Quarterly report pursuant to Section 13 or 15(d)

Subsequent Events

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Subsequent Events
 9 Months Ended
Sep. 30, 2018
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events

Initial Public Offering

On September 26, 2018, the Company’s registration statement on Form S-1 (File Nos. 333-227103 and 333-227548) relating to its IPO of its common stock was declared effective by the SEC and the shares of its common stock began trading on the Nasdaq Global Market on September 27, 2018. The public offering price of the shares sold in the IPO was $15.00 per share. The IPO closed on October 1, 2018, pursuant to which the Company sold 5,667,000 shares of common stock, for gross proceeds of approximately $85.0 million.  The Company received net proceeds from the IPO of approximately $74.4 million, after underwriting discounts, commissions and estimated offering expenses. In addition to the shares of common stock sold in the IPO, the Company concurrently sold in a private placement to Merck, 666,666 shares of common stock at the IPO offering price of $15.00 per share, for proceeds of approximately $10.0 million.

 

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Immediately prior to the completion of the IPO on October 1, 2018, all outstanding shares of redeemable convertible preferred stock were converted into 16,028,462 shares of common stock. Subsequent to the closing of the IPO, there were no shares of redeemable convertible preferred stock outstanding. The condensed financial statements as of September 30, 2018, including share and per share amounts, do not give effect to the IPO, or the conversion of the redeemable convertible preferred stock, as the IPO and such conversions were completed subsequent to September 30, 2018; and

 

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Upon completion of the IPO, all outstanding warrants to purchase 2,370,799 shares of redeemable convertible preferred stock automatically converted into warrants to purchase 71,812 shares of common stock.