Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2019	Jul. 31, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2019
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Entity Interactive Data Current	Yes
Trading Symbol	MGTX
Entity Registrant Name	MeiraGTx Holdings plc
Entity Central Index Key	0001735438
Current Fiscal Year End Date	--12-31
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		33,369,314
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Current Reporting Status	Yes
Entity Address, State or Province	NY
Title of 12(b) Security	Ordinary Shares
Security Exchange Name	NASDAQ

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS:
Cash and cash equivalents	$ 204,273,017	$ 68,080,175
Prepaid expenses	3,265,612	1,937,785
Other current assets	5,336,569	4,634,105
Total Current Assets	212,875,198	74,652,065
Right-of-use assets	23,820,541
Property and equipment, net	15,907,334	22,014,237
Security deposits	349,592	105,085
Restricted cash	123,376	123,376
TOTAL ASSETS	253,076,041	96,894,763
CURRENT LIABILITIES:
Accounts payable	3,233,478	3,042,861
Accrued expenses	9,576,307	11,991,697
Lease obligations, current	1,660,319	27,199
Deferred revenue, related party, current	26,320,060	0
Other current liabilities		437,053
Total Current Liabilities	40,790,164	15,498,810
Deferred revenue—related party	67,197,377
Lease obligations	15,392,543	7,097
Deferred rent		201,264
Asset retirement obligations	132,846	128,119
TOTAL LIABILITIES	123,512,930	15,835,290
COMMITMENTS
SHAREHOLDERS' EQUITY:
Ordinary Shares, $0.00003881 nominal value, 1,288,327,750 authorized 33,342,791 issued and outstanding at June 30, 2019 27,386,632 issued and outstanding at December 31, 2018	1,295	1,064
Capital in excess of nominal value	315,915,997	229,054,460
Accumulated other comprehensive income	739,865	293,666
Accumulated deficit	(187,094,046)	(148,289,717)
Total Shareholders' Equity	129,563,111	81,059,473
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 253,076,041	$ 96,894,763

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.00003881	$ 0.00003881
Common stock, shares authorized	1,288,327,750	1,288,327,750
Common stock, shares issued	33,342,791	27,386,632
Common stock, shares outstanding	33,342,791	27,386,632

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
License revenue—related party	$ 1,981,676		$ 2,766,636
Operating expenses:
General and administrative	13,437,171	$ 17,378,052	21,936,646	$ 28,500,068
Research and development	9,771,754	7,790,694	22,747,983	14,718,016
Total operating expenses	23,208,925	25,168,746	44,684,629	43,218,084
Loss from operations	(21,227,249)	(25,168,746)	(41,917,993)	(43,218,084)
Other non-operating income (expense):
Foreign currency gain (loss)	283,175	(2,726,624)	3,001,575	(1,748,000)
Change in fair value of warrant liability		(2,184,183)		(1,514,775)
Other income		83,075		83,075
Interest income	39,726	25,354	39,726	50,662
Interest expense	(9,454)	(9,708)	(19,028)	(37,063)
Loss before income taxes	(20,913,802)	(29,980,832)	(38,895,720)	(46,384,185)
Benefit for income taxes	91,390		91,390	0
Net loss	(20,822,412)	(29,980,832)	(38,804,330)	(46,384,185)
Other comprehensive (loss):
Foreign currency translation, net of tax of $91,390 and $0 for the three and six-month periods ended June 30, 2019 and 2018, respectively	1,579,882	1,979,007	446,199	1,221,242
Total comprehensive loss	(19,242,530)	(28,001,825)	(38,358,131)	(45,162,943)
Net loss	(20,822,412)	(29,980,832)	(38,804,330)	(46,384,185)
Accretion on convertible preferred C shares and warrants		(1,141,794)		(1,806,512)
Adjusted net loss	$ (20,822,412)	$ (31,122,626)	$ (38,804,330)	$ (48,190,697)
Basic and diluted adjusted net loss per ordinary share	$ (0.63)	$ (2.29)	$ (1.26)	$ (4.27)
Weighted-average number of ordinary shares outstanding	32,827,029	13,611,452	30,814,639	11,280,804

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY	USD ($) shares	LicenseAgreement [Member] USD ($) shares	LicenseAgreement [Member] GBP (£) shares	Private Placement [Member] USD ($)	Ordinary shares [Member] USD ($) shares	Ordinary shares [Member] Private Placement [Member] USD ($) shares	Capital in Excess of Nominal Value [Member] USD ($)	Capital in Excess of Nominal Value [Member] Private Placement [Member] USD ($)	Accumulated Other Comprehensive Income (Loss) [Member] USD ($)	Accumulated Deficit [Member] USD ($)	A Ordinary Shares [Member] USD ($) shares	Convertible Preferred C Shares [Member] USD ($) shares	Convertible Preferred C Shares [Member] Accounts Payable [Member] USD ($) shares	Convertible Preferred C Shares [Member] LicenseAgreement [Member] USD ($) shares	Convertible Preferred C Shares [Member] SalesAgreement [Member] USD ($) shares
Temporary equity, ending Balance at Dec. 31, 2017												$ 51,338,631
Temporary equity, ending Balance, Shares at Dec. 31, 2017 \| shares												5,005,935
Beginning Balance at Dec. 31, 2017	$ (47,365,265)						$ 20,080,713		$ (2,022,477)	$ (65,423,843)	$ 342
Beginning Balance, Shares at Dec. 31, 2017 \| shares											8,826,190
Accretion of warrants issued in connection with convertible preferred C shares	(570,273)						(570,273)					$ 570,273
Issuance of convertible preferred C shares, net of issuance costs													$ 1,356,129	$ 140,000	$ 43,851,602
Sale of ordinary shares in connection with private placement, net of issuance costs, Shares \| shares													129,419	13,360	4,212,453
Accretion of warrants issued in connection with convertible preferred C shares	(94,445)						(94,445)					94,445
Share-based compensation	4,275,735						4,275,713				$ 22
Share-based compensation, Shares \| shares											550,162
Foreign currency translation, net of income taxes	(757,765)								(757,765)
Net loss	(16,403,353)									(16,403,353)
Ending Balance at Mar. 31, 2018	(60,915,366)						23,691,708		(2,780,242)	(81,827,196)	$ 364	$ 97,351,080
Ending Balance, Shares at Mar. 31, 2018 \| shares											9,376,352	9,361,167
Temporary equity, ending Balance at Dec. 31, 2017												$ 51,338,631
Temporary equity, ending Balance, Shares at Dec. 31, 2017 \| shares												5,005,935
Beginning Balance at Dec. 31, 2017	(47,365,265)						20,080,713		(2,022,477)	(65,423,843)	$ 342
Beginning Balance, Shares at Dec. 31, 2017 \| shares											8,826,190
Foreign currency translation, net of income taxes	1,221,242
Net loss	(46,384,185)
Ending Balance at Jun. 30, 2018	108,472,105						221,080,313		(801,235)	(111,808,028)	$ 1,055	$ 0
Ending Balance, Shares at Jun. 30, 2018 \| shares											27,184,132	0
Beginning Balance at Mar. 31, 2018	(60,915,366)						23,691,708		(2,780,242)	(81,827,196)	$ 364	$ 97,351,080
Beginning Balance, Shares at Mar. 31, 2018 \| shares											9,376,352	9,361,167
Sale of convertible preferred C shares, net of issuance costs												$ 12,307,517
Sale of convertible preferred C shares, net of issuance costs, Shares \| shares												1,212,671
Sale of ordinary shares in connection with private placement, net of issuance costs	65,458,470						65,458,276				$ 194
Sale of ordinary shares in connection with private placement, net of issuance costs, Shares \| shares											5,000,000
Conversion of convertible preferred C shares into A ordinary shares	120,520,391						120,519,945				$ 446	$ (120,520,391)
Conversion of convertible preferred C shares into A ordinary shares, shares \| shares											11,501,432	(11,501,432)
Exercise of warrants	4,194,408						4,194,408					$ 9,720,000
Exercise of warrants, Share \| shares												927,594
Accretion of warrants issued in connection with convertible preferred C shares	(666,567)						(666,567)					$ 666,567
Accretion of warrants issued in connection with convertible preferred C shares	(475,227)						(475,227)					475,227
Share-based compensation	8,357,821						8,357,770				$ 51
Share-based compensation, Shares \| shares											1,306,348
Foreign currency translation, net of income taxes	1,979,007								1,979,007
Net loss	(29,980,832)									(29,980,832)
Ending Balance at Jun. 30, 2018	108,472,105						221,080,313		(801,235)	(111,808,028)	$ 1,055	$ 0
Ending Balance, Shares at Jun. 30, 2018 \| shares											27,184,132	0
Beginning Balance at Dec. 31, 2018	81,059,473				$ 1,064		229,054,460		293,666	(148,289,717)
Beginning Balance, Shares at Dec. 31, 2018 \| shares					27,386,632
Issuance of ordinary shares in connection with a license agreement	1,966,340				$ 6		1,966,334
Issuance of ordinary shares in connection with a license agreement, shares \| shares					158,832
Sale of ordinary shares in connection with private placement, net of issuance costs				$ 77,573,047		$ 225		$ 77,572,822
Sale of ordinary shares in connection with private placement, net of issuance costs, Shares \| shares						5,797,102
Share-based compensation	2,934,991						2,934,991
Foreign currency translation, net of income taxes	(1,133,683)								(1,133,683)
Net loss	(17,981,918)									(17,981,918)
Ending Balance at Mar. 31, 2019	$ 144,418,250				$ 1,295		311,528,607		(840,017)	(166,271,635)
Ending Balance, Shares at Mar. 31, 2019 \| shares	33,342,566
Beginning Balance at Dec. 31, 2018	$ 81,059,473				$ 1,064		229,054,460		293,666	(148,289,717)
Beginning Balance, Shares at Dec. 31, 2018 \| shares					27,386,632
Issuance of ordinary shares in connection with a license agreement		$ 1,966,000	£ 1,500,000
Exercised stock options, shares \| shares	225
Issuance of ordinary shares in connection with a license agreement, shares \| shares		158,832	158,832		158,832
Sale of ordinary shares in connection with private placement, net of issuance costs	$ 77,572,822
Foreign currency translation, net of income taxes	446,199
Net loss	(38,804,330)
Ending Balance at Jun. 30, 2019	129,563,111				$ 1,295		315,915,997		739,865	(187,094,047)
Ending Balance, Shares at Jun. 30, 2019 \| shares					33,342,791
Beginning Balance at Mar. 31, 2019	$ 144,418,250				$ 1,295		311,528,607		(840,017)	(166,271,635)
Beginning Balance, Shares at Mar. 31, 2019 \| shares	33,342,566
Exercised stock options	$ 1,267						1,267
Exercised stock options, shares \| shares					225
Share-based compensation	4,386,123						4,386,123
Foreign currency translation, net of income taxes	1,579,882								1,579,882
Net loss	(20,822,412)									(20,822,412)
Ending Balance at Jun. 30, 2019	$ 129,563,111				$ 1,295		$ 315,915,997		$ 739,865	$ (187,094,047)
Ending Balance, Shares at Jun. 30, 2019 \| shares					33,342,791

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended		6 Months Ended		12 Months Ended
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Cash flows from operating activities:
Net loss			$ (38,804,330)	$ (46,384,185)
Adjustments to reconcile net loss to net cash used in operating activities:
Ordinary shares issued in connection with license agreements			1,966,340	137,973
Share-based compensation expense			7,321,114	12,633,556
Foreign currency (gain) loss	$ (283,175)	$ 2,726,624	(3,001,575)	1,748,000
Depreciation			1,036,283	1,015,079
Amortization of interest on asset retirement obligation			5,277	7,322	$ (38,301)
Change in fair value of warrant liability		2,184,183		1,514,775
(Increase) decrease in operating assets:
Prepaid expenses			(1,331,780)	317,130
Other current assets			(591,153)	650,528
Security deposits			(245,835)
Increase (decrease) in operating liabilities:
Accounts payable			266,910	(2,413,642)
Accrued expenses			(2,355,789)	(4,748,762)
Due to Kadmon				(861,030)
Deferred revenue			96,267,249
Lease obligation			(19,454)
Deferred rent				(42,095)
Net cash provided by (used in) operating activities			60,421,867	(36,425,351)
Cash flows from investing activities:
Purchase of property and equipment			(2,206,996)	(1,318,016)
Net cash used in investing activities			(2,206,996)	(1,318,016)
Cash flows from financing activities:
Payments on lease obligations - financing leases			(13,365)	(15,701)
Exercise of warrants				9,720,000
Exercise of share options			1,267
Proceeds from the sale of ordinary shares			80,000,000	69,750,000
Proceeds from the sale of convertible preferred C shares net, of issuance costs				56,239,119
Payment of note payable				(1,442,009)
Net cash provided by financing activities			77,560,949	131,469,856
Net increase in cash, cash equivalents and restricted cash			135,775,820	93,726,489
Effect of exchange rate changes on cash			417,022	(214,576)
Cash, cash equivalents and restricted cash at beginning of period			68,203,551	8,672,014	8,672,014
Cash, cash equivalents and restricted cash at end of period	$ 204,396,393	$ 102,183,927	204,396,393	102,183,927	$ 68,203,551
Supplemental disclosure of non-cash transactions:
Fixed asset acquisition included in accounts payable and accrued expenses at end of period			71,473	298,551
Lease obligations for right-of-use asset			24,462,830
Issuance of convertible preferred C shares in connection with payables				1,356,129
Reclassification of warrant liability upon exercise of warrants				4,194,408
Supplemental disclosure of cash flow information:
Cash paid for interest			991	31,531
Ordinary shares [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Share-based compensation expense				6,456,215
Cash flows from financing activities:
Issuance costs in connection with ordinary shares			$ (2,426,953)	(2,781,553)
Supplemental disclosure of non-cash transactions:
Issuance costs in connection with sale				1,509,977
Convertible Preferred C Shares [Member]
Supplemental disclosure of non-cash transactions:
Conversion of convertible preferred C shares into ordinary shares				120,520,391
Issuance costs in connection with sale				$ 80,000

Organization and Basis of Presentation

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Organization and Basis of Presentation

1.	Organization and Basis of Presentation:

The Company

MeiraGTx Holdings plc and subsidiaries (the “Company” or “Meira Holdings”), a limited company under the laws of the Cayman Islands, is a clinical-stage biotech company developing novel gene therapy treatments for a wide range of inherited and acquired disorders for which there are no effective treatments available. The Company is focused on developing therapies for ocular diseases, including rare inherited blindness, as well as xerostomia following radiation treatment for head and neck cancers, and neurodegenerative diseases such as Parkinson’s disease (“PD”) and amyotrophic lateral sclerosis (“ALS”). The Company also owns and operates a multi-product, multi-viral vector cGMP Manufacturing facility in London, United Kingdom, which includes fill and finish capabilities and can supply the Company’s clinical and potential commercial material

Basis of Presentation

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”).

Interim Financial Statements

The accompanying condensed consolidated financial statements have been prepared in accordance with GAAP 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 the information and footnotes required by GAAP for complete consolidated financial statements. In the opinion of management, the condensed consolidated financial statements include all adjustments (consisting of normal recurring accruals) necessary in order to make the condensed consolidated financial statements not misleading. Operating results for the

six-month

period ended June 30, 2019 are not necessarily indicative of the final results that may be expected for the year ended December 31, 2019. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the notes thereto for the year ended December 31, 2018 included in the Company’s Annual Report on Form

10-K

for the fiscal year ended December 31, 2018 (the “Form

10-K”).

Liquidity

The Company has not yet achieved profitable operations. There is no assurance that profitable operations, if ever achieved, could be sustained on a continuing basis. In addition, development activities, clinical and preclinical testing, and commercialization of the Company’s product candidates will require significant additional financing. The Company’s accumulated deficit at June 30, 2019 totaled $187,094,047, and management expects to incur substantial losses in future periods. The success of the Company is subject to certain risks and uncertainties, including among others, uncertainty of product development; competition in the Company’s field of use; uncertainty of capital availability; uncertainty in the Company’s ability to enter into agreements with collaborative partners; dependence on third parties; and dependence on key personnel. For the

six-months

ended June 30, 2019, the Company generated $60,421,867 of positive cash flows from operations. However, prior to the

six-months

ended June 30, 2019, the Company did not generate positive cash flows from operations and there are no assurances that the Company will generate positive cash flows in the future. Additionally, there are no assurances that the Company will be successful in obtaining an adequate level of financing for the development and commercialization of its product candidates.

As of June 30, 2019, the Company had cash and cash equivalents in the amount of $204,273,017, which consisted of depository accounts. On January 30, 2019, the Company entered into a collaboration, option and license agreement with Janssen Pharmaceuticals, Inc. (“Janssen”) one of the Janssen Pharmaceuticals Companies of Johnson & Johnson (the “Collaboration Agreement”). Under the terms of the Collaboration Agreement, the Company received an upfront payment of $100,000,000. The Company will also receive funding for certain research, manufacturing, clinical development and commercialization costs, potential additional milestone payments upon the achievement of such milestones and royalties on future net sales of products. The Company estimates that its cash and cash equivalents on hand at June 30, 2019 will be sufficient to cover its expenses for at least the next twelve months from the date of issuance of these condensed consolidated financial statements.

Risks and Uncertainties

The Company operates in an industry that is subject to intense competition, government regulation and rapid technological change. The Company’s operations are subject to significant risk and uncertainties including financial, operational, technological, regulatory and other risks, including the potential risk of business failure.

The Company’s capital resources and operations to date have been funded primarily with the proceeds from the Collaboration Agreement, private equity offerings and the IPO. In the future, the Company may seek to raise additional capital through equity offerings, debt financings, marketing and distribution arrangements and other collaborations, strategic alliances and licensing arrangements or other sources to enable it to complete the development and potential commercialization of its product candidates.

Summary of Significant Accounting Policies and Recent Accounting Pronouncements

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Summary of Significant Accounting Policies and Recent Accounting Pronouncements

2.	Summary of Significant Accounting Policies and Recent Accounting Pronouncements:

Certain of the Company’s significant accounting policies are described below. All of the Company’s significant accounting policies are disclosed in the notes to the audited consolidated financial statements as of and for the year ended December 31, 2018 included in the Company’s Form

10-K. Since

the date of such financial statements, the Company has adopted the new accounting pronouncements which are disclosed further in this note.

Consolidation

The accompanying condensed consolidated financial statements include the accounts of Meira Holdings and its wholly owned subsidiaries:

MeiraGTx Limited, a limited company under the laws of England and Wales;

MeiraGTx, LLC, a Delaware corporation;

MeiraGTx UK II Limited, a limited company under the laws of England and Wales (“Meira UK II”);

BRI-Alzan, Inc., a Delaware corporation;

MeiraGTx B.V., a Netherlands corporation;

MeiraGTx Neurosciences, Inc., a Delaware corporation; and

MeiraGTx UK Limited, a limited company under the laws of England and Wales.

All intercompany balances and transactions between the consolidated companies have been eliminated in consolidation.

Use of Estimates

Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these condensed consolidated financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes and management must select an amount that falls within that range of reasonable estimates. This process may result in actual results differing materially from those estimated amounts used in the preparation of the financial statements if these results differ from historical experience, or other assumptions do not turn out to be substantially accurate, even if such assumptions are reasonable when made. In preparing these condensed consolidated financial statements, management used significant estimates in the following areas, among others: collaboration revenue (as disclosed in Note 8), the accounting for research and development costs, warrants, share-based compensation, leases and accrued expenses.

Fair Value Measurements

Fair value is defined as the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of

non-performance

risk including our own credit risk.

The Company follows ASC Topic 820,

Fair Value Measurements and Disclosures

, or ASC 820, for application to financial assets and liabilities. In addition to defining fair value, the standard expands the disclosure requirements around fair value and establishes a fair value hierarchy for valuation inputs. The hierarchy prioritizes the inputs into three levels based on the extent to which inputs used in measuring fair value are observable in the market. Each fair value measurement is reported in one of the three levels which are determined by the lowest level input that is significant to the fair value measurement in its entirety. These levels are:

•

Level 1: Observable inputs such as quoted prices in active markets for identical assets the reporting entity has the ability to access as of the measurement date;

•

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

•

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The table below represents the values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis:


	Fair Value Measurement Using:
Description	June 30, 2019		Significant Observable Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable (Level 3)
Restricted cash	$	123,376	$	123,376	$	—	$	—


	Fair Value Measurement Using:
Description	December 31, 2018		Significant Observable Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable (Level 3)
Restricted cash	$	123,376	$	123,376	$	—	$	—

Net Loss per Ordinary Share

Basic net loss per ordinary share is computed by dividing net loss by the weighted average number of shares of the Company’s ordinary shares assumed to be outstanding during the period of computation. Diluted net loss per ordinary share is computed similar to basic net loss per share except that the denominator is increased to include the number of additional ordinary shares that would have been outstanding if the potential ordinary shares had been issued at the beginning of the year and if the additional ordinary shares were dilutive (treasury stock method) or the

two-class

method, whichever is more dilutive. For all periods presented, basic and diluted net loss per ordinary share are the same, as any additional ordinary share equivalents would be anti-dilutive.

Asset Retirement Obligations

Accounting for asset retirement obligations requires legal obligations associated with the retirement of long-lived assets to be recognized at fair value when incurred and capitalized as part of the related long-lived asset. In the absence of quoted market prices, the Company estimates the fair value of its asset retirement obligations using Level 3 present value techniques, in which estimates of future cash flows associated with retirement activities are discounted using a credit-adjusted risk-free rate. Asset retirement obligations currently reported as other liabilities on the Condensed Consolidated Balance Sheet were measured during a period of historically low interest rates. The impact on measurements of new asset retirement obligations using different rates in the future may be significant.

The Company uses estimates to determine the asset retirement obligations at the end of the lease term and discounts such asset retirement obligations using an estimated discount rate. Interest on the discounted asset retirement obligation is amortized over the term of the lease using the effective interest method and is recorded as interest expense in the condensed consolidated statements of operations and comprehensive loss.

The change in asset retirement obligations is as follows:


	June 30, 2019			December 31, 2018
Balance at beginning of period	$	128,119		$	178,419
Additional asset retirement obligations during the period		—			69,286
Amortization of interest		5,277			(38,301	)
Change in estimate		—			(99,090	)
Effects of exchange rate		(550	)		17,805

Balance at end of period	$	132,846		$	128,119

Research and Development

Research and development costs are charged to expense as incurred. These costs include, but are not limited to, employee-related expenses, including salaries, benefits and travel of the Company’s research and development personnel; expenses incurred under agreements with contract research organizations and investigative sites that conduct clinical and preclinical studies and for the drug product for the clinical studies and preclinical activities; facilities; supplies; rent, insurance, certain legal fees, share-based compensation, depreciation and other costs associated with clinical and preclinical activities and regulatory operations. Research funding under collaboration agreements is recorded as an offset to these costs.

Costs for certain development activities, such as Company funded outside research programs, are recognized based on an evaluation of the progress to completion of specific tasks with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the condensed consolidated financial statements as prepaid expenses or accrued expenses, as the case may be.

Collaboration Arrangements

The Company evaluates its collaborative arrangements pursuant to ASC 808,

Collaborative Arrangements

(“ASC 808”) and ASC 606,

Revenue from Contracts with Customers

(“ASC 606”). The Company considers the nature and contractual terms of collaborative arrangements and assesses whether the arrangement involves a joint operating activity pursuant to which the Company is an active participant and is exposed to significant risks and rewards with respect to the arrangement. If the Company is an active participant and is exposed to significant risks and rewards with respect to the arrangement, the Company accounts for the arrangement as a collaboration under ASC 808. To date, the Company has entered into two separate collaboration agreements, both of which are with Janssen, which were determined to be within the scope of ASC 808.

ASC 808 does not address recognition or measurement matters related to collaborative arrangements. Payments between participants pursuant to a collaborative arrangement that are within the scope of other authoritative accounting literature on income statement classification are accounted for using the relevant provisions of that literature. If the payments are not within the scope of other authoritative accounting literature, the income statement classification for the payments is based on an analogy to authoritative accounting literature or if there is no appropriate analogy, a reasonable, rational and consistently applied accounting policy election. Payments received from a collaboration partner to which this policy applies may include upfront payments in respect of a license of intellectual property, development and commercialization-based milestones, and royalties.

Refer to the discussion in Note 8 for further information related to the accounting for the Janssen Collaboration Agreement.

Revenue Recognition

Arrangements with collaborators may include licenses to intellectual property, research and development services, manufacturing services for clinical and commercial supply, and participation on joint steering committees. The Company evaluates the promised goods or services to determine which promises, or group of promises, represent performance obligations. In contemplation of whether a promised good or service meets the criteria required of a performance obligation, the Company considers the stage of development of the underlying intellectual property, the capabilities and expertise of the customer relative to the underlying intellectual property, and whether the promised goods or services are integral to or dependent on other promises in the contract. When accounting for an arrangement that contains multiple performance obligations, the Company must develop judgmental assumptions, which may include market conditions, reimbursement rates for personnel costs, development timelines and probabilities of regulatory success to determine the stand-alone selling price for each performance obligation identified in the contract.

When the Company concludes that a contract should be accounted for as a combined performance obligation and recognized over time, the Company must then determine the period over which revenue should be recognized and the method by which to measure revenue. The Company generally recognizes revenue using a cost-based input method.

The Collaboration Agreement with Janssen is accounted for under ASC 808, however, as ASC 808 does not address recognition or measurement matters such as determining the appropriate unit of accounting or when the recognition criteria are met, the Company accounts for the consideration received from Janssen in accordance with ASC 606.

In accordance with ASC 606, the Company recognizes revenue when its customer or collaborator obtains control of promised goods or services, in an amount that reflects the consideration which the Company expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that the Company determines are within the scope of ASC 606, it performs the following five steps:

identify the contract(s) with a customer;

ii.

identify the performance obligations in the contract;

iii.

determine the transaction price;

iv.

allocate the transaction price to the performance obligations within the contract; and

recognize revenue when (or as) the entity satisfies a performance obligation.

The Company only applies the five-step model to contracts when it determines that it is probable it will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer.

At contract inception, once the contract is determined to be by analogy within the scope of ASC 606, the Company assesses the goods or services promised within the contract to determine whether each promised good or service is a performance obligation. The promised goods or services in the Company’s arrangements typically consist of a license to the Company’s intellectual property and research, development and manufacturing services. The Company may provide options to additional items in such arrangements, which are accounted for as separate contracts when the customer elects to exercise such options, unless the option provides a material right to the customer. Performance obligations are promises in a contract to transfer a distinct good or service to the customer that (i) the customer can benefit from on its own or together with other readily available resources, and (ii) is separately identifiable from other promises in the contract. Goods or services that are not individually distinct performance obligations are combined with other promised goods or services until such combined group of promises meet the requirements of a performance obligation.

The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is deemed probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded as deferred revenue.

Amounts received prior to satisfying the revenue recognition criteria are recognized as deferred revenue in the Company’s condensed consolidated balance sheet. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue – related party, current. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue – related party,

non-current.

The Company’s collaboration revenue arrangement includes the following:

Up-front

License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable,

up-front

fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from

non-refundable,

up-front

fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Milestone Payments: At the inception of an agreement that includes research and development milestone payments, the Company evaluates each milestone to determine when and how much of the milestone to include in the transaction price. The Company first estimates the amount of the milestone payment that the Company could receive using either the expected value or the most likely amount approach. The Company primarily uses the most likely amount approach as that approach is generally most predictive for milestone payments with a binary outcome. Then, the Company considers whether any portion of that estimated amount is subject to the variable consideration constraint (that is, whether it is probable that a significant reversal of cumulative revenue would not occur upon resolution of the uncertainty.) The Company updates the estimate of variable consideration included in the transaction price at each reporting date which includes updating the assessment of the likely amount of consideration and the application of the constraint to reflect current facts and circumstances.

Royalties: For arrangements that include sales-based royalties, including milestone payments based on a level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any revenue related to sales-based royalties or milestone payments based on the level of sales.

Research and Development Services: The Company is incurring research and development costs, with Janssen responsible for up to 100% of the costs, depending on the type of research and development services being performed. The Company will record costs associated with the development activities as research and development expenses in the condensed consolidated statement of operations and comprehensive loss consistent with ASC 730, Research and Development. The reimbursement of the research and development costs by Janssen is representative of the joint risk sharing nature of the arrangement. The Company considered the guidance in ASC 808 and will recognize the payments received from Janssen as a reduction to research and development expense when the related costs are incurred.

Segment Information

Management has concluded it has a single reporting segment for purposes of reporting financial condition and results of operations.

The Company’s license revenue, research funding and deferred revenue from its License and Collaboration Agreement are generated in the United Kingdom.

The following table summarizes

non-current

assets by geographical area:


	June 30, 2019		December 31, 2018
United States	$	13,805,275	$	454,568
United Kingdom		26,395,568		21,788,130

	$	40,200,843	$	22,242,698

Accounting Pronouncements Recently Adopted

In February 2016, the FASB issued ASU

No. 2016-02,

Leases

(“ASC 842” or “ASU

2016-02”).

The amended guidance requires lessees to recognize lease liabilities and

right-of-use

assets on the balance sheet for all leases with terms longer than 12 months and provides enhanced disclosures on key information of leasing arrangements. In July 2018, further amendments were issued to clarify how to apply certain aspects of the amended lease guidance and to address certain implementation issues. The amended guidance was effective for the Company commencing on January 1, 2019. The adoption of the amended guidance materially affected our consolidated balance sheet and the primary impact was the recognition of minimum commitments at present value of our noncancelable operating leases as lease liabilities and corresponding

right-of-use

assets. In July 2018, the FASB issued ASU

No. 2018-10,

which provided narrow amendments to ASU

2016-02

to clarify how to apply the rate implicit in the lease, impairment of the net investment in the lease, lessee reassessment of lease classification, variable payments that depend on an index or rate and certain transition adjustments. In July 2018, the FASB also issued ASU

No. 2018-11,

which provides targeted improvements to ASU

2016-02

to provide entities the transition option to not apply the standard in the comparative periods presented in the year of adoption. The Company adopted the new standards effective January 1, 2019 using the modified retrospective transition method using the package of practical expedients and a discount rate of 8%, and elected to not apply the standard in the comparative periods presented in the year of adoption. Upon implementation, we recorded a

right-of-use

asset of $10,836,319, which included a reclassification from property and equipment of a fully paid lease entered into in 2018 in the amount of $7,321,251, and a corresponding lease obligation of $3,716,336.

In October 2016, the FASB issued

ASU 2016-16, Income

Taxes (Topic 740):

Intra-Entity Transfers of Assets Other than Inventory

, or

ASU 2016-16, which

requires that an entity recognize the income tax consequences of an intra-entity transfer of assets other than inventory when the transfer occurs. The guidance must be applied using the modified retrospective basis. This update was effective for the Company as of January 1, 2019. The adoption of the provisions of

ASU 2016-16 did

not have a material impact on the current financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13,

Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

, which adds a new Topic 326 to the Codification and removes the thresholds that companies apply to measure credit losses on financial instruments measured at amortized cost, such as loans, receivables, and held-to-maturity debt securities. Under current U.S. GAAP, companies generally recognize credit losses when it is probable that the loss has been incurred. The revised guidance will remove all recognition thresholds and will require companies to recognize an allowance for credit losses for the difference between the amortized cost basis of a financial instrument and the amount of amortized cost that the company expects to collect over the instrument’s contractual life. ASU 2016-13 also amends the credit loss measurement guidance for available-for-sale debt securities and beneficial interests in securitized financial assets. The guidance is applicable for fiscal years beginning after December 15, 2019 and interim periods within those years. The Company is currently evaluating the potential impact of the adoption of this standard on its related disclosures.

In August 2018, the FASB issued ASU 2018-13, Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurements, which changes the fair value measurement disclosure requirements of ASC 820. The goal of the ASU is to improve the effectiveness of ASC 820’s disclosure requirements by providing users of the financial statements with better information about assets and liabilities measured at fair value in the financial statements and notes thereto. The guidance is applicable for fiscal years beginning after December 15, 2019 and interim periods within those years. The Company is currently evaluating the potential impact of the adoption of this standard on its related disclosures.

In November 2018, the FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 (“ASU 2018-18”). The standard amends Accounting Standards Codification 808, Collaborative Agreements and Accounting Standards Codification 606, Revenue from Contracts with Customers, to clarify the interaction between collaborative arrangement participants that should be accounted for as revenue under ASC 606. In transactions when the collaborative arrangement participant is a customer in the context of a unit of account, revenue should be accounted for using the guidance in Topic 606. The amendments in ASU 2018-18 are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Company is currently evaluating the new guidance included in ASU 2018-18, but does not expect it to have a material impact on its consolidated financial statements.

Share-Based Compensation

6 Months Ended

Jun. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Share-Based Compensation

4.	Share-Based Compensation

2018 Incentive Award Plan and 2016 Equity Incentive Plan

The Company’s 2018 Incentive Award Plan and 2016 Equity Incentive Plan (collectively the “Plans”), were adopted by the Company’s board of directors and shareholders. Under the Plans, the Company has granted share options to selected officers, employees and

non-employee

consultants. The Company’s board of directors administers the Plans. Options granted under the Plans have a maximum contractual term of ten years. Options granted generally vest 25% on the first anniversary of the date of grant and the balance ratably over the next 36 months. Options granted to directors generally vest on the first anniversary of the date of grant. Upon the adoption of the 2018 Incentive Award Plan, the Company ceased issuing awards under the 2016 Equity Incentive Plan.

A summary of the Company’s share option activity related to employees,

non-employee

members of the board of directors and

non-employee

consultants as of and for the six-month period ended June 30, 2019 is as follows:


	Number of Options			Weighted- Average Exercise Price			Aggregate Instrinsic Value
Outstanding at December 31, 2018		3,254,365		$	7.64		$	6,903,313
Granted		305,000			16.88
Exercised		(225	)		(5.63	)
Expired		—			—
Forfeited		(11,319	)		(9.17	)

Outstanding at June 30, 2019		3,547,821		$	6.06		$	69,697,424

Weighted average remaining contractual life of options outstanding as of December 31, 2018 (yrs)		9.24

Weighted average remaining contractual life of options outstanding as of June 30, 2019 (yrs)		8.83

Options exercisable at December 31, 2018		535,241		$	5.79

Options exercisable at June 30, 2019		996,279		$	6.06

Weighted average remaining contractual life of options exercisable as of December 31, 2018 (yrs)		7.88

Weighted average remaining contractual life of options exercisable as of June 30, 2019 (yrs)		7.88

The total fair value of options vested during the three-month periods ended June 30, 2019 and 2018 was $2,483,808 and $247,202, respectively.

The total fair value of options vested during the

six-month

periods ended June 30, 2019 and 2018 was $3,874,750 and $556,349, respectively.

During the three-month periods ended June 30, 2019 and 2018, the Company granted 255,000 and 0 share options, respectively.

During the

six-month

periods ended June 30, 2019 and 2018, the Company granted 305,000 and 675,685 share options, respectively.

The grant date fair values of the share options granted were estimated using the Black-Scholes option valuation model with the following ranges of assumptions:


	2019	2018
Risk-free interest rate	2.03 - 2.55%	2.32% - 2.84%
Expected volatility	90%	90%
Expected dividend yield	0%	0%
Expected life (in years)	6.1	5.5 - 9.5

As of June 30, 2019, the total compensation expense relating to unvested options granted that had not yet been recognized was $20,844,252, which is expected to be realized over a period of 4.0 years. The Company will issue shares upon exercise of options from ordinary shares reserved.

The weighted-average grant date fair value of options granted during the

six-month

periods ended June 30, 2019 and 2018 was $12.70 and $5.63, respectively.

Restricted Ordinary Shares

In 2015, in connection with certain service and consulting agreements, certain employees and a consultant were awarded an aggregate of 867,935 restricted ordinary shares of the Company. Such shares were subject to forfeiture over a three-year service period. The shares granted to the consultant and employees were valued at $7.72 and $7.76 per share, respectively, and the related share-based compensation expense was included in loss from operations over the requisite service period. As of June 30, 2019, all such shares are no longer subject to forfeiture as the three-year service period has been completed.

On June 7, 2018, 1,306,348 restricted ordinary shares, which represented 5% of the fully-diluted outstanding shares of the Company as of such date, were issued to certain members of senior management in accordance with their employment agreements.

One-third

of such shares vested immediately, with the balance vesting quarterly over the next eight quarters beginning three months after the effectiveness of the Company’s registration statement on Form

S-1

filed with the Securities and Exchange Commission (“SEC”) on June 7, 2018 (the “Registration Statement”). The shares were valued at $15.00 per share and the related share-based compensation expense, which is recognized over the requisite service period, is included in general and administrative expenses in the condensed consolidated statements of operations. Additionally, under the terms of the employment agreements, the Company was required to pay the income taxes incurred by the grantees in connection with the grant of those restricted shares.

Total compensation expense in connection with the issuance of those restricted ordinary shares, in the amount of $4,112,927 and $13,620,866, of which $1,632,930 and $6,531,750 was share-based, was recorded as general and administrative expense during the three-month periods ended June 30, 2019 and 2018, respectively.

Total compensation expense in connection with the issuance of those restricted ordinary shares, in the amount of $7,885,577 and $13,620,866, of which $3,265,860 and $6,531,750 was share-based, was recorded as general and administrative expense during the

six-month

periods ended June 30, 2019 and 2018, respectively.

A summary of the restricted ordinary shares is as follows:


	Ordinary Shares			$ Value
Non-vested at December 31, 2018		653,174		$	9,797,610
Vested during six-month period ended June 30, 2019		(217,724	)		(3,265,860	)

Non-vested at June 30, 2019		435,450		$	6,531,750

Ordinary Shares

On March 1, 2018, a funding milestone was met under the employment agreements for certain members of senior management. Accordingly, the employees were issued an aggregate of 550,162 fully vested ordinary shares, which represented 3% of the fully-diluted outstanding shares of the Company as of such date. The shares were recorded as share-based compensation in the amount of $3,096,104. Additionally, under the terms of the employment agreements, the Company was required to pay the income taxes incurred by the grantees in connection with the grant of those shares. Total compensation expense in connection with the issuance of those ordinary shares, in the amount of $6,456,215, of which $3,096,104 was share-based, was recorded as general and administrative expense during the

six-month

period ended June 30, 2018.

During the three-month and

six-month

periods ended June 30, 2019 and 2018 the Company recognized total share-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive loss as follows:


	Three-month periods ended June 30,
	2019		2018
Research and development	$	862,971	$	1,045,561
General and administrative		3,523,152		7,318,224

Total share based compensation	$	4,386,123	$	8,363,785


	Six-month periods ended June 30,
	2019		2018
Research and development	$	1,697,285	$	1,890,511
General and administrative		5,623,829		10,743,045

Total share based compensation	$	7,321,114	$	12,633,556

The Company does not expect to realize any tax benefits from its share option activity or the recognition of share-based compensation expense because the Company currently has net operating losses and has a full valuation allowance against its deferred tax assets. Accordingly, no amounts related to excess tax benefits have been reported in cash flows from operations or cash flows from financing activities for the three-month and

six-month

periods ended June 30, 2019 and 2018.

Ordinary Shares

6 Months Ended

Jun. 30, 2019

Federal Home Loan Banks [Abstract]

Ordinary Shares

5.	Ordinary Shares

Private Placement

On February 27, 2019, the Company issued 5,797,102 ordinary shares in a private placement for gross proceeds of $80 million, excluding offering costs of approximately $2.4 million. Johnson & Johnson

Innovation – JJDC, Inc. (“JJDC”),

the investment arm of Johnson and Johnson, purchased 2,898,550 of the ordinary shares issued on the same terms and conditions as the other investors in the offering.

In connection with the offering, the Company also entered into a registration rights agreement whereby, promptly following the date on which the Company becomes eligible to use a registration statement on Form

S-3,

but in no event later than July 31, 2019, the Company shall prepare and file a registration statement covering the resale of all of the Registrable Securities, as defined in the agreement. The Company shall use commercially reasonable efforts to have the registration statement declared effective as soon as practicable. If the registration statement is not declared effective prior to the 120th day after July 31, 2019 (or the 150th day if the SEC reviews such registration statement), then the Company will make pro rata payments in cash to each investor then holding Registrable Securities, as liquidated damages, in an amount equal to 1% of the aggregate amount invested by such investor for each thirty

-day

period or pro rata for any portion thereof following the date by which such registration statement should have been effective. The Company filed the Form S-3 on July 2, 2019 and the Form S-3 was declared effective on July 16, 2019.

License Agreement

As discussed in Note 8, on March 21, 2019, the Company issued 158,832 ordinary shares in connection with a license agreement. In accordance with the license agreement, the cost basis of the shares was based on the closing share price on January 31, 2019.

Income Taxes

6 Months Ended

Jun. 30, 2019

Income Tax Disclosure [Abstract]

Income Taxes

7.	Income Taxes

The Company did not record a provision for income taxes for the three-month and

six-month

periods ended June 30, 2019 and 2018, as the Company has generated losses for all periods.

The Company periodically evaluates the realizability of its net deferred tax assets based on all available evidence, both positive and negative. The realization of net deferred tax assets is dependent on the Company’s ability to generate sufficient future taxable income during periods prior to the expiration of tax attributes to fully utilize these assets. The Company weighed both positive and negative evidence and determined that there is a continued need for a full valuation allowance on its deferred tax assets in the United States and United Kingdom as of June 30, 2019. Should the Company determine that it would be able to realize its remaining deferred tax assets in the foreseeable future, an adjustment to its remaining deferred tax assets would cause a material increase to income in the period such determination is made.

The intraperiod tax allocation guidance requires that we allocate income taxes between continuing operations and other categories of earnings. When we have a year-to-date pre-tax loss from continuing operations and year-to-date pre-tax income in other comprehensive income, applicable GAAP (ASC 740-20-45-7) requires that we allocate the income tax provision to other categories of earnings (including other comprehensive income), and then record a related tax benefit in operations. For the three and six-month periods ended June 30, 2019, we recognized net income from other comprehensive income while sustaining losses from operations. Because of the required allocation, we recorded an income tax benefit of $91,390, for the three and six- month periods ended June 30, 2019, respectively, within “benefit for income taxes” and income tax expense of $91,390 within “other comprehensive income” on the Condensed Consolidated Statements of Operations and Comprehensive Loss for the three-month and six-month periods ended June 30, 2019, respectively.

Related Party Transactions

6 Months Ended

Jun. 30, 2019

Related Party Transactions

8.	Related Party Transactions

Collaboration and License Agreements

Janssen Pharmaceuticals, Inc.

On January 30, 2019, the Company entered into a Collaboration Agreement with Janssen for the research, development and commercialization of gene therapies for the treatment of inherited retinal diseases. Under the agreement, Janssen paid the Company a

non-refundable

upfront fee of $100.0 million. Janssen and the Company will collaborate to develop the Company’s current clinical programs in Retinitis Pigmentosa and two genetic forms of Achromatopsia and Janssen has the exclusive right to commercialize these three product candidates (“Clinical IRD Product Candidates”) globally.

Pursuant to the Collaboration Agreement, the Company and Janssen also agreed on a research collaboration to develop a pipeline of preclinical inherited retinal disease gene therapy candidates (“Research IRD Product Candidates”). The parties will select and prioritize the Research IRD Product Candidates and Janssen has the right to

opt-in

for a fee for each of the specified targets (each an “Option Target”) to obtain certain development, manufacturing and commercialization rights for the Research IRD Product Candidates.

Unless terminated earlier under certain termination clauses, the Collaboration Agreement will continue in effect, on a

product-by-product

and

country-by-country

basis, until such time as the royalty terms expires in such country. The Company has determined enforceable rights exist in the Collaboration Agreement as the termination clauses are substantive termination penalties by way of the

non-refundable

upfront fee and the reversion of any licensed intellectual property granted to Janssen upon the termination of the agreement.

On February 27, 2019, in connection with a private placement, the Company issued 2,898,550 ordinary shares to “JJDC”, the investment arm of Johnson and Johnson and owner of Janssen, on the same terms and conditions as the other investors in the offering. After the offering, JJDC became a related party.

Clinical IRD Product Candidates

Under the Collaboration Agreement, the Company and Janssen will jointly develop Clinical IRD Product Candidates to permit Janssen to commercialize such Clinical IRD Product Candidates under an exclusive license from the Company. In general, the Company will have the primary responsibility to develop each Clinical IRD Product Candidate in accordance with the development plan for each Clinical IRD Product Candidate, including where applicable, conducting any necessary research in order to submit the applicable regulatory filings to regulatory authorities. The Company will manufacture these products in its cGMP manufacturing facility for both clinical and commercial supply. Janssen will pay 100% of the clinical and commercialization costs of the products and the Company is eligible to receive untiered 20% royalties on net sales of products and additional development and commercialization milestones up to $340.0 million.

Research IRD Product Candidates

Under the Collaboration Agreement, the Company and Janssen will collaborate to develop Research IRD Product Candidates, with Janssen paying for the majority of the research costs. Janssen has the right to exclusively license any product coming out of the collaboration at the time of an investigational new drug application (“IND”) for an additional fee for each Research IRD Product Candidate. Janssen will then pay 100% of the clinical and commercialization costs for these Research IRD Product Candidates and the Company will receive an untiered royalty on net sales in the high teens as well as development milestones for each Research IRD Product Candidate.

Revenue Recognition under the Collaboration Agreement

The Collaboration Agreement is accounted for under ASC 808, however, ASC 808 does not address recognition or measurement matters. Therefore, the Company will account for the recognition and measurement of consideration under ASC 606. In determining the appropriate amount of revenue to be recognized under ASC 606, the Company performed the following steps: (i) identified the promised goods or services in the contract; (ii) determined whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. The Company evaluated the potential performance obligations in the contract, which included the exclusive license to Clinical IRD Product Candidates, the research, development and manufacturing services (“the services”), and the participation in various joint committees and determined that none of the performance obligations by themselves were distinct. Goods and services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. The services, when combined with the licenses, represent a bundle and should be accounted for as a single performance obligation due to the relevance of the services to the value of the early-stage license and the potential for the intellectual property to be significantly modified during the services period. The Company also evaluated whether or not the right to purchase exclusive option rights for specified Research IRD Product Candidates represents future performance obligations and concluded that these represent a separate buyer decision at market rates, rather than a material right performance obligation. As such, these options have been excluded from the initial allocation of transaction price and the Company will account for these options as separate contracts when and if the Janssen elects to exercise the options.

Under ASC 606, the Company recognized collaboration revenue using the

cost-to-cost

input method, which it believes best depicts the transfer of control to the customer. Under the

cost-to-cost

input method, the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected upon satisfying the combined performance obligation by the potential product candidate. Under this method, revenue will be recorded as a percentage of the estimated transaction price based on the extent of progress towards completion. Under ASC 606, the estimated transaction price will include variable consideration. The Company does not include variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will occur when any uncertainty associated with the variable consideration is resolved. The estimate of the Company’s measure of progress and estimate of variable consideration to be included in the transaction price will be updated at each reporting date as a change in estimate. The amount related to the unsatisfied portion will be recognized as that portion is satisfied over time.

Under ASC 606 the Company accounts for (i) the licenses it conveyed with respect to the Clinical IRD Product Candidates and (ii) its obligations to perform services as a single performance obligation under the Collaboration Agreement with Janssen on a product candidate basis. Janssen’s right to purchase exclusive options to obtain certain development, manufacturing and commercialization rights are accounted for separately as they do not represent material rights, based on the criteria of ASC 606. Upon the exercise of any purchased option by Janssen, the contract promises associated with an Option Target would use a separate

cost-to-cost

model for purposes of revenue recognition under ASC 606.

During the six months ended June 30, 2019, the Company received a $100.0 million

non-refundable

upfront fee from Janssen and allocated this amount plus other variable consideration not subject to constraint to each identified performance obligation using a combination of methods allowable under ASC 606. The Company applies the practical expedient in Topic 606 and does not include disclosures regarding amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. This variable consideration includes expected reimbursement of research and development costs. During the three-month and

six-month

periods ended June 30, 2019, the Company recognized $1,981,676 and $

2,766,636

, respectively, of the deferred revenue – related party as license revenue. The Company also recognized $2,952,121 and $

3,989,663

, respectively, during the three-month and six-month periods ended June 30, 2019 related to the reimbursement of research and development expenses which was recorded as an offset to research and development expenses. As of June 30, 2019, the Company expects to recognize the remaining $97,233,364 in deferred revenue associated with the

non-refundable

upfront fee over the estimated research and development period using the

cost-to-cost

input method over an estimated period of approximately 7.50 years.

Riboswitch Research Collaboration Agreement

On October 16, 2018, the Company entered into a Riboswitch research collaboration agreement with Janssen, to develop regulatable gene therapy treatment using the Company’s proprietary riboswitch technology. As part of the agreement, the Company will use its proprietary riboswitch technology to engineer regulatable gene therapy constructs encoding proprietary gene sequences from Janssen.

Upon execution of the agreement, Janssen paid the stage 1 fee in the amount of $658,667 and such payment was recorded as deferred research funding. The stage 1 fee is being amortized over the estimated research term of eight months. During the three- month and

six-month

periods ended June 30, 2019, the Company amortized $192,076 and $444,399, respectively, of the deferred research funding, which was recorded as an offset to research and development expenses. As of June 30, 2019, the stage 1 fee has been fully amortized.

Research Agreement

Effective October 23, 2016, the Company entered into a four-year master services agreement with UCL Consultants Limited, an entity affiliated with University College of London (“UCL”), which is a shareholder of the Company. Pursuant to the agreement, UCL Consultants Limited provides

pre-clinical

research and development under the direction of the Company. Either party may terminate the agreement by giving 30 days written notice.

Total research and development expenses under this agreement for the three-month periods ended June 30, 2019 and 2018 were approximately $85,000 and $183,000, respectively.

Total research and development expenses under this agreement for the

six-month

periods ended June 30, 2019 and 2018 were approximately $173,000 and $372,000, respectively.

Future obligations, under the agreement equal £165,880, or approximately $205,575, through October 2020.

The amount due to UCL under this master services agreement at June 30, 2019 and December 31, 2018 is $544,225 and $389,101, respectively, and is included in accounts payable and accrued expenses on the condensed consolidated balance sheets.

License Agreement

Effective March 15, 2018, the Company entered into an exclusive worldwide license agreement with UCL Business, PLC (“UCL Business”), to develop up to eight programs using certain ocular gene therapy technology. Under the terms of the agreement, the Company had agreed to pay UCL Business certain sales milestone payments, if achieved, in the aggregate amount of £39.8 million, or approximately $51.5 million using the exchange rate at June 30, 2019, and royalties on net sales, as defined upon commercialization. Additionally, the Company is responsible for all patent prosecution and maintenance costs incurred and has also agreed to pay UCL Business an annual maintenance fee of £50,000, or approximately $65,000, until the first commercial sale of a product. The agreement terminates upon the later of (i) the last valid claim in a relevant product, (ii) the expiration of regulatory exclusivity to all licensed products, or (iii) the 10

anniversary of the first commercial sale of a product.

On January 29, 2019, the Company amended and restated the following agreements: (i) the License Agreement, dated February 4, 2015, as amended, between the Company and UCL Business; (ii) the License Agreement, dated July 28, 2017, as amended, between the Company and UCL Business; and (iii) the License Agreement, dated March 15, 2018, between the Company and UCL Business to establish new stand-alone license agreements for the following inherited retinal disease programs: (a) achromatopsia (“ACHM”) caused by mutations in CNGB3; (b) ACHM caused by mutations in CNGA3;

pigmentosa (“XLRP”); and (d) RPE65-mediated IRD.

The Company’s obligation to pay UCL Business a share of certain sublicensing revenues, as was provided under the February 4, 2015 agreement, has been removed from each of the stand-alone agreements. Each of the stand-alone agreements now reflects terms substantially similar to those of the March 15, 2018 agreement.

Additionally, under the new stand-alone agreement related to CNGB3 the Company paid UCL Business an upfront payment of £1,500,000, or approximately $1,976,000, and issued 158,832 of the Company’s ordinary shares, which were valued at £1,500,000, or approximately $1,966,000.

The Company incurred research and development expenses under the agreements in the amount of $0 and $135,204 during the three-month periods ended June 30, 2019 and 2018, respectively.

The Company incurred research and development expenses under the agreements in the amount of $4,111,876, inclusive of the amendment payments of approximately $3,942,000, and $219,863 during the

six-month

periods ended June 30, 2019 and 2018, respectively.

Leases

ARE Lease

Effective July 1, 2016, the Company entered into a

non-cancellable

operating lease for laboratory and related office facilities in New York with ARE-East River Science Park, LLC (the “ARE Lease”). The ARE Lease provides for monthly base rent and property management fees, including rent escalations and rent holidays, plus operating expenses during the lease term, which expires on December 31, 2021. The Company records monthly rent expense on a straight-line basis from July 1, 2016 through

December 31, 2021

. As of December 31, 2018, the balance of deferred rent, representing the difference between cash rent paid and straight-line rent expense, was $201,264. As of June 30, 2019, and in accordance with ASC 842, the difference between cash rent paid and straight-line rent expense of $201,260 is reflected in the

right-of-use

asset.

Total rent expense under this operating lease was $121,888 and $121,890 for the three-month periods ended June 30, 2019 and 2018, respectively.

Total rent expense under this operating lease was $243,776 and $243,780 for the

six-month

periods ended June 30, 2019 and 2018, respectively.

As of June 30, 2019, the aggregate future minimum rental payments under this lease are $1,400,717.

In connection with the signing of this lease, the Company entered into a standby letter of credit agreement for $122,866, which serves as a security deposit for the premises. The standby letter of credit expires on July 7, 2017 and is automatically renewed annually through July 7, 2021. This standby letter of credit is secured with restricted cash in a money market account.

The aggregate future minimum rental payments under this lease as of June 30, 2019 for years ending December 31 are as follows:


2019	$	272,448
2020		554,432
2021		573,837

Total future rent payments	$	1,400,717

Kadmon Lease

The Company is currently leasing office space on a month-to-month basis from Kadmon Corporation, LLC (“Kadmon”).

During the three-month periods ended June 30, 2019 and 2018, the Company incurred rent charges from Kadmon, in the amount of $144,101 and $139,321, respectively, which are included in loss from operations.

During the

six-month

periods ended June 30, 2019 and 2018, the Company incurred rent charges from Kadmon, in the amount of $284,894 and $282,167, respectively, which are included in loss from operations.

During the three-month periods ended June 30, 2019 and 2018, the Company made cash payments totaling $144,101 and $145,887, respectively, to Kadmon.

During the

six-month

periods ended June 30, 2019 and 2018, the Company made cash payments totaling $284,894 and $1,143,304, respectively, to Kadmon.

The were no amounts due to Kadmon at June 30, 2019 and December 31, 2018.

Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

We account for leases in accordance with ASC Topic 842,

Leases

, (“ASC 842”). We determine if an arrangement is a lease at contract inception. A lease exists when a contract conveys the right to control the use of identified property, plant, or equipment for a period of time in exchange for consideration. The definition of a lease embodies two conditions: (1) there is an identified asset in the contract that is land or a depreciable asset (i.e., property, plant, and equipment), and (2) we have the right to control the use of the identified asset. We account for the lease and

non-lease

components as a single lease component.

From time to time we enter into direct financing lease arrangements that include a lessee obligation to purchase the leased asset at the end of the lease term, a bargain purchase option, or provides for minimum lease payments with a present value of 90% or more of the fair value of the leased asset at the date of lease inception.

Operating leases where we are the lessee are included in

right-of-use

(“ROU”) assets and lease obligations are included on our condensed consolidated balance sheets. The lease obligations are initially and subsequently measured at the present value of the unpaid lease payments at the lease commencement date and subsequent reporting periods.

Finance leases where we are the lessee are included in ROU assets and lease obligations on our condensed consolidated balance sheets. The lease obligations are initially measured in the same manner as for operating leases and are subsequently measured at amortized cost using the effective interest method.

Key estimates and judgments include how we determined (1) the discount rate we use to discount the unpaid lease payments to present value, (2) lease term and (3) lease payments.

ASC 842 requires a lessee to discount its unpaid lease payments using the interest rate implicit in the lease or, if that rate cannot be readily determined, its incremental borrowing rate. As most of our leases where we are the lessee do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Our incremental borrowing rate for a lease is the rate of interest we would have to pay on a collateralized basis to borrow an amount equal to the lease payments under similar terms. We use the implicit rate when readily determinable.

The lease term for all of our leases includes the

non-cancellable

period of the lease plus any additional periods covered by either a lessee option to extend (or not to terminate) the lease that is reasonably certain to be exercised, or an option to extend (or not to terminate) the lease controlled by the lessor.

The ROU asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the lease commencement date less any lease incentives received.

For operating leases, the ROU asset is subsequently measured throughout the lease term at the carrying amount of the lease liability, minus any accrued lease payments, less the unamortized balance of lease incentives received. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

For finance leases, the ROU asset is subsequently amortized using the straight-line method from the lease commencement date to the earlier of the end of its useful life or the end of the lease term unless the lease transfers ownership of the underlying asset to us, or we are reasonably certain to exercise an option to purchase the underlying asset. In those cases, the ROU asset is amortized over the useful life of the underlying asset. Amortization of the ROU asset is recognized and presented separately from interest expense on the lease liability.

We have elected not to recognize ROU assets and lease liabilities for all short-term leases that have a lease term of 12 months or less at lease commencement. We recognize the lease payments associated with our short-term leases as an expense on a straight-line basis over the lease term.

We adopted ASU

2016-02

using a modified retrospective transition approach as of the effective date as permitted by the amendments in ASU

2018-11,

which provides an alternative modified retrospective transition method. As a result, we were not required to adjust our comparative period financial information for effects of the standard or make the new required lease disclosures for periods before the date of adoption (i.e. January 1, 2019). We have elected to adopt the package of transition practical expedients and, therefore, have not reassessed (1) whether existing or expired contracts contain a lease, (2) lease classification for existing or expired leases or (3) the accounting for initial direct costs that were previously capitalized. We did not elect the practical expedient to use hindsight for leases existing at the adoption date. Further, we do not expect the amendments in ASU

2018-01:

Land Easement Practical Expedient

to have an effect on us because we do not enter into land easement arrangements.

New York Sublease

Effective May 31, 2019, the Company entered into a non-cancelable operating sublease with a non-related third party for laboratory and office space in New York. The lease, which expires on October 31, 2026, provides for monthly base rent and property management fees, including rent escalations and rent holidays, plus operating expenses during the lease term. The Company records monthly rent expense on a straight-line basis from June 20, 2019, the date the Company was allowed to access to the leased premises, through October 31, 2026, when the sublease is set to terminate. In conjunction with this operating sublease, the Company recognized an operating lease right-of-use asset and corresponding operating lease liability of $12.2 million which is included in right-of-use assets and lease obligations on the condensed consolidated balance sheets.

Tudor Street Lease

Effective June 11, 2019, the Company entered into a non-cancelable operating lease with a non-related third party for warehouse space in London. The lease, which expires on June 10, 2029, provides for quarterly base rent and operating expenses during the lease term. The Company records monthly rent expense on a straight-line basis from June 11, 2019, the date the Company took possession of the leased premises, through June 10, 2029, when the lease is set to terminate. In conjunction with this operating lease, the Company recognized an operating lease right-of-use asset and corresponding operating lease liability of £1.2 million, or approximately $1.5 million using the exchange rate at June 30, 2019, which is included in right-of-use assets and lease obligations on the condensed consolidated balance sheets.

Total cash payments made under this operating lease was £42,600, or approximately $54,000, for the three-month period ended June 30, 2019.

Total rent expense recognized under this operating lease was £42,600, or approximately $54,000, for the three-month period ended June 30, 2019.

We have commitments under operating leases for laboratory and office space. We also have finance leases for manufacturing space and office equipment. Our leases have initial lease terms ranging from 3 years to 108 years. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments.

As of June 30, 2019, we have short term lease commitments amounting to approximately $80,000 on a monthly basis for three leases for office space that are

month-to-month

leases.

The components of lease cost for the three-month and

six-month

periods ended June 30, 2019 are as follows:


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Finance lease cost
Amortization of right-of-use assets	$	68,956	$	154,371
Interest on lease liabilities		439		992

		69,395		155,363
Operating lease cost		6,741		13,366
Short-term lease cost		128,641		257,126

Total lease cost	$	204,777	$	425,855

Amounts reported in the condensed consolidated balance sheets for leases where we are the lessee as of the period ended June 30, 2019 were as follows:


	June 30, 2019
Operating leases
Right-of-Use Asset	$	16,850,122
Lease Obligations	$	17,031,932
Finance leases
Right-of-Use Asset	$	6,970,419
Lease Obligations	$	20,930
Weighted-average remaining lease term
Operating leases		11.9 years
Finance leases		107.5 years
Weighted-average discount rate
Operating leases		8.7	%
Finance leases		6.9	%

Other information related to leases as of the three-month and

six-month

periods ended June 30, 2019 are as follows:


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease obligations
Operating cash flows from finance leases	$	6,741	$	13,366
Operating cash flows from operating leases		270,538		491,816
Financing cash flows from finance leases		439		992
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	13,623,007	$	16,994,156
Finance leases		—		—

Future minimum lease payments under

non-cancellable

leases as of June 30, 2019 are as follows:


	Operating Leases			Finance Leases
2019	$	1,373,090		$	14,357
2020		3,279,005			7,179
2021		3,363,188			—
2022		2,856,073			—
2023		2,924,796			—
Thereafter		9,190,429			—

Total undiscounted lease payments	$	22,986,581		$	21,536
Less: Imputed interest		(5,954,649	)		(606	)

Total lease obligations	$	17,031,932		$	20,930

Subsequent Events

6 Months Ended

Jun. 30, 2019

Subsequent Events [Abstract]

Subsequent Events

11.	Subsequent Event

On May 29, 2019, Meira UK II entered into an Agreement for Lease with an unrelated third party which provided a license to lease an entire building consisting of five floors of office and laboratory space in London (the “Leased Premises”). The Leased Premises are in the process of being renovated by the landlord and a target completion date to have the renovations completed is estimated to be in August 2019. Upon achievement of the practical completion date, the Company has agreed to execute a negotiated, non-cancellable lease for the Leased Premises. The lease provides for quarterly base rent, including a rent holiday at the commencement of the lease, plus operating expenses during the lease term, which will expire on July 31, 2029. As the Company has not taken possession and does not control the Leased Premises, the Company did not record a right-of-use asset and corresponding operating lease liability as of

June 30, 2019

. However, the Company expects to record a £5.4 million, or $6.9 million, operating lease right-of-use asset and lease liability upon signing the lease.

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Policies)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Consolidation

The accompanying condensed consolidated financial statements include the accounts of Meira Holdings and its wholly owned subsidiaries:

MeiraGTx Limited, a limited company under the laws of England and Wales;

MeiraGTx, LLC, a Delaware corporation;

MeiraGTx UK II Limited, a limited company under the laws of England and Wales (“Meira UK II”);

BRI-Alzan, Inc., a Delaware corporation;

MeiraGTx B.V., a Netherlands corporation;

MeiraGTx Neurosciences, Inc., a Delaware corporation; and

MeiraGTx UK Limited, a limited company under the laws of England and Wales.

All intercompany balances and transactions between the consolidated companies have been eliminated in consolidation.

Use of Estimates

Fair Value Measurements

non-performance

risk including our own credit risk.

The Company follows ASC Topic 820,

Fair Value Measurements and Disclosures

•

Level 1: Observable inputs such as quoted prices in active markets for identical assets the reporting entity has the ability to access as of the measurement date;

•

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

•

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The table below represents the values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis:


	Fair Value Measurement Using:
Description	June 30, 2019		Significant Observable Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable (Level 3)
Restricted cash	$	123,376	$	123,376	$	—	$	—


	Fair Value Measurement Using:
Description	December 31, 2018		Significant Observable Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable (Level 3)
Restricted cash	$	123,376	$	123,376	$	—	$	—

Net Loss per Ordinary Share

two-class

method, whichever is more dilutive. For all periods presented, basic and diluted net loss per ordinary share are the same, as any additional ordinary share equivalents would be anti-dilutive.

Asset Retirement Obligations

The change in asset retirement obligations is as follows:


	June 30, 2019			December 31, 2018
Balance at beginning of period	$	128,119		$	178,419
Additional asset retirement obligations during the period		—			69,286
Amortization of interest		5,277			(38,301	)
Change in estimate		—			(99,090	)
Effects of exchange rate		(550	)		17,805

Balance at end of period	$	132,846		$	128,119

Research and Development

Collaboration Arrangements

The Company evaluates its collaborative arrangements pursuant to ASC 808,

Collaborative Arrangements

(“ASC 808”) and ASC 606,

Revenue from Contracts with Customers

Refer to the discussion in Note 8 for further information related to the accounting for the Janssen Collaboration Agreement.

Revenue Recognition

identify the contract(s) with a customer;

ii.

identify the performance obligations in the contract;

iii.

determine the transaction price;

iv.

allocate the transaction price to the performance obligations within the contract; and

recognize revenue when (or as) the entity satisfies a performance obligation.

non-current.

The Company’s collaboration revenue arrangement includes the following:

Up-front

License Fees: If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from nonrefundable,

up-front

non-refundable,

up-front

fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition.

Segment Information

Management has concluded it has a single reporting segment for purposes of reporting financial condition and results of operations.

The Company’s license revenue, research funding and deferred revenue from its License and Collaboration Agreement are generated in the United Kingdom.

The following table summarizes

non-current

assets by geographical area:


	June 30, 2019		December 31, 2018
United States	$	13,805,275	$	454,568
United Kingdom		26,395,568		21,788,130

	$	40,200,843	$	22,242,698

Accounting Pronouncements Recently Adopted

In February 2016, the FASB issued ASU

No. 2016-02,

Leases

(“ASC 842” or “ASU

2016-02”).

The amended guidance requires lessees to recognize lease liabilities and

right-of-use

assets. In July 2018, the FASB issued ASU

No. 2018-10,

which provided narrow amendments to ASU

2016-02

No. 2018-11,

which provides targeted improvements to ASU

2016-02

right-of-use

In October 2016, the FASB issued

ASU 2016-16, Income

Taxes (Topic 740):

Intra-Entity Transfers of Assets Other than Inventory

, or

ASU 2016-16, which

ASU 2016-16 did

not have a material impact on the current financial statements.

Recent Accounting Pronouncements Not Yet Adopted

In June 2016, the FASB issued ASU 2016-13,

Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments

Summary of Significant Accounting Policies and Recent Accounting Pronouncements (Tables)

6 Months Ended

Jun. 30, 2019

Accounting Policies [Abstract]

Company's Financial Assets and Liabilities Measured at Fair Value

The table below represents the values of the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis:


	Fair Value Measurement Using:
Description	June 30, 2019		Significant Observable Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable (Level 3)
Restricted cash	$	123,376	$	123,376	$	—	$	—


	Fair Value Measurement Using:
Description	December 31, 2018		Significant Observable Inputs (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable (Level 3)
Restricted cash	$	123,376	$	123,376	$	—	$	—

Schedule of change in asset retirement obligations

The change in asset retirement obligations is as follows:


	June 30, 2019			December 31, 2018
Balance at beginning of period	$	128,119		$	178,419
Additional asset retirement obligations during the period		—			69,286
Amortization of interest		5,277			(38,301	)
Change in estimate		—			(99,090	)
Effects of exchange rate		(550	)		17,805

Balance at end of period	$	132,846		$	128,119

Summary of Non-Current Assets by Geographical Area

The following table summarizes

non-current

assets by geographical area:


	June 30, 2019		December 31, 2018
United States	$	13,805,275	$	454,568
United Kingdom		26,395,568		21,788,130

	$	40,200,843	$	22,242,698

Share-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2019

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Summary of Company's Share Option Activity Related to Employees, Non-Employee Members of the Board of Directors and Non-Employee Consultants

A summary of the Company’s share option activity related to employees,

non-employee

members of the board of directors and

non-employee

consultants as of and for the six-month period ended June 30, 2019 is as follows:


	Number of Options			Weighted- Average Exercise Price			Aggregate Instrinsic Value
Outstanding at December 31, 2018		3,254,365		$	7.64		$	6,903,313
Granted		305,000			16.88
Exercised		(225	)		(5.63	)
Expired		—			—
Forfeited		(11,319	)		(9.17	)

Outstanding at June 30, 2019		3,547,821		$	6.06		$	69,697,424

Weighted average remaining contractual life of options outstanding as of December 31, 2018 (yrs)		9.24

Weighted average remaining contractual life of options outstanding as of June 30, 2019 (yrs)		8.83

Options exercisable at December 31, 2018		535,241		$	5.79

Options exercisable at June 30, 2019		996,279		$	6.06

Weighted average remaining contractual life of options exercisable as of December 31, 2018 (yrs)		7.88

Weighted average remaining contractual life of options exercisable as of June 30, 2019 (yrs)		7.88

Schedule of Grant Date Fair Values of the Stock Option Granted

The grant date fair values of the share options granted were estimated using the Black-Scholes option valuation model with the following ranges of assumptions:


	2019	2018
Risk-free interest rate	2.03 - 2.55%	2.32% - 2.84%
Expected volatility	90%	90%
Expected dividend yield	0%	0%
Expected life (in years)	6.1	5.5 - 9.5

Summary of Restricted Ordinary Shares

A summary of the restricted ordinary shares is as follows:


	Ordinary Shares			$ Value
Non-vested at December 31, 2018		653,174		$	9,797,610
Vested during six-month period ended June 30, 2019		(217,724	)		(3,265,860	)

Non-vested at June 30, 2019		435,450		$	6,531,750

Schedule of Share Based Compensation Expense

During the three-month and

six-month


	Three-month periods ended June 30,
	2019		2018
Research and development	$	862,971	$	1,045,561
General and administrative		3,523,152		7,318,224

Total share based compensation	$	4,386,123	$	8,363,785


	Six-month periods ended June 30,
	2019		2018
Research and development	$	1,697,285	$	1,890,511
General and administrative		5,623,829		10,743,045

Total share based compensation	$	7,321,114	$	12,633,556

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2019

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss per Share

Basic and diluted net loss per ordinary share is computed as follows:


	Three-month periods ended June 30,
	2019			2018
Net loss—basic and diluted	$	(20,822,412	)	$	(29,980,832	)
Accretion of Preferred Shares financing costs		—			(666,567	)
Accretion of warrant		—			(475,227	)

Adjusted net loss - basic and diluted	$	(20,822,412	)	$	(31,122,626	)

Weighted-average ordinary shares outstanding:
Basic and Diluted		32,827,029			13,611,452
Net loss per share:
Basic and Diluted	$	(0.63	)	$	(2.29	)


	Six-month periods ended June 30,
	2019			2018
Net loss—basic and diluted	$	(38,804,330	)	$	(46,384,185	)
Accretion of Preferred Shares financing costs		—			(761,012	)
Accretion of warrant		—			(1,045,500	)

Adjusted net loss - basic and diluted	$	(38,804,330	)	$	(48,190,697	)

Weighted-average ordinary shares outstanding:
Basic and Diluted		30,814,639			11,280,804
Adjusted net loss per ordinary share:
Basic and Diluted	$	(1.26	)	$	(4.27	)

Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share

The following securities are considered to be ordinary share equivalents, but were not included in the computation of diluted net loss per ordinary share because to do so would have been anti-dilutive:


	June 30, 2019		June 30, 2018
Restricted ordinary shares subject to forfeiture		435,450		870,898
Share options		3,547,821		1,614,322

		3,983,271		2,485,220

Leases (Tables)

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Schedule of Components of Lease Cost

The components of lease cost for the three-month and

six-month

periods ended June 30, 2019 are as follows:


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Finance lease cost
Amortization of right-of-use assets	$	68,956	$	154,371
Interest on lease liabilities		439		992

		69,395		155,363
Operating lease cost		6,741		13,366
Short-term lease cost		128,641		257,126

Total lease cost	$	204,777	$	425,855

Schedule of Condensed Consolidated Balance Sheets for Leases

Amounts reported in the condensed consolidated balance sheets for leases where we are the lessee as of the period ended June 30, 2019 were as follows:


	June 30, 2019
Operating leases
Right-of-Use Asset	$	16,850,122
Lease Obligations	$	17,031,932
Finance leases
Right-of-Use Asset	$	6,970,419
Lease Obligations	$	20,930
Weighted-average remaining lease term
Operating leases		11.9 years
Finance leases		107.5 years
Weighted-average discount rate
Operating leases		8.7	%
Finance leases		6.9	%

Schedule of Other Information Related to Leases

Other information related to leases as of the three-month and

six-month

periods ended June 30, 2019 are as follows:


	Three Months Ended June 30, 2019		Six Months Ended June 30, 2019
Cash paid for amounts included in the measurement of lease obligations
Operating cash flows from finance leases	$	6,741	$	13,366
Operating cash flows from operating leases		270,538		491,816
Financing cash flows from finance leases		439		992
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	13,623,007	$	16,994,156
Finance leases		—		—

Schedule of Future Minimum Lease Payments Under Non-cancellable Leases

Future minimum lease payments under

non-cancellable

leases as of June 30, 2019 are as follows:


	Operating Leases			Finance Leases
2019	$	1,373,090		$	14,357
2020		3,279,005			7,179
2021		3,363,188			—
2022		2,856,073			—
2023		2,924,796			—
Thereafter		9,190,429			—

Total undiscounted lease payments	$	22,986,581		$	21,536
Less: Imputed interest		(5,954,649	)		(606	)

Total lease obligations	$	17,031,932		$	20,930

Organization and Basis of Presentation - Additional Information (Detail) - USD ($)	1 Months Ended	6 Months Ended
	Jan. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Schedule Of Description Of Business [Line Items]
Accumulated deficit		$ (187,094,046)		$ (148,289,717)
Cash flows from operations		60,421,867	$ (36,425,351)
Cash and cash equivalents		$ 204,273,017		$ 68,080,175
Collaboration Option And License Agreement [Member] \| Minimum [Member] \| JJDC [Member]
Schedule Of Description Of Business [Line Items]
Offsetting expense, period		12 months
Collaboration Option And License Agreement [Member] \| Janssen Pharmaceuticals Inc [Member]
Schedule Of Description Of Business [Line Items]
Upfront payment	$ 100,000,000	$ 100,000,000

Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Additional Information (Detail) - USD ($)		6 Months Ended
	Jan. 01, 2019	Jun. 30, 2019	Dec. 31, 2018
Discount rate	8.00%
Reclassification from property and equipment of fully paid lease	$ 7,321,251
Lease Obligations Non Current	$ 3,716,336	$ 15,392,543	$ 7,097
Janssen Pharmaceuticals Inc [Member]
Percentage of costs payable on annual net sales of licensed product statement		100.00%

Summary of Significant Accounting Policies - Schedule of Change in Asset Retirement Obligations (Detail) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Asset Retirement Obligation [Abstract]
Balance at beginning of period	$ 128,119	$ 178,419	$ 178,419
Additional asset retirement obligations during the period			69,286
Amortization of interest	5,277	$ 7,322	(38,301)
Change in estimate			(99,090)
Effects of exchange rate	(550)		17,805
Balance at end of period	$ 132,846		$ 128,119

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Payables and Accruals [Abstract]
Clinical Trial Costs	$ 5,675,569	$ 4,013,094
Consulting	994,051	821,009
Professional Fees	871,198	914,540
Compensation and Benefits	823,444	5,731,438
Rent	374,543	122,770
Research and Development	173,907	236,271
Interest	53,560	40,800
Other	610,035	111,775
Accrued expenses	$ 9,576,307	$ 11,991,697

Share Based Compensation - Additional Information (Detail) - USD ($)			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 07, 2018	Mar. 01, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fair value of options Vested			$ 2,483,808	$ 247,202	$ 3,874,750	$ 556,349
Share options granted during the period					305,000
Weighted average remaining contractual life of options outstanding					8 years 9 months 29 days		9 years 2 months 26 days
Share based compensation					$ 7,321,114	12,633,556
Excess Tax Benefit from Share-based Compensation, Operating Activities					0	0
Excess Tax Benefit from Share-based Compensation, Financing Activities					$ 0	0
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average remaining contractual life of options outstanding					10 years
Ordinary shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Fully-diluted outstanding shares		3.00%
Share based compensation		$ 3,096,104				6,456,215
Ordinary shares, issued		550,162
Ordinary shares [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation						3,096,104
Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares	1,306,348
Ordinary shares forfeiture period								3 years
Ordinary shares awarded, per share	$ 15.00
Fully-diluted outstanding shares	5.00%
Share based compensation			4,112,927	13,620,866	$ 7,885,577	13,620,866
Restricted Shares [Member] \| General and Administrative Expense [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation			1,632,930	$ 6,531,750	3,265,860	$ 6,531,750
Restricted Shares [Member] \| Ordinary shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares								867,935
Employee and Non Employee Board of Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unvested options compensation expense			$ 20,844,252		$ 20,844,252
Share options granted during the period			255,000	0	305,000	675,685
Unvested options expected to be realized					4 years
Weighted average grant date fair value of options granted					$ 12.70	$ 5.63
Consultant [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares awarded, per share				$ 7.72		7.72
Employee [Member] \| Restricted Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares awarded, per share				$ 7.76		$ 7.76
First Anniversary [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting percentage					25.00%
Over Three Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting period					36 months

Share Based Compensation - Summary of Company's Share Option Activity Related to Employees, Non-Employee Members of the Board of Directors and Non-Employee Consultants (Detail)	6 Months Ended	12 Months Ended
	Jun. 30, 2019 USD ($) $ / shares shares	Dec. 31, 2018 USD ($) $ / shares shares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Number of options, Beginning balance \| shares	3,254,365
Number of options, Granted \| shares	305,000
Number of options, Exercised \| shares	(225)
Number of options, Expired \| shares	0
Number of options, Forfeited \| shares	(11,319)
Number of options, Ending balance \| shares	3,547,821	3,254,365
Weighted average remaining contractual life of options outstanding	8 years 9 months 29 days	9 years 2 months 26 days
Number of options, Options exercisable \| shares	996,279	535,241
Weighted average remaining contractual life of options exercisable	7 years 10 months 17 days	7 years 10 months 17 days
Weighted- average exercise price, beginning balance \| $ / shares	$ 7.64
Weighted- average exercise price, granted \| $ / shares	16.88
Weighted- average exercise price, exercised \| $ / shares	(5.63)
Weighted- average exercise price, expired \| $ / shares	0
Weighted- average exercise price, forfeited \| $ / shares	(9.17)
Weighted- average exercise price, ending balance \| $ / shares	6.06	$ 7.64
Weighted- average exercise price, option exercisable \| $ / shares	$ 6.06	$ 5.79
Aggregate Intrinsic Value \| $		$ 6,903,313
Aggregate Intrinsic Value, Options Exercisable \| $	$ 69,697,424

Share Based Compensation - Schedule of Grant Date Fair Values of the Stock Option Granted Black Scholes Valuation Model (Detail) - Employee and Non Employee Board of Directors [Member]	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	2.03%	2.32%
Risk-free interest rate	2.55%	2.84%
Expected volatility	90.00%	90.00%
Expected dividend yield	0.00%	0.00%
Expected life of non-employee options (in years)	6 years 1 month 6 days
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of non-employee options (in years)		5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life of non-employee options (in years)		9 years 6 months

Share Based Compensation - Summary of Restricted Ordinary Shares (Detail) - Restricted Shares [Member]	6 Months Ended
	Jun. 30, 2019 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Non-vested Ordinary Shares, Beginning Balance \| shares	653,174
Vested, Ordinary Shares \| shares	(217,724)
Non-vested Ordinary Shares, Ending Balance \| shares	435,450
Non-vested Value, Beginning Balance \| $	$ 9,797,610
Vested, Value \| $	(3,265,860)
Non-vested Value, Ending Balance \| $	$ 6,531,750

Share Based Compensation - Schedule of Share Based Compensation Expense (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share Based Compensation Expense [Line Items]
Total share based compensation	$ 4,386,123	$ 8,363,785	$ 7,321,114	$ 12,633,556
Research and Development Expenses [Member]
Share Based Compensation Expense [Line Items]
Total share based compensation	862,971	1,045,561	1,697,285	1,890,511
General and Administrative Expense [Member]
Share Based Compensation Expense [Line Items]
Total share based compensation	$ 3,523,152	$ 7,318,224	$ 5,623,829	$ 10,743,045

Ordinary Shares - Additional Information (Detail) - USD ($) $ in Millions				3 Months Ended	6 Months Ended
	Jul. 31, 2019	Mar. 21, 2019	Feb. 27, 2019	Mar. 31, 2019	Jun. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, shares issued					33,342,791	27,386,632
Private Placement [Member]
Class of Stock [Line Items]
Common stock, shares issued			5,797,102
Proceeds from issuance of private placement			$ 80.0
Offering costs			$ 2.4
JJDC [Member] \| Private Placement [Member]
Class of Stock [Line Items]
Common stock, shares issued			2,898,550
Ordinary shares [Member]
Class of Stock [Line Items]
Issuance of ordinary shares in connection with a license agreement, shares		158,832		158,832	158,832
Scenario, Forecast [Member] \| Private Placement [Member]
Class of Stock [Line Items]
Registration Payment Arrangement Liquidated Damages Percent	1.00%

Net Loss per Share - Schedule of Basic and Diluted Net Loss per Share (Detail) - USD ($)	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Earnings Per Share [Abstract]
Net loss—basic and diluted	$ (20,822,412)	$ (17,981,918)	$ (29,980,832)	$ (16,403,353)	$ (38,804,330)	$ (46,384,185)
Accretion of Preferred Shares financing costs			(666,567)			(761,012)
Accretion of warrant			(475,227)			(1,045,500)
Adjusted net loss - basic and diluted	$ (20,822,412)		$ (31,122,626)		$ (38,804,330)	$ (48,190,697)
Weighted-average ordinary shares outstanding:
Basic and Diluted	32,827,029		13,611,452		30,814,639	11,280,804
Adjusted net loss per ordinary share:
Basic and Diluted	$ (0.63)		$ (2.29)		$ (1.26)	$ (4.27)

- Definition

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

+ References + Details

Net Loss per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earning per share, amount	3,983,271	2,485,220
Restricted Shares [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earning per share, amount	435,450	870,898
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earning per share, amount	3,547,821	1,614,322

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018
Provision for Income Taxes	$ (91,390)	$ (91,390)	$ 0
Benefit For Income Tax [Member]
Deferred State and Local Income Tax Expense (Benefit)	91,390	91,390
Other Comprehensive Income [Member]
Deferred State and Local Income Tax Expense (Benefit)	$ 91,390	$ 91,390

Related Party Transactions - Additional Information (Detail)		1 Months Ended	3 Months Ended			6 Months Ended
	Mar. 15, 2018 Program	Jan. 30, 2019 USD ($)	Jun. 30, 2019 USD ($) shares	Mar. 31, 2019 USD ($)	Jun. 30, 2018 USD ($)	Jun. 30, 2019 USD ($) shares	Jun. 30, 2019 GBP (£) shares	Jun. 30, 2018 USD ($)	Oct. 31, 2020 USD ($)	Oct. 31, 2020 GBP (£)	Jun. 30, 2019 GBP (£) shares	Feb. 27, 2019 shares	Dec. 31, 2018 USD ($) shares
Related Party Transaction [Line Items]
Common stock, shares issued \| shares			33,342,791			33,342,791					33,342,791		27,386,632
License revenue - related party			$ 1,981,676			$ 2,766,636
Deferred research funding, amortization period			8 months			8 months	8 months
Research and development expenses			$ 9,771,754		$ 7,790,694	$ 22,747,983		$ 14,718,016
Issuance of ordinary shares in connection with a license agreement				$ 1,966,340
Total charges incurred			144,101		139,321	$ 284,894		282,167
Janssen Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Percentage of costs payable on annual net sales of licensed product statement						100.00%	100.00%
Collaboration Agreement [Member] \| Janssen Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Deferred research funding			658,667			$ 658,667
Collaboration Agreement [Member] \| Janssen Pharmaceuticals Inc [Member] \| Research and Development Expense [Member]
Related Party Transaction [Line Items]
Amortized of deferred research funding			192,076			444,399
LicenseAgreement [Member]
Related Party Transaction [Line Items]
Research and development expenses						$ 3,942,000
License agreement amendment description						On January 29, 2019, the Company amended and restated the following agreements: (i) the License Agreement, dated February 4, 2015, as amended, between the Company and UCL Business; (ii) the License Agreement, dated July 28, 2017, as amended, between the Company and UCL Business; and (iii) the License Agreement, dated March 15, 2018, between the Company and UCL Business to establish new stand-alone license agreements for the following inherited retinal disease programs: (a) achromatopsia (“ACHM”) caused by mutations in CNGB3; (b) ACHM caused by mutations in CNGA3; (c) X-linked retinitis pigmentosa (“XLRP”); and (d) RPE65-mediated IRD.	On January 29, 2019, the Company amended and restated the following agreements: (i) the License Agreement, dated February 4, 2015, as amended, between the Company and UCL Business; (ii) the License Agreement, dated July 28, 2017, as amended, between the Company and UCL Business; and (iii) the License Agreement, dated March 15, 2018, between the Company and UCL Business to establish new stand-alone license agreements for the following inherited retinal disease programs: (a) achromatopsia (“ACHM”) caused by mutations in CNGB3; (b) ACHM caused by mutations in CNGA3; (c) X-linked retinitis pigmentosa (“XLRP”); and (d) RPE65-mediated IRD.
License arrangement upfront payment						$ 1,976,000	£ 1,500,000
Issuance of ordinary shares in connection with a license agreement, shares \| shares						158,832	158,832
Issuance of ordinary shares in connection with a license agreement						$ 1,966,000	£ 1,500,000
Payments for research and development expenses agreement			0		135,204	4,111,876		219,863
Transition Services Agreement with Related Party [Member] \| Kadmon [Member]
Related Party Transaction [Line Items]
Cash payment			144,101		145,887	284,894		1,143,304
Clinical Collaborative Arrangement [Member] \| Janssen Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Commercial milestone payments		$ 340,000,000
Percentage of royalties payable on annual net sales of licensed product statement		20.00%
Percentage of costs payable on annual net sales of licensed product statement		100.00%
Research Collaborative Arrangement [Member] \| Janssen Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Percentage of costs payable on annual net sales of licensed product statement		100.00%
License revenue - related party			1,981,676			2,766,636
Revenue recognized			2,952,121			3,989,663
Deferred revenue associated with the non-refundable upfront fee, expected to be recognized			97,233,364			$ 97,233,364
Deferred revenue associated with the non-refundable upfront fee, expected to be recognition period						7 years 6 months	7 years 6 months
Collaboration Option And License Agreement [Member] \| Janssen Pharmaceuticals Inc [Member]
Related Party Transaction [Line Items]
Non-refundable upfront fee received		$ 100,000,000				$ 100,000,000
July 2016 Lease [Member]
Related Party Transaction [Line Items]
Operating lease expiration date						Dec. 31, 2021	Dec. 31, 2021
Operating leases rent expense payment description						The Company records monthly rent expense on a straight-line basis from July 1, 2016 through December 31, 2021.	The Company records monthly rent expense on a straight-line basis from July 1, 2016 through December 31, 2021.
Deferred rent			201,260			$ 201,260							$ 201,264
Operating lease rent expenses			121,888		121,890	243,776		243,780
Aggregate future minimum rental payments under operating lease			1,400,717			1,400,717
Letter of credit outstanding amount			122,866			$ 122,866
Private Placement [Member]
Related Party Transaction [Line Items]
Common stock, shares issued \| shares												5,797,102
Private Placement [Member] \| JJDC [Member]
Related Party Transaction [Line Items]
Common stock, shares issued \| shares												2,898,550
UCL Consultants Limited [Member] \| Research Agreement [Member]
Related Party Transaction [Line Items]
Agreement termination notice period						30 days	30 days
Research and development expenses			85,000		$ 183,000	$ 173,000		$ 372,000
Amount due under services agreement			544,225			544,225							$ 389,101
UCL Consultants Limited [Member] \| Scenario, Forecast [Member] \| Research Agreement [Member]
Related Party Transaction [Line Items]
Future obligations under agreement									$ 205,575	£ 165,880
UCL Business, PLC [Member] \| License Agreements Effective March 15, 2018 [Member] \| LicenseAgreement [Member]
Related Party Transaction [Line Items]
Number Of Collaborations Programs \| Program	8
Sales milestone payments			$ 51,500,000			51,500,000					£ 39,800,000
Maintenance fee						$ 65,000	£ 50,000

Related Party Transactions - Schedule of Future Minimum Rental Payments (Detail) - July 2016 Lease [Member]	Jun. 30, 2019 USD ($)
Related Party Transaction [Line Items]
2019	$ 272,448
2020	554,432
2021	573,837
Total future rent payments	$ 1,400,717

Leases - Additional Information (Detail)	3 Months Ended		6 Months Ended
Leases - Additional Information (Detail)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 GBP (£)	Jun. 30, 2019 USD ($)	Jun. 30, 2019 GBP (£)
Lessee, Lease, Description [Line Items]
Short term lease commitments	$ 80,000		$ 80,000
Right-of-Use Asset	16,850,122		16,850,122
Lease Obligations	17,031,932		17,031,932
Operating leases	13,623,007		16,994,156
New York Sublease [Member]
Lessee, Lease, Description [Line Items]
Right-of-Use Asset	12,200,000		12,200,000
Lease Obligations	12,200,000		12,200,000
Tudor Street Lease [Member]
Lessee, Lease, Description [Line Items]
Right-of-Use Asset \| £				£ 1,200,000
Operating leases			$ 1,500,000
Operating lease cash payments	54,000	£ 42,600
Rent expense under operating lease agreements	$ 54,000	£ 42,600
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lease term			3 years
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lease term			108 years

Leases - Schedule of Components of Lease Cost (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Finance Lease, Cost [Abstract]
Amortization of right-of-use assets	$ 68,956	$ 154,371
Interest on lease liabilities	439	992
Finance lease cost	69,395	155,363
Operating lease cost	6,741	13,366
Short-term lease cost	128,641	257,126
Total lease cost	$ 204,777	$ 425,855

Leases - Schedule of Condensed Consolidated Balance Sheets for Leases (Detail)	Jun. 30, 2019 USD ($)
Operating leases
Right-of-Use Asset	$ 16,850,122
Lease Obligations	17,031,932
Finance leases
Right-of-Use Asset	6,970,419
Lease Obligations	$ 20,930
Weighted-average remaining lease term
Operating leases	11 years 10 months 24 days
Finance leases	107 years 6 months
Weighted-average discount rate
Operating leases	8.70%
Finance leases	6.90%

Leases - Schedule of Other Information Related to Leases (Detail) - USD ($)	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Cash paid for amounts included in the measurement of lease obligations
Operating cash flows from finance leases	$ 6,741	$ 13,366
Operating cash flows from operating leases	270,538	491,816
Financing cash flows from finance leases	439	992
Right-of-use assets obtained in exchange for lease obligations
Operating leases	13,623,007	16,994,156
Finance leases	$ 0	$ 0

Leases - Schedule of Future Minimum Lease Payments Under Non-cancellable Leases (Detail)	Jun. 30, 2019 USD ($)
Operating Leases
2019	$ 1,373,090
2020	3,279,005
2021	3,363,188
2022	2,856,073
2023	2,924,796
Thereafter	9,190,429
Total undiscounted lease payments	22,986,581
Less: Imputed interest	(5,954,649)
Total lease obligations	17,031,932
Finance Leases
2019	14,357
2020	7,179
2021	0
2022	0
2023	0
Thereafter	0
Total undiscounted lease payments	21,536
Less: Imputed interest	(606)
Total lease obligations	$ 20,930

Subsequent Events - Additional Information (Detail) £ in Millions	Aug. 31, 2019 USD ($)	Aug. 31, 2019 GBP (£)	Jun. 30, 2019 USD ($)
Restructuring Cost and Reserve [Line Items]
Right-of-Use Asset			$ 16,850,122
Lease Obligations			$ 17,031,932
Subsequent Event [Member]
Restructuring Cost and Reserve [Line Items]
Right-of-Use Asset \| £		£ 5.4
Lease Obligations	$ 6,900,000
Operating lease expiration date	Jul. 31, 2029

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS EQUITY (Parenthetical) - USD ($)	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Private Placement [Member]
Payments of Stock Issuance Costs	$ 2,426,953
IPO [Member]
Payments of Stock Issuance Costs		$ 9,541,530

Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Company's Financial Instruments Carried at Fair Value Measurements (Detail) - Fair Value, Measurements, Recurring [Member] - Restricted Cash [Member] - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Net Asset (Liability)	$ 123,376	$ 123,376
Fair Value, Inputs, Level 1 [Member]
Fair Value, Net Asset (Liability)	$ 123,376	$ 123,376

Summary of Significant Accounting Policies and Recent Accounting Pronouncements - Summary of Non-Current Assets by Geographical Area (Detail) - USD ($)	Jun. 30, 2019	Dec. 31, 2018
Non current assets	$ 40,200,843	$ 22,242,698
United States
Non current assets	13,805,275	454,568
United Kingdom
Non current assets	$ 26,395,568	$ 21,788,130