Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 24, 2014 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SGMO | |
Entity Registrant Name | SANGAMO BIOSCIENCES INC | |
Entity Central Index Key | 1001233 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 69,582,797 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $25,256 | $6,030 |
Marketable securities | 170,647 | 172,932 |
Interest receivable | 398 | 423 |
Accounts receivable | 6,638 | 10,368 |
Prepaid expenses | 587 | 623 |
Restricted cash | 320 | 320 |
Other current assets | 100 | 183 |
Total current assets | 203,946 | 190,879 |
Marketable securities, non-current | 29,822 | 47,260 |
Property and equipment, net | 2,995 | 1,479 |
Intangible assets, in-process research and development | 0 | 1,870 |
Goodwill | 1,585 | 1,585 |
Other assets | 157 | 139 |
Total assets | 238,505 | 243,212 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 6,806 | 8,704 |
Accrued compensation and employee benefits | 1,703 | 2,853 |
Escrow liability | 275 | 275 |
Deferred revenues | 11,184 | 9,050 |
Total current liabilities | 19,968 | 20,882 |
Deferred revenues, non-current | 11,049 | 13,149 |
Contingent consideration liability | 1,800 | |
Deferred tax liability | 748 | |
Total liabilities | 31,017 | 36,579 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value; 160,000,000 shares authorized, 69,497,256 and 69,062,394 shares issued and outstanding at March 31, 2015, and December 31, 2014, respectively | 695 | 690 |
Additional paid-in capital | 540,637 | 534,518 |
Accumulated deficit | -333,869 | -328,550 |
Accumulated other comprehensive income (loss) | 25 | -25 |
Total stockholders' equity | 207,488 | 206,633 |
Total liabilities and stockholders' equity | $238,505 | $243,212 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 160,000,000 | 160,000,000 |
Common stock, shares issued | 69,497,256 | 69,062,394 |
Common stock, shares outstanding | 69,497,256 | 69,062,394 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues: | ||
Collaboration agreements | $12,671 | $7,568 |
Research grants | 820 | 548 |
Total revenues | 13,491 | 8,116 |
Operating expenses: | ||
Research and development | 14,980 | 12,083 |
General and administrative | 4,732 | 3,644 |
Total operating expenses | 19,712 | 15,727 |
Loss from operations | -6,221 | -7,611 |
Interest and other income, net | 154 | 39 |
Loss before income taxes | -6,067 | -7,572 |
Benefit from income taxes | 748 | |
Net loss | ($5,319) | ($7,572) |
Basic and diluted net loss per share | ($0.08) | ($0.12) |
Shares used in computing basic and diluted net loss per share | 69,283 | 63,199 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | ($5,319) | ($7,572) |
Change in unrealized gain on available-for-sale securities | 50 | 9 |
Comprehensive loss | ($5,269) | ($7,563) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating Activities: | ||
Net loss | ($5,319) | ($7,572) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 147 | 123 |
Amortization of premium on marketable securities | 241 | 295 |
Stock-based compensation | 2,953 | 1,907 |
Change in fair value of contingent consideration liability | -1,800 | 50 |
Intangible impairment | 1,870 | |
Benefit from income taxes | -748 | |
Net changes in operating assets and liabilities: | ||
Interest receivable | 25 | -45 |
Accounts receivable | 3,730 | -2,205 |
Prepaid expenses and other assets | 101 | -71 |
Accounts payable and accrued liabilities | -2,477 | 1,732 |
Accrued compensation and employee benefits | -1,150 | -1,723 |
Deferred revenues | 34 | 18,888 |
Net cash provided by / (used in) operating activities | -2,393 | 11,379 |
Investing Activities: | ||
Purchases of marketable securities | -39,423 | -16,773 |
Maturities of marketable securities | 58,955 | 20,786 |
Purchases of property and equipment | -1,084 | -126 |
Net cash provided by investing activities | 18,448 | 3,887 |
Financing Activities: | ||
Proceeds from public offering of common stock, net of issuance costs | 93,786 | |
Taxes paid related to net share settlement of equity awards | -7 | |
Proceeds from issuance of common stock | 3,178 | 7,585 |
Net cash provided by financing activities | 3,171 | 101,371 |
Net increase in cash and cash equivalents | 19,226 | 116,637 |
Cash and cash equivalents, beginning of period | 6,030 | 10,186 |
Cash and cash equivalents, end of period | 25,256 | 126,823 |
Supplemental disclosure of noncash investing activities: | ||
Property, plant and equipment included in accrued liabilities | $579 |
Basis_of_Presentation_and_Summ
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation and Summary of Significant Accounting Policies | NOTE 1—BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | ||
The accompanying unaudited condensed consolidated financial statements of Sangamo BioSciences, Inc. (“Sangamo” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The condensed consolidated balance sheet data at December 31, 2014 were derived from the audited consolidated financial statements included in Sangamo’s Form 10-K for the year ended December 31, 2014, as filed with the SEC. These financial statements should be read in conjunction with the financial statements and footnotes thereto for the year ended December 31, 2014, included in Sangamo’s Form 10-K, as filed with the SEC. | ||
Use of Estimates | ||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to revenue recognition, clinical trial accruals, fair value measurements, business combinations including the fair value of the contingent consideration liability for payments to former Ceregene, Inc. (Ceregene) stockholders and intangible assets related to the acquisition of Ceregene, and stock-based compensation. Estimates are based on historical experience and on various other market specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | ||
Revenue Recognition | ||
Revenues from research activities made under strategic partnering agreements and collaborations are recognized as the services are provided when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Revenue generated from research and licensing agreements typically includes upfront signing or license fees, cost reimbursements, research services, minimum sublicense fees, milestone payments and royalties on future licensee’s product sales. | ||
Multiple Element Arrangements prior to the adoption of ASU No. 2009-13, Revenue Recognition—Multiple Deliverable Revenue Arrangements (ASU 2009-13). For revenue arrangements entered into before January 1, 2011, that include multiple deliverables, the elements of such agreements were divided into separate units of accounting if the deliverables met certain criteria, including whether the fair value of the delivered items could be determined and whether there was evidence of fair value of the undelivered items. In addition, the consideration was allocated among the separate units of accounting based on their fair values, and the applicable revenue recognition criteria are considered separately for each of the separate units of accounting. Prior to the adoption of ASU 2009-13, the Company recognized nonrefundable signing, license or non-exclusive option fees as revenue when rights to use the intellectual property related to the license were delivered and over the period of performance obligations if the Company had continuing performance obligations. The Company estimated the performance period at the inception of the arrangement and reevaluated it each reporting period. Changes to these estimates were recorded on a prospective basis. | ||
Multiple Element Arrangements after the adoption of ASU 2009-13. ASU 2009-13 amended the accounting standards for certain multiple element revenue arrangements to: | ||
· | provide updated guidance on whether multiple elements exist, how the elements in an arrangement should be separated, and how the arrangement consideration should be allocated to the separate elements; | |
· | require an entity to allocate arrangement consideration to each element based on a selling price hierarchy where the selling price for an element is based on vendor-specific objective evidence (VSOE), if available; third-party evidence (TPE), if available and VSOE is not available; or the best estimate of selling price (ESP), if neither VSOE nor TPE is available; and | |
· | eliminate the use of the residual method and require an entity to allocate arrangement consideration using the relative selling price method. | |
For revenue agreements with multiple element arrangements, such as license and development agreements, entered into on or after January 1, 2011, the Company allocates revenue to each non-contingent element based on the relative selling price of each element. When applying the relative selling price method, the Company determines the selling price for each deliverable using VSOE of selling price or TPE of selling price. If neither exists, the Company uses ESP for that deliverable. Revenue allocated is then recognized when the basic four revenue recognition criteria are met for each element. The collaboration and license agreements entered into with Shire International GmbH, formerly Shire AG (Shire), in January 2012 and Biogen Inc., formerly Biogen Idec Inc. (Biogen) in January 2014 were evaluated under these amended accounting standards. | ||
Additionally, the Company may be entitled to receive certain milestone payments which are contingent upon reaching specified objectives. These milestone payments are recognized as revenue in full upon achievement of the milestone if there is substantive uncertainty at the date the arrangement is entered into that the objectives will be achieved and if the achievement is based on the Company’s performance. | ||
Minimum annual sublicense fees are also recognized as revenue in the period in which such fees are due. Royalty revenues are generally recognized when earned and collectability of the related royalty payment is reasonably assured. The Company recognizes cost reimbursement revenue under collaborative agreements as the related research and development costs for services are rendered. Deferred revenue represents the portion of research or license payments received which have not been earned. | ||
Sangamo’s research grants are typically multi-year agreements and provide for the reimbursement of qualified expenses for research and development as defined under the terms of the grant agreement. Revenue under grant agreements is recognized when the related qualified research expenses are incurred to the extent such amounts have been agreed to with the respective collaboration partner. | ||
Recent Accounting Standards | ||
In August 2014 the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, companies will have reduced diversity in the timing and content of footnote disclosures than under the current guidance. ASU 2014-15 is effective for the Company in the first quarter of 2016 with early adoption permitted. The Company does not believe the impact of adopting ASU 2014-15 on its consolidated financial statements will be material. | ||
In May 2014 the Financial Accounting Standards Board issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09). This standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The main principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 provides companies with two implementation methods: (i) apply the standard retrospectively to each prior reporting period presented (full retrospective application); or (ii) apply the standard retrospectively with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application (modified retrospective application). This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. The Company is currently in the process of evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements. |
Fair_Value_Measurement
Fair Value Measurement | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurement | NOTE 2—FAIR VALUE MEASUREMENT | ||||||||||||||||
The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, available-for sale-securities and the contingent consideration liability. The fair value of these assets and contingent liability was determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||
Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and | |||||||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |||||||||||||||||
The fair value measurements of our cash equivalents, available-for-sale marketable securities and contingent consideration liability are identified at the following levels within the fair value hierarchy (in thousands): | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 17,089 | $ | 17,089 | $ | — | $ | — | |||||||||
Total | 17,089 | 17,089 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper securities | 31,148 | — | 31,148 | — | |||||||||||||
Corporate debt securities | 23,266 | — | 23,266 | — | |||||||||||||
U.S. government sponsored entity debt securities | 146,055 | — | 146,055 | — | |||||||||||||
Total | 200,469 | — | 200,469 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 217,558 | $ | 17,089 | $ | 200,469 | $ | — | |||||||||
31-Dec-14 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 3,182 | $ | 3,182 | $ | — | $ | — | |||||||||
Total | 3,182 | 3,182 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper securities | 33,748 | — | 33,748 | — | |||||||||||||
Corporate debt securities | 22,813 | — | 22,813 | — | |||||||||||||
U.S. government sponsored entity debt securities | 163,631 | — | 163,631 | — | |||||||||||||
Total | 220,192 | — | 220,192 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 223,374 | $ | 3,182 | $ | 220,192 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration liability | $ | 1,800 | $ | — | $ | — | $ | 1,800 | |||||||||
Total | $ | 1,800 | $ | — | $ | — | $ | 1,800 | |||||||||
Investments | |||||||||||||||||
The Company generally classifies its debt instruments as Level 2. Instruments can be classified as Level 2 when observable market prices for identical securities that are traded in less active markets are used. When observable market prices for identical securities are not available, such instruments are priced using benchmark curves, benchmarking of like securities, sector groupings, matrix pricing and valuation models. These valuation models are proprietary to the pricing providers or brokers and incorporate a number of inputs, including, listed in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. For certain security types, additional inputs may be used, or some of the standard inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on any given day. | |||||||||||||||||
Contingent Consideration Liability | |||||||||||||||||
In October 2013, the Company acquired Ceregene and recorded a liability for the estimated fair value of contingent consideration payments to former Ceregene stockholders, as outlined under the terms of the merger agreement with Ceregene. These contingent payments are owed if the Company grants a third-party license to develop and commercialize certain product candidates acquired from Ceregene, or if the Company commercializes any of such product candidates itself. The fair value of this liability is estimated using a probability-weighted discounted cash flow analysis. Such valuations require significant estimates and assumptions including but not limited to: determining the timing and estimated costs to complete the in-process projects, projecting regulatory approvals, estimating future cash flows and developing appropriate discount rates. The Company has classified this liability as Level 3. | |||||||||||||||||
Subsequent changes in the fair value of this contingent consideration liability are recorded to the research and development (R&D) expense line item in the Condensed Consolidated Statements of Operations as operating expenses. During the three months ended March 31, 2015, the recognized amount of the liability for contingent consideration decreased by $1.8 million due to the decrease in the probability of incurring potential future royalty payments associated with the impairment of the in-process research and development (IPR&D) assets acquired from Ceregene (see Note 6). | |||||||||||||||||
Fair value as of December 31, 2014 | $ | 1,800 | |||||||||||||||
Change in fair value | (1,800 | ) | |||||||||||||||
Fair value as of March 31, 2015 | $ | - | |||||||||||||||
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||
Marketable Securities | NOTE 3—MARKETABLE SECURITIES | ||||||||||||||||
Sangamo generally classifies its marketable securities as available-for-sale and records its investments at fair value. Available-for-sale securities are carried at estimated fair value, with the unrealized holding gains and losses included in accumulated other comprehensive income. Investments that have maturities beyond one year as of the end of the reporting period are classified as non-current. The Company’s investments are subject to a periodic impairment review, and the Company recognizes an impairment charge when a decline in the fair value of its investments below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time and extent to which the fair value has been less than the Company’s cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in the market value. | |||||||||||||||||
The table below summarizes the Company’s investments (in thousands): | |||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | (Losses) | Fair Value | ||||||||||||||
31-Mar-15 | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 17,089 | $ | — | $ | — | $ | 17,089 | |||||||||
Total | 17,089 | — | — | 17,089 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Commercial paper securities | $ | 31,121 | $ | 27 | $ | — | $ | 31,148 | |||||||||
Corporate debt securities | 23,261 | 5 | — | 23,266 | |||||||||||||
U.S. government sponsored entity debt securities | 146,062 | — | (7 | ) | 146,055 | ||||||||||||
Total | 200,444 | 32 | (7 | ) | 200,469 | ||||||||||||
Total cash equivalents and available-for-sale securities | $ | 217,533 | $ | 32 | $ | (7 | ) | $ | 217,558 | ||||||||
31-Dec-14 | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 3,182 | $ | — | $ | — | $ | 3,182 | |||||||||
Total | 3,182 | — | — | 3,182 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Commercial paper securities | $ | 33,715 | $ | 33 | $ | — | $ | 33,748 | |||||||||
Corporate debt securities | 22,831 | — | (18 | ) | 22,813 | ||||||||||||
U.S. government sponsored entity debt securities | 163,671 | — | (40 | ) | 163,631 | ||||||||||||
Total | 220,217 | 33 | (58 | ) | 220,192 | ||||||||||||
Total cash equivalents and available-for-sale securities | $ | 223,399 | $ | 33 | $ | (58 | ) | $ | 223,374 | ||||||||
The Company had no other-than-temporary impairments of its investments for the three months ended March 31, 2015 or the twelve months ended December 31, 2014. |
Basic_and_Diluted_Net_Loss_Per
Basic and Diluted Net Loss Per Share | 3 Months Ended |
Mar. 31, 2015 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Loss Per Share | NOTE 4—BASIC AND DILUTED NET LOSS PER SHARE |
Basic net loss per share has been computed by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing net loss by the weighted average number of shares of common stock and potential dilutive securities outstanding during the period. | |
Because Sangamo is in a net loss position, diluted net loss per share excludes the effects of common stock equivalents consisting of stock options, which are anti-dilutive. The total number of shares subject to stock options outstanding excluded from consideration in the calculation of diluted net loss per share for the three months ended March 31, 2015 and 2014 were 7,624,600 and 7,302,366, respectively. |
Major_Customers_Partnerships_a
Major Customers, Partnerships and Strategic Alliances | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |||||||||
Major Customers, Partnerships and Strategic Alliances | NOTE 5—MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES | ||||||||
Collaboration Agreements | |||||||||
Collaboration and License Agreement with Biogen Inc. in Human Therapeutics | |||||||||
In January 2014 Sangamo entered into a Global Research, Development and Commercialization Collaboration and License Agreement (the “Biogen Agreement”) with Biogen, pursuant to which Sangamo and Biogen collaborate to discover, develop, seek regulatory approval for and commercialize therapeutics based on Sangamo’s zinc finger DNA-binding protein (ZFP) technology for hemoglobinopathies, including beta-thalassemia and sickle cell disease (SCD). | |||||||||
Under the Biogen Agreement, Sangamo and Biogen jointly conduct two research programs: the beta-thalassemia program and the SCD program. For the beta-thalassemia program, Sangamo is responsible for all discovery, research and development activities through the first human clinical trial for the first ZFP Therapeutic developed under the Biogen Agreement for the treatment of beta-thalassemia. For the SCD program, both parties are responsible for research and development activities through the submission of an Investigational New Drug (IND) application for ZFP Therapeutics intended to treat SCD. For both programs, Biogen is responsible for subsequent world-wide clinical development, manufacturing and commercialization of licensed products developed under the Biogen Agreement. At the end of specified research terms for each program or under certain specified circumstances, Biogen retains the right to step in and take over any remaining activities of Sangamo. Furthermore, Sangamo has an option to co-promote in the United States any licensed product to treat beta-thalassemia and SCD developed under the Biogen Agreement, and Biogen agrees to compensate Sangamo for such co-promotion activities. | |||||||||
Sangamo received an upfront license fee of $20.0 million upon entering into the Biogen Agreement. In addition, the Company will also be eligible to receive $126.3 million in payments upon the achievement of specified research, regulatory, clinical development milestones, as well as $167.5 million in payments upon the achievement of specified commercialization and sales milestones. Biogen reimburses Sangamo for agreed upon costs incurred in connection with research and development activities conducted by Sangamo. In addition, Sangamo is eligible to receive contingent payments upon the achievement of specified regulatory, clinical development, commercialization and sales milestones. The total amount of potential regulatory, clinical development, commercialization and sales contingent payments, assuming the achievement of all specified milestone events in the Biogen Agreement, is $293.8 million, including Phase 1 contingent payments of $7.5 million for each of the beta-thalassemia and SCD programs. In addition, if products are commercialized under the Biogen Agreement, Biogen will pay Sangamo incremental royalties for each licensed product that are a tiered double-digit percentage of annual net sales of such product. To date, no milestone payments have been received and no products have been approved and therefore no royalty fees have been earned under the Biogen Agreement. | |||||||||
All contingent payments under the Biogen Agreement, when earned, will be non-refundable and non-creditable. The Company has evaluated the contingent payments under the Biogen Agreement based on the authoritative guidance for research and development milestones and determined that certain of these payments meet the definition of a milestone and that all such milestones are evaluated to determine if they are considered substantive milestones. Milestones are considered substantive if they are related to events (i) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (ii) for which there was substantive uncertainty at the date the agreement was entered into that the event would be achieved and (iii) that would result in additional payments being due to the Company. Accordingly, consideration received for the achievement of milestones that are determined to be substantive will be recognized as revenue in their entirety in the period when the milestones are achieved and collectability is reasonably assured. Revenue for the achievement of milestones that are not substantive will be recognized over the remaining period of the Biogen Agreement, assuming all other applicable revenue recognition criteria have been met. | |||||||||
Subject to the terms of the Biogen Agreement, Sangamo grants Biogen an exclusive, royalty-bearing license, with the right to grant sublicenses, to use certain ZFP and other technology controlled by Sangamo for the purpose of researching, developing, manufacturing and commercializing licensed products developed under the Biogen Agreement. Sangamo also grants Biogen a non-exclusive, world-wide, royalty free, fully paid license, with the right to grant sublicenses, of Sangamo’s interest in certain other intellectual property developed pursuant to the Biogen Agreement. | |||||||||
The Company has identified the deliverables within the arrangement as a license to the technology and on-going research services activities. The Company has concluded that the license is not a separate unit of accounting as it does not have stand-alone value to Biogen apart from the research services to be performed pursuant to the Biogen Agreement. As a result, the Company will recognize revenue from the upfront payment on a straight-line basis over a forty-month estimated initial research term during which the Company will perform research services. As of March 31, 2015, the Company has deferred revenue of $14.1 million related to the Biogen Agreement. | |||||||||
Revenues recognized under the agreement with Biogen for the three months ended March 31, 2015 and 2014 are as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenue related to Biogen Collaboration: | |||||||||
Recognition of upfront fee | $ | 1,523 | $ | 660 | |||||
Research services | 1,533 | 423 | |||||||
Total | $ | 3,056 | $ | 1,083 | |||||
Related costs and expenses incurred under the Biogen agreement related to the beta-thalassemia project, which is co-funded with California Institute for Regenerative Medicine (CIRM), were $1.4 million and $1.3 million during the three months ended March 31, 2015 and 2014, respectively. Related costs and expenses for other projects including sickle cell disease under the Biogen agreement were $1.1 million and $0.0 million during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
Collaboration and License Agreement with Shire International GmbH in Human Therapeutics and Diagnostics | |||||||||
In January 2012 the Company entered into a collaboration and license agreement (the “Shire Agreement”) with Shire, pursuant to which the Company and Shire collaborate to research, develop and commercialize human therapeutics and diagnostics for monogenic diseases based on Sangamo’s novel ZFP technology. Under the Shire Agreement, the Company and Shire may develop potential human therapeutic or diagnostic products for seven gene targets. The initial four gene targets selected were blood clotting Factors VII, VIII, IX and X, and products developed for such initial gene targets will be used for treating or diagnosing hemophilia. In June 2012, Shire selected a fifth gene target for the development of a ZFP Therapeutic for Huntington’s disease. Shire has the right, subject to certain limitations, to designate two additional gene targets. Pursuant to the Shire Agreement, the Company granted Shire an exclusive, world-wide, royalty-bearing license, with the right to grant sublicenses, to use Sangamo’s ZFP technology for the purpose of developing and commercializing human therapeutic and diagnostic products for the gene targets. The initial research term of the Shire Agreement is six years and is subject to extensions upon mutual agreement and under other specified circumstances. | |||||||||
Under the terms of the Shire Agreement, the Company is responsible for all research activities through the submission of an IND or European Clinical Trial Application (CTA), while Shire is responsible for clinical development and commercialization of products generated from the research program from and after the acceptance of an IND or CTA for the product. Shire reimburses Sangamo for agreed upon internal and external program-related research costs. | |||||||||
The Company received an upfront license fee of $13.0 million upon entering into the Shire Agreement. In addition, the Company will also be eligible to receive $33.5 million in payments upon the achievement of specified research, regulatory, clinical development milestones, including payments for each gene target through the acceptance of an IND or CTA submission totaling $8.5 million, as well as $180 million in payments upon the achievement of specified commercialization and sales milestones. The Company will also be eligible to receive royalty payments that are a tiered double-digit percentage of net sales of licensed product sold by Shire or its sublicensees developed under the collaboration, if any. To date, no products have been approved and therefore no royalty fees have been earned under the Shire Agreement. | |||||||||
All contingent payments under the Shire Agreement, when earned, will be non-refundable and non-creditable. The Company has evaluated the contingent payments under the Shire Agreement based on the authoritative guidance for research and development milestones and determined that certain of these payments meet the definition of a milestone and that all such milestones are evaluated to determine if they are considered substantive milestones. Milestones are considered substantive if they are related to events (i) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (ii) for which there was substantive uncertainty at the date the agreement was entered into that the event would be achieved and (iii) that would result in additional payments being due to the Company. Accordingly, revenue for the achievement of milestones that are determined to be substantive will be recognized in their entirety in the period the milestones are achieved and collectability is reasonably assured. Revenue for the achievement of milestones that are not substantive will be recognized over the remaining period of the Shire Agreement, assuming all other applicable revenue recognition criteria have been met. In 2014 Sangamo recognized a $1.0 million milestone payment related to our hemophilia program. | |||||||||
The Company has identified the deliverables within the arrangement as a license to the technology and on-going research services activities. The Company has concluded that the license is not a separate unit of accounting as it does not have stand-alone value to Shire apart from the research services to be performed pursuant to the Shire Agreement. As a result, the Company will recognize revenue from the upfront payment on a straight-line basis over a six-year initial research term during which the Company will perform research services. As of March 31, 2015, the Company has deferred revenue of $6.8 million related to the Shire Agreement. | |||||||||
Revenues recognized under the agreement with Shire for the three months ended March 31, 2015 and 2014, were as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenue related to Shire Collaboration: | |||||||||
Recognition of upfront fee | $ | 542 | $ | 542 | |||||
Research services | 4,522 | 4,979 | |||||||
Total | $ | 5,064 | $ | 5,521 | |||||
Related costs and expenses incurred under the Shire agreement were $4.5 million and $4.8 million during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
Agreement with Sigma-Aldrich Corporation in Laboratory Research Reagents, Transgenic Animal and Commercial Protein Production Cell-line Engineering | |||||||||
In July 2007 Sangamo entered into a license agreement (the “Sigma Agreement”) with Sigma-Aldrich Corporation (Sigma). Under the Sigma Agreement, Sangamo agreed to provide Sigma with access to our proprietary ZFP technology and the exclusive right to use the technology to develop and commercialize research reagent products and services in the research field, excluding certain agricultural research uses that Sangamo previously licensed to Dow AgroSciences LLC (DAS). Under the Sigma Agreement, Sangamo and Sigma agreed to conduct a three-year research program to develop laboratory research reagents using Sangamo’s ZFP technology during which time Sangamo agreed to assist Sigma in connection with its efforts to market and sell services employing the Company’s ZFP technology in the research field. Sangamo has transferred its ZFP manufacturing technology to Sigma. | |||||||||
In October 2009 Sangamo expanded the Sigma Agreement. In addition to the original terms of the Sigma Agreement, Sigma received exclusive rights to develop and distribute ZFP-modified cell lines for commercial production of protein pharmaceuticals and certain ZFP-engineered transgenic animals for commercial applications. Under the terms of the Sigma Agreement as expanded in 2009, Sigma made an upfront cash payment of $20.0 million consisting of a $4.9 million purchase of 636,133 shares of Sangamo common stock and a $15.1 million upfront license fee. The upfront license fee was recognized on a straight-line basis from the effective date of the expanded license through July 2010, which represents the period over which Sangamo was obligated to perform research services for Sigma. Sangamo is also eligible to receive commercial license fees of $5.0 million based upon a percentage of net sales. As of March 31, 2015 Sangamo has received the entire $5.0 million of commercial license fees and is eligible to receive royalty payments of 10.5% of net sales and sublicensing revenue. In addition, upon the achievement of certain cumulative commercial milestones Sigma will make milestone payments to Sangamo up to an aggregate of $25.0 million. | |||||||||
Revenues recognized under the agreement with Sigma for the three months ended March 31, 2015 and 2014, were as follows (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenue related to Sigma Collaboration: | |||||||||
Royalty revenues | $ | 264 | $ | 106 | |||||
License fee revenues | 4,256 | 179 | |||||||
Total | $ | 4,520 | $ | 285 | |||||
Related costs and expenses incurred under the Sigma agreement were $0.2 million and $0.0 million during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
Agreement with Dow AgroSciences in Plant Agriculture | |||||||||
In October 2005 Sangamo entered into an exclusive commercial license agreement with DAS (the “DAS Agreement”). Under the DAS Agreement, Sangamo provides DAS with access to our proprietary ZFP technology and the exclusive right to use the technology to modify the genomes or alter the nucleic acid or protein expression of plant cells, plants, or plant cell cultures. Sangamo has retained rights to use plants or plant-derived products to deliver ZFP transcription factors (ZFP TFs) or ZFP nucleases (ZFNs) into humans or animals for diagnostic, therapeutic or prophylactic purposes. The DAS Agreement provided for an initial three-year research term. In June 2008, DAS exercised its option under the agreement to obtain a commercial license to sell products incorporating or derived from plant cells generated using the Company’s ZFP technology, including agricultural crops, industrial products and plant-derived biopharmaceuticals. The exercise of the option triggered a one-time commercial license fee of $6.0 million, payment of the remaining $2.3 million of the previously agreed $4.0 million in research milestones, development and commercialization milestone payments for each product, and royalties on sales of products. Furthermore, DAS has the right to sublicense Sangamo’s ZFP technology to third parties for use in plant cells, plants or plant cell cultures. Sangamo will be entitled to 25% of any cash consideration received by DAS under such sublicenses. In December 2010, the Company amended the DAS Agreement to extend the period of reagent manufacturing services and research services through December 31, 2012. | |||||||||
The DAS Agreement also provides for minimum license fees each year due to Sangamo every October, provided the Agreement is not terminated by DAS. Annual fees range from $250,000 to $3.0 million and total $25.3 million over 11 years. The Company does not have any ongoing performance obligations under the agreement with DAS. DAS has the right to terminate the agreement at any time; accordingly, the Company’s actual license fees over the term of the DAS Agreement could be lower than $25.3 million. In addition, each party may terminate the DAS Agreement upon an uncured material breach by the other party. In the event of any termination of the DAS Agreement, all rights to use the Company’s ZFP technology will revert to Sangamo, and DAS will no longer be permitted access to Sangamo’s ZFP technology or to develop or, except in limited circumstances, commercialize any products derived from the Company’s ZFP technology. | |||||||||
There were no revenues or related costs and expenses recognized under the DAS Agreement during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
Funding from Research Foundations | |||||||||
California Institute for Regenerative Medicine - HIV | |||||||||
In October 2009 CIRM, a State of California entity, granted a $14.5 million Disease Team Research Award to develop an HIV/AIDS therapy based on the application of ZFN gene editing technology in hematopoietic stem cells (HSCs). The four-year grant supports an innovative research project conducted by a multidisciplinary team of investigators, including investigators from the University of Southern California, City of Hope National Medical Center and Sangamo BioSciences. Sangamo received funds totaling $5.2 million from the total amount awarded based on expenses incurred for research and development efforts by Sangamo as prescribed in the agreement, and subject to its terms and conditions. The award is intended to substantially fund Sangamo’s research and development efforts related to the agreement. The State of California has the right to receive, subject to the terms and conditions of the agreement between Sangamo and CIRM, payments from Sangamo resulting from sales of a commercial product resulting from research and development efforts supported by the grant. As of December 31, 2013, all revenues under the award had been recognized and all funds had been received. | |||||||||
There were no revenues attributable to research and development performed under the CIRM 2009 grant agreement during the three months ended March 31, 2015 and 2014, respectively. Related costs and expenses incurred under the CIRM grant agreement were $0.2 million and $0.3 million during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
In May 2014 CIRM agreed to fund a $5.6 million Strategic Partnership Award to fund clinical studies of a potentially curative ZFP Therapeutic for HIV/AIDS based on the application of its ZFN genome editing technology in hematopoietic stem progenitor cells (HSPCs). The four year grant provides matching funds to support evaluation of the Company’s stem cell-based ZFP Therapeutic in a clinical trial in HIV-infected individuals conducted at City of Hope. The Company expects funding for this grant to commence in 2015. | |||||||||
There were no revenues attributable to research and development performed under the Strategic Partnership Award during the three months ended March 31, 2015 and 2014, respectively. Related costs and expenses incurred under the CIRM Strategic Partnership Award were $0.3 million and $0.0 million during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
California Institute for Regenerative Medicine - Beta-Thalassemia | |||||||||
In May 2013 CIRM granted Sangamo a $6.4 million Strategic Partnership Award to develop a potentially curative ZFP Therapeutic for beta-thalassemia based on the application of its ZFN gene editing technology in HSCs. The four-year grant provides matching funds for preclinical work that will support an IND application and a Phase 1 clinical trial in transfusion-dependent beta-thalassemia patients. The State of California has the right to receive, subject to the terms and conditions of the agreement between Sangamo and CIRM, payments from Sangamo, or its collaborators, from sales of a commercial product resulting from research and development efforts supported by the grant, in accordance with Title 17, California Code of Regulations, Section 100600. | |||||||||
Revenue attributable to research and development performed under the CIRM grant agreement for beta-thalassemia was $0.7 million and $0.4 million during the three months ended March 31, 2015 and 2014, respectively. Related costs and expenses incurred under the CIRM grant agreement were $0.7 million and $0.4 million during the three months ended March 31, 2015 and 2014, respectively. |
Intangible_Assets
Intangible Assets | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Intangible Assets | NOTE 6—INTANGIBLE ASSETS | ||||||||
Intangible assets for IPR&D consist of two clinical product candidates from our 2013 acquisition of Ceregene. IPR&D is an intangible asset classified as indefinite-lived until the completion or abandonment of the associated research and development effort, and will be amortized over an estimated useful life to be determined at the date the project is completed. | |||||||||
The carrying values of these intangibles assets are as follows (in thousands): | |||||||||
As of | As of | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
CERE-110 for the treatment of Alzheimer's disease | $ | — | $ | 1,640 | |||||
CERE-120 for the treatment of Parkinson's disease | — | 230 | |||||||
Total identifiable intangible assets | $ | — | $ | 1,870 | |||||
During the three months ended March 31, 2015, the Company received clinical data demonstrating no statistically significant difference between the control group and the group treated with CERE-110 for Alzheimer’s disease. Subsequently, the Company decided to discontinue the CERE-110 and CERE-120 clinical trial programs. As such, the probability of achieving projected revenues and cash flows associated with these programs were adversely affected. Given these results, the Company does not believe the programs have an alternative future use for itself or other market participants. Accordingly, during the three months ended March 31, 2015, the Company recognized a $1.9 million impairment charge related to these assets. The impairment is recorded in R&D expense in the accompanying condensed consolidated statements of operations. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 7—INCOME TAXES |
The Company maintains deferred tax assets that reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. These deferred tax assets include net operating loss carryforwards, research credits and capitalized research and development costs. Realization of deferred tax assets is dependent upon future earnings, if any, the timing and amount of which are uncertain based on Sangamo’s history of losses. Accordingly, the Company’s net deferred tax assets have been fully offset by a valuation allowance. Utilization of operating losses and credits may be subject to substantial annual limitation due to ownership change provisions of the Internal Revenue Code of 1986, as amended and similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. | |
During the three months ended March 31, 2015 the deferred tax liability of $0.7 million that was recorded upon acquiring the IPR&D assets in 2013 was adjusted due to the impairment of these assets. This resulted in the recognition of a $0.7 million income tax benefit. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||
Stock-Based Compensation | NOTE 8—STOCK-BASED COMPENSATION | ||||||||
The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 (in thousands): | |||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Costs and expenses: | |||||||||
Research and development | $ | 1,691 | $ | 1,073 | |||||
General and administrative | 1,262 | 834 | |||||||
Total stock-based compensation expense | $ | 2,953 | $ | 1,907 | |||||
Basis_of_Presentation_and_Summ1
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Sangamo BioSciences, Inc. (“Sangamo” or the “Company”) have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. The condensed consolidated balance sheet data at December 31, 2014 were derived from the audited consolidated financial statements included in Sangamo’s Form 10-K for the year ended December 31, 2014, as filed with the SEC. These financial statements should be read in conjunction with the financial statements and footnotes thereto for the year ended December 31, 2014, included in Sangamo’s Form 10-K, as filed with the SEC. | ||
Use of Estimates | Use of Estimates | |
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. On an ongoing basis, management evaluates its estimates, including critical accounting policies or estimates related to revenue recognition, clinical trial accruals, fair value measurements, business combinations including the fair value of the contingent consideration liability for payments to former Ceregene, Inc. (Ceregene) stockholders and intangible assets related to the acquisition of Ceregene, and stock-based compensation. Estimates are based on historical experience and on various other market specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates. | ||
Revenue Recognition | Revenue Recognition | |
Revenues from research activities made under strategic partnering agreements and collaborations are recognized as the services are provided when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Revenue generated from research and licensing agreements typically includes upfront signing or license fees, cost reimbursements, research services, minimum sublicense fees, milestone payments and royalties on future licensee’s product sales. | ||
Multiple Element Arrangements prior to the adoption of ASU No. 2009-13, Revenue Recognition—Multiple Deliverable Revenue Arrangements (ASU 2009-13). For revenue arrangements entered into before January 1, 2011, that include multiple deliverables, the elements of such agreements were divided into separate units of accounting if the deliverables met certain criteria, including whether the fair value of the delivered items could be determined and whether there was evidence of fair value of the undelivered items. In addition, the consideration was allocated among the separate units of accounting based on their fair values, and the applicable revenue recognition criteria are considered separately for each of the separate units of accounting. Prior to the adoption of ASU 2009-13, the Company recognized nonrefundable signing, license or non-exclusive option fees as revenue when rights to use the intellectual property related to the license were delivered and over the period of performance obligations if the Company had continuing performance obligations. The Company estimated the performance period at the inception of the arrangement and reevaluated it each reporting period. Changes to these estimates were recorded on a prospective basis. | ||
Multiple Element Arrangements after the adoption of ASU 2009-13. ASU 2009-13 amended the accounting standards for certain multiple element revenue arrangements to: | ||
· | provide updated guidance on whether multiple elements exist, how the elements in an arrangement should be separated, and how the arrangement consideration should be allocated to the separate elements; | |
· | require an entity to allocate arrangement consideration to each element based on a selling price hierarchy where the selling price for an element is based on vendor-specific objective evidence (VSOE), if available; third-party evidence (TPE), if available and VSOE is not available; or the best estimate of selling price (ESP), if neither VSOE nor TPE is available; and | |
· | eliminate the use of the residual method and require an entity to allocate arrangement consideration using the relative selling price method. | |
For revenue agreements with multiple element arrangements, such as license and development agreements, entered into on or after January 1, 2011, the Company allocates revenue to each non-contingent element based on the relative selling price of each element. When applying the relative selling price method, the Company determines the selling price for each deliverable using VSOE of selling price or TPE of selling price. If neither exists, the Company uses ESP for that deliverable. Revenue allocated is then recognized when the basic four revenue recognition criteria are met for each element. The collaboration and license agreements entered into with Shire International GmbH, formerly Shire AG (Shire), in January 2012 and Biogen Inc., formerly Biogen Idec Inc. (Biogen) in January 2014 were evaluated under these amended accounting standards. | ||
Additionally, the Company may be entitled to receive certain milestone payments which are contingent upon reaching specified objectives. These milestone payments are recognized as revenue in full upon achievement of the milestone if there is substantive uncertainty at the date the arrangement is entered into that the objectives will be achieved and if the achievement is based on the Company’s performance. | ||
Minimum annual sublicense fees are also recognized as revenue in the period in which such fees are due. Royalty revenues are generally recognized when earned and collectability of the related royalty payment is reasonably assured. The Company recognizes cost reimbursement revenue under collaborative agreements as the related research and development costs for services are rendered. Deferred revenue represents the portion of research or license payments received which have not been earned. | ||
Sangamo’s research grants are typically multi-year agreements and provide for the reimbursement of qualified expenses for research and development as defined under the terms of the grant agreement. Revenue under grant agreements is recognized when the related qualified research expenses are incurred to the extent such amounts have been agreed to with the respective collaboration partner. | ||
Recent Accounting Standards | Recent Accounting Standards | |
In August 2014 the Financial Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15). ASU 2014-15 requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, companies will have reduced diversity in the timing and content of footnote disclosures than under the current guidance. ASU 2014-15 is effective for the Company in the first quarter of 2016 with early adoption permitted. The Company does not believe the impact of adopting ASU 2014-15 on its consolidated financial statements will be material. | ||
In May 2014 the Financial Accounting Standards Board issued ASU 2014-09, Revenue from Contracts with Customers (ASU 2014-09). This standard outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. The main principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 provides companies with two implementation methods: (i) apply the standard retrospectively to each prior reporting period presented (full retrospective application); or (ii) apply the standard retrospectively with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application (modified retrospective application). This guidance is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period, and early application is not permitted. The Company is currently in the process of evaluating the impact of the pending adoption of ASU 2014-09 on its consolidated financial statements. |
Fair_Value_Measurement_Tables
Fair Value Measurement (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Fair Value Measurements of Cash Equivalents, Available-for-Sale Securities and Contingent Consideration Liability | The fair value measurements of our cash equivalents, available-for-sale marketable securities and contingent consideration liability are identified at the following levels within the fair value hierarchy (in thousands): | ||||||||||||||||
31-Mar-15 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 17,089 | $ | 17,089 | $ | — | $ | — | |||||||||
Total | 17,089 | 17,089 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper securities | 31,148 | — | 31,148 | — | |||||||||||||
Corporate debt securities | 23,266 | — | 23,266 | — | |||||||||||||
U.S. government sponsored entity debt securities | 146,055 | — | 146,055 | — | |||||||||||||
Total | 200,469 | — | 200,469 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 217,558 | $ | 17,089 | $ | 200,469 | $ | — | |||||||||
31-Dec-14 | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 3,182 | $ | 3,182 | $ | — | $ | — | |||||||||
Total | 3,182 | 3,182 | — | — | |||||||||||||
Marketable securities: | |||||||||||||||||
Commercial paper securities | 33,748 | — | 33,748 | — | |||||||||||||
Corporate debt securities | 22,813 | — | 22,813 | — | |||||||||||||
U.S. government sponsored entity debt securities | 163,631 | — | 163,631 | — | |||||||||||||
Total | 220,192 | — | 220,192 | — | |||||||||||||
Total cash equivalents and marketable securities | $ | 223,374 | $ | 3,182 | $ | 220,192 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration liability | $ | 1,800 | $ | — | $ | — | $ | 1,800 | |||||||||
Total | $ | 1,800 | $ | — | $ | — | $ | 1,800 | |||||||||
Schedule of Changes in Estimated Fair Value of Contingent Consideration Liability | Fair value as of December 31, 2014 | $ | 1,800 | ||||||||||||||
Change in fair value | (1,800 | ) | |||||||||||||||
Fair value as of March 31, 2015 | $ | - | |||||||||||||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments Debt And Equity Securities [Abstract] | |||||||||||||||||
Schedule of Investments | The table below summarizes the Company’s investments (in thousands): | ||||||||||||||||
Gross | Gross | ||||||||||||||||
Amortized | Unrealized | Unrealized | Estimated | ||||||||||||||
Cost | Gains | (Losses) | Fair Value | ||||||||||||||
31-Mar-15 | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 17,089 | $ | — | $ | — | $ | 17,089 | |||||||||
Total | 17,089 | — | — | 17,089 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Commercial paper securities | $ | 31,121 | $ | 27 | $ | — | $ | 31,148 | |||||||||
Corporate debt securities | 23,261 | 5 | — | 23,266 | |||||||||||||
U.S. government sponsored entity debt securities | 146,062 | — | (7 | ) | 146,055 | ||||||||||||
Total | 200,444 | 32 | (7 | ) | 200,469 | ||||||||||||
Total cash equivalents and available-for-sale securities | $ | 217,533 | $ | 32 | $ | (7 | ) | $ | 217,558 | ||||||||
31-Dec-14 | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 3,182 | $ | — | $ | — | $ | 3,182 | |||||||||
Total | 3,182 | — | — | 3,182 | |||||||||||||
Available-for-sale securities: | |||||||||||||||||
Commercial paper securities | $ | 33,715 | $ | 33 | $ | — | $ | 33,748 | |||||||||
Corporate debt securities | 22,831 | — | (18 | ) | 22,813 | ||||||||||||
U.S. government sponsored entity debt securities | 163,671 | — | (40 | ) | 163,631 | ||||||||||||
Total | 220,217 | 33 | (58 | ) | 220,192 | ||||||||||||
Total cash equivalents and available-for-sale securities | $ | 223,399 | $ | 33 | $ | (58 | ) | $ | 223,374 | ||||||||
Major_Customers_Partnerships_a1
Major Customers, Partnerships and Strategic Alliances (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Biogen Inc [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Revenues Recognized under Agreement | Revenues recognized under the agreement with Biogen for the three months ended March 31, 2015 and 2014 are as follows (in thousands): | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenue related to Biogen Collaboration: | |||||||||
Recognition of upfront fee | $ | 1,523 | $ | 660 | |||||
Research services | 1,533 | 423 | |||||||
Total | $ | 3,056 | $ | 1,083 | |||||
Shire AG [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Revenues Recognized under Agreement | Revenues recognized under the agreement with Shire for the three months ended March 31, 2015 and 2014, were as follows (in thousands): | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenue related to Shire Collaboration: | |||||||||
Recognition of upfront fee | $ | 542 | $ | 542 | |||||
Research services | 4,522 | 4,979 | |||||||
Total | $ | 5,064 | $ | 5,521 | |||||
Sigma-Aldrich Corporation [Member] | |||||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||||||
Revenues Recognized under Agreement | Revenues recognized under the agreement with Sigma for the three months ended March 31, 2015 and 2014, were as follows (in thousands): | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Revenue related to Sigma Collaboration: | |||||||||
Royalty revenues | $ | 264 | $ | 106 | |||||
License fee revenues | 4,256 | 179 | |||||||
Total | $ | 4,520 | $ | 285 | |||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | |||||||||
Carrying Values of Intangibles Assets | The carrying values of these intangibles assets are as follows (in thousands): | ||||||||
As of | As of | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
CERE-110 for the treatment of Alzheimer's disease | $ | — | $ | 1,640 | |||||
CERE-120 for the treatment of Parkinson's disease | — | 230 | |||||||
Total identifiable intangible assets | $ | — | $ | 1,870 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||
Stock-Based Compensation Expense | The following table shows total stock-based compensation expense included in the condensed consolidated statements of operations for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three months ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Costs and expenses: | |||||||||
Research and development | $ | 1,691 | $ | 1,073 | |||||
General and administrative | 1,262 | 834 | |||||||
Total stock-based compensation expense | $ | 2,953 | $ | 1,907 | |||||
Fair_Value_Measurement_Summary
Fair Value Measurement - Summary of Fair Value Measurements of Cash Equivalents, Available-for-Sale Securities and Contingent Consideration Liability (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | $17,089 | $3,182 |
Total marketable securities | 200,469 | 220,192 |
Total cash equivalents and marketable securities | 217,558 | 223,374 |
Total contingent consideration liabilities | 1,800 | |
Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 17,089 | 3,182 |
Commercial paper securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 31,148 | 33,748 |
Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 17,089 | 3,182 |
Total cash equivalents and marketable securities | 17,089 | 3,182 |
Level 1 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 17,089 | 3,182 |
Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 200,469 | 220,192 |
Total cash equivalents and marketable securities | 200,469 | 220,192 |
Level 2 [Member] | Commercial paper securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 31,148 | 33,748 |
Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total contingent consideration liabilities | 1,800 | |
Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 23,266 | 22,813 |
Corporate debt securities [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 23,266 | 22,813 |
U.S. government sponsored entity debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 146,055 | 163,631 |
U.S. government sponsored entity debt securities [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 146,055 | 163,631 |
Contingent consideration liability [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total contingent consideration liabilities | 1,800 | |
Contingent consideration liability [Member] | Level 3 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total contingent consideration liabilities | $1,800 |
Fair_Value_Measurement_Additio
Fair Value Measurement - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | ||
Change in fair value of contingent liability | $1,800 | ($50) |
Fair_Value_Measurement_Schedul
Fair Value Measurement - Schedule of Changes in Estimated Fair Value of Contingent Consideration Liability (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Fair Value Disclosures [Abstract] | |
Fair value as of December 31, 2014 | $1,800 |
Change in fair value | -1,800 |
Fair value as of March 31, 2015 | $0 |
Marketable_Securities_Schedule
Marketable Securities - Schedule of Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | $25,256 | $6,030 | $126,823 | $10,186 |
Total cash equivalents | 17,089 | 3,182 | ||
Amortized Cost | 217,533 | 223,399 | ||
Gross Unrealized Gains | 32 | 33 | ||
Gross Unrealized (Losses) | -7 | -58 | ||
Estimated Fair Value | 217,558 | 223,374 | ||
Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 200,444 | 220,217 | ||
Gross Unrealized Gains | 32 | 33 | ||
Gross Unrealized (Losses) | -7 | -58 | ||
Estimated Fair Value | 200,469 | 220,192 | ||
Money market funds [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | 17,089 | 3,182 | ||
Total cash equivalents | 17,089 | 3,182 | ||
Cash equivalents [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | 17,089 | 3,182 | ||
Total cash equivalents | 17,089 | 3,182 | ||
Commercial paper securities [Member] | Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 31,121 | 33,715 | ||
Gross Unrealized Gains | 27 | 33 | ||
Estimated Fair Value | 31,148 | 33,748 | ||
Corporate debt securities [Member] | Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 23,261 | 22,831 | ||
Gross Unrealized Gains | 5 | |||
Gross Unrealized (Losses) | -18 | |||
Estimated Fair Value | 23,266 | 22,813 | ||
U.S. government sponsored entity debt securities [Member] | Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 146,062 | 163,671 | ||
Gross Unrealized (Losses) | -7 | -40 | ||
Estimated Fair Value | $146,055 | $163,631 |
Marketable_Securities_Addition
Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Investments Debt And Equity Securities [Abstract] | ||
Other-than-temporary impairments of investments | $0 | $0 |
Basic_and_Diluted_Net_Loss_Per1
Basic and Diluted Net Loss Per Share - Additional Information (Detail) (Stock options [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Stock options [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Stock options outstanding excluded in calculation of diluted net loss per share | 7,624,600 | 7,302,366 |
Major_Customers_Partnerships_a2
Major Customers, Partnerships and Strategic Alliances - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Jun. 30, 2012 | Jan. 31, 2012 | Dec. 31, 2014 | |
Program | Targets | Targets | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Number of research programs | 2 | |||||
Research and development | $14,980,000 | $12,083,000 | ||||
Biogen Inc [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Revenues under agreement | 20,000,000 | |||||
Potential amount eligible to receive for certain milestones | 126,300,000 | |||||
Potential amount to be funded for achievement of specified commercialized and sales milestones | 167,500,000 | |||||
Milestone revenue receivable | 293,800,000 | |||||
Milestone payments received | 0 | |||||
Number of products approved | 0 | |||||
Royalty revenues | 0 | |||||
Research program to develop laboratory research reagents | 40 months | |||||
Deferred revenue | 14,100,000 | |||||
Biogen Inc [Member] | Beta-thalassemia [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Milestone revenue receivable | 7,500,000 | |||||
Research and development | 1,400,000 | 1,300,000 | ||||
Biogen Inc [Member] | Sickle cell disease [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Milestone revenue receivable | 7,500,000 | |||||
Biogen Inc [Member] | Other Projects [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Research and development | 1,100,000 | 0 | ||||
Shire AG [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Revenues under agreement | 13,000,000 | |||||
Potential amount to be funded for achievement of specified commercialized and sales milestones | 180,000,000 | |||||
Number of products approved | 0 | |||||
Royalty revenues | 0 | |||||
Research program to develop laboratory research reagents | 6 years | |||||
Deferred revenue | 6,800,000 | |||||
Research and development | 4,500,000 | 4,800,000 | ||||
Aggregate number of gene targets | 7 | |||||
Number of initial gene targets | 4 | |||||
Number of gene targets | 5 | |||||
Number of additional gene targets | 2 | |||||
IND or CTA submission amount | 8,500,000 | |||||
Milestone payment | 1,000,000 | |||||
Shire AG [Member] | Maximum [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Milestone revenue receivable | $33,500,000 |
Major_Customers_Partnerships_a3
Major Customers, Partnerships and Strategic Alliances - Revenues Recognized under Agreement (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Biogen Inc [Member] | ||
Revenues: | ||
Recognition of upfront fee | $1,523 | $660 |
Royalty revenues | 0 | |
Research services | 1,533 | 423 |
Total | 3,056 | 1,083 |
Shire AG [Member] | ||
Revenues: | ||
Recognition of upfront fee | 542 | 542 |
Royalty revenues | 0 | |
Research services | 4,522 | 4,979 |
Total | 5,064 | 5,521 |
Sigma-Aldrich Corporation [Member] | ||
Revenues: | ||
Recognition of upfront fee | 5,000 | |
Royalty revenues | 264 | 106 |
License fee revenues | 4,256 | 179 |
Total | $4,520 | $285 |
Major_Customers_Partnerships_a4
Major Customers, Partnerships and Strategic Alliances - Agreement with Sigma-Aldrich Corporation - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Oct. 31, 2009 | Jul. 31, 2007 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Research and development | $14,980,000 | $12,083,000 | ||
Sigma-Aldrich Corporation [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Research program to develop laboratory research reagents | 3 years | |||
Upfront license fee | 20,000,000 | |||
Public offering, common stock shares issued | 636,133 | |||
Amount received on commercial license fees | 5,000,000 | |||
Reduced royalty rate | 10.50% | |||
Funding available under the amended agreement | 25,000,000 | |||
Milestone payments received | 0 | |||
Sigma-Aldrich Corporation [Member] | Upfront license fee [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Upfront license fee | 15,100,000 | |||
Common stock issued under license agreement | 4,900,000 | |||
Sigma-Aldrich Corporation [Member] | License agreement terms [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Royalty revenues expected to be received | 5,000,000 | |||
Research and development | $200,000 | $0 |
Major_Customers_Partnerships_a5
Major Customers, Partnerships and Strategic Alliances - Agreement with Dow AgroSciences in Plant Agriculture - Additional Information (Detail) (License agreement terms [Member], USD $) | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2005 | Mar. 31, 2015 | Mar. 31, 2014 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Collaboration agreement related costs and expenses | $200,000 | $300,000 | |
Dow Agro Sciences [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Research program to develop laboratory research reagents | 3 years | ||
One-time license fee earned on exercise of option | 6,000,000 | ||
Royalty revenues | 2,300,000 | ||
Percentage of royalties to be received from sublicensing | 25.00% | ||
Previously agreed research, development and commercialization milestone payments, and royalties on sales of products | 4,000,000 | ||
Fee due | 25,300,000 | ||
Minimum license annual fees specific reckoning period | 11 years | ||
Collaboration agreement related costs and expenses | 0 | 0 | |
Revenue attributable to research and development | 0 | 0 | |
Dow Agro Sciences [Member] | Minimum [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Annual fees | 250,000 | ||
Dow Agro Sciences [Member] | Maximum [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Annual fees | $3,000,000 |
Major_Customers_Partnerships_a6
Major Customers, Partnerships and Strategic Alliances - California Institute for Regenerative Medicine - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | 31-May-14 | Oct. 31, 2009 | 31-May-13 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Research grants | $820,000 | $548,000 | |||
California Institute for Regenerative Medicine [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Funds due under the agreement | 5,600,000 | 14,500,000 | |||
Expected amount to be received for research and development | 5,200,000 | ||||
Agreement to receive | 4 years | 4 years | |||
Agreement date | 31-Oct-09 | ||||
Research grants | 0 | 0 | |||
Collaboration agreement related costs and expenses | 300,000 | 0 | |||
California Institute for Regenerative Medicine [Member] | Beta-thalassemia [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Funds due under the agreement | 6,400,000 | ||||
Agreement to receive | 4 years | ||||
Research grants | 700,000 | 400,000 | |||
Collaboration agreement related costs and expenses | 700,000 | 400,000 | |||
License agreement terms [Member] | |||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Research grants | 0 | 0 | |||
Collaboration agreement related costs and expenses | $200,000 | $300,000 |
Intangible_Assets_Carrying_Val
Intangible Assets - Carrying Value of Intangibles Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identifiable intangible assets | $0 | $1,870 |
CERE-110 for the treatment of Alzheimer's disease ("IPR&D") [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identifiable intangible assets | 0 | 1,640 |
CERE-120 for the treatment of Parkinson's disease ("IPR&D") [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Total identifiable intangible assets | $0 | $230 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Intangible Asset [Abstract] | |
Impairment charge | $1,870 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Income Tax Disclosure [Abstract] | |
Benefit from income taxes | ($748) |
Recognition of income tax benefit | $748 |
StockBased_Compensation_StockB
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Costs and expenses: | ||
Total stock-based compensation expense | $2,953 | $1,907 |
Research and development [Member] | ||
Costs and expenses: | ||
Total stock-based compensation expense | 1,691 | 1,073 |
General and administrative [Member] | ||
Costs and expenses: | ||
Total stock-based compensation expense | $1,262 | $834 |