0001564590-20-056793 | 10-Q | XBRL Viewer

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Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2020	Dec. 10, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-39655
Entity Registrant Name	GALECTO, INC.
Entity Central Index Key	0001800315
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	37-1957007
Entity Address, Address Line One	Ole Maaloes Vej 3
Entity Address, Address Line Two	DK-2200
Entity Address, City or Town	Copenhagen N
Entity Address, Country	DK
City Area Code	+45
Local Phone Number	70 70 52 10
Title of 12(b) Security	Common Stock, par value $0.00001 per share
Trading Symbol	GLTO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	No
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		25,260,816

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Current assets
Cash and cash equivalents	$ 85,333	$ 11,294
Prepaid expenses and other current assets	5,337	5,117
Receivable on issuance of convertible preferred stock	5,473	39,669
Total current assets	96,143	56,080
Restricted cash	241	231
Tax credit receivable - noncurrent	865
Operating lease right-of-use asset	905	298
Total assets	98,154	56,609
Current liabilities
Accounts payable	4,463	3,329
Accrued expenses and other current liabilities	3,818	4,598
Total current liabilities	8,281	7,927
Operating lease liabilities, net of current portion	589	211
Total liabilities	8,870	8,138
Commitments and contingencies (Note 8)
Convertible preferred stock
Total convertible preferred stock	181,021	119,619
Stockholders’ deficit
Additional paid-in capital	1,361	826
Accumulated deficit	(92,783)	(69,523)
Accumulated other comprehensive loss	(315)	(2,451)
Total stockholders’ deficit	(91,737)	(71,148)
Total liabilities, convertible preferred stock and stockholders’ deficit	98,154	56,609
Series B Convertible Preferred Stock
Convertible preferred stock
Total convertible preferred stock	13,414	13,414
Series C Convertible Preferred Stock
Convertible preferred stock
Total convertible preferred stock	106,205	$ 106,205
Series D Convertible Preferred Stock
Current assets
Receivable on issuance of convertible preferred stock	5,500
Convertible preferred stock
Total convertible preferred stock	$ 61,402

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, authorized	300,000,000	5,350,404
Common stock, issued	259,966	259,966
Common stock, outstanding	259,966	259,966
Series B Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.00001	$ 0.00001
Convertible preferred stock, authorized	684,068	684,068
Convertible preferred stock, issued	684,068	684,068
Convertible preferred stock, outstanding	684,068	684,068
Convertible preferred stock, liquidation value	$ 16,545
Series C Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.00001	$ 0.00001
Convertible preferred stock, authorized	4,133,479	4,133,479
Convertible preferred stock, issued	4,125,056	4,125,056
Convertible preferred stock, outstanding	4,125,056	4,125,056
Convertible preferred stock, liquidation value	$ 121,373
Series D Convertible Preferred Stock
Convertible preferred stock, par value	$ 0.00001	$ 0.00001
Convertible preferred stock, authorized	2,368,118	0
Convertible preferred stock, issued	2,368,118	0
Convertible preferred stock, outstanding	2,368,118	0
Convertible preferred stock, liquidation value	$ 64,284

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Operating expenses
Research and development	$ 7,651	$ 3,674	$ 16,874	$ 11,893
General and administrative	2,515	1,152	5,461	2,224
Total operating expenses	10,166	4,826	22,335	14,117
Loss from operations	(10,166)	(4,826)	(22,335)	(14,117)
Other income (expense), net
Foreign exchange transaction gain, net	(1,485)	337	(925)	669
Fair value adjustments on preferred stock tranche obligations		384		1,364
Total other income (expense), net	(1,485)	721	(925)	2,033
Net loss	(11,651)	(4,105)	(23,260)	(12,084)
Dividends on convertible preferred stock	(2,713)	(1,401)	(7,648)	(4,159)
Net loss attributable to common stockholders	$ (14,364)	$ (5,506)	$ (30,908)	$ (16,243)
Net loss per common share, basic and diluted	$ (55.25)	$ (21.18)	$ (118.89)	$ (62.48)
Weighted-average number of shares used in computing net loss per common share, basic and diluted	259,966	259,966	259,966	259,966
Other comprehensive loss
Net loss	$ (11,651)	$ (4,105)	$ (23,260)	$ (12,084)
Currency translation	2,331	(2,059)	2,136	(2,140)
Total comprehensive loss	$ (9,320)	$ (6,164)	$ (21,124)	$ (14,224)

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit - USD ($) $ in Thousands	Total	Series B Convertible Preferred Stock	Series C Convertible Preferred Stock	Series D Convertible Preferred Stock	Common Stock	Additional Paid-In Capital	Other Comprehensive Loss	Accumulated Deficit
Beginning balance at Dec. 31, 2018	$ (33,835)					$ 826	$ (1,644)	$ (33,017)
Beginning balance (in shares) at Dec. 31, 2018		684,068	1,973,203
Beginning balance at Dec. 31, 2018		$ 13,414	$ 51,081
Beginning balance (in shares) at Dec. 31, 2018					259,966
Currency translation	(81)						(81)
Net loss	(7,978)							(7,978)
Ending balance at Jun. 30, 2019	(41,894)					826	(1,725)	(40,995)
Ending balance (in shares) at Jun. 30, 2019		684,068	1,973,203
Ending balance at Jun. 30, 2019		$ 13,414	$ 51,081
Ending balance (in shares) at Jun. 30, 2019					259,966
Beginning balance at Dec. 31, 2018	(33,835)					826	(1,644)	(33,017)
Beginning balance (in shares) at Dec. 31, 2018		684,068	1,973,203
Beginning balance at Dec. 31, 2018		$ 13,414	$ 51,081
Beginning balance (in shares) at Dec. 31, 2018					259,966
Currency translation	(2,140)
Net loss	(12,084)
Ending balance at Sep. 30, 2019	(48,058)					826	(3,784)	(45,100)
Ending balance (in shares) at Sep. 30, 2019		684,068	1,973,203
Ending balance at Sep. 30, 2019		$ 13,414	$ 51,081
Ending balance (in shares) at Sep. 30, 2019					259,966
Beginning balance at Dec. 31, 2018	(33,835)					826	(1,644)	(33,017)
Beginning balance (in shares) at Dec. 31, 2018		684,068	1,973,203
Beginning balance at Dec. 31, 2018		$ 13,414	$ 51,081
Beginning balance (in shares) at Dec. 31, 2018					259,966
Ending balance at Dec. 31, 2019	(71,148)					826	(2,451)	(69,523)
Ending balance (in shares) at Dec. 31, 2019		684,068	4,125,056
Ending balance at Dec. 31, 2019	119,619	$ 13,414	$ 106,205
Ending balance (in shares) at Dec. 31, 2019					259,966
Beginning balance at Jun. 30, 2019	(41,894)					826	(1,725)	(40,995)
Beginning balance (in shares) at Jun. 30, 2019		684,068	1,973,203
Beginning balance at Jun. 30, 2019		$ 13,414	$ 51,081
Beginning balance (in shares) at Jun. 30, 2019					259,966
Currency translation	(2,059)						(2,059)
Net loss	(4,105)							(4,105)
Ending balance at Sep. 30, 2019	(48,058)					826	(3,784)	(45,100)
Ending balance (in shares) at Sep. 30, 2019		684,068	1,973,203
Ending balance at Sep. 30, 2019		$ 13,414	$ 51,081
Ending balance (in shares) at Sep. 30, 2019					259,966
Beginning balance at Dec. 31, 2019	(71,148)					826	(2,451)	(69,523)
Beginning balance (in shares) at Dec. 31, 2019		684,068	4,125,056
Beginning balance at Dec. 31, 2019	119,619	$ 13,414	$ 106,205
Beginning balance (in shares) at Dec. 31, 2019					259,966
Stock-based compensation expense	401					401
Currency translation	(195)						(195)
Net loss	(11,609)							(11,609)
Ending balance at Jun. 30, 2020	(82,551)					1,227	(2,646)	(81,132)
Ending balance (in shares) at Jun. 30, 2020		684,068	4,125,056
Ending balance at Jun. 30, 2020		$ 13,414	$ 106,205
Ending balance (in shares) at Jun. 30, 2020					259,966
Beginning balance at Dec. 31, 2019	(71,148)					826	(2,451)	(69,523)
Beginning balance (in shares) at Dec. 31, 2019		684,068	4,125,056
Beginning balance at Dec. 31, 2019	119,619	$ 13,414	$ 106,205
Beginning balance (in shares) at Dec. 31, 2019					259,966
Currency translation	2,136
Net loss	(23,260)
Ending balance at Sep. 30, 2020	(91,737)					1,361	(315)	(92,783)
Ending balance (in shares) at Sep. 30, 2020		684,068	4,125,056	2,368,118
Ending balance at Sep. 30, 2020	181,021	$ 13,414	$ 106,205	$ 61,402
Ending balance (in shares) at Sep. 30, 2020					259,966
Beginning balance at Jun. 30, 2020	(82,551)					1,227	(2,646)	(81,132)
Beginning balance (in shares) at Jun. 30, 2020		684,068	4,125,056
Beginning balance at Jun. 30, 2020		$ 13,414	$ 106,205
Beginning balance (in shares) at Jun. 30, 2020					259,966
Issuance of Series D preferred stock, net of issuance costs of $2,797				$ 61,402
Issuance of Series D preferred stock, net of issuance costs (in shares)				2,368,118
Stock-based compensation expense	134					134
Currency translation	2,331						2,331
Net loss	(11,651)							(11,651)
Ending balance at Sep. 30, 2020	(91,737)					$ 1,361	$ (315)	$ (92,783)
Ending balance (in shares) at Sep. 30, 2020		684,068	4,125,056	2,368,118
Ending balance at Sep. 30, 2020	$ 181,021	$ 13,414	$ 106,205	$ 61,402
Ending balance (in shares) at Sep. 30, 2020					259,966

- Definition

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

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+ Details

- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

+ References + Details

Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit (Parenthetical) $ in Thousands	9 Months Ended
	Sep. 30, 2020 USD ($)
Series D Convertible Preferred Stock
Preferred stock issuance costs, net	$ 2,797

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended	9 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Cash flows from operating activities
Net loss		$ (23,260)	$ (12,084)	$ (36,500)
Adjustment to reconcile net loss to net cash used in operating activities:
Stock-based compensation		507
Fair value adjustments on preferred stock tranche obligations and note tranche and derivative obligations			(1,364)
Amortization of right of use lease asset		136	81
Changes in operating assets and liabilities:
Prepaid expenses and other current assets		(220)	33
Tax credit receivable - noncurrent		(865)	(804)
Accounts payable		1,134	(762)
Accrued expenses and other current liabilities		(1,019)	908
Operating lease liabilities		(99)	(81)
Net cash used in operating activities		(23,686)	(14,073)
Cash flows from financing activities
Net cash provided by financing activities		95,599
Net increase (decrease) in cash and cash equivalents		71,913	(14,073)
Effect of exchange rate changes on cash and cash equivalents		2,136	(2,140)
Cash, cash equivalents and restricted cash, beginning of period		11,525	31,131	31,131
Cash, cash equivalents and restricted cash, end of period	$ 85,574	85,574	14,918	11,525
Components of cash, cash equivalents, and restricted cash
Cash and cash equivalents	85,333	85,333	14,695	11,294
Restricted cash	241	241	223	231
Cash, cash equivalents and restricted cash, end of period	85,574	85,574	14,918	$ 11,525
Supplemental disclosures of noncash activities
Operating lease liabilities arising from obtaining right-of-use assets	$ 420	672	391
Cumulative effect of change in accounting principle—adoption of ASC 842, Leases			$ 15
Series C Convertible Preferred Stock
Cash flows from financing activities
Proceeds from issuance of preferred stock		39,669
Series D Convertible Preferred Stock
Cash flows from financing activities
Proceeds from issuance of preferred stock		58,727
Series D preferred stock issuance costs		(2,797)
Supplemental disclosures of noncash activities
Receivable on issuance of Series D preferred stock		$ 5,473

Description of Business, Organization and Liquidity

9 Months Ended

Sep. 30, 2020

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Description of Business, Organization and Liquidity

1. DESCRIPTION OF BUSINESS, ORGANIZATION AND LIQUIDITY

Business

Galecto, Inc., together with its consolidated subsidiaries, the Company or Galecto, is a clinical-stage biotechnology company developing therapeutics that are designed to target the biological processes that lie at the heart of fibrosis and impact a broad range of fibrotic and related diseases, including cancer. The Company’s initial focus is on the development of small-molecule inhibitors of galectin-3 and lysyl oxidase-like 2, or LOXL2, which play key roles in regulating fibrosis.

Reorganization and Purchase of PharmAkea, Inc.

Galecto, Inc. was incorporated in Delaware in October 2019. On December 31, 2019, as part of an integrated transaction, Galecto, Inc., Galecto Biotech AB, a Swedish operating company, and PharmAkea, Inc., or PharmAkea, consummated a purchase agreement and plan of merger by and among Galecto, Inc., Galecto Biotech AB and PharmAkea, or the Purchase, whereby Galecto, Inc. (i) acquired the shareholdings of Galecto Biotech AB via a one-for-one exchange of equity between Galecto, Inc. and the shareholders of Galecto Biotech AB in a common control reorganization, and (ii) acquired PharmAkea in principally an all-stock transaction.

As of September 30, 2020, the Company’s wholly-owned subsidiaries were PharmAkea and Galecto Biotech AB, and Galecto Biotech ApS, a Danish operating company, was Galecto Biotech AB’s wholly-owned subsidiary. The condensed consolidated balance sheets as of September 30, 2020 and December 31, 2019 are that of Galecto, Inc. The condensed consolidated statements of operations and comprehensive loss, convertible preferred shares and stockholders’ deficit and cash flows for the nine months ended September 30, 2020 are that of Galecto, Inc. and for the nine months ended September 30, 2019 are that of Galecto Biotech AB. As used in these condensed consolidated financial statements, unless the context otherwise requires, references to Galecto or the Company, refers to the consolidated Galecto, Inc. group.

Liquidity and management plans

Since inception, the Company has devoted substantially all its efforts to business planning, research and development, recruiting management and technical staff, and raising capital and has financed its operations primarily through the issuance of redeemable convertible preferred shares, debt financings and, most recently, the Company’s initial public offering, or IPO.

The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry, including, but not limited to, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and ability to secure additional capital to fund operations. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

The Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about its ability to continue as a going concern within one year after the date the condensed consolidated financial statements are issued. As of September 30, 2020, the Company had an accumulated deficit of $92.8 million, from recurring losses since inception in 2011. The Company has incurred recurring losses and has no sales as no products have obtained the necessary regulatory approval in order to market products. The Company expects to continue to incur losses as a result of costs and expenses related to the Company’s clinical development and corporate general and administrative activities. The Company had negative cash flows from operating activities during the nine months ended September 30, 2020 of $23.7 million, and current projections indicate that the Company will have continued negative cash flows for the foreseeable future as it continues to develop its product candidates. Net losses incurred for the nine months ended September 30, 2020 and year ended December 31, 2019, amounted to $23.3 million and $36.5 million, respectively.

The Company currently expects that its cash and cash equivalents of $85.3 million as of September 30, 2020, together with the net proceeds from the IPO, after deducting underwriting discounts, commissions and offering costs, of $85.7 million in October 2020, which includes 675,540 shares issued upon the partial exercise of the underwriters in November 2020 of their option to purchase additional shares of common stock, will be sufficient to fund its operating expenses and capital requirements for more than 12 months from the date the condensed consolidated financial statements are issued. However, additional funding will be necessary to fund future clinical and pre-clinical activities, which cannot be assured. If the Company is unable to obtain funding, it could be forced to delay, reduce or eliminate its research and development programs, product portfolio expansion or commercialization efforts, which could adversely affect its business prospects and its ability to continue operations.

Coronavirus pandemic

The coronavirus disease 2019, or COVID-19, pandemic, which began in December 2019 and has spread worldwide, has caused many governments to implement measures to slow the spread of the outbreak through quarantines, travel restrictions, heightened border scrutiny and other measures. The outbreak and government measures taken in response have also had a significant impact, both directly and indirectly, on businesses and commerce, as worker shortages have occurred; supply chains have been disrupted; facilities and production have been suspended; and demand for certain goods and services, such as medical services and supplies, has spiked, while demand for other goods and services, such as travel, has fallen. The future progression of the outbreak and its effects on the Company’s business and operations are uncertain.

In response to the impact of COVID-19, the Company has implemented certain measures intended to help the Company manage its impact and position the Company to resume operations quickly and efficiently once these restrictions are lifted, such as executing a work-from-home strategy for administrative functions and operations.

Despite the Company’s implementation of such measures, the actual and perceived impact of the COVID-19 pandemic is changing daily, and its ultimate effect on the Company cannot be predicted. As a result, there can be no assurance that the Company will not experience additional negative impacts associated with COVID-19, which could be significant. The COVID-19 pandemic may negatively impact the Company’s business, financial condition and results of operations by decreasing or delaying the enrollment of patients in the Company’s clinical trials or otherwise causing interruptions or delays in the Company’s programs and services.

On March 27, 2020, the United States enacted the Coronavirus Aid, Relief and Economic Security Act, or CARES Act. The CARES Act is an emergency economic stimulus package that includes spending and tax breaks to strengthen the United States economy and fund a nationwide effort to curtail the effect of COVID-19. The CARES Act provides sweeping tax changes in response to the COVID-19 pandemic, some of the more significant provisions include removing certain limitations on the utilization of certain limitations on utilization of net operating losses, increasing the loss carryback period for certain losses to five years, increasing the ability to deduct interest expense, and deferring social security payments, as well as amending certain provisions of the previously enacted Tax Cuts and Jobs Act. The Company does not believe the CARES Act will have a material impact on its financial position and results of operations.

Summary of Significant Accounting Policies

9 Months Ended

Sep. 30, 2020

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

There have been no changes to the significant accounting policies as disclosed in Note 2 to the Company’s annual consolidated financial statements for the years ended December 31, 2019 included in the final prospectus for the Company’s IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on October 30, 2020.

Unaudited Financial Information

The Company’s condensed consolidated financial statements included herein have been prepared in conformity with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Recently adopted accounting standards

During August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. ASU 2018-13 modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement. The amendments are based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, which the Board finalized on August 28, 2018. ASU 2018-13 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The adoption of ASU 2018-13 on January 1, 2020 did not have a material impact on the financial statements.

Fair Value Measurements

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

The Company had no financial assets or liabilities measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019. The Company had a Preferred Stock Tranche Obligation (Note 9) measured at (Level 3) fair value on a recurring basis of $1.7 million as of December 31, 2018. There were no transfers among Level 1, Level 2 or Level 3 categories for the nine months ended September 30, 2020 and the year ended December 31, 2019.

The following table provides a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

	Nine Months Ended
	September 30, 2019
Balance at January 1, 2019	$	1,744
Fair value adjustments	$	(980	)
Balance at June 30, 2019	$	764
Fair value adjustments	$	(384	)
Balance at September 30, 2019	$	380

Preferred stock tranche obligation

The Company’s Preferred Stock Tranche Obligation (Note 9) is measured at fair value using an option pricing valuation methodology. The fair value of Preferred Stock Tranche Obligation includes inputs not observable in the market and thus represents a Level 3 measurement. The option methodology utilized requires inputs based on certain subjective assumptions, including (a) expected stock price volatility, (b) calculation of an expected term, (c) a risk-free interest rate, and (d) expected dividends. This approach results in the classification of these securities as Level 3 of the fair value hierarchy. The Company had no Preferred Stock Tranche Obligation as of December 31, 2019. The assumptions utilized to value the Preferred Stock Tranche Obligation as of September 30, 2019 were (a) expected stock price volatility of 73%; (b) expected term of 2.3 years: (c) a risk-free interest rate of 1.7%; and (d) an expectation of no dividends. For the nine months ended September 30, 2019, the Company recognized a $1.4 million nonoperating gain in the statement of operations as fair value adjustments on preferred stock tranche obligations, with respect to changes to the fair value of the Preferred Stock Tranche Obligation.

- Definition

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

+ References + Details

Purchase of PharmAkea, Inc.

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Purchase of PharmAkea, Inc.

4. PURCHASE OF PHARMAKEA, INC.

The Purchase was principally an all-stock transaction whereby the Company exchanged 610,098 shares of its Series C-3 preferred stock, or approximately 13% of the shares of the Company subsequently outstanding, for PharmAkea. The Company was determined to be the accounting acquirer, and the Purchase of PharmAkea has been accounted for as an asset acquisition pursuant to Topic 805, Business Combinations, as the principal asset acquired was PharmAkea’s Phase 1 clinical development program of an orally delivered inhibitor of LOXL2 for the treatment of Myelofibrosis and other fibrotic indications, which the Company refers to as GB2064. At the time of the Purchase, PharmAkea had no facilities, employees, customers or assets other than the GB2064 program.

The following summarizes the purchase price of the Purchase (in thousands, except share and per share amounts):

Value of the shares of Series C preferred stock issued to former PharmAkea stockholders	$	15,625
Cash consideration to non-accredited former PharmAkea stockholders		216
Payments made and Company options issued to former PharmAkea executives pursuant to the terms of the Purchase		583
Transaction costs		978
Purchase price	$	17,402

The total purchase price has been allocated to the assets acquired and liabilities assumed as of December 31, 2019 as follows (in thousands):

Purchased in-process research and development—GB2064	$	16,788
Cash acquired		653
Trade liabilities assumed		(39	)
Purchase price	$	17,402

Purchased in-process research and development with respect to GB2064 is charged directly to expense in the consolidated statements of operations on the purchase date, December 31, 2019. The value of GB2064 consists primarily of technology associated with the drug compound that the Company plans to advance in clinical development but as of the date of the Purchase was in early stages of clinical development, had not received regulatory approval to commercialize and, thus, had no alternative future use.

The fair value of GB2064 was determined under a multi-period excess earnings method, or MPEEM, and income approach and a variation of the discounted cash flow method used to measure the fair value of intangible assets. The MPEEM fair value is a risk-adjusted assessment of the market potential of GB2064 for the treatment of Myelofibrosis, discounted using a calculated market participant weighted average cost of capital of 45%.

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 30, 2020

Prepaid Expense And Other Assets Current [Abstract]

Prepaid Expenses and Other Current Assets

5. PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consist of the following (in thousands):

	September 30,		December 31,
	2020		2019
Contract research and development costs	$	2,937	$	3,344
Research and development tax credit receivable		863		827
Deferred offering costs		676		—
Grant reimbursement receivable		—		379
Value-added tax refund receivable		573		253
Other		288		314
Total prepaid expenses and other current assets	$	5,337	$	5,117

Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

6. LEASES

On January 1, 2019, the Company adopted ASC 842 using the modified retrospective transition approach allowed under ASU 2018-11 which releases companies from presenting comparative periods and related disclosures under ASC 842 and requires a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption (Note 2). The Company is party to three operating leases for office and laboratory space. The Company’s finance leases are immaterial both individually and in the aggregate. The Company has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the nine months ended September 30, 2020 and 2019 was $209,000 and $154,000, respectively, and for the three months ended September 30, 2020 and 2019 was $77,000 and $66,000, respectively.

The Company had an operating lease in Woburn Place, London for office space that expired in August 2020. The Company has an operating lease in Denmark for office space that expires in October 2021 and has a renewal option. The Company also had an operating lease for office space in Canada that expired in July 2020. Effective September 1, 2020, the Company added an additional 1,300 square feet of office space to its corporate headquarters in Copenhagen and amended the related lease agreement to include this additional space. The Company also entered into a new lease for 749 square feet of office space in London commencing September 1, 2020 and expiring August 31, 2022.

Quantitative information regarding the Company’s leases for the nine months ended September 30, 2020 and 2019 is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost	2020		2019		2020		2019
Operating lease cost	$	65	$	30	$	136	$	94
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	67	$	29	$	136	$	92
Operating lease liabilities arising from obtaining right-of-use assets	$	420	$	—	$	672	$	391
Weighted average remaining lease term (years)	3.1		4.4		3.1		4.4
Weighted average discount rate%		8.0		8.0		8.0		8.0

Future lease payments under noncancelable leases are as follows at September 30, 2020 (in thousands):

	Operating
Future Lease Payments	Leases
2020	$	94
2021		377
2022		298
2023		139
2024		116
Total lease payments		1,024
Less: imputed interest		(119	)
Total lease liabilities	$	905

As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2019 for operating leases that commenced prior to that date.

Accrued Expenses and Other Current Liabilities

9 Months Ended

Sep. 30, 2020

Payables And Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

Accrued expenses and other current liabilities consist of the following (in thousands):

	September 30,		December 31,
	2020		2019
Contract research and development costs	$	1,274	$	3,493
Costs related to the Purchase of PharmAkea		0		838
Employee compensation costs		1,281		113
Lease liabilities		316		87
Other liabilities		947		67
Total accrued expenses and other current liabilities	$	3,818	$	4,598

Commitments and Contingencies

9 Months Ended

Sep. 30, 2020

Commitments And Contingencies Disclosure [Abstract]

Commitments and Contingencies

8. COMMITMENTS AND CONTINGENCIES

The Company’s commitments and contingencies are disclosed in Note 9 of the audited financial statements as of and for the year ended December 31, 2019 included in the final prospectus for the Company’s IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on October 30, 2020. There have been no material changes to the Company’s commitments and contingencies since the date of such financial statements. Further, the Company’s commitments related to lease agreements are disclosed in Note 6 to our unaudited condensed consolidated financial statements.

Convertible Preferred Stock

9 Months Ended

Sep. 30, 2020

Equity [Abstract]

Convertible Preferred Stock

9. CONVERTIBLE PREFERRED STOCK

During the fiscal year ended December 31, 2018, Galecto Biotech AB concluded a Series C financing involving a combination of existing shareholders and new investors, or Series C Financing. At closing, Galecto Biotech AB issued 1,284,795 Series C-2 shares in exchange for $34.5 million in net proceeds.

The Series C Financing further allowed for milestone closings in the event of certain development milestones, whereby purchasers of Series C preferred stock had the option to purchase additional shares of Series C preferred stock, or the Preferred Stock Tranche Obligation. The milestones were achieved in 2019 and, in December 2019, Series C investors committed to the sale and issuance of 1,199,143 Series C-4 preferred shares and 342,612 Series C-5 preferred shares of the Company for a total of $39.7 million. As a result of the issuance of the Series C-4 preferred stock and Series C-5 preferred, the Company issued a total of 198,770 additional Series C-3 preferred shares to former PharmAkea shareholders pursuant to the terms of the Purchase (See Note 4).

The sale and issuance of the Series C-4 preferred stock and Series C-5 preferred were committed to in December 2019 and are included in the condensed consolidated balance sheet as of December 31, 2019 with a corresponding $39.7 million receivable for the proceeds included within current assets in the condensed consolidated balance sheet as of December 31, 2019. The issuance of additional Series C-3 preferred stock with respect to the Purchase of PharmAkea stemming from the sale and issuance of the Series C-4 preferred stock and Series C-5 preferred stock is also included in the condensed consolidated balance sheet as of December 31, 2019 and comprises an element of the purchase price for the Purchase. The $39.7 million proceeds were received, and shares issued in January 2020.

In September 2020, the Company sold and issued 2,368,118 shares of Series D preferred stock for gross proceeds of $64.2 million, or $61.4 million net of $2.8 million in issuance costs. The Series D preferred stock ranks on-par with the Company’s Series C preferred stock with respect to dividends and in liquidation as disclosed in Note 10 to the Company’s annual consolidated financial statements for the years ended December 31, 2019 and 2018 included in the final prospectus for the Company’s IPO filed pursuant to Rule 424(b)(4) under the Securities Act with the SEC on October 30, 2020. There was $5.5 million of gross proceeds that was not received until October 2020, therefore a receivable on issuance of convertible stock was recorded at September 30, 2020.

Equity-Based Compensation

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity-Based Compensation

10. EQUITY-BASED COMPENSATION

Employee equity plan

In March 2020, the Company replaced the 2013 Option Program, or 2013 Plan, with its 2020 Stock Option and Grant Plan, or 2020 Plan. The 2020 Plan initially allowed the Company to award up to 1,740,325 options and the 304,142 outstanding options granted under the 2013 Plan were transferred to the 2020 Plan. Each vested option will entitle the option holder to purchase a single common share in the Company. Holders of stock options shall be entitled to exercise the vested portion of the stock option during the time period as determined by the Board, provided that a qualified exit, as defined in the 2020 Plan, has occurred. If a qualified exit, as defined in the 2020 Plan, occurs then all of the holders unvested options shall vest immediately. Options that are not exercised during the exercise period will automatically be forfeited. Stock options generally vest over a three-year or four-year period and expire ten years from the grant date. At September 30, 2020, the Company had 178,079 options available for future grant under the 2020 Plan.

The following table sets forth the activity for the Company’s stock options during the periods presented:

	Number of Options		Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2018		304,142	$	5.58		4.3		—
Outstanding at December 31, 2019		304,142		5.58		3.3		—
Granted		1,258,104		1.95
Outstanding at September 30, 2020		1,562,246	$	2.66		8.4		—
Vested and expected to vest at September 30, 2020		1,562,246	$	2.66		8.4		—
Exercisable at September 30, 2020		625,295	$	3.62		6.3		—

Equity-based compensation

Total unrecognized compensation expense related to unvested options granted under the Company’s equity-based compensation plan was $1.2 million at September 30, 2020, which is expected to be recognized over a weighted average period of 2.9 years. No options were granted during 2019. The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020		2020
Research and development	$	63	$	272
General and administrative		71		235
Total equity-based compensation	$	134	$	507

The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions:

Net Loss Per Share

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Net Loss Per Share

11. NET LOSS PER SHARE

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net loss	$	(11,651	)	$	(4,105	)	$	(23,260	)	$	(12,084	)
Dividends on convertible preferred stock		(2,713	)		(1,401	)		(7,648	)		(4,159	)
Net loss attributable to common stockholders	$	(14,364	)	$	(5,506	)	$	(30,908	)	$	(16,243	)
Net loss per common share, basic and diluted	$	(55.25	)	$	(21.18	)	$	(118.89	)	$	(62.48	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		259,966			259,966			259,966			259,966

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Convertible preferred stock		7,177,242		2,657,271		7,177,242		2,657,271
Stock options to purchase common stock		1,562,246		304,142		1,562,246		304,142

Subsequent Events

9 Months Ended

Sep. 30, 2020

Subsequent Events [Abstract]

Subsequent Events

12. SUBSEQUENT EVENTS

Stock Split

The Company’s board of directors and shareholders approved a 2.59970-for-1 stock split of its issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for its preferred stock effective as of October 20, 2020. Accordingly, all share and per share amounts for all periods presented in the accompanying financial statements and notes thereto have been retroactively adjusted, where applicable, to reflect the stock split.

2020 Equity Incentive Plan

In October 2020, in anticipation of the IPO, the Company’s board of directors adopted and the Company’s stockholders approved the 2020 Equity Incentive Plan (or the “2020 Plan”), which became effective on October 29, 2020. The 2020 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, awards of restricted stock, restricted stock units and other stock-based awards. The number of shares of the Company’s common stock reserved for issuance under the 2020 Plan is equal to 1,685,861, subject to an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2021 and continuing until, and including, the fiscal year ending December 31, 2030, equal to 5% of the number of shares of the Company’s common stock outstanding on such date.

Initial Public Offering

In October 2020, the Company completed its IPO, selling an aggregate of 6,342,207 shares of common stock at a price to the public of $15.00 per share, including 675,540 shares of common stock sold pursuant to the underwriters’ exercise of their option to purchase additional shares of common stock. The Company received net proceeds from the IPO, after deducting underwriting discounts and commissions but before deducting offering costs, of approximately $85.7 million.

Immediately prior to consummation of the IPO, all outstanding shares of the Company’s Series B, Series C and Series D convertible preferred stock were converted into 18,658,643 shares of common stock. Upon the closing of the IPO on November 2, 2020, a total of 24,585,276 shares of common stock were outstanding. The Company’s common stock began trading on the Nasdaq Global Select Market on October 29, 2020 under the symbol “GLTO”.

On November 2, 2020, the Company amended and restated the certificate of incorporation of Galecto, Inc to authorize 300,000,000 shares of common stock and 10,000,000 shares of preferred stock, which shares of preferred stock are currently undesignated.

Equity-based compensation

In October 2020, the Board of directors granted a total of 950,181 new options to employees, directors and consultants under the 2020 Plan with an exercise price of $7.70.

Summary of Significant Accounting Policies (Policies)	9 Months Ended
Summary of Significant Accounting Policies (Policies)	Sep. 30, 2020
Accounting Policies [Abstract]
Unaudited Financial Information	Unaudited Financial Information The Company’s condensed consolidated financial statements included herein have been prepared in conformity with U.S. GAAP and pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. In the Company’s opinion, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the financial position and results of operations for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.
Recently adopted accounting standards	Recently adopted accounting standards During August 2018, the FASB issued ASU No. 2018-13, Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement, or ASU 2018-13. ASU 2018-13 modifies the disclosure requirements for fair value measurements in Topic 820, Fair Value Measurement. The amendments are based on the concepts in the FASB Concepts Statement, Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements, which the Board finalized on August 28, 2018. ASU 2018-13 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The adoption of ASU 2018-13 on January 1, 2020 did not have a material impact on the financial statements.

Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs

The following table provides a reconciliation of the Company’s liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) (in thousands):

	Nine Months Ended
	September 30, 2019
Balance at January 1, 2019	$	1,744
Fair value adjustments	$	(980	)
Balance at June 30, 2019	$	764
Fair value adjustments	$	(384	)
Balance at September 30, 2019	$	380

Purchase of PharmAkea, Inc. (Tables)

9 Months Ended

Sep. 30, 2020

Business Combinations [Abstract]

Schedule of Purchase Price

The following summarizes the purchase price of the Purchase (in thousands, except share and per share amounts):

Value of the shares of Series C preferred stock issued to former PharmAkea stockholders	$	15,625
Cash consideration to non-accredited former PharmAkea stockholders		216
Payments made and Company options issued to former PharmAkea executives pursuant to the terms of the Purchase		583
Transaction costs		978
Purchase price	$	17,402

Schedule of Total Purchase Price Allocated to Assets Acquired and Liabilities Assumed

The total purchase price has been allocated to the assets acquired and liabilities assumed as of December 31, 2019 as follows (in thousands):

Purchased in-process research and development—GB2064	$	16,788
Cash acquired		653
Trade liabilities assumed		(39	)
Purchase price	$	17,402

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 30, 2020

Prepaid Expense And Other Assets Current [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of the following (in thousands):

	September 30,		December 31,
	2020		2019
Contract research and development costs	$	2,937	$	3,344
Research and development tax credit receivable		863		827
Deferred offering costs		676		—
Grant reimbursement receivable		—		379
Value-added tax refund receivable		573		253
Other		288		314
Total prepaid expenses and other current assets	$	5,337	$	5,117

Leases (Tables)

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Quantitative Information Regarding Leases

Quantitative information regarding the Company’s leases for the nine months ended September 30, 2020 and 2019 is as follows (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
Lease Cost	2020		2019		2020		2019
Operating lease cost	$	65	$	30	$	136	$	94
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities	$	67	$	29	$	136	$	92
Operating lease liabilities arising from obtaining right-of-use assets	$	420	$	—	$	672	$	391
Weighted average remaining lease term (years)	3.1		4.4		3.1		4.4
Weighted average discount rate%		8.0		8.0		8.0		8.0

Summary of Future Lease Payments under Noncancelable Leases

Future lease payments under noncancelable leases are as follows at September 30, 2020 (in thousands):

	Operating
Future Lease Payments	Leases
2020	$	94
2021		377
2022		298
2023		139
2024		116
Total lease payments		1,024
Less: imputed interest		(119	)
Total lease liabilities	$	905

Accrued Expenses And Other Current Liabilities (Tables)

9 Months Ended

Sep. 30, 2020

Payables And Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):

	September 30,		December 31,
	2020		2019
Contract research and development costs	$	1,274	$	3,493
Costs related to the Purchase of PharmAkea		0		838
Employee compensation costs		1,281		113
Lease liabilities		316		87
Other liabilities		947		67
Total accrued expenses and other current liabilities	$	3,818	$	4,598

Equity-Based Compensation (Tables)

9 Months Ended

Sep. 30, 2020

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Summary of Stock Options Activity

The following table sets forth the activity for the Company’s stock options during the periods presented:

	Number of Options		Weighted- average exercise price per share		Weighted- average remaining contractual term (in years)		Aggregate intrinsic value
Outstanding at December 31, 2018		304,142	$	5.58		4.3		—
Outstanding at December 31, 2019		304,142		5.58		3.3		—
Granted		1,258,104		1.95
Outstanding at September 30, 2020		1,562,246	$	2.66		8.4		—
Vested and expected to vest at September 30, 2020		1,562,246	$	2.66		8.4		—
Exercisable at September 30, 2020		625,295	$	3.62		6.3		—

Summary of Stock-based Compensation Expenses Related to Issuance of Stock

The Company recorded stock-based compensation expense related to the issuance of stock as follows (in thousands):

	Three Months Ended September 30,		Nine Months Ended September 30,
	2020		2020
Research and development	$	63	$	272
General and administrative		71		235
Total equity-based compensation	$	134	$	507

Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model

The fair values of the options granted were estimated based on the Black-Scholes model, using the following assumptions:

	Nine Months Ended
	September 30, 2020
Fair value of grants	$	1.4
Dividend yield		—
Risk-free interest rate%		0.4	%
Volatility%		89.0	%
Expected term in years		6.0

Net Loss Per Share (Tables)

9 Months Ended

Sep. 30, 2020

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share is calculated as follows (in thousands except share and per share amounts):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Net loss	$	(11,651	)	$	(4,105	)	$	(23,260	)	$	(12,084	)
Dividends on convertible preferred stock		(2,713	)		(1,401	)		(7,648	)		(4,159	)
Net loss attributable to common stockholders	$	(14,364	)	$	(5,506	)	$	(30,908	)	$	(16,243	)
Net loss per common share, basic and diluted	$	(55.25	)	$	(21.18	)	$	(118.89	)	$	(62.48	)
Weighted-average number of shares used in computing net loss per common share, basic and diluted		259,966			259,966			259,966			259,966

Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Convertible preferred stock		7,177,242		2,657,271		7,177,242		2,657,271
Stock options to purchase common stock		1,562,246		304,142		1,562,246		304,142

Description of Business, Organization and Liquidity - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended		9 Months Ended		12 Months Ended
	Nov. 30, 2020	Oct. 31, 2020	Sep. 30, 2020	Sep. 30, 2019	Dec. 31, 2019
Description Of Business Organization And Liquidity [Line Items]
Entity incorporation date			Oct. 31, 2019
Conversion of stock description			On December 31, 2019, as part of an integrated transaction, Galecto, Inc., Galecto Biotech AB, a Swedish operating company, and PharmAkea, Inc., or PharmAkea, consummated a purchase agreement and plan of merger by and among Galecto, Inc., Galecto Biotech AB and PharmAkea, or the Purchase, whereby Galecto, Inc. (i) acquired the shareholdings of Galecto Biotech AB via a one-for-one exchange of equity between Galecto, Inc. and the shareholders of Galecto Biotech AB in a common control reorganization, and (ii) acquired PharmAkea in principally an all-stock transaction.
Accumulated deficit			$ 92,783		$ 69,523
Net loss			(23,260)	$ (12,084)	(36,500)
Cash and cash equivalents			85,333	$ 14,695	$ 11,294
Subsequent Event
Description Of Business Organization And Liquidity [Line Items]
Number of shares of common stock issued	675,540	675,540
IPO
Description Of Business Organization And Liquidity [Line Items]
Cash and cash equivalents			85,300
IPO \| Subsequent Event
Description Of Business Organization And Liquidity [Line Items]
Net proceeds from IPO		$ 85,700
Number of shares of common stock issued		6,342,207
Clinical Development and Corporate General and Administrative Activities
Description Of Business Organization And Liquidity [Line Items]
Net loss			$ (23,700)

Fair Value Measurements - Additional Information (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Expected stock price volatility	89.00%
Expected term	6 years
Risk-free interest rate	0.40%
Preferred Stock Tranche Obligation \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Preferred stock tranche obligation		$ 0
Expected stock price volatility	73.00%
Expected term	2 years 3 months 18 days
Risk-free interest rate	1.70%
Dividends expected	$ 0
Nonoperating gain	1,400,000
Recurring Basis
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Financial assets measured at fair value	0	0
Financial liabilities measured at fair value	0	0
Fair value, assets, level 1 to level 2 transfers	0	0
Fair value, assets, level 2 to level 1 transfers	0	0
Fair value, liabilities, level 1 to level 2 transfers	0	0
Fair value, liabilities, level 2 to level 1 transfers	0	0
Fair value, measurement asset transfers into level 3	0	0
Fair value, measurement asset transfers out of level 3	0	0
Fair value, measurement liability, transfers into level 3	0	0
Fair value, measurement liability, transfers out of level 3	$ 0	$ 0
Recurring Basis \| Preferred Stock Tranche Obligation \| Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Preferred stock tranche obligation			$ 1,700,000

Fair Value Measurements - Schedule of Reconciliation of Liabilities Measured at Fair Value on Recurring Basis Using Significant Unobservable Inputs (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Sep. 30, 2019	Jun. 30, 2019
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 764	$ 1,744
Fair value adjustments	(384)	(980)
Ending Balance	$ 380	$ 764

Purchase of PharmAkea, Inc. - Additional Information (Details) - PharmAkea, Inc.	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019 Facility shares
MPEEM \| GB2064 \| Myelofibrosis
Business Acquisition [Line Items]
Weighted average cost of capital	45.00%
Series C Convertible Preferred Stock
Business Acquisition [Line Items]
Preferred stock issued \| shares		610,098
Business acquisition, percentage of voting interests acquired		13.00%
Number of facilities, employees, customers or assets at the time of acquisition \| Facility		0
Business acquisition, description	The Company was determined to be the accounting acquirer, and the Purchase of PharmAkea has been accounted for as an asset acquisition pursuant to Topic 805, Business Combinations, as the principal asset acquired was PharmAkea’s Phase 1 clinical development program of an orally delivered inhibitor of LOXL2 for the treatment of Myelofibrosis and other fibrotic indications, which the Company refers to as GB2064. At the time of the Purchase, PharmAkea had no facilities, employees, customers or assets other than the GB2064 program.

Purchase of PharmAkea, Inc. - Summary of Purchase Price (Details) - PharmAkea, Inc. $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Cash consideration to non-accredited former PharmAkea stockholders	$ 216
Payments made and Company options issued to former PharmAkea executives pursuant to the terms of the Purchase	583
Transaction costs	978
Purchase price	17,402
Series C Preferred Stock
Business Acquisition [Line Items]
Value of the shares of Series C preferred stock issued to former PharmAkea stockholders	$ 15,625

Purchase of PharmAkea, Inc. - Summary of Purchase Price Allocated to Assets Acquired and Liabilities assumed (Details) - PharmAkea, Inc. $ in Thousands	12 Months Ended
	Dec. 31, 2019 USD ($)
Business Acquisition [Line Items]
Purchased in-process research and development—GB2064	$ 16,788
Cash acquired	653
Trade liabilities assumed	(39)
Purchase price	$ 17,402

Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Prepaid Expense And Other Assets Current [Abstract]
Contract research and development costs	$ 2,937	$ 3,344
Research and development tax credit receivable	863	827
Deferred offering costs	676
Grant reimbursement receivable		379
Value-added tax refund receivable	573	253
Other	288	314
Total prepaid expenses and other current assets	$ 5,337	$ 5,117

Leases - Additional Information (Details)	3 Months Ended		9 Months Ended
Leases - Additional Information (Details)	Sep. 30, 2020 USD ($)	Sep. 30, 2019 USD ($)	Sep. 30, 2020 USD ($) Facility ft²	Sep. 30, 2019 USD ($)
Leases [Line Items]
Number of office and laboratory space \| Facility			3
Rent expense \| $	$ 77,000	$ 66,000	$ 209,000	$ 154,000
London
Leases [Line Items]
Operating lease, expiration date			Aug. 31, 2020
Office space under operating lease			749
Operating lease, terms			September 1, 2020 and expiring August 31, 2022.
Denmark
Leases [Line Items]
Operating lease, expiration date			Oct. 31, 2021
Office space under operating lease			1,300
Canada
Leases [Line Items]
Operating lease, expiration date			Jul. 31, 2020

Leases - Quantitative Information Regarding Leases (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Lease Cost
Operating lease cost	$ 65	$ 30	$ 136	$ 94
Operating cash flows paid for amounts included in the measurement of lease liabilities	67	$ 29	136	92
Operating lease liabilities arising from obtaining right-of-use assets	$ 420		$ 672	$ 391
Weighted average remaining lease term (years)	3 years 1 month 6 days	4 years 4 months 24 days	3 years 1 month 6 days	4 years 4 months 24 days
Weighted average discount rate%	8.00%	8.00%	8.00%	8.00%

Leases - Summary of Future Lease Payments under Noncancelable Leases (Details) $ in Thousands	Sep. 30, 2020 USD ($)
Future Lease Payments
2020	$ 94
2021	377
2022	298
2023	139
2024	116
Total lease payments	1,024
Less: imputed interest	(119)
Total lease liabilities	$ 905

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2020	Dec. 31, 2019
Contract research and development costs	$ 1,274	$ 3,493
Employee compensation costs	1,281	113
Lease liabilities	316	87
Other liabilities	947	67
Total accrued expenses and other current liabilities	3,818	4,598
PharmAkea, Inc.
Costs related to the Purchase of PharmAkea	$ 0	$ 838

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 31, 2020
Class of Stock [Line Items]
Receivable on issuance of convertible preferred stock	$ 5,473	$ 39,669		$ 39,700
Series C-2 Preferred Shares
Class of Stock [Line Items]
Redeemable convertible preferred stock issued			1,284,795
Net proceeds from issuance of redeemable convertible preferred stock			$ 34,500
Series C-4 Preferred Shares
Class of Stock [Line Items]
Redeemable convertible preferred stock issued		1,199,143
Series C-5 Preferred Shares
Class of Stock [Line Items]
Redeemable convertible preferred stock issued		342,612
Net proceeds from issuance of redeemable convertible preferred stock		$ 39,700
Series C-3 Preferred Shares
Class of Stock [Line Items]
Redeemable convertible preferred stock issued		198,770
Series D Convertible Preferred Stock
Class of Stock [Line Items]
Receivable on issuance of convertible preferred stock	$ 5,500
Preferred stock, issued (in shares)	2,368,118
Proceeds from issuance of preferred stock	$ 64,200
Proceeds from issuance or sale of equity	61,400
Payments of stock issuance costs	$ 2,797

Equity-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended	9 Months Ended	12 Months Ended
	Mar. 31, 2020	Sep. 30, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted		1,258,104
2020 Plan \| Unvested Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted			0
Unrecognized compensation expense		$ 1.2
Unrecognized compensation expense that is expected to be recognized over a weighted-average period		2 years 10 months 24 days
2020 Plan \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options, granted	304,142
Stock options, expiration period	10 years
Stock options available for future grant		178,079
2020 Plan \| Maximum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock options allowed to award	1,740,325
Stock options, vesting period	4 years
2020 Plan \| Minimum \| Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options, vesting period	3 years

Equity-Based Compensation - Summary of Stock Options Activity (Details) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Number of Options, Outstanding	304,142	304,142
Number of Options, Granted	1,258,104
Number of Options, Outstanding	1,562,246	304,142	304,142
Number of Options, Vested and expected to vest	1,562,246
Number of Options, Exercisable	625,295
Weighted average exercise price per share, Outstanding	$ 5.58	$ 5.58
Weighted average exercise price per share, Granted	1.95
Weighted average exercise price per share, Outstanding	2.66	$ 5.58	$ 5.58
Weighted average exercise price per share, Vested and expected to vest	2.66
Weighted average exercise price per share, Exercisable	$ 3.62
Weighted average remaining contractual term (in years), Outstanding	8 years 4 months 24 days	3 years 3 months 18 days	4 years 3 months 18 days
Weighted average remaining contractual term (in years), Vested and expected to vest	8 years 4 months 24 days
Weighted average remaining contractual term (in years), Exercisable	6 years 3 months 18 days

Equity-Based Compensation - Summary of Stock-based Compensation Expenses Related to Issuance of Stock (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2020	Sep. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 134	$ 507
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	63	272
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total equity-based compensation	$ 71	$ 235

Equity-Based Compensation - Summary of Fair Value Assumptions of Options Granted Estimated Based on Black-Scholes Model (Details)	9 Months Ended
	Sep. 30, 2020 $ / shares
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Fair value of grants	$ 1.4
Risk-free interest rate	0.40%
Expected stock price volatility	89.00%
Expected term	6 years

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Jun. 30, 2020	Jun. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Earnings Per Share [Abstract]
Net loss	$ (11,651)	$ (4,105)	$ (11,609)	$ (7,978)	$ (23,260)	$ (12,084)
Dividends on convertible preferred stock	(2,713)	(1,401)			(7,648)	(4,159)
Net loss attributable to common stockholders	$ (14,364)	$ (5,506)			$ (30,908)	$ (16,243)
Net loss per common share, basic and diluted	$ (55.25)	$ (21.18)			$ (118.89)	$ (62.48)
Weighted-average number of shares used in computing net loss per common share, basic and diluted	259,966	259,966			259,966	259,966

- Definition

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

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

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+ Details

Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2020	Sep. 30, 2019	Sep. 30, 2020	Sep. 30, 2019
Convertible Preferred Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,177,242	2,657,271	7,177,242	2,657,271
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	1,562,246	304,142	1,562,246	304,142

Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Millions		1 Months Ended		9 Months Ended
	Oct. 20, 2020	Nov. 30, 2020 shares	Oct. 31, 2020 USD ($) $ / shares shares	Sep. 30, 2020 $ / shares shares	Nov. 02, 2020 shares	Nov. 01, 2020 shares	Dec. 31, 2019 shares
Subsequent Event [Line Items]
Stock split description				The Company’s board of directors and shareholders approved a 2.59970-for-1 stock split of its issued and outstanding common stock and a proportional adjustment to the existing conversion ratios for its preferred stock effective as of October 20, 2020.
Common stock, outstanding				259,966			259,966
Common stock, authorized				300,000,000			5,350,404
Number of options, granted				1,258,104
Weighted average exercise price per share, Granted \| $ / shares				$ 1.95
Subsequent Event
Subsequent Event [Line Items]
Stock split ratio	2.59970
Number of shares of common stock issued		675,540	675,540
Common stock, authorized					300,000,000
Preferred stock, shares authorized					10,000,000
Subsequent Event \| IPO
Subsequent Event [Line Items]
Number of shares of common stock issued			6,342,207
Shares issued,price per share \| $ / shares			$ 15.00
Net proceeds from IPO \| $			$ 85.7
Common stock, outstanding					24,585,276
Subsequent Event \| IPO \| Common Stock \| Series B, Series C and Series D Convertible Preferred Stock
Subsequent Event [Line Items]
Convertible preferred stock, shares issued upon conversion						18,658,643
Subsequent Event \| 2020 Plan
Subsequent Event [Line Items]
Number of shares of common stock reserved for issuance			1,685,861
Shares issued, percentage of common stock outstanding			5.00%
Subsequent Event \| 2020 Plan \| New Options \| Board Of Directors \| Employees, Directors and Consultants
Subsequent Event [Line Items]
Number of options, granted			950,181
Weighted average exercise price per share, Granted \| $ / shares			$ 7.70