common share for the three months ended March 31, 2020 and 2019:


	Three Months Ended
	March 31,
(in thousands, except for share data)	2020		2019
Numerator:
Net loss	$	(12,369)	$	(8,730)
Denominator:
Weighted-average common stock outstanding		20,840,658		5,513,531
Net loss per share attributable to common stockholders - basic and diluted	$	(0.59)	$	(1.58)

The Company’s potentially dilutive securities, which include Preferred Stock, stock options, and warrants, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted‑average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The Company excluded the following potential common shares, presented based on amounts outstanding for the three months ended March 31, 2020 and 2019, from the computation of diluted net loss per share attributable to common stockholders because including them would have had an anti‑dilutive effect:


	As of
	March 31,
	2020	2019
Preferred Stock	—	7,538,671
Options to purchase common stock	4,238,892	2,552,921
Warrants to purchase common stock	198,113	482,364

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2020
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting	Operations and Business Applied Therapeutics, Inc. (the “Company”) is a clinical-stage biopharmaceutical company developing a pipeline of novel product candidates against validated molecular targets in indications of high unmet medical need. In particular, the Company is currently targeting treatments for cardiovascular disease, galactosemia and diabetic complications. The Company was incorporated in Delaware on January 20, 2016 and is headquartered in New York, New York. On May 16, 2019, the Company completed an initial public offering (“IPO”) in which the Company issued and sold 4,000,000 shares of its common stock at a public offering price of $10.00 per share, for aggregate gross proceeds of $40.0 million. The Company received net of proceeds $34.6 million, after deducting underwriting discounts and commissions and offering costs. Prior to the completion of the IPO, the Company primarily funded its operations with proceeds from the sale of convertible preferred stock (see Note 8). In connection with the IPO, the Company effected a 55.2486-for-1 stock split of its issued and outstanding shares of common stock and convertible preferred stock. The stock split became effective on April 26, 2019. Stockholders entitled to fractional shares as a result of the forward stock split received cash payment in lieu of receiving fractional shares. All share and per share amounts for all periods presented in the accompanying condensed financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect this stock split. Shares of common stock underlying outstanding stock options and other equity instruments were proportionately increased and the respective per share value and exercise prices, if applicable, were proportionately decreased in accordance with the terms of the agreements governing such securities. Upon the closing of the IPO on May 16, 2019, all of the then-outstanding shares of convertible preferred stock automatically converted into 7,538,671 shares of common stock on a one-for-one basis. Subsequent to the closing of the IPO, there were no shares of convertible preferred stock outstanding. On November 12, 2019, the Company completed a private placement (the “Private Placement”), pursuant to which it issued and sold 1,380,344 shares of the Company’s common stock at a price of $14.50 per share, for net proceeds of $18.4 million after deducting placement agent discounts and commissions and offering costs. On January 28, 2020, the Company completed its secondary public offering (the “Secondary Public Offering”), pursuant to which it issued and sold 2,741,489 shares of common stock at a public offering price of $45.50 per share, with an additional 411,223 shares sold pursuant to the underwriters’ full exercise of their option to purchase additional shares. The aggregate net proceeds received by the Company from the offering, after deducting underwriting discounts and commissions and offering costs, were $134.1 million. The accompanying unaudited condensed financial statements as of March 31, 2020 and December 31, 2019 and for the three months ended March 31, 2020 and 2019 have been prepared by the Company in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the year ended December 31, 2019 included in the Annual Report, filed with the SEC on March 13, 2020 (the “Annual Report”). The unaudited condensed financial statements have been prepared on the same basis as the audited financial statements. In the opinion of management, the accompanying unaudited condensed financial statements contain all adjustments which are necessary for a fair presentation of the Company’s financial position as of March 31, 2020, results of operations for the three months ended March 31, 2020 and 2019 and cash flows for the three months ended March 31, 2020 and 2019. Such adjustments are of a normal and recurring nature. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2020.
Liquidity	Liquidity The Company has incurred, and expects to continue to incur, significant operating losses and negative cash flows for at least the next several years as it continues to develop its drug candidates. To date, the Company has not generated any revenue, and it does not expect to generate revenue unless and until it successfully completes development and obtains regulatory approval for one of its product candidates. Management believes that the Company’s existing cash, cash equivalents, and investments will allow the Company to continue its operations for at least 12 months from the issuance date of these financial statements. After 12 months from the issuance of these financial statements, the Company may need to obtain additional funding. The Company may pursue additional cash resources through public or private financings.
Risk and Uncertainties	Risks and Uncertainties The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain marketing approval for any product candidate that it may identify and develop, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and reliance on third‑party manufacturers.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.
Stock Based Compensation–Restricted Stock Units	Stock‑Based Compensation–Restricted Stock Units The Company accounts for restricted stock units in accordance with the authoritative guidance for stock-based compensation. The fair value of restricted stock units is measured at the grant date based on the closing market price of the Company’s common stock on the date of grant, and is recognized as expense on a straight-line basis over the period of vesting. Forfeitures are recognized as a reduction of stock-based compensation expense as they occur.
Recent Accounting Pronouncements	Recent Accounting Pronouncements On January 1, 2020, the Company adopted ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which replaces the incurred loss methodology with an expected loss methodology that is referred to as the current expected credit loss (CECL) methodology. The measurement of expected credit losses under the CECL methodology applies to financial instruments measured at amortized cost, including loan receivables and held-to-maturity debt securities, off-balance sheet credit exposures and net investments in leases recognized by a lessor. ASC 326 also made changes to the accounting for available-for-sale debt securities, where credit losses are required to be presented as an allowance as opposed to a write-down. The FASB issued authoritative guidance that amends guidance on reporting credit losses for assets, including available-for-sale marketable securities and any other financial assets not excluded from the scope that have the contractual right to receive cash. For available-for-sale marketable securities, credit losses should be measured in a manner similar to current generally accepted accounting standards; however, ASU 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, will require that credit losses be presented as an allowance rather than as a write-down. For available-for-sale debt securities in an unrealized position, the Company assesses whether a decline in fair value resulted from credit losses or other factors. Management considers the extent to which fair value is less than amortized cost, any changes to the credit rating of the security, and adverse conditions specifically related to the security. If the assessment indicates a credit loss exists, an allowance is recorded that is limited to the amount the amortized cost exceeds the fair value. Any impairment that is not recognized through the allowance for credit loss is recognized in other comprehensive income. The Company adopted ASC 326 using the modified retrospective method approach, where a cumulative-effect adjustment to credit loss allowance would be reflected in retained earnings. The adoption of this standard did not have an impact on the Company’s balance sheet as there were no credit losses identified. 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 modifies the disclosure requirements on fair value measurements. The new guidance is effective for fiscal years beginning after December 15, 2019. Upon the effective date, certain provisions are to be applied prospectively, while others are to be applied retrospectively to all periods presented. The amendments eliminated certain disclosure requirements such as the elimination of disclosing the valuation process for Level 3 fair value measurements. Other amendments in the update did not impact the Company. The Company adopted the amendments on January 1, 2020 with no impact on our financial statements. In December 2019, the FASB issued ASU 2019-12, Income Taxes: Simplifying the Accounting for Income Taxes. The new standard intended to simplify the accounting for income taxes by eliminating certain exceptions related to the approach for intraperiod tax allocation, the methodology for calculating income taxes in an interim period and the recognition of deferred tax liabilities for outside basis differences. The new guidance also simplifies aspects of the accounting for franchise taxes and enacted changes in tax laws or rates and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The standard is effective for annual periods beginning after December 15, 2020 and interim periods within, with early adoption permitted. Adoption of the standard requires certain changes to primarily be made prospectively, with some changes to be made retrospectively. The Company is currently evaluating the impact adoption of ASU 2019-12 will have on its financial statements.

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2020

FAIR VALUE MEASUREMENTS

Schedule of financial assets or liabilities measured at fair value on a recurring basis


	As of March 31, 2020
(in thousands)	Level 1		Level 2		Level 3		Total
Cash	$	58,186	$	—	$	—	$	58,186
Money market funds		34,317		—		—		34,317
Total cash and cash equivalents	$	92,503	$	—	$	—	$	92,503
Commercial paper and corporate bonds		—		15,741		—		15,741
U.S. government agency debt securities		—		46,065		—		46,065
Total marketable securities	$	—	$	61,806	$	—	$	61,806
Total financial assets measured at fair value on a recurring basis	$	92,503	$	61,806	$	—	$	154,309

INVESTMENTS (Tables)

3 Months Ended

Mar. 31, 2020

INVESTMENTS

Schedule of marketable securities by security type


	As of March 31, 2020								As of December 31, 2019
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Estimated				Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Commercial paper and corporate bonds	$	15,765	$	13	$	(37)	$	15,741	$	7,540	$	—	$	(20)	$	7,520
US government agency debt security		45,952		113		—		46,065		12,466		19		(1)		12,484
Total	$	61,717	$	126	$	(37)	$	61,806	$	20,006	$	19	$	(21)	$	20,004

Schedule of contractual maturities


	As of March 31, 2020								As of December 31, 2019
			Gross		Gross						Gross		Gross
			Unrealized		Unrealized		Estimated				Unrealized		Unrealized		Estimated
(in thousands)	Cost		Gains		Losses		Fair Value		Cost		Gains		Losses		Fair Value
Due in one year or less	$	57,157	$	110	$	(37)	$	57,230	$	20,006	$	19	$	(21)	$	20,004
Due in one through two years		4,560		16		—		4,576		—		—		—		—
Total	$	61,717	$	126	$	(37)	$	61,806	$	20,006	$	19	$	(21)	$	20,004

Unrealized Gain (Loss) on Investments


	As of March 31, 2020
	Securities in an unrealized loss position less than 12 months				Securities in an unrealized loss position greater than 12 months				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
(in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
Commercial paper and corporate bonds	$	(37)	$	10,176	$	—	$	—	$	(37)	$	10,176
US government agency debt security		—		—		—		—		—		—
Total	$	(37)	$	10,176	$	—	$	—	$	(37)	$	10,176


	As of December 31, 2019
	Securities in an unrealized loss position less than 12 months				Securities in an unrealized loss position greater than 12 months				Total
	Unrealized		Estimated		Unrealized		Estimated		Unrealized		Estimated
(in thousands)	Losses		Fair Value		Losses		Fair Value		Losses		Fair Value
Commercial paper and corporate bonds	$	(20)	$	7,520	$	—	$	—	$	(20)	$	7,520
US government agency debt security		(1)		3,497		—		—		(1)		3,497
Total	$	(21)	$	11,017	$	—	$	—	$	(21)	$	11,017

STOCK BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2020

Stock-based compensation

Schedule of stock-based compensation expenses


	Three Months Ended
	March 31,
(in thousands)	2020		2019
Research and development	$	642	$	$ 147
General and administrative		670		178
Total stock-based compensation expense	$	1,312	$	325

Schedule of options outstanding


				Weighted-Average
		Weighted-		Remaining	Aggregate
	Options	Average		Contractual	Intrinsic
(in thousands, except for share data)	Outstanding	Exercise Price		Term (in years)	Value
Outstanding at December 31, 2019	4,079,888	$	5.11	8.26	$	82,327
Options granted	194,031		35.43
Options exercised	(35,027)		2.32			—
Forfeited	—		—
Expired	—		—
Outstanding at March 31, 2020	4,238,892	$	8.16	8.83	$	104,515
Exercisable at March 31, 2020	2,073,735	$	3.22	8.42	$	61,123
Nonvested at March 31, 2020	2,165,157	$	12.89	9.23	$	43,392

Stock options - Service conditions only

Stock-based compensation

Schedule of valuation assumptions


	Three Months Ended
	March 31,
	2020			2019
Expected term (in years)		6.1			6.0
Volatility		68.77	%		68.44	%
Risk-free interest rate		0.59	%		2.47	%
Dividend yield		0.00	%		0.00	%

Stock options - Service, performance and market conditions

Stock-based compensation

Schedule of valuation assumptions


	Three Months Ended
	March 31,
	2020
Time to expiration (in years)		10.0
Volatility		68.54	%
Risk-free interest rate		2.64	%
Dividend yield		0.00	%
Cost of equity		24.00	%
Fair value of underlying common stock (as of valuation date)	$	5.85

WARRANTS (Tables)

3 Months Ended

Mar. 31, 2020

Warrants

Schedule of warrants outstanding


	Warrants
Outstanding as of December 31, 2019		462,364
Warrants granted and issued		—
Warrants exercised		(264,251)
Warrants exchanged		—
Balance as of March 31, 2020		198,113

Warrants Issued with Series A Preferred Stock | 2017 Warrants

Warrants

Schedule of fair value of warrants using the Black Scholes option pricing model

The fair value of warrants issued is estimated using the Black‑Scholes option pricing model with the following assumptions for the 2017 Warrants.


Contractual term (in years)	10.0
Volatility	74.48	%
Risk-free interest rate	3.20	%
Dividend yield	0.00	%

Warrants Issued with Series B Preferred Stock | 2018 Warrants

Warrants

Schedule of fair value of warrants using the Black Scholes option pricing model

The fair value of the 2018 Warrants was estimated using the Black‑Scholes option pricing model with the following assumptions:


Contractual term (in years)	10.0
Volatility	74.48	%
Risk-free interest rate	3.20	%
Dividend yield	0.00	%

Warrants Issued with Series B Preferred Stock | 2019 Warrants

Warrants

Schedule of fair value of warrants using the Black Scholes option pricing model

The fair value of the 2019 Warrants was estimated using the Black-Scholes option pricing model with the following assumptions:


Contractual term (in years)	10.0
Volatility	73.22	%
Risk-free interest rate	2.70	%
Dividend yield	0.00	%

LEASES (Tables)

3 Months Ended

Mar. 31, 2020

LEASES

Summary of lease assets and liabilities



ROU Assets and Liabilities	Balance Sheet Location	Operating (in thousands)
ROU - Asset	Right-of-use assets	$	1,942
Lease liabilities (current)	Operating lease liabilities, current		364
Lease liabilities (non-current)	Operating lease liabilities, non-current		1,588

Summary of lease related costs


Lease Cost	Statement of Operations Location	Operating (in thousands)
Operating Lease Cost	General and administrative	$	121
Total Lease Cost		$	121

Summary of lease terms and discount rates


	Three Months Ended
	March 31,
Other Information	2020
Weighted-average remaining lease term
Operating leases		4.59 years
Weighted-average discount rate
Operating leases		5.69%

Summary of maturities of lease liabilities


	Operating
Year	(in thousands)
2020	$	347
2021		474
2022		486
2023		497
2024		424
Thereafter		—
Total lease payments		2,228
Less: interest		276
Total lease liabilities	$	1,952

NET LOSS PER COMMON SHARE (Tables)

3 Months Ended

Mar. 31, 2020

NET LOSS PER COMMON SHARE

Schedule of computation of basic and diluted net loss per common share


	Three Months Ended
	March 31,
(in thousands, except for share data)	2020		2019
Numerator:
Net loss	$	(12,369)	$	(8,730)
Denominator:
Weighted-average common stock outstanding		20,840,658		5,513,531
Net loss per share attributable to common stockholders - basic and diluted	$	(0.59)	$	(1.58)

Schedule of potential dilutive securities excluded from the computation of diluted net loss per share attributable to common stockholders


	As of
	March 31,
	2020	2019
Preferred Stock	—	7,538,671
Options to purchase common stock	4,238,892	2,552,921
Warrants to purchase common stock	198,113	482,364

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Stock issued (Details) $ / shares in Units, $ in Millions	Jan. 28, 2020 USD ($) $ / shares shares	Nov. 12, 2019 USD ($) $ / shares shares	May 16, 2019 USD ($) $ / shares shares	Apr. 26, 2019	Mar. 31, 2020 shares	Dec. 31, 2019 shares
IPO
Convertible preferred stock, outstanding (in shares)			0		0	0
IPO
IPO
Issuance of common stock (in shares)			4,000,000
Issue price (in dollars per share) \| $ / shares			$ 10.00
Aggregate gross proceeds from issuance \| $			$ 40.0
Net proceeds after deducting underwriting discounts and commissions and offering costs \| $			$ 34.6
Stock split ratio				55.2486
Conversion of convertible preferred stock into common stock upon closing of the IPO (in shares)			7,538,671
Number of shares issued for each share of convertible preferred stock converted			1
Private Placement
IPO
Issuance of common stock (in shares)		1,380,344
Issue price (in dollars per share) \| $ / shares		$ 14.50
Net proceeds after deducting underwriting discounts and commissions and offering costs \| $		$ 18.4
Secondary Public Offering
IPO
Issue price (in dollars per share) \| $ / shares	$ 45.50
Net proceeds from issuance of common stock \| $	$ 134.1
Secondary Public Offering, Excluding Underwriters' Option
IPO
Issuance of common stock (in shares)	2,741,489
Underwriters' Option
IPO
Issuance of common stock (in shares)	411,223

LICENSE AGREEMENT (Details) $ in Thousands		1 Months Ended			3 Months Ended		42 Months Ended
LICENSE AGREEMENT (Details) $ in Thousands	Oct. 03, 2019 USD ($)	Mar. 31, 2019 USD ($) item	Jan. 31, 2019 USD ($)	Oct. 31, 2016 USD ($)	Mar. 31, 2020 USD ($)	Mar. 31, 2019 USD ($)	Mar. 31, 2020 USD ($)	Dec. 31, 2019 USD ($)
Agreements
Research and development					$ 7,271	$ 6,874
General and administrative					5,196	1,855
Operating expenses					12,467	8,729
Accrued expenses and other current liabilities					6,496		$ 6,496	$ 4,950
Accounts payable					1,606		1,606	8,793
Columbia University
Agreements
Research and development					300	0
General and administrative					40	$ 200
Operating expenses							2,200
Accrued expenses and other current liabilities					300		300	100
Accounts payable					$ 52		$ 52	$ 100
2016 license agreement \| Columbia University
Agreements
Percentage of outstanding common stock issued				5.00%
Fair value of stock issued				$ 500
Written notice period for termination of agreement				90 days
Written notice period for termination of agreement, uncured material breach				30 days
Extended written notice period for termination of agreement, attempt to cure material breach				90 days
2016 license agreement \| Columbia University \| Minimum
Agreements
Percentage of sublicensing revenue, if sublicenses rights granted				10.00%
2016 license agreement \| Columbia University \| Maximum
Agreements
Payment on achievement of specified development and regulatory milestones				$ 1,300
Payment on achievement of specified level of aggregate annual net sales				$ 1,000
Percentage of sublicensing revenue, if sublicenses rights granted				20.00%
2019 license agreement \| Columbia University
Agreements
Written notice period for termination of agreement			90 days
Written notice period for termination of agreement, uncured material breach			30 days
Extended written notice period for termination of agreement, attempt to cure material breach			90 days
2019 license agreement \| Columbia University \| Minimum
Agreements
Percentage of sublicensing revenue, if sublicenses rights granted			10.00%
2019 license agreement \| Columbia University \| Maximum
Agreements
Payment on achievement of specified development and regulatory milestones			$ 1,300
Payment on achievement of specified level of aggregate annual net sales			$ 1,000
Percentage of sublicensing revenue, if sublicenses rights granted			50.00%
2019 research agreement \| Columbia University
Agreements
Agreement term		12 months
Written notice period for termination of agreement		30 days
Number of parts \| item		2
2019 research agreement - Part I \| Columbia University
Agreements
Agreement term		6 months
Payment to be made		$ 100
2019 research agreement - Part II \| Columbia University
Agreements
Agreement term		6 months
Payment to be made		$ 200
P13k Research agreement \| Columbia University
Agreements
Agreement term	18 months
Written notice period for termination of agreement	30 days
Operating expenses	$ 400

INVESTMENTS - By contractual maturity (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
INVESTMENTS
Due in one year or less - Cost	$ 57,157	$ 20,006
Due in one year or less - Gross Unrealized Gains	110	19
Due in one year or less - Gross Unrealized Losses	(37)	(21)
Due in one year or less - Estimated Fair Value	57,230	20,004
Due in one through two years - Cost	4,560
Due in one through two years - Gross Unrealized Gains	16
Due in one through two years - Estimated Fair Value	4,576
Cost	61,717	20,006
Gross Unrealized Gains	126	19
Gross Unrealized Losses	(37)	(21)
Estimated Fair Value	61,806	$ 20,004
Marketable securities realized gain (loss) recorded
Net realized gain from sale of marketable securities	0
Net realized loss from sale of marketable securities	$ 0

INVESTMENTS - Unrealized losses and fair values of available-for-sale securities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Securities in an unrealized loss position less than 12 months
Unrealized Losses Less Than 12 months	$ (37)	$ (21)
Estimated Fair Value Less Than 12 Months	10,176	11,017
Total Unrealized Losses	(37)	(21)
Total Estimated Fair Value	10,176	11,017
Other-than-temporary impairment loss
Other-than-temporary impairment loss recognized	0
Commercial paper and corporate bonds
Securities in an unrealized loss position less than 12 months
Unrealized Losses Less Than 12 months	(37)	(20)
Estimated Fair Value Less Than 12 Months	10,176	7,520
Total Unrealized Losses	(37)	(20)
Total Estimated Fair Value	$ 10,176	7,520
U.S. government agency debt securities
Securities in an unrealized loss position less than 12 months
Unrealized Losses Less Than 12 months		(1)
Estimated Fair Value Less Than 12 Months		3,497
Total Unrealized Losses		(1)
Total Estimated Fair Value		$ 3,497

STOCK BASED COMPENSATION - Plans (Details) - shares	1 Months Ended
STOCK BASED COMPENSATION - Plans (Details) - shares	May 31, 2019	Mar. 31, 2020	Dec. 31, 2019
Stock-based compensation
Options outstanding (in shares)		4,238,892	4,079,888
Equity Incentive Plan 2016 and 2019
Stock-based compensation
Shares reserved (in shares)		2,675,770
2019 Plan
Stock-based compensation
New shares reserved (in shares)	1,618,841
Reserved shares available from 2016 Plan (in shares)	2,911,159
Increase in number of shares reserved and available for issuance (as a percent)	5.00%
Expiration period	10 years
Vesting period	4 years
Number of shares available for future issuance		1,100,671
2019 Plan \| Maximum
Stock-based compensation
Shares reserved (in shares)	4,530,000
2019 Plan \| Options
Stock-based compensation
Maximum number of shares authorized for issuance	13,000,000

STOCK BASED COMPENSATION - Options outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2020	Dec. 31, 2019
Options Outstanding
Outstanding at beginning of period (in shares)	4,079,888
Options granted (in shares)	194,031
Options exercised (in shares)	(35,027)
Outstanding at end of period (in shares)	4,238,892	4,079,888
Exercisable at end of period (in shares)	2,073,735
Nonvested at end of period (in shares)	2,165,157
Weighted-Average Exercise Price
Outstanding at beginning of period (in dollars per share)	$ 5.11
Options granted (in dollars per share)	35.43
Options exercised (in dollars per share)	2.32
Outstanding at end of period (in dollars per share)	8.16	$ 5.11
Exercisable at end of period (in dollars per share)	3.22
Nonvested at end of period (in dollars per share)	$ 12.89
Weighted-Average Remaining Contractual Term-in years
Outstanding	8 years 9 months 29 days	8 years 3 months 4 days
Exercisable	8 years 5 months 1 day
Nonvested	9 years 2 months 23 days
Aggregate Intrinsic Value
Outstanding (in dollars)	$ 104,515	$ 82,327
Exercisable (in dollars)	61,123
Nonvested (in dollars)	$ 43,392

STOCK BASED COMPENSATION - RSUs (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		12 Months Ended
	Mar. 09, 2020	Mar. 31, 2020	Mar. 31, 2019	Dec. 31, 2019
Stock-based compensation
Stock-based compensation expense		$ 1,312	$ 325	$ 300
Unrecognized stock-based compensation balance for unvested options expected to be recognized (in years)		1 year 7 months 6 days	2 years 3 months 18 days
Restricted Stock Units (RSUs)
Stock-based compensation
Awards granted (in shares)	36,464
Vesting period	3 years
Fair value of awards (in dollars)	$ 1,300
Fair value of awards (in dollars per share)	$ 34.28
Stock-based compensation expense		$ 19
Unrecognized stock-based compensation balance for unvested awards		$ 1,200
Unrecognized stock-based compensation balance for unvested options expected to be recognized (in years)		3 years 10 months 24 days
Restricted Stock Units (RSUs) \| Tranche one
Stock-based compensation
Vesting percentage	25.00%
Vesting period	1 year
Restricted Stock Units (RSUs) \| Tranche two
Stock-based compensation
Vesting percentage	25.00%
Vesting period	1 year
Restricted Stock Units (RSUs) \| Tranche three
Stock-based compensation
Vesting percentage	25.00%
Vesting period	1 year
Restricted Stock Units (RSUs) \| Tranche four
Stock-based compensation
Vesting percentage	25.00%
Vesting period	1 year

STOCKHOLDERS' EQUITY - Preferred stock issued (Details) - USD ($) $ / shares in Units, $ in Millions		1 Months Ended	12 Months Ended
	May 16, 2019	Feb. 28, 2019	Dec. 31, 2019	Mar. 31, 2020	Dec. 31, 2018
Preferred Stock
Convertible preferred stock, outstanding (in shares)	0		0	0
IPO
Preferred Stock
Issue price (in dollars per share)	$ 10.00
Conversion of convertible preferred stock into common stock upon closing of the IPO (in shares)	7,538,671
Number of shares issued for each share of convertible preferred stock converted	1
Series B Convertible Preferred Stock
Preferred Stock
Issuance of convertible preferred stock (in shares)		442,930	442,925
Issue price (in dollars per share)		$ 7.49
Gross proceeds from issuance of convertible preferred stock		$ 3.3
Issuance costs		$ 0.3
Convertible preferred stock, outstanding (in shares)					4,001,848

WARRANTS - Issued with Series B Preferred Stock (Details) $ / shares in Units, $ in Millions			1 Months Ended	2 Months Ended	3 Months Ended
	Feb. 24, 2020 shares	Jan. 14, 2020 shares	Feb. 28, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares	Mar. 31, 2020 Y Rate shares
Warrants
Warrants exercised (in shares) \| shares					264,251
Warrants Issued with Series B Preferred Stock
Warrants
Warrants exercised (in shares) \| shares	5,193	220
Stock issued in exercise of warrants (in shares) \| shares	4,313	146
2018 Warrants \| Warrants Issued with Series B Preferred Stock
Warrants
Warrants to purchase common stock (in shares) \| shares				72,261
Warrants to purchase common stock (in dollars) \| $				$ 0.2
Exercise price (in dollars per share) \| $ / shares				$ 8.24
Expiration term				10 years
2018 Warrants \| Warrants Issued with Series B Preferred Stock \| Contractual term (in years)
Warrants
Measurement input \| Y					10.0
2018 Warrants \| Warrants Issued with Series B Preferred Stock \| Volatility
Warrants
Measurement input					0.7448
2018 Warrants \| Warrants Issued with Series B Preferred Stock \| Risk-free interest rate
Warrants
Measurement input					0.0320
2018 Warrants \| Warrants Issued with Series B Preferred Stock \| Dividend yield
Warrants
Measurement input					0.0000
2019 Warrants \| Warrants Issued with Series B Preferred Stock
Warrants
Warrants to purchase common stock (in shares) \| shares			23,867
Warrants to purchase common stock (in dollars) \| $			$ 0.1
Exercise price (in dollars per share) \| $ / shares			$ 8.24
Expiration term			10 years
2019 Warrants \| Warrants Issued with Series B Preferred Stock \| Contractual term (in years)
Warrants
Measurement input \| Y					10.00
2019 Warrants \| Warrants Issued with Series B Preferred Stock \| Volatility
Warrants
Measurement input					0.7322
2019 Warrants \| Warrants Issued with Series B Preferred Stock \| Risk-free interest rate
Warrants
Measurement input					0.0270
2019 Warrants \| Warrants Issued with Series B Preferred Stock \| Dividend yield
Warrants
Measurement input					0.0000

Statement of Convertible Preferred Stock $ in Thousands	12 Months Ended
Statement of Convertible Preferred Stock $ in Thousands	Dec. 31, 2019 USD ($) shares
Increase (Decrease) in Temporary Equity
Balance at end of period (in shares) \| shares	0
Series A Convertible Preferred Stock
Increase (Decrease) in Temporary Equity
Balance at beginning of period \| $	$ 6,254
Balance at beginning of period (in shares) \| shares	3,093,898
Conversion of convertible preferred stock into common stock upon closing of initial public offering \| $	$ (6,254)
Conversion of convertible preferred stock into common stock upon closing of initial public offering (in shares) \| shares	(3,093,898)
Series B Convertible Preferred Stock
Increase (Decrease) in Temporary Equity
Balance at beginning of period \| $	$ 29,156
Balance at beginning of period (in shares) \| shares	4,001,848
Issuance of convertible preferred stock for cash, net of issuance costs \| $	$ 2,897
Issuance of convertible preferred stock for cash, net of issuance costs (in shares) \| shares	442,925
Conversion of convertible preferred stock into common stock upon closing of initial public offering \| $	$ (32,053)
Conversion of convertible preferred stock into common stock upon closing of initial public offering (in shares) \| shares	(4,444,773)
Balance at end of period \| $	$ 0

Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statements of Cash Flows
Cash issuance costs, Convertible preferred stock		$ 186
Cash issuance costs, Secondary public offering	$ 702

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2020
STOCKHOLDERS’ EQUITY
STOCKHOLDERS’ EQUITY	8. STOCKHOLDERS’ EQUITY As of March 31, 2020, and December 31, 2019, the authorized capital stock of the Company consists of 100,000,000 shares of common stock, par value $0.0001 per share and 10,000,000 shares of preferred stock, par value $0.0001 per share. Common Stock Voting The holders of the common stock are entitled to one vote for each share of common stock held at all meetings of the stockholders. There are no cumulative voting rights. Preferred Stock In February 2019, the Company issued 442,930 shares of Series B Preferred Stock at $7.49 per share for gross proceeds of approximately $3.3 million. Issuance costs were $0.3 million, which included the obligation to issue warrants to purchase common stock (see Note 10). Upon completion of the IPO, all 7,538,671 shares of outstanding Series A Preferred Stock (“Series A Preferred Stock”) and Series B Preferred Stock (collectively , "the Preferred Stock") were converted into common stock on a one-to-one basis. As of March 31, 2020 and December 31, 2019, there were no shares of preferred stock outstanding.

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2020
INCOME TAXES
INCOME TAXES	11. INCOME TAXES On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to provide certain relief as a result of the Covid-19 pandemic. The CARES Act, among other things, includes provisions relating to net operating loss carryback periods, alternative minimum tax credit refunds, and modification to the net interest deduction limitations. The CARES Act did not have a material impact on our financial statements for the three months ended March 31, 2020. We continue to monitor any effects that may result from the CARES Act. During the three months ended March 31, 2020 and the year ended December 31, 2019, the Company recorded a full valuation allowance on federal and state deferred tax assets since management does not forecast the Company to be in a profitable position in the near future.

BENEFIT PLANS	3 Months Ended
BENEFIT PLANS	Mar. 31, 2020
BENEFIT PLANS
BENEFIT PLANS	12. BENEFIT PLANS The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code in 2018. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre‑tax basis. Matching contributions to the plan may be made at the discretion of the Company’s board of directors. The Company made approximately $25,000 and $15,000 in matching contributions to the plan during the three months ended March 31, 2020 and 2019, respectively.

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2020	Dec. 31, 2019
Balance Sheets
Common Stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, authorized (in shares)	100,000,000	100,000,000
Common Stock, issued (in shares)	21,969,277	18,531,560
Common stock, outstanding (in shares)	21,969,277	18,531,560

RELATED PARTIES	3 Months Ended
RELATED PARTIES	Mar. 31, 2020
RELATED PARTIES
RELATED PARTIES	14. RELATED PARTIES In December 2018, the Company entered into an agreement (the “LaunchLabs Agreement”) with ARE‑LaunchLabs NYC LLC (“Alexandria LaunchLabs”), a subsidiary of Alexandria Real Estate Equities, Inc. for use of specified premises within the Alexandria LaunchLabs space. A member of the Company’s board of directors is the founder and executive chairman of Alexandria Real Estate Equities, Inc. During the three months ended March 31, 2020 and 2019, the Company made payments to Alexandria LaunchLabs of approximately $24,000 and $21,000, respectively under the LaunchLabs Agreement, which was recognized in research and development expenses. As of March 31, 2020, there were no amounts due to Alexandria LaunchLabs under the LaunchLabs Agreement.

ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Recently Adopted Accounting Pronouncements (Details)	Jan. 01, 2020
ASU 2016-13, Financial Instruments
Recently Adopted Accounting Pronouncements
Change in Accounting Principle, Accounting Standards Update, Adopted	true

FAIR VALUE MEASUREMENTS - FV hierarchy (Details) - Fair Value, Recurring $ in Thousands	Mar. 31, 2020 USD ($)
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	$ 92,503
Marketable securities	61,806
Total financial assets measured at fair value on a recurring basis	154,309
Level 1
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	92,503
Total financial assets measured at fair value on a recurring basis	92,503
Level 2
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	61,806
Total financial assets measured at fair value on a recurring basis	61,806
Cash
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	58,186
Cash \| Level 1
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	58,186
Money market funds
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	34,317
Money market funds \| Level 1
Financial assets or liabilities measured at fair value on a recurring basis
Cash and cash equivalents	34,317
Commercial paper and corporate bonds
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	15,741
Commercial paper and corporate bonds \| Level 2
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	15,741
U.S. government agency debt securities
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	46,065
U.S. government agency debt securities \| Level 2
Financial assets or liabilities measured at fair value on a recurring basis
Marketable securities	$ 46,065

FAIR VALUE MEASUREMENTS - Transfers (Details) $ in Thousands	Mar. 31, 2020 USD ($)
FAIR VALUE MEASUREMENTS
Assets, transfer from level 1 to level 2	$ 0
Assets, transfer from level 2 to level 1	$ 0

INVESTMENTS - By type (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Marketable securities by type
Cost	$ 61,717	$ 20,006
Gross Unrealized Gains	126	19
Gross Unrealized Losses	(37)	(21)
Estimated Fair Value	61,806	20,004
Commercial paper and corporate bonds
Marketable securities by type
Cost	15,765	7,540
Gross Unrealized Gains	13
Gross Unrealized Losses	(37)	(20)
Estimated Fair Value	15,741	7,520
U.S. government agency debt securities
Marketable securities by type
Cost	45,952	12,466
Gross Unrealized Gains	113	19
Gross Unrealized Losses		(1)
Estimated Fair Value	$ 46,065	$ 12,484

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
PREPAID EXPENSES AND OTHER CURRENT ASSETS
Prepaid research and development expenses	$ 8,607	$ 5,872
Prepaid rent expenses	111	142
Prepaid insurance expenses	447	1,196
Interest Receivable	136	10
Other prepaid expenses and current assets	131	81
Total prepaid expenses & other current assets	$ 9,432	$ 7,301

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued pre-clinical and clinical expenses	$ 4,836	$ 4,287
Accrued professional fees	898	345
Accrued compensation and benefits	273
Accrued patent expenses	42	54
Other	447	264
Total accrued expenses & other current liabilities	$ 6,496	$ 4,950

STOCKHOLDERS' EQUITY - Common Stock (Details)	3 Months Ended
STOCKHOLDERS' EQUITY - Common Stock (Details)	Mar. 31, 2020 Vote
STOCKHOLDERS’ EQUITY
Number of votes per common stock	1

WARRANTS - Issued with Series A Preferred Stock (Details) - 2017 Warrants - Warrants Issued with Series A Preferred Stock $ / shares in Units, $ in Millions	Jan. 26, 2017 USD ($) $ / shares shares	Mar. 31, 2020 Y
Warrants
Warrants to purchase common stock (in shares) \| shares	309,389
Warrants to purchase common stock (in dollars) \| $	$ 0.2
Exercise price (in dollars per share) \| $ / shares	$ 2.49
Contractual term (in years)
Warrants
Measurement input \| Y		10.0
Volatility
Warrants
Measurement input		0.7448
Risk-free interest rate
Warrants
Measurement input		0.0320
Dividend yield
Warrants
Measurement input		0.0000

WARRANTS - 2017 Warrants (Details)			3 Months Ended
WARRANTS - 2017 Warrants (Details)	Feb. 24, 2020 shares	Feb. 21, 2020 item shares	Mar. 31, 2020 shares
Warrants
Warrants exercised (in shares)			264,251
2017 Warrants \| Warrants Issued with Series A Preferred Stock
Warrants
Number of warrant holders that exercised options \| item		2
Warrants exercised (in shares)	72,817	185,634
Stock issued in exercise of warrants (in shares)	69,094	176,092

WARRANTS - Issued with the 2018 Notes (Details) - USD ($) $ / shares in Units, $ in Millions			3 Months Ended
	Feb. 24, 2020	Nov. 05, 2018	Mar. 31, 2020	Jan. 18, 2018
Warrants
Warrants exercised (in shares)			264,251
Warrants Issued with the 2018 Notes
Warrants
Initial fair value recorded as debt discount (in dollars)				$ 0.1
Warrants to purchase common stock (in shares)		76,847
Warrants to purchase common stock (in dollars)		$ 0.3
Exercise price (in dollars per share)		$ 6.59
Warrants exercised (in shares)	386
Stock issued in exercise of warrants (in shares)	333

WARRANTS - Warrant Activity (Details)	3 Months Ended
WARRANTS - Warrant Activity (Details)	Mar. 31, 2020 shares
WARRANTS
Outstanding as of beginning of period	462,364
Warrants exercised	(264,251)
Outstanding as of end of period	198,113

LEASES - ROU Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ROU Assets and Liabilities
ROU - Asset	$ 1,942	$ 2,035
Lease liabilities (current)	364	356
Lease liabilities (non-current)	$ 1,588	$ 1,683

LEASES - Lease Cost (Details) $ in Thousands	3 Months Ended
LEASES - Lease Cost (Details) $ in Thousands	Mar. 31, 2020 USD ($)
Leases
Operating Lease Cost	$ 121
General and administrative
Leases
Operating Lease Cost	$ 121

LEASES - Lease terms and discount rates (Details)	Mar. 31, 2020
LEASES
Weighted-average remaining lease term - operating leases	4 years 7 months 2 days
Weighted-average discount rate — operating leases	5.69%

LEASES - Maturities of Lease Liabilities (Details) $ in Thousands	Mar. 31, 2020 USD ($)
LEASES
2020	$ 347
2021	474
2022	486
2023	497
2024	424
Total lease payments	2,228
Less: interest	276
Total lease liabilities	$ 1,952

BENEFIT PLANS (Details) - USD ($) $ in Thousands	3 Months Ended
BENEFIT PLANS (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Mar. 31, 2019
BENEFIT PLANS
Employer matching contributions to the plan	$ 25	$ 15

RELATED PARTIES (Details) - LaunchLabs Agreement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Related Party Transaction [Line Items]
Payments to related party	$ 24	$ 21
Due to related parties	$ 0