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 | CBAY | |
Entity Registrant Name | CymaBay Therapeutics, Inc. | |
Entity Central Index Key | 1,042,074 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 23,447,003 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 6,691 | $ 11,586 |
Marketable securities | 40,162 | 23,209 |
Contract receivables | 211 | |
Accrued interest receivable | 209 | 136 |
Prepaid expenses | 1,491 | 1,991 |
Other current assets | 20 | 96 |
Total current assets | 48,573 | 37,229 |
Property and equipment, net | 69 | 86 |
Other assets | 221 | 159 |
Total assets | 48,863 | 37,474 |
Current liabilities: | ||
Accounts payable | 707 | 2,085 |
Accrued liabilities | 4,017 | 3,388 |
Warrant liability | 1,356 | 13,596 |
Facility loan | 1,355 | |
Accrued interest payable | 73 | 35 |
Total current liabilities | 6,153 | 20,459 |
Facility loan, less current portion | 9,198 | 3,152 |
Other liabilities | 18 | 13 |
Total liabilities | $ 15,369 | $ 23,624 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.0001 par value: 10,000,000 shares authorized; no shares issued and outstanding | ||
Common stock, $0.0001 par value: 100,000,000 shares authorized; 23,447,003 and 14,696,108 shares issued and outstanding as of September 30, 2015 and December 31, 2014, respectively | $ 2 | $ 1 |
Additional paid-in capital | 423,809 | 394,622 |
Accumulated other comprehensive loss | (8) | (14) |
Accumulated deficit | (390,309) | (380,759) |
Total stockholders' equity | 33,494 | 13,850 |
Total liabilities and stockholders' equity | $ 48,863 | $ 37,474 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 23,447,003 | 14,696,108 |
Common stock, shares outstanding | 23,447,003 | 14,696,108 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Operating expenses: | ||||
Research and development | $ 4,528 | $ 3,848 | $ 12,975 | $ 10,546 |
General and administrative | 2,201 | 1,687 | 7,075 | 5,853 |
Total operating expenses | 6,729 | 5,535 | 20,050 | 16,399 |
Loss from operations | (6,729) | (5,535) | (20,050) | (16,399) |
Other income (expense): | ||||
Interest income | 46 | 19 | 99 | 48 |
Interest expense | (265) | (191) | (584) | (565) |
Other income (expense), net | 1,083 | (254) | 10,985 | (2,279) |
Net loss | (5,865) | (5,961) | (9,550) | (19,195) |
Net loss | (5,865) | (5,961) | (9,550) | (19,195) |
Other comprehensive (loss) income: | ||||
Unrealized gain (loss) on marketable securities | 5 | (15) | 6 | (17) |
Other comprehensive income (loss) | 5 | (15) | 6 | (17) |
Comprehensive loss | $ (5,860) | $ (5,976) | $ (9,544) | $ (19,212) |
Basic net loss per common share | $ (0.27) | $ (0.44) | $ (0.55) | $ (1.72) |
Diluted net loss per common share | $ (0.27) | $ (0.44) | $ (0.58) | $ (1.72) |
Weighted average common shares outstanding used to calculate basic net loss per common share | 21,674,742 | 13,468,081 | 17,368,309 | 11,148,695 |
Weighted average common shares outstanding used to calculate diluted net loss per common share | 21,674,742 | 13,468,081 | 17,384,000 | 11,148,695 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Operating activities | ||
Net loss | $ (9,550) | $ (19,195) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 17 | 13 |
Non-employee stock-based compensation expense | 22 | 5 |
Employee and director stock-based compensation expense | 1,852 | 1,012 |
Amortization of premium on marketable securities | 347 | 289 |
Non-cash interest associated with debt discount accretion | 152 | 144 |
Change in fair value of warrant liability | (10,985) | 2,289 |
Loss on sale of property and equipment | 2 | |
Changes in assets and liabilities: | ||
Contract receivables | 211 | 96 |
Accrued interest receivable | (73) | (155) |
Prepaid expenses | 500 | (1,038) |
Other assets | 14 | (35) |
Accounts payable | (1,378) | 350 |
Accrued liabilities | 629 | 2,491 |
Accrued interest payable | 109 | 80 |
Other liabilities | 5 | 10 |
Net cash used in operating activities | (18,128) | (13,642) |
Investing activities | ||
Purchases of property and equipment | (103) | |
Purchases of marketable securities | (41,772) | (24,782) |
Proceeds from sales and maturities of marketable securities | 24,478 | 5,049 |
Net cash used in investing activities | (17,294) | (19,836) |
Financing activities | ||
Proceeds from issuance of common stock and warrants, net of costs | 25,375 | 25,430 |
Proceeds from facility loan, net | 9,482 | |
Payment of loan principal | (4,756) | |
Proceeds from issuance of common stock upon warrant exercises | 426 | |
Proceeds from issuance of common stock upon exercise of employee stock options | 3 | |
Net cash provided by financing activities | 30,527 | 25,433 |
Net decrease in cash and cash equivalents | (4,895) | (8,045) |
Cash and cash equivalents at beginning of period | 11,586 | 24,401 |
Cash and cash equivalents at end of period | 6,691 | 16,356 |
Supplemental disclosure of cash flow information | ||
Cash paid for interest | 316 | 328 |
Issuance of common stock warrants | 258 | 443 |
Issuance of common stock upon warrant exercises | $ 1,513 | 432 |
Noncash issuance costs incurred in common stock financing | 453 | |
Reclassification of incentive awards to equity | $ 121 |
Organization and Description of
Organization and Description of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | 1. Organization and Description of Business CymaBay Therapeutics, Inc. (the “Company” or “CymaBay”) is a biopharmaceutical company focused on developing therapies to treat metabolic diseases with high unmet medical need, including serious rare and orphan disorders. The Company’s lead product candidate, arhalofenate, is being developed for the treatment of gout. The Company’s second product candidate, MBX-8025, is being developed for the treatment of certain orphan diseases, including homozygous familial hypercholesterolemia (HoFH) and primary biliary cirrhosis (PBC). The Company was incorporated in Delaware in October 1988 as Transtech Corporation. The Company’s headquarters and operations are located in Newark, California and it operates in one segment. Liquidity The Company has incurred net operating losses and negative cash flows from operations since its inception. During the nine months ended September 30, 2015, the Company incurred a net loss of $9.6 million and used $18.1 million of cash in operations. At September 30, 2015, the Company had an accumulated deficit of $390.3 million. CymaBay expects to incur increased research and development expenses as it continues to study its product candidates in clinical trials. To date, none of the Company’s product candidates have been approved for marketing and sale, and the Company has not recorded any revenue from product sales. As a result, management expects operating losses to continue in future years. The Company’s ability to achieve profitability is dependent primarily on its ability to successfully develop, acquire or in-license additional product candidates, continue clinical trials for product candidates currently in clinical development, obtain regulatory approvals, and support commercialization activities for partnered product candidates. Products developed by the Company will require approval of the U.S. Food and Drug Administration (FDA) or a foreign regulatory authority prior to commercial sale. The regulatory approval process is expensive, time-consuming, and uncertain, and any denial or delay of approval could have a material adverse effect on the Company. Even if approved, the Company’s products may not achieve market acceptance and will face competition from both generic and branded pharmaceutical products. As of September 30, 2015, the Company’s cash, cash equivalents and marketable securities totaled $46.9 million. These funds are expected to satisfy the Company’s liquidity requirements through at least the end of the fourth quarter of 2016. The Company expects to incur substantial expenditures in the future for the development and potential commercialization of its product candidates. Because of this, the Company expects its future liquidity and capital resource needs will be impacted by numerous factors, including but not limited to, the timing of initiation of planned clinical trials, including phase 2 trials to study the therapeutic benefits of MBX-8025 on patients with certain orphan diseases as well as a phase 3 clinical trial to study the therapeutic benefits of arhalofenate on patients with gout. The Company will therefore continue to require additional financing to develop its products and fund future operating losses and will seek funds through equity financings, debt, collaborative or other arrangements with corporate sources, or through other sources of financing. It is unclear if or when any such financing transactions will occur, on satisfactory terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and its ability to pursue its business strategies. If adequate funds are not available, the Company may be required to reduce development activities or to close its business. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying interim condensed financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance U.S. GAAP (“GAAP”) and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2014, which is contained in the Company’s Annual Report on Form 10-K as filed with the SEC on March 23, 2015. The results for the three and nine months ended September 30, 2015, are not necessarily indicative of results to be expected for the year or for any other period. Use of Estimates The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from those estimates. The Company believes significant judgment is involved in estimating stock-based compensation, accrued clinical liabilities, and equity and liability instrument valuations. Fair Value of Financial Instruments The Company’s financial instruments during the periods reported consist of cash and cash equivalents, contract receivables, short-term marketable securities, accounts payable, accrued expenses, and warrant liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Fair value is defined 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 at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs and is as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 — Inputs that are unobservable for the asset or liability. The carrying amounts of financial instruments such as cash and cash equivalents, contract receivables, accounts payable and accrued expenses approximate the related fair values due to the short-term maturities of these instruments. The carrying value of the facility loan is reflective of the fair value based on market interest rates. As of September 30, 2015 (In thousands) Description Level 1 Level 2 Level 3 Fair Value Money market funds $ 5,294 $ — $ — $ 5,294 Corporate debt and asset backed securities — 41,362 — 41,362 Total assets measured at fair value $ 5,294 $ 41,362 $ — $ 46,656 Warrant liability $ — $ — $ 1,356 $ 1,356 Total liabilities measured at fair value $ — $ — $ 1,356 $ 1,356 As of December 31, 2014 (In thousands) Description Level 1 Level 2 Level 3 Fair Value Money market funds $ 9,941 $ — $ — $ 9,941 Corporate debt and asset backed securities — 23,209 — 23,209 Total assets measured at fair value $ 9,941 $ 23,209 $ — $ 33,150 Warrant liability $ — $ — $ 13,596 $ 13,596 Total liabilities measured at fair value $ — $ — $ 13,596 $ 13,596 Marketable securities consist of available-for-sale securities that are reported at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income (loss). The Company values cash equivalents and marketable securities using quoted market prices or alternative pricing sources and models utilizing observable market inputs and, as such, classifies cash equivalents and marketable securities within Level 1 or Level 2. The Company holds a Level 3 liability associated with common stock warrants that were issued in connection with the Company’s series of equity and debt transactions initiated in 2013 and completed in the first quarter of 2014 (referred to herein as the 2013 financing) as well as a debt refinancing transaction (referred to herein as the 2015 term loan facility) completed in the third quarter of 2015. The warrants are considered a liability due to redemption provisions outside the control of the Company and are valued using an option-pricing model, the inputs for which include potential value driving milestones, the exercise price of the warrants, market price of the underlying common stock, expected term, volatility based on a group of the Company’s peers and the risk-free rate corresponding to the expected term of the warrants. Changes to any of the inputs to the option-pricing models used by the Company can have a significant impact on the estimated fair value of the warrants. For example, large declines in the value of the Company’s common stock significantly decreased the estimated fair value of the Company’s warrants resulting in significant revaluation gains in the nine months ended September 30, 2015. The following table sets forth an activity summary which includes the changes in the fair value of the Company’s Level 3 financial instruments (in thousands): Warrant Balance as of December 31, 2014 $ 13,596 Issuance of financial instrument 258 Change in fair value (10,985 ) Settlement of financial instrument (1,513 ) Balance as of September 30, 2015 $ 1,356 The gains and losses from remeasurement of Level 3 financial liabilities are recorded through other income (expense), net on the accompanying condensed statements of operations and comprehensive loss. Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments with a remaining maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits with commercial banks in checking, interest-bearing, and demand money market accounts. The Company invests excess cash in marketable securities with high credit ratings. These securities consist primarily of corporate debt and asset-backed securities and are classified as “available-for-sale.” Management may liquidate any of these investments in order to meet the Company’s liquidity needs in the next year. Accordingly, any investments with contractual maturities greater than one year from the balance sheet date are classified as short-term in the balance sheet. Realized gains and losses from the sale of marketable securities, if any, are calculated using the specific identification method. Realized gains and losses and declines in value judged to be other-than-temporary are included in interest income or expense in the statements of operations and comprehensive loss. Unrealized holding gains and losses are reported in accumulated other comprehensive income (loss), in the balance sheet. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. In determining whether a decline in market value is other-than-temporary, various factors are considered, including the cause, duration of time and severity of the impairment, any adverse changes in the investees’ financial condition, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for an anticipated recovery in market value. Restricted Cash The Company is required to maintain compensating cash balances with financial institutions that provide the Company with its corporate credit cards. As of September 30, 2015 and December 31, 2014, cash restricted under these arrangements was $170,000 and $100,000, respectively. This amount is presented in other assets on the accompanying condensed balance sheets. Concentration of Credit Risk Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk to the extent of the fair value recorded in the balance sheet. The Company invests cash that is not required for immediate operating needs primarily in highly liquid instruments that bear minimal risk. The Company has established guidelines relating to the quality, diversification, and maturities of securities to enable the Company to manage its credit risk. Common Stock Warrant Liability Warrants issued to common stock holders and lenders by the Company in conjunction with the 2013 financing and the 2015 term loan facility were classified as liabilities in the accompanying condensed balance sheets, as the terms for redemption of the underlying security were outside the Company’s control. The warrants were recorded at fair value using either the Black-Scholes option pricing model, probability weighted expected return model or a binomial model, depending on the characteristics of the warrants. The fair value of these warrants is re-measured at each financial reporting period and immediately before exercise, with any changes in fair value being recognized as a component of other income (expense), net in the accompanying condensed statements of operations and comprehensive loss. Research and Development Expenses Research and development expenses consist of costs incurred in identifying, developing, and testing product candidates. These expenses consist primarily of costs for research and development personnel (including related stock-based compensation); contract research organizations and other third parties that assist in managing, monitoring, and analyzing clinical trials; investigator and site fees; laboratory services; consultants; contract manufacturing services; non-clinical studies, including materials; and allocated expenses, such as depreciation of assets, and facilities and information technology that support research and development activities. Research and development costs are expensed as incurred, including expenses that may or may not be reimbursed under research and development funding arrangements. The expenses related to clinical trials are based upon estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and clinical research organizations (CROs) that conduct and manage clinical trials on behalf of the Company. Expenses related to clinical trials are accrued based upon the level of activity incurred under each contract as indicated by such factors as progress made against specified milestones or targets in each period, patient enrollment levels, and other trial activities as reported by CROs. Accordingly, the Company’s clinical trial accrual is dependent upon the timely and accurate reporting of expenses by clinical research organizations and other third-party vendors. Payments made to third parties under these clinical trial arrangements in advance of the receipt of the related services are recorded as prepaid assets, depending on the terms of the agreement, until the services are rendered. Stock-Based Compensation Employee and director stock-based compensation is measured at the grant date, based on the fair-value based measurements of the stock awards, and the portion that is ultimately expected to vest is recognized as an expense over the related vesting periods, net of estimated forfeitures. The Company calculates the fair-value based measurements of options using the Black-Scholes valuation model and recognizes expense using the straight-line attribution method. Equity awards granted to non-employees are accounted for using the Black-Scholes valuation model to determine the fair value of such instruments. The fair value of equity awards granted to non-employees are re-measured over the related vesting period and amortized to expense as earned. Income Taxes The Company utilizes the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that all or part of a deferred tax asset will not be realized. The accounting guidance for uncertainty in income taxes prescribes a recognition threshold and measurement attribute criteria for the financial recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination based on the technical merits of the position. The Company records interest related to income taxes, if any, as interest, and any penalties would be recorded as other expense in the statements of comprehensive income (loss). There was no interest or penalties related to income taxes recorded during the nine months ended September 30, 2015 and 2014. Comprehensive Loss Comprehensive loss includes net loss and net unrealized gains and losses on marketable securities, which are presented in a single continuous statement. Accumulated other comprehensive income (loss) is disclosed in the condensed balance sheets, and is stated net of related tax effects, if any. Net Loss Per Common Share Basic net loss per share of common stock is based on the weighted average number of shares of common stock outstanding equivalents during the period. Diluted net loss per share of common stock is calculated as the weighted average number of shares of common stock outstanding adjusted to include the assumed exercises of stock options and warrants, if dilutive. The calculation of diluted loss per share also requires that, to the extent the average market price of the underlying shares for the reporting period exceeds the exercise price of the warrants and the presumed exercise of such securities are dilutive to earnings (loss) per share for the period, adjustments to net income or net loss used in the calculation are required to remove the change in fair value of the warrants for the period. Likewise, corresponding adjustments to the denominator are required to reflect the related dilutive shares. The Company’s computation of loss per share is as follows (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net loss allocated to common stock-basic $ (5,865 ) $ (5,961 ) $ (9,550 ) $ (19,195 ) Adjustments for revaluation of warrants — — (505 ) — Net loss allocated to common stock-diluted (5,865 ) (5,961 ) (10,055 ) (19,195 ) Denominator: Weighted average number of common stock shares outstanding — basic 21,674,742 13,468,081 17,368,309 11,148,695 Dilutive Securities Common stock warrants — — 15,691 — Weighted average number of common stock shares outstanding — diluted 21,674,742 13,468,081 17,384,000 11,148,695 Net loss per share — basic: $ (0.27 ) $ (0.44 ) $ (0.55 ) $ (1.72 ) Net loss per share — diluted: $ (0.27 ) $ (0.44 ) $ (0.58 ) $ (1.72 ) The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands). Three Months Nine Months 2015 2014 2015 2014 (unaudited) (unaudited) Warrants for common stock 1,667 1,787 1,492 1,787 Common stock options 1,785 992 1,785 992 Incentive awards 245 248 245 248 3,697 3,027 3,522 3,027 |
Certain Balance Sheet Items
Certain Balance Sheet Items | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Certain Balance Sheet Items | 3. Certain Balance Sheet Items Property and equipment consists of the following (in thousands): September 30, December 31, (unaudited) Office and computer equipment $ 176 $ 176 Purchased software 46 46 Furniture and fixtures 33 33 Leasehold improvements 66 66 Total 321 321 Less accumulated depreciation and amortization (252 ) (235 ) Property and equipment, net $ 69 $ 86 Accrued liabilities consist of the following (in thousands): September 30, December 31, (unaudited) Accrued compensation $ 1,205 $ 1,504 Accrued pre-clinical and clinical trial expenses 2,365 1,732 Accrued professional fees 415 73 Other accruals 32 79 Total accrued liabilities $ 4,017 $ 3,388 |
Common Stock Warrants
Common Stock Warrants | 9 Months Ended |
Sep. 30, 2015 | |
Text Block [Abstract] | |
Common Stock Warrants | 4. Common Stock Warrants During the three and nine months ended September 30, 2015, the Company issued an aggregate of none and 132,295 shares of common stock, respectively, to stockholders upon the exercise of warrants exercisable for shares of the Company’s common stock. The 132,295 shares of common stock issued in the nine months ended September 30, 2015, were issued pursuant to both cash and net exercise provisions as provided in the warrants. Specifically, 74,136 shares of the Company’s common stock were issued in exchange for $0.4 million in cash and 58,159 shares of the Company’s common stock were issued in exchange for shares of its common stock in accordance with net exercise provisions. For each warrant exercised, the Company determined the warrant’s exercise date fair value and reclassified the fair value of such settled warrants from the warrant liability to additional paid-in capital, a component of stockholder’s equity. The aggregate amount of these fair value reclassifications totaled none and $1.5 million during the three and nine months ended September 30, 2015, respectively. In August 2015, in connection with the Company’s 2015 term loan facility financing described in Note 6, the Company issued ten year warrants to purchase 114,436 shares of common stock at an exercise price of $2.84 per share. In January 2014, the Company completed the sale of common stock for aggregate proceeds of $3.0 million and as part of this transaction, the Company issued five-year warrants to purchase 120,800 shares of common stock at an exercise price of $5.75 per share. Due to certain provisions outside of the Company’s control, the Company is required to account for the warrants issued as a liability at fair value. In addition, the estimated liability related to the warrants is required to be revalued at each reporting period until the earlier of the exercise of the warrants, at which time the liability will be reclassified to stockholders’ equity, or expiration of the warrants. The issuance date fair value of the August 2015 and January 2014 warrants was $0.3 million and $0.4 million, respectively. |
Collaboration and License Agree
Collaboration and License Agreements | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration and License Agreements | 5. Collaboration and License Agreements In June 2006, the Company entered into an exclusive worldwide, royalty-bearing license to MBX-8025 and certain other PPAR d d d d d d d d In June 2010, the Company entered into two development and license agreements with Janssen Pharmaceuticals, Inc. (Janssen), a subsidiary of Johnson and Johnson, to further develop and discover undisclosed metabolic disease target agonists for the treatment of T2DM and other disorders and received a one-time nonrefundable technology access fee related to the agreements. The Company is also eligible to receive up to $228 million in contingent payments if certain development and commercial events are achieved as well as royalties on worldwide net sales of products. No such payments have been made to date. Under the terms of the agreements, Janssen has full control and responsibility over the research, development and registration of any products developed and/or discovered from the metabolic disease targets and is required to use diligent efforts to conduct all such activities. The Company received a termination notice from Janssen, effectively ending these development and licensing agreements in early April 2015. In June 1998, the Company entered into a license agreement with DiaTex, Inc. (DiaTex) relating to products containing halofenate, its enantiomers, derivatives, and analogs (the licensed products). The license agreement provides that DiaTex and the Company are joint owners of all of the patents and patent applications covering the licensed products and methods of producing or using such compounds, as well as certain other know-how (the covered IP). As part of the license agreement, the Company received an exclusive worldwide license, including as to DiaTex, to use the covered IP to develop and commercialize the licensed products. The Company also retained the right to sub-license the covered IP. The license agreement contains a $2,000 per month license fee as well as a requirement to make additional payments for development achievements and royalty payments on any sales of licensed products. Pursuant to the license agreement, all of the Company’s patents and patent applications related to arhalofenate, its use, and production are jointly owned with DiaTex. DiaTex is entitled to up to $0.8 million for the future development of arhalofenate, as well as royalty payments on any sales of products containing arhalofenate. No development payments were made in the three and nine months ended September 30, 2015 and 2014 and no royalties have been paid to date. |
Term Loan Facilities
Term Loan Facilities | 9 Months Ended |
Sep. 30, 2015 | |
Debt Disclosure [Abstract] | |
Term Loan Facilities | 6. Term Loan Facilities 2013 Term Loan Facility On September 30, 2013, the Company entered into a facility loan agreement with Silicon Valley Bank and Oxford Finance (referred to herein as the lenders) for a total loan amount of $10.0 million of which the first tranche of $5.0 million was drawn as part of the Company’s September 2013 financing. The loan had a fixed interest rate of 8.75% payable as interest only for twelve months and a thirty-six month loan amortization period thereafter, with a final interest payment of $0.3 million at the end of the loan period. The second tranche of $5.0 million became available to the Company upon its February 24, 2015 announcement of the achievement of positive Phase 2b data for the Company’s product candidate arhalofenate and remained available to the Company until June 30, 2015. Loans under the second tranche incurred interest at a rate fixed at the time of borrowing equal to the greater of (i) 8.75% per annum and (ii) the sum of the Wall Street Journal prime rate plus 4.25% per annum. On June 30, 2015, the second tranche portion of the loan facility expired unused by the Company. At the time the first $5 million tranche of the facility loan was drawn down, the Company issued warrants exercisable for a total of 121,739 shares of the Company’s common stock to the lenders at an exercise price of $5.00 per share. Upon issuance, the fair value of a warrant liability was recorded in the accompanying condensed balance sheets and must be revalued at each balance sheet date until the warrants are exercised or expire. 2015 Term Loan Facility On August 7, 2015, the Company entered into a Loan and Security Agreement pursuant to which it refinanced its existing term loan facility with Oxford Finance LLC and Silicon Valley Bank, for an aggregate amount of up to $15 million. The first $10 million tranche of this new loan facility was made available to the Company immediately upon the closing and was used in part to retire all $4.1 million of the Company’s existing debt outstanding under the 2013 Term Loan Facility, and to settle accrued interest and closing costs with the lenders. The remaining $5 million, referred to as the second tranche, will be made available to the Company until March 31, 2016, for draw down upon the announcement of a qualified out-license or co-development arrangement for arhalofenate, the Company’s gout therapy drug candidate, which includes an upfront payment of not less than $35.0 million (the “second draw milestone”). The first loan tranche bears interest at 8.77%, a rate which was determined on the advance date as being the greater of (i) 8.75% and (ii) the sum of 8.47% and the 90 day U.S. LIBOR rate reported in the Wall Street Journal three business days prior to the funding date of the first tranche. Under the first tranche, the Company is required to make 12 monthly interest only payments after the funding date followed by a repayment schedule equal to 36 equal monthly payments of interest and principal. If drawn, the second tranche will bear interest using the same rate formula as the first tranche and will amortize pursuant to a repayment schedule that is coterminous with the amortization period of the first tranche. Upon maturity of each tranche, the remaining balance of such tranche and a final payment equal to 6.50% of the original principal amount advanced of the applicable tranche are payable. The Company is permitted to make voluntary prepayments of the term loans with a prepayment fee equal to 3% of the principal amount of any term loans prepaid. The Company is required to make mandatory prepayments of the outstanding term loans upon the acceleration by the lenders of such loans following the occurrence of an event of default, along with a payment of the final payment, the prepayment fee and any all other obligations that are due and payable at the time of the prepayment. The Company’s obligations under the term loan facility are secured, subject to customary permitted liens and other agreed upon exceptions, by a perfected first priority interest in all of the Company’s tangible and intangible assets, excluding its intellectual property. The Company also entered into a negative pledge agreement with the lenders pursuant to which it has agreed not to encumber any of its intellectual property. The term loan facility contains customary representations and warranties and customary affirmative and negative covenants applicable to the Company, including, among other things, restrictions on dispositions, changes in business, management, ownership or business locations, mergers or acquisitions, indebtedness, encumbrances, distributions, investments, transactions with affiliates and subordinated debt. The term loan facility also includes customary events of default, including but not limited to the nonpayment of principal or interest, violations of covenants, material adverse change, attachment, levy, restraint on business, bankruptcy, material judgments and misrepresentations. Upon an event of default, the lenders may, among other things, accelerate the loans and foreclose on the collateral. As of September 30, 2015, the Company was in compliance with the terms of the term loan covenants and there were no identified events of default. At the closing, the Company also agreed to pay a facility fee of 1.00% of the term loan facility commitment. In addition, the Company issued warrants exercisable for a total of 114,436 shares of its common stock to the lenders at an exercise price of $2.84 per share, and with a term of ten years. Upon issuance, the fair value of a warrant liability of $0.3 million was recorded in the accompanying condensed balance sheets and will be revalued at each balance sheet date until the warrants are exercised or expire. The Company evaluated the 2015 term loan facility in accordance with accounting guidance for derivatives and determined there was de minimus value to certain identified derivative features at issuance and at the subsequent reporting period September 30, 2015. The Company will continue to monitor and evaluate the value of these derivatives in future reporting periods and the need to recognize them in the financial statements. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies On November 8, 2013, the Company entered into a new lease commencing January 16, 2014, and expiring on December 31, 2018, for 8,894 square feet of office space in Newark, California. Rent expense was $0.1 million and $0.2 million for the three and nine months ended September 30, 2015 and 2014, respectively. Future minimum lease payments are as follows (in thousands): Lease Year ending December 31: 2015 (from October to December) 52 2016 216 2017 222 2018 228 Total future minimum payments $ 718 Indemnification In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnification, including indemnification associated with product liability or infringement of intellectual property rights. The Company’s exposure under these agreements is unknown because it involves future claims that may be made against the Company that may be, but have not yet been, made. To date, the Company has not paid any claims or been required to defend any action related to these indemnification obligations, and no amounts have been accrued in the accompanying balance sheets related to these indemnification obligations. The Company has agreed to indemnify its executive officers and directors for losses and costs incurred in connection with certain events or occurrences, including advancing money to cover certain costs, subject to certain limitations. The maximum potential amount of future payments the Company could be required to make under this indemnification is unlimited; however, the Company maintains insurance policies that may limit its exposure and may enable it to recover a portion of any future amounts paid. Assuming the applicability of coverage, the willingness of the insurer to assume coverage, and subject to certain retention, loss limits, and other policy provisions, the Company believes the fair value of these indemnification obligations is not material. Accordingly, the Company has not recognized any liabilities relating to these obligations as of September 30, 2015 and December 31, 2014. No assurances can be given that the covering insurers will not attempt to dispute the validity, applicability, or amount of coverage without expensive litigation against these insurers, in which case the Company may incur substantial liabilities as a result of these indemnification obligations. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 8. Stockholders’ Equity The Company is authorized to issue 100,000,000 shares of common stock with a par value of $0.0001 per share as of September 30, 2015. In July 2015, the Company issued 8,188,000 shares of its common stock at $2.81 per share in an underwritten public offering. Net proceeds to the Company in connection with this offering were approximately $21.1 million after deducting underwriting discounts, commissions and other offering expenses. As of September 30, 2015 and December 31, 2014, the Company had reserved shares of authorized but unissued common stock as follows: September 30, December 31, (unaudited) Common stock warrants 1,667,398 1,768,347 Equity incentive plans 2,284,421 1,549,616 Total reserved shares of common stock 3,951,819 3,317,963 |
Stock Plans and Stock-Based Com
Stock Plans and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Plans and Stock-Based Compensation | 9. Stock Plans and Stock-Based Compensation Stock Plans On January 1, 2015, the share reserve of the Company’s 2013 Equity Incentive Plan, or 2013 Plan, automatically increased by 734,805 shares. From plan inception through September 30, 2015, the Company had granted options for an aggregate of 1,754,350 shares of the Company’s common stock under the 2013 Plan. Stock-Based Compensation Expense Employee and Director Expense Employee and director stock-based compensation expense recorded was as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Research and development $ 213 $ 73 $ 607 $ 251 General and administrative 349 152 1,245 761 Total $ 562 $ 225 $ 1,852 $ 1,012 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 10. Related-Party Transactions The Company paid a former member of its Board of Directors, who is also a key scientific and clinical advisor to the Company, a total of $60,000 in the year ended December 31, 2014 and $45,000 for the nine months ended September 30, 2015, in monthly cash retainers. The Company also issued options to purchase shares of common stock and incentive awards to this individual in his capacity as a key scientific and clinical advisor. |
Organization and Description 16
Organization and Description of Business (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Liquidity | Liquidity The Company has incurred net operating losses and negative cash flows from operations since its inception. During the nine months ended September 30, 2015, the Company incurred a net loss of $9.6 million and used $18.1 million of cash in operations. At September 30, 2015, the Company had an accumulated deficit of $390.3 million. CymaBay expects to incur increased research and development expenses as it continues to study its product candidates in clinical trials. To date, none of the Company’s product candidates have been approved for marketing and sale, and the Company has not recorded any revenue from product sales. As a result, management expects operating losses to continue in future years. The Company’s ability to achieve profitability is dependent primarily on its ability to successfully develop, acquire or in-license additional product candidates, continue clinical trials for product candidates currently in clinical development, obtain regulatory approvals, and support commercialization activities for partnered product candidates. Products developed by the Company will require approval of the U.S. Food and Drug Administration (FDA) or a foreign regulatory authority prior to commercial sale. The regulatory approval process is expensive, time-consuming, and uncertain, and any denial or delay of approval could have a material adverse effect on the Company. Even if approved, the Company’s products may not achieve market acceptance and will face competition from both generic and branded pharmaceutical products. As of September 30, 2015, the Company’s cash, cash equivalents and marketable securities totaled $46.9 million. These funds are expected to satisfy the Company’s liquidity requirements through at least the end of the fourth quarter of 2016. The Company expects to incur substantial expenditures in the future for the development and potential commercialization of its product candidates. Because of this, the Company expects its future liquidity and capital resource needs will be impacted by numerous factors, including but not limited to, the timing of initiation of planned clinical trials, including phase 2 trials to study the therapeutic benefits of MBX-8025 on patients with certain orphan diseases as well as a phase 3 clinical trial to study the therapeutic benefits of arhalofenate on patients with gout. The Company will therefore continue to require additional financing to develop its products and fund future operating losses and will seek funds through equity financings, debt, collaborative or other arrangements with corporate sources, or through other sources of financing. It is unclear if or when any such financing transactions will occur, on satisfactory terms or at all. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and its ability to pursue its business strategies. If adequate funds are not available, the Company may be required to reduce development activities or to close its business. |
Basis of Presentation | Basis of Presentation The accompanying interim condensed financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance U.S. GAAP (“GAAP”) and following the requirements of the United States Securities and Exchange Commission (“SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and comprehensive loss and its cash flows for the periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2014, which is contained in the Company’s Annual Report on Form 10-K as filed with the SEC on March 23, 2015. The results for the three and nine months ended September 30, 2015, are not necessarily indicative of results to be expected for the year or for any other period. |
Use of Estimates | Use of Estimates The financial statements have been prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the amounts and disclosures reported in the financial statements and accompanying notes. Management bases its estimates on historical experience and on assumptions believed to be reasonable under the circumstances. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Actual results could differ materially from those estimates. The Company believes significant judgment is involved in estimating stock-based compensation, accrued clinical liabilities, and equity and liability instrument valuations. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company’s financial instruments during the periods reported consist of cash and cash equivalents, contract receivables, short-term marketable securities, accounts payable, accrued expenses, and warrant liabilities. Fair value estimates of these instruments are made at a specific point in time, based on relevant market information. These estimates may be subjective in nature and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Fair value is defined 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 at the measurement date. Assets and liabilities that are measured at fair value are reported using a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. This hierarchy maximizes the use of observable inputs and minimizes the use of unobservable inputs and is as follows: Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly. Level 3 — Inputs that are unobservable for the asset or liability. The carrying amounts of financial instruments such as cash and cash equivalents, contract receivables, accounts payable and accrued expenses approximate the related fair values due to the short-term maturities of these instruments. The carrying value of the facility loan is reflective of the fair value based on market interest rates. As of September 30, 2015 (In thousands) Description Level 1 Level 2 Level 3 Fair Value Money market funds $ 5,294 $ — $ — $ 5,294 Corporate debt and asset backed securities — 41,362 — 41,362 Total assets measured at fair value $ 5,294 $ 41,362 $ — $ 46,656 Warrant liability $ — $ — $ 1,356 $ 1,356 Total liabilities measured at fair value $ — $ — $ 1,356 $ 1,356 As of December 31, 2014 (In thousands) Description Level 1 Level 2 Level 3 Fair Value Money market funds $ 9,941 $ — $ — $ 9,941 Corporate debt and asset backed securities — 23,209 — 23,209 Total assets measured at fair value $ 9,941 $ 23,209 $ — $ 33,150 Warrant liability $ — $ — $ 13,596 $ 13,596 Total liabilities measured at fair value $ — $ — $ 13,596 $ 13,596 Marketable securities consist of available-for-sale securities that are reported at fair value, with the related unrealized gains and losses included in accumulated other comprehensive income (loss). The Company values cash equivalents and marketable securities using quoted market prices or alternative pricing sources and models utilizing observable market inputs and, as such, classifies cash equivalents and marketable securities within Level 1 or Level 2. The Company holds a Level 3 liability associated with common stock warrants that were issued in connection with the Company’s series of equity and debt transactions initiated in 2013 and completed in the first quarter of 2014 (referred to herein as the 2013 financing) as well as a debt refinancing transaction (referred to herein as the 2015 term loan facility) completed in the third quarter of 2015. The warrants are considered a liability due to redemption provisions outside the control of the Company and are valued using an option-pricing model, the inputs for which include potential value driving milestones, the exercise price of the warrants, market price of the underlying common stock, expected term, volatility based on a group of the Company’s peers and the risk-free rate corresponding to the expected term of the warrants. Changes to any of the inputs to the option-pricing models used by the Company can have a significant impact on the estimated fair value of the warrants. For example, large declines in the value of the Company’s common stock significantly decreased the estimated fair value of the Company’s warrants resulting in significant revaluation gains in the nine months ended September 30, 2015. The following table sets forth an activity summary which includes the changes in the fair value of the Company’s Level 3 financial instruments (in thousands): Warrant Balance as of December 31, 2014 $ 13,596 Issuance of financial instrument 258 Change in fair value (10,985 ) Settlement of financial instrument (1,513 ) Balance as of September 30, 2015 $ 1,356 The gains and losses from remeasurement of Level 3 financial liabilities are recorded through other income (expense), net on the accompanying condensed statements of operations and comprehensive loss. |
Cash, Cash Equivalents, and Marketable Securities | Cash, Cash Equivalents, and Marketable Securities The Company considers all highly liquid investments with a remaining maturity of 90 days or less at the time of purchase to be cash equivalents. Cash and cash equivalents consist of deposits with commercial banks in checking, interest-bearing, and demand money market accounts. The Company invests excess cash in marketable securities with high credit ratings. These securities consist primarily of corporate debt and asset-backed securities and are classified as “available-for-sale.” Management may liquidate any of these investments in order to meet the Company’s liquidity needs in the next year. Accordingly, any investments with contractual maturities greater than one year from the balance sheet date are classified as short-term in the balance sheet. Realized gains and losses from the sale of marketable securities, if any, are calculated using the specific identification method. Realized gains and losses and declines in value judged to be other-than-temporary are included in interest income or expense in the statements of operations and comprehensive loss. Unrealized holding gains and losses are reported in accumulated other comprehensive income (loss), in the balance sheet. To date, the Company has not recorded any impairment charges on its marketable securities related to other-than-temporary declines in market value. In determining whether a decline in market value is other-than-temporary, various factors are considered, including the cause, duration of time and severity of the impairment, any adverse changes in the investees’ financial condition, and the Company’s intent and ability to hold the security for a period of time sufficient to allow for an anticipated recovery in market value. |
Restricted Cash | Restricted Cash The Company is required to maintain compensating cash balances with financial institutions that provide the Company with its corporate credit cards. As of September 30, 2015 and December 31, 2014, cash restricted under these arrangements was $170,000 and $100,000, respectively. This amount is presented in other assets on the accompanying condensed balance sheets. |
Concentration of Credit Risk | Concentration of Credit Risk Cash, cash equivalents, and marketable securities consist of financial instruments that potentially subject the Company to a concentration of credit risk to the extent of the fair value recorded in the balance sheet. The Company invests cash that is not required for immediate operating needs primarily in highly liquid instruments that bear minimal risk. The Company has established guidelines relating to the quality, diversification, and maturities of securities to enable the Company to manage its credit risk. |
Common Stock Warrant Liability | Common Stock Warrant Liability Warrants issued to common stock holders and lenders by the Company in conjunction with the 2013 financing and the 2015 term loan facility were classified as liabilities in the accompanying condensed balance sheets, as the terms for redemption of the underlying security were outside the Company’s control. The warrants were recorded at fair value using either the Black-Scholes option pricing model, probability weighted expected return model or a binomial model, depending on the characteristics of the warrants. The fair value of these warrants is re-measured at each financial reporting period and immediately before exercise, with any changes in fair value being recognized as a component of other income (expense), net in the accompanying condensed statements of operations and comprehensive loss. |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of costs incurred in identifying, developing, and testing product candidates. These expenses consist primarily of costs for research and development personnel (including related stock-based compensation); contract research organizations and other third parties that assist in managing, monitoring, and analyzing clinical trials; investigator and site fees; laboratory services; consultants; contract manufacturing services; non-clinical studies, including materials; and allocated expenses, such as depreciation of assets, and facilities and information technology that support research and development activities. Research and development costs are expensed as incurred, including expenses that may or may not be reimbursed under research and development funding arrangements. The expenses related to clinical trials are based upon estimates of the services received and efforts expended pursuant to contracts with multiple research institutions and clinical research organizations (CROs) that conduct and manage clinical trials on behalf of the Company. Expenses related to clinical trials are accrued based upon the level of activity incurred under each contract as indicated by such factors as progress made against specified milestones or targets in each period, patient enrollment levels, and other trial activities as reported by CROs. Accordingly, the Company’s clinical trial accrual is dependent upon the timely and accurate reporting of expenses by clinical research organizations and other third-party vendors. Payments made to third parties under these clinical trial arrangements in advance of the receipt of the related services are recorded as prepaid assets, depending on the terms of the agreement, until the services are rendered. |
Stock-Based Compensation | Stock-Based Compensation Employee and director stock-based compensation is measured at the grant date, based on the fair-value based measurements of the stock awards, and the portion that is ultimately expected to vest is recognized as an expense over the related vesting periods, net of estimated forfeitures. The Company calculates the fair-value based measurements of options using the Black-Scholes valuation model and recognizes expense using the straight-line attribution method. Equity awards granted to non-employees are accounted for using the Black-Scholes valuation model to determine the fair value of such instruments. The fair value of equity awards granted to non-employees are re-measured over the related vesting period and amortized to expense as earned. |
Income Taxes | Income Taxes The Company utilizes the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on differences between the financial reporting and the tax bases of assets and liabilities and are measured using enacted tax rates and laws that will be in effect when the differences are expected to reverse. A valuation allowance is recorded when it is more likely than not that all or part of a deferred tax asset will not be realized. The accounting guidance for uncertainty in income taxes prescribes a recognition threshold and measurement attribute criteria for the financial recognition and measurement of tax positions taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more likely than not to be sustained upon examination based on the technical merits of the position. The Company records interest related to income taxes, if any, as interest, and any penalties would be recorded as other expense in the statements of comprehensive income (loss). There was no interest or penalties related to income taxes recorded during the nine months ended September 30, 2015 and 2014. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss includes net loss and net unrealized gains and losses on marketable securities, which are presented in a single continuous statement. Accumulated other comprehensive income (loss) is disclosed in the condensed balance sheets, and is stated net of related tax effects, if any. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share of common stock is based on the weighted average number of shares of common stock outstanding equivalents during the period. Diluted net loss per share of common stock is calculated as the weighted average number of shares of common stock outstanding adjusted to include the assumed exercises of stock options and warrants, if dilutive. The calculation of diluted loss per share also requires that, to the extent the average market price of the underlying shares for the reporting period exceeds the exercise price of the warrants and the presumed exercise of such securities are dilutive to earnings (loss) per share for the period, adjustments to net income or net loss used in the calculation are required to remove the change in fair value of the warrants for the period. Likewise, corresponding adjustments to the denominator are required to reflect the related dilutive shares. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis | As of September 30, 2015 (In thousands) Description Level 1 Level 2 Level 3 Fair Value Money market funds $ 5,294 $ — $ — $ 5,294 Corporate debt and asset backed securities — 41,362 — 41,362 Total assets measured at fair value $ 5,294 $ 41,362 $ — $ 46,656 Warrant liability $ — $ — $ 1,356 $ 1,356 Total liabilities measured at fair value $ — $ — $ 1,356 $ 1,356 As of December 31, 2014 (In thousands) Description Level 1 Level 2 Level 3 Fair Value Money market funds $ 9,941 $ — $ — $ 9,941 Corporate debt and asset backed securities — 23,209 — 23,209 Total assets measured at fair value $ 9,941 $ 23,209 $ — $ 33,150 Warrant liability $ — $ — $ 13,596 $ 13,596 Total liabilities measured at fair value $ — $ — $ 13,596 $ 13,596 |
Schedule of Changes in Fair Value of Financial Instruments | The following table sets forth an activity summary which includes the changes in the fair value of the Company’s Level 3 financial instruments (in thousands): Warrant Balance as of December 31, 2014 $ 13,596 Issuance of financial instrument 258 Change in fair value (10,985 ) Settlement of financial instrument (1,513 ) Balance as of September 30, 2015 $ 1,356 |
Computation of Loss per Share | The Company’s computation of loss per share is as follows (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Numerator: Net loss allocated to common stock-basic $ (5,865 ) $ (5,961 ) $ (9,550 ) $ (19,195 ) Adjustments for revaluation of warrants — — (505 ) — Net loss allocated to common stock-diluted (5,865 ) (5,961 ) (10,055 ) (19,195 ) Denominator: Weighted average number of common stock shares outstanding — basic 21,674,742 13,468,081 17,368,309 11,148,695 Dilutive Securities Common stock warrants — — 15,691 — Weighted average number of common stock shares outstanding — diluted 21,674,742 13,468,081 17,384,000 11,148,695 Net loss per share — basic: $ (0.27 ) $ (0.44 ) $ (0.55 ) $ (1.72 ) Net loss per share — diluted: $ (0.27 ) $ (0.44 ) $ (0.58 ) $ (1.72 ) |
Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share | The following table shows the total outstanding securities considered anti-dilutive and therefore excluded from the computation of diluted net loss per share (in thousands). Three Months Nine Months 2015 2014 2015 2014 (unaudited) (unaudited) Warrants for common stock 1,667 1,787 1,492 1,787 Common stock options 1,785 992 1,785 992 Incentive awards 245 248 245 248 3,697 3,027 3,522 3,027 |
Certain Balance Sheet Items (Ta
Certain Balance Sheet Items (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property and Equipment | Property and equipment consists of the following (in thousands): September 30, December 31, (unaudited) Office and computer equipment $ 176 $ 176 Purchased software 46 46 Furniture and fixtures 33 33 Leasehold improvements 66 66 Total 321 321 Less accumulated depreciation and amortization (252 ) (235 ) Property and equipment, net $ 69 $ 86 |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 30, December 31, (unaudited) Accrued compensation $ 1,205 $ 1,504 Accrued pre-clinical and clinical trial expenses 2,365 1,732 Accrued professional fees 415 73 Other accruals 32 79 Total accrued liabilities $ 4,017 $ 3,388 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments | Future minimum lease payments are as follows (in thousands): Lease Year ending December 31: 2015 (from October to December) 52 2016 216 2017 222 2018 228 Total future minimum payments $ 718 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Equity [Abstract] | |
Reserved Shares of Authorized but Unissued Common Stock | As of September 30, 2015 and December 31, 2014, the Company had reserved shares of authorized but unissued common stock as follows: September 30, December 31, (unaudited) Common stock warrants 1,667,398 1,768,347 Equity incentive plans 2,284,421 1,549,616 Total reserved shares of common stock 3,951,819 3,317,963 |
Stock Plans and Stock-Based C21
Stock Plans and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock-Based Compensation Expense | Employee and director stock-based compensation expense recorded was as follows (in thousands): Three Months Ended Nine Months Ended September 30, 2015 2014 2015 2014 (unaudited) (unaudited) Research and development $ 213 $ 73 $ 607 $ 251 General and administrative 349 152 1,245 761 Total $ 562 $ 225 $ 1,852 $ 1,012 |
Organization and Description 22
Organization and Description of Business - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Net loss | $ (5,865) | $ (5,961) | $ (9,550) | $ (19,195) | |
Cash flows from operating activities | (18,128) | $ (13,642) | |||
Accumulated deficit | (390,309) | (390,309) | $ (380,759) | ||
Cash, cash equivalents and marketable securities | $ 46,900 | $ 46,900 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 46,656 | $ 33,150 |
Total liabilities measured at fair value | 1,356 | 13,596 |
Warrant liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,356 | 13,596 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 5,294 | 9,941 |
Corporate debt and asset backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 41,362 | 23,209 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 5,294 | 9,941 |
Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 5,294 | 9,941 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 41,362 | 23,209 |
Level 2 [Member] | Corporate debt and asset backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 41,362 | 23,209 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,356 | 13,596 |
Level 3 [Member] | Warrant liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | $ 1,356 | $ 13,596 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Schedule of Changes in Fair Value of Financial Instruments (Detail) - Level 3 [Member] - Warrants [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Balance as of December 31, 2014 | $ 13,596 |
Issuance of financial instrument | 258 |
Change in fair value | (10,985) |
Settlement of financial instrument | (1,513) |
Balance as of September 30, 2015 | $ 1,356 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Accounting Policies [Abstract] | |||
Cash and cash equivalents, maturity description | 90 days or less | ||
Short-term contractual maturities | 1 year | ||
Restricted cash | $ 170,000 | $ 100,000 | |
Interest or penalties related to income taxes | $ 0 | $ 0 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Computation of Loss per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net loss allocated to common stock-basic | $ (5,865) | $ (5,961) | $ (9,550) | $ (19,195) |
Adjustments for revaluation of warrants | (505) | |||
Net loss allocated to common stock-diluted | $ (5,865) | $ (5,961) | $ (10,055) | $ (19,195) |
Denominator: | ||||
Weighted average number of common stock shares outstanding - basic | 21,674,742 | 13,468,081 | 17,368,309 | 11,148,695 |
Dilutive Securities Common stock warrants | 15,691 | |||
Weighted average number of common stock shares outstanding - diluted | 21,674,742 | 13,468,081 | 17,384,000 | 11,148,695 |
Net loss per share - basic: | $ (0.27) | $ (0.44) | $ (0.55) | $ (1.72) |
Net loss per share - diluted: | $ (0.27) | $ (0.44) | $ (0.58) | $ (1.72) |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Anti-Dilutive Securities Excluded from the Computation of Diluted Net Loss per Share (Detail) - shares shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted loss per share | 3,697 | 3,027 | 3,522 | 3,027 |
Warrants [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted loss per share | 1,667 | 1,787 | 1,492 | 1,787 |
Common stock options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted loss per share | 1,785 | 992 | 1,785 | 992 |
Incentive awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities excluded from the computation of diluted loss per share | 245 | 248 | 245 | 248 |
Certain Balance Sheet Items - P
Certain Balance Sheet Items - Property and Equipment (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 321 | $ 321 |
Less accumulated depreciation and amortization | (252) | (235) |
Property and equipment, net | 69 | 86 |
Office and computer equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 176 | 176 |
Purchased software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 46 | 46 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 33 | 33 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 66 | $ 66 |
Certain Balance Sheet Items - A
Certain Balance Sheet Items - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Accrued compensation | $ 1,205 | $ 1,504 |
Accrued pre-clinical and clinical trial expenses | 2,365 | 1,732 |
Accrued professional fees | 415 | 73 |
Other accruals | 32 | 79 |
Total accrued liabilities | $ 4,017 | $ 3,388 |
Common Stock Warrants - Additio
Common Stock Warrants - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Aug. 31, 2015 | Jan. 31, 2014 | Sep. 30, 2015 | Sep. 30, 2015 | Sep. 30, 2014 | |
Class of Warrant or Right [Line Items] | |||||
Issuance of common stock upon exercise of warrants | 0 | 132,295 | |||
Issuance of common stock upon exercise of warrants on cash basis | 74,136 | ||||
Proceeds from issuance of common stock upon warrant exercises | $ 426,000 | ||||
Issuance of common stock in accordance with net exercise provisions | 58,159 | ||||
Fair value reclassification of warrant liability to additional paid-in capital | $ 0 | $ 1,500,000 | |||
Issued warrants to purchase common stock | 114,436 | 114,436 | 114,436 | ||
Proceeds from sale of common stock | $ 25,375,000 | $ 25,430,000 | |||
Exercise price of common stock | $ 2.84 | $ 2.84 | $ 2.84 | ||
Warrant term | 10 years | 10 years | |||
Fair value of warrant liabilities | $ 300,000 | $ 400,000 | $ 300,000 | $ 300,000 | |
Warrants, Exercise price of $5.75 per share [Member] | |||||
Class of Warrant or Right [Line Items] | |||||
Issued warrants to purchase common stock | 120,800 | ||||
Proceeds from sale of common stock | $ 3,000,000 | ||||
Exercise price of common stock | $ 5.75 | ||||
Warrant term | 5 years |
Collaboration and License Agr31
Collaboration and License Agreements - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 1998USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)Agreement | Sep. 30, 2014USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
License agreement date | Jun. 30, 1998 | ||||
Monthly license fees | $ 2,000 | ||||
Potential future development payments | $ 800,000 | ||||
Development payment | $ 0 | $ 0 | $ 0 | $ 0 | |
Royalty payment | 0 | 0 | 0 | 0 | |
Janssen Pharmaceutical NV [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Payments made under agreement | 0 | 0 | 0 | 0 | |
Royalties received | 0 | $ 0 | $ 0 | $ 0 | |
Janssen Pharmaceutical NV [Member] | Maximum [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Percentage of royalty on net sales | 8.00% | ||||
Janssen Pharmaceuticals, Inc. [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
License agreement date | Jun. 30, 2010 | ||||
Number of development and license agreements | Agreement | 2 | ||||
Contingent payment eligible to receive on development and commercial events | $ 228,000,000 | $ 228,000,000 | |||
License termination date | 2015-04 |
Term Loan Facilities - Addition
Term Loan Facilities - Additional Information (Detail) - USD ($) | Aug. 07, 2015 | Sep. 30, 2013 | Aug. 31, 2015 | Sep. 30, 2015 | Jan. 31, 2014 |
Debt Instrument [Line Items] | |||||
Facility loan, drawn | $ 9,482,000 | ||||
Exercise price of common stock | $ 2.84 | $ 2.84 | |||
Issued warrants to purchase common stock | 114,436 | 114,436 | |||
Warrant term | 10 years | 10 years | |||
Fair value of warrant liabilities | $ 300,000 | $ 300,000 | $ 400,000 | ||
Warrants, Exercise price of $5.00 per share [Member] | |||||
Debt Instrument [Line Items] | |||||
Warrants issued | 121,739 | ||||
Exercise price of common stock | $ 5 | ||||
2013 Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 10,000,000 | ||||
Facility loan, interest amortization period | 36 months | ||||
Facility loan, final interest payment | $ 300,000 | ||||
Retiring of existing debt | $ 4,100,000 | ||||
2013 Term Loan Facility [Member] | First Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility loan, drawn | $ 5,000,000 | ||||
Facility loan, fixed interest rate | 8.75% | ||||
2013 Term Loan Facility [Member] | Second Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility loan, fixed interest rate | 8.75% | ||||
Facility loan available for drawdown | $ 5,000,000 | ||||
2013 Term Loan Facility [Member] | Second Tranche [Member] | Wall Street Journal Prime Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility loan, prime rate plus | 4.25% | ||||
2015 Term Loan Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 15,000,000 | ||||
Debt instrument payment terms | Under the first tranche, the Company is required to make 12 monthly interest only payments after the funding date followed by a repayment schedule equal to 36 equal monthly payments of interest and principal. | ||||
Percentage of principal amount as final payment | 6.50% | ||||
Prepayment fee percentage | 3.00% | ||||
Facility fee | 1.00% | ||||
2015 Term Loan Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Upfront Payment | $ 35,000,000 | ||||
2015 Term Loan Facility [Member] | First Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 10,000,000 | ||||
Facility loan, fixed interest rate | 8.77% | ||||
Facility loan available upon closing | $ 10,000,000 | ||||
2015 Term Loan Facility [Member] | First Tranche [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility loan, fixed interest rate | 8.75% | ||||
2015 Term Loan Facility [Member] | First Tranche [Member] | Wall Street Journal Prime Rate [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Facility loan, fixed interest rate | 8.47% | ||||
2015 Term Loan Facility [Member] | Second Tranche [Member] | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 5,000,000 | ||||
Facility loan available for drawdown | $ 5,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Nov. 08, 2013ft² | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Loss Contingencies [Line Items] | ||||||
Rent expenses | $ 100,000 | $ 200,000 | $ 100,000 | $ 200,000 | ||
Accrued in the balance sheets related to indemnification obligations | 0 | 0 | ||||
Indemnification liabilities | $ 0 | $ 0 | $ 0 | |||
New Lease Agreement [Member] | ||||||
Loss Contingencies [Line Items] | ||||||
Lease start date | Jan. 16, 2014 | |||||
Lease expiration date | Dec. 31, 2018 | |||||
Area of office space | ft² | 8,894 |
Commitments and Contingencies34
Commitments and Contingencies - Future Minimum Lease Payments (Detail) $ in Thousands | Sep. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2015 (from October to December) | $ 52 |
2,016 | 216 |
2,017 | 222 |
2,018 | 228 |
Total future minimum payments | $ 718 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | ||
Jul. 31, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Shares issued in underwritten public offering | 8,188,000 | ||
Common stock offering price | $ 2.81 | ||
Net proceeds from underwritten public offering | $ 21.1 |
Stockholders' Equity - Reserved
Stockholders' Equity - Reserved Shares of Authorized but Unissued Common Stock (Detail) - shares | Sep. 30, 2015 | Dec. 31, 2014 |
Class of Stock [Line Items] | ||
Total reserved shares of common stock | 3,951,819 | 3,317,963 |
Common stock warrants [Member] | ||
Class of Stock [Line Items] | ||
Total reserved shares of common stock | 1,667,398 | 1,768,347 |
Equity incentive plans [Member] | ||
Class of Stock [Line Items] | ||
Total reserved shares of common stock | 2,284,421 | 1,549,616 |
Stock Plans and Stock-Based C37
Stock Plans and Stock-Based Compensation - Additional Information (Detail) - 2013 Equity Incentive Plan [Member] - shares | Jan. 01, 2015 | Sep. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Increased in shares available for issuance | 734,805 | |
Share based compensation arrangement number of issued options | 1,754,350 |
Stock Plans and Stock-Based C38
Stock Plans and Stock-Based Compensation - Summary of 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 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 562 | $ 225 | $ 1,852 | $ 1,012 |
Research and development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | 213 | 73 | 607 | 251 |
General and administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Stock-based compensation expense | $ 349 | $ 152 | $ 1,245 | $ 761 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Former member of Board of Directors [Member] | ||
Related Party Transaction [Line Items] | ||
Advisory fee paid to related party | $ 45,000 | $ 60,000 |