Dynavax Technologies (DVAX) 10-Q 5 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	DVAX
Entity Registrant Name	DYNAVAX TECHNOLOGIES CORP
Entity Central Index Key	1,029,142
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		38,425,277

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 103,031	$ 49,511
Marketable securities available-for-sale	117,666	73,141
Accounts receivable	1,163	727
Prepaid expenses and other current assets	2,489	4,058
Total current assets	224,349	127,437
Property and equipment, net	11,606	7,924
Goodwill	2,106	2,277
Restricted cash	615	632
Other assets	231	20
Total assets	238,907	138,290
Current liabilities:
Accounts payable	2,359	1,159
Accrued research and development	7,861	6,938
Accrued liabilities	5,952	6,317
Deferred revenues	3,558	5,865
Total current liabilities	19,730	20,279
Deferred revenues, net of current portion	6,988	6,900
Long-term debt		9,559
Other long-term liabilities	1,001	1,070
Total liabilities	$ 27,719	$ 37,808
Commitments and contingencies (Note 4)
Stockholders’ equity:
Common stock: $0.001 par value; 69,500 shares authorized at September 30, 2015 and December 31, 2014; 38,425 and 26,307 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 38	$ 26
Additional paid-in capital	886,575	695,058
Accumulated other comprehensive loss	(2,560)	(1,669)
Accumulated deficit	(672,865)	(592,933)
Total stockholders’ equity	211,188	100,482
Total liabilities and stockholders’ equity	$ 238,907	$ 138,290
Series B Convertible Preferred Stock
Stockholders’ equity:
Preferred stock: $0.001 par value: Authorized: 5,000 shares; Issued and outstanding Series B Convertible Preferred Stock — no shares and 43 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	69,500,000	69,500,000
Common stock, shares issued	38,425,000	26,307,000
Common stock, shares outstanding	38,425,277	26,307,000
Series B Convertible Preferred Stock
Preferred stock, shares issued	0	43,000
Preferred stock, shares outstanding	0	43,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Collaboration revenue	$ 829	$ 1,795	$ 2,230	$ 6,199
Grant revenue	359	414	608	2,546
Service and license revenue			527	10
Total revenues	1,188	2,209	3,365	8,755
Operating expenses:
Research and development	24,105	28,072	66,011	64,942
General and administrative	5,524	4,083	15,481	12,325
Unoccupied facility expense		131		386
Total operating expenses	29,629	32,286	81,492	77,653
Loss from operations	(28,441)	(30,077)	(78,127)	(68,898)
Other income (expense):
Interest income	33	42	78	162
Interest expense	(62)		(572)
Other income, net	17	216	360	300
Loss on extinguishment of debt	(1,671)		(1,671)
Net loss	$ (30,124)	$ (29,819)	$ (79,932)	$ (68,436)
Basic and diluted net loss per share	$ (0.82)	$ (1.13)	$ (2.43)	$ (2.60)
Weighted average shares used to compute basic and diluted net loss per share	36,532	26,291	32,880	26,288

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (30,124)	$ (29,819)	$ (79,932)	$ (68,436)
Other comprehensive income (loss):
Unrealized gain (loss) on marketable securities available-for-sale	5	(1)	4	69
Cumulative foreign currency translation adjustments	162	(921)	(895)	(1,027)
Total other comprehensive income (loss)	167	(922)	(891)	(958)
Total comprehensive loss	$ (29,957)	$ (30,741)	$ (80,823)	$ (69,394)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (79,932)	$ (68,436)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	958	1,016
Gain on disposal of property and equipment		(24)
Accretion of discounts and amortization of premiums on marketable securities	476	714
Unoccupied facility expense		386
Accretion of debt discount related to debt financing	(115)
Cash-settled portion of stock-based compensation expense	387
Stock compensation expense	6,502	4,532
Loss on extinguishment of debt	1,671
Changes in operating assets and liabilities:
Accounts receivable	(436)	900
Prepaid expenses and other current assets	1,569	(2,203)
Restricted cash and other assets	(211)	(575)
Accounts payable	273	3,284
Accrued liabilities and other long term liabilities	364	4,334
Deferred revenues	(2,219)	(799)
Net cash used in operating activities	(70,713)	(56,871)
Investing activities
Purchases of marketable securities	(127,918)	(44,807)
Proceeds from maturities of marketable securities	82,920	99,500
Purchases of property and equipment, net	(4,246)	(1,207)
Net cash (used in) provided by investing activities	(49,244)	53,486
Financing activities
Proceeds from issuance of common stock, net	183,899
Payment of debt	(10,990)
Proceeds from exercise of stock options and restricted stock awards	237	13
Proceeds from exercise of warrants	222
Proceeds from Employee Stock Purchase Plan	291	130
Net cash provided by financing activities	173,659	143
Effect of exchange rate changes on cash and cash equivalents	(182)	(224)
Net increase (decrease) in cash and cash equivalents	53,520	(3,466)
Cash and cash equivalents at beginning of period	49,511	23,122
Cash and cash equivalents at end of period	103,031	19,656
Non-cash investing and financing activities:
Cash paid during the year for interest	720
Disposal of fully depreciated property and equipment	171	675
Net change in unrealized gain on marketable securities	$ 4	$ 69

Organization and Summary of Sig

Organization and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Summary of Significant Accounting Policies	1. Organization and Summary of Significant Accounting Policies Dynavax Technologies Corporation (“we,” “our,” “us,” “Dynavax” or the “Company”) is a clinical-stage biopharmaceutical company that uses toll-like receptor (“TLR”) biology to discover and develop novel vaccines and therapeutics. Our development programs are organized under our three areas of focus: vaccine adjuvants, cancer immunotherapy, and autoimmune and inflammatory diseases. We were incorporated in California in August 1996 under the name Double Helix Corporation, and we changed our name to Dynavax Technologies Corporation in September 1996. We reincorporated in Delaware in 2000. Basis of Presentation Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. In our opinion, these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which we consider necessary to present fairly our financial position and the results of our operations and cash flows. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. Interim-period results are not necessarily indicative of results of operations or cash flows to be expected for a full-year period or any other interim-period. The condensed consolidated balance sheet at December 31, 2014, has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements and these notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of Dynavax and our wholly-owned subsidiaries, Dynavax GmbH (formerly known as Rhein Biotech GmbH) and Dynavax International, B.V. Dynavax International, B.V. was dissolved in January 2015. All significant intercompany accounts and transactions, among consolidated entities, have been eliminated. We operate in one business segment: the discovery and development of biopharmaceutical products. Liquidity and Financial Condition We have incurred significant operating losses and negative cash flows from operations since our inception. As of September 30, 2015, we had cash, cash equivalents and marketable securities of $220.7 million. . We expect to continue to spend substantial funds in connection with the development and manufacturing of our product candidates, particularly HEPLISAV-B TM and our investigational cancer immunotherapeutic product candidate, SD-101 . Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates. Reverse Stock Split All references to numbers of shares of our common stock and per-share information in the accompanying financial statements have been adjusted retroactively to reflect the Company’s ten-for-one reverse stock split effected on November 7, 2014. The par value was not adjusted as a result of the reverse stock split. Summary of Significant Accounting Policies There have been no significant changes in our significant accounting policies during the nine months ended September 30, 2015, as compared with those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014. Revenue Recognition Our revenues consist of amounts earned from collaborations, grants and fees from services and licenses. We enter into license and manufacturing agreements and collaborative research and development arrangements with pharmaceutical and biotechnology partners that may involve multiple deliverables. Our arrangements may include one or more of the following elements: upfront license payments, cost reimbursement for the performance of research and development activities, milestone payments, other contingent payments, contract manufacturing service fees, royalties and license fees. Each deliverable in the arrangement is evaluated to determine whether it meets the criteria to be accounted for as a separate unit of accounting or whether it should be combined with other deliverables. In order to account for the multiple-element arrangements, the Company identifies the deliverables included within the arrangement and evaluates which deliverables represent separate units of accounting. Analyzing the arrangement to identify deliverables requires the use of judgment, and each deliverable may be an obligation to deliver services, a right or license to use an asset, or another performance obligation. We recognize revenue when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Non-refundable upfront fees received for license and collaborative agreements and other payments under collaboration agreements where we have continuing performance obligations related to the payments are deferred and recognized over our estimated performance period. Revenue is recognized on a ratable basis, unless we determine that another method is more appropriate, through the date at which our performance obligations are completed. Management makes its best estimate of the period over which we expect to fulfill our performance obligations, which may include clinical development activities. Given the uncertainties of research and development collaborations, significant judgment is required to determine the duration of the performance period. We recognize cost reimbursement revenue under collaborative agreements as the related research and development costs are incurred, as provided for under the terms of these agreements. Contingent consideration received for the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is defined as an event having all of the following characteristics: (i) there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, (ii) the event can only be achieved based in whole or in part on either the entity’s performance or a specific outcome resulting from the entity’s performance and (iii) if achieved, the event would result in additional payments being due to the entity. Our license and collaboration agreements with our partners provide for payments to be paid to us upon the achievement of development milestones. Given the challenges inherent in developing biologic products, there is substantial uncertainty whether any such milestones will be achieved at the time we entered into these agreements. In addition, we evaluate whether the development milestones meet the criteria to be considered substantive. The conditions include: (i) the development work is contingent on either of the following: (a) the vendor’s performance to achieve the milestone or (b) the enhancement of the value of the deliverable item or items as a result of a specific outcome resulting from the vendor’s performance to achieve the milestone; (ii) it relates solely to past performance and (iii) it is reasonable relative to all the deliverable and payment terms within the arrangement. As a result of our analysis, we may consider our development milestones to be substantive and, accordingly, we expect to recognize as revenue future payments received from such milestones as we achieve each milestone. Milestone payments that are contingent upon the achievement of substantive at-risk performance criteria are recognized in full upon achievement of those milestone events in accordance with the terms of the agreement and assuming all other revenue recognition criteria have been met. All revenue recognized to date under our collaborative agreements has been nonrefundable. Our license and collaboration agreements with certain partners also provide for contingent payments to be paid to us based solely upon the performance of our partner. For such contingent payments we expect to recognize the payments as revenue upon receipt, provided that collection is reasonably assured and the other revenue recognition criteria have been satisfied. Revenues from manufacturing agreements are recognized upon meeting revenue recognition criteria for substantial performance and acceptance by the customer. Revenue from royalty payments is contingent on future sales activities by our licensees. As a result, we recognize royalty revenue when all revenue recognition criteria have been satisfied. Revenue from government and private agency grants is recognized as the related research expenses are incurred and to the extent that funding is approved. Additionally, we recognize revenue based on the facilities and administrative cost rate reimbursable per the terms of the grant awards. Research and Development Expenses and Accruals Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under such arrangements may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed. We contract with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. Our accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. We may terminate these contracts upon written notice and we are generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances we may be further responsible for termination fees and penalties. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to the Company at that time. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities through September 30, 2015. Recent Accounting Pronouncements Accounting Standards Update 2014-09 In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers Revenue Recognition which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. This Accounting Standards Update (“ASU”) is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017 (including interim periods within those periods). Accounting Standards Update 2014-15 In August 2014, the FASB issued guidance codified in ASC 205, Presentation of Financial Statements — Going Concern Accounting Standards Update 2014-15 requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern and if those conditions exist, to make the required disclosures. The standard is effective for annual periods ending after December 15, 2016, and interim periods therein. The Company does not expect that the adoption of this standard will have a significant impact on its financial statements. Accounting Standards Update 2015-03 In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the corresponding debt liability rather than as an asset. This ASU will be effective for the Company in fiscal year 2016. The Company does not expect that the adoption of this standard will have a significant impact on its financial statements.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	2. Fair Value Measurements The Company measures fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: · Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities; · Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and · Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities; therefore, requiring an entity to develop its own valuation techniques and assumptions. The carrying amounts of cash equivalents, accounts receivable, accounts payable and accrued liabilities are considered reasonable estimates of their respective fair value because of their short-term nature. The carrying amount of our long-term debt is considered a reasonable estimate of its respective fair value as it is amortized over its life using the effective interest rate. Recurring Fair Value Measurements The following table represents the fair value hierarchy for our financial assets (cash equivalents and marketable securities) measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Level 1 Level 2 Level 3 Total September 30, 2015 Money market funds $ 61,748 $ - $ - $ 61,748 U.S. government agency securities - 49,911 - 49,911 Corporate debt securities - 103,875 - 103,875 Total $ 61,748 $ 153,786 $ - $ 215,534 Level 1 Level 2 Level 3 Total December 31, 2014 Money market funds $ 46,989 $ - $ - $ 46,989 U.S. government agency securities - 73,141 - 73,141 Total $ 46,989 $ 73,141 $ - $ 120,130 Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments is readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 of the fair value hierarchy. U.S. Government agency securities and corporate debt securities are measured at fair value using Level 2 inputs. We review trading activity and pricing for these investments as of each measurement date. When sufficient quoted pricing for identical securities is not available, we use market pricing and other observable market inputs for similar securities obtained from various third party data providers. These inputs represent quoted prices for similar assets in active markets or these inputs have been derived from observable market data. This approach results in the classification of these securities as Level 2 of the fair value hierarchy. There were no transfers between Level 1 and Level 2 during the nine months ended September 30, 2015.

Cash, Cash Equivalents and Mark

Cash, Cash Equivalents and Marketable Securities	9 Months Ended
	Sep. 30, 2015
Cash Cash Equivalents And Short Term Investments [Abstract]
Cash, Cash Equivalents and Marketable Securities	3. Cash, cash equivalents and marketable securities The following is a summary of cash, cash equivalents and marketable securities available-for-sale as of September 30, 2015 and December 31, 2014 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value September 30, 2015 Cash and cash equivalents: Cash $ 5,163 $ - $ - $ 5,163 Money market funds 61,748 - - 61,748 Corporate debt securities 36,119 4 (3 ) 36,120 Total cash and cash equivalents 103,030 4 (3 ) 103,031 Marketable securities available-for-sale: U.S. government agency securities 49,909 4 (2 ) 49,911 Corporate debt securities 67,753 80 (78 ) 67,755 Total marketable securities available-for-sale 117,662 84 (80 ) 117,666 Total cash, cash equivalents and marketable securities $ 220,692 $ 88 $ (83 ) $ 220,697 December 31, 2014 Cash and cash equivalents: Cash $ 2,522 $ - $ - $ 2,522 Money market funds 46,989 - - 46,989 Total cash and cash equivalents 49,511 - - 49,511 Marketable securities available-for-sale: U.S. government agency securities 73,140 11 (10 ) 73,141 Total marketable securities available-for-sale 73,140 11 (10 ) 73,141 Total cash, cash equivalents and marketable securities $ 122,651 $ 11 $ (10 ) $ 122,652 The maturities of our marketable securities available-for-sale are as follows (in thousands): September 30, 2015 Amortized Cost Estimated Fair Value Mature in one year or less $ 117,662 $ 117,666 Mature after one year through two years - - $ 117,662 $ 117,666 All of our investments are classified as short-term and available-for-sale, as we may not hold our investments until maturity. Available-for-sale securities are carried at fair value based on inputs that are observable, either directly or indirectly, such as quoted market prices for similar securities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the securities, with unrealized gains and losses included in accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value, if any, judged to be other than temporary on available-for-sale securities are included in interest income or expense. The cost of securities sold is based on the specific identification method. Management assesses whether declines in the fair value of investment securities are other than temporary. In determining whether a decline is other than temporary, management considers the following factors: · Whether the investment has been in a continuous unrealized loss position for over 12 months; · the duration to maturity of our investments; · our intention and ability to hold the investments to maturity and if it is not more likely than not that we will be required to sell the investment before recovery of the amortized cost bases; · the credit rating, financial condition and near-term prospects of the issuer; and · the type of investments made. To date, there have been no declines in fair value that have been identified as other than temporary.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	4. Commitments and Contingencies We lease our facilities in Berkeley, California (“Berkeley Lease”) and Düsseldorf, Germany (“Düsseldorf Lease”) under operating leases that expire in June 2018 and March 2023, respectively. The Berkeley Lease provides for periods of escalating rent. The total cash payments over the life of the lease are divided by the total number of months in the lease period and the average rent is charged to expense each month during the lease period. We entered into sublease agreements under the Düsseldorf Lease for a certain portion of the leased space. The sublease income is offset against our rent expense. During September 2013, we decided not to occupy a portion of our facility in Berkeley, California. During the first three quarters of 2014, we reassessed our timing and ability to sublet a portion of our facility and recorded a total unoccupied facility expense of $0.4 million for the year ended December 31, 2014. In December 2014, we decided to utilize the unoccupied portion of the facility and began to recognize rent expense under the terms noted in the Berkeley Lease. Total net rent expense related to our operating leases for the three month periods ended September 30, 2015 and 2014, was $0.5 million and $0.4 million, respectively. Total net rent expense related to our operating leases for the nine month periods ended September 30, 2015 and 2014, was $1.5 million and $1.3 million, respectively. Deferred rent was $0.5 million and $0.6 million as of September 30, 2015 and December 31, 2014, respectively. Future minimum payments under the non-cancelable portion of our operating leases at September 30, 2015, excluding payments from sublease agreements, are as follows (in thousands): Years ending December 31, 2015 (remaining) $ 602 2016 2,312 2017 2,361 2018 1,306 2019 480 Thereafter 1,561 Total $ 8,622 In addition to the non-cancelable commitments included above, we have entered into contractual arrangements that obligate us to make payments to the contractual counterparties upon the occurrence of future events. In addition, in the normal course of operations, we have entered into license and other agreements and intend to continue to seek additional rights relating to compounds or technologies in connection with our discovery, manufacturing and development programs. Under the terms of the agreements, we may be required to pay future up-front fees, milestones and royalties on net sales of products originating from the licensed technologies, if any, or other payments contingent upon the occurrence of future events that cannot reasonably be estimated. We rely on research institutions, contract research organizations, clinical investigators as well as clinical and commercial material manufacturers of our product candidates. As of September 30, 2015, under the terms of our agreements, including certain agreements relating to the ongoing Phase 3 trial of HEPLISAV-B, we are obligated to make future payments as services are provided of approximately $7.2 million through 2016. These agreements are terminable by us upon written notice. Generally, we are liable only for actual effort expended by the organizations at any point in time during the contract through the notice period. From time to time, we are involved in claims, suits, and proceedings arising from the ordinary course of our business, including actions with respect to intellectual property claims, commercial claims, and other matters. Such claims, suits, and proceedings are inherently uncertain and their results cannot be predicted with certainty. Regardless of the outcome, such legal proceedings can have an adverse impact on us because of legal costs, diversion of management resources, and other factors. In addition, it is possible that a resolution of one or more such proceedings could result in substantial monetary damage awards, fines and penalties or orders requiring a change in our business practices, which could in the future materially and adversely affect our financial position, results of operations, or cash flows in a particular period.

Collaborative Research and Deve

Collaborative Research and Development Agreements	9 Months Ended
	Sep. 30, 2015
Research And Development [Abstract]
Collaborative Research and Development Agreements	5. Collaborative Research and Development Agreements AstraZeneca In September 2006, we entered into a research collaboration and license agreement with AstraZeneca for the discovery and development of TLR9 agonist-based therapies for the treatment of asthma and chronic obstructive pulmonary disease. In October 2011, we amended our agreement with AstraZeneca to provide that we will conduct initial clinical development of AZD1419 and AstraZeneca agreed to fund all program expenses to cover the cost of development activities through Phase 2a. Under the terms of the amended agreement, we received an initial payment of $3 million in 2011 to begin the clinical development program. We and AstraZeneca agreed to advance AZD1419 towards a Phase 1 clinical trial, which resulted in a development funding payment of $6 million received in the fourth quarter of 2012. In January 2014, we amended our agreement with AstraZeneca and received a $5.4 million payment that was due upon execution of this amendment. In December 2014, we amended our agreement with AstraZeneca whereby AstraZeneca will fully fund and Dynavax will conduct a Phase 2a safety and efficacy trial of AZD1419 in patients with asthma. In the fourth quarter of 2014, we received an $8.0 million payment due upon execution of this amendment, to be applied towards research and development expenses incurred in conducting the Phase 2a study. Under the terms of this agreement, as amended, we are eligible to receive up to $100 million in additional milestone payments, based on the achievement of certain development and regulatory objectives. Additionally, upon commercialization, we are eligible to receive tiered royalties ranging from the mid to high single-digits based on product sales of any products originating from the collaboration. We have the option to co-promote in the United States products arising from the collaboration, if any. AstraZeneca has the right to sublicense its rights upon our prior consent. Revenue from the $8.0 million payment received in the fourth quarter of 2014 was deferred and is being recognized as development work is performed, through June 2018. The $5.4 million payment received in the first quarter of 2014 and the $3.0 million initial payment received in 2011 were also deferred and are being recognized over the estimated remaining period of performance of development work through June 2018, which is approximately 33 months. The estimated remaining period of performance of development work was revaluated during the quarter and updated from December 2017 to June 2018. The following table summarizes the revenues earned under our agreement with AstraZeneca, included as collaboration revenue in our consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Initial payment $ 60 $ 180 $ 186 $ 540 Subsequent payment 223 675 697 2,025 Performance of research activities 546 309 1,347 1,741 Total $ 829 $ 1,164 $ 2,230 $ 4,306 As of September 30, 2015 and December 31, 2014, total deferred revenue from the initial payment, subsequent payment and development funding payments was $10.5 million and $12.8 million, respectively. Absent early termination, the agreement will expire when all of AstraZeneca’s payment obligations expire. AstraZeneca has the right to terminate the agreement at any time upon prior written notice and either party may terminate the agreement early upon written notice if the other party commits an uncured material breach of the agreement. National Institutes of Health (“NIH”) and Other Funding We have been awarded various grants from the NIH and the NIH’s National Institute of Allergy and Infectious Disease (“NIAID”) in order to fund research. The awards are related to specific research objectives and we earn revenue as the related research expenses are incurred. We have earned revenue during the periods ended September 30, 2015 and 2014 from the following awards: · August 2014, NIH awarded us $0.2 million to fund research in developing a transgenic mouse model to study human TLR9 role in disease. · September 2013, NIH awarded us $0.2 million to fund research in developing TLR antagonists for therapy of hepatic fibrosis and cirrhosis. · June 2012, NIH awarded us $0.6 million to fund research in screening for inhibitors of TLR8 for treatment of autoimmune diseases. · May 2012, NIH awarded us $0.4 million to fund development of TLR8 inhibitors for treatment of rheumatoid arthritis. · August 2010, NIAID awarded us a grant to take a systems biology approach to study the differences between individuals who do or do not respond to vaccination against the hepatitis B virus. This study is one of several projects conducted under a grant to the Baylor Institute of Immunology Research in Dallas as part of the Human Immune Phenotyping Centers program. We have been awarded a total of $1.4 million under this grant. · September 2008, NIAID awarded us a five-year $17 million contract to develop our ISS technology using TLR9 agonists as vaccine adjuvants. The contract supports adjuvant development for anthrax as well as other disease models. The following table summarizes the revenues recognized under the various arrangements with the NIH and NIAID (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 NIAID contracts $ - $ 255 $ - $ 2,094 All other NIH contracts 359 159 608 452 Total grant revenue $ 359 $ 414 $ 608 $ 2,546

Long-Term Debt

Long-Term Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Long-Term Debt	6. Long-Term Debt In December 2014, we entered into a Loan and Security Agreement (“Loan Agreement”) with Hercules Technology Growth Capital, Inc. (“Hercules”) under which we could borrow up to $40.0 million in two tranches and for which we paid a $400,000 facility charge to Hercules. We drew down the first tranche of $10.0 million upon closing of the transaction on December 23, 2014. The second tranche, of $30.0 million, was available to In September 2015, we repaid all outstanding amounts under the Loan Agreement, at which time our obligations under the Loan Agreement terminated and Hercules released its security interests in all collateral under the Loan Agreement. We paid to Hercules $11.0 million, which consisted of $10.0 million outstanding principal, accrued but unpaid interest of $38 thousand, end of term fee of $0.8 million and prepayment charges of $0.2 million. We recognized the repayment to be a substantial modification to the debt instrument and applied debt extinguishment accounting to record a one-time loss on extinguishment of debt in the amount of $1.7 million. The interest rate in the Loan Agreement was calculated at a rate equal to the greater of either: (i) 9.75% plus the prime rate as reported from time to time in The Wall Street Journal minus 5.25%, and (ii) 9.75%. Monthly

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	7. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares outstanding during the period and giving effect to all potentially dilutive common shares using the treasury-stock method. For purposes of this calculation, common stock subject to repurchase by us, outstanding options, stock awards, Series B Convertible Preferred Stock, and warrants are considered to be potentially dilutive common shares and are only included in the calculation of diluted net loss per share when their effect is dilutive. Stock options, Series B Convertible Preferred Stock, warrants and stock awards totaling approximately 2,990,000 and 7,500,000 shares of common stock as of September 30, 2015 and 2014, respectively, were excluded from the calculation of diluted net loss per share for the three months ended September 30, 2015 and 2014, because the effect of their inclusion would have been anti-dilutive. For periods in which the Company has a net loss and no instruments are determined to be dilutive, such as the three months ended September 30, 2015 and 2014, basic and diluted loss per share are the same.

Preferred Stock, Common Stock a

Preferred Stock, Common Stock and Warrants	9 Months Ended
	Sep. 30, 2015
Preferred Stock Common Stock And Warrants [Abstract]
Preferred Stock, Common Stock and Warrants	8. Preferred Stock, Common Stock and Warrants Preferred Stock Outstanding As of September 30, 2015, there were 5,000,000 shares of preferred stock authorized and no shares of preferred stock outstanding. On February 26, 2015, 26,000 shares of our Series B Convertible Preferred Stock were converted into 2,600,000 shares of common stock. On July 23, 2015, 17,430 shares of our Series B Convertible Preferred Stock were converted into 1,743,000 shares of common stock and no Series B Convertible Preferred Stock remained outstanding. Each share of Series B Convertible Preferred Stock was convertible into 100 shares of common stock at any time at the holder’s option. However, the holder is prohibited from converting the Series B Convertible Preferred Stock into shares of common stock if, as a result of such conversion, the holder and its affiliates would own more than 9.98% of the total number of shares of common stock then issued and outstanding. In the event of the Company’s liquidation, dissolution, or winding up, holders of Series B Convertible Preferred Stock will receive a payment equal to $0.001 per share before any proceeds are distributed to the common stockholders. Shares of Series B Convertible Preferred Stock generally have no voting rights, except as required by law and except that the consent of holders of a majority of the outstanding Series B Convertible Preferred Stock is required to amend the terms of the Series B Convertible Preferred Stock. Holders of Series B Convertible Preferred Stock are not entitled to receive any dividends, unless and until specifically declared by the Company’s board of directors. The Series B Convertible Preferred Stock ranks senior to the Company’s common stock as to distributions of assets upon the Company’s liquidation, dissolution or winding up, whether voluntarily or involuntarily. The Series B Convertible Preferred Stock may rank senior to, on parity with or junior to any class or series of the Company’s capital stock created in the future depending upon the specific terms of such future stock issuance. Common Stock Outstanding As of September 30, 2015, there were 38,425,277 shares of our common stock outstanding. On November 10, 2014, we entered into an At Market Issuance Sales Agreement (the “2014 ATM Agreement”) with Cowen and Company, LLC (“Cowen”) under which we could offer and sell our common stock from time to time up to aggregate sales proceeds of $50 million through Cowen as our sales agent. The 2014 ATM Agreement terminated in July 2015 when we reached an aggregate of $50 million of gross proceeds from sales of our common stock as specified in the 2014 ATM Agreement. In July 2015, we completed an underwritten public offering of 5,227,273 shares of our common stock, including 681,818 shares sold pursuant to the full exercise of an overallotment option previously granted to the underwriters. All of the shares were offered at a price to the public of $27.50 per share. The net proceeds to us from this offering were approximately $134.9 million, after deducting the underwriting discount and other estimated offering expenses payable by us. Warrants As of September 30, 2015, no warrants to purchase shares of our common stock were outstanding.

Equity Plans and Stock-Based Co

Equity Plans and Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Share Based Compensation [Abstract]
Equity Plans and Stock-Based Compensation	9. Equity Plans and Stock-Based Compensation Option activity under our stock-based compensation plans during the nine months ended September 30, 2015 was as follows (in thousands except per share amounts): Shares Underlying Outstanding Options (in thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2014 1,820 $ 27.48 Options granted 1,210 17.93 Options exercised (16 ) 15.13 Options cancelled: Options forfeited (unvested) (117 ) 17.13 Options cancelled (vested) (97 ) 44.99 Balance at September 30, 2015 2,800 23.22 7.05 $ 14,157 Vested and expected to vest at September 30, 2015 2,673 23.51 6.95 $ 13,217 Exercisable at September 30, 2015 1,232 29.16 4.49 $ 3,846 Restricted stock unit activity under our stock-based compensation plans during the nine months ended September 30, 2015 was as follows (in thousands except per share amounts): Number of Shares (In thousands) Weighted-Average Grant-Date Fair Value Non-vested as of December 31, 2014 179 $ 17.13 Granted 31 $ 18.87 Vested (3 ) $ 16.90 Forfeited or expired (15 ) $ 18.38 Non-vested as of September 30, 2015 192 $ 17.31 The aggregate intrinsic value of the restricted stock units outstanding as of September 30, 2015, based on our stock price on that date, was $4.7 million. As of September 30, 2015, approximately 75,000 shares underlying stock options and restricted stock units awards with performance-based vesting criteria were outstanding. Vesting criteria for these performance-based awards have not been met as of September 30, 2015. Under our stock-based compensation plans, option awards generally vest over a four-year period contingent upon continuous service and expire ten years from the date of grant (or earlier upon termination of continuous service). The fair value-based measurement of each option is estimated on the date of grant using the Black-Scholes option valuation model. The fair value-based measurements and weighted-average assumptions used in the calculations of these measurements are as follows: Stock Options Stock Options Employee Stock Purchase Plan Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Weighted-average fair value $ 17.63 $ 10.10 $ 13.23 $ 15.20 $ 9.18 $ 7.40 Risk-free interest rate 1.7 % 1.9 % 1.7 % 1.8 % 0.4 % 0.2 % Expected life (in years) 5.8 5.5 5.9 5.9 1.2 1.2 Volatility 0.7 0.8 0.7 1.4 0.6 0.9 We recognized stock-based compensation expense of $2.6 million and $1.6 million for the three months ended September 30, 2015 and 2014, respectively. We recognized stock-based compensation expense of $6.5 million and $4.5 million for the nine months ended 30, 2015 and 2014, respectively. Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Research and development $ 1,232 $ 731 $ 2,985 $ 2,161 General and administrative 1,398 855 3,517 2,371 Total $ 2,630 $ 1,586 $ 6,502 $ 4,532 As of September 30, 2015, the total unrecognized compensation cost related to non-vested equity awards including all awards with time-based vesting amounted to $20.2 million, which is expected to be recognized over the remaining weighted-average vesting period of 2.9 years. Additionally, as of September 30, 2015, the total unrecognized compensation cost related to equity awards with performance-based vesting criteria not deemed probable of vesting amounted to $2.6 million. Employee Stock Purchase Plan As of September 30, 2015, 99,600 shares were approved for issuance under the 2004 Employee Stock Purchase Plan, subject to adjustment for a stock split, or any future stock dividend or other similar change in our common stock or capital structure. As of September 30, 2015, employees have acquired 94,709 shares of our common stock under the 2004 Employee Stock Purchase Plan. As of September 30, 2015, no shares of our common stock remained available for future purchases under the 2004 Employee Stock Purchase Plan. In May 2014, stockholders of the Company approved the 2014 Employee Stock Purchase Plan (the “Purchase Plan”), pursuant to which the Company may issue up to 50,000

Organization and Summary of S16

Organization and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation Our accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and pursuant to the instructions to Form 10-Q and Article 10 of Regulation S-X. In our opinion, these unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring adjustments, which we consider necessary to present fairly our financial position and the results of our operations and cash flows. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. Interim-period results are not necessarily indicative of results of operations or cash flows to be expected for a full-year period or any other interim-period. The condensed consolidated balance sheet at December 31, 2014, has been derived from audited financial statements at that date, but excludes disclosures required by GAAP for complete financial statements. The unaudited condensed consolidated financial statements and these notes should be read in conjunction with our Annual Report on Form 10-K for the year ended December 31, 2014, as filed with the Securities and Exchange Commission (the “SEC”). The unaudited condensed consolidated financial statements include the accounts of Dynavax and our wholly-owned subsidiaries, Dynavax GmbH (formerly known as Rhein Biotech GmbH) and Dynavax International, B.V. Dynavax International, B.V. was dissolved in January 2015. All significant intercompany accounts and transactions, among consolidated entities, have been eliminated. We operate in one business segment: the discovery and development of biopharmaceutical products.
Liquidity and Financial Condition	Liquidity and Financial Condition We have incurred significant operating losses and negative cash flows from operations since our inception. As of September 30, 2015, we had cash, cash equivalents and marketable securities of $220.7 million. . We expect to continue to spend substantial funds in connection with the development and manufacturing of our product candidates, particularly HEPLISAV-B TM and our investigational cancer immunotherapeutic product candidate, SD-101 .
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make informed estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ materially from these estimates.
Reverse Stock Split	Reverse Stock Split All references to numbers of shares of our common stock and per-share information in the accompanying financial statements have been adjusted retroactively to reflect the Company’s ten-for-one reverse stock split effected on November 7, 2014. The par value was not adjusted as a result of the reverse stock split.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no significant changes in our significant accounting policies during the nine months ended September 30, 2015, as compared with those disclosed in our Annual Report on Form 10-K for the year ended December 31, 2014.
Revenue Recognition	Revenue Recognition Our revenues consist of amounts earned from collaborations, grants and fees from services and licenses. We enter into license and manufacturing agreements and collaborative research and development arrangements with pharmaceutical and biotechnology partners that may involve multiple deliverables. Our arrangements may include one or more of the following elements: upfront license payments, cost reimbursement for the performance of research and development activities, milestone payments, other contingent payments, contract manufacturing service fees, royalties and license fees. Each deliverable in the arrangement is evaluated to determine whether it meets the criteria to be accounted for as a separate unit of accounting or whether it should be combined with other deliverables. In order to account for the multiple-element arrangements, the Company identifies the deliverables included within the arrangement and evaluates which deliverables represent separate units of accounting. Analyzing the arrangement to identify deliverables requires the use of judgment, and each deliverable may be an obligation to deliver services, a right or license to use an asset, or another performance obligation. We recognize revenue when there is persuasive evidence that an arrangement exists, delivery has occurred or services have been rendered, the price is fixed or determinable and collectability is reasonably assured. Non-refundable upfront fees received for license and collaborative agreements and other payments under collaboration agreements where we have continuing performance obligations related to the payments are deferred and recognized over our estimated performance period. Revenue is recognized on a ratable basis, unless we determine that another method is more appropriate, through the date at which our performance obligations are completed. Management makes its best estimate of the period over which we expect to fulfill our performance obligations, which may include clinical development activities. Given the uncertainties of research and development collaborations, significant judgment is required to determine the duration of the performance period. We recognize cost reimbursement revenue under collaborative agreements as the related research and development costs are incurred, as provided for under the terms of these agreements. Contingent consideration received for the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is defined as an event having all of the following characteristics: (i) there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, (ii) the event can only be achieved based in whole or in part on either the entity’s performance or a specific outcome resulting from the entity’s performance and (iii) if achieved, the event would result in additional payments being due to the entity. Our license and collaboration agreements with our partners provide for payments to be paid to us upon the achievement of development milestones. Given the challenges inherent in developing biologic products, there is substantial uncertainty whether any such milestones will be achieved at the time we entered into these agreements. In addition, we evaluate whether the development milestones meet the criteria to be considered substantive. The conditions include: (i) the development work is contingent on either of the following: (a) the vendor’s performance to achieve the milestone or (b) the enhancement of the value of the deliverable item or items as a result of a specific outcome resulting from the vendor’s performance to achieve the milestone; (ii) it relates solely to past performance and (iii) it is reasonable relative to all the deliverable and payment terms within the arrangement. As a result of our analysis, we may consider our development milestones to be substantive and, accordingly, we expect to recognize as revenue future payments received from such milestones as we achieve each milestone. Milestone payments that are contingent upon the achievement of substantive at-risk performance criteria are recognized in full upon achievement of those milestone events in accordance with the terms of the agreement and assuming all other revenue recognition criteria have been met. All revenue recognized to date under our collaborative agreements has been nonrefundable. Our license and collaboration agreements with certain partners also provide for contingent payments to be paid to us based solely upon the performance of our partner. For such contingent payments we expect to recognize the payments as revenue upon receipt, provided that collection is reasonably assured and the other revenue recognition criteria have been satisfied. Revenues from manufacturing agreements are recognized upon meeting revenue recognition criteria for substantial performance and acceptance by the customer. Revenue from royalty payments is contingent on future sales activities by our licensees. As a result, we recognize royalty revenue when all revenue recognition criteria have been satisfied. Revenue from government and private agency grants is recognized as the related research expenses are incurred and to the extent that funding is approved. Additionally, we recognize revenue based on the facilities and administrative cost rate reimbursable per the terms of the grant awards.
Research and Development Expenses and Accruals	Research and Development Expenses and Accruals Research and development expenses include personnel and facility-related expenses, outside contracted services including clinical trial costs, manufacturing and process development costs, research costs and other consulting services and non-cash stock-based compensation. Research and development costs are expensed as incurred. Amounts due under such arrangements may be either fixed fee or fee for service, and may include upfront payments, monthly payments and payments upon the completion of milestones or receipt of deliverables. Non-refundable advance payments under agreements are capitalized and expensed as the related goods are delivered or services are performed. We contract with third parties to perform various clinical trial activities in the on-going development of potential products. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows to our vendors. Payments under the contracts depend on factors such as the achievement of certain events, successful enrollment of patients, and completion of portions of the clinical trial or similar conditions. Our accrual for clinical trials is based on estimates of the services received and efforts expended pursuant to contracts with clinical trial centers and clinical research organizations. We may terminate these contracts upon written notice and we are generally only liable for actual effort expended by the organizations to the date of termination, although in certain instances we may be further responsible for termination fees and penalties. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to the Company at that time. There have been no material adjustments to the Company’s prior period accrued estimates for clinical trial activities through September 30, 2015.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Update 2014-09 In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers Revenue Recognition which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and will supersede most current revenue recognition guidance. This Accounting Standards Update (“ASU”) is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB deferred the effective date for annual reporting periods beginning after December 15, 2017 (including interim periods within those periods). Accounting Standards Update 2014-15 In August 2014, the FASB issued guidance codified in ASC 205, Presentation of Financial Statements — Going Concern Accounting Standards Update 2014-15 requires an entity’s management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern and if those conditions exist, to make the required disclosures. The standard is effective for annual periods ending after December 15, 2016, and interim periods therein. The Company does not expect that the adoption of this standard will have a significant impact on its financial statements. Accounting Standards Update 2015-03 In April 2015, the FASB issued ASU No. 2015-03, Interest—Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs related to a recognized debt liability to be presented in the balance sheet as a direct deduction from the corresponding debt liability rather than as an asset. This ASU will be effective for the Company in fiscal year 2016. The Company does not expect that the adoption of this standard will have a significant impact on its financial statements.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis	The following table represents the fair value hierarchy for our financial assets (cash equivalents and marketable securities) measured at fair value on a recurring basis as of September 30, 2015 and December 31, 2014 (in thousands): Level 1 Level 2 Level 3 Total September 30, 2015 Money market funds $ 61,748 $ - $ - $ 61,748 U.S. government agency securities - 49,911 - 49,911 Corporate debt securities - 103,875 - 103,875 Total $ 61,748 $ 153,786 $ - $ 215,534 Level 1 Level 2 Level 3 Total December 31, 2014 Money market funds $ 46,989 $ - $ - $ 46,989 U.S. government agency securities - 73,141 - 73,141 Total $ 46,989 $ 73,141 $ - $ 120,130

Cash, Cash Equivalents and Ma18

Cash, Cash Equivalents and Marketable Securities (Tables)	9 Months Ended
	Sep. 30, 2015
Cash Cash Equivalents And Short Term Investments [Abstract]
Summary of Cash, Cash Equivalents and Marketable Securities Available-for-Sale	The following is a summary of cash, cash equivalents and marketable securities available-for-sale as of September 30, 2015 and December 31, 2014 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Estimated Fair Value September 30, 2015 Cash and cash equivalents: Cash $ 5,163 $ - $ - $ 5,163 Money market funds 61,748 - - 61,748 Corporate debt securities 36,119 4 (3 ) 36,120 Total cash and cash equivalents 103,030 4 (3 ) 103,031 Marketable securities available-for-sale: U.S. government agency securities 49,909 4 (2 ) 49,911 Corporate debt securities 67,753 80 (78 ) 67,755 Total marketable securities available-for-sale 117,662 84 (80 ) 117,666 Total cash, cash equivalents and marketable securities $ 220,692 $ 88 $ (83 ) $ 220,697 December 31, 2014 Cash and cash equivalents: Cash $ 2,522 $ - $ - $ 2,522 Money market funds 46,989 - - 46,989 Total cash and cash equivalents 49,511 - - 49,511 Marketable securities available-for-sale: U.S. government agency securities 73,140 11 (10 ) 73,141 Total marketable securities available-for-sale 73,140 11 (10 ) 73,141 Total cash, cash equivalents and marketable securities $ 122,651 $ 11 $ (10 ) $ 122,652
Maturities of Marketable Securities Available-for-Sale	The maturities of our marketable securities available-for-sale are as follows (in thousands): September 30, 2015 Amortized Cost Estimated Fair Value Mature in one year or less $ 117,662 $ 117,666 Mature after one year through two years - - $ 117,662 $ 117,666

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Future Minimum Payments Under Non-Cancelable Portion of Operating Leases	Future minimum payments under the non-cancelable portion of our operating leases at September 30, 2015, excluding payments from sublease agreements, are as follows (in thousands): Years ending December 31, 2015 (remaining) $ 602 2016 2,312 2017 2,361 2018 1,306 2019 480 Thereafter 1,561 Total $ 8,622

Collaborative Research and De20

Collaborative Research and Development Agreements (Tables)	9 Months Ended
	Sep. 30, 2015
Astra Zeneca
Summary of Revenue Recognized under Various Agreements	The following table summarizes the revenues earned under our agreement with AstraZeneca, included as collaboration revenue in our consolidated statements of operations (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Initial payment $ 60 $ 180 $ 186 $ 540 Subsequent payment 223 675 697 2,025 Performance of research activities 546 309 1,347 1,741 Total $ 829 $ 1,164 $ 2,230 $ 4,306
National Institutes of Health
Summary of Revenue Recognized under Various Agreements	The following table summarizes the revenues recognized under the various arrangements with the NIH and NIAID (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 NIAID contracts $ - $ 255 $ - $ 2,094 All other NIH contracts 359 159 608 452 Total grant revenue $ 359 $ 414 $ 608 $ 2,546

Equity Plans and Stock-Based 21

Equity Plans and Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Share Based Compensation [Abstract]
Option Activity under Stock-Based Compensation Plans	Option activity under our stock-based compensation plans during the nine months ended September 30, 2015 was as follows (in thousands except per share amounts): Shares Underlying Outstanding Options (in thousands) Weighted-Average Exercise Price Per Share Weighted-Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balance at December 31, 2014 1,820 $ 27.48 Options granted 1,210 17.93 Options exercised (16 ) 15.13 Options cancelled: Options forfeited (unvested) (117 ) 17.13 Options cancelled (vested) (97 ) 44.99 Balance at September 30, 2015 2,800 23.22 7.05 $ 14,157 Vested and expected to vest at September 30, 2015 2,673 23.51 6.95 $ 13,217 Exercisable at September 30, 2015 1,232 29.16 4.49 $ 3,846
Summary of Restricted Stock Units Activity	Restricted stock unit activity under our stock-based compensation plans during the nine months ended September 30, 2015 was as follows (in thousands except per share amounts): Number of Shares (In thousands) Weighted-Average Grant-Date Fair Value Non-vested as of December 31, 2014 179 $ 17.13 Granted 31 $ 18.87 Vested (3 ) $ 16.90 Forfeited or expired (15 ) $ 18.38 Non-vested as of September 30, 2015 192 $ 17.31
Fair Value-Based Measurements and Weighted-Average Assumptions	The fair value-based measurements and weighted-average assumptions used in the calculations of these measurements are as follows: Stock Options Stock Options Employee Stock Purchase Plan Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, 2015 2014 2015 2014 2015 2014 Weighted-average fair value $ 17.63 $ 10.10 $ 13.23 $ 15.20 $ 9.18 $ 7.40 Risk-free interest rate 1.7 % 1.9 % 1.7 % 1.8 % 0.4 % 0.2 % Expected life (in years) 5.8 5.5 5.9 5.9 1.2 1.2 Volatility 0.7 0.8 0.7 1.4 0.6 0.9
Stock-Based Compensation Expense	The components of stock-based compensation expense were (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Research and development $ 1,232 $ 731 $ 2,985 $ 2,161 General and administrative 1,398 855 3,517 2,371 Total $ 2,630 $ 1,586 $ 6,502 $ 4,532

Organization and Summary of S22

Organization and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)Segment
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of operating segment | Segment	1
Cash, cash equivalents and marketable securities	$ 220.7
Reverse stock split	ten-for-one
Reverse stock split effective date	Nov. 7, 2014

Fair Value Hierarchy for Financ

Fair Value Hierarchy for Financial Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 215,534	$ 120,130
Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	61,748	46,989
Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	153,786	73,141
Money Market Funds
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	61,748	46,989
Money Market Funds | Fair Value, Inputs, Level 1
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	61,748	46,989
U.S. Government Agency Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	49,911	73,141
U.S. Government Agency Securities | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	49,911	$ 73,141
Corporate Debt Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	103,875
Corporate Debt Securities | Fair Value, Inputs, Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Assets	$ 103,875

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Sep. 30, 2015USD ($)
Fair Value Disclosures [Abstract]
Transfers between level 1 and level 2	$ 0

Summary of Cash, Cash Equivalen

Summary of Cash, Cash Equivalents and Marketable Securities Available-for-Sale (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	$ 220,692	$ 122,651
Unrealized Gains	88	11
Unrealized Losses	(83)	(10)
Estimated Fair Value	220,697	122,652
Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	103,030	49,511
Unrealized Gains	4
Unrealized Losses	(3)
Estimated Fair Value	103,031	49,511
Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	117,662	73,140
Unrealized Gains	84	11
Unrealized Losses	(80)	(10)
Estimated Fair Value	117,666	73,141
Cash | Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	5,163	2,522
Estimated Fair Value	5,163	2,522
Money Market Funds | Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	61,748	46,989
Estimated Fair Value	61,748	46,989
Corporate Debt Securities | Cash and Cash Equivalents
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	36,119
Unrealized Gains	4
Unrealized Losses	(3)
Estimated Fair Value	36,120
Corporate Debt Securities | Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	67,753
Unrealized Gains	80
Unrealized Losses	(78)
Estimated Fair Value	67,755
U.S. Government Agency Securities | Marketable Securities Available-for-Sale
Cash Cash Equivalents And Marketable Securities [Line Items]
Amortized Cost	49,909	73,140
Unrealized Gains	4	11
Unrealized Losses	(2)	(10)
Estimated Fair Value	$ 49,911	$ 73,141

Summary of Amortized Cost and E

Summary of Amortized Cost and Estimated Fair Value of Marketable Securities Available-for-Sale (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Amortized Cost
Mature in one year or less	$ 117,662
Mature after one year through two years	0
Total amortized cost	117,662
Estimated Fair Value
Mature in one year or less	117,666
Mature after one year through two years	0
Total estimated fair value	$ 117,666

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Loss Contingencies [Line Items]
Unoccupied facility expense		$ 131		$ 386
Rent expense, net	$ 500	$ 400	$ 1,500	$ 1,300
Deferred rent	$ 500		500		$ 600
Future payments obligation			$ 7,200
Berkeley, California (the "Berkeley Lease")
Loss Contingencies [Line Items]
Operating leases expiration date			2018-06
Unoccupied facility expense					$ 400
Dusseldorf, Germany (the "Dusseldorf Lease")
Loss Contingencies [Line Items]
Operating leases expiration date			2023-03

Future Minimum Payments Under N

Future Minimum Payments Under Non-Cancelable Portion of Operating Leases (Detail) $ in Thousands	Sep. 30, 2015USD ($)
Commitments And Contingencies Disclosure [Abstract]
2015 (remaining)	$ 602
2,016	2,312
2,017	2,361
2,018	1,306
2,019	480
Thereafter	1,561
Total	$ 8,622

Collaborative Research and De29

Collaborative Research and Development Agreements - Additional Information (Detail) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Jan. 31, 2014

Oct. 31, 2011

Sep. 30, 2008

Sep. 30, 2015

Dec. 31, 2014

Sep. 30, 2014

Mar. 31, 2014

Dec. 31, 2012

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2011

Aug. 31, 2014

Sep. 30, 2013

Jun. 30, 2012

May. 31, 2012

Aug. 31, 2010

Deferred Revenue Arrangement [Line Items]

Revenue from milestone payment

$ 8,000,000

$ 5,400,000

$ 3,000,000

Astra Zeneca

Deferred Revenue Arrangement [Line Items]

Collaboration Revenue

$ 3,000,000

Revenue from milestone payment

$ 546,000

$ 309,000

$ 1,347,000

$ 1,741,000

Deferred revenue recognition period

33 months

Deferred revenue

$ 10,500,000

12,800,000

10,500,000

National Institutes of Health

Deferred Revenue Arrangement [Line Items]

Grants receivable

$ 200,000

National Institutes of Health | Hepatic Fibrosis and Cirrhosis

Deferred Revenue Arrangement [Line Items]

Grants receivable

$ 200,000

National Institutes of Health | Autoimmune Disease

Deferred Revenue Arrangement [Line Items]

Grants receivable

$ 600,000

National Institutes of Health | Rheumatoid Arthritis

Deferred Revenue Arrangement [Line Items]

Grants receivable

$ 400,000

National Institute of Allergy and Infectious Diseases | Hepatitis B Virus

Deferred Revenue Arrangement [Line Items]

Grants receivable

$ 1,400,000

National Institute of Allergy and Infectious Diseases | Iss Technology

Deferred Revenue Arrangement [Line Items]

Research collaboration and license agreement period

5 years

Grants receivable

$ 17,000,000

Amendment

Deferred Revenue Arrangement [Line Items]

Collaboration Revenue

$ 5,400,000

$ 8,000,000

$ 6,000,000

Amendment | Maximum

Deferred Revenue Arrangement [Line Items]

Additional revenue recognized

$ 100,000,000

Summary of Revenue Recognized u

Summary of Revenue Recognized under Various Agreements (Detail) - USD ($) $ in Thousands	3 Months Ended				9 Months Ended		12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Sep. 30, 2014	Mar. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2011
Product Information [Line Items]
Performance of research activities		$ 8,000		$ 5,400			$ 3,000
Total revenues	$ 1,188		$ 2,209		$ 3,365	$ 8,755
Grant revenue	359		414		608	2,546
Astra Zeneca
Product Information [Line Items]
Initial payment	60		180		186	540
Subsequent payment	223		675		697	2,025
Performance of research activities	546		309		1,347	1,741
Total revenues	829		1,164		2,230	4,306
National Institute of Allergy and Infectious Diseases
Product Information [Line Items]
Grant revenue			255			2,094
National Institutes of Health
Product Information [Line Items]
Grant revenue	$ 359		$ 159		$ 608	$ 452

Long-Term Debt - Additional Inf

Long-Term Debt - Additional Information (Detail)	Dec. 23, 2014USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)TRANCHES	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)
Debt Instrument [Line Items]
Loss on extinguishment of debt				$ (1,671,000)	$ (1,671,000)
Loan and Security Agreement | Hercules Technology Growth Capital, Inc. (“Hercules”)
Debt Instrument [Line Items]
Maximum borrowing capacity			$ 40,000,000
Number of tranches for loan and security agreement | TRANCHES			2
Facility charge to Hercules			$ 400,000
Repayment of loan agreement		$ 11,000,000
Outstanding principal		10,000,000		$ 10,000,000	$ 10,000,000
Accrued unpaid interest		38,000
Term fee		800,000
Prepayment charges		200,000
Loss on extinguishment of debt		$ (1,700,000)
Debt instrument, interest rate minimum					9.75%
Debt instrument, interest rate terms					The interest rate in the Loan Agreement was calculated at a rate equal to the greater of either: (i) 9.75% plus the prime rate as reported from time to time in The Wall Street Journal minus 5.25%, and (ii) 9.75%
Debt instrument, payment terms					Monthly payments made under the Loan Agreement between December 2014 and the date of repayment were interest only
Loan and Security Agreement | Hercules Technology Growth Capital, Inc. (“Hercules”) | Prime Rate
Debt Instrument [Line Items]
Debt instrument, interest rate		9.75%		9.75%	9.75%
Debt instrument, reduction in basis spread on variable rate					5.25%
Loan and Security Agreement | Hercules Technology Growth Capital, Inc. (“Hercules”) | First Tranche
Debt Instrument [Line Items]
Proceeds from lines of credit	$ 10,000,000
Loan and Security Agreement | Hercules Technology Growth Capital, Inc. (“Hercules”) | Second Tranche
Debt Instrument [Line Items]
Proceeds from lines of credit					$ 0
Available borrowing capacity		$ 30,000,000		$ 30,000,000	$ 30,000,000

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Stock options, Series B Convertible Preferred Stock, warrants and stock awards excluding calculation of diluted net loss per share			2,990,000	7,500,000
Dilutive securities, effect on basic earnings per share	$ 0	$ 0

Preferred Stock, Common Stock33

Preferred Stock, Common Stock and Warrants - Additional Information (Detail)	Jul. 27, 2015USD ($)$ / sharesshares	Jul. 23, 2015shares	Feb. 26, 2015shares	Nov. 10, 2014USD ($)	Jul. 31, 2015USD ($)	Sep. 30, 2015USD ($)shares	Dec. 31, 2014shares
Class Of Stock [Line Items]
Preferred stock, shares authorized						5,000,000	5,000,000
Preferred stock, shares outstanding						0
Common stock, shares outstanding						38,425,277	26,307,000
Proceeds from issuance of common stock, net | $						$ 183,899,000
Warrants to purchase common stock						0
Cowen
Class Of Stock [Line Items]
Proceeds from issuance of common stock, net | $					$ 50,000,000	$ 49,000,000
Issuance of common stock, (in shares)						2,125,439
Maximum | Cowen
Class Of Stock [Line Items]
Common stock sales agreement aggregate sales proceeds | $				$ 50,000,000
Common Stock
Class Of Stock [Line Items]
Convertible common stock shares		1,743,000	2,600,000
Common Stock | IPO
Class Of Stock [Line Items]
Issuance of common stock, (in shares)	5,227,273
Public offering net price per share | $ / shares	$ 27.50
Net proceeds from offering | $	$ 134,900,000
Common Stock | Over-Allotment Option
Class Of Stock [Line Items]
Issuance of common stock, (in shares)	681,818
Series B Convertible Preferred Stock
Class Of Stock [Line Items]
Preferred stock, shares outstanding		0				0	43,000
Convertible common stock shares		17,430	26,000
Convertible common stock shares						0.01
Conversion of stock, shares converted						100
Convertible preferred stock, terms of conversion						The holder is prohibited from converting the Series B Convertible Preferred Stock into shares of common stock if, as a result of such conversion, the holder and its affiliates would own more than 9.98% of the total number of shares of common stock then issued and outstanding.
Convertible preferred stock, settlement terms						In the event of the Company’s liquidation, dissolution, or winding up, holders of Series B Convertible Preferred Stock will receive a payment equal to $0.001 per share before any proceeds are distributed to the common stockholders.
Maximum percentage of shares of common stock issued and outstanding from conversion of preferred stock						9.98%

Option Activity under Stock Pla

Option Activity under Stock Plans (Detail) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Number of Options Outstanding
Beginning balance | shares	1,820
Options granted | shares	1,210
Options exercised | shares	(16)
Ending balance | shares	2,800
Vested and expected to vest at end of period | shares	2,673
Exercisable at end of period | shares	1,232
Weighted-Average Price Per Share
Beginning balance	$ 27.48
Options granted	17.93
Options exercised	15.13
Ending balance	23.22
Vested and expected to vest at end of period	23.51
Exercisable at end of period	$ 29.16
Weighted Average Remaining Contractual Life (In years)
Balance at September 30, 2015	7 years 18 days
Outstanding options vested and expected to vest at end of period	6 years 11 months 12 days
Options exercisable at end of period	4 years 5 months 27 days
Aggregate Intrinsic Value
Balance at September 30, 2015 | $	$ 14,157
Outstanding options (vested and expected to vest) at end of period | $	13,217
Options exercisable at end of period | $	$ 3,846
Unvested
Number of Options Outstanding
Options cancelled | shares	(117)
Weighted-Average Price Per Share
Options cancelled	$ 17.13
Vested
Number of Options Outstanding
Options cancelled | shares	(97)
Weighted-Average Price Per Share
Options cancelled	$ 44.99

Summary of Restricted Stock Uni

Summary of Restricted Stock Units Activity (Detail) - Restricted Stock Units (RSUs) shares in Thousands	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Number of shares
Beginning Balance | shares	179
Granted | shares	31
Vested | shares	(3)
Forfeited or expired | shares	(15)
Ending Balance | shares	192
Weighted Average Grant Date Fair Value
Beginning Balance	$ 17.13
Granted	18.87
Vested	16.90
Forfeited or expired	18.38
Ending Balance	$ 17.31

Equity Plans and Stock-Based 36

Equity Plans and Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May. 31, 2014	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Options vesting period				4 years
Expiration period				10 years
Stock-based compensation expense		$ 2,630	$ 1,586	$ 6,502	$ 4,532
2004 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved and approved for issuance		99,600		99,600
Shares issued to employees				94,709
Shares remaining available for future purchases		0		0
2014 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares issued to employees	50,000			21,979
Shares remaining available for future purchases		28,021		28,021
2014 Employee Stock Purchase Plan | The commencement of the offer period (generally, the sixteenth day in February or August
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price per share as percentage of fair market value of common stock	85.00%
2014 Employee Stock Purchase Plan | The exercise date, which is the last day of a purchase period (generally, the fifteenth day in February or August)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Purchase price per share as percentage of fair market value of common stock	85.00%
Time Based Vesting Schedule
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested equity awards		$ 20,200		$ 20,200
Total unrecognized compensation cost, weighted-average vesting period				2 years 10 months 24 days
Performance Based Vesting Schedule
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation cost related to non-vested equity awards		2,600		$ 2,600
Restricted Stock Units (RSUs)
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregate intrinsic value		$ 4,700		$ 4,700
Performance based Vesting Condition
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares underlying stock options and restricted stock units awards with performance-based vesting criteria		75,000		75,000

Fair Value-Based Measurements a

Fair Value-Based Measurements and Weighted-Average Assumptions (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value			$ 9.18	$ 7.40
Risk-free interest rate			0.40%	0.20%
Expected life (in years)			1 year 2 months 12 days	1 year 2 months 12 days
Volatility			0.60%	0.90%
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average fair value	$ 17.63	$ 10.10	$ 13.23	$ 15.20
Risk-free interest rate	1.70%	1.90%	1.70%	1.80%
Expected life (in years)	5 years 9 months 18 days	5 years 6 months	5 years 10 months 24 days	5 years 10 months 24 days
Volatility	0.70%	0.80%	0.70%	1.40%

Stock-Based Compensation Expens

Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	$ 2,630	$ 1,586	$ 6,502	$ 4,532
Research and Development
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	1,232	731	2,985	2,161
General and Administrative
Deferred Compensation Arrangement With Individual Share Based Payments [Line Items]
Stock-based compensation expense	$ 1,398	$ 855	$ 3,517	$ 2,371