Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 2-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'CYTK | ' |
Entity Registrant Name | 'CYTOKINETICS INC | ' |
Entity Central Index Key | '0001061983 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,608,781 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $13,256 | $20,158 |
Short-term investments | 69,090 | 57,570 |
Accounts receivable and related party receivable | 2,116 | 5 |
Prepaid and other current assets | 1,592 | 1,605 |
Total current assets | 86,054 | 79,338 |
Property and equipment, net | 1,508 | 1,221 |
Long-term investments | 19,515 | 2,502 |
Other assets | 200 | 127 |
Total assets | 107,277 | 83,188 |
Current liabilities: | ' | ' |
Accounts payable | 1,689 | 3,709 |
Accrued liabilities | 7,678 | 8,272 |
Deferred revenue, current | 10,396 | 14,701 |
Short-term portion of deferred rent | 29 | 22 |
Total current liabilities | 19,792 | 26,704 |
Deferred revenue, non-current | 772 | 1,500 |
Long-term portion of deferred rent | 535 | 542 |
Total liabilities | 21,099 | 28,746 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value: Authorized: 10,000,000 shares; Issued and outstanding: none | ' | ' |
Common stock, $0.001 par value: Authorized: 81,500,000 shares; Issued and outstanding: 36,090,071 shares at March 31, 2014 and 30,681,624 shares at December 31, 2013 | 36 | 31 |
Additional paid-in capital | 577,470 | 537,001 |
Accumulated other comprehensive income | 12 | 7 |
Accumulated deficit | -491,340 | -482,597 |
Total stockholders' equity | 86,178 | 54,442 |
Total liabilities and stockholders' equity | $107,277 | $83,188 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 81,500,000 | 81,500,000 |
Common stock, shares issued | 36,090,071 | 30,681,624 |
Common stock, shares outstanding | 36,090,071 | 30,681,624 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Research and development revenues from related parties | $665 | $328 |
Research and development, grant and other revenues | 5,232 | 493 |
License revenues | 2,082 | ' |
Total revenues | 7,979 | 821 |
Operating expenses: | ' | ' |
Research and development | 12,490 | 9,834 |
General and administrative | 4,259 | 3,634 |
Total operating expenses | 16,749 | 13,468 |
Operating loss | -8,770 | -12,647 |
Interest and other, net | 26 | 28 |
Loss before income taxes | -8,744 | -12,619 |
Income tax benefit | ' | ' |
Net loss | -8,744 | -12,619 |
Net loss per share basic and diluted | ($0.27) | ($0.53) |
Weighted-average number of shares used in computing net loss per share - basic and diluted | 32,985 | 24,010 |
Other comprehensive income (loss): | ' | ' |
Unrealized gains(losses) on available-for-sale securities, net | 6 | -8 |
Comprehensive loss | ($8,738) | ($12,627) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($8,744) | ($12,619) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation and amortization of property and equipment | 105 | 124 |
Stock-based compensation | 694 | 966 |
Changes in operating assets and liabilities: | ' | ' |
Related party accounts receivable | -2,111 | -324 |
Prepaid and other assets | -60 | 684 |
Accounts payable | -2,113 | -800 |
Accrued and other liabilities | -560 | -103 |
Related party payables and accrued liabilities | ' | -150 |
Deferred revenue | -5,033 | ' |
Net cash used in operating activities | -17,822 | -12,222 |
Cash flows from investing activities: | ' | ' |
Purchases of investments | -55,470 | -7,761 |
Proceeds from sales and maturities of investments | 26,943 | 18,408 |
Purchases of property and equipment | -333 | -177 |
Net cash provided by (used in) investing activities | -28,860 | 10,470 |
Cash flows from financing activities: | ' | ' |
Proceeds from public offerings of common stock, net of issuance costs | 39,869 | ' |
Proceeds (payments)from stock based award activities, and warrants, net | -89 | 5 |
Net cash provided by financing activities | 39,780 | 5 |
Net decrease in cash and cash equivalents | -6,902 | -1,747 |
Cash and cash equivalents, beginning of period | 20,158 | 14,907 |
Cash and cash equivalents, end of period | $13,256 | $13,160 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Organization and Summary of Significant Accounting Policies | ' |
Note 1. Organization and Summary of Significant Accounting Policies | |
Overview | |
Cytokinetics, Incorporated (the “Company”, “we” or “our”) was incorporated under the laws of the state of Delaware on August 5, 1997. In February 2014, the Company created a Bermuda subsidiary, Cytokinetics (Bermuda) Ltd. in furtherance of the international development and potential commercialization of the Company’s products outside the United States. The Company is a clinical-stage biopharmaceutical company focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions. | |
The Company’s financial statements contemplate the conduct of the Company’s operations in the normal course of business. The Company has incurred an accumulated deficit of $491.3 million since inception and there can be no assurance that the Company will attain profitability. The Company had a net loss of $8.7 million and net cash used in operations of $17.8 million for the three months ended March 31, 2014. Cash, cash equivalents and investments increased to $101.9 million at March 31, 2014 from $80.2 million at December 31, 2013, principally due to net proceeds received of $37.5 million from the underwritten secondary offering which closed on February 25, 2014. The Company anticipates that it will continue to have operating losses and net cash outflows in future periods. | |
The Company is subject to risks common to clinical stage biopharmaceutical companies including, but not limited to, development of new drug candidates, dependence on key personnel, and the ability to obtain additional capital as needed to fund its future plans. The Company’s liquidity will be impaired if sufficient additional capital is not available on terms acceptable to the Company. To date, the Company has funded its operations primarily through sales of its common stock and convertible preferred stock, contract payments under its collaboration agreements, debt financing arrangements, government grants and interest income. Until it achieves profitable operations, the Company intends to continue to fund operations through payments from strategic collaborations, additional sales of equity securities, government grants and debt financings. The Company has never generated revenues from commercial sales of its drugs and may not have drugs to market for at least several years, if ever. The Company’s success is dependent on its ability to enter into new strategic collaborations and/or raise additional capital and to successfully develop and market one or more of its drug candidates. As a result, the Company may choose to raise additional capital through equity or debt financings to continue to fund its operations in the future. The Company cannot be certain that sufficient funds will be available from such a financing or through a collaborator when required or on satisfactory terms. Additionally, there can be no assurance that the Company’s drug candidates will be accepted in the marketplace or that any future products can be developed or manufactured at an acceptable cost. These factors could have a material adverse effect on the Company’s future financial results, financial position and cash flows. | |
Based on the current status of its research and development plans, the Company believes that its existing cash, cash equivalents and investments at March 31, 2014 will be sufficient to fund its cash requirements for at least the next 12 months. If, at any time, the Company’s prospects for financing its research and development programs decline, the Company may decide to reduce research and development expenses by delaying, discontinuing or reducing its funding of one or more of its research or development programs. Alternatively, the Company might raise funds through strategic collaborations, public or private financings or other arrangements. Such funding, if needed, may not be available on favorable terms, or at all. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
Basis of Presentation | |
The consolidated financial statements include the accounts of Cytokinetics and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The financial statements include all adjustments (consisting only of normal recurring adjustments) that management believes are necessary for the fair statement of the Company’s position at March 31, 2014, and the results of operations for the three months ended March 31, 2014 and the cash flows for the three months ended March 31, 2014. These interim financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future interim period. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. The financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2013, as filed with the SEC on March 7, 2014. | |
Comprehensive Loss | |
Comprehensive loss for the quarterly period ended March 31, 2014 was equal to net loss adjusted for unrealized gains and losses on investments. | |
Reverse Stock Split | |
On June 24, 2013, the Company effected a one-for-six reverse stock split of its common stock through an amendment to its amended and restated certificate of incorporation (the “COI Amendment”). As of the effective time of the reverse stock split, every six shares of the Company’s issued and outstanding common stock were converted into one issued and outstanding share of common stock, without any change in par value per share. The reverse stock split affected all shares of the Company’s common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company’s equity incentive plans. In addition, the reverse stock split effected a reduction in the number of shares of common stock issuable upon the conversion of shares of preferred stock or upon the exercise of stock options or warrants outstanding immediately prior to the effectiveness of the reverse stock split. No fractional shares were issued as a result of the reverse stock split. Stockholders who would otherwise have been entitled to receive a fractional share received cash payments in lieu thereof. In addition, the COI Amendment reduced the number of authorized shares of common stock to 81.5 million. | |
As the par value per share of the Company’s common stock remained unchanged at $0.001 per share, a total of $139,000 was reclassified from common stock to additional paid-in capital. All references to shares of common stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the reverse stock split on a retroactive basis. | |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Statement Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 amends accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or tax credit carryforward exists. This new guidance requires entities, if certain criteria are met, to present an unrecognized tax benefit, or portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. The Company adopted ASU 2013-11 effective January 1, 2014 and the adoption of ASU 2013-11 did not have a material effect on its financial statements. | |
Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This new guidance is effective for the Company beginning January 1, 2015. The Company does not expect the adoption of ASU 2014-08 will have a material effect upon its financial statements. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Loss Per Share | ' | ||||||||
Note 2. Net Loss Per Share | |||||||||
Basic net loss per share is computed by dividing net loss by the weighted average number of vested common shares outstanding during the period. Diluted net loss per share is computed by giving effect to all potentially dilutive common shares, including outstanding stock options, unvested restricted stock units, warrants, convertible preferred stock and shares issuable under the Company’s Employee Stock Purchase Plan (“ESPP”), by applying the treasury stock method. The following is the calculation of basic and diluted net loss per share (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Net loss | $ | (8,744 | ) | $ | (12,619 | ) | |||
Weighted-average common shares outstanding (weighted average number of shares used in computing net loss per share ) — basic and diluted | 32,985 | 24,010 | |||||||
Net loss per share — basic and diluted | $ | (0.27 | ) | $ | (0.53 | ) | |||
The following instruments were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been antidilutive (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Options to purchase common stock | 3,249 | 2,450 | |||||||
Warrants to purchase common stock | 7,691 | 9,008 | |||||||
Series B convertible preferred stock (as converted to common stock) | — | 3,171 | |||||||
Restricted stock units | 64 | 255 | |||||||
Shares issuable related to the ESPP | 31 | 28 | |||||||
Total shares | 11,035 | 14,912 | |||||||
All references to shares of common stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the reverse stock split on a retroactive basis. Refer to Reverse Stock Split in Note 1 for further detail. |
Supplemental_Cash_Flow_Data
Supplemental Cash Flow Data | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental Cash Flow Data | ' | ||||||||
Note 3. Supplemental Cash Flow Data | |||||||||
There was no cash paid for interest and no cash paid for taxes, for the periods presented. Supplemental cash flow data was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Significant non-cash investing and financing activities: | |||||||||
Purchases of property and equipment through accounts payable | $ | (93 | ) | $ | 115 | ||||
Purchases of property and equipment through accrued liabilities | 33 | 37 |
Related_Party_Research_and_Dev
Related Party Research and Development Arrangements | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Related Party Research and Development Arrangements | ' | ||||||||
Note 4. Related Party Research and Development Arrangements | |||||||||
Amgen Inc. (“Amgen”) | |||||||||
In December 2006, the Company entered into a collaboration and option agreement with Amgen to discover, develop and commercialize novel small molecule therapeutics, including omecamtiv mecarbil, that activate cardiac muscle contractility for potential applications in the treatment of heart failure (the “Amgen Agreement”). The agreement granted Amgen an option to obtain an exclusive license worldwide, except Japan, to develop and commercialize omecamtiv mecarbil and other drug candidates arising from the collaboration. In May 2009, Amgen exercised its option. As a result, Amgen became responsible for the development and commercialization of omecamtiv mecarbil and related compounds at its expense worldwide (excluding Japan), subject to the Company’s development and commercialization participation rights. Amgen reimburses the Company for certain research and development activities it performs under the collaboration, which is expected to continue through December 2014. | |||||||||
In June 2013, Cytokinetics and Amgen announced an amendment to the Amgen Agreement to include Japan, resulting in a worldwide collaboration (the “Amgen Agreement Amendment”). Under the terms of the Amgen Agreement Amendment, the Company received a non-refundable upfront license fee of $15 million in June 2013. Under the Amgen Agreement Amendment, the Company plans to conduct a Phase I pharmacokinetic study intended to support inclusion of Japan in a potential Phase III clinical development program and potential global registration dossier for omecamtiv mecarbil. Amgen will reimburse the Company for the costs of this study. In addition, the Company is eligible to receive additional pre-commercialization milestone payments relating to the development of omecamtiv mecarbil in Japan of up to $50 million, and royalties on sales of omecamtiv mecarbil in Japan. | |||||||||
In conjunction with the Amgen Agreement Amendment, the Company also entered into a common stock purchase agreement which provided for the sale of 1,404,100 shares of its common stock to Amgen at a price per share of $7.12 and an aggregate purchase price of $10.0 million, which was received in June 2013. The Company determined the fair value of the stock issued to Amgen to be $7.5 million. The excess of cash received over fair value of $2.5 million was initially deferred and allocated between the license and services based on their relative selling prices using best estimate of selling price. Allocated consideration is recognized as revenue as revenue criteria is satisfied, or as services are performed over approximately 12 months. Pursuant to this agreement, Amgen agreed to certain trading and other restrictions with respect to the Company’s common stock. In October 2013, the Company determined that the revenue recognition requirements under ASC 605-10 had been met and accordingly, recognized $17.2 million in license revenue attributable to the Amgen Agreement in the fourth quarter of 2013. At March 31, 2014, the Company had $0.3 million of deferred revenue related to consideration allocated to research and development services pursuant to the Amgen Agreement. | |||||||||
Under the Amgen Agreement, as amended, the Company is eligible for potential pre-commercialization and commercialization milestone payments exceeding $650 million in the aggregate on omecamtiv mecarbil and other potential products arising from research under the collaboration, and royalties that escalate based on increasing levels of annual net sales of products commercialized under the agreement. None of the future contingent milestone payments pursuant to this arrangement are considered substantive as they are dependent upon Amgen’s performance. Therefore, they are not considered milestones under ASC 605-28. The Amgen Agreement also provides for the Company to receive increased royalties by co-funding Phase III development costs of omecamtiv mecarbil and other drug candidates under the collaboration. If the Company elects to co-fund such costs, it would be entitled to co-promote the co-funded drug in North America and participate in agreed commercialization activities in institutional care settings, at Amgen’s expense. | |||||||||
Pursuant to the Amgen Agreement, the Company has recognized research and development revenue from Amgen for reimbursements of internal costs of certain full-time employee equivalents, at a fixed rate, supporting a collaborative research program directed to the discovery of next-generation cardiac sarcomere activator compounds and of other costs related to that research program. These reimbursements were recorded as research and development revenues from related parties. | |||||||||
Research and development revenues from Amgen were as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Reimbursement of internal costs | $ | 665 | $ | 328 | |||||
Total research and development revenues from related parties | $ | 665 | $ | 328 | |||||
Related party accounts receivable from Amgen were as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Related party accounts receivable — Amgen | $ | 87 | $ | — | |||||
Other_Research_and_Development
Other Research and Development Revenue Arrangements | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Research And Development [Abstract] | ' | ||||||||
Other Research and Development Revenue Arrangements | ' | ||||||||
Note 5. Other Research and Development Revenue Arrangements | |||||||||
Astellas Pharma Inc. (“Astellas”) | |||||||||
In June 2013, the Company entered into a collaboration and license agreement (the “Astellas Agreement”) with Astellas. The primary objective of the collaboration with Astellas is to advance novel therapies for diseases and medical conditions associated with muscle weakness. | |||||||||
Under the Astellas Agreement, the Company granted Astellas an exclusive license to co-develop and jointly commercialize CK-2127107, a fast skeletal troponin activator, for potential application in non-neuromuscular indications worldwide. CK-2127107, which is currently in Phase I clinical development, is being developed jointly by the Company and Astellas. The Company is primarily responsible for the conduct of Phase I clinical trials and certain Phase II readiness activities for CK-2127107 and Astellas will be primarily responsible for the conduct of subsequent development and commercialization activities for CK-2127107. | |||||||||
The companies are jointly conducting research to identify next-generation skeletal muscle activators to be nominated as potential drug candidates, at Astellas’ expense, over a two-year term, which may be extended by the companies’ mutual consent. Astellas has the exclusive rights to develop and commercialize fast skeletal troponin activators from this research program in non-neuromuscular indications and to develop and commercialize other novel mechanism skeletal muscle activators from this research program in all indications, subject to certain co-development and co-promotion rights of the Company under the Astellas Agreement. Astellas is responsible for the costs associated with the development of all collaboration products, including CK-2127107. | |||||||||
The Company retains an option to conduct early-stage development for certain agreed upon indications at its initial expense, subject to reimbursement if development continues under the collaboration. The Company also retains an option to co-promote collaboration products in the United States and Canada. Astellas will reimburse the Company for certain expenses associated with its co-promotion activities. | |||||||||
In July 2013, the Company received an upfront, non-refundable license fee of $16 million in connection with the execution of the Astellas Agreement, and is eligible to potentially receive over $24 million in reimbursement of sponsored research and development activities during the initial two years of the collaboration. Based on the achievement of pre-specified criteria, the Company may receive over $250 million in milestone payments relating to the development and commercial launch of collaboration products, including up to $112 million in development and commercial launch milestones for CK-2127107. The Company may also receive up to $200 million in payments for achievement of pre-specified sales milestones related to net sales of all collaboration products under the Astellas Agreement. In the event Astellas commercializes any collaboration products, the Company will also receive royalties on sales of such collaboration products, including royalties ranging from the high single digits to the high teens on sales of products containing CK-2127107. In addition to the foregoing development, commercial launch and sales milestones, the Company may also receive payments for the achievement of pre-specified milestones relating to the joint research program. The Company retains the exclusive right to develop and commercialize tirasemtiv for the potential treatment of amyotrophic lateral sclerosis and other neuromuscular disorders, independently from the Astellas Agreement. | |||||||||
At the inception of the Astellas Agreement, the Company deferred revenue related to the Astellas Agreement in accordance with ASC 605-25. The Company evaluated whether the delivered elements under the arrangement have value on a stand-alone basis. Upfront, non-refundable licensing payments are assessed to determine whether or not the licensee is able to obtain stand-alone value from the license. Where this is not the case, the Company does not consider the license deliverable to be a separate unit of accounting, and the revenue is deferred with revenue for the license fee being recognized in conjunction with the other deliverables that constitute the combined unit of accounting. | |||||||||
The Company determined that the license and the research and development services are a single unit of accounting as the license was determined to not have stand-alone value. Accordingly, the Company is recognizing this revenue using the proportional performance model. During the three months ended March 31, 2014, the Company recorded $2.1 million in license revenue based on the proportional performance model. As of March 31, 2014, the Company has recognized $5.9 million of the $16 million upfront license fee as license revenue, and $10.1 million of deferred license revenue under the Astellas Agreement. | |||||||||
Pursuant to the Astellas Agreement, the Company has recognized research and development revenue from Astellas for reimbursements of internal costs of certain full-time employee equivalents, at a fixed rate, supporting a collaborative research program, and of other costs related to that research program. During the three months ended March 31, 2014, the Company recorded research and development revenue from Astellas of $1.7 million related to the reimbursement of internal costs and $1.5 million related to the reimbursement of other costs. | |||||||||
The Company recognizes substantive milestone payments utilizing the milestone method of revenue recognition. The Company concluded that the milestones related to research and early development under the Astellas Agreement are substantive, since there is uncertainty that the milestones will be met, the milestones can only be achieved with the Company’s past and current performance, and the achievement of the milestones will result in additional payment to the Company. During the three months ended March 31, 2014, the Company earned $2.0 million in research milestone fees from Astellas related to CK-2127107. Milestone payments earned under this agreement are classified as research and development revenue. | |||||||||
The Company believes that the future milestones, if any, related to subsequent development and commercialization are not substantive as they are primarily the result of Astellas’ performance and therefore will be recognized as the Company completes its performance obligations under the agreement. | |||||||||
Research and development revenue from Astellas was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Reimbursement of internal cost | $ | 1,720 | $ | — | |||||
Reimbursements of other costs | 1,467 | — | |||||||
Research and development milestone fees | 2,000 | — | |||||||
Total research and development revenue from Astellas | $ | 5,187 | $ | — | |||||
At March 31, 2014, the Company had $10.9 million of deferred revenue under the Astellas Agreement, reflecting the unrecognized portion of the license revenue. | |||||||||
MyoKardia, Inc. | |||||||||
In August 2012, the Company entered into a collaboration agreement with MyoKardia, Inc. Under an agreed research plan, scientists from MyoKardia and our employees conduct research focused on small molecule therapeutics that inhibit cardiac sarcomere proteins. The Company provided MyoKardia access to certain research facilities, and employees and other resources at agreed reimbursement rates that approximate our costs. The Company was the primary obligor in the collaboration arrangement, and accordingly, recorded expense reimbursements from MyoKardia as research and development revenue. The research plan terminated as planned in August 2013. | |||||||||
Research and development revenue from MyoKardia was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Expense reimbursements from MyoKardia | $ | — | $ | 435 | |||||
Marketable_Securities
Marketable Securities | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||
Marketable Securities | ' | ||||||||||||||||||
Note 6. Marketable Securities | |||||||||||||||||||
Marketable securities consisted of the following (in thousands): | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Maturity | |||||||||||||||
Cost | Gains | Losses | Value | Dates | |||||||||||||||
Cash equivalents — money market funds | $ | 11,238 | $ | — | $ | — | $ | 11,238 | |||||||||||
Short-term investments — U.S. Treasury securities | $ | 69,075 | $ | 15 | $ | — | $ | 69,090 | 4/2014-3/2015 | ||||||||||
Long-term investments — U.S. Treasury securities | $ | 19,518 | $ | — | $ | (3 | ) | $ | 19,515 | 4/2015-8/2015 | |||||||||
December 31, 2013 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Maturity | |||||||||||||||
Cost | Gains | Losses | Value | Dates | |||||||||||||||
Cash equivalents — money market funds | $ | 15,858 | $ | — | $ | — | $ | 15,858 | |||||||||||
Short-term investments — U.S. Treasury securities | $ | 57,564 | $ | 7 | $ | (1 | ) | $ | 57,570 | 1/2014-12/2014 | |||||||||
Long-term investments — U.S. Treasury securities | $ | 2,502 | $ | — | $ | — | $ | 2,502 | Jan-15 | ||||||||||
Marketable securities consist primarily of debt securities of United States government agencies and money market funds and are classified as “available for sale.” Available for sale securities are reported at fair value based on quoted market prices, with unrealized gains and losses reported in accumulated other comprehensive income (loss) within stockholders’ equity. The cost of a security sold or the amount reclassified out of accumulated other comprehensive income (loss) into earnings is determined using specific identification. The Company may pay a premium or receive a discount upon the purchase of marketable securities. Interest earned and gains/losses realized on marketable securities and amortization of discounts received and accretion of premiums paid on the purchase of marketable securities are included in investment income/expense. Refer to Note 7 “Fair Value Measurements,” for further details. | |||||||||||||||||||
Interest income was as follows (in thousands): | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Interest income from marketable securities | $ | 26 | $ | 28 |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
Note 7. Fair Value Measurements | |||||||||||||||||
The Company follows the fair value accounting guidance to value its financial assets and liabilities. Fair value is defined as the price that would be received for assets when sold or paid to transfer a liability in an orderly transaction between market participants at the measurement date (exit price). The Company utilizes market data or assumptions that the Company believes market participants would use in pricing the asset or liability, including assumptions about risk and the risks inherent in the inputs to the valuation technique. These inputs can be readily observable, market corroborated or generally unobservable. | |||||||||||||||||
The Company primarily applies the market approach for recurring fair value measurements and endeavors to utilize the best information reasonably available. Accordingly, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and considers the security issuers’ and the third-party insurers’ credit risk in its assessment of fair value. | |||||||||||||||||
The Company classifies the determined fair value based on the observability of those inputs. Fair value accounting guidance establishes a fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurement) and the lowest priority to unobservable inputs (Level 3 measurement). The three defined levels of the fair value hierarchy are as follows: | |||||||||||||||||
Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities; | |||||||||||||||||
Level 2 — Inputs, other than the quoted prices in active markets, that are observable either directly or through corroboration with observable market data; and | |||||||||||||||||
Level 3 — Unobservable inputs, for which there is little or no market data for the assets or liabilities, such as internally-developed valuation models. | |||||||||||||||||
Financial assets measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were classified in one of the three categories described above as follows (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | At Fair Value | ||||||||||||||
Money market funds | $ | 11,238 | $ | — | $ | — | $ | 11,238 | |||||||||
U.S. Treasury securities | 88,605 | — | — | 88,605 | |||||||||||||
Total | $ | 99,843 | $ | — | $ | — | $ | 99,843 | |||||||||
Amounts included in: | |||||||||||||||||
Cash and cash equivalents | $ | 11,238 | $ | — | $ | — | $ | 11,238 | |||||||||
Short-term investments | 69,090 | — | — | 69,090 | |||||||||||||
Long-term investments | 19,515 | — | — | 19,515 | |||||||||||||
Total | $ | 99,843 | $ | — | $ | — | $ | 99,843 | |||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | At Fair Value | ||||||||||||||
Money market funds | $ | 15,858 | $ | — | $ | — | $ | 15,858 | |||||||||
U.S. Treasury securities | 60,072 | — | — | 60,072 | |||||||||||||
Total | $ | 75,930 | $ | — | $ | — | $ | 75,930 | |||||||||
Amounts included in: | |||||||||||||||||
Cash and cash equivalents | $ | 15,858 | $ | — | $ | — | $ | 15,858 | |||||||||
Short-term investments | 57,570 | — | — | 57,570 | |||||||||||||
Long-term investments | 2,502 | — | — | 2,502 | |||||||||||||
Total | $ | 75,930 | $ | — | $ | — | $ | 75,930 | |||||||||
The valuation technique used to measure fair value for the Company’s Level 1 assets is a market approach, using prices and other relevant information generated by market transactions involving identical assets. As of March 31, 2014 and December 31, 2013, the Company had no financial assets measured at fair value on a recurring basis using significant Level 2 or Level 3 inputs. | |||||||||||||||||
The carrying amount of the Company’s accounts receivable and accounts payable approximates fair value due to the short-term nature of these instruments. |
Stockholders_Equity
Stockholders' Equity | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Stockholders' Equity | ' | ||||||||||||
Note 8. Stockholders’ Equity | |||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||
In the first quarter of 2014, the Company reclassified insignificant amounts of unrealized gains (losses) on investments from accumulated other comprehensive income into net loss. | |||||||||||||
Common Stock Outstanding | |||||||||||||
On February 25, 2014, the Company closed an underwritten public offering for the issuance and sale of 5,031,250 shares of its common stock. The gross proceeds from this public offering were $40.3 million and net proceeds were $37.5 million, after deducting the underwriting discount and offering expenses. | |||||||||||||
Warrants | |||||||||||||
As of March 31, 2014, the Company had warrants to purchase 7.7 million shares of the Company’s common stock outstanding. These warrants were issued pursuant to a June 2011 securities purchase agreement (the “Deerfield Agreement”) with Deerfield Private Design Fund II, L.P., Deerfield Private Design International II, L.P., Deerfield Special Situations Fund, L.P., and Deerfield Special Situations Fund International Limited (collectively, “Deerfield”); and pursuant to the June 20, 2012 underwriting agreements the Company entered into in connection with two separate, concurrent offerings for our securities (the “June 2012 Public Offerings”). | |||||||||||||
During the three months ended March 31, 2014, warrants to purchase 1,000 shares of the Company’s common stock, which were issued pursuant to the June 2012 Public Offerings, at an exercise price of $5.28 per share, were cash exercised. | |||||||||||||
Outstanding warrants as of March 31, 2014 were as follows: | |||||||||||||
Number | Exercise | Expiration | |||||||||||
of Shares | Price | Date | |||||||||||
Issued pursuant to the Deerfield Agreement | 1,114,168 | $ | 9.9 | 4/20/15 | |||||||||
Issued pursuant to the June 2012 Public Offerings | 6,576,286 | $ | 5.28 | 6/25/17 | |||||||||
In April 2014, the Company issued 509,125 shares of common stock related to cashless exercises of warrants that were issued pursuant to the June 2012 Public Offerings. | |||||||||||||
MLV | |||||||||||||
In June 2011, the Company entered into an At-The-Market Issuance Sales Agreement (the “MLV Agreement”) with McNicoll, Lewis & Vlak LLC (“MLV.”) In January 2014, the Company sold 364,103 shares of common stock through MLV for net proceeds of approximately $2.4 million. As of January 8, 2014, the Company had sold 2,397,278 shares of common stock, the maximum allowable under the MLV Agreement and therefore, no shares remain available to the Company for sale through MLV. | |||||||||||||
Stock Option Plans | |||||||||||||
Stock option activity for the three months ended March 31, 2014 under the Company’s 2004 Equity Incentive Plan, as amended, and the Company’s 1997 Stock Option/Stock Issuance Plan was as follows: | |||||||||||||
Shares | Stock Options | Weighted | |||||||||||
Available for | Outstanding | Average Exercise | |||||||||||
Grant of | Price per Share of | ||||||||||||
Options | Stock Options | ||||||||||||
or Awards | |||||||||||||
Balance at December 31, 2013 | 2,161,829 | 2,449,365 | $15.15 | ||||||||||
Options granted | (835,131 | ) | 835,131 | 9.36 | |||||||||
Options exercised | — | (390 | ) | 6 | |||||||||
Options forfeited | 3,689 | (3,689 | ) | 6.2 | |||||||||
Options expired | 31,586 | (31,586 | ) | 38.8 | |||||||||
Restricted stock units granted | (43,500 | ) | — | — | |||||||||
Balance at March 31, 2014 | 1,318,473 | 3,248,831 | $13.44 | ||||||||||
Restricted stock unit activity for the three months ended March 31, 2014 was as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Award | ||||||||||||
Date Fair Value per | |||||||||||||
Share | |||||||||||||
Restricted stock units outstanding at December 31, 2013 | 41,663 | $6.00 | |||||||||||
Restricted stock units granted | 43,500 | 9.65 | |||||||||||
Restricted stock units released | (20,833 | ) | 6 | ||||||||||
Unvested restricted stock units outstanding at March 31, 2014 | 64,330 | $8.47 | |||||||||||
All references to shares of common stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the reverse stock split on a retroactive basis. Refer to Reverse Stock Split in Note 1 for further detail. |
Interest_and_Other_Net
Interest and Other, Net | 3 Months Ended |
Mar. 31, 2014 | |
Other Income And Expenses [Abstract] | ' |
Interest and Other, Net | ' |
Note 9. Interest and Other, Net | |
Interest income and other income primarily consisted of interest income generated from the Company’s cash, cash equivalents and investments. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Note 10 — Commitments and Contingencies | |
Commitments | |
The Company leases office space and equipment under a non-cancelable operating lease that expires in 2018, with an option to extend the lease for an additional three-year period. The lease terms provide for rental payments on a graduated scale and the Company’s payment of certain operating expenses. The Company recognizes rent expense on a straight-line basis over the lease period. Rent expense for the three months ended March 31, 2014 and 2013 were $0.8 million and $0.8 million, respectively. | |
Contingencies | |
In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by or on behalf of the Company, or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. The Company maintains director and officer insurance, which may cover certain liabilities arising from its obligation to indemnify its directors and certain of its officers and employees, and former officers and directors in certain circumstances. The Company maintains product liability insurance and comprehensive general liability insurance, which may cover certain liabilities arising from its indemnification obligations. It is not possible to determine the maximum potential amount of exposure under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular indemnification obligation. Such indemnification obligations may not be subject to maximum loss clauses. Management is not currently aware of any matters that could have a material adverse effect on the financial position, results of operations or cash flows of the Company. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Note 11. Income Taxes | |
The Company defines the threshold for recognizing the benefits of tax return positions in the financial statements as “more-likely-than-not” to be sustained by the taxing authorities based solely on the technical merits of the position. If the recognition threshold is met, the tax benefit is measured and recognized as the largest amount of tax benefit that, in the Company’s judgment, is greater than 50% likely to be realized. | |
The Company files income tax returns with the United States Internal Revenue Service (“IRS”) and the state of California. For jurisdictions in which tax filings are made, the Company is subject to income tax examination for all fiscal years since inception. The Company believes that it maintains adequate reserves for uncertain tax positions. | |
In general, under section 382 of the Internal Revenue Code (“Section 382”), a corporation that undergoes an ‘ownership change’ is subject to limitations on its ability to utilize its pre-change net operating losses (“NOLs”) and tax credits to offset future taxable income. The Company has performed a Section 382 analysis and does not believe that it has experienced an ownership change since 2006. A portion of the Company’s existing NOLs and tax credits are subject to limitations arising from previous ownership changes. Future changes in the Company’s stock ownership, some of which are outside of our control, could result in an ownership change under Section 382 and result in additional limitations. |
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2014 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Note 12. Subsequent Events | |
In April 2014, the Company issued 509,125 shares of common stock related to cashless exercises of warrants in accordance with the June 2012 Public Offerings. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Overview | ' |
Overview | |
Cytokinetics, Incorporated (the “Company”, “we” or “our”) was incorporated under the laws of the state of Delaware on August 5, 1997. In February 2014, the Company created a Bermuda subsidiary, Cytokinetics (Bermuda) Ltd. in furtherance of the international development and potential commercialization of the Company’s products outside the United States. The Company is a clinical-stage biopharmaceutical company focused on the discovery and development of novel small molecule therapeutics that modulate muscle function for the potential treatment of serious diseases and medical conditions. | |
The Company’s financial statements contemplate the conduct of the Company’s operations in the normal course of business. The Company has incurred an accumulated deficit of $491.3 million since inception and there can be no assurance that the Company will attain profitability. The Company had a net loss of $8.7 million and net cash used in operations of $17.8 million for the three months ended March 31, 2014. Cash, cash equivalents and investments increased to $101.9 million at March 31, 2014 from $80.2 million at December 31, 2013, principally due to net proceeds received of $37.5 million from the underwritten secondary offering which closed on February 25, 2014. The Company anticipates that it will continue to have operating losses and net cash outflows in future periods. | |
The Company is subject to risks common to clinical stage biopharmaceutical companies including, but not limited to, development of new drug candidates, dependence on key personnel, and the ability to obtain additional capital as needed to fund its future plans. The Company’s liquidity will be impaired if sufficient additional capital is not available on terms acceptable to the Company. To date, the Company has funded its operations primarily through sales of its common stock and convertible preferred stock, contract payments under its collaboration agreements, debt financing arrangements, government grants and interest income. Until it achieves profitable operations, the Company intends to continue to fund operations through payments from strategic collaborations, additional sales of equity securities, government grants and debt financings. The Company has never generated revenues from commercial sales of its drugs and may not have drugs to market for at least several years, if ever. The Company’s success is dependent on its ability to enter into new strategic collaborations and/or raise additional capital and to successfully develop and market one or more of its drug candidates. As a result, the Company may choose to raise additional capital through equity or debt financings to continue to fund its operations in the future. The Company cannot be certain that sufficient funds will be available from such a financing or through a collaborator when required or on satisfactory terms. Additionally, there can be no assurance that the Company’s drug candidates will be accepted in the marketplace or that any future products can be developed or manufactured at an acceptable cost. These factors could have a material adverse effect on the Company’s future financial results, financial position and cash flows. | |
Based on the current status of its research and development plans, the Company believes that its existing cash, cash equivalents and investments at March 31, 2014 will be sufficient to fund its cash requirements for at least the next 12 months. If, at any time, the Company’s prospects for financing its research and development programs decline, the Company may decide to reduce research and development expenses by delaying, discontinuing or reducing its funding of one or more of its research or development programs. Alternatively, the Company might raise funds through strategic collaborations, public or private financings or other arrangements. Such funding, if needed, may not be available on favorable terms, or at all. The financial statements do not include any adjustments that might result from the outcome of this uncertainty. | |
Basis of Presentation | ' |
Basis of Presentation | |
The consolidated financial statements include the accounts of Cytokinetics and its wholly owned subsidiary. All intercompany balances and transactions have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) for interim financial information and the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. The financial statements include all adjustments (consisting only of normal recurring adjustments) that management believes are necessary for the fair statement of the Company’s position at March 31, 2014, and the results of operations for the three months ended March 31, 2014 and the cash flows for the three months ended March 31, 2014. These interim financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future interim period. The balance sheet at December 31, 2013 has been derived from the audited financial statements at that date, but does not include all of the information and footnotes required by GAAP for complete financial statements. The financial statements and related disclosures have been prepared with the presumption that users of the interim financial statements have read or have access to the audited financial statements for the preceding fiscal year. Accordingly, these financial statements should be read in conjunction with the audited financial statements and notes thereto contained in the Company’s Form 10-K for the year ended December 31, 2013, as filed with the SEC on March 7, 2014. | |
Comprehensive Loss | ' |
Comprehensive Loss | |
Comprehensive loss for the quarterly period ended March 31, 2014 was equal to net loss adjusted for unrealized gains and losses on investments. | |
Reverse Stock Split | ' |
Reverse Stock Split | |
On June 24, 2013, the Company effected a one-for-six reverse stock split of its common stock through an amendment to its amended and restated certificate of incorporation (the “COI Amendment”). As of the effective time of the reverse stock split, every six shares of the Company’s issued and outstanding common stock were converted into one issued and outstanding share of common stock, without any change in par value per share. The reverse stock split affected all shares of the Company’s common stock outstanding immediately prior to the effective time of the reverse stock split, as well as the number of shares of common stock available for issuance under the Company’s equity incentive plans. In addition, the reverse stock split effected a reduction in the number of shares of common stock issuable upon the conversion of shares of preferred stock or upon the exercise of stock options or warrants outstanding immediately prior to the effectiveness of the reverse stock split. No fractional shares were issued as a result of the reverse stock split. Stockholders who would otherwise have been entitled to receive a fractional share received cash payments in lieu thereof. In addition, the COI Amendment reduced the number of authorized shares of common stock to 81.5 million. | |
As the par value per share of the Company’s common stock remained unchanged at $0.001 per share, a total of $139,000 was reclassified from common stock to additional paid-in capital. All references to shares of common stock and per share data for all periods presented in the accompanying condensed consolidated financial statements and notes thereto have been adjusted to reflect the reverse stock split on a retroactive basis. | |
Recently Adopted Accounting Pronouncements | ' |
Recently Adopted Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board (“FASB”) issued Accounting Statement Update (“ASU”) 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 amends accounting guidance on the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or tax credit carryforward exists. This new guidance requires entities, if certain criteria are met, to present an unrecognized tax benefit, or portion of an unrecognized tax benefit, in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward when such items exist in the same taxing jurisdiction. The Company adopted ASU 2013-11 effective January 1, 2014 and the adoption of ASU 2013-11 did not have a material effect on its financial statements. | |
Accounting Pronouncements Not Yet Adopted | ' |
Accounting Pronouncements Not Yet Adopted | |
In April 2014, the FASB issued ASU 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. ASU 2014-08 changes the criteria for determining which disposals can be presented as discontinued operations and modifies related disclosure requirements. This new guidance is effective for the Company beginning January 1, 2015. The Company does not expect the adoption of ASU 2014-08 will have a material effect upon its financial statements. |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Calculation of Basic and Diluted Net Loss Per Share | ' | ||||||||
The following is the calculation of basic and diluted net loss per share (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Net loss | $ | (8,744 | ) | $ | (12,619 | ) | |||
Weighted-average common shares outstanding (weighted average number of shares used in computing net loss per share ) — basic and diluted | 32,985 | 24,010 | |||||||
Net loss per share — basic and diluted | $ | (0.27 | ) | $ | (0.53 | ) | |||
Instruments Excluded from the Computation of Diluted Net Loss Per Share | ' | ||||||||
The following instruments were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been antidilutive (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Options to purchase common stock | 3,249 | 2,450 | |||||||
Warrants to purchase common stock | 7,691 | 9,008 | |||||||
Series B convertible preferred stock (as converted to common stock) | — | 3,171 | |||||||
Restricted stock units | 64 | 255 | |||||||
Shares issuable related to the ESPP | 31 | 28 | |||||||
Total shares | 11,035 | 14,912 | |||||||
Supplemental_Cash_Flow_Data_Ta
Supplemental Cash Flow Data (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Supplemental Cash Flow Elements [Abstract] | ' | ||||||||
Supplemental Cash Flow Data | ' | ||||||||
Supplemental cash flow data was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Significant non-cash investing and financing activities: | |||||||||
Purchases of property and equipment through accounts payable | $ | (93 | ) | $ | 115 | ||||
Purchases of property and equipment through accrued liabilities | 33 | 37 |
Related_Party_Research_and_Dev1
Related Party Research and Development Arrangements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Related Party Transactions [Abstract] | ' | ||||||||
Research and Development Revenue from Amgen | ' | ||||||||
Research and development revenues from Amgen were as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Reimbursement of internal costs | $ | 665 | $ | 328 | |||||
Total research and development revenues from related parties | $ | 665 | $ | 328 | |||||
Related Party Accounts Receivable from Amgen | ' | ||||||||
Related party accounts receivable from Amgen were as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Related party accounts receivable — Amgen | $ | 87 | $ | — | |||||
Other_Research_and_Development1
Other Research and Development Revenue Arrangements (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Astellas [Member] | ' | ||||||||
Summary of Reimbursed Expenses | ' | ||||||||
Research and development revenue from Astellas was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Reimbursement of internal cost | $ | 1,720 | $ | — | |||||
Reimbursements of other costs | 1,467 | — | |||||||
Research and development milestone fees | 2,000 | — | |||||||
Total research and development revenue from Astellas | $ | 5,187 | $ | — | |||||
MyoKardia [Member] | ' | ||||||||
Summary of Reimbursed Expenses | ' | ||||||||
Research and development revenue from MyoKardia was as follows (in thousands): | |||||||||
Three Months Ended | |||||||||
March 31, | March 31, | ||||||||
2014 | 2013 | ||||||||
Expense reimbursements from MyoKardia | $ | — | $ | 435 | |||||
Marketable_Securities_Tables
Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||
Investments Debt And Equity Securities [Abstract] | ' | ||||||||||||||||||
Summary of Marketable Securities | ' | ||||||||||||||||||
Marketable securities consisted of the following (in thousands): | |||||||||||||||||||
March 31, 2014 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Maturity | |||||||||||||||
Cost | Gains | Losses | Value | Dates | |||||||||||||||
Cash equivalents — money market funds | $ | 11,238 | $ | — | $ | — | $ | 11,238 | |||||||||||
Short-term investments — U.S. Treasury securities | $ | 69,075 | $ | 15 | $ | — | $ | 69,090 | 4/2014-3/2015 | ||||||||||
Long-term investments — U.S. Treasury securities | $ | 19,518 | $ | — | $ | (3 | ) | $ | 19,515 | 4/2015-8/2015 | |||||||||
December 31, 2013 | |||||||||||||||||||
Amortized | Unrealized | Unrealized | Fair | Maturity | |||||||||||||||
Cost | Gains | Losses | Value | Dates | |||||||||||||||
Cash equivalents — money market funds | $ | 15,858 | $ | — | $ | — | $ | 15,858 | |||||||||||
Short-term investments — U.S. Treasury securities | $ | 57,564 | $ | 7 | $ | (1 | ) | $ | 57,570 | 1/2014-12/2014 | |||||||||
Long-term investments — U.S. Treasury securities | $ | 2,502 | $ | — | $ | — | $ | 2,502 | Jan-15 | ||||||||||
Summary of Interest Income | ' | ||||||||||||||||||
Interest income was as follows (in thousands): | |||||||||||||||||||
Three Months Ended | |||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||
2014 | 2013 | ||||||||||||||||||
Interest income from marketable securities | $ | 26 | $ | 28 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Financial Assets Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
Financial assets measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 were classified in one of the three categories described above as follows (in thousands): | |||||||||||||||||
March 31, 2014 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | At Fair Value | ||||||||||||||
Money market funds | $ | 11,238 | $ | — | $ | — | $ | 11,238 | |||||||||
U.S. Treasury securities | 88,605 | — | — | 88,605 | |||||||||||||
Total | $ | 99,843 | $ | — | $ | — | $ | 99,843 | |||||||||
Amounts included in: | |||||||||||||||||
Cash and cash equivalents | $ | 11,238 | $ | — | $ | — | $ | 11,238 | |||||||||
Short-term investments | 69,090 | — | — | 69,090 | |||||||||||||
Long-term investments | 19,515 | — | — | 19,515 | |||||||||||||
Total | $ | 99,843 | $ | — | $ | — | $ | 99,843 | |||||||||
December 31, 2013 | |||||||||||||||||
Fair Value Measurements Using | Assets | ||||||||||||||||
Level 1 | Level 2 | Level 3 | At Fair Value | ||||||||||||||
Money market funds | $ | 15,858 | $ | — | $ | — | $ | 15,858 | |||||||||
U.S. Treasury securities | 60,072 | — | — | 60,072 | |||||||||||||
Total | $ | 75,930 | $ | — | $ | — | $ | 75,930 | |||||||||
Amounts included in: | |||||||||||||||||
Cash and cash equivalents | $ | 15,858 | $ | — | $ | — | $ | 15,858 | |||||||||
Short-term investments | 57,570 | — | — | 57,570 | |||||||||||||
Long-term investments | 2,502 | — | — | 2,502 | |||||||||||||
Total | $ | 75,930 | $ | — | $ | — | $ | 75,930 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Equity [Abstract] | ' | ||||||||||||
Outstanding Warrants | ' | ||||||||||||
Outstanding warrants as of March 31, 2014 were as follows: | |||||||||||||
Number | Exercise | Expiration | |||||||||||
of Shares | Price | Date | |||||||||||
Issued pursuant to the Deerfield Agreement | 1,114,168 | $ | 9.9 | 4/20/15 | |||||||||
Issued pursuant to the June 2012 Public Offerings | 6,576,286 | $ | 5.28 | 6/25/17 | |||||||||
Summary of Stock Option Activity | ' | ||||||||||||
Stock option activity for the three months ended March 31, 2014 under the Company’s 2004 Equity Incentive Plan, as amended, and the Company’s 1997 Stock Option/Stock Issuance Plan was as follows: | |||||||||||||
Shares | Stock Options | Weighted | |||||||||||
Available for | Outstanding | Average Exercise | |||||||||||
Grant of | Price per Share of | ||||||||||||
Options | Stock Options | ||||||||||||
or Awards | |||||||||||||
Balance at December 31, 2013 | 2,161,829 | 2,449,365 | $15.15 | ||||||||||
Options granted | (835,131 | ) | 835,131 | 9.36 | |||||||||
Options exercised | — | (390 | ) | 6 | |||||||||
Options forfeited | 3,689 | (3,689 | ) | 6.2 | |||||||||
Options expired | 31,586 | (31,586 | ) | 38.8 | |||||||||
Restricted stock units granted | (43,500 | ) | — | — | |||||||||
Balance at March 31, 2014 | 1,318,473 | 3,248,831 | $13.44 | ||||||||||
Summary of Restricted Stock Unit Activity | ' | ||||||||||||
Restricted stock unit activity for the three months ended March 31, 2014 was as follows: | |||||||||||||
Number of | Weighted | ||||||||||||
Shares | Average Award | ||||||||||||
Date Fair Value per | |||||||||||||
Share | |||||||||||||
Restricted stock units outstanding at December 31, 2013 | 41,663 | $6.00 | |||||||||||
Restricted stock units granted | 43,500 | 9.65 | |||||||||||
Restricted stock units released | (20,833 | ) | 6 | ||||||||||
Unvested restricted stock units outstanding at March 31, 2014 | 64,330 | $8.47 |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 0 Months Ended | ||
Jun. 24, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Feb. 25, 2014 | |
Underwritten Secondary Offering [Member] | |||||
Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Accumulated deficit incurred | ' | ($491,340,000) | ' | ($482,597,000) | ' |
Net loss | ' | -8,744,000 | -12,619,000 | ' | ' |
Net cash used in operations | ' | -17,822,000 | -12,222,000 | ' | ' |
Cash, cash equivalents and investments | ' | 101,900,000 | ' | 80,200,000 | ' |
Net proceeds received | ' | 39,869,000 | ' | ' | 37,500,000 |
Cash requirements term | ' | '12 months | ' | ' | ' |
Reverse stock split, conversion ratio | 1 | ' | ' | ' | ' |
Reverse stock split, description | 'As of the effective time of the reverse stock split, every six shares of the Company's issued and outstanding common stock were converted into one issued and outstanding share of common stock, without any change in par value per share. | ' | ' | ' | ' |
Fractional shares settlement pursuant to reverse stock split | ' | 0 | ' | ' | ' |
Common stock, authorized | ' | 81,500,000 | ' | 81,500,000 | ' |
Common stock, par value | ' | $0.00 | ' | $0.00 | ' |
Reclassification from common stock to additional paid-in capital | ' | $139,000 | ' | ' | ' |
Net_Loss_Per_Share_Calculation
Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net loss | ($8,744) | ($12,619) |
Weighted-average common shares outstanding (weighted average number of shares used in computing net loss per share ) - basic and diluted | 32,985 | 24,010 |
Net loss per share - basic and diluted | ($0.27) | ($0.53) |
Net_Loss_Per_Share_Instruments
Net Loss Per Share - Instruments Excluded from the Computation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares | 11,035 | 14,912 |
Options to Purchase Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares | 3,249 | 2,450 |
Warrants to Purchase Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares | 7,691 | 9,008 |
Restricted Stock Units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares | 64 | 255 |
Series B Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares | ' | 3,171 |
Shares Issuable Related to the ESPP [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Total shares | 31 | 28 |
Supplemental_Cash_Flow_Data_Ad
Supplemental Cash Flow Data - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Supplemental Cash Flow Elements [Abstract] | ' |
Cash paid for interest | ' |
Cash paid for taxes | ' |
Supplemental_Cash_Flow_Data_Su
Supplemental Cash Flow Data - Supplemental Cash Flow Data (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Significant non-cash investing and financing activities: | ' | ' |
Purchases of property and equipment through accounts payable | ($93) | $115 |
Purchases of property and equipment through accrued liabilities | $33 | $37 |
Related_Party_Research_and_Dev2
Related Party Research and Development Arrangements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ' | ' | ' |
Common stock, shares issued | ' | 36,090,071 | 30,681,624 |
Aggregate purchase price | ' | $39,869,000 | ' |
License revenues | ' | 2,082,000 | ' |
Amgen [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Non-refundable license fee | 15,000,000 | ' | ' |
Maximum Pre-commercialization milestone payments received | ' | 50,000,000 | ' |
Common stock, shares issued | 1,404,100 | ' | ' |
Per share price of common stock | $7.12 | ' | ' |
Aggregate purchase price | 10,000,000 | ' | ' |
Common stock fair value | ' | 7,500,000 | ' |
Deferred revenue | ' | 300,000 | ' |
Pre-commercialization and commercialization milestone payments eligible to receive | ' | 650,000,000 | ' |
License revenues | ' | ' | 17,200,000 |
Amgen [Member] | License and Services [Member] | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' |
Deferred revenue | ' | $2,500,000 | ' |
Related_Party_Research_and_Dev3
Related Party Research and Development Arrangements - Research and Development Revenue from Amgen (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Other Related Party Transactions [Line Items] | ' | ' |
Total research and development revenues from related parties | $665 | $328 |
Amgen [Member] | ' | ' |
Schedule of Other Related Party Transactions [Line Items] | ' | ' |
Reimbursement of internal costs | 665 | 328 |
Total research and development revenues from related parties | $665 | $328 |
Related_Party_Research_and_Dev4
Related Party Research and Development Arrangements - Related Party Accounts Receivable from Amgen (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Related Party Transaction Due From To Related Party [Line Items] | ' | ' |
Related party accounts receivable - Amgen | $2,116 | $5 |
Amgen [Member] | ' | ' |
Related Party Transaction Due From To Related Party [Line Items] | ' | ' |
Related party accounts receivable - Amgen | $87 | ' |
Other_Research_and_Development2
Other Research and Development Revenue Arrangements - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Research and Development Expenses [Line Items] | ' | ' | ' |
License revenue | ' | $2,082,000 | ' |
Astellas [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Upfront payment received | 16,000,000 | 16,000,000 | ' |
Collaboration agreement term | '2 years | ' | ' |
License revenue | ' | 2,100,000 | ' |
Revenue recognized | ' | 5,900,000 | ' |
Deferred revenue | ' | 10,900,000 | ' |
Research and development revenue | ' | 2,000,000 | ' |
Astellas [Member] | Reimbursement of Internal Costs [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Reimbursements costs | ' | 1,720,000 | ' |
Astellas [Member] | Reimbursement of Other Costs [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Reimbursements costs | ' | 1,467,000 | ' |
Astellas [Member] | License Revenue [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Deferred revenue | ' | 10,100,000 | ' |
Minimum [Member] | Astellas [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Potential amount receivable under collaboration agreement | 24,000,000 | ' | ' |
Minimum [Member] | Astellas [Member] | Development and Commercial Products [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Potential amount receivable under collaboration agreement | 112,000,000 | ' | ' |
Maximum [Member] | Astellas [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Potential amount receivable under collaboration agreement | 250,000,000 | ' | ' |
Maximum [Member] | Astellas [Member] | Achievement of Sales Milestones [Member] | ' | ' | ' |
Research and Development Expenses [Line Items] | ' | ' | ' |
Potential amount receivable under collaboration agreement | $200,000,000 | ' | ' |
Other_Research_and_Development3
Other Research and Development Revenue Arrangements - Summary of Reimbursed Expenses (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Astellas [Member] | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' |
Research and development milestone fees | $2,000,000 | ' |
Total research and development revenue from Astellas | 5,187,000 | ' |
Astellas [Member] | Reimbursement of Internal Costs [Member] | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' |
Expense reimbursements | 1,720,000 | ' |
Astellas [Member] | Reimbursement of Other Costs [Member] | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' |
Expense reimbursements | 1,467,000 | ' |
MyoKardia [Member] | ' | ' |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ' | ' |
Expense reimbursements | ' | $435,000 |
Marketable_Securities_Summary_
Marketable Securities - Summary of Marketable Securities (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Cash Equivalents [Member] | Money Market Funds [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Amortized Cost | 11,238 | 15,858 |
Unrealized Gains | ' | ' |
Unrealized Losses | ' | ' |
Fair Value | 11,238 | 15,858 |
Short-term Investments [Member] | U.S. Treasury Securities [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Amortized Cost | 69,075 | 57,564 |
Unrealized Gains | 15 | 7 |
Unrealized Losses | ' | -1 |
Fair Value | 69,090 | 57,570 |
Long-term Investments [Member] | U.S. Treasury Securities [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Amortized Cost | 19,518 | 2,502 |
Unrealized Gains | ' | ' |
Unrealized Losses | -3 | ' |
Fair Value | 19,515 | 2,502 |
Maturity Dates | ' | '2015-01 |
Minimum [Member] | Short-term Investments [Member] | U.S. Treasury Securities [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maturity Dates | '2014-04 | '2014-01 |
Minimum [Member] | Long-term Investments [Member] | U.S. Treasury Securities [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maturity Dates | '2015-04 | ' |
Maximum [Member] | Short-term Investments [Member] | U.S. Treasury Securities [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maturity Dates | '2015-03 | '2014-12 |
Maximum [Member] | Long-term Investments [Member] | U.S. Treasury Securities [Member] | ' | ' |
Cash and Cash Equivalents [Line Items] | ' | ' |
Maturity Dates | '2015-08 | ' |
Marketable_Securities_Summary_1
Marketable Securities - Summary of Interest Income (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Cash Equivalents And Investments [Abstract] | ' | ' |
Interest income from marketable securities | $26 | $28 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on a Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | $99,843 | $75,930 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 11,238 | 15,858 |
U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 88,605 | 60,072 |
Long-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 19,515 | 2,502 |
Short-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 69,090 | 57,570 |
Fair Value Measurements Using Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 99,843 | 75,930 |
Fair Value Measurements Using Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 11,238 | 15,858 |
Fair Value Measurements Using Level 1 [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 88,605 | 60,072 |
Fair Value Measurements Using Level 1 [Member] | Long-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 19,515 | 2,502 |
Fair Value Measurements Using Level 1 [Member] | Short-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 69,090 | 57,570 |
Fair Value Measurements Using Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 2 [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 2 [Member] | Long-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 2 [Member] | Short-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 3 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 3 [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 3 [Member] | Long-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair Value Measurements Using Level 3 [Member] | Short-term Investments [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Cash and Cash Equivalents [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 11,238 | 15,858 |
Cash and Cash Equivalents [Member] | Fair Value Measurements Using Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | 11,238 | 15,858 |
Cash and Cash Equivalents [Member] | Fair Value Measurements Using Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Cash and Cash Equivalents [Member] | Fair Value Measurements Using Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Assets at fair value | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Fair Value Measurements Using Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value on a recurring basis | $0 | $0 |
Fair Value Measurements Using Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Financial assets measured at fair value on a recurring basis | $0 | $0 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||
Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Apr. 30, 2014 | Feb. 25, 2014 | Jan. 31, 2014 | Jan. 08, 2014 | Jan. 08, 2014 | |
Warrants to Purchase Common Stock [Member] | Subsequent Events [Member] | Underwritten Public Offering [Member] | MLV [Member] | MLV [Member] | MLV [Member] | |||
Maximum [Member] | ||||||||
Share Based Compensation [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of common stock | 36,090,071 | 30,681,624 | ' | ' | 5,031,250 | 364,103 | ' | 2,397,278 |
Gross proceeds from public offerings | ' | ' | ' | ' | $40,300,000 | ' | ' | ' |
Net proceeds from sale of common stock | 39,869,000 | ' | ' | ' | 37,500,000 | ' | ' | ' |
Warrants purchase upon exercise of common stock | 7,700,000 | ' | 1,000 | ' | ' | ' | ' | ' |
Warrants purchase upon exercise of common stock, exercise price | ' | ' | 5.28 | ' | ' | ' | ' | ' |
Number of issued shares of common stock related to cashless exercise of warrants | ' | ' | ' | 509,125 | ' | ' | ' | ' |
Net proceeds from sales of common stock | ' | ' | ' | ' | ' | $2,400,000 | ' | ' |
Shares available for sale | ' | ' | ' | ' | ' | ' | 0 | ' |
Stockholders_Equity_Outstandin
Stockholders' Equity - Outstanding Warrants (Detail) | Mar. 31, 2014 |
Share Based Compensation [Line Items] | ' |
Number of Shares | 7,700,000 |
Issued Pursuant to the Deerfield Agreement [Member] | ' |
Share Based Compensation [Line Items] | ' |
Number of Shares | 1,114,168 |
Exercise Price | 9.9 |
Expiration Date | 20-Apr-15 |
Issued Pursuant to the June 2012 Public Offerings [Member] | ' |
Share Based Compensation [Line Items] | ' |
Number of Shares | 6,576,286 |
Exercise Price | 5.28 |
Expiration Date | 25-Jun-17 |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares Available for Grant of Options or Awards, Beginning Balance | 2,161,829 |
Shares Available for Grant of Options or Awards, Options granted | -835,131 |
Shares Available for Grant of Options or Awards, Options exercised | ' |
Shares Available for Grant of Options or Awards, Options forfeited | 3,689 |
Shares Available for Grant of Options or Awards, Options expired | 31,586 |
Shares Available for Grant of Options or Awards, Ending Balance | 1,318,473 |
Stock Options Outstanding, Beginning Balance | 2,449,365 |
Stock Options Outstanding, Options granted | 835,131 |
Stock Options Outstanding, Options exercised | -390 |
Stock Options Outstanding, Options forfeited | -3,689 |
Stock Options Outstanding, Options expired | -31,586 |
Stock Options Outstanding, Ending Balance | 3,248,831 |
Weighted Average Exercise Price per Share of Stock Options, Beginning Balance | $15.15 |
Weighted Average Exercise Price per Share of Stock Options, Options granted | $9.36 |
Weighted Average Exercise Price per Share of Stock Options, Options exercised | $6 |
Weighted Average Exercise Price per Share of Stock Options, Options forfeited | $6.20 |
Weighted Average Exercise Price per Share of Stock Options, Options expired | $38.80 |
Weighted Average Exercise Price per Share of Stock Options, Ending Balance | $13.44 |
Restricted Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Shares Available for Grant of Options or Awards, Options granted | ' |
Shares Available for Grant of Options or Awards, Restricted stock units granted | -43,500 |
Weighted Average Exercise Price per Share of Stock Options, Restricted stock units granted | ' |
Stockholders_Equity_Summary_of1
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail) (Restricted Stock [Member], USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Restricted Stock [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Restricted stock units outstanding, Number of Shares, Beginning Balance | 41,663 |
Restricted stock units granted, Number of Shares | 43,500 |
Restricted stock units released, Number of Shares | -20,833 |
Unvested restricted stock units outstanding, Number of Shares, Ending Balance | 64,330 |
Restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Beginning Balance | $6 |
Restricted stock units granted, Weighted Average Award Date Fair Value per Share | $9.65 |
Restricted stock units released, Weighted Average Award Date Fair Value per Share | $6 |
Unvested restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Ending Balance | $8.47 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
Non-cancelable operating lease expires | '2018 | ' |
Non-cancelable operating lease additional extension period | '3 years | ' |
Rent expense | $0.80 | $0.80 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Percentage of income tax likely to be realized | 50.00% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (Subsequent Events [Member]) | 1 Months Ended |
Apr. 30, 2014 | |
Subsequent Events [Member] | ' |
Subsequent Event [Line Items] | ' |
Number of issued shares of common stock related to cashless exercise of warrants | 509,125 |