Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CYTK | |
Entity Registrant Name | CYTOKINETICS INC | |
Entity Central Index Key | 1,061,983 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 39,621,058 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 42,269 | $ 65,076 |
Short-term investments | 61,153 | 46,366 |
Related party accounts receivable | 0 | 12 |
Prepaid and other current assets | 2,696 | 1,653 |
Total current assets | 106,118 | 113,107 |
Property and equipment, net | 1,760 | 1,751 |
Long-term investments | 5,140 | 179 |
Other assets | 200 | 200 |
Total assets | 113,218 | 115,237 |
Current liabilities: | ||
Accounts payable | 547 | 2,238 |
Accrued liabilities | 7,877 | 8,421 |
Deferred revenue, current | 15,911 | 20,858 |
Short-term portion of deferred rent and interest payable | 348 | 132 |
Total current liabilities | 24,683 | 31,649 |
Long-term debt | 29,466 | 14,639 |
Deferred revenue, non-current | 851 | 0 |
Long-term portion of deferred rent | 312 | 359 |
Total liabilities | $ 55,312 | $ 46,647 |
Commitments and contingencies (Note 10) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value: Authorized: 81,500,000 shares; Issued and outstanding: 39,607,437 shares at March 31, 2016 and 39,581,692 shares at December 31, 2015 | $ 40 | $ 40 |
Additional paid-in capital | 604,909 | 603,145 |
Accumulated other comprehensive income | 156 | 149 |
Accumulated deficit | (547,199) | (534,744) |
Total stockholders' equity | 57,906 | 68,590 |
Total liabilities and stockholders' equity | 113,218 | 115,237 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' equity: | ||
Preferred stock, value | $ 0 | $ 0 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 81,500,000 | 81,500,000 |
Common stock, shares issued | 39,607,437 | 39,581,692 |
Common stock, shares outstanding | 39,607,437 | 39,581,692 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Research and development revenues from related parties | $ 4,296 | $ 2,791 |
Research and development, grant and other revenues | 151 | 0 |
License revenues from related parties | 3,974 | 1,623 |
Total revenues | 8,421 | 4,414 |
Operating expenses: | ||
Research and development | 13,534 | 8,956 |
General and administrative | 6,841 | 4,367 |
Total operating expenses | 20,375 | 13,323 |
Operating loss | (11,954) | (8,909) |
Interest and other income (expense), net | (501) | 37 |
Loss before income taxes | (12,455) | (8,872) |
Income tax benefit | 0 | 0 |
Net loss | $ (12,455) | $ (8,872) |
Net loss per share basic and diluted | $ (0.31) | $ (0.23) |
Weighted-average number of shares used in computing net loss per share - basic and diluted | 39,592 | 38,675 |
Other comprehensive gain (loss): | ||
Unrealized gains (losses) on available-for-sale securities, net | $ 7 | $ (1) |
Comprehensive loss | $ (12,448) | $ (8,873) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (12,455) | $ (8,872) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization of property and equipment | 170 | 145 |
Non-cash interest expense | 119 | 0 |
Stock-based compensation | 1,611 | 896 |
Changes in operating assets and liabilities: | ||
Related party accounts receivable | 12 | 45,676 |
Prepaid and other assets | (1,042) | (716) |
Accounts payable | (1,462) | 95 |
Accrued and other liabilities | (365) | (1,418) |
Deferred revenue | (4,095) | (1,447) |
Net cash provided by (used in) operating activities | (17,507) | 34,359 |
Cash flows from investing activities: | ||
Purchases of investments | (50,146) | (49,840) |
Proceeds from sales and maturities of investments | 30,405 | 17,877 |
Purchases of property and equipment | (420) | (130) |
Net cash used in investing activities | (20,161) | (32,093) |
Cash flows from financing activities: | ||
Proceeds from long term debt, net of debt discount and issuance costs | 14,996 | 0 |
Proceeds (payments) from stock based award activities and warrants, net | (135) | 65 |
Net cash provided by financing activities | 14,861 | 65 |
Net increase (decrease) in cash and cash equivalents | (22,807) | 2,331 |
Cash and cash equivalents, beginning of period | 65,076 | 20,215 |
Cash and cash equivalents, end of period | $ 42,269 | $ 22,546 |
Organization, Basis of Presenta
Organization, Basis of Presentation and Recently Issued Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Basis of Presentation and Recently Issued Accounting Standards | Note 1 — Organization, Basis of Presentation and Recently Issued Accounting Standards Overview Cytokinetics, Incorporated (the “Company”, “we” or “our”) was incorporated under the laws of the state of Delaware on August 5, 1997. The Company is a late 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 $547.2 million since inception and there can be no assurance that the Company will attain profitability. The Company had a net loss of $12.5 million and net cash used in operations of $17.5 million for the three months ended March 31, 2016. Cash, cash equivalents and investments decreased from $111.6 million at December 31, 2015 to $108.6 million at March 31, 2016. 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, 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, 2016 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. 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, 2016, and the results of operations for the three months ended March 31, 2016 and the cash flows for the three months ended March 31, 2016. 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, 2015 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, 2015, as filed with the SEC on March 3, 2016. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Stock compensation (Topic 718). . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). . In January 2016, the FASB issued ASU 2016-01, Financial instruments (Subtopic 825-10). In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 2 — 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, Net loss $ (12,455 ) $ (8,872 ) Weighted-average shares used in computing net loss per share — basic and diluted 39,592 38,675 Net loss per share — basic and diluted $ (0.31 ) $ (0.23 ) 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, if they have a dilutive effect. 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, Options to purchase common stock 5,869 4,556 Warrants to purchase common stock 5,710 6,691 Restricted and Performance stock units 758 73 Shares issuable related to the ESPP 40 36 Total shares 12,377 11,356 |
Supplemental Cash Flow Data
Supplemental Cash Flow Data | 3 Months Ended |
Mar. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Data | Note 3 — Supplemental Cash Flow Data Supplemental cash flow data was as follows (in thousands): Three Months Ended March 31, March 31, Cash paid for interest $ 382 $ — Cash paid for income taxes 1 1 Significant non-cash investing and financing activities: Debt discount netted against proceeds from long term debt, recorded in equity 288 — Interest paid on the long-term debt, at inception 63 — Purchases of property and equipment through accounts payable 229 63 Purchases of property and equipment through accrued liabilities 11 8 |
Related Party Research and Deve
Related Party Research and Development Arrangements | 3 Months Ended |
Mar. 31, 2016 | |
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. In June 2013, Cytokinetics and Amgen executed 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 $15.0 million in June 2013. Under the Amgen Agreement Amendment, the Company conducted a Phase 1 pharmacokinetic study intended to support inclusion of Japan in a potential Phase 3 clinical development program and potential global registration dossier for omecamtiv mecarbil. Amgen reimbursed 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 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. The allocated consideration was recognized as revenue as revenue criteria were satisfied, or as services were 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. The Company determined that the license to the Japan territory granted under the Amgen Agreement Amendment was a separate, non-contingent deliverable under the amendment. The Company determined that the license has stand-alone value based on Amgen’s internal product development capabilities since all relevant manufacturing know-how related to omecamtiv mecarbil was previously delivered to Amgen. 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 Amendment in the fourth quarter of 2013. In year ended December 31, 2014, the Company recognized the remaining $0.3 million of the previously deferred consideration attributable to the Amgen Agreement Amendment as research and development revenues from related parties. Amgen and the Company agreed to extend the term of the research program in 2016. Under the amended Amgen Agreement, the Company is entitled to receive reimbursements of internal costs of certain full-time employee equivalents during 2016, as well as potential additional milestone payments related to the research activities. Under the Amgen Agreement, as amended, the Company is eligible to receive over $350.0 million in development milestone payments which are based on various clinical milestones, including the initiation of certain clinical studies, the submission of a drug candidate to certain regulatory authorities for marketing approval and the receipt of such approvals. Additionally, the Company is eligible to receive up to $300.0 million in commercial milestone payments provided certain sales targets are met. Due to the nature of drug development, including the inherent risk of development and approval of drug candidates by regulatory authorities, it is not possible to estimate if and when these milestone payments would become due. The achievement of each of these milestones is dependent solely upon the results of Amgen’s development and commercialization activities and therefore none of these milestones was deemed to be substantive. During the three months ended March 31, 2016 and 2015, the Company recognized no revenues for milestones achieved under the Amgen Agreement. The Amgen Agreement also provides for the Company to receive increased royalties by co-funding Phase 3 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, 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. During the three months ended March 31, 2016 and 2015, the Company recorded research and development revenue from Amgen of $0.6 million and $0.7 million, respectively, under the Amgen Agreement. Revenue from Amgen was as follows (in thousands): Three Months Ended March 31, March 31, Research and development revenues from related parties Reimbursement of internal costs $ 617 $ 667 Allocated consideration — 21 Total revenues from Amgen $ 617 $ 688 Related party accounts receivable from Amgen were as follows (in thousands): March 31, December 31, Related party accounts receivable — Amgen $ — $ — Astellas Pharma Inc. (“Astellas”) Original Astellas Agreement (Non-neuromuscular license) In June 2013, the Company entered into a license and collaboration agreement with Astellas (the “Original Astellas Agreement”). The primary objective of the collaboration with Astellas is to advance novel therapies for diseases and medical conditions associated with muscle weakness. Under the Original 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. The Company was primarily responsible for the conduct of Phase 1 clinical trials and certain Phase 2 readiness activities for CK-2127107 and Astellas was primarily responsible for the conduct of subsequent development and commercialization activities for CK-2127107. In July 2013, the Company received an upfront, non-refundable license fee of $16.0 million in connection with the execution of the Original Astellas Agreement. Under the agreement, the Company was eligible to potentially receive over $24.0 million in reimbursement of sponsored research and development activities during the initial two years of the collaboration. The agreement also provided for research and early and late stage development milestone payments based on various research and clinical milestones, including the initiation of certain clinical studies, the submission for approval of a drug candidate to certain regulatory authorities for marketing approval and the commercial launch of collaboration products, and royalties on sales of commercialized products. At the inception of the Original Astellas Agreement, the Company deferred revenue related to the Original 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 for the license fee is deferred and 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 over the initial research term of the Original Astellas Agreement. During the three months ended March 31, 2015, the Company recorded $1.2 million in license revenue based on the proportional performance model. No license revenue was recorded in 2016 under the Original Astellas Agreement, and as of March 31, 2016, no license revenue remains deferred under the Original Astellas Agreement. Pursuant to the Original Astellas Agreement, the Company recognized research and development revenue from Astellas for reimbursements of internal costs of certain full-time employee equivalents, supporting collaborative research and development programs, and of other costs related to those programs. During the three months ended March 31 2015, the Company recorded research and development revenue from Astellas of $1.8 million under the Original Astellas Agreement. No research and development revenue from Astellas was recorded in 2016 under the Original Astellas Agreement. Amended Astellas Agreement (Expansion to include neuromuscular indications) In December 2014, the Company entered into an amended and restated license and collaboration agreement with Astellas (the “Amended Astellas Agreement”). This agreement superseded the Original Astellas Agreement. The Amended Astellas Agreement expanded the objective of the collaboration of advancing novel therapies for diseases and medical conditions associated with muscle weakness to include spinal muscular atrophy (SMA) and potentially other neuromuscular indications with CK-2127107 and other fast skeletal troponin activators, in addition to the non-neuromuscular indications provided for in the Original Astellas Agreement. Under the Amended Astellas Agreement, we received a non-refundable upfront license fee of $30.0 million in January 2015. Concurrently, the Company received $15.0 million as a milestone payment relating to Astellas’ decision to advance CK-2127107 into Phase 2 clinical development. The Company is also eligible to potentially receive over $20.0 million in reimbursement of sponsored research and development activities during the two years of the collaboration following the execution of the Amended Astellas Agreement. Under the Amended Astellas Agreement, the Company is conducting the initial Phase 2 clinical trial of CK-2127107 in patients with SMA. In addition, the Company is entitled to receive additional pre-commercialization milestone payments related to the development of CK-2127107 in neuromuscular indications, and royalties on sales of CK-2127107 in neuromuscular indications. The Company determined that the license and the research and development services relating to the Amended Astellas Agreement are a single unit of accounting as the license was determined to not have stand-alone value. Accordingly, the Company is recognizing this revenue over the research term of the Amended Astellas Agreement using the proportional performance model. During the three months ended March 31, 2016 and 2015, the Company recorded $4.0 million and $0.4 million, respectively, in license revenue based on the proportional performance model under the Amended Astellas Agreement. As of March 31, 2016, $16.3 million license revenue remains deferred under the Amended Astellas Agreement. Pursuant to the Amended Astellas Agreement, the Company recognized research and development revenue from Astellas for reimbursements of internal costs of certain full-time employee equivalents, supporting collaborative research and development programs, and of other costs related to those programs. During the three months ended March 31, 2016 and 2015, the Company recorded research and development revenue from Astellas of $3.7 million and $0.3 million, respectively, under the Amended Astellas Agreement. The Company believes that each of the milestones related to research and early development under the Amended Astellas Agreement is substantive and can only be achieved with the Company’s past and current performance and each milestone will result in additional payments to the Company. During the three months ended March 31, 2016 and 2015, no milestone revenue for early development was recognized under this agreement. The Company is eligible to receive up to $2.0 million in research milestone payments under the collaboration for each future potential drug candidate. The achievement of each of the late stage development milestones and the commercialization milestones are dependent solely upon the results of Astellas’ development activities and therefore these milestones were not deemed to be substantive. Under the Amended Astellas Agreement, additional research and early and late state development milestone payments which are based on various research and clinical milestones, including the initiation of certain clinical studies, the submission for approval of a drug candidate to certain regulatory authorities for marketing approval and the commercial launch of collaboration products could total over $600.0 million, including up to $95.0 million relating to CK-2127107 in non-neuromuscular indications, and over $100.0 million related to CK-2127107 in each of SMA and other neuromuscular indications. Additionally, $200.0 million in commercial milestones could be received under the Amended Astellas Agreement provided certain sales targets are met. Due to the nature of drug development, including the inherent risk of development and approval of drug candidates by regulatory authorities, it is not possible to estimate if and when these milestone payments could become due. In the event Astellas commercializes any collaboration products, the Company will 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. Cytokinetics also holds an option to co-fund certain development costs for CK-2127107 and other compounds in exchange for increased milestone payments and royalties; such royalties may increase under certain scenarios to exceed twenty percent. Under the Amended Astellas Agreement, Cytokinetics retains an option to co-promote collaboration products containing fast skeletal muscle activators for neuromuscular indications in the U.S., Canada and Europe, in addition to its option to co-promote other collaboration products in the U.S. and Canada as provided for in the Original Astellas Agreement. Astellas will reimburse Cytokinetics for certain expenses associated with its co-promotion activities. The Amended Astellas Agreement also provides for Cytokinetics to lead certain activities relating to the commercialization of collaboration products for neuromuscular indications in the U.S., Canada and Europe under particular scenarios. In conjunction with the Amended Astellas Agreement, the Company also entered into a common stock purchase agreement which provided for the sale of 2,040,816 shares of its common stock to Astellas at a price per share of $4.90 and an aggregate purchase price of $10.0 million which was received in December 2014. Pursuant to this agreement, Astellas agreed to certain trading and other restrictions with respect to the Company’s common stock. The Company determined the fair value of the stock issued to Astellas to be $9.1 million. The excess of cash received over fair value of $0.9 million was deferred along with the license and research and development services. Allocated consideration will be recognized as revenue for the single unit of accounting above, as services are performed following the proportional performance model over the research term of the Amended Astellas Agreement. Following the common stock purchase, Astellas was determined to be a related party. As such, all revenue earned following the common stock purchase is classified as related party revenue. Research and development revenue from Astellas was as follows (in thousands): Three Months Ended March 31, Three Months Ended March 31, License Revenues from Related Parties $ 3,974 $ 1,624 Research and development revenues with related parties: Reimbursement of internal costs 2,239 909 Reimbursement of other costs 1,440 1,193 Total research and development revenue with related parties from Astellas 3,679 2,102 Total Revenue from Astellas $ 7,653 $ 3,726 Related party accounts receivable from Astellas were as follows (in thousands): March 31, December 31, Related party accounts receivable — Astellas $ — $ — At March 31, 2016 and December 31, 2015, the Company had $16.3 million and $20.4 million, respectively, of deferred revenue under the Amended Astellas Agreement, reflecting the unrecognized portion of the license revenue, allocation of consideration and payment of expenses. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | Note 5 — Cash Equivalents and Investments Cash Equivalents and Available for Sale Investments The amortized cost and fair value of cash equivalents and available for sale investments at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, 2016 Amortized Unrealized Unrealized Fair Maturity Cash equivalents — money market funds and U.S. Treasury securities $ 37,765 $ — $ — $ 37,765 Short-term investments — U.S. Treasury securities $ 61,137 $ 16 $ — $ 61,153 4/2016-3/2017 Long-term investments — Equity and U.S. Treasury securities $ 5,179 $ 3 $ (42 ) $ 5,140 4/2017-8/2017 December 31, 2015 Amortized Unrealized Unrealized Fair Maturity Cash equivalents — money market funds $ 63,136 $ — $ — $ 63,136 Short-term investments — U.S. Treasury securities $ 46,395 $ 1 $ (30 ) $ 46,366 2/2016-8/2016 Long-term investments — Equity securities $ — $ 179 $ — $ 179 At March 31, 2016 there were no investments that had been in a continuous unrealized loss position for 12 months or longer. The Company collected the contractual cash flows on its U.S. Treasury securities that matured from April 1, 2016 through April 28, 2016 and expects to be able to collect all contractual cash flows on the remaining maturities of its U.S. Treasury securities. Interest income was as follows (in thousands): Three Months Ended March 31, March 31, Interest income $ 62 $ 37 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 — 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, 2016 and December 31, 2015 are classified in the table below in one of the three categories described above (in thousands): March 31, 2016 Fair Value Measurements Using Assets Level 1 Level 2 Level 3 Assets: Money market funds $ 35,265 $ — $ — $ 35,265 U.S. Treasury securities 68,656 — — 68,656 Equity securities 137 — — 137 Total $ 104,058 $ — $ — $ 104,058 Amounts included in: Cash and cash equivalents $ 37,765 $ — $ — $ 37,765 Short-term investments 61,153 — — 61,153 Long-term investments 5,140 — — 5,140 Total $ 104,058 $ — $ — $ 104,058 December 31, 2015 Fair Value Measurements Using Assets Level 1 Level 2 Level 3 Assets: Money market funds $ 63,136 $ — $ — $ 63,136 U.S. Treasury securities 46,366 — — 46,366 Equity securities 179 — — 179 Total $ 109,681 $ — $ — $ 109,681 Amounts included in: Cash and cash equivalents $ 63,136 $ — $ — $ 63,136 Short-term investments 46,366 — — 46,366 Long-term investments 179 — — 179 Total $ 109,681 $ — $ — $ 109,681 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, 2016 and December 31, 2015, 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. Long Term Debt: As of March 31, 2016 and December 31, 2015, the fair value of the long-term debt, payable in installments through year ended 2020, approximated its carrying value of $29.5 million and $14.6 million, respectively, because it is carried at a market observable interest rate, which are considered Level 2. |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7 — Long-Term Debt Long-term debt and unamortized debt discount balances are as follows (in thousands): March 31, December 31 Notes payable, gross $ 30,000 $ 15,000 Less: Unamortized debt discount (620 ) (389 ) Accretion of final payment fee 86 28 Carrying value of notes payable $ 29,466 $ 14,639 In October 2015, the Company entered into a loan and security agreement (the “Loan Agreement”) with Oxford Finance LLC (“Oxford,”) as the collateral agent and a lender, and Silicon Valley Bank (“SVB,”) as a lender (Oxford and SVB collectively the “Lenders”) to fund its working capital and other general corporate needs. The Loan Agreement provided for (1) term loans of up to $40.0 million in aggregate, (2) warrants to purchase 65,189 shares of the Company’s common stock at an exercise price of $6.90 per share under the first term loan, and (3) additional warrants to purchase shares of the Company’s common stock to be based on the amount of the additional term loans and a price per share determined on the day of funding in accordance with the Grant Agreement, which is also the exercise price per share for the warrants. The Company drew down $15.0 million in funds under the Loan Agreement in October 2015 at the time of the first draw down, and at that time, could at its sole discretion draw down an additional $25.0 million under the Loan Agreement in two term loans, provided certain specified conditions stipulated in the Loan Agreement are met preceding those draws. During February 2016, the Company drew down an additional $15.0 million in funds under the Loan Agreement and issued warrants to purchase 68,285 shares of the Company’s common stock at an exercise price of $6.59 per share under the second term loan. As of April 28, 2016, there were 133,474 warrants outstanding and exercisable. As of April 28, 2016 the Company has received $29.8 million from this loan and security agreement, net of issuance cost. The Company can at its sole discretion draw down an additional $10.0 million under the Loan Agreement from the Lenders, at any time prior to March 31, 2017, subject to the Company’s satisfaction of specified conditions precedent related to the earlier of (i) the occurrence of an equity even as described in the Loan Agreement, or (ii) specified results from the Company’s VITALITY-ALS Phase 3 trial of tirasemtiv, each as specified in the Loan Agreement. The Company is required to repay the outstanding principal in 36 equal installments beginning October 2017 and is due in full in October 2020. The first and second term loans bear interest at a rate of 7.5% per annum, respectively. The remaining term loans, if drawn, will bear interest at a rate fixed at the time of draw, equal to the greater of (i) 7.50% and (ii) the sum of the three month U.S. LIBOR rate plus 7.31%. The Company is required to make a final payment fee of 4.00% of the amounts of the Term Loans drawn payable on the earlier of (i) the prepayment of the Term Loans or (ii) the Maturity Date. The loan carries prepayment penalties of 3% and 2% for prepayment within one and two years, respectively, of the loan origination and 1% thereafter. The warrants issued in the Loan Agreement became exercisable upon issuance and will remain exercisable for five years from issuance or the closing of a merger consolidation transaction in which the Company is not the surviving entity. The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to the Company and its subsidiaries, 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 Agreement also includes customary events of default, including but not limited to the nonpayment of principal or interest, violations of covenants, material adverse changes, attachment, levy, restraint on business, cross-defaults on material indebtedness, bankruptcy, material judgments, misrepresentations, subordinated debt, governmental approvals, lien priority and delisting. Upon an event of default, the Lenders may, among other things, accelerate the loans and foreclose on the collateral. The Company’s obligations under the Agreement are secured by substantially all of the Company’s current and future assets, other than its intellectual property. The Company recorded interest expense related to the long term debt of $0.6 million for the three months ended March 31, 2016. Included in interest expense for this period was interest on principal, amortization of the debt discount and debt issuance costs, and the accretion of the final payment fee. For the three months ended March 31, 2016, the effective interest rate on the amounts borrowed under the Agreement, including the amortization of the debt discount and issuance cost, and the accretion of the final payment, was 9.3%. No interest expense was recorded during the three months ended March 31, 2015. Future minimum payments under the Loan, as of March 31, 2016 are as follows (in thousands): Remainder of 2016 $ 1,721 2017 4,768 2018 11,743 2019 10,981 2020 8,938 Total minimum payments 38,151 Less: Interest and final payment (8,151 ) Notes payable, gross $ 30,000 |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | Note 8 — Stockholders’ Equity Accumulated Other Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive income (loss). Other comprehensive income (loss) is comprised of unrealized holding gains and losses on the Company’s available-for-sale securities that are excluded from net loss and reported separately in stockholders’ equity. In the first three months of 2016 and 2015, the Company recorded insignificant amounts of unrealized gains (losses) in available-for-sale securities in accumulated other comprehensive loss, and did not reclassify any unrealized gains on investments from accumulated other comprehensive income into net loss. Warrants As of March 31, 2016, the Company had warrants outstanding to purchase 5.7 million shares of the Company’s common stock. In June 2012, warrants were issued pursuant to the June 2012 underwriting agreements the Company entered into in connection with two separate, concurrent offerings for our securities (the “June 2012 Public Offerings”). In accordance with the accounting guidance for valuing stock and warrants when stock is issued in conjunction with other securities, and the stock and other securities are to be accounted for as equity, the Company allocated the gross purchase proceeds using the relative fair value method. For accounting purposes, the June 2012 Public Offerings were considered to be one transaction. The fair value of the common stock issued in the June 2012 Public Offerings was calculated based on the closing price of the stock on the commitment date as quoted on The NASDAQ Global Market. In October 2015, warrants to purchase 65,189 shares of the Company’s common stock at an exercise price of $6.90 per share were issued in accordance with the Loan Agreement. Refer to Note 7 Long Term Debt, for further details regarding the Loan Agreement. In February 2016, warrants to purchase 68,285 shares of the Company’s common stock at an exercise price of $6.59 per share were issued in accordance with the Loan Agreement. The Company valued the warrants as of the date of issuance at $288,000 using the Black-Scholes option pricing model and the following assumptions: a contractual term of five years, a risk-free interest rate of 1.7%, volatility of 75%, and the fair value of the Company’s common stock of $7.00. Outstanding warrants as of March 31, 2016 were as follows: Number Exercise Expiration Issued 6/25/2012 5,576,048 $ 5.28 06/25/17 Issued 10/19/2015 65,189 $ 6.90 10/19/20 Issued 02/10/2016 68,285 $ 6.59 02/10/21 Committed Equity Offering On September 4, 2015, the Company entered into an Committed Equity Offering (an “CE Offering”) that is an at-the-market issuance sales agreement (the “Cantor Fitzgerald Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”), pursuant to which the Company may issue and sell shares of common stock having an aggregate offering price of up to $40.0 million, from time to time through Cantor Fitzgerald as its sales agent. The issuance and sale of these shares by the Company under the Cantor Fitzgerald Agreement, if any, are subject to the continued effectiveness of its registration statement on Form S-3, which was declared effective by the SEC on September 17, 2015 (File No. 333-206795). Sales of the Company’s common stock through Cantor Fitzgerald, if any, will be made on The NASDAQ Global Market by means of ordinary brokers’ transactions at market prices or as otherwise agreed to by the Company and Cantor Fitzgerald. Subject to the terms and conditions of the Cantor Fitzgerald Agreement, Cantor Fitzgerald will use commercially reasonable efforts to sell the Company’s common stock from time to time, based upon our instructions (including any price, time or size limits or other customary parameters or conditions we may impose). The Company is not obligated to make any sales of common stock under the Cantor Fitzgerald Agreement. The offering of shares of common stock pursuant to the Cantor Fitzgerald Agreement will terminate upon the earlier of (1) the sale of all common stock subject to the Cantor Fitzgerald Agreement or (2) termination of the Cantor Fitzgerald Agreement. The Cantor Fitzgerald Agreement may be terminated by Cantor Fitzgerald at any time upon ten days notice to the Company or may be terminated by the Company at any time upon five days notice to Cantor Fitzgerald, or by Cantor Fitzgerald at any time in certain circumstances, including the occurrence of a material adverse change in the Company’s business. The Company will pay Cantor Fitzgerald a commission rate equal to 3.0% of the gross proceeds of the sales price per share of any common stock sold through Cantor Fitzgerald under the Cantor Fitzgerald Agreement. The Company has also provided Cantor Fitzgerald with customary indemnification and contribution rights. As of March 31, 2016, 808,193 shares have been issued through Cantor Fitzgerald under the Cantor Fitzgerald Agreement for total net proceeds of approximately $8.7 million. Equity Incentive Plan Total employee stock-based compensation expenses were $1.6 million and $0.9 million for the three months ended March 31, 2016 and 2015, respectively. Stock Options Activity under the 2004 Equity Incentive Plan, for the three months ended March 31, 2016, was as follows: Shares Stock Options Weighted Balance at December 31, 2015 2,816,010 4,078,159 $ 10.94 Options granted (1,174,200 ) 1,174,200 6.82 Options exercised — — — Options forfeited/expired 140,968 (140,968 ) 34.52 Restricted stock units granted (47,000 ) — Balance at March 31, 2016 1,735,778 5,111,391 $ 9.35 Restricted Stock Units Restricted stock unit activity for the three months ended March 31, 2016 was as follows: Number of Weighted Restricted stock units outstanding at December 31, 2015 71,752 $ 8.49 Restricted stock units granted 47,000 6.67 Restricted stock units released (45,750 ) 8.69 Restricted stock units forfeited — — Unvested restricted stock units outstanding at March 31, 2016 73,002 $ 7.19 Restricted stock activities were limited to non-executive employees for the three months ended March 31, 2016. Restricted Stock Units that Contain Performance Conditions Performance stock unit activity was as follows: Number of Weighted Performance stock units outstanding at December 31, 2015 685,000 $ 7.00 Restricted stock units granted — — Restricted stock units vested — — Restricted stock units forfeited — — Unvested restricted stock units outstanding at March 31, 2016 685,000 $ 7.00 As of March 31, 2016, all these performance stock units remain unvested. |
Interest and Other Income (Expe
Interest and Other Income (Expense), Net | 3 Months Ended |
Mar. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Interest and Other Income (Expense), Net | Note 9 — Interest and Other Income (Expense), Net Interest and other income (expense) for the three months ended March 31, 2016 primarily consisted of interest expense on long term debt, amortization of the debt discount and debt issuance costs, and the accretion of the final payment fee related to long term debt. Interest and other income (expense) for the three months ended March 31, 2015 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, 2016 | |
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. During March 2016, the Company amended the lease agreement to include certain additional operating expenses, related to the replacement of two boilers. The Company recognizes rent expense on a straight-line basis over the lease period. Rent expense was $0.8 million and $0.8 million, respectively, for the three months ended March 31, 2016 and 2015. 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. In December 2014, the Company filed a lawsuit alleging fraudulent inducement, breach of contract and negligence on the part of a data management vendor for a clinical trial. The Company is seeking monetary damages. As this is a contingency that may result in a gain, no provision has been made in the financial statements. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 11 — Income Taxes During the three months ended March 31, 2016 and 2015, the Company did not record a provision for income taxes because it expected to generate a net operating loss for the year ending December 31, 2016 and 2015, respectively. 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 significant jurisdictions in which the Company files income tax returns are the United States 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 IRS’s Large Business and International Division concluded its audit of the 2009 tax year with no material adjustments. However, in general, the statute of limitations for tax liabilities for these years remains open for the purpose of adjusting the amounts of the losses and credits carried forward from those years. 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. |
Organization, Basis of Presen17
Organization, Basis of Presentation and Recently Issued Accounting Standards (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The consolidated financial statements include the accounts of Cytokinetics and its wholly owned subsidiary. 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, 2016, and the results of operations for the three months ended March 31, 2016 and the cash flows for the three months ended March 31, 2016. 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, 2015 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, 2015, as filed with the SEC on March 3, 2016. The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the FASB issued ASU 2016-09, Stock compensation (Topic 718). . In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). . In January 2016, the FASB issued ASU 2016-01, Financial instruments (Subtopic 825-10). In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, Net loss $ (12,455 ) $ (8,872 ) Weighted-average shares used in computing net loss per share — basic and diluted 39,592 38,675 Net loss per share — basic and diluted $ (0.31 ) $ (0.23 ) |
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, Options to purchase common stock 5,869 4,556 Warrants to purchase common stock 5,710 6,691 Restricted and Performance stock units 758 73 Shares issuable related to the ESPP 40 36 Total shares 12,377 11,356 |
Supplemental Cash Flow Data (Ta
Supplemental Cash Flow Data (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, Cash paid for interest $ 382 $ — Cash paid for income taxes 1 1 Significant non-cash investing and financing activities: Debt discount netted against proceeds from long term debt, recorded in equity 288 — Interest paid on the long-term debt, at inception 63 — Purchases of property and equipment through accounts payable 229 63 Purchases of property and equipment through accrued liabilities 11 8 |
Related Party Research and De20
Related Party Research and Development Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Amgen [Member] | |
Revenue from Related Party | Revenue from Amgen was as follows (in thousands): Three Months Ended March 31, March 31, Research and development revenues from related parties Reimbursement of internal costs $ 617 $ 667 Allocated consideration — 21 Total revenues from Amgen $ 617 $ 688 |
Related Party Accounts Receivable | Related party accounts receivable from Amgen were as follows (in thousands): March 31, December 31, Related party accounts receivable — Amgen $ — $ — |
Astellas [Member] | |
Revenue from Related Party | Research and development revenue from Astellas was as follows (in thousands): Three Months Ended March 31, Three Months Ended March 31, License Revenues from Related Parties $ 3,974 $ 1,624 Research and development revenues with related parties: Reimbursement of internal costs 2,239 909 Reimbursement of other costs 1,440 1,193 Total research and development revenue with related parties from Astellas 3,679 2,102 Total Revenue from Astellas $ 7,653 $ 3,726 |
Related Party Accounts Receivable | Related party accounts receivable from Astellas were as follows (in thousands): March 31, December 31, Related party accounts receivable — Astellas $ — $ — |
Cash Equivalents and Investme21
Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Cash Equivalents and Available for Sale Investments | The amortized cost and fair value of cash equivalents and available for sale investments at March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, 2016 Amortized Unrealized Unrealized Fair Maturity Cash equivalents — money market funds and U.S. Treasury securities $ 37,765 $ — $ — $ 37,765 Short-term investments — U.S. Treasury securities $ 61,137 $ 16 $ — $ 61,153 4/2016-3/2017 Long-term investments — Equity and U.S. Treasury securities $ 5,179 $ 3 $ (42 ) $ 5,140 4/2017-8/2017 December 31, 2015 Amortized Unrealized Unrealized Fair Maturity Cash equivalents — money market funds $ 63,136 $ — $ — $ 63,136 Short-term investments — U.S. Treasury securities $ 46,395 $ 1 $ (30 ) $ 46,366 2/2016-8/2016 Long-term investments — Equity securities $ — $ 179 $ — $ 179 |
Summary of Interest Income | Interest income was as follows (in thousands): Three Months Ended March 31, March 31, Interest income $ 62 $ 37 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | Financial assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 are classified in the table below in one of the three categories described above (in thousands): March 31, 2016 Fair Value Measurements Using Assets Level 1 Level 2 Level 3 Assets: Money market funds $ 35,265 $ — $ — $ 35,265 U.S. Treasury securities 68,656 — — 68,656 Equity securities 137 — — 137 Total $ 104,058 $ — $ — $ 104,058 Amounts included in: Cash and cash equivalents $ 37,765 $ — $ — $ 37,765 Short-term investments 61,153 — — 61,153 Long-term investments 5,140 — — 5,140 Total $ 104,058 $ — $ — $ 104,058 December 31, 2015 Fair Value Measurements Using Assets Level 1 Level 2 Level 3 Assets: Money market funds $ 63,136 $ — $ — $ 63,136 U.S. Treasury securities 46,366 — — 46,366 Equity securities 179 — — 179 Total $ 109,681 $ — $ — $ 109,681 Amounts included in: Cash and cash equivalents $ 63,136 $ — $ — $ 63,136 Short-term investments 46,366 — — 46,366 Long-term investments 179 — — 179 Total $ 109,681 $ — $ — $ 109,681 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Long Term Debt and Unamortized Debt Discount | Long-term debt and unamortized debt discount balances are as follows (in thousands): March 31, December 31 Notes payable, gross $ 30,000 $ 15,000 Less: Unamortized debt discount (620 ) (389 ) Accretion of final payment fee 86 28 Carrying value of notes payable $ 29,466 $ 14,639 |
Schedule of Future Minimum Payments under Loan | Future minimum payments under the Loan, as of March 31, 2016 are as follows (in thousands): Remainder of 2016 $ 1,721 2017 4,768 2018 11,743 2019 10,981 2020 8,938 Total minimum payments 38,151 Less: Interest and final payment (8,151 ) Notes payable, gross $ 30,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Outstanding Warrants | Outstanding warrants as of March 31, 2016 were as follows: Number Exercise Expiration Issued 6/25/2012 5,576,048 $ 5.28 06/25/17 Issued 10/19/2015 65,189 $ 6.90 10/19/20 Issued 02/10/2016 68,285 $ 6.59 02/10/21 |
Summary of Stock Option Activity | Activity under the 2004 Equity Incentive Plan, for the three months ended March 31, 2016, was as follows: Shares Stock Options Weighted Balance at December 31, 2015 2,816,010 4,078,159 $ 10.94 Options granted (1,174,200 ) 1,174,200 6.82 Options exercised — — — Options forfeited/expired 140,968 (140,968 ) 34.52 Restricted stock units granted (47,000 ) — Balance at March 31, 2016 1,735,778 5,111,391 $ 9.35 |
Restricted Stock Units [Member] | |
Summary of Stock Unit Activity | Restricted stock unit activity for the three months ended March 31, 2016 was as follows: Number of Weighted Restricted stock units outstanding at December 31, 2015 71,752 $ 8.49 Restricted stock units granted 47,000 6.67 Restricted stock units released (45,750 ) 8.69 Restricted stock units forfeited — — Unvested restricted stock units outstanding at March 31, 2016 73,002 $ 7.19 |
Performance Restricted Stock Units [Member] | |
Summary of Stock Unit Activity | Performance stock unit activity was as follows: Number of Weighted Performance stock units outstanding at December 31, 2015 685,000 $ 7.00 Restricted stock units granted — — Restricted stock units vested — — Restricted stock units forfeited — — Unvested restricted stock units outstanding at March 31, 2016 685,000 $ 7.00 |
Organization, Basis of Presen25
Organization, Basis of Presentation and Recently Issued Accounting Standards - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Accounting Policies [Abstract] | |||
Accumulated deficit incurred | $ (547,199) | $ (534,744) | |
Net loss | (12,455) | $ (8,872) | |
Net cash provided by (used in) operating activities | (17,507) | $ 34,359 | |
Cash, cash equivalents and investments | $ 108,600 | $ 111,600 | |
Cash requirements term | 12 months |
Net Loss Per Share - Calculatio
Net Loss Per Share - Calculation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (12,455) | $ (8,872) |
Weighted-average shares used in computing net loss per share - basic and diluted | 39,592 | 38,675 |
Net loss per share - basic and diluted | $ (0.31) | $ (0.23) |
Net Loss Per Share - Instrument
Net Loss Per Share - Instruments Excluded from the Computation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 12,377 | 11,356 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 5,869 | 4,556 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 5,710 | 6,691 |
Restricted and Performance Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 758 | 73 |
ESPP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 40 | 36 |
Supplemental Cash Flow Data - S
Supplemental Cash Flow Data - Supplemental Cash Flow Data (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 382 | $ 0 |
Cash paid for income taxes | 1 | 1 |
Significant non-cash investing and financing activities: | ||
Debt discount netted against proceeds from long term debt, recorded in equity | 288 | 0 |
Interest paid on the long-term debt, at inception | 63 | 0 |
Purchases of property and equipment through accounts payable | 229 | 63 |
Purchases of property and equipment through accrued liabilities | $ 11 | $ 8 |
Related Party Research and De29
Related Party Research and Development Arrangements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Jan. 31, 2015 | Dec. 31, 2014 | Jul. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||||||||
License revenues from related parties | $ 3,974,000 | $ 1,623,000 | |||||||
Research and development revenue from related parties | 4,296,000 | 2,791,000 | |||||||
Amgen [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
License revenues from related parties | $ 15,000,000 | $ 17,200,000 | |||||||
Common stock, shares issued in period | 1,404,100 | ||||||||
Per share price of common stock | $ 7.12 | ||||||||
Aggregate purchase price | $ 10,000,000 | ||||||||
Common stock fair value | $ 7,500,000 | ||||||||
Research and development revenues from related parties | $ 300,000 | ||||||||
Collaboration agreement extend term | 2,016 | ||||||||
Pre-commercialization milestone payments eligible to receive | $ 350,000,000 | ||||||||
Revenue recognized for milestones achieved | 0 | 0 | |||||||
Research and development revenue from related parties | 600,000 | 700,000 | |||||||
Amgen [Member] | License and Services [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deferred revenue | 2,500,000 | ||||||||
Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
License revenues from related parties | 3,974,000 | 1,624,000 | |||||||
Research and development revenue from related parties | 3,679,000 | 2,102,000 | |||||||
Upfront payment received | $ 16,000,000 | ||||||||
Potential amount receivable under collaboration agreement | $ 24,000,000 | ||||||||
Research and development collaboration agreement period | 2 years | ||||||||
License revenues | 0 | ||||||||
Reimbursement costs | 0 | 1,800,000 | |||||||
Astellas [Member] | License Revenue [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deferred revenue | 0 | ||||||||
Amended Agreement [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Common stock, shares issued in period | 2,040,816 | ||||||||
Per share price of common stock | $ 4.90 | $ 4.90 | |||||||
Aggregate purchase price | $ 10,000,000 | ||||||||
Common stock fair value | 9,100,000 | ||||||||
Deferred revenue | 16,300,000 | $ 20,400,000 | |||||||
Upfront payment received | $ 30,000,000 | ||||||||
Potential amount receivable under collaboration agreement | $ 20,000,000 | ||||||||
Research and development collaboration agreement period | 2 years | ||||||||
Reimbursement costs | 3,700,000 | 300,000 | |||||||
Amount received as milestone payment | $ 15,000,000 | ||||||||
Amended Agreement [Member] | Astellas [Member] | License and Services [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deferred revenue | $ 900,000 | $ 900,000 | |||||||
Amended Agreement [Member] | Astellas [Member] | License Revenue [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Deferred revenue | 16,300,000 | ||||||||
Minimum [Member] | Amended Agreement [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Potential amount receivable under collaboration agreement | 600,000,000 | ||||||||
Maximum [Member] | Amgen [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Commercialization milestone payments eligible to receive | 300,000,000 | ||||||||
Maximum [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Research milestone payments | 2,000,000 | ||||||||
Non- neuromuscular Indications [Member] | Maximum [Member] | Amended Agreement [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Potential amount receivable under collaboration agreement | 95,000,000 | ||||||||
Commercial Milestones [Member] | Maximum [Member] | Amended Agreement [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Potential amount receivable under collaboration agreement | 200,000,000 | ||||||||
SMA and Other Neuromuscular Indications [Member] | Minimum [Member] | Amended Agreement [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Potential amount receivable under collaboration agreement | $ 100,000,000 | ||||||||
Proportional Performance Model [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
License revenues | 4,000,000 | 400,000 | |||||||
Proportional Performance Model [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
License revenues | 1,200,000 | ||||||||
Early Development [Member] | Astellas [Member] | |||||||||
Related Party Transaction [Line Items] | |||||||||
Revenue recognized for milestones achieved | $ 0 | $ 0 |
Related Party Research and De30
Related Party Research and Development Arrangements - Revenue from Related Party (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Jun. 30, 2013 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | ||||
License revenues from related parties | $ 3,974 | $ 1,623 | ||
Research and development revenues from related parties: | ||||
Total Research and development revenues from related parties | 4,296 | 2,791 | ||
Total revenues | 8,421 | 4,414 | ||
Amgen [Member] | ||||
Related Party Transaction [Line Items] | ||||
License revenues from related parties | $ 15,000 | $ 17,200 | ||
Research and development revenues from related parties: | ||||
Reimbursement of internal costs | 617 | 667 | ||
Allocated consideration | 0 | 21 | ||
Total Research and development revenues from related parties | 600 | 700 | ||
Total revenues | 617 | 688 | ||
Astellas [Member] | ||||
Related Party Transaction [Line Items] | ||||
License revenues from related parties | 3,974 | 1,624 | ||
Research and development revenues from related parties: | ||||
Reimbursement of internal costs | 2,239 | 909 | ||
Reimbursement of other costs | 1,440 | 1,193 | ||
Total Research and development revenues from related parties | 3,679 | 2,102 | ||
Total revenues | $ 7,653 | $ 3,726 |
Related Party Research and De31
Related Party Research and Development Arrangements - Related Party Accounts Receivable (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Related party accounts receivable | $ 0 | $ 12 |
Amgen [Member] | ||
Related Party Transaction [Line Items] | ||
Related party accounts receivable | 0 | 0 |
Astellas [Member] | ||
Related Party Transaction [Line Items] | ||
Related party accounts receivable | $ 0 | $ 0 |
Cash Equivalents and Investme32
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Available for Sale Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Cash Equivalents [Member] | Money Market Funds and U. S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 37,765 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 37,765 | |
Cash Equivalents [Member] | Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 63,136 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 63,136 | |
Short-term Investments [Member] | U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 61,137 | 46,395 |
Unrealized Gains | 16 | 1 |
Unrealized Losses | 0 | (30) |
Fair Value | $ 61,153 | $ 46,366 |
Short-term Investments [Member] | Minimum [Member] | U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Apr. 30, 2016 | Feb. 29, 2016 |
Short-term Investments [Member] | Maximum [Member] | U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Mar. 31, 2017 | Aug. 31, 2016 |
Long-term Investments [Member] | Equity and U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 5,179 | |
Unrealized Gains | 3 | |
Unrealized Losses | (42) | |
Fair Value | $ 5,140 | |
Long-term Investments [Member] | Equity Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 0 | |
Unrealized Gains | 179 | |
Unrealized Losses | 0 | |
Fair Value | $ 179 | |
Long-term Investments [Member] | Minimum [Member] | Equity and U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Apr. 30, 2017 | |
Long-term Investments [Member] | Maximum [Member] | Equity and U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Aug. 31, 2017 |
Cash Equivalents and Investme33
Cash Equivalents and Investments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Cash and Cash Equivalents [Line Items] | |
Investments in continuous unrealized loss position for 12 months or longer | $ 0 |
U.S. Treasury Securities [Member] | |
Cash and Cash Equivalents [Line Items] | |
U.S. Treasury securities maturity start date | Apr. 1, 2016 |
U.S. Treasury securities maturity end date | Apr. 28, 2016 |
Cash Equivalents and Investme34
Cash Equivalents and Investments - Summary of Interest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash, Cash Equivalents, and Short-term Investments [Abstract] | ||
Interest income | $ 62 | $ 37 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 104,058 | $ 109,681 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 35,265 | 63,136 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 68,656 | 46,366 |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 137 | 179 |
Long-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 5,140 | 179 |
Fair Value Measurements Using Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 104,058 | 109,681 |
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 | 35,265 | 63,136 |
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 | 68,656 | 46,366 |
Fair Value Measurements Using Level 1 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 137 | 179 |
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 | 5,140 | 179 |
Fair Value Measurements Using Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
Fair Value Measurements Using Level 2 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
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 | 0 | 0 |
Fair Value Measurements Using Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
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 | 0 | 0 |
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 | 0 | 0 |
Fair Value Measurements Using Level 3 [Member] | Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | 0 |
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 | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 37,765 | 63,136 |
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 | 37,765 | 63,136 |
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 | 0 | 0 |
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 | 0 | 0 |
Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 61,153 | 46,366 |
Short-term Investments [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 | 61,153 | 46,366 |
Short-term Investments [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 | 0 | 0 |
Short-term Investments [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 | $ 0 | $ 0 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, fair value | $ 29,500,000 | $ 14,600,000 |
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 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt and Unamortized Debt Discount (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Disclosure [Abstract] | ||
Notes payable, gross | $ 30,000 | $ 15,000 |
Less: Unamortized debt discount | (620) | (389) |
Accretion of final payment fee | 86 | 28 |
Carrying value of notes payable | $ 29,466 | $ 14,639 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | Apr. 28, 2016USD ($)shares | Feb. 29, 2016USD ($)$ / sharesshares | Oct. 31, 2015USD ($)Installments$ / sharesshares | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($) |
Debt Instrument [Line Items] | |||||
Warrants outstanding to purchase upon exercise of common stock | shares | 5,700,000 | ||||
Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Warrants outstanding to purchase upon exercise of common stock | shares | 68,285 | 65,189 | |||
Warrants exercise price | $ / shares | $ 6.59 | $ 6.90 | |||
Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan maximum borrowing capacity | $ 40,000,000 | ||||
Warrants outstanding to purchase upon exercise of common stock | shares | 65,189 | ||||
Warrants exercise price | $ / shares | $ 6.90 | ||||
Proceeds from term loan | $ 15,000,000 | ||||
Remaining term loan borrowing | $ 25,000,000 | ||||
Debt instrument, installment begin date | 2017-10 | ||||
Interest rate description | The remaining term loans, if drawn, will bear interest at a rate fixed at the time of draw, equal to the greater of (i) 7.50% and (ii) the sum of the three month U.S. LIBOR rate plus 7.31%. | ||||
Loan repayment terms | The Company is required to repay the outstanding principal in 36 equal installments beginning October 2017 and is due in full in in October 2020. | ||||
Number of installments description | 36 equal installments beginning October 2017 and is due in full in in October 2020. | ||||
Debt instrument, installment end date | 2020-10 | ||||
Number of installments | Installments | 36 | ||||
Warrant exercisable term | 5 years | ||||
Warrant expiration condition | The warrants issued in the Loan Agreement became exercisable upon issuance and will remain exercisable for five years from issuance or the closing of a merger consolidation transaction in which the Company is not the surviving entity. | ||||
Final payment fee percentage | 4.00% | ||||
Interest expense | $ 600,000 | $ 0 | |||
Effective interest rate on the amounts borrowed under the Agreement | 9.30% | ||||
Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | Subsequent Events [Member] | |||||
Debt Instrument [Line Items] | |||||
Warrants outstanding to purchase upon exercise of common stock | shares | 133,474 | ||||
Proceeds from term loan | $ 29,800,000 | ||||
Second Term Loan [Member] | Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Warrants outstanding to purchase upon exercise of common stock | shares | 68,285 | ||||
Warrants exercise price | $ / shares | $ 6.59 | ||||
Proceeds from term loan | $ 15,000,000 | ||||
Term loan interest rate | 7.50% | ||||
Within One Year [Member] | Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of prepayment fee | 3.00% | ||||
Within Two Year [Member] | Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of prepayment fee | 2.00% | ||||
Thereafter [Member] | Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of prepayment fee | 1.00% | ||||
Term Loan Expired on March 2017 [Member] | Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Remaining term loan borrowing | $ 10,000,000 | ||||
Term loan interest rate | 7.50% | ||||
Term Loan Expired on March 2017 [Member] | Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | Three Month U.S. LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan interest, LIBOR rate | 7.31% | ||||
Term Loan [Member] | Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||
Debt Instrument [Line Items] | |||||
Term loan interest rate | 7.50% |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Minimum Payments under Loan (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Notes payable, gross | $ 30,000 | $ 15,000 |
Loan and Security Agreement [Member] | Oxford and Silicon Valley Bank [Member] | ||
Debt Instrument [Line Items] | ||
Remainder of 2016 | 1,721 | |
2,017 | 4,768 | |
2,018 | 11,743 | |
2,019 | 10,981 | |
2,020 | 8,938 | |
Total minimum payments | 38,151 | |
Less: Interest and final payment | (8,151) | |
Notes payable, gross | $ 30,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Sep. 04, 2015 | Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Oct. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants purchase upon exercise of common stock | 5,700,000 | 5,700,000 | ||||
Employee stock-based compensation expenses | $ 1,600,000 | $ 900,000 | ||||
Loan and Security Agreement [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Warrants purchase upon exercise of common stock | 68,285 | 65,189 | ||||
Warrants purchase upon exercise of common stock, exercise price | $ 6.59 | $ 6.90 | ||||
Fair value of common stock | $ 7 | |||||
Loan and Security Agreement [Member] | Warrants to Purchase Common Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Fair value of warrants | $ 288,000 | |||||
Contractual term | 5 years | |||||
Risk-free interest rate | 1.70% | |||||
Volatility of warrants | 75.00% | |||||
Cantor Fitzgerald Agreement [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Commission rate | 3.00% | |||||
Shares issued | 808,193 | |||||
Net proceeds of issuance of common stock | $ 8,700,000 | |||||
At-The-Market Issuance Sales Agreement [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Maximum aggregated offer value of saleable and issuable shares | $ 40,000,000 |
Stockholders' Equity - Outstand
Stockholders' Equity - Outstanding Warrants (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Class of Stock [Line Items] | |
Number of Shares | 5,700,000 |
Issued 6/25/2012 [Member] | |
Class of Stock [Line Items] | |
Number of Shares | 5,576,048 |
Exercise Price | $ / shares | $ 5.28 |
Expiration Date | Jun. 25, 2017 |
Issued 10/19/2015 [Member] | |
Class of Stock [Line Items] | |
Number of Shares | 65,189 |
Exercise Price | $ / shares | $ 6.90 |
Expiration Date | Oct. 19, 2020 |
Issued 02/10/2016 [Member] | |
Class of Stock [Line Items] | |
Number of Shares | 68,285 |
Exercise Price | $ / shares | $ 6.59 |
Expiration Date | Feb. 10, 2021 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Equity Incentive Plan (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Available for Grant of Options or Awards, Beginning Balance | 2,816,010 |
Shares Available for Grant of Options or Awards, Options granted | (1,174,200) |
Shares Available for Grant of Options or Awards, Options exercised | 0 |
Shares Available for Grant of Options or Awards, Options forfeited/expired | 140,968 |
Shares Available for Grant of Options or Awards, Ending Balance | 1,735,778 |
Stock Options Outstanding, Beginning Balance | 4,078,159 |
Stock Options Outstanding, Options granted | 1,174,200 |
Stock Options Outstanding, Options forfeited/expired | (140,968) |
Stock Options Outstanding, Ending Balance | 5,111,391 |
Weighted Average Exercise Price per Share of Stock Options, Beginning Balance | $ / shares | $ 10.94 |
Weighted Average Exercise Price per Share of Stock Options, Options granted | $ / shares | 6.82 |
Weighted Average Exercise Price per Share of Stock Options, Options exercised | $ / shares | 0 |
Weighted Average Exercise Price per Share of Stock Options, Options forfeited/expired | $ / shares | 34.52 |
Weighted Average Exercise Price per Share of Stock Options, Restricted stock units granted | $ / shares | 0 |
Weighted Average Exercise Price per Share of Stock Options, Ending Balance | $ / shares | $ 9.35 |
Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Options Outstanding, Options exercised | 0 |
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 | 0 |
Shares Available for Grant of Options or Awards, Restricted stock units granted | (47,000) |
Stockholders' Equity - Summar43
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units outstanding, Number of Shares, Beginning Balance | shares | 71,752 |
Restricted stock units granted, Number of Shares | shares | 47,000 |
Restricted stock units released, Number of Shares | shares | (45,750) |
Restricted stock units forfeited, Number of Shares | shares | 0 |
Unvested restricted stock units outstanding, Number of Shares, Ending Balance | shares | 73,002 |
Restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Beginning Balance | $ / shares | $ 8.49 |
Restricted stock units granted, Weighted Average Award Date Fair Value per Share | $ / shares | 6.67 |
Restricted stock units released, Weighted Average Award Date Fair Value per Share | $ / shares | 8.69 |
Restricted stock units forfeited, Weighted Average Award Date Fair Value per Share | $ / shares | 0 |
Unvested restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Ending Balance | $ / shares | $ 7.19 |
Stockholders' Equity - Summar44
Stockholders' Equity - Summary of Performance Stock Unit Activity (Detail) - Performance Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units outstanding, Number of Shares, Beginning Balance | shares | 685,000 |
Restricted stock units granted, Number of Shares | shares | 0 |
Restricted stock units vested, Number of Shares | shares | 0 |
Restricted stock units forfeited, Number of Shares | shares | 0 |
Unvested restricted stock units outstanding, Number of Shares, Ending Balance | shares | 685,000 |
Restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Beginning Balance | $ / shares | $ 7 |
Performance stock units granted, Weighted Average Award Date Fair Value per Share | $ / shares | 0 |
Restricted stock units vested, Weighted Average Award Date Fair Value per Share | $ / shares | 0 |
Restricted stock units forfeited, Weighted Average Award Date Fair Value per Share | $ / shares | 0 |
Unvested restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Ending Balance | $ / shares | $ 7 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Non-cancelable operating lease expiration year | 2,018 | |
Non-cancelable operating lease additional extension period | 3 years | |
Rent expense | $ 800,000 | $ 800,000 |
Lawsuit, provision | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0 |
Percentage of income tax likely to be realized | 50.00% |