Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2019
Recently Adopted Accounting Pronouncements  
Summary of property plant and equipment

Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization expense is recognized using the straight‑line method over the estimated useful life of each asset as follows:

 

 

 

 

    

Estimated useful life

Laboratory and office equipment

 

5 years

Computers and software

 

3 years

Furniture and fixtures

 

7 years

Building

 

30 years

Leasehold improvements

 

Shorter of life of lease or 10 years

 

Non-employees  
Recently Adopted Accounting Pronouncements  
Schedule of assumptions used to determine the fair value of stock awards granted

 

 

 

 

 

Risk-free interest rate

 

 

2.3

%

Expected volatility

 

 

74

%

Expected dividend yield

 

 

 —

 

Expected term (in years)

 

 

6.1

 

Common stock value

 

$

6.28

 

 

ASU 2018-07  
Recently Adopted Accounting Pronouncements  
Summary of impact of accounting standard adoption

The following table summarizes the cumulative effect to the Company’s consolidated balance sheet upon the adoption of ASU 2018-07 on January 1, 2018 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

 

    

Balance at

    

 

 

    

Balance at

 

 

December 31, 2017

 

Adjustments

 

January 1, 2018

Additional paid-in capital

 

$

17,277

 

$

(92)

 

$

17,185

Accumulated deficit

 

 

(60,979)

 

 

92

 

 

(60,887)

 

Schedule of assumptions used to determine the fair value of stock awards granted

 

 

 

 

 

Year ended December 31, 

 

    

2017

Risk-free interest rate

 

2.02% - 2.31%

Expected volatility

 

74% - 85%

Expected dividend yield

 

 —

Expected term (in years)

 

6 - 10

Fair value of common stock

 

$0.19 - $6.28

 

ASU 2016-02  
Recently Adopted Accounting Pronouncements  
Summary of impact of accounting standard adoption

The following table summarizes the financial impact on the Company’s consolidated balance sheet upon the adoption of ASU 2016-02 and the cumulative effect adjustment on January 1, 2019 (in thousands):

 

 

 

 

 

 

 

 

 

 

 

    

Balance at

    

 

 

    

Balance at

 

 

December 31, 2018

 

Adjustments

 

January 1, 2019

Operating lease, right-of-use-asset

 

$

 —

 

$

1,751

 

$

1,751

Property, plant and equipment, net

 

 

62,796

 

 

(45,142)

 

 

17,654

Deferred rent

 

 

143

 

 

(143)

 

 

 —

Accrued expenses and other current liabilities

 

 

12,118

 

 

(4,451)

 

 

7,667

Lease financing obligation

 

 

41,441

 

 

(41,441)

 

 

 —

Operating lease liabilities

 

 

 —

 

 

616

 

 

616

Operating lease liabilities, net of current portion

 

 

 —

 

 

1,226

 

 

1,226

Accumulated deficit

 

 

(150,082)

 

 

800

 

 

(149,282)