Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 05, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | SGMO | |
Entity Registrant Name | SANGAMO THERAPEUTICS, INC | |
Entity Central Index Key | 1,001,233 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 71,939,193 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 18,486 | $ 22,061 |
Marketable securities | 110,780 | 120,474 |
Interest receivable | 398 | 224 |
Accounts receivable | 2,401 | 4,972 |
Prepaid expenses | 1,709 | 1,849 |
Total current assets | 133,774 | 149,580 |
Marketable securities, non-current | 2,995 | |
Property and equipment, net | 7,267 | 6,557 |
Goodwill | 1,585 | 1,585 |
Other assets | 1,189 | 169 |
Total assets | 146,810 | 157,891 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 7,425 | 6,261 |
Accrued compensation and employee benefits | 2,039 | 2,885 |
Deferred revenues | 3,600 | 4,145 |
Total current liabilities | 13,064 | 13,291 |
Deferred revenues, non-current | 4,135 | 4,460 |
Build-to-suit lease obligation | 3,928 | 3,945 |
Total liabilities | 21,127 | 21,696 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Common stock, $0.01 par value; 160,000,000 shares authorized, 71,752,413 and 70,871,902 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 718 | 709 |
Additional paid-in capital | 582,600 | 576,377 |
Accumulated deficit | (457,543) | (440,911) |
Accumulated other comprehensive (loss) income | (92) | 20 |
Total stockholders' equity | 125,683 | 136,195 |
Total liabilities and stockholders' equity | $ 146,810 | $ 157,891 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 71,752,413 | 70,871,902 |
Common stock, shares outstanding | 71,752,413 | 70,871,902 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenues: | ||
Collaboration agreements | $ 3,306 | $ 3,711 |
Research grants | 119 | 231 |
Total revenues | 3,425 | 3,942 |
Operating expenses: | ||
Research and development | 12,942 | 15,266 |
General and administrative | 7,275 | 5,357 |
Total operating expenses | 20,217 | 20,623 |
Loss from operations | (16,792) | (16,681) |
Interest and other income, net | 160 | 187 |
Net loss | $ (16,632) | $ (16,494) |
Basic and diluted net loss per share | $ (0.23) | $ (0.23) |
Shares used in computing basic and diluted net loss per share | 71,025 | 70,373 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | $ (16,632) | $ (16,494) |
Change in unrealized gain (loss) on available-for-sale securities, net of tax | (112) | 83 |
Comprehensive loss | $ (16,744) | $ (16,411) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Activities: | ||
Net loss | $ (16,632) | $ (16,494) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 301 | 245 |
Amortization of premium on marketable securities | 60 | 72 |
Stock-based compensation | 2,788 | 3,194 |
Other | 72 | |
Net changes in operating assets and liabilities: | ||
Interest receivable | (174) | (95) |
Accounts receivable | 2,571 | (46) |
Prepaid expenses and other assets | 70 | 172 |
Accounts payable and accrued liabilities | (418) | (5,158) |
Accrued compensation and employee benefits | (846) | (1,026) |
Deferred revenues | (870) | (1,224) |
Net cash used in operating activities | (13,078) | (20,360) |
Investing Activities: | ||
Purchases of marketable securities | (38,973) | (84,816) |
Maturities of marketable securities | 45,500 | 68,770 |
Purchases of property and equipment | (468) | (252) |
Net cash provided by / (used in) investing activities | 6,059 | (16,298) |
Financing Activities: | ||
Proceeds from public offering of common stock, net of issuance costs | 3,425 | |
Taxes paid related to net share settlement of equity awards | (4) | (2) |
Proceeds from issuance of common stock | 23 | 187 |
Net cash provided by financing activities | 3,444 | 185 |
Net decrease in cash and cash equivalents | (3,575) | (36,473) |
Cash and cash equivalents, beginning of period | 22,061 | 69,482 |
Cash and cash equivalents, end of period | 18,486 | 33,009 |
Supplemental disclosure of noncash investing activities: | ||
Property and equipment included in accrued liabilities | 536 | $ 253 |
License included in accrued liabilities | $ 950 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
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 Therapeutics, 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, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The condensed consolidated balance sheet data at December 31, 2016 were derived from the audited consolidated financial statements included in Sangamo’s Form 10-K for the year ended December 31, 2016, as filed with the SEC. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and footnotes thereto for the year ended December 31, 2016, 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, 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. 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 Vendor Specific Objective Evidence (“VSOE”) of selling price or Third Party Evidence (“TPE”) of selling price. If neither exists, the Company uses Estimated Selling Price (“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 Bioverativ, formerly Biogen Idec Inc. (“Bioverativ”) in January 2014, as amended, 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 assuming all other applicable revenue recognition criteria have been met. 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. Recent Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, “ Compensation – Stock Compensation In February 2016 the FASB issued ASU No. 2016-02 (ASU 2016-02) “ Leases In May 2014 the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2017 | |
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, and available-for sale-securities. The fair values of these assets were 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 the Company’s cash equivalents, and available-for-sale marketable securities are identified at the following levels within the fair value hierarchy (in thousands): March 31, 2017 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 10,632 $ 10,632 $ — $ — Total 10,632 10,632 — — Marketable securities: Commercial paper securities 24,394 — 24,394 — Corporate debt securities 6,001 — 6,001 — U.S. government sponsored entity debt securities 83,380 — 83,380 — Total 113,775 — 113,775 — Total cash equivalents and marketable securities $ 124,407 $ 10,632 $ 113,775 $ — December 31, 2016 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 18,992 $ 18,992 $ — $ — Total 18,992 18,992 — — Marketable securities: Commercial paper securities 23,185 — 23,185 — Corporate debt securities 10,004 — 10,004 — U.S. government sponsored entity debt securities 87,285 — 87,285 — Total 120,474 — 120,474 — Total cash equivalents and marketable securities $ 139,466 $ 18,992 $ 120,474 $ — The Company generally classifies its marketable securities as Level 2. Instruments are 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. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Marketable Securities | NOTE 3—MARKETABLE SECURITIES Sangamo classifies its marketable securities as available-for-sale and records its investments at estimated fair value based on quoted market prices or observable market inputs of substantially identical assets. Unrealized holding gains and losses are included in accumulated other comprehensive income (loss). 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. 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. Realized gains and losses on available-for-sale securities are included in other income, which is determined using the specific identification method The table below summarizes the Company’s investments (in thousands): Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains (Losses) Fair Value March 31, 2017 Cash equivalents: Money market funds $ 10,632 $ — $ — $ 10,632 Total 10,632 — — 10,632 Available-for-sale securities: Commercial paper securities 24,397 1 (4 ) 24,394 Corporate debt securities 6,001 — — 6,001 U.S. government sponsored entity debt securities 83,439 — (59 ) 83,380 Total 113,837 1 (63 ) 113,775 Total cash equivalents and available-for-sale securities $ 124,469 $ 1 $ (63 ) $ 124,407 December 31, 2016 Cash equivalents: Money market funds $ 18,992 $ — $ — $ 18,992 Total 18,992 — — 18,992 Available-for-sale securities: Commercial paper securities 23,112 73 — 23,185 Corporate debt securities 10,005 — (1 ) 10,004 U.S. government sponsored entity debt securities 87,307 3 (25 ) 87,285 Total 120,424 76 (26 ) 120,474 Total cash equivalents and available-for-sale securities $ 139,416 $ 76 $ (26 ) $ 139,466 The Company had no other-than-temporary impairments of its investments for the three months ended March 31, 2017 or the twelve months ended December 31, 2016. As of March 31, 2017 and December 31, 2016, all of the Company’s investments had maturity dates within two years. The Company had no material realized losses or other-than-temporary impairments of available-for-sale securities as of the three months ended March 31, 2017. Sangamo has the intent and ability to hold its investments for a period of time sufficient to allow for any anticipated recovery in market value. |
Basic and Diluted Net Loss Per
Basic and Diluted Net Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
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 and restricted stock units, which are all anti-dilutive. The total number of shares subject to stock options and restricted stock units outstanding were excluded from consideration in the calculation of diluted net loss per share. Stock options and restricted stock units outstanding for the three months ended March 31, 2017 and 2016 were 10,620,257 and 8,880,007, respectively. |
Major Customers, Partnerships a
Major Customers, Partnerships and Strategic Alliances | 3 Months Ended |
Mar. 31, 2017 | |
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 Bioverativ Inc. in Human Therapeutics In January 2014 the Company entered into a Global Research, Development and Commercialization Collaboration and License Agreement with Biogen, Inc., and in January 2017 this agreement has been assigned by Biogen to its hemophilia spin-off, Bioverativ (the “Bioverativ Agreement”). Pursuant to the Bioverativ Agreement, Sangamo and Bioverativ 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 Bioverativ Agreement, Sangamo and Bioverativ 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 therapeutic developed under the Bioverativ 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, Bioverativ is responsible for subsequent world-wide clinical development, manufacturing and commercialization of licensed products developed under the Bioverativ Agreement. At the end of specified research terms for each program or under certain specified circumstances, Bioverativ 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 Bioverativ Agreement, and Bioverativ agrees to compensate Sangamo for such co-promotion activities. Sangamo received an upfront license fee of $20.0 million upon entering into the Bioverativ Agreement. In addition, the Company will also be eligible to receive $115.8 million in payments upon the achievement of specified research, regulatory, clinical development milestones, as well as $160.5 million in payments upon the achievement of specified commercialization and sales milestones. Bioverativ 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 Bioverativ Agreement, is $276.3 million, including Phase 1 contingent payments of $7.5 million for the SCD program and $6.0 million for the beta-thalassemia program. In addition, if products are commercialized under the Bioverativ Agreement, Bioverativ 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 Bioverativ Agreement. In January 2016 the parties agreed on an updated beta-thalassemia development plan and budget using the BCL11A Enhancer target. In November 2016 Sangamo and Bioverativ agreed on an updated beta-thalassemia development plan and budget. As a result of this change, the Company updated the estimated performance period of the upfront license through June 2020. Sangamo also updated the milestones to be received based on the updated performance period of our deliverables under the Bioverativ Agreement. All contingent payments under the Bioverativ Agreement, when earned, will be non-refundable and non-creditable. The Company has evaluated the contingent payments under the Bioverativ 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 Bioverativ Agreement, assuming all other applicable revenue recognition criteria have been met. Subject to the terms of the Bioverativ Agreement, Sangamo grants Bioverativ 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 Bioverativ Agreement. Sangamo also grants Bioverativ 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 Bioverativ Agreement. The Company has identified the deliverables within the arrangement as a license to the technology and on-going research services activities. The Company concluded that the license is not a separate unit of accounting as it does not have stand-alone value to Bioverativ apart from the research services to be performed pursuant to the Bioverativ Agreement. As a result, the Company will recognize revenue from the upfront payment on a straight-line basis over a forty-four month estimated research term as of the November 2016 modification date, during which time the Company will perform research services. The estimated period of performance is reviewed quarterly and adjusted, as needed, to reflect our current assumptions regarding the timing of our deliverables. As of March 31, 2017, the Company has deferred revenue of $6.0 million related to the Bioverativ Agreement. Revenues recognized under the agreement with Bioverativ for the three months ended March 31, 2017 and 2016 were as follows (in thousands): Three months ended March 31, 2017 2016 Revenue related to Bioverativ Collaboration: Recognition of upfront fee $ 442 $ 608 Research services 1,709 2,031 Total $ 2,151 $ 2,639 Costs and expenses incurred under the Bioverativ Agreement related to the beta-thalassemia project, which was co-funded with California Institute for Regenerative Medicine (CIRM), were $1.6 million and $2.0 million during the three months ended March 31, 2017 and 2016, respectively. Amended 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 with Shire (the “Shire Agreement ”), 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. This agreement was amended on September 1, 2015, as described in more detail below. Under the original Shire Agreement, the Company and Shire agreed to 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 A and B. In June 2012, Shire selected a fifth gene target for the development of a therapeutic for Huntington’s disease. Shire had 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. Under the terms of the Shire Agreement, the Company was responsible for all research activities through the submission of an IND or European Clinical Trial Application (CTA), while Shire was 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 reimbursed 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 2012. In 2014 Sangamo recognized a $1.0 million milestone payment related to the hemophilia program. On September 1, 2015, the Shire Agreement was amended such that Shire agreed to return to Sangamo the exclusive, world-wide rights to gene targets for the development and commercialization of therapeutics for hemophilia A and B. Shire retains the rights and will continue to develop a therapeutic for Huntington’s disease. Sangamo will provide certain target feasibility services, and upon Shire’s request, certain research activities according to a research plan as agreed upon by both companies. Such research activities performed by Sangamo will be reimbursed by Shire. Shire’s rights with respect to other targets contemplated in the original agreement revert to Sangamo. Under the amended agreement, each company is responsible for expenses associated with its own programs and will reimburse the other for any ongoing services provided. Sangamo has granted Shire a right of first negotiation to license Sangamo’s hemophilia A and B products based on Sangamo’s ZFP technology. Under the amended agreement, Shire does not have any milestone payment obligations with respect to the retained programs, but it is required to pay single digit percentage royalties to Sangamo, up to a specified maximum cap, on the commercial sales of therapeutic products from such programs. Under the Shire Agreement as amended, Sangamo has full control over, and full responsibility for the costs of, the hemophilia programs returned to us, subject to certain diligence obligations and Shire’s right of first negotiation to obtain a license to such programs under certain circumstances. The Company is required to pay single digit percentage royalties to Shire, up to a specified maximum cap, on commercial sales of therapeutic products from such returned programs. The Company has identified the deliverables within the amended 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 amendment. Sangamo continues to be responsible for research activities related to the licensed technology with Shire under the amendment. As a result, the Company will continue to recognize revenue from the upfront payment received upon entering into the original Shire agreement in 2012 on a straight-line basis over the six-year initial research term during which the Company expects to perform research services. As of March 31, 2017, the Company has deferred revenue of $1.8 million related to the Shire Agreement, as amended. Revenues recognized under the agreement with Shire for the three months ended March 31, 2017 and 2016 were as follows (in thousands): Three months ended March 31, 2017 2016 Revenue related to Shire Collaboration: Recognition of upfront fee $ 583 $ 542 Research services 107 429 Total $ 690 $ 971 Related costs and expenses incurred under the Shire agreement were $0.1 million and $0.4 million during the three months ended March 31, 2017 and 2016. Agreement with Sigma-Aldrich Corporation in Laboratory Research Reagents, Transgenic Animal and Commercial Protein Production Cell-line Engineering In July 2007 the Company 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 Sangamo’s 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 the Company 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 agreement, 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, valued at $4.9 million, and a $15.1 million upfront license fee. Sangamo has received commercial license fees of $5.0 million based upon a percentage of net sales and sublicensing revenue and thereafter a reduced royalty rate 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, 2017 and 2016 were as follows (in thousands): Three months ended March 31, 2017 2016 Revenue related to Sigma Collaboration: Royalty revenues $ 32 $ 12 License fee revenues 267 7 Total $ 299 $ 19 Related costs and expenses incurred under the Sigma agreement were $0.0 million during both the three months ended March 31, 2017 and 2016, respectively. Agreement with Dow AgroSciences in Plant Agriculture In October 2005 the Company entered into an exclusive commercial license agreement with Dow AgroSciences, LLC (DAS). Under this agreement, Sangamo provides DAS with access to 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 Company’s agreement with DAS 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 and Sangamo will be entitled to 25% of any cash consideration received by DAS under such sublicenses. In December 2010, the Company amended its agreement with DAS to extend the period of reagent manufacturing services and research services through December 31, 2012. The agreement with DAS also provides for minimum sublicense 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 with respect to the sublicensing activities to be conducted by DAS. DAS has the right to terminate the agreement at any time; accordingly, the Company’s actual sublicense fees over the term of the agreement could be lower than $25.3 million. In addition, each party may terminate the agreement upon an uncured material breach by the other party. In the event of any termination of the agreement, all rights to use the Company’s ZFP technology will revert to Sangamo, and DAS will no longer be permitted to practice 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 recognized or costs and expenses incurred under this agreement during the three months ended March 31, 2017 and 2016, respectively. Funding from Research Foundations California Institute for Regenerative Medicine (“CIRM”) - HIV In May 2014 CIRM agreed to fund a $5.6 million Strategic Partnership Award to fund the clinical studies of a potentially curative therapeutic for HIV/AIDS based on the application of Sangamo’s ZFN genome editing technology in hematopoietic stem and progenitor cells (HSPCs). The four year grant provides matching funds to support evaluation of the Company’s stem cell-based therapeutic in a clinical trial in HIV-infected individuals conducted at City of Hope. There were no revenues attributable to research and development performed under this Strategic Partnership Award during the three months ended either March 31, 2017 or 2016. Related costs and expenses incurred under the CIRM Strategic Partnership Award were $0.2 million and $0.3 million during the three months ended March 31, 2017 and 2016, respectively. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 6—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. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | NOTE 7—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, 2017 and 2016 (in thousands): Three months ended March 31, 2017 2016 Research and development $ 1,218 $ 1,850 General and administrative 1,570 1,344 Total stock-based compensation expense $ 2,788 $ 3,194 Included in the above stock-based compensation table for the three months ended March 31, 2017 is $0.8 million related to a modification of options for the Chief Financial Officer who retired during the quarter. |
Build-to-Suit Lease
Build-to-Suit Lease | 3 Months Ended |
Mar. 31, 2017 | |
Leases Operating [Abstract] | |
Build-to-Suit Lease | NOTE 8—BUILD-TO-SUIT LEASE In December 2015 the Company entered into a long-term property lease which includes construction by the lessor of a building with approximately 41,400 square feet of space, in Richmond, California. Substantial completion of the building was accomplished in December 2016 at which time the lease commenced. The lease agreement expires in December 2021, five years after substantial completion of the building. The Company has two options to extend the lease term for up to a combined additional ten years. The Company is deemed, for accounting purposes only, to be the owner of the entire project including the building shell, even though it is not the legal owner. In connection with the Company’s accounting for this transaction, the Company capitalized the costs of construction as a build-to-suit property within property and equipment, net, and recognize a corresponding build-to-suit lease obligation for the same amount. As of March 31, 2017, $3.9 million of costs were capitalized in buildings with a corresponding build-to-suit lease obligation recognized related to this lease. Construction has completed on the facility and as such a portion of the monthly lease payment is allocated to land rent and recorded as an operating lease expense and the non-interest portion of the amortized lease payments to the landlord related to the rent of the building is applied to reduce the build-to-suit lease obligation. |
At The Market Offering
At The Market Offering | 3 Months Ended |
Mar. 31, 2017 | |
At The Market Offering [Abstract] | |
At The Market Offering | NOTE 9—AT THE MARKET OFFERING On December 7, 2016, the Company entered into an “at the market” offering agreement with an investment bank, pursuant to which the Company may issue and sell from time to time up to $75.0 million of Sangamo common stock through the bank as the sales agent (“ATM Agreement”). Under the ATM Agreement, if the Company decides to sell shares, we will notify the sales agent, and the sales agent will use its commercially reasonable efforts to sell on our behalf all of the shares of common stock requested to be sold. Sales of our common stock, if any, will be made at market prices by any method that is deemed to be an “at the market offering” as defined in Rule 415 under the Securities Act, as amended, including sales made directly on The NASDAQ Global Market and sales to or through a market maker other than on an exchange. In addition, with the Company’s prior written consent, the sales agent may also sell our common stock in negotiated transactions. For the three months ended March 31, 2017, Sangamo issued at total of 871,149 shares of common stock under the ATM agreement and received net proceeds of $3.4 million, after deducting offering expenses, including $0.1 million of commission paid to the sales agent. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | NOTE 10—SUBSEQUENT EVENT On May 10, 2017, Sangamo entered into a Collaboration and License Agreement (the “Pfizer Agreement”) with Pfizer Inc. (“Pfizer”), pursuant to which Sangamo and Pfizer established a collaboration for the research, development and commercialization of SB-525, Sangamo’s gene therapy product candidate for Hemophilia A, and closely related products. Under the Pfizer Agreement, Sangamo will be responsible for conducting the Phase 1/2 clinical trial and certain manufacturing activities for SB-525, while Pfizer will be responsible for subsequent worldwide development, manufacturing, marketing and commercialization of SB-525. Sangamo and Pfizer may also collaborate in the research and development of additional adeno-associated virus (“AAV”)-based gene therapy products for Hemophilia A. Under the Pfizer Agreement, Sangamo will receive an upfront fee of $70.0 million from Pfizer. In addition, Sangamo is eligible to receive development milestone payments contingent on the achievement of specified clinical development, intellectual property, regulatory and first commercial sale milestones for SB-525 and potentially other products. The total amount of potential clinical development, intellectual property, regulatory, and first commercial sale milestone payments, assuming the achievement of all specified milestones in the Pfizer Agreement, is $475.0 million, which includes up to $300.0 million for SB-525 and up to $175.0 million for other products that may be developed under the Pfizer Agreement, subject to reduction on account of payments made under certain licenses for third party intellectual property. In addition, Pfizer agrees to pay Sangamo royalties for each potential licensed product developed under the Pfizer Agreement that are an escalating tiered, double-digit percentage of the annual net sales of such product and are subject to reduction due to patent expiration, entry of biosimilar products to the market and payment made under certain licenses for third party intellectual property. Subject to the terms of the Pfizer Agreement, Sangamo will grant Pfizer an exclusive, worldwide, royalty-bearing license, with the right to grant sublicenses, to use certain technology controlled by Sangamo for the purpose of developing, manufacturing and commercializing SB-525 and related products. Under the Pfizer Agreement, Pfizer will grant Sangamo a non-exclusive, worldwide, royalty free, fully paid license, with the right to grant sublicenses, to use certain manufacturing technology developed under the Pfizer Agreement and controlled by Pfizer to manufacture Sangamo’s products that utilize the AAV delivery system. During a specified period, neither Sangamo nor Pfizer will be permitted to clinically develop or commercialize, outside of the collaboration, certain AAV-based gene therapy products for Hemophilia A. |
Basis of Presentation and Sum17
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Sangamo Therapeutics, 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, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017. The condensed consolidated balance sheet data at December 31, 2016 were derived from the audited consolidated financial statements included in Sangamo’s Form 10-K for the year ended December 31, 2016, as filed with the SEC. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited financial statements and footnotes thereto for the year ended December 31, 2016, 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, 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. 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 Vendor Specific Objective Evidence (“VSOE”) of selling price or Third Party Evidence (“TPE”) of selling price. If neither exists, the Company uses Estimated Selling Price (“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 Bioverativ, formerly Biogen Idec Inc. (“Bioverativ”) in January 2014, as amended, 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 assuming all other applicable revenue recognition criteria have been met. 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. |
Recent Accounting Standards | Recent Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, “ Compensation – Stock Compensation In February 2016 the FASB issued ASU No. 2016-02 (ASU 2016-02) “ Leases In May 2014 the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Measurements of Cash Equivalents, and Available-for-Sale Marketable Securities | The fair value measurements of the Company’s cash equivalents, and available-for-sale marketable securities are identified at the following levels within the fair value hierarchy (in thousands): March 31, 2017 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 10,632 $ 10,632 $ — $ — Total 10,632 10,632 — — Marketable securities: Commercial paper securities 24,394 — 24,394 — Corporate debt securities 6,001 — 6,001 — U.S. government sponsored entity debt securities 83,380 — 83,380 — Total 113,775 — 113,775 — Total cash equivalents and marketable securities $ 124,407 $ 10,632 $ 113,775 $ — December 31, 2016 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 18,992 $ 18,992 $ — $ — Total 18,992 18,992 — — Marketable securities: Commercial paper securities 23,185 — 23,185 — Corporate debt securities 10,004 — 10,004 — U.S. government sponsored entity debt securities 87,285 — 87,285 — Total 120,474 — 120,474 — Total cash equivalents and marketable securities $ 139,466 $ 18,992 $ 120,474 $ — |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 Cash equivalents: Money market funds $ 10,632 $ — $ — $ 10,632 Total 10,632 — — 10,632 Available-for-sale securities: Commercial paper securities 24,397 1 (4 ) 24,394 Corporate debt securities 6,001 — — 6,001 U.S. government sponsored entity debt securities 83,439 — (59 ) 83,380 Total 113,837 1 (63 ) 113,775 Total cash equivalents and available-for-sale securities $ 124,469 $ 1 $ (63 ) $ 124,407 December 31, 2016 Cash equivalents: Money market funds $ 18,992 $ — $ — $ 18,992 Total 18,992 — — 18,992 Available-for-sale securities: Commercial paper securities 23,112 73 — 23,185 Corporate debt securities 10,005 — (1 ) 10,004 U.S. government sponsored entity debt securities 87,307 3 (25 ) 87,285 Total 120,424 76 (26 ) 120,474 Total cash equivalents and available-for-sale securities $ 139,416 $ 76 $ (26 ) $ 139,466 |
Major Customers, Partnerships20
Major Customers, Partnerships and Strategic Alliances (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Bioverativ Inc [Member] | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |
Revenues Recognized under Agreement | Revenues recognized under the agreement with Bioverativ for the three months ended March 31, 2017 and 2016 were as follows (in thousands): Three months ended March 31, 2017 2016 Revenue related to Bioverativ Collaboration: Recognition of upfront fee $ 442 $ 608 Research services 1,709 2,031 Total $ 2,151 $ 2,639 |
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, 2017 and 2016 were as follows (in thousands): Three months ended March 31, 2017 2016 Revenue related to Shire Collaboration: Recognition of upfront fee $ 583 $ 542 Research services 107 429 Total $ 690 $ 971 |
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, 2017 and 2016 were as follows (in thousands): Three months ended March 31, 2017 2016 Revenue related to Sigma Collaboration: Royalty revenues $ 32 $ 12 License fee revenues 267 7 Total $ 299 $ 19 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 and 2016 (in thousands): Three months ended March 31, 2017 2016 Research and development $ 1,218 $ 1,850 General and administrative 1,570 1,344 Total stock-based compensation expense $ 2,788 $ 3,194 |
Basis of Presentation and Sum22
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | Mar. 31, 2017USD ($) |
ASU No. 2016-09 [Member] | |
Change In Accounting Estimate [Line Items] | |
Gross cumulative effect | $ 7.5 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Fair Value Measurements of Cash Equivalents, and Available-for-Sale Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | $ 124,407 | $ 139,466 |
Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 10,632 | 18,992 |
Fair value on recurring basis [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 10,632 | 18,992 |
Total marketable securities | 113,775 | 120,474 |
Total cash equivalents and marketable securities | 124,407 | 139,466 |
Fair value on recurring basis [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 10,632 | 18,992 |
Fair value on recurring basis [Member] | Commercial paper securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 24,394 | 23,185 |
Fair value on recurring basis [Member] | Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 10,632 | 18,992 |
Total cash equivalents and marketable securities | 10,632 | 18,992 |
Fair value on recurring basis [Member] | Level 1 [Member] | Money market funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total cash equivalents | 10,632 | 18,992 |
Fair value on recurring basis [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 113,775 | 120,474 |
Total cash equivalents and marketable securities | 113,775 | 120,474 |
Fair value on recurring basis [Member] | Level 2 [Member] | Commercial paper securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 24,394 | 23,185 |
Fair value on recurring basis [Member] | Corporate debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 6,001 | 10,004 |
Fair value on recurring basis [Member] | Corporate debt securities [Member] | Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 6,001 | 10,004 |
Fair value on recurring basis [Member] | U.S. government sponsored entity debt securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Total marketable securities | 83,380 | 87,285 |
Fair value on recurring basis [Member] | 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 | $ 83,380 | $ 87,285 |
Marketable Securities - Schedul
Marketable Securities - Schedule of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | $ 18,486 | $ 22,061 | $ 33,009 | $ 69,482 |
Amortized Cost | 124,469 | 139,416 | ||
Gross Unrealized Gains | 1 | 76 | ||
Gross Unrealized (Losses) | (63) | (26) | ||
Estimated Fair Value | 124,407 | 139,466 | ||
Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 113,837 | 120,424 | ||
Gross Unrealized Gains | 1 | 76 | ||
Gross Unrealized (Losses) | (63) | (26) | ||
Estimated Fair Value | 113,775 | 120,474 | ||
Money market funds [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | 10,632 | 18,992 | ||
Total cash equivalents | 10,632 | 18,992 | ||
Cash equivalents [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Cash and cash equivalents | 10,632 | 18,992 | ||
Total cash equivalents | 10,632 | 18,992 | ||
Commercial paper securities [Member] | Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 24,397 | 23,112 | ||
Gross Unrealized Gains | 1 | 73 | ||
Gross Unrealized (Losses) | (4) | |||
Estimated Fair Value | 24,394 | 23,185 | ||
Corporate debt securities [Member] | Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 6,001 | 10,005 | ||
Gross Unrealized (Losses) | (1) | |||
Estimated Fair Value | 6,001 | 10,004 | ||
U.S. government sponsored entity debt securities [Member] | Available-for-sale securities [Member] | ||||
Schedule Of Available For Sale Securities [Line Items] | ||||
Amortized Cost | 83,439 | 87,307 | ||
Gross Unrealized Gains | 3 | |||
Gross Unrealized (Losses) | (59) | (25) | ||
Estimated Fair Value | $ 83,380 | $ 87,285 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Investments Debt And Equity Securities [Abstract] | ||
Investments other-than-temporarily impaired | $ 0 | $ 0 |
Investments maturity period | 2 years | 2 years |
Realized losses | $ 0 | |
Other-than-temporary impairments of available-for-sale securities | $ 0 |
Basic and Diluted Net Loss Pe26
Basic and Diluted Net Loss Per Share - Additional Information (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Stock options and restricted stock units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Stock options and restricted stock units outstanding | 10,620,257 | 8,880,007 |
Major Customers, Partnerships27
Major Customers, Partnerships and Strategic Alliances - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2014USD ($)Program | Jun. 30, 2012Targets | Jan. 31, 2012USD ($)Targets | Mar. 31, 2017USD ($)Product | Mar. 31, 2016USD ($) | Dec. 31, 2014USD ($) | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Number of research programs | Program | 2 | |||||
Research and development | $ 12,942,000 | $ 15,266,000 | ||||
Bioverativ 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 | 115,800,000 | |||||
Potential amount to be funded for achievement of specified commercialized and sales milestones | 160,500,000 | |||||
Milestone revenue receivable | 276,300,000 | |||||
Milestone payments received | $ 0 | |||||
Number of products approved | Product | 0 | |||||
Royalty revenues | $ 0 | |||||
Research program to develop laboratory research reagents | 44 months | |||||
Deferred revenue | $ 6,000,000 | |||||
Bioverativ Inc [Member] | Sickle cell disease [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Milestone revenue receivable | 7,500,000 | |||||
Bioverativ Inc [Member] | Beta-thalassemia Project [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Milestone revenue receivable | $ 6,000,000 | |||||
Research and development | $ 1,600,000 | 2,000,000 | ||||
Shire AG [Member] | ||||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||||
Revenues under agreement | $ 13,000,000 | |||||
Research program to develop laboratory research reagents | 6 years | |||||
Deferred revenue | $ 1,800,000 | |||||
Research and development | $ 100,000 | $ 400,000 | ||||
Aggregate number of gene targets | Targets | 7 | |||||
Number of initial gene targets | Targets | 4 | |||||
Number of gene targets | Targets | 5 | |||||
Number of additional gene targets | Targets | 2 | |||||
Recognition of milestone | $ 1,000,000 |
Major Customers, Partnerships28
Major Customers, Partnerships and Strategic Alliances - Revenues Recognized under Agreement (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Bioverativ Inc [Member] | ||
Revenues: | ||
Recognition of upfront fee | $ 442,000 | $ 608,000 |
Royalty revenues | 0 | |
Research services | 1,709,000 | 2,031,000 |
Total | 2,151,000 | 2,639,000 |
Shire AG [Member] | ||
Revenues: | ||
Recognition of upfront fee | 583,000 | 542,000 |
Research services | 107,000 | 429,000 |
Total | 690,000 | 971,000 |
Sigma-Aldrich Corporation [Member] | ||
Revenues: | ||
Royalty revenues | 32,000 | 12,000 |
License fee revenues | 267,000 | 7,000 |
Total | $ 299,000 | $ 19,000 |
Major Customers, Partnerships29
Major Customers, Partnerships and Strategic Alliances - Agreement with Sigma-Aldrich Corporation - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Oct. 31, 2009 | Jul. 31, 2007 | Mar. 31, 2017 | Mar. 31, 2016 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Research and development | $ 12,942 | $ 15,266 | ||
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 | |||
Public offering, common stock shares issued | 636,133 | |||
Reduced royalty rate | 10.50% | |||
Funding available under the amended agreement | $ 25,000 | |||
Sigma-Aldrich Corporation [Member] | Upfront license fee [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Upfront license fee | 15,100 | |||
Common stock issued under license agreement | $ 4,900 | |||
Sigma-Aldrich Corporation [Member] | License agreement terms [Member] | ||||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||||
Revenues under agreement | 5,000 | |||
Research and development | $ 0 | $ 0 |
Major Customers, Partnerships30
Major Customers, Partnerships and Strategic Alliances - Agreement with Dow AgroSciences in Plant Agriculture - Additional Information (Detail) - Dow Agro Sciences [Member] - License agreement terms [Member] - USD ($) | 1 Months Ended | 3 Months Ended | |
Oct. 31, 2005 | Mar. 31, 2017 | Mar. 31, 2016 | |
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 | ||
Revenue attributable to research and development | $ 0 | $ 0 | |
Collaboration agreement costs and expenses | $ 0 | $ 0 | |
Minimum [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Annual fees | $ 250,000 | ||
Maximum [Member] | |||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Annual fees | $ 3,000,000 |
Major Customers, Partnerships31
Major Customers, Partnerships and Strategic Alliances - California Institute for Regenerative Medicine - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | |
May 31, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||
Research grants | $ 119,000 | $ 231,000 | |
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 | ||
Agreement to receive | 4 years | ||
Research grants | 0 | 0 | |
Collaboration agreement related costs and expenses | $ 200,000 | $ 300,000 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 2,788 | $ 3,194 |
Research and development [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 1,218 | 1,850 |
General and administrative [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 1,570 | $ 1,344 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 2,788 | $ 3,194 |
Chief Financial Officer [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 800 |
Build-to-Suit Lease - Additiona
Build-to-Suit Lease - Additional Information (Detail) $ in Millions | 1 Months Ended | 3 Months Ended |
Dec. 31, 2015ft²Option | Mar. 31, 2017USD ($) | |
Operating Leased Assets [Line Items] | ||
Property leased | ft² | 41,400 | |
Lease expiration date | Dec. 31, 2016 | |
Operating lease expiration period | 5 years | |
Number of lease term extension options | Option | 2 | |
Costs capitalized | $ | $ 3.9 | |
Maximum [Member] | ||
Operating Leased Assets [Line Items] | ||
Lease agreement, extendable lease term | 10 years |
At the Market Offering - Additi
At the Market Offering - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 07, 2016 | |
Schedule Of At The Market Offering [Line Items] | ||
Net proceeds from issuance of common stock, after deducting offering expenses | $ 3,425 | |
ATM Agreement [Member] | ||
Schedule Of At The Market Offering [Line Items] | ||
Common stock issuable and sellable under offering agreement | $ 75,000 | |
ATM Agreement [Member] | Common Stock [Member] | ||
Schedule Of At The Market Offering [Line Items] | ||
Net proceeds from issuance of common stock, after deducting offering expenses | $ 3,400 | |
Total shares issued | 871,149 | |
Commission paid to sales agent | $ 100 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Pfizer [Member] - Subsequent Event [Member] | May 10, 2017USD ($) |
Subsequent Event [Line Items] | |
Potential amount eligible to receive for milestones payments | $ 475,000,000 |
Up-front Payment Arrangement [Member] | |
Subsequent Event [Line Items] | |
Payments receive under collaboration agreement | 70,000,000 |
Maximum [Member] | SB-525 [Member] | |
Subsequent Event [Line Items] | |
Potential amount eligible to receive for milestones payments | 300,000,000 |
Maximum [Member] | Other Products [Member] | |
Subsequent Event [Line Items] | |
Potential amount eligible to receive for milestones payments | $ 175,000,000 |