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Cover - shares	6 Months Ended
Cover - shares	Jun. 30, 2020	Jul. 23, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2020
Document Transition Report	false
Entity File Number	000-31141
Entity Registrant Name	INFINITY PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	33-0655706
Entity Address, Address Line One	1100 Massachusetts Avenue
Entity Address, Address Line Two	Floor 4
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02138
City Area Code	617
Local Phone Number	453-1000
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	INFI
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		58,870,651
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001113148
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets (unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 28,921	$ 22,260
Available-for-sale securities	13,809	20,184
Prepaid expenses and other current assets	2,064	2,137
Total current assets	44,794	44,581
Property and equipment, net	1,951	2,186
Restricted cash	315	315
Operating lease right-of-use assets	1,583	1,717
Other assets	13	215
Total assets	48,656	49,014
Current liabilities:
Accounts payable	1,289	1,621
Accrued expenses and other current liabilities	7,588	8,077
Total current liabilities	8,877	9,698
Liability related to sale of future royalties, net, less current portion (note 9)	28,721	29,626
Liability related to sale of future royalties to a related party, net (note 10)	20,366	0
Operating lease liability, less current portion	1,688	1,926
Other liabilities	388	38
Total liabilities	60,040	41,288
Commitments and contingencies
Stockholders’ equity (deficit):
Preferred Stock, $0.001 par value; 1,000,000 shares authorized, no shares issued and outstanding at June 30, 2020 and December 31, 2019	0	0
Common Stock, $0.001 par value; 200,000,000 and 100,000,000 shares authorized at June 30, 2020 and December 31, 2019, respectively; 57,493,567 and 57,077,550 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	57	57
Additional paid-in capital	734,701	733,486
Accumulated deficit	(746,188)	(725,829)
Accumulated other comprehensive income	46	12
Total stockholders’ equity (deficit)	(11,384)	7,726
Total liabilities and stockholders’ equity (deficit)	$ 48,656	$ 49,014

Condensed Consolidated Balance Sheets (unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	1,000,000	1,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	200,000,000	100,000,000
Common stock, shares issued (in shares)	57,493,567	57,077,550
Common stock, shares outstanding (in shares)	57,493,567	57,077,550

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues:
Total revenues	$ 360	$ 257	$ 788	$ 2,399
Operating expenses:
Research and development	6,125	6,076	13,470	11,842
General and administrative	2,937	3,771	6,261	7,169
Royalty expense	217	155	475	6,916
Total operating expenses	9,279	10,002	20,206	25,927
Loss from operations	(8,919)	(9,745)	(19,418)	(23,528)
Other income (expense):
Investment and other income	50	318	235	607
Interest expense (note 9)	(39)	(1,087)	(77)	(1,391)
Related party interest expense (note 10)	(565)	0	(1,099)	0
Total other expense	(554)	(769)	(941)	(784)
Loss before income taxes	(9,473)	(10,514)	(20,359)	(24,312)
Income taxes benefit	0	0	0	54
Net loss	$ (9,473)	$ (10,514)	$ (20,359)	$ (24,258)
Basic and diluted loss per common share (in dollars per share)	$ (0.16)	$ (0.18)	$ (0.35)	$ (0.43)
Basic and diluted weighted average number of common shares outstanding (in shares)	57,442,322	56,942,033	57,392,965	56,933,521
Other comprehensive loss:
Net unrealized holding gains (losses) on available-for-sale securities arising during the period	$ (70)	$ 23	$ 34	$ 30
Comprehensive loss	(9,543)	(10,491)	(20,325)	(24,228)
Collaboration revenue
Revenues:
Total revenues	0	0	0	2,000
Royalty revenue
Revenues:
Total revenues	$ 360	$ 257	$ 788	$ 399

Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating activities
Net loss	$ (20,359)	$ (24,258)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	242	18
Stock-based compensation	720	1,246
Non-cash royalty revenue	(417)	(212)
Non-cash interest expense	77	1,391
Non-cash related party interest expense	1,099	0
Other, net	25	(45)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	276	(791)
Operating lease right-of-use assets	134	241
Accounts payable, accrued expenses and other liabilities	(906)	(308)
Operating lease liability	(237)	(118)
Net cash used in operating activities	(19,346)	(22,836)
Investing activities
Purchases of property and equipment	(44)	(224)
Purchases of available-for-sale securities	(19,731)	(21,761)
Proceeds from maturities of available-for-sale securities	26,180	11,500
Net cash provided by (used in) investing activities	6,405	(10,485)
Financing activities
Proceeds from sale of future royalties to a related party, net	19,572	0
Proceeds from sale of future royalties, net	0	27,618
Proceeds from issuances of common stock, net	30	27
Net cash provided by financing activities	19,602	27,645
Net increase (decrease) in cash, cash equivalents and restricted cash	6,661	(5,676)
Cash, cash equivalents and restricted cash at beginning of period	22,575	48,616
Cash, cash equivalents and restricted cash at end of period	29,236	42,940
Reconciliation of cash, cash equivalents, and restricted cash to the consolidated balance sheets
Cash and cash equivalents	28,921	42,625
Restricted cash	315	315
Supplemental schedule of noncash activities
Assets acquired under operating lease obligation	0	1,849
Property and equipment in accounts payable and accrued expenses	0	721
Issuance of common stock for compensation	$ 444	$ 0

Condensed Consolidated Statements of Stockholders' Equity (Deficit) (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning Balance (in shares) at Dec. 31, 2018		56,907,096
Beginning Balance at Dec. 31, 2018	$ 52,459	$ 57	$ 731,178	$ (678,772)	$ (4)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	1,246		1,246
Issuance of common stock, net (in shares)		119,686
Issuance of common stock, net	91		91
Unrealized gain (loss) on marketable securities	30				30
Net income (loss)	(24,258)			(24,258)
Ending Balance (in shares) at Jun. 30, 2019		57,026,782
Ending Balance at Jun. 30, 2019	29,568	$ 57	732,515	(703,030)	26
Beginning Balance (in shares) at Mar. 31, 2019		56,925,528
Beginning Balance at Mar. 31, 2019	39,405	$ 57	731,861	(692,516)	3
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	563		563
Issuance of common stock, net (in shares)		101,254
Issuance of common stock, net	91		91
Unrealized gain (loss) on marketable securities	23				23
Net income (loss)	(10,514)			(10,514)
Ending Balance (in shares) at Jun. 30, 2019		57,026,782
Ending Balance at Jun. 30, 2019	29,568	$ 57	732,515	(703,030)	26
Beginning Balance (in shares) at Dec. 31, 2019		57,077,550
Beginning Balance at Dec. 31, 2019	7,726	$ 57	733,486	(725,829)	12
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	720		720
Issuance of common stock, net (in shares)		416,017
Issuance of common stock, net	495		495
Unrealized gain (loss) on marketable securities	34				34
Net income (loss)	(20,359)			(20,359)
Ending Balance (in shares) at Jun. 30, 2020		57,493,567
Ending Balance at Jun. 30, 2020	(11,384)	$ 57	734,701	(746,188)	46
Beginning Balance (in shares) at Mar. 31, 2020		57,433,598
Beginning Balance at Mar. 31, 2020	(2,252)	$ 57	734,290	(736,715)	116
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	360		360
Issuance of common stock, net (in shares)		59,969
Issuance of common stock, net	51		51
Unrealized gain (loss) on marketable securities	(70)				(70)
Net income (loss)	(9,473)			(9,473)
Ending Balance (in shares) at Jun. 30, 2020		57,493,567
Ending Balance at Jun. 30, 2020	$ (11,384)	$ 57	$ 734,701	$ (746,188)	$ 46

- 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

Organization	6 Months Ended
Organization	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	1. Organization Infinity Pharmaceuticals, Inc., is an innovative biopharmaceutical company dedicated to developing novel medicines for people with cancer. As used throughout these unaudited, condensed consolidated financial statements, the terms “Infinity,” “we,” “us,” and “our” refer to the business of Infinity Pharmaceuticals, Inc., and its wholly-owned subsidiaries.

Basis of Presentation	6 Months Ended
Basis of Presentation	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	2. Basis of Presentation These condensed consolidated financial statements include the accounts of Infinity and its wholly-owned subsidiaries. We have eliminated all significant intercompany accounts and transactions in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed consolidated financial statements have been included. Interim results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. The information presented in the condensed consolidated financial statements and related footnotes at June 30, 2020, and for the three and six months ended June 30, 2020 and 2019, is unaudited, and the condensed consolidated balance sheet amounts and related footnotes at December 31, 2019 have been derived from our audited financial statements. For further information, please refer to the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission, or SEC, on March 3, 2020, which we refer to as our 2019 Annual Report on Form 10-K. Liquidity As of June 30, 2020, we had cash, cash equivalents and available-for-sale securities of $42.7 million. Subsequent to June 30, 2020, we raised $1.6 million with our at-the-market facility (see Note 13).We have primarily incurred operating losses since inception and have relied on our ability to fund our operations through collaboration and license arrangements or other strategic arrangements, as well as through the sale of stock. We expect to continue to spend significant resources to fund the development and potential commercialization of eganelisib, also known as IPI-549, an orally administered, clinical-stage, immuno-oncology product candidate that selectively inhibits the enzyme phosphoinositide-3 kinase gamma, or PI3K gamma, and to incur significant operating losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale securities at June 30, 2020 will be adequate to satisfy our forecasted operating needs for at least the next twelve months from the issuance date of these financial statements.

Significant Accounting Policies

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

3. Significant Accounting Policies

Our significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in our 2019 Annual Report on Form 10-K.

Segment Information

We operate in one business segment, which focuses on drug development. We make operating decisions based upon the performance of the enterprise as a whole and utilize our consolidated financial statements for decision making.

Basic and Diluted Net Income (Loss) per Common Share

Basic net income (loss) per share is based upon the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but has not yet vested. Diluted net income (loss) per share is based upon the weighted average number of common shares outstanding during the period plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed exercise of outstanding stock options and the exercise of outstanding warrants (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method) and the vesting of restricted shares of common stock. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options. The two-class method is used for outstanding warrants as such warrants are considered to be participating securities, and this method is more dilutive than the treasury stock method. The following outstanding shares of common stock equivalents were excluded from the computation of net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	At June 30,
	2020	2019
Stock options	11,108,447	9,853,587
Warrants (excluded from treasury stock method)	1,000,000	1,000,000

Stock-Based Compensation

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation

4. Stock-Based Compensation

Total stock-based compensation expense related to all equity awards for the three and six months ended June 30, 2020 and 2019 was composed of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Research and development	$	94	$	102	$	174	$	254
General and administrative	266		461		546		992
Total stock-based compensation expense	$	360	$	563	$	720	$	1,246

As of June 30, 2020, we had approximately $3.3 million of total unrecognized compensation cost related to unvested common stock options and awards under our Employee Stock Purchase Plan, which is expected to be recognized over a weighted-average period of 3.0 years.

Stock Options

During the six months ended June 30, 2020, we granted options to purchase 3,148,786 shares of our common stock at a weighted average fair value of $0.89 per share and a weighted average exercise price of $1.17 per share. During the six months ended June 30, 2019, we granted options to purchase 2,057,596 shares of our common stock at a weighted average fair value of $1.09 per share and a weighted average exercise price of $1.31 per share. For the three and six months ended June 30, 2020 and 2019, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Risk-free interest rate	0.3	%	2.0	%	1.4	%	2.3	%
Expected annual dividend yield	—		—		—		—
Expected stock price volatility	101.6	%	99.1	%	98.2	%	99.5	%
Expected term of options	4.1 years		5.9 years		5.6 years		6.0 years

Cash, Cash Equivalents and Available-for-Sale Securities

6 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

Cash, Cash Equivalents and Available-for-Sale Securities

5. Cash, Cash Equivalents and Available-for-Sale Securities

The following is a summary of cash, cash equivalents and available-for-sale securities:


	June 30, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	28,921	$	—	$	—	$	28,921
Available-for-sale securities:
U.S. Treasury securities due in one year or less	9,012		38		—		9,050
U.S. government-sponsored enterprise obligations due in one year or less	4,751		8		—		4,759
Total available-for-sale securities	13,763		46		—		13,809
Total cash, cash equivalents and available-for-sale securities	$	42,684	$	46	$	—	$	42,730


	December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	22,260	$	—	$	—	$	22,260
Available-for-sale securities:
U.S. Treasury securities due in one year or less	8,244		4		—		8,248
U.S. government-sponsored enterprise obligations due in one year or less	11,928		8		—		11,936
Total available-for-sale securities	20,172		12		—		20,184
Total cash, cash equivalents and available-for-sale securities	$	42,432	$	12	$	—	$	42,444

We evaluated our securities for other-than-temporary impairments based on quantitative and qualitative factors. We did not hold any debt securities at June 30, 2020 that were in an unrealized loss position. As of June 30, 2020, we held no securities in foreign financial institutions.

We had no material realized gains or losses on our available-for-sale securities for the three and six months ended June 30, 2020 and 2019. There were no other-than-temporary impairments recognized for the three and six months ended June 30, 2020 and 2019.

Fair Value

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value

6. Fair Value

The following table presents the assets carried at fair value measured on a recurring basis as of June 30, 2020 and December 31, 2019:


	June 30, 2020
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	28,921	$	—	$	—
U.S. Treasury securities	—		9,050		—
U.S. government-sponsored enterprise obligations	—		4,759		—
Total assets	$	28,921	$	13,809	$	—

Liabilities:
Warrant liability	$	—	$	—	$	351
Total liabilities	$	—	$	—	$	351

	December 31, 2019
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	20,860	$	1,400	$	—
U.S. Treasury securities	—		8,248		—
U.S. government-sponsored enterprise obligations	—		11,936		—
Total assets	$	20,860	$	21,584	$	—

The fair value of the available-for-sale securities and cash and cash equivalents is based on the following inputs for both U.S. Treasury securities and U.S. government-sponsored enterprise obligations: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including TRACE^® reported trades.

There have been no changes to our valuation methods of available-for-sale securities during the six months ended June 30, 2020. We had no available-for-sale securities that were classified as Level 3 at any point during the six months ended June 30, 2020 or during the year ended December 31, 2019.

Warrant liability relates to potential future warrants that may be issued. The fair value of the warrant liability on the date of the commitment and on each re-measurement date for those warrants classified as liabilities was estimated using the Monte Carlo simulation model, which involves a series of simulated future stock price paths over the remaining life of the commitment. The fair value is estimated by taking the average of the fair values under each of many Monte Carlo simulations. The fair value estimate is affected by our stock price, as well as estimated future financing needs, including timing and sources of the financing and subjective variables including expected stock price volatility over the remaining life of the commitment and risk-free interest rate. Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The fair value of the warrant liability as of June 30, 2020 has been included in other liabilities on our condensed consolidated balance sheet. See Note 10 for further discussions of the accounting for the warrants.

The carrying amounts reflected in the condensed consolidated balance sheets for prepaid expenses and other current assets, other assets, accounts payable and accrued expenses approximate their fair value due to their short-term maturities.

- 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

Prepaid Expenses and Other Current Assets

6 Months Ended

Jun. 30, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

7. Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	June 30, 2020		December 31, 2019
	(in thousands)

Prepaid expenses	$	1,845	$	1,680
Other current assets	219		457


Total prepaid expenses and other current assets	$	2,064	$	2,137

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2020

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

8. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2020		December 31, 2019
	(in thousands)
Accrued clinical and development	$	4,377	$	3,793
Accrued compensation and benefits	1,637		3,055

Liability related to sale of future royalties, net, current portion	565		—
Operating lease liability, current portion	381		381
Other	628		848
Total accrued expenses	$	7,588	$	8,077

Liability Related to Sale of Future Royalties

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

9. Liability Related to Sale of Future Royalties

On October 29, 2016, we and Verastem Inc., or Verastem, entered into a license agreement, which we and Verastem amended and restated on November 1, 2016, effective as of October 29, 2016. We refer to the amended and restated license agreement as the Verastem Agreement. Under the Verastem Agreement, we granted to Verastem an exclusive worldwide license in oncology indications for the research, development, commercialization, and manufacture of duvelisib and products containing duvelisib, which we refer to as Licensed Products, in each case in oncology indications.

Verastem is obligated to pay us royalties on worldwide net sales of Licensed Products ranging from the mid-single digits to the high-single digits, a portion of which we are obligated to share with Takeda as described in Note 12.

On March 5, 2019, we and HealthCare Royalty Partners III, L.P., or HCR, entered into a purchase and sale agreement, or the HCR Agreement, providing for the acquisition by HCR of our interest in certain royalty payments, or the Purchased Assets, based on worldwide annual net sales of products containing duvelisib, or Copiktra^®, an oral, dual inhibitor of PI3K delta and gamma, or the Licensed Product, pursuant to the Verastem Agreement. On March 11, 2019, which we refer to as the HCR Closing Date, we received $30.0 million, or the HCR Closing Date Payment, less certain transaction expenses. After sharing with Takeda in accordance with the Takeda Amendment, as defined in Note 12, we retained $22.5 million in gross proceeds, or approximately $20.9 million in net proceeds. We are entitled to receive a $5.0 million potential milestone payment based on the achievement of a certain pre-specified net sales level of the Licensed Product in the United States in the calendar year 2020. We refer to the milestone payment as the Sales Milestone Payment. The Sales Milestone Payment, if paid, together with the HCR Closing Date Payment are collectively referred to herein as the Investment Amount.

Pursuant to the HCR Agreement, our sale of the Purchased Assets is subject to an increasing cap amount defined below, which we refer to as the Cap Amount. The Cap Amount is equal to, for each applicable time period specified below, a multiple, as set forth below, of (a) the Investment Amount plus (b) 100% of the reasonably incurred Applicable Purchaser Expenditures, as defined below:


Time Period	Cap Amount
From the HCR Closing Date until June 30, 2022	145	%
From July 1, 2022 through June 30, 2023	155	%
From July 1, 2023 through June 30, 2024	165	%
From July 1, 2024 through June 30, 2025	175	%

On any date that aggregate royalty payments made to HCR equal the Cap Amount applicable to such date, or the Cap Date, the HCR Agreement will automatically terminate, and all rights to the royalty stream with respect to the Licensed Product will revert back to us, which we refer to as the Reversion. If the Cap Date has not been achieved by June 30, 2025, there shall be no Cap Date, and the term of the HCR Agreement shall continue through the term of the Verastem Agreement. Prior to June 30, 2025, we shall have the right, but not the obligation, at any time prior to the Cap Date, if applicable, to cause the occurrence of the Cap Date (including for the purpose of determining the termination date of the HCR Agreement) by paying to HCR an amount equal to (i) the then-applicable Cap Amount less (ii) 100% of all payments made in respect of the Purchased Assets received by HCR through the date of such payment. In addition to the Cap Date, the HCR Agreement (a) may be terminated by mutual agreement of us and HCR, and (b) shall automatically terminate upon the expiration of our and Verastem’s obligations to each other under the Verastem Agreement (for a reason other than early termination thereof).

We recognized the proceeds received from HCR as a liability that is being amortized using the effective interest method over the life of the arrangement. As the basis for our determination, we considered, in accordance with the relevant accounting guidance, our right to the Reversion, if any, and our right to terminate the HCR Agreement by making payment to achieve the Cap Date. We are not obligated to repay the proceeds received under the HCR Agreement. We recorded the receipt of the $30.0 million payment from HCR as a liability, net of debt discount and issuance costs of approximately $2.4 million. In order to determine the amortization of the liability, we are required to estimate the total amount of future net royalty payments to be made to HCR over the term of the HCR Agreement. The total threshold of net royalties to be paid, less the net proceeds received, will be recorded as interest expense over the life of the liability. We impute interest on the unamortized portion of the liability using the effective interest method. Interest and debt discount amortization expense is reflected as interest expense in the Statement of Operations. Over the course of the HCR Agreement, the actual interest rate will be affected by the amount and timing of royalty revenue recognized and changes in forecasted royalty revenue. On a quarterly basis, we reassess the effective interest rate and adjust the rate prospectively as needed.

The following table shows the activity within the liability account for the six months ended June 30, 2020:


	June 30, 2020
	(in thousands)
Liability related to sale of future royalties, net - beginning balance	$	29,626


Non-cash royalty revenue	(417)
Non-cash interest expense recognized	77
Liability related to sale of future royalties, net - ending balance	$	29,286
Less: current portion	(565)
Liability related to sale of future royalties, net, less current portion	$	28,721

As royalties are due to HCR by Verastem, the balance of the recognized liability will be effectively repaid over the life of the HCR Agreement. There are a number of factors that could materially affect the amount and timing of royalty payments from Verastem, none of which are within our control.

Liability Related to Sale of Future Royalties - Related Party Transaction	6 Months Ended
	Jun. 30, 2020
Debt Disclosure [Abstract]
Liability Related to Sale of Future Royalties - Related Party Transaction	10. Liability Related to Sale of Future Royalties — Related Party Transaction Funding Agreement On January 8, 2020, or the BVF Closing Date, we entered into a funding agreement, or the BVF Funding Agreement, with BVF and Royalty Security, LLC, a wholly owned subsidiary of BVF, or the Buyer. The BVF Funding Agreement provides for the acquisition by the Buyer of our interest in all royalty payments based on worldwide annual net sales of patidegib, or the BVF Licensed Product, excluding Trailing Mundipharma Royalties, as defined in Note 12, related to patidegib. We refer to all BVF Licensed Product royalties owed to us less Trailing Mundipharma Royalties as the Royalty or Royalties. Such Royalties are owed to us pursuant to the PellePharm Agreement, as defined in Note 12, by and between us and PellePharm Inc., or PellePharm. The Buyer and BVF are affiliates of Biotechnology Value Fund, L.P., which beneficially owns approximately 30% of our common stock. Pursuant to the BVF Funding Agreement, we received $20.0 million, or the Upfront Purchase Price, less certain transaction expenses. We transferred to the Buyer (i) the Royalty, (ii) the PellePharm Agreement (subject to our rights to milestone payments and rights to equity in PellePharm under the PellePharm Agreement), and (iii) certain patent rights established in the BVF Funding Agreement, with (i), (ii), and (iii) together referred to as Transferred Assets. We preserved our rights under the PellePharm Agreement to receive potential regulatory, commercial, and success-based milestone payments. In addition to the Upfront Purchase Price, we will also be entitled to receive a $5.0 million milestone payment, or Milestone Payment, from the Buyer based on PellePharm’s ongoing Phase 3 clinical trial of patidegib topical gel in Gorlin Syndrome. On January 27, 2020, we entered into a novation and amendment agreement, or the Novation and Amendment Agreement, with BVF, the Buyer, and Royalty Security Holdings, LLC, an entity wholly owned by the BVF-related entities that funded the initial advance under the Funding Agreement, or Holdco. The Novation and Amendment Agreement amended the Funding Agreement by substituting Holdco in the place of BVF under the Funding Agreement, with Holdco assuming all rights and obligations of BVF under, arising out of or in connection with the Funding Agreement and agreeing to be bound in all respects in place of BVF under the Funding Agreement. Pursuant to the Novation and Amendment Agreement, BVF, as the manager of Holdco, agreed to guarantee the payment and performance by Holdco of its obligations under the Funding Agreement. Option to Repurchase Royalty Rights Upon or after anytime at which our common stock achieves a 20-day volume-weighted average price on the Nasdaq Stock Market, LLC, or Nasdaq,equal to or greater than $5.00 per share (adjusted for any stock splits, reverse splits, or similar arrangements), or the Purchase Threshold, we have an option to purchase from Holdco 100% of the outstanding equity interests of the Buyer, or the Option. To exercise the Option, we must deliver to Holdco (a) notice (or the Option Notice, with the date on which delivery of the Option Notice is given, the Option Notice Date) of our election to do so prior to the earliest to occur of: (i) the occurrence of certain trigger events identified in the BVF Funding Agreement, including a material failure by us to perform certain covenants, a failure by us to cause the BVF Funding Agreement and related agreements to remain in full force and effect, a deficiency in any security interest purported to be created by the BVF Funding Agreement resulting from an act or omission by us, or another insolvency event of us (upon the expiration of any applicable cure period) (each, a Trigger Event), (ii) the third anniversary of the BVF Closing Date, or (iii) the date immediately prior to a change of control of us (together, the Option Expiration Date), and (b) within ten (10) business days after the Option Notice is deemed delivered to Holdco (the Repurchase Date), an amount equal to the Upfront Purchase Price plus the Milestone Payment, if and when paid to us, plus the Option Premium, defined below, less the aggregate amount of all Royalty payments received by Buyer as of the Option Exercise Date. The exercise of the Option may only occur if our common stock maintains a 20-day volume-weighted average price on Nasdaq of $5.00 per share (adjusted for any stock splits, reverse splits, or similar arrangements) on each trading day between the Option Notice Date and the Repurchase Date. Option Premium means an amount accruing daily on (x) the Upfront Purchase Price plus the Milestone Payment, if and when paid to us, as of such date of payment, less (y) the aggregate amount of all Royalty payments received by Buyer as of such day, at a rate of 10% per annum, compounded quarterly. For purposes of calculating the Option Premium, in the event of a Trigger Event, the rate of accrual following the occurrence of such Trigger Event shall be increased to 20% per annum. Liability to Related Party We recognized the proceeds received under the BVF Funding Agreement as a liability that will be amortized using the effective interest method over the life of the arrangement. We recorded the receipt of the $20.0 million Upfront Purchase Price as a liability, net of debt issuance costs of approximately $0.4 million and warrant liability of $0.3 million. We are not obligated to repay the proceeds received under the BVF Funding Agreement. In order to determine the amortization of the liability, we are required to estimate the total amount of potential future net royalty payments to be made by PellePharm to the Buyer over the term of the BVF Funding Agreement. The total estimated net royalties to be paid, less the net proceeds received, will be recorded as interest expense over the life of the liability. We estimated an effective annual interest rate of approximately 11% as of the BVF Closing Date. Interest and debt discount amortization expense is reflected as related party interest expense in our condensed consolidated statements of operations. We recognized $0.6 million and $1.1 million of non-cash related party interest expense during the three and six months ended June 30, 2020, respectively. Over the course of the BVF Funding Agreement, the actual interest rate will be affected by the amount and timing of royalty revenue, if any, recognized and changes in forecasted royalty revenue. There are a number of factors that could materially affect the amount and timing of royalty payments from PellePharm, none of which are within our control. On a quarterly basis, we will reassess the effective interest rate and adjust the rate prospectively as needed. Potential Future Warrants The BVF Funding Agreement provides that, for so long as we have not exercised the Option, (a) if, during the 36-month period following the BVF Closing Date, we issue and sell in the aggregate more than 8,554,345 shares of our common stock (including options, warrants, convertible stock, convertible debt and other common-stock equivalents), known as the Warrant Threshold, and (b) any shares are issued in excess of the Warrant Threshold with consideration to us of less than $3.75 per share (as adjusted for any stock splits, reverse stock splits or other similar recapitalization events), or the Threshold Price, then we are obligated to issue to BVF warrants to purchase a number of shares of our common stock equal to 50% of the number of shares of our common stock issued and sold by us in excess of the Warrant Threshold below the Threshold Price, with any such Warrants having an exercise price equal to 1.5 times the price per share of such shares issued in excess of the Warrant Threshold. Pursuant to the Novation and Amendment Agreement, the form of such warrant was amended and restated to clarify that BVF may not exercise such warrant if the exercise price would be at a discount in accordance with applicable Nasdaq Stock Market rules, absent approval of our stockholders. To the extent that BVF seeks to exercise such a discounted warrant more than six months after the initial issuance and we are unable to deliver any portion of the underlying shares due to the limitations imposed by Nasdaq, then we must pay BVF an amount equal to the number of shares that cannot be delivered, calculated on a cashless exercise basis, multiplied by the fair market value of a share of our common stock, in each case, calculated in accordance with the terms of the warrant. Certain issuances of our common stock are excluded from the calculation of the Warrant Threshold, including the grant, exercise, or vesting of options or awards granted pursuant to our stock incentive plans or stock purchase plans. Once the Warrant Threshold has been met, the requirement to issue warrants does not apply to certain issuances of our common stock, including the grant, exercise, or vesting of options or awards granted pursuant to our stock incentive plans or stock purchase plans and, subject to certain limitations, the issuance of shares of common stock in connection with a transaction with an unaffiliated third party that includes a debt financing or a bona fide commercial relationship or any acquisition of assets, merger with, or acquisition of another entity. We determined that the commitment to issue warrants represents a freestanding financial instrument and accounted for it as a liability as of the BVF Closing Date. The fair value of the warrant liability was estimated using the Monte Carlo simulation model. The fair value of the warrant liability as of June 30, 2020 has been included in other liabilities on our condensed consolidated balance sheet. We will re-measure the warrant liability at each reporting date. Changes in fair value of the warrant liability is included in investment and other income on our condensed consolidated statement of operations and comprehensive loss. No warrants were issued as of June 30, 2020. See Note 6 for further discussions of the fair value of the warrants. In addition to exercise of the Option, the BVF Funding Agreement may be terminated by mutual written agreement of us and the Buyer.

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2020
Leases [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies We previously subleased 6,091 square feet of office space at 784 Memorial Drive, Cambridge, Massachusetts. The term of the sublease commenced on September 1, 2017 and expired on August 31, 2019. On April 5, 2019, we entered into a lease agreement, or the Lease, with Sun Life Assurance Company of Canada, or the Landlord, effective April 3, 2019, or the Commencement Date, for the lease of approximately 10,097 square feet of office space at 1100 Massachusetts Avenue, Cambridge, Massachusetts, or the Leased Premises. The term of the Lease commenced on the Commencement Date and expires on August 1, 2024, or the Expiration Date, approximately five years after the Rent Commencement Date as described below. Beginning August 1, 2019, or the Rent Commencement Date, the total base rent of the Lease will be $47,961 per month and will increase by approximately 3% on each anniversary of the Rent Commencement Date until the Expiration Date. In addition to the base rent, we are also responsible for our share of the operating expenses, insurance, real estate taxes and certain capital costs, and we are responsible for utilities in our premises, all in accordance with the terms of the Lease. Pursuant to the terms of the Lease, we provided a security deposit in the form of a letter of credit in the initial amount $300,000, which may be reduced to $150,000 over time in accordance with the terms of the Lease. The security deposit plus the associated bank fee of $15,000 is included on our condensed consolidated balance sheet as restricted cash as of June 30, 2020. The Landlord has agreed to provide a lease incentive allowance of up to $0.6 million to fund certain improvements to be made by us to the Leased Premises. As of June 30, 2020, we have received $0.5 million of the lease incentive allowance. As of June 30, 2020, future minimum lease payments of our operating lease liabilities are approximately $2.6 million.

Strategic Agreements

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Strategic Agreements

12. Strategic Agreements

We have worldwide development and commercialization rights to eganelisib, subject to certain obligations to our licensor, Takeda Pharmaceutical Company Limited, or Takeda, as described in more detail below. Additionally, we are obligated to pay Mundipharma International Corporation Limited, or Mundipharma, and Purdue Pharmaceutical Products L.P., or Purdue, a 4% royalty in the aggregate on worldwide net sales of products that were previously subject to our strategic alliance with Mundipharma and Purdue that was terminated in 2012. Such products include eganelisib; duvelisib, the PI3K gamma,delta inhibitor we licensed to Verastem, in 2016; and IPI-926, or patidegib, part of the hedgehog inhibitor program we licensed to PellePharm in 2013. We refer to such royalties as Trailing Mundipharma Royalties. After Mundipharma and Purdue have recovered approximately $260.0 million in royalty payments from all products that were previously subject to the strategic alliance, which represents the funding paid to us for research and development services performed by us under this strategic alliance, the Trailing Mundipharma Royalties will be reduced to a 1% royalty on net sales in the United States of such products.

PellePharm

In June 2013, we entered into a license agreement with PellePharm, under which we granted PellePharm exclusive global development and commercialization rights to our hedgehog inhibitor program, including patidegib, a clinical-stage product candidate. We refer to our license agreement with PellePharm as the PellePharm Agreement and products covered by the PellePharm Agreement as Hedgehog Products. We assessed this arrangement in accordance with ASC 606 and concluded that at the date of contract inception there was only one performance obligation, consisting of the license, which was satisfied at contract inception.

Under the PellePharm Agreement, PellePharm is obligated to pay us up to $9.0 million in remaining regulatory and commercial-based milestone payments through the first commercial sale of a Hedgehog Product. PellePharm is also obligated to pay us up to $37.5 million in success-based milestone payments upon the achievement of certain annual net sales thresholds, as well as a share of certain revenue received by PellePharm in the event that PellePharm sublicenses its rights under the PellePharm Agreement and tiered royalties on annual net sales of Hedgehog Products subject to specified conditions. During the six months ended June 30, 2019, we recognized $2.0 million in revenue related to a milestone payment for PellePharm’s initiation of a Phase 3 study investigating patidegib in patients with Gorlin Syndrome, a rare genetic disease that leads to the chronic formation of multiple basal cell carcinomas, as this milestone payment is variable consideration that became unconstrained following initiation of the study. The remaining milestones have not been recognized as they represent variable consideration that is constrained. In making this assessment, we considered numerous factors, including the fact that achievement of the milestones is outside of our control and contingent upon the future success of clinical trials, PellePharm’s actions, and the receipt of regulatory approval. As the single performance obligation was previously satisfied, all regulatory and commercial-based milestones will be recognized as revenue in full in the period in which the constraint is removed. Any consideration related to sales-based milestone payments, including royalties, will be recognized when the related sales occur as these amounts have been determined to relate predominantly to the license granted to PellePharm and therefore are recognized at the later of when the performance obligation is satisfied or the related sales occur.

PellePharm is also obligated to pay us tiered royalties on annual net sales of Hedgehog Products, which are subject to reduction after a certain aggregate funding threshold has been achieved. On January 8, 2020, we entered into the BVF Funding Agreement, as further described in Note 10, pursuant to which we sold our interest in all royalty payments based on worldwide annual net sales of the BVF Licensed Product excluding Trailing Mundipharma Royalties related to patidegib.

Takeda

In July 2010, we entered into a development and license agreement with Intellikine, Inc., or Intellikine, under which we obtained rights to discover, develop and commercialize pharmaceutical products targeting the gamma and/or delta isoforms of PI3K, including eganelisib and duvelisib. In January 2012, Intellikine was acquired by Takeda. In December 2012, we amended and restated our development and license agreement with Takeda and further amended the agreement in July 2014, September 2016, July 2017, and March 2019. We refer to the amended and restated development and license agreement, as amended, as the Takeda Agreement.

Duvelisib

Pursuant to the Takeda Agreement, prior to March 4, 2019, we were obligated to share equally with Takeda all revenue arising from certain qualifying transactions for duvelisib, including the Verastem Agreement, subject to certain exceptions including revenue we receive as reimbursement for duvelisib research and development expenses. By entry into a fourth amendment on March 4, 2019, or the Takeda Amendment, Takeda consented to the sale of the Purchased Assets to HCR and agreed to forego its rights to an equal share of the royalties due from Verastem during the period prior to the Reversion, and has agreed not to seek any payment from HCR with respect to the royalties owed to Takeda. In exchange, we paid Takeda $6.7 million representing 25% of the HCR Closing Date Payment, net of 25% of the expenses incurred by us in connection with the HCR Agreement. In addition, we agreed to pay Takeda 25% of the royalties that would have been payable to us by Verastem but for the consummation of the HCR Agreement, which we refer to as the Interim Obligation, and 25% of any Sales Milestone Payments received. During the six months ended June 30, 2020, we recognized $0.1 million in Interim Obligation amounts owed to Takeda as royalty expense. During the six months ended June 30, 2019, we recognized the $6.7 million payment and any Interim Obligation amounts owed to Takeda as royalty expense.

We have the right to extinguish the Interim Obligation by payment to Takeda of an amount equal to (i) the $6.7 million payment and 25% of any Sales Milestone Payments received multiplied by the multiple set forth in the table below corresponding to the time period in which such extinguishing payment is made, minus (ii) any payments made to Takeda pursuant to the Interim Obligation:


Time Period	Multiple
From the Takeda Amendment Effective Date until June 30, 2022	145	%
From July 1, 2022 through June 30, 2023	155	%
From July 1, 2023 through June 30, 2024	165	%
From July 1, 2024 through June 30, 2025	175	%

The Interim Obligation shall expire upon the occurrence of the Reversion, at which time our obligations to share equally with Takeda the royalties payable under the Verastem Agreement shall be reinstated.

Eganelisib

Pursuant to the Takeda Agreement, in October 2019 we paid Takeda a $2.0 million milestone payment associated with our MARIO-275 study, a global, randomized Phase 2 study designed to evaluate the effect of adding eganelisib to nivolumab, also known as Opdivo^®, in checkpoint-naïve advanced urothelial cancer patients whose cancer has progressed or recurred following treatment with platinum-based chemotherapy. We are further obligated to pay Takeda up to $3.0 million in remaining success-based development milestone payments and up to $165.0 million in remaining regulatory and commercial-based milestone payments for one product candidate other than duvelisib, which could be eganelisib.

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2020
Equity [Abstract]
Stockholders' Equity	13. Stockholders’ Equity Common Stock Sales Facility On June 28, 2019, we entered into a Capital on Demand Sales Agreement with JonesTrading Institutional Services LLC, or JonesTrading, and on July 29, 2019 we amended and restated the sales agreement to add B. Riley FBR, Inc., or B. Riley FBR, as a party to the agreement. We refer to the amended and restated sales agreement as the ATM Sales Agreement. Pursuant to the ATM Sales Agreement we may offer and sell shares of our common stock having an aggregate offering price of up to $20.0 million from time to time through JonesTrading or B. Riley FBR, each acting as our sales agent. We have agreed to pay commissions to the sales agents for their services in acting as agents in the sale of our common stock in the amount of up to 3.0% of the gross proceeds from sales of our common stock pursuant to the ATM Sales Agreement. Sales of shares of our common stock under the ATM Sales Agreement may be made in sales deemed to be “at the market offerings” as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended. With our prior written approval, JonesTrading or B. Riley FBR may also sell the shares by any other method permitted by law, including in negotiated transactions. We, JonesTrading, or B. Riley FBR may suspend or terminate the offering of shares upon notice to the other party and subject to other conditions. During the six months ended June 30, 2020 and 2019, we did not sell any shares under the ATM Sales Agreement. In July 2020, we issued and sold 1,377,084 shares of common stock at a weighted average price per share of $1.17 at-the-market pursuant to the ATM Sales Agreement for $1.6 million in net proceeds. Common StockIn June 2020, we amended our Restated Certificate of Incorporation to increase the number of authorized shares of our common stock from 100,000,000 shares to 200,000,000 shares. The amendment was approved by our shareholders at the annual meeting of stockholders on June 17, 2020.

Subsequent Event	6 Months Ended
Subsequent Event	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Event	14. Subsequent Event Noncompliance with Nasdaq’s Minimum Bid Price On July 1, 2020, we received a deficiency letter, or the Notice, from the Listing Qualifications Department of Nasdaq notifying us that, for the last 30 consecutive business days, the bid price for our common stock had closed below $1.00 per share, which is the minimum closing price required to maintain continued listing on the Nasdaq Global Select Market under Nasdaq Listing Rule 5450(a)(1), or the Minimum Bid Requirement. The Notice has no immediate effect on the listing of the Common Stock. We have 180 calendar days, or until December 28, 2020, to regain compliance with the Minimum Bid Requirement. To regain compliance, the closing bid price of our common stock must be at least $1.00 per share for a minimum of ten consecutive business days during this 180-day period. If we fail to do so within the initial 180 calendar day period, we may be eligible for an additional 180 calendar day compliance period. However, there can be no assurance that we can secure such additional compliance period, that we will be able to regain compliance with the Minimum Bid Requirement, or that we can maintain compliance with the other listing requirements. Our failure to regain compliance during the 180-day period, or during any extensions that may be granted by Nasdaq, could result in delisting. We intend to actively monitor the closing bid price of our Common Stock and will evaluate available options to regain compliance with the Minimum Bid Requirement.

Significant Accounting Policies (Policies)	6 Months Ended
Significant Accounting Policies (Policies)	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation	2. Basis of Presentation These condensed consolidated financial statements include the accounts of Infinity and its wholly-owned subsidiaries. We have eliminated all significant intercompany accounts and transactions in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the accompanying condensed consolidated financial statements have been included. Interim results for the three and six months ended June 30, 2020 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2020. The information presented in the condensed consolidated financial statements and related footnotes at June 30, 2020, and for the three and six months ended June 30, 2020 and 2019, is unaudited, and the condensed consolidated balance sheet amounts and related footnotes at December 31, 2019 have been derived from our audited financial statements. For further information, please refer to the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 filed with the U.S. Securities and Exchange Commission, or SEC, on March 3, 2020, which we refer to as our 2019 Annual Report on Form 10-K.
Liquidity	Liquidity As of June 30, 2020, we had cash, cash equivalents and available-for-sale securities of $42.7 million. Subsequent to June 30, 2020, we raised $1.6 million with our at-the-market facility (see Note 13).We have primarily incurred operating losses since inception and have relied on our ability to fund our operations through collaboration and license arrangements or other strategic arrangements, as well as through the sale of stock. We expect to continue to spend significant resources to fund the development and potential commercialization of eganelisib, also known as IPI-549, an orally administered, clinical-stage, immuno-oncology product candidate that selectively inhibits the enzyme phosphoinositide-3 kinase gamma, or PI3K gamma, and to incur significant operating losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale securities at June 30, 2020 will be adequate to satisfy our forecasted operating needs for at least the next twelve months from the issuance date of these financial statements.
Segment Information	Segment Information We operate in one business segment, which focuses on drug development. We make operating decisions based upon the performance of the enterprise as a whole and utilize our consolidated financial statements for decision making.
Basic and Diluted Net Income (Loss) per Common Share	Basic and Diluted Net Income (Loss) per Common ShareBasic net income (loss) per share is based upon the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but has not yet vested. Diluted net income (loss) per share is based upon the weighted average number of common shares outstanding during the period plus the effect of additional weighted average common equivalent shares outstanding during the period when the effect of adding such shares is dilutive. Common equivalent shares result from the assumed exercise of outstanding stock options and the exercise of outstanding warrants (the proceeds of which are then assumed to have been used to repurchase outstanding stock using the treasury stock method) and the vesting of restricted shares of common stock. In addition, the assumed proceeds under the treasury stock method include the average unrecognized compensation expense of stock options that are in-the-money. This results in the “assumed” buyback of additional shares, thereby reducing the dilutive impact of stock options. The two-class method is used for outstanding warrants as such warrants are considered to be participating securities, and this method is more dilutive than the treasury stock method.

- Definition

Disclosure of accounting policy for segment reporting.

+ References + Details

Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2020

Accounting Policies [Abstract]

Schedule of Antidilutive Securities Excluded from Computation of Net Loss Per Share

The following outstanding shares of common stock equivalents were excluded from the computation of net income (loss) per share attributable to common stockholders for the periods presented because including them would have been antidilutive:


	At June 30,
	2020	2019
Stock options	11,108,447	9,853,587
Warrants (excluded from treasury stock method)	1,000,000	1,000,000

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2020

Share-based Payment Arrangement [Abstract]

Stock-Based Compensation Expense, Related to All Equity Awards

Total stock-based compensation expense related to all equity awards for the three and six months ended June 30, 2020 and 2019 was composed of the following:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
	(in thousands)
Research and development	$	94	$	102	$	174	$	254
General and administrative	266		461		546		992
Total stock-based compensation expense	$	360	$	563	$	720	$	1,246

Black-Scholes Valuation Model, Weighted-Average Assumptions for Stock Options

For the three and six months ended June 30, 2020 and 2019, the fair values were estimated using the Black-Scholes valuation model using the following weighted-average assumptions:


	Three Months Ended June 30,						Six Months Ended June 30,
	2020		2019		2020		2019
Risk-free interest rate	0.3	%	2.0	%	1.4	%	2.3	%
Expected annual dividend yield	—		—		—		—
Expected stock price volatility	101.6	%	99.1	%	98.2	%	99.5	%
Expected term of options	4.1 years		5.9 years		5.6 years		6.0 years

Cash, Cash Equivalents and Available-for-Sale Securities (Tables)

6 Months Ended

Jun. 30, 2020

Cash and Cash Equivalents [Abstract]

Summary of Cash, Cash Equivalents and Available-for-sale Securities

The following is a summary of cash, cash equivalents and available-for-sale securities:


	June 30, 2020
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	28,921	$	—	$	—	$	28,921
Available-for-sale securities:
U.S. Treasury securities due in one year or less	9,012		38		—		9,050
U.S. government-sponsored enterprise obligations due in one year or less	4,751		8		—		4,759
Total available-for-sale securities	13,763		46		—		13,809
Total cash, cash equivalents and available-for-sale securities	$	42,684	$	46	$	—	$	42,730


	December 31, 2019
	Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
	(in thousands)
Cash and cash equivalents	$	22,260	$	—	$	—	$	22,260
Available-for-sale securities:
U.S. Treasury securities due in one year or less	8,244		4		—		8,248
U.S. government-sponsored enterprise obligations due in one year or less	11,928		8		—		11,936
Total available-for-sale securities	20,172		12		—		20,184
Total cash, cash equivalents and available-for-sale securities	$	42,432	$	12	$	—	$	42,444

Fair Value (Tables)

6 Months Ended

Jun. 30, 2020

Fair Value Disclosures [Abstract]

Fair Value, Assets Measured on Recurring Basis

The following table presents the assets carried at fair value measured on a recurring basis as of June 30, 2020 and December 31, 2019:


	June 30, 2020
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	28,921	$	—	$	—
U.S. Treasury securities	—		9,050		—
U.S. government-sponsored enterprise obligations	—		4,759		—
Total assets	$	28,921	$	13,809	$	—

Liabilities:
Warrant liability	$	—	$	—	$	351
Total liabilities	$	—	$	—	$	351

	December 31, 2019
	Level 1		Level 2		Level 3
	(in thousands)
Assets:
Cash and cash equivalents	$	20,860	$	1,400	$	—
U.S. Treasury securities	—		8,248		—
U.S. government-sponsored enterprise obligations	—		11,936		—
Total assets	$	20,860	$	21,584	$	—

Prepaid Expenses and Other Current Assets (Tables)

6 Months Ended

Jun. 30, 2020

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	June 30, 2020		December 31, 2019
	(in thousands)

Prepaid expenses	$	1,845	$	1,680
Other current assets	219		457


Total prepaid expenses and other current assets	$	2,064	$	2,137

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Payables and Accruals [Abstract]

Schedule of Accrued Expenses

Accrued expenses and other current liabilities consisted of the following:


	June 30, 2020		December 31, 2019
	(in thousands)
Accrued clinical and development	$	4,377	$	3,793
Accrued compensation and benefits	1,637		3,055

Liability related to sale of future royalties, net, current portion	565		—
Operating lease liability, current portion	381		381
Other	628		848
Total accrued expenses	$	7,588	$	8,077

Liability Related to Sale of Future Royalties (Tables)

6 Months Ended

Jun. 30, 2020

Debt Disclosure [Abstract]

Summary of Applicable Purchaser Expenditures


Time Period	Cap Amount
From the HCR Closing Date until June 30, 2022	145	%
From July 1, 2022 through June 30, 2023	155	%
From July 1, 2023 through June 30, 2024	165	%
From July 1, 2024 through June 30, 2025	175	%

Schedule of Liability Related to Future Sale of Royalties

The following table shows the activity within the liability account for the six months ended June 30, 2020:


	June 30, 2020
	(in thousands)
Liability related to sale of future royalties, net - beginning balance	$	29,626


Non-cash royalty revenue	(417)
Non-cash interest expense recognized	77
Liability related to sale of future royalties, net - ending balance	$	29,286
Less: current portion	(565)
Liability related to sale of future royalties, net, less current portion	$	28,721

Strategic Agreements (Tables)

6 Months Ended

Jun. 30, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary Of Payments Made To Counterparty Multiplier


Time Period	Multiple
From the Takeda Amendment Effective Date until June 30, 2022	145	%
From July 1, 2022 through June 30, 2023	155	%
From July 1, 2023 through June 30, 2024	165	%
From July 1, 2024 through June 30, 2025	175	%

Basis of Presentation (Details) - USD ($) $ in Thousands	1 Months Ended
Basis of Presentation (Details) - USD ($) $ in Thousands	Jul. 30, 2020	Jun. 30, 2020	Dec. 31, 2019
Subsidiary, Sale of Stock [Line Items]
Cash, cash equivalents, and available-for-sale securities		$ 42,730	$ 42,444
Subsequent Event
Subsidiary, Sale of Stock [Line Items]
Net proceeds from shares sold	$ 1,600

Significant Accounting Policies - Additional Information (Details)	6 Months Ended
	Jun. 30, 2020 Segment
Accounting Policies [Abstract]
Number of operating segments	1

Significant Accounting Policies - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	11,108,447	9,853,587	11,108,447	9,853,587
Warrants (excluded from treasury stock method)
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share (in shares)	1,000,000	1,000,000	1,000,000	1,000,000

Stock-Based Compensation - Schedule of Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 360	$ 563	$ 720	$ 1,246
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	94	102	174	254
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 266	$ 461	$ 546	$ 992

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation cost, net of estimated forfeitures, related to unvested stock options	$ 3.3
Unrecognized compensation cost, weighted-average recognition period, stock options	3 years
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options granted (in shares)	3,148,786	2,057,596
Stock options granted, weighted average fair value (in dollars per share)	$ 0.89	$ 1.09
Stock options granted, weighted average exercise price (in dollars per share)	$ 1.17	$ 1.31

Stock-Based Compensation - Stock Options (Details) - Stock options	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.30%	2.00%	1.40%	2.30%
Expected annual dividend yield	0.00%	0.00%	0.00%	0.00%
Expected stock price volatility	101.60%	99.10%	98.20%	99.50%
Expected term of options	4 years 1 month 6 days	5 years 10 months 24 days	5 years 7 months 6 days	6 years

Cash, Cash Equivalents and Available-for-Sale Securities - Summary of Cash, Cash Equivalents and Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019	Jun. 30, 2019
Debt Securities, Available-for-sale [Line Items]
Cash and cash equivalents, cost	$ 28,921	$ 22,260	$ 42,625
Cash and cash equivalents, gross unrealized gains	0	0
Cash and cash equivalents, gross unrealized losses	0	0
Cash and cash equivalents, estimated fair value	28,921	22,260
Total available-for-sale securities	13,763	20,172
Total available-for-sale securities, gross unrealized gains	46	12
Total available-for-sale securities, gross unrealized losses	0	0
Total available-for-sale securities, estimated fair value	13,809	20,184
Total cash and cash equivalents and available-for-sale securities, at cost	42,684	42,432
Total cash, cash equivalents and available-for-sale securities, gross unrealized gains	46	12
Total cash, cash equivalents and available-for-sale securities, gross unrealized losses	0	0
Total cash, cash equivalents and available-for-sale securities, estimated fair value	42,730	42,444
U.S. Treasury securities due in one year or less
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	9,012	8,244
Available-for-sale securities, gross unrealized gains	38	4
Available-for-sale securities, gross unrealized losses	0	0
Available-for-sale securities, estimated fair value	9,050	8,248
U.S. government-sponsored enterprise obligations due in one year or less
Debt Securities, Available-for-sale [Line Items]
Available-for-sale securities	4,751	11,928
Available-for-sale securities, gross unrealized gains	8	8
Available-for-sale securities, gross unrealized losses	0	0
Available-for-sale securities, estimated fair value	$ 4,759	$ 11,936

Cash, Cash Equivalents and Available-for-Sale Securities - Additional Information (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2020 USD ($) Security	Jun. 30, 2019 USD ($)	Jun. 30, 2020 USD ($) Security	Jun. 30, 2019 USD ($)
Cash and Cash Equivalents [Abstract]
Debt securities, unrealized loss position, number \| Security	0		0
Available-for-sale securities, material realized gains or losses	$ 0	$ 0	$ 0	$ 0
Available-for-sale securities, other-than-temporary impairments	$ 0	$ 0	$ 0	$ 0

Fair Value - Schedule of Assets Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 28,921	$ 22,260
U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	9,050	8,248
U.S. government-sponsored enterprise obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	4,759	11,936
Fair Value, Measurements, Recurring \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	28,921	20,860
Total assets	28,921	20,860
Warrant liability	0
Total liabilities	0
Fair Value, Measurements, Recurring \| Level 1 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	0	0
Fair Value, Measurements, Recurring \| Level 1 \| U.S. government-sponsored enterprise obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	0	0
Fair Value, Measurements, Recurring \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	1,400
Total assets	13,809	21,584
Warrant liability	0
Total liabilities	0
Fair Value, Measurements, Recurring \| Level 2 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	9,050	8,248
Fair Value, Measurements, Recurring \| Level 2 \| U.S. government-sponsored enterprise obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	4,759	11,936
Fair Value, Measurements, Recurring \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Total assets	0	0
Warrant liability	351
Total liabilities	351
Fair Value, Measurements, Recurring \| Level 3 \| U.S. Treasury securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	0	0
Fair Value, Measurements, Recurring \| Level 3 \| U.S. government-sponsored enterprise obligations
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale securities, due in one year or less, estimated fair value	$ 0	$ 0

Fair Value - Additional Information (Details) - USD ($)	Jun. 30, 2020	Dec. 31, 2019
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 13,809,000	$ 20,184,000
Level 3
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Available-for-sale securities	$ 0	$ 0

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid expenses	$ 1,845	$ 1,680
Other current assets	219	457
Total prepaid expenses and other current assets	$ 2,064	$ 2,137

Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued clinical and development	$ 4,377	$ 3,793
Accrued compensation and benefits	1,637	3,055
Liability related to sale of future royalties, net, current portion	565	0
Operating lease liability, current portion	381	381
Other	628	848
Total accrued expenses	$ 7,588	$ 8,077

Liability Related to Sale of Future Royalties - Additional Information (Details) - HealthCare Royalty Partners III, L.P. - USD ($) $ in Millions	Mar. 11, 2019	Mar. 05, 2019	Mar. 31, 2019
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Closing day payment	$ 30.0
Gross proceeds	22.5
Net proceeds	$ 20.9
Milestone payment based on net sales, year two		$ 5.0
Percentage of applicable purchaser expenditures		100.00%
Percentage of royalty payments received by counterparty		100.00%
Deferred transaction costs amortized			$ 2.4