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Related Party Transactions
3 Months Ended
Mar. 31, 2020
Related Party Transactions [Abstract]  
Related Party Transactions

9. Related Party Transactions

The Company incurred $4,000 and $33,000 in professional consulting services expense related to certain members of the board of directors for the three months ended March 31, 2020 and 2019, respectively, which is recorded within research and development expenses in the Company’s condensed consolidated statements of operations and comprehensive loss. The related party liability balance was $0 as of March 31, 2020 and $11,000 as of December 31, 2019, respectively, which is recorded within accounts payable and accrued expenses in the Company’s condensed consolidated balance sheets.

The Company and the Series A preferred stockholders amended the Series A SPA on October 25, 2019, and the parties agreed that the Series A SPA would terminate upon consummation of the Company’s IPO. Upon the completion of the Company’s IPO on November 13, 2019, the remaining 16,000,000 shares of convertible preferred stock that were issuable were no longer issuable. Accordingly, the preferred stock liability was extinguished and because the transaction occurred between related parties, the resulting $25.6 million was accounted for as a capital contribution by the preferred stockholders and recorded as part of additional paid-in capital in the condensed consolidated balance sheets (see Note 6).