Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 27, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
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 | 53,666,761 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 100,711 | $ 66,874 |
Short-term investments | 211,340 | 89,375 |
Accounts receivable | 24 | |
Prepaid and other current assets | 4,945 | 2,360 |
Total current assets | 316,996 | 158,633 |
Long-term investments | 20,087 | 7,672 |
Property and equipment, net | 3,268 | 3,637 |
Other assets | 279 | 200 |
Total assets | 340,630 | 170,142 |
Current liabilities: | ||
Accounts payable | 1,783 | 4,236 |
Accrued liabilities | 13,545 | 18,047 |
Deferred revenue, current | 7,942 | 8,060 |
Current portion of long-term debt | 7,315 | 2,500 |
Other current liabilities | 474 | 415 |
Total current liabilities | 31,059 | 33,258 |
Long-term debt, net | 22,844 | 27,381 |
Liability related to the sale of future royalties, net | 96,657 | 0 |
Deferred revenue, non-current | 15,067 | 15,000 |
Other long-term liabilities | 2 | 142 |
Total liabilities | 165,629 | 75,781 |
Commitments and contingencies (Note 12) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value: Authorized: 10,000,000 shares; Issued and outstanding: Series A Convertible Preferred Stock — zero shares at June 30, 2017 and December 31, 2016 | 0 | 0 |
Common stock, $0.001 par value: Authorized: 163,000,000 shares; Issued and outstanding: 53,457,091 shares at June 30, 2017 and 40,646,595 shares at December 31, 2016 | 53 | 41 |
Additional paid-in capital | 748,273 | 612,474 |
Accumulated other comprehensive income (loss) | (86) | 137 |
Accumulated deficit | (573,239) | (518,291) |
Total stockholders’ equity | 175,001 | 94,361 |
Total liabilities and stockholders’ equity | $ 340,630 | $ 170,142 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 163,000,000 | 163,000,000 |
Common stock, shares issued | 53,457,091 | 40,646,595 |
Common stock, shares outstanding | 53,457,091 | 40,646,595 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Revenues: | ||||
Research and development, grant and other revenues, net | $ (1,889) | $ 3,852 | $ 818 | $ 8,299 |
License revenues | 4,942 | 1,950 | 6,388 | 5,923 |
Total revenues | 3,053 | 5,802 | 7,206 | 14,222 |
Operating expenses: | ||||
Research and development | 19,809 | 9,723 | 39,098 | 23,256 |
General and administrative | 8,438 | 7,090 | 16,553 | 13,931 |
Total operating expenses | 28,247 | 16,813 | 55,651 | 37,187 |
Operating loss | (25,194) | (11,011) | (48,445) | (22,965) |
Interest expense | (782) | (707) | (1,540) | (1,271) |
Non-cash interest expense on liability related to sale of future royalties | (3,717) | (6,012) | ||
Interest and other income, net | 612 | 107 | 1,049 | 170 |
Net loss | $ (29,081) | $ (11,611) | $ (54,948) | $ (24,066) |
Net loss per share - basic and diluted | $ (0.60) | $ (0.29) | $ (1.22) | $ (0.61) |
Weighted-average number of shares used in computing net loss per share — basic and diluted | 48,218 | 39,666 | 44,910 | 39,629 |
Other comprehensive (loss) income: | ||||
Unrealized (loss) gain on available-for-sale securities, net | $ (78) | $ 73 | $ (223) | $ 80 |
Comprehensive loss | $ (29,159) | $ (11,538) | $ (55,171) | $ (23,986) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (54,948) | $ (24,066) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization of property and equipment | 860 | 340 |
Gain on disposal of equipment | (82) | (2) |
Stock-based compensation | 4,141 | 3,400 |
Non-cash interest expense related to long-term debt | 278 | 257 |
Non-cash interest expense on liability related to sale of future royalties | 6,036 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 24 | (14) |
Prepaid and other assets | (2,663) | (4,600) |
Accounts payable | (1,888) | 841 |
Accrued and other liabilities | (3,912) | 1,143 |
Deferred revenue | (51) | (6,024) |
Net cash used in operating activities | (52,205) | (28,725) |
Cash flows from investing activities: | ||
Purchases of investments | (201,531) | (70,709) |
Proceeds from sales and maturities of investments | 66,928 | 47,036 |
Proceeds from sale of property and equipment | 0 | 32 |
Purchases of property and equipment | (1,646) | (436) |
Net cash used in investing activities | (136,249) | (24,077) |
Cash flows from financing activities: | ||
Proceeds from public offerings of common stock, net of issuance costs | 112,232 | 0 |
Proceeds from sale of future royalties, net of issuance costs | 90,621 | 0 |
Proceeds from issuance of common stock related to sale of future royalties, net of issuance costs | 7,560 | 0 |
Proceeds from long term debt, net of debt discount and issuance costs | 0 | 14,996 |
Proceeds from stock based award activities and warrants, net | 11,878 | 454 |
Net cash provided by financing activities | 222,291 | 15,450 |
Net increase (decrease) in cash and cash equivalents | 33,837 | (37,352) |
Cash and cash equivalents, beginning of period | 66,874 | 65,076 |
Cash and cash equivalents, end of period | $ 100,711 | $ 27,724 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Significant Accounting Policies | Note 1 — Organization and Significant Accounting Policies 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 $573.2 million since inception and there can be no assurance that the Company will attain profitability. The Company had a net loss of $54.9 million and net cash used in operations of $52.2 million for the six months ended June 30, 2017. Cash, cash equivalents and investments increased to $332.1 million at June 30, 2017 from $163.9 million at December 31, 2016. The Company anticipates that it will have operating losses and net cash outflows in future periods. The Company is subject to risks common to late 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, contract payments under its collaboration agreements, sale of future royalties, debt financing arrangements, sales of its convertible preferred stock, 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 will be sufficient to fund its cash requirements for at least the next 12 months, from the filing date of this Quarterly Report on Form 10-Q. 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. Use of Estimates 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. Basis of Presentation The condensed 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 June 30, 2017, and the results of operations for the three and six months ended June 30, 2017 and the cash flows for the six months ended June 30, 2017. 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, 2016 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, 2016, as filed with the SEC on March 6, 2017. 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. Stock-Based Compensation The Company accounts for stock-based payment awards made to employees and directors, including employee stock options and employee stock purchases by measuring the stock-based compensation cost at the grant date based on the calculated fair value of the award, and recognizing expense on a straight-line basis over the employee’s requisite service period, generally the vesting period of the award. Stock compensation for non-employees is measured at the fair value of the award for each period until the award is fully vested. Compensation cost for restricted stock awards that contain performance conditions is based on the grant date fair value of the award and compensation expense is recorded over the implicit or explicit requisite service period based on management’s best estimate as to whether it is probable that the shares awarded are expected to vest. The Company reviews the valuation assumptions at each grant date and, as a result, from time to time it will likely change the valuation assumptions it uses to value stock based awards granted in future periods. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates at the time, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if conditions change and the management uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. In addition, the Company will continue to maintain the current forfeiture policy to estimate the expected forfeiture rate and recognize expense only for those shares expected to vest. If the actual forfeiture rate is materially different from management’s estimate, stock-based compensation expense could be significantly different from what has been recorded in the current period. Non-Cash Interest Expense on Liabilities Related to Sale of Future Royalties The Company accounted for Liabilities related to sale of future royalties as a debt financing for accounting purposes, to be amortized under the effective interest rate method over the life of the related royalty stream when the Company has a significant continuing involvement in the generation of royalty streams. Liabilities related to sale of future royalties and the debt amortization are based on the Company’s current estimates of future royalties expected to be paid over the life of the arrangement. The Company will periodically assess the expected royalty payments using a combination of internal projections and forecasts from external sources. To the extent the Company’s future estimates of future royalty payments are greater or less than its previous estimates or the estimated timing of such payments is materially different than its previous estimates, the Company will adjust the liabilities related to sale of future royalties and prospectively recognize related non-cash interest expense. Prior Year’s Presentations Certain amounts in the prior year’s presentations have been reclassified to conform to the current presentation. These reclassifications had no effect on previously reported net income. Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ ASU”) 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. Under this new guidance, modification accounting is required if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. ASU 2017-09 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. The Company does not expect the adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2016, the FASB issued ASU 2016-15, ‘Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments’. In June 2016, the FASB issued ASU 2016-13, ‘Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments. In March 2016, the FASB issued ASU No. 2016-09 — Improvements to Employee Share-Based Payment Accounting 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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Net loss $ (29,081 ) $ (11,611 ) $ (54,948 ) $ (24,066 ) Weighted-average shares used in computing net loss per share — basic and diluted 48,218 39,666 44,910 39,629 Net loss per share — basic and diluted $ (0.60 ) $ (0.29 ) $ (1.22 ) $ (0.61 ) 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, 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 income (loss) per share because their effect would have been antidilutive (in thousands): Three and Six Months Ended June 30, 2017 June 30, 2016 Options to purchase common stock 6,170 5,996 Warrants to purchase common stock 310 5,710 Restricted and Performance stock units 461 757 Shares issuable related to the ESPP 18 24 Total shares 6,959 12,487 |
Supplemental Cash Flow Data
Supplemental Cash Flow Data | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Data | Note 3 — Supplemental Cash Flow Data Supplemental cash flow data was as follows (in thousands): Six Months Ended June 30, 2017 June 30, 2016 Cash paid for interest $ 1,270 $ 951 Cash paid for 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 484 234 Purchases of property and equipment through accrued liabilities 670 (76 ) |
Research and Development Arrang
Research and Development Arrangements | 6 Months Ended |
Jun. 30, 2017 | |
Research And Development [Abstract] | |
Research and Development Arrangements | Note 4 — Research and Development Arrangements Amgen Inc. (“Amgen”) The Company and Amgen continue activities 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 under the collaboration and option agreement between the Company and Amgen, as amended (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 the development program for omecamtiv mecarbil, and other costs related to the research and development program. In December 2016, the Company provided notice of its exercise of its option under the Amgen Agreement to co-invest in the Phase 3 development program of omecamtiv mecarbil at the level of $10.0 million in exchange for an incremental royalty from Amgen of up to 1% on increasing worldwide sales of omecamtiv mecarbil outside Japan. In February 2017, the Company provided notice to Amgen of its further exercise of its co-invest option in the additional amount of $30.0 million (i.e. to fully co-invest $40.0 million) in the Phase 3 development program of omecamtiv mecarbil in exchange for a total incremental royalty from Amgen of up to 4% on increasing worldwide sales of omecamtiv mecarbil outside Japan. The Company made co-investment payments of $6.3 million and $7.5 million during the three and six months ended June 30, 2017, respectively. Because these payments are contingent on Amgen continuing the Phase 3 development program of omecamtiv mecarbil and the benefit to be received in exchange for the payments is not sufficiently separable from the Amgen Agreement the Company reduced research and development revenues by the amount of these payments. Revenue from Amgen was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Research and development revenues Reimbursement of internal costs $ 388 $ 616 $ 1,279 $ 1,233 Co-investment option payment (6,250 ) — (7,500 ) — Total revenues from Amgen $ (5,862 ) $ 616 $ (6,221 ) $ 1,233 There were no accounts receivables due from Amgen as of June 30, 2017 and December 31, 2016. Under the Amgen Agreement, the Company is eligible to receive over $300.0 million in additional development milestone payments which are based on various clinical milestones, including the initiation of certain clinical studies, the submission of an application for marketing authorization for a drug candidate to certain regulatory authorities 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 could be achieved or become due. The achievement of each of these milestones is dependent solely upon the results of Amgen’s development and commercialization activities. In 2013, in conjunction with the Amgen Agreement, the Company sold 1,404,100 shares of its common stock to Amgen, subject to certain trading restrictions. In prior periods, the Company considered Amgen to be a related party, due in part to Amgen’s equity ownership percentage, and reported revenue under the Amgen Agreement to be revenues from a related party. Effective April 1, 2017, in part due to a decrease in Amgen’s equity ownership percentage, the Company no longer considers Amgen to be a related party. Astellas Pharma Inc. (“Astellas”) The Company and Astellas continue activities focused on the research, development, and commercialization of skeletal muscle activators, including CK-2127107, as novel drug candidates for diseases and medical conditions associated with muscle weakness under the Amended and Restated License and Collaboration Agreement dated December 22, 2014, as amended (the “Astellas Agreement”). The Astellas Agreement was further amended effective April 1, 2017 to adjust the payment mechanism under the Astellas Agreement because Astellas will also be incurring a portion of the development costs for ALS. This amendment had no effect on the accounting for the Astellas Agreement. The Company has 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. In connection with the Astellas Agreement, in 2015, Astellas paid the Company a $30 million non-refundable upfront license fee and a $15.0 million milestone payment relating to Astellas’ decision to advance CK-2127107 into Phase 2 clinical development. The Company determined that the license and the research and development services relating to the 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 Astellas Agreement using the proportional performance model. In 2016, in connection with an amendment to the Astellas Agreement (the “2016 Astellas Amendment”). Astellas paid the Company a $35.0 million non-refundable upfront amendment fee and an accelerated $15.0 million milestone payment for the initiation of the first Phase 2 clinical trial of CK-2127107 in ALS that was otherwise provided for in the Astellas Agreement, as if such milestone had been achieved upon the execution of the 2016 Astellas Amendment, and committed research and development consideration of $44.2 million (total consideration of $94.2 million), which the Company allocated between units of accounting for license fees and research and development services. The Company allocated $24.9 million of research and development consideration to the license and $19.3 million of the research and development consideration to research and development services, to be recognized as revenue as research and development services are performed. Astellas’ Option on Tirasemtiv In 2016, in connection with the 2016 Astellas Amendment, Astellas paid the Company a $15.0 million non-refundable option fee for an option for a global collaboration for the development and commercialization of tirasemtiv (the “Option on Tirasemtiv”). Unless exercised, the Option on Tirasemtiv expires following the receipt of the approval letter for tirasemtiv from the FDA. Prior to Astellas’ exercise of the Option on Tirasemtiv, the Company will continue the development of tirasemtiv, including VITALITY-ALS, at its own expense to support regulatory approval in the U.S., EU and certain other jurisdictions and will retain the final decision making authority on the development of tirasemtiv. Therefore, the Company concluded that there was no obligation related to any development services during the option period. If Astellas exercises the Option on Tirasemtiv: • the Company will grant Astellas an exclusive license to develop and commercialize tirasemtiv outside the Company’s own commercialization territory of North America, Europe and other select countries under a license and collaboration agreement for tirasemtiv (the “License on Tirasemtiv”). Each party would be primarily responsible for the further development of tirasemtiv in its territory and have the exclusive right to commercialize tirasemtiv in its territory. • the Company will receive an option exercise payment ranging from $25.0 million (if exercise occurs following receipt of data from VITALITY-ALS) to $80.0 million (if exercise occurs following receipt of FDA approval) and a milestone payment of $30.0 million from Astellas associated with the Company’s initiation of the open-label extension trial for tirasemtiv (VIGOR-ALS). If Astellas exercises the option after the defined review period following receipt of data from VITALITY-ALS, Astellas will at the time of option exercise reimburse the Company for a share of any additional costs incurred after such review period. • the parties will share the future development costs of tirasemtiv in North America, Europe and certain other countries (with Cytokinetics bearing 75% of such shared costs and Astellas bearing 25% of such costs), and Astellas will be solely responsible for the development costs of tirasemtiv specific to its commercialization territory. Contingent upon the successful development of tirasemtiv, the Company may receive from Astellas milestone payments up to $100.0 million for the initial indication and up to $50.0 million for each subsequent indication. If tirasemtiv is commercialized, Astellas will pay the Company royalties (at rates ranging from the mid-teens to twenty percent) on sales of tirasemtiv in Astellas’ territory, and the Company will pay Astellas royalties (at rates up to the mid-teens) on sales of tirasemtiv in the Company’s territory, in each case subject to various possible adjustments. The Company concluded that the Option on Tirasemtiv is a substantive option, and is therefore not considered a deliverable at the execution of the 2016 Astellas Amendment. The Company determined that the License on Tirasemtiv is contingent upon the exercise of the Option on Tirasemtiv, and is therefore not effective during the periods presented, since the option has not been exercised as of the latest balance sheet date. In addition, the Company did evaluate the consideration set to be received for the License on Tirasemtiv in relation to the fair value of the License on Tirasemtiv, and determined that it was not being provided at a significant incremental discount. The Company further determined that the option fee of $15.0 million was deemed to be a prepayment towards the License on Tirasemtiv, and therefore deferred revenue recognition of the option fee either until the Option on Tirasemtiv is exercised or expires unexercised. Unless exercised, the Option on Tirasemtiv expires following the receipt of the approval letter for tirasemtiv from the FDA. If the Option on Tirasemtiv expires unexercised, the $15.0 million received would be added to the 2016 Astellas Amendment consideration, to be allocated to the units of accounting. Revenue and deferred revenue from Astellas Research and development revenue from Astellas was as follows (in thousands): Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 License revenues $ 4,942 $ 1,950 $ 6,388 $ 5,923 Research and development revenues 3,973 2,898 6,698 6,578 Total Revenue from Astellas $ 8,915 $ 4,848 $ 13,086 $ 12,501 Deferred Revenue reflecting the unrecognized portion of the license revenue, option fee and payment of expenses from the Astellas Agreement was as follows (in thousands): June 30, 2017 December 31, 2016 Deferred revenue, current $ 7,942 $ 8,060 Deferred revenue, non-current $ 15,067 $ 15,000 There were no accounts receivable due from Astellas at June 30, 2017 and December 31, 2016. Under the 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 of an application for marketing authorization for a drug candidate to certain regulatory authorities 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 spinal muscular atrophy (“SMA”), amyotrophic lateral sclerosis (“ALS”) and other neuromuscular indications. Additionally, $200.0 million in commercial milestones could be received under the Astellas Agreement provided certain sales targets are met. 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 potential milestone payments were not deemed to be substantive. 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 Company believes that each of the milestones related to research under the 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. 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 be achieved or become due. In conjunction with the Astellas Agreement in December 2014, the Company also sold 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, subject to certain trading restrictions. In prior periods, the Company considered Astellas to be a related party, due in part to Astellas’ equity ownership percentage, and reported revenue under the Astellas Agreement to be revenues from a related party. Effective April 1, 2017, in part due to a decrease in Astellas’ equity ownership percentage, the Company no longer considers Astellas to be a related party. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 were as follows (in thousands): June 30, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Maturity Dates Cash equivalents — U.S. Treasury and money market funds $ 93,824 $ 1 $ — $ 93,825 Short-term investments — U.S. Treasury securities and Agency bonds $ 211,564 $ 1 $ (225 ) $ 211,340 7/2017 - 6/2018 Long-term investments — Equity, U.S. Treasury securities and Agency bonds $ 19,950 $ 180 $ (43 ) $ 20,087 7/2018 - 8/2018 December 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Maturity Dates Cash equivalents — U. S. Treasury securities and money market funds $ 55,658 $ — $ — $ 55,658 Short-term investments — U.S. Treasury securities $ 89,396 $ 2 $ (23 ) $ 89,375 1/2017 – 12/2017 Long-term investments — Equity and U.S. Treasury securities $ 7,513 $ 176 $ (17 ) $ 7,672 2/2018 – 3/2018 At June 30, 2017 there were no investments that had been in a continuous unrealized loss position for 12 months or longer. Interest income was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Interest income $ 694 $ 105 $ 1,183 $ 168 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
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. Fair value of financial assets: Financial assets measured at fair value on a recurring basis as of June 30, 2017 and December 31, 2016 are classified in the table below in one of the three categories described above (in thousands): June 30, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 43,829 $ — $ — $ 43,829 U.S. Treasury securities 179,411 — — 179,411 Agency bonds — 101,834 — 101,834 Equity securities 178 — — 178 Total $ 223,418 $ 101,834 $ — $ 325,252 Amounts included in: Cash and cash equivalents $ 93,825 $ - $ — $ 93,825 Short-term investments 114,481 96,859 — 211,340 Long-term investments 15,112 4,975 — 20,087 Total $ 223,418 $ 101,834 $ — $ 325,252 December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 52,657 $ — $ — $ 52,657 U.S. Treasury securities 99,872 — — 99,872 Equity securities 176 — — 176 Total $ 152,705 $ — $ — $ 152,705 Amounts included in: Cash and cash equivalents $ 55,658 $ — $ — $ 55,658 Short-term investments 89,375 — — 89,375 Long-term investments 7,672 — — 7,672 Total $ 152,705 $ — $ — $ 152,705 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. When quoted market prices are not available for the specific security, then the Company estimates fair value by using benchmark yields, reported trades, broker/dealer quotes, and issuer spreads; these securities are classified as Level 2. As of June 30, 2017 and December 31, 2016, the Company had no financial assets measured at fair value on a recurring basis using significant 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. Fair value of financial liabilities: As of June 30, 2017 and December 31, 2016, the fair value of the long-term debt, payable in installments through year ended 2020, approximated its carrying value of $30.0 million and $29.9 million, respectively, because it is carried at a market observable interest rate, which are considered Level 2. As of June 30, 2017, the fair value of liabilities related to the sale of future royalties is based on the Company’s current estimates of future royalties expected to be paid to RPI over the life of the arrangement, which are considered Level 3 (See Note 9 – “Liability Related to Sale of Future Royalties”). |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | Note 7 — Balance Sheet Components Accrued liabilities were as follows (in thousands): June 30, 2017 December 31, 2016 Accrued liabilities: Clinical and preclinical costs $ 6,782 $ 10,092 Bonus 2,311 3,800 Other payroll related 2,145 1,888 Consulting and professional fees 1,605 698 Other accrued expenses 702 897 Leasehold improvements — 672 Total accrued liabilities $ 13,545 $ 18,047 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 8 — Long-Term Debt Long-term debt and unamortized debt discount balances are as follows (in thousands): June 30, 2017 December 31 2016 Notes payable, gross $ 30,000 $ 30,000 Less: Unamortized debt discount (372 ) (472 ) Accretion of final payment fee 531 353 Carrying value of notes payable $ 30,159 $ 29,881 Less: Current portion of long-term debt (7,315 ) (2,500 ) Long-term debt $ 22,844 $ 27,381 The Company entered into a loan and security agreement (the “Loan Agreement”) with Oxford Finance LLC (“Oxford”) and Silicon Valley Bank (“SVB”) (Oxford and SVB, collectively the “Lenders”) to fund its working capital and other general corporate needs. The Loan Agreement provides for term loans of up to $40.0 million in aggregate and warrants that are 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. Under the Loan Agreement, the Company drew down $15.0 million in October 2016 and an additional $15.0 million in February 2016 and issued warrants to purchase 65,189 shares of the Company’s common stock at an exercise price of $6.90 and warrants to purchase 68,285 shares of the Company’s common stock at an exercise price of $6.59 per share. These draw downs bear interest at a rate of 7.5% per annum. The Company is required to repay the outstanding principal in 36 equal installments beginning October 2017 through October 2020 and to make a final payment fee of 4.0% 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 3.0% and 2.0% for prepayment within one and two years, respectively, of the loan origination and 1.0% thereafter. The Company allocated a portion of the gross proceeds from each draw down under the Loan Agreement to the underlying warrants, using the relative fair value method. This resulted in the allocation of $0.6 million of the draw down proceeds to the warrants, which was accounted for as debt discount. Debt discount is being amortized over the term of the debt, and recorded in interest expense in the statement of operations. The fair value of the warrants was determined using the Black-Scholes pricing model and are classified as equity. 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 Loan 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 Loan Agreement are secured by substantially all of the Company’s current and future assets, other than its intellectual property. The Company recorded interest on principal, amortization of the debt discount and debt issuance costs, and the accretion of the final payments as interest expense of $0.8 million and $0.7 million for the three months ended June 30, 2017 and 2016, respectively and $1.5 million and $1.3 million for the six months ended June 30, 2017 and 2016, respectively. The effective interest rate on the Loan Agreement, including the amortization of the debt discount and issuance cost, and the accretion of the final payment, was 9.3% for both the three and six months ended June 30, 2017 and 2016. Future minimum payments under the Loan Agreement, as of June 30, 2017 are as follows (in thousands): Remainder of 2017 $ 3,635 2018 11,743 2019 10,982 2020 8,938 Total minimum payments 35,298 Less: Interest and final payment (5,298 ) Notes payable, gross $ 30,000 |
Liabilities Related to Sale of
Liabilities Related to Sale of Future Royalties | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Liabilities Related to Sale of Future Royalties | Note 9 - Liabilities Related to Sale of Future Royalties In February 2017, the Company entered into a Royalty Purchase Agreement (the “Royalty Agreement”) with RPI Finance Trust (“RPI”), an entity related to Royalty Pharma. Under the Royalty Agreement, the Company sold a portion of the Company’s right to receive royalties on potential net sales of omecamtiv mecarbil (and potentially other compounds with the same mechanism of action) under the Amgen Agreement to RPI for a payment of $90.0 million (the “Royalty Monetization”). The Royalty Monetization is non-refundable, even if omecamtiv mecarbil is never commercialized. The Company accounts for the Royalty Monetization as a liability reported as Liabilities related to sale of future royalties, primarily because the Company has significant continuing involvement in generating the royalty stream under the Amgen Agreement, including the Company’s option to co-invest in the Phase 3 development program of omecamtiv mecarbil. Also in February 2017, pursuant to a concurrently-executed Common Stock Purchase Agreement with RPI, the Company issued 875,656 shares of its common stock to RPI for $10.0 million (the “RPI Common Stock”). The Company concluded that there are two units of accounting for the Royalty Monetization and the RPI Common Stock: (1) the liability related to sale of future royalties and (2) the RPI Common Stock. The Company allocated the $90 million from the Royalty Monetization and the $10 million from the RPI Common Stock among the two units of accounting on a relative fair value basis. The Company determined the fair value for the liability related to sale of future royalties at the time of the Royalty Monetization to be $96.7 million, with an effective annual non-cash interest rate of 17%. The Company determined the fair value of the RPI Common Stock at March 31, 2017 to be $8.1 million, based on the closing stock price at the transaction date and adjusted for the trading restrictions. The Company allocated the transaction consideration on a relative fair value basis to the liability and the common stock, as follows (in millions): Allocated Consideration Units of Accounting: Liability related to sale of future royalties $ 92.3 Common stock 7.7 Total consideration $ 100.0 The Company allocated $1.8 million of transaction costs incurred in connection with the Royalty Monetization and the RPI Common Stock to the liability and common stock in proportion to the allocation of proceeds to those components. The transaction costs allocated to the liability will be amortized to non-cash interest expense over the estimated term of the Royalty Agreement. The following table shows the activity within liabilities related to sale of future royalties during the six months ended June 30, 2017 (in thousands): Liability related to sale of future royalties at February 1, 2017 $ 92,300 Non-cash interest expense recognized 6,012 Liability related to sale of future royalties at June 30, 2017 98,312 Less: Unamortized transaction costs (1,655 ) Carrying value of liability related to sale of future royalties at June 30, 2017 96,657 |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | Note 10 — Stockholders’ Equity During the second quarter of 2017, the Company completed a secondary offering of its common stock and issued 6,049,000 shares for net proceeds of $82.8 million, before expenses. Accumulated Other Comprehensive Loss Comprehensive loss is comprised of net loss and other comprehensive loss. Other comprehensive 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 six months of 2017 and 2016, the Company recorded insignificant amounts of unrealized gains (losses) in available-for-sale securities in accumulated other comprehensive loss. Warrants In June 2012, the Company issued warrants in connection with two separate, concurrent offerings for our securities. These warrants had an expiration date of June 25, 2017. During the six months ended June 30, 2017, the Company issued 3,240,549 shares of Common stock for exercises of these warrants. Pursuant to the Loan Agreement described in Note 8 “Long Term Debt,” the Company issued warrants to purchase 65,189 shares of the Company’s common stock at an exercise price of $6.90 per share and additional warrants to purchase 68,285 shares of the Company’s common stock at an exercise price of $6.59 per share. In January 2017, the Company issued 16,126 shares of common stock related to cashless exercises of some of these warrants. Committed Equity Offering In September 2015, the Company and Cantor Fitzgerald & Co. entered into a Committed Equity Offering (the “CE Offering”) that is an at-the-market issuance sales agreement (the “Cantor Fitzgerald Agreement”) pursuant to which the Company could issue and sell shares of common stock having an aggregate offering price of up to $40.0 million. During the three and six months ended June 30, 2017, the Company issued 987,068 shares and 2,425,625 shares under the Cantor Fitzgerald Agreement for net proceeds totaling $12.5 million and $29.9 million, respectively, completing the sale of all common stock subject to the Cantor Fitzgerald Agreement. Equity Incentive Plan In May 2017, the Company’s stockholders approved an amendment to the Amended and Restated 2004 Equity Incentive Plan (the “2004 Equity Incentive Plan”) to increase the number of authorized shares reserved for issuance under the 2004 Equity Incentive Plan by 3.9 million shares. As of June 30, 2017, 3.8 million authorized shares were available for grant under the 2004 Equity Incentive Plan. Total employee stock-based compensation expenses were $2.2 million and $1.8 million for the three months ended June 30, 2017 and 2016, respectively and $4.1 million and $3.4 million for the six months ended June 30, 2017 and 2016, respectively. Stock Options Stock option activity under the 2004 Equity Incentive Plan, for the six months ended June 30, 2017, was as follows: Stock Options Outstanding Weighted Average Exercise Price per Share of Stock Options Balance at December 31, 2016 5,192,813 $ 9.27 Options granted 1,169,624 11.49 Options exercised (24,055 ) 7.09 Options forfeited/expired (168,294 ) 34.25 Balance at June 30, 2017 6,170,088 $ 9.02 Restricted Stock Units Restricted stock unit activity for the six months ended June 30, 2017 was as follows: Number of Shares Weighted Average Award Date Fair Value per Share Restricted stock units outstanding at December 31, 2016 64,502 $ 7.19 Restricted stock units granted 269,000 10.60 Restricted stock units released (43,500 ) 6.67 Restricted stock units forfeited (500 ) 6.67 Unvested restricted stock units outstanding at June 30, 2017 289,502 $ 10.44 Restricted Stock Units that Contain Performance Conditions Performance stock unit activity was as follows: Number of Shares Weighted Average Award Date Fair Value per Share Performance stock units outstanding at December 31, 2016 685,000 $ 7.00 Restricted stock units granted — — Restricted stock units released (171,250 ) 7.00 Restricted stock units forfeited (342,500 ) 7.00 Performance stock units outstanding at June 30, 2017 171,250 $ 7.00 |
Interest and Other Income, Net
Interest and Other Income, Net | 6 Months Ended |
Jun. 30, 2017 | |
Other Income And Expenses Abstract | |
Interest and Other Income, Net | Note 11 — Interest and Other Income, Net Interest and other income, net for the three and six months ended June 30, 2017 and 2016 primarily consisted of interest income generated from the Company’s cash, cash equivalents and investments. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12 — Commitments and Contingencies Commitments Operating Lease 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 $0.9 million and $0.8 million, respectively, for the three months ended June 30, 2017 and 2016 and $1.8 million and $1.7 million, respectively, for the six months ended June 30, 2017 and 2016. Co-invest option In December 2016, the Company agreed to exercise its option to co-invest $10.0 million in the Phase 3 development program of omecamtiv mecarbil under the Amgen Agreement. In February 2017, the Company provided notice to Amgen of its further exercise of its co-investment option in the additional amount of $30.0 million (i.e. to co-invest $40.0 million) in the Phase 3 development program of omecamtiv mecarbil under the Amgen Agreement. By exercising its option and fully co-funding $40.0 million, the Company will be eligible to receive a total incremental royalty of up to 4% on increasing worldwide sales of omecamtiv mecarbil outside of Japan and have the right to co-promote omecamtiv mecarbil in institutional care settings in North America, with reimbursement by Amgen for certain sales force activities. Quarterly co-investment payments are contingent on Amgen continuing the Phase 3 development program of omecamtiv mecarbil. As of June 30, 2017, future minimum payments due to Amgen were as follows (in thousands): Remainder of 2017 $ 12,500 2018 18,750 Total $ 31,250 Contingencies In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by or on behalf of the Company, or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with its directors and certain of its officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. The Company maintains director and officer insurance, which may cover certain liabilities arising from its obligation to indemnify its directors and certain of its officers and employees, and former officers and directors in certain circumstances. The Company maintains product liability insurance and comprehensive general liability insurance, which may cover certain liabilities arising from its indemnification obligations. It is not possible to determine the maximum potential amount of exposure under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances involved in each particular indemnification obligation. Such indemnification obligations may not be subject to maximum loss clauses. Management is not currently aware of any matters that could have a material adverse effect on the financial position, results of operations or cash flows of the Company. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 13 — Income Taxes The Company did not record a provision for income tax for the three and six months ended June 30, 2017 because the Company expects to report a net tax loss for the year ending December 31, 2017. 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. |
Organization and Significant 19
Organization and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Use of Estimates | Use of Estimates 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. |
Basis of Presentation | Basis of Presentation The condensed 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 June 30, 2017, and the results of operations for the three and six months ended June 30, 2017 and the cash flows for the six months ended June 30, 2017. 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, 2016 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, 2016, as filed with the SEC on March 6, 2017. 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. |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for stock-based payment awards made to employees and directors, including employee stock options and employee stock purchases by measuring the stock-based compensation cost at the grant date based on the calculated fair value of the award, and recognizing expense on a straight-line basis over the employee’s requisite service period, generally the vesting period of the award. Stock compensation for non-employees is measured at the fair value of the award for each period until the award is fully vested. Compensation cost for restricted stock awards that contain performance conditions is based on the grant date fair value of the award and compensation expense is recorded over the implicit or explicit requisite service period based on management’s best estimate as to whether it is probable that the shares awarded are expected to vest. The Company reviews the valuation assumptions at each grant date and, as a result, from time to time it will likely change the valuation assumptions it uses to value stock based awards granted in future periods. The assumptions used in calculating the fair value of share-based payment awards represent management’s best estimates at the time, but these estimates involve inherent uncertainties and the application of management judgment. As a result, if conditions change and the management uses different assumptions, the Company’s stock-based compensation expense could be materially different in the future. In addition, the Company will continue to maintain the current forfeiture policy to estimate the expected forfeiture rate and recognize expense only for those shares expected to vest. If the actual forfeiture rate is materially different from management’s estimate, stock-based compensation expense could be significantly different from what has been recorded in the current period. |
Non-Cash Interest Expense on Liabilities Related to Sale of Future Royalties | Non-Cash Interest Expense on Liabilities Related to Sale of Future Royalties The Company accounted for Liabilities related to sale of future royalties as a debt financing for accounting purposes, to be amortized under the effective interest rate method over the life of the related royalty stream when the Company has a significant continuing involvement in the generation of royalty streams. Liabilities related to sale of future royalties and the debt amortization are based on the Company’s current estimates of future royalties expected to be paid over the life of the arrangement. The Company will periodically assess the expected royalty payments using a combination of internal projections and forecasts from external sources. To the extent the Company’s future estimates of future royalty payments are greater or less than its previous estimates or the estimated timing of such payments is materially different than its previous estimates, the Company will adjust the liabilities related to sale of future royalties and prospectively recognize related non-cash interest expense. |
Prior Year’s Presentations | Prior Year’s Presentations Certain amounts in the prior year’s presentations have been reclassified to conform to the current presentation. These reclassifications had no effect on previously reported net income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2017, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ ASU”) 2017-09, Compensation – Stock Compensation (Topic 718): Scope of Modification Accounting to clarify when to account for a change to the terms or conditions of a share-based payment award as a modification. Under this new guidance, modification accounting is required if the fair value, vesting conditions, or classification of the award changes as a result of the change in terms or conditions. ASU 2017-09 is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within each annual reporting period. The Company does not expect the adoption of this guidance to have a material impact on its financial statements or disclosures. In August 2016, the FASB issued ASU 2016-15, ‘Statement of cash flows (Topic 230): Classification of certain cash receipts and cash payments’. In June 2016, the FASB issued ASU 2016-13, ‘Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments. In March 2016, the FASB issued ASU No. 2016-09 — Improvements to Employee Share-Based Payment Accounting 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 May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606) Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Net loss $ (29,081 ) $ (11,611 ) $ (54,948 ) $ (24,066 ) Weighted-average shares used in computing net loss per share — basic and diluted 48,218 39,666 44,910 39,629 Net loss per share — basic and diluted $ (0.60 ) $ (0.29 ) $ (1.22 ) $ (0.61 ) |
Instruments Excluded from the Computation of Diluted Net Income (Loss) Per Share | The following instruments were excluded from the computation of diluted net income (loss) per share because their effect would have been antidilutive (in thousands): Three and Six Months Ended June 30, 2017 June 30, 2016 Options to purchase common stock 6,170 5,996 Warrants to purchase common stock 310 5,710 Restricted and Performance stock units 461 757 Shares issuable related to the ESPP 18 24 Total shares 6,959 12,487 |
Supplemental Cash Flow Data (Ta
Supplemental Cash Flow Data (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Data | Supplemental cash flow data was as follows (in thousands): Six Months Ended June 30, 2017 June 30, 2016 Cash paid for interest $ 1,270 $ 951 Cash paid for 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 484 234 Purchases of property and equipment through accrued liabilities 670 (76 ) |
Research and Development Arra22
Research and Development Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Amgen [Member] | |
Summary of Research and Development Revenue | Revenue from Amgen was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Research and development revenues Reimbursement of internal costs $ 388 $ 616 $ 1,279 $ 1,233 Co-investment option payment (6,250 ) — (7,500 ) — Total revenues from Amgen $ (5,862 ) $ 616 $ (6,221 ) $ 1,233 |
Astellas [Member] | |
Summary of Research and Development Revenue | Research and development revenue from Astellas was as follows (in thousands): Three Months Ended June 30, 2017 Three Months Ended June 30, 2016 Six Months Ended June 30, 2017 Six Months Ended June 30, 2016 License revenues $ 4,942 $ 1,950 $ 6,388 $ 5,923 Research and development revenues 3,973 2,898 6,698 6,578 Total Revenue from Astellas $ 8,915 $ 4,848 $ 13,086 $ 12,501 |
Deferred Revenue | Deferred Revenue reflecting the unrecognized portion of the license revenue, option fee and payment of expenses from the Astellas Agreement was as follows (in thousands): June 30, 2017 December 31, 2016 Deferred revenue, current $ 7,942 $ 8,060 Deferred revenue, non-current $ 15,067 $ 15,000 |
Cash Equivalents and Investme23
Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 were as follows (in thousands): June 30, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Maturity Dates Cash equivalents — U.S. Treasury and money market funds $ 93,824 $ 1 $ — $ 93,825 Short-term investments — U.S. Treasury securities and Agency bonds $ 211,564 $ 1 $ (225 ) $ 211,340 7/2017 - 6/2018 Long-term investments — Equity, U.S. Treasury securities and Agency bonds $ 19,950 $ 180 $ (43 ) $ 20,087 7/2018 - 8/2018 December 31, 2016 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Maturity Dates Cash equivalents — U. S. Treasury securities and money market funds $ 55,658 $ — $ — $ 55,658 Short-term investments — U.S. Treasury securities $ 89,396 $ 2 $ (23 ) $ 89,375 1/2017 – 12/2017 Long-term investments — Equity and U.S. Treasury securities $ 7,513 $ 176 $ (17 ) $ 7,672 2/2018 – 3/2018 |
Summary of Interest Income | At June 30, 2017 there were no investments that had been in a continuous unrealized loss position for 12 months or longer. Interest income was as follows (in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Interest income $ 694 $ 105 $ 1,183 $ 168 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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 June 30, 2017 and December 31, 2016 are classified in the table below in one of the three categories described above (in thousands): June 30, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 43,829 $ — $ — $ 43,829 U.S. Treasury securities 179,411 — — 179,411 Agency bonds — 101,834 — 101,834 Equity securities 178 — — 178 Total $ 223,418 $ 101,834 $ — $ 325,252 Amounts included in: Cash and cash equivalents $ 93,825 $ - $ — $ 93,825 Short-term investments 114,481 96,859 — 211,340 Long-term investments 15,112 4,975 — 20,087 Total $ 223,418 $ 101,834 $ — $ 325,252 December 31, 2016 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 52,657 $ — $ — $ 52,657 U.S. Treasury securities 99,872 — — 99,872 Equity securities 176 — — 176 Total $ 152,705 $ — $ — $ 152,705 Amounts included in: Cash and cash equivalents $ 55,658 $ — $ — $ 55,658 Short-term investments 89,375 — — 89,375 Long-term investments 7,672 — — 7,672 Total $ 152,705 $ — $ — $ 152,705 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities were as follows (in thousands): June 30, 2017 December 31, 2016 Accrued liabilities: Clinical and preclinical costs $ 6,782 $ 10,092 Bonus 2,311 3,800 Other payroll related 2,145 1,888 Consulting and professional fees 1,605 698 Other accrued expenses 702 897 Leasehold improvements — 672 Total accrued liabilities $ 13,545 $ 18,047 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
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): June 30, 2017 December 31 2016 Notes payable, gross $ 30,000 $ 30,000 Less: Unamortized debt discount (372 ) (472 ) Accretion of final payment fee 531 353 Carrying value of notes payable $ 30,159 $ 29,881 Less: Current portion of long-term debt (7,315 ) (2,500 ) Long-term debt $ 22,844 $ 27,381 |
Schedule of Future Minimum Payments under Loan Agreement | Future minimum payments under the Loan Agreement, as of June 30, 2017 are as follows (in thousands): Remainder of 2017 $ 3,635 2018 11,743 2019 10,982 2020 8,938 Total minimum payments 35,298 Less: Interest and final payment (5,298 ) Notes payable, gross $ 30,000 |
Liabilities Related to Sale o27
Liabilities Related to Sale of Future Royalties (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Deferred Revenue Disclosure [Abstract] | |
Schedule of activity of allocated transaction consideration on fair value basis liability and common stock | The Company allocated the transaction consideration on a relative fair value basis to the liability and the common stock, as follows (in millions): Allocated Consideration Units of Accounting: Liability related to sale of future royalties $ 92.3 Common stock 7.7 Total consideration $ 100.0 |
Schedule Represents Activity Within Liabilities Related to Sale of Future Royalties | The following table shows the activity within liabilities related to sale of future royalties during the six months ended June 30, 2017 (in thousands): Liability related to sale of future royalties at February 1, 2017 $ 92,300 Non-cash interest expense recognized 6,012 Liability related to sale of future royalties at June 30, 2017 98,312 Less: Unamortized transaction costs (1,655 ) Carrying value of liability related to sale of future royalties at June 30, 2017 96,657 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Summary of Stock Option Activity | Stock option activity under the 2004 Equity Incentive Plan, for the six months ended June 30, 2017, was as follows: Stock Options Outstanding Weighted Average Exercise Price per Share of Stock Options Balance at December 31, 2016 5,192,813 $ 9.27 Options granted 1,169,624 11.49 Options exercised (24,055 ) 7.09 Options forfeited/expired (168,294 ) 34.25 Balance at June 30, 2017 6,170,088 $ 9.02 |
Restricted Stock Units [Member] | |
Summary of Stock Unit Activity | Restricted stock unit activity for the six months ended June 30, 2017 was as follows: Number of Shares Weighted Average Award Date Fair Value per Share Restricted stock units outstanding at December 31, 2016 64,502 $ 7.19 Restricted stock units granted 269,000 10.60 Restricted stock units released (43,500 ) 6.67 Restricted stock units forfeited (500 ) 6.67 Unvested restricted stock units outstanding at June 30, 2017 289,502 $ 10.44 |
Performance Restricted Stock Units [Member] | |
Summary of Stock Unit Activity | Performance stock unit activity was as follows: Number of Shares Weighted Average Award Date Fair Value per Share Performance stock units outstanding at December 31, 2016 685,000 $ 7.00 Restricted stock units granted — — Restricted stock units released (171,250 ) 7.00 Restricted stock units forfeited (342,500 ) 7.00 Performance stock units outstanding at June 30, 2017 171,250 $ 7.00 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Amgen [Member] | |
Future Minimum Payments for Co-investment | Quarterly co-investment payments are contingent on Amgen continuing the Phase 3 development program of omecamtiv mecarbil. As of June 30, 2017, future minimum payments due to Amgen were as follows (in thousands): Remainder of 2017 $ 12,500 2018 18,750 Total $ 31,250 |
Organization and Significant 30
Organization and Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 |
Summary Of Significant Accounting Policies [Line Items] | ||||||
Accumulated deficit incurred | $ (573,239,000) | $ (573,239,000) | $ (518,291,000) | |||
Net loss | (29,081,000) | $ (11,611,000) | (54,948,000) | $ (24,066,000) | ||
Net cash used in operating activities | (52,205,000) | $ (28,725,000) | ||||
Cash, cash equivalents and investments | 332,100,000 | $ 332,100,000 | $ 163,900,000 | |||
Cash requirements term | 12 months | |||||
Effect on previously reported net income due to reclassifications | $ 0 | |||||
Excess tax benefit recognized | $ 700,000 | |||||
Accounting Standards Update 2016-09 [Member] | ||||||
Summary Of Significant Accounting Policies [Line Items] | ||||||
Cumulative-effect adjustment to retained earnings | $ 0 | $ 0 |
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 | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net loss | $ (29,081) | $ (11,611) | $ (54,948) | $ (24,066) |
Weighted-average shares used in computing net loss per share — basic and diluted | 48,218 | 39,666 | 44,910 | 39,629 |
Net loss per share - basic and diluted | $ (0.60) | $ (0.29) | $ (1.22) | $ (0.61) |
Net Loss Per Share - Instrument
Net Loss Per Share - Instruments Excluded from the Computation of Diluted Net Income (Loss) Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares | 6,959 | 12,487 | 6,959 | 12,487 |
Options [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares | 6,170 | 5,996 | 6,170 | 5,996 |
Warrants to Purchase Common Stock [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares | 310 | 5,710 | 310 | 5,710 |
Restricted and Performance Stock Units [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares | 461 | 757 | 461 | 757 |
ESPP [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Total shares | 18 | 24 | 18 | 24 |
Supplemental Cash Flow Data - S
Supplemental Cash Flow Data - Supplemental Cash Flow Data (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||
Cash paid for interest | $ 1,270 | $ 951 |
Cash paid for taxes | 1 | 1 |
Significant non-cash investing and financing activities: | ||
Debt discount netted against proceeds from long term debt, recorded in equity | 0 | 288 |
Interest paid on the long-term debt, at inception | 0 | 63 |
Purchases of property and equipment through accounts payable | 484 | 234 |
Purchases of property and equipment through accrued liabilities | $ 670 | $ (76) |
Research and Development Arra34
Research and Development Arrangements - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||||
Feb. 28, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Accounts receivable | $ 24,000 | $ 24,000 | ||||||||
Percentage of shared costs | 75.00% | |||||||||
2016 Astellas Amendment [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Non-refundable option fee | 15,000,000 | |||||||||
Amgen [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Co-invest option exercised amount | $ 30,000,000 | 10,000,000 | $ 10,000,000 | |||||||
Percentage of incremental royalty receivable on annual net sales | 4.00% | 1.00% | ||||||||
Co-fund costs requirement value | $ 40,000,000 | $ 40,000,000 | ||||||||
Co-invest option payment | $ 6,300,000 | 7,500,000 | ||||||||
Accounts receivable | 0 | 0 | 0 | $ 0 | ||||||
Pre-commercialization milestone payments eligible to receive | 300,000,000 | 300,000,000 | ||||||||
Common stock, shares issued in period | 1,404,100 | |||||||||
Amgen [Member] | Maximum [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Commercialization milestone payments eligible to receive | 300,000,000 | 300,000,000 | ||||||||
Astellas [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Accounts receivable | 0 | 0 | 0 | 0 | ||||||
Upfront payment received | 3,973,000 | $ 2,898,000 | $ 6,698,000 | $ 6,578,000 | ||||||
Percentage of shared costs | 25.00% | |||||||||
Astellas [Member] | ALS License [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Revenue Recognition over Performance Period | 24,900,000 | 24,900,000 | ||||||||
Astellas [Member] | Research and ALS Development Services [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Revenue Recognition over Performance Period | 19,300,000 | 19,300,000 | ||||||||
Astellas [Member] | 2014 Agreement [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Common stock, shares issued in period | 2,040,816 | |||||||||
Upfront payment received | $ 30,000,000 | |||||||||
Amount received as milestone payment | $ 15,000,000 | |||||||||
Common stock issued, price per share | $ 4.90 | |||||||||
Common stock issued, value | $ 10,000,000 | |||||||||
Astellas [Member] | 2016 Astellas Amendment [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Amount received as milestone payment | $ 15,000,000 | 15,000,000 | ||||||||
Revenue recognition, Non-refundable upfront amendment fee | 35,000,000 | |||||||||
Revenue Recognition over Performance Period | $ 44,200,000 | 44,200,000 | ||||||||
Allocated Consideration | $ 94,200,000 | |||||||||
Astellas [Member] | 2016 Astellas Amendment [Member] | Tirasemtiv License [Member] | Tirasemtiv Option [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Revenue recognized for milestones achieved | 15,000,000 | |||||||||
Astellas [Member] | Maximum [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Research milestone payments | 2,000,000 | |||||||||
Astellas [Member] | Maximum [Member] | 2016 Astellas Amendment [Member] | Tirasemtiv Option [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Amount received as milestone payment | 30,000,000 | |||||||||
Option exercise payment to be received | 80,000,000 | |||||||||
Astellas [Member] | Maximum [Member] | 2016 Astellas Amendment [Member] | Non- neuromuscular Indications [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Potential amount receivable under collaboration agreement | 95,000,000 | |||||||||
Astellas [Member] | Maximum [Member] | 2016 Astellas Amendment [Member] | Commercial Milestones [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Potential amount receivable under collaboration agreement | 200,000,000 | |||||||||
Astellas [Member] | Maximum [Member] | Initial Indication [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Milestone payments to be received | 100,000,000 | 100,000,000 | ||||||||
Astellas [Member] | Maximum [Member] | Subsequent Indication [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Milestone payments to be received | $ 50,000,000 | 50,000,000 | ||||||||
Astellas [Member] | Minimum [Member] | 2016 Astellas Amendment [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Potential amount receivable under collaboration agreement | 600,000,000 | |||||||||
Astellas [Member] | Minimum [Member] | 2016 Astellas Amendment [Member] | Tirasemtiv Option [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Option exercise payment to be received | 25,000,000 | |||||||||
Astellas [Member] | Minimum [Member] | 2016 Astellas Amendment [Member] | SMA and Other Neuromuscular Indications [Member] | ||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||
Potential amount receivable under collaboration agreement | $ 100,000,000 |
Research and Development Arra35
Research and Development Arrangements - Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
License revenues | $ 4,942 | $ 1,950 | $ 6,388 | $ 5,923 |
Total revenues | 3,053 | 5,802 | 7,206 | 14,222 |
Amgen [Member] | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
Reimbursement of internal costs | 388 | 616 | 1,279 | 1,233 |
Co-investment option payment | (6,250) | (7,500) | ||
Total revenues | (5,862) | 616 | (6,221) | 1,233 |
Astellas [Member] | ||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||||
License revenues | 4,942 | 1,950 | 6,388 | 5,923 |
Total research and development revenue from Astellas | 3,973 | 2,898 | 6,698 | 6,578 |
Total revenues | $ 8,915 | $ 4,848 | $ 13,086 | $ 12,501 |
Research and Development Arra36
Research and Development Arrangements - Deferred Revenue (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue, current | $ 7,942 | $ 8,060 |
Deferred revenue, non-current | 15,067 | 15,000 |
Astellas [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue, current | 7,942 | 8,060 |
Deferred revenue, non-current | $ 15,067 | $ 15,000 |
Cash Equivalents and Investme37
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Available for Sale Investments (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2017 | Dec. 31, 2016 | |
Short-term Investments [Member] | U.S. Treasury Securities and Agency Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 211,564 | |
Unrealized Gains | 1 | |
Unrealized Losses | (225) | |
Fair Value | 211,340 | |
Short-term Investments [Member] | U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | $ 89,396 | |
Unrealized Gains | 2 | |
Unrealized Losses | (23) | |
Fair Value | 89,375 | |
Long-term Investments [Member] | Equity, U.S. Treasury Securities and Agency Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 19,950 | |
Unrealized Gains | 180 | |
Unrealized Losses | (43) | |
Fair Value | 20,087 | |
Long-term Investments [Member] | Equity and U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 7,513 | |
Unrealized Gains | 176 | |
Unrealized Losses | (17) | |
Fair Value | 7,672 | |
Cash Equivalents [Member] | US Treasury Securities and Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Amortized Cost | 93,824 | 55,658 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | $ 93,825 | $ 55,658 |
Maximum [Member] | Short-term Investments [Member] | U.S. Treasury Securities and Agency Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Jun. 30, 2018 | |
Maximum [Member] | Short-term Investments [Member] | U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Dec. 31, 2017 | |
Maximum [Member] | Long-term Investments [Member] | Equity, U.S. Treasury Securities and Agency Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Aug. 30, 2018 | |
Maximum [Member] | Long-term Investments [Member] | Equity and U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Mar. 31, 2018 | |
Minimum [Member] | Short-term Investments [Member] | U.S. Treasury Securities and Agency Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Jul. 31, 2017 | |
Minimum [Member] | Short-term Investments [Member] | U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Jan. 31, 2017 | |
Minimum [Member] | Long-term Investments [Member] | Equity, U.S. Treasury Securities and Agency Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Jul. 31, 2018 | |
Minimum [Member] | Long-term Investments [Member] | Equity and U.S. Treasury Securities [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Maturity Dates | Feb. 28, 2018 |
Cash Equivalents and Investme38
Cash Equivalents and Investments - Additional Information (Detail) | Jun. 30, 2017USD ($) |
Cash And Cash Equivalents [Abstract] | |
Investments in continuous unrealized loss position for 12 months or longer | $ 0 |
Cash Equivalents and Investme39
Cash Equivalents and Investments - Summary of Interest Income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Cash Cash Equivalents And Short Term Investments [Abstract] | ||||
Interest income | $ 694 | $ 105 | $ 1,183 | $ 168 |
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 | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 325,252 | $ 152,705 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 43,829 | 52,657 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 179,411 | 99,872 |
Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 101,834 | |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 178 | 176 |
Long-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 20,087 | 7,672 |
Fair Value Measurements Using Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 223,418 | 152,705 |
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 | 43,829 | 52,657 |
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 | 179,411 | 99,872 |
Fair Value Measurements Using Level 1 [Member] | Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 0 | |
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 | 178 | 176 |
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 | 15,112 | 7,672 |
Fair Value Measurements Using Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 101,834 | 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] | Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 101,834 | |
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 | 4,975 | 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] | Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets at fair value | 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 | 93,825 | 55,658 |
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 | 93,825 | 55,658 |
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 | 211,340 | 89,375 |
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 | 114,481 | 89,375 |
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 | 96,859 | 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 ($) | Jun. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Long term debt, fair value | $ 30,000,000 | $ 29,900,000 |
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 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued liabilities: | ||
Clinical and preclinical costs | $ 6,782 | $ 10,092 |
Bonus | 2,311 | 3,800 |
Other payroll related | 2,145 | 1,888 |
Consulting and professional fees | 1,605 | 698 |
Other accrued expenses | 702 | 897 |
Leasehold improvements | 0 | 672 |
Total accrued liabilities | $ 13,545 | $ 18,047 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt and Unamortized Debt Discount (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Disclosure [Abstract] | ||
Notes payable, gross | $ 30,000 | $ 30,000 |
Less: Unamortized debt discount | (372) | (472) |
Accretion of final payment fee | 531 | 353 |
Carrying value of notes payable | 30,159 | 29,881 |
Long-term Debt, by current and noncurrent | ||
Carrying value of notes payable | 30,159 | 29,881 |
Less: Current portion of long-term debt | (7,315) | (2,500) |
Long-term debt | $ 22,844 | $ 27,381 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Oct. 31, 2016USD ($)$ / sharesshares | Feb. 29, 2016USD ($)$ / sharesshares | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($)Installment | Jun. 30, 2016USD ($) | Dec. 31, 2016USD ($) | |
Debt Instrument [Line Items] | |||||||
Debt instrument, unamortized discount | $ 372,000 | $ 372,000 | $ 472,000 | ||||
Interest expense | 782,000 | $ 707,000 | 1,540,000 | $ 1,271,000 | |||
Warrants to Purchase Common Stock [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, unamortized discount | 600,000 | 600,000 | |||||
Loan and Security Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Warrants outstanding to purchase upon exercise of common stock | shares | 65,189 | 68,285 | |||||
Warrants exercise price | $ / shares | $ 6.90 | $ 6.59 | |||||
Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Term loan maximum borrowing capacity | $ 40,000,000 | $ 40,000,000 | |||||
Warrant exercisable term | 5 years | ||||||
Proceeds from term loan | $ 15,000,000 | $ 15,000,000 | |||||
Warrants outstanding to purchase upon exercise of common stock | shares | 65,189 | 68,285 | |||||
Warrants exercise price | $ / shares | $ 6.90 | $ 6.59 | |||||
Term loan interest rate | 7.50% | 7.50% | |||||
Loan repayment terms | The Company is required to repay the outstanding principal in 36 equal installments beginning October 2017 through October 2020 | ||||||
Number of installments description | 36 equal installments beginning October 2017 through October 2020 | ||||||
Debt instrument, installment end date | 2020-10 | ||||||
Number of installments | Installment | 36 | ||||||
Final payment fee percentage | 4.00% | ||||||
Effective interest rate on the amounts borrowed under the Agreement | 9.30% | 9.30% | 9.30% | 9.30% | |||
Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | Within One Year [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of prepayment fee | 3.00% | ||||||
Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | Within Two Year [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of prepayment fee | 2.00% | ||||||
Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | Thereafter [Member] | |||||||
Debt Instrument [Line Items] | |||||||
Percentage of prepayment fee | 1.00% |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Minimum Payments under Loan Agreement (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Carrying value of notes payable | $ 30,159 | $ 29,881 |
Long-term debt, alternative | ||
Carrying value of notes payable | 30,159 | 29,881 |
Notes payable, gross | 30,000 | $ 30,000 |
Loan and Security Agreement [Member] | Oxford and Silicon Valley Bank [Member] | ||
Debt Instrument [Line Items] | ||
Remainder of 2017 | 3,635 | |
2,018 | 11,743 | |
2,019 | 10,982 | |
2,020 | 8,938 | |
Carrying value of notes payable | 35,298 | |
Long-term debt, alternative | ||
Carrying value of notes payable | 35,298 | |
Less: Interest and final payment | (5,298) | |
Notes payable, gross | $ 30,000 |
Liabilities Related to Sale o46
Liabilities Related to Sale of Future Royalties - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Feb. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2016 |
Liability Related to Sale of Future Royalties [Line Items] | ||||
Proceeds from issuance of common stock | $ 112,232 | $ 0 | ||
Transaction costs incurred in connection with the Royalty Monetization and RPI Common stock | 1,800 | |||
Royalty Purchase Agreement [Member] | ||||
Liability Related to Sale of Future Royalties [Line Items] | ||||
Cash payment under Royalty Agreement | $ 90,000 | 90,000 | ||
Common stock, shares issued in period | 875,656 | |||
Proceeds from issuance of common stock | $ 10,000 | 10,000 | ||
Fair value for the liability related to sale of future royalties | $ 96,700 | |||
Effective annual non-cash interest rate in calculating liability related to sale of future royalties | 17.00% | |||
Common stock fair value | $ 8,100 |
Liabilities Related to Sale o47
Liabilities Related to Sale of Future Royalties - Schedule Represents Allocation of Transaction Consideration on a Relative Fair Value Basis to the Liability and the Common Stock (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Liability Related to Sale of Future Royalties [Line Items] | |
Allocated Consideration | $ 100 |
Liability Related to Sale of Future Royalties [Member] | |
Liability Related to Sale of Future Royalties [Line Items] | |
Allocated Consideration | 92.3 |
Common Stock [Member] | |
Liability Related to Sale of Future Royalties [Line Items] | |
Allocated Consideration | $ 7.7 |
Liabilities Related to Sale o48
Liabilities Related to Sale of Future Royalties - Schedule Represents Activity Within Liabilities Related to Sale of Future Royalties (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Liability Related to Sale of Future Royalties [Line Items] | ||
Non-cash interest expense recognized | $ (6,036) | $ 0 |
Royalty Purchase Agreement [Member] | ||
Liability Related to Sale of Future Royalties [Line Items] | ||
Liability related to sale of future royalties beginning balance | 92,300 | |
Non-cash interest expense recognized | 6,012 | |
Liability related to sale of future royalties ending balance | 98,312 | |
Less: Unamortized transaction costs | (1,655) | |
Carrying value of liability related to sale of future royalties at June 30, 2017 | $ 96,657 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
May 31, 2017 | Jan. 31, 2017 | Sep. 30, 2015 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Oct. 31, 2016 | Feb. 29, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Net proceeds of issuance of common stock | $ 112,232,000 | $ 0 | |||||||
Warrant expiration date | Jun. 25, 2017 | ||||||||
Number of issued shares of common stock related to cashless exercise of warrants | 3,240,549 | ||||||||
Equity incentive plan authorized shares | 3,900,000 | ||||||||
Shares available for grant of options | 3,800,000 | 3,800,000 | |||||||
Employee stock-based compensation expenses | $ 2,200,000 | $ 1,800,000 | $ 4,100,000 | $ 3,400,000 | |||||
Cantor Fitzgerald Agreement [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued | 987,068 | 2,425,625 | |||||||
Net proceeds of issuance of common stock | $ 12,500,000 | $ 29,900,000 | |||||||
Loan and Security Agreement [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Warrants purchase upon exercise of common stock | 65,189 | 68,285 | |||||||
Warrants purchase upon exercise of common stock, exercise price | $ 6.90 | $ 6.59 | |||||||
Warrants to Purchase Common Stock [Member] | Loan and Security Agreement [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of issued shares of common stock related to cashless exercise of warrants | 16,126 | ||||||||
Secondary Offering [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Shares issued | 6,049,000 | ||||||||
Net proceeds of issuance of common stock | $ 82,800,000 | ||||||||
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 - Summary
Stockholders' Equity - Summary of Equity Incentive Plan (Detail) | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Options Outstanding, Beginning Balance | shares | 5,192,813 |
Stock Options Outstanding, Options granted | shares | 1,169,624 |
Stock Options Outstanding, Options exercised | shares | (24,055) |
Stock Options Outstanding, Options forfeited/expired | shares | (168,294) |
Stock Options Outstanding, Ending Balance | shares | 6,170,088 |
Weighted Average Exercise Price per Share of Stock Options, Beginning Balance | $ / shares | $ 9.27 |
Weighted Average Exercise Price per Share of Stock Options, Options granted | $ / shares | 11.49 |
Weighted Average Exercise Price per Share of Stock Options, Options exercised | $ / shares | 7.09 |
Weighted Average Exercise Price per Share of Stock Options, Options forfeited/expired | $ / shares | 34.25 |
Weighted Average Exercise Price per Share of Stock Options, Ending Balance | $ / shares | $ 9.02 |
Stockholders' Equity - Summar51
Stockholders' Equity - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted stock units outstanding, Number of Shares, Beginning Balance | shares | 64,502 |
Restricted stock units granted, Number of Shares | shares | 269,000 |
Restricted stock units released, Number of Shares | shares | (43,500) |
Restricted stock units forfeited, Number of Shares | shares | (500) |
Restricted stock units outstanding, Number of Shares, Ending Balance | shares | 289,502 |
Restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Beginning Balance | $ / shares | $ 7.19 |
Restricted stock units granted, Weighted Average Award Date Fair Value per Share | $ / shares | 10.60 |
Restricted stock units released, Weighted Average Award Date Fair Value per Share | $ / shares | 6.67 |
Restricted stock units forfeited, Weighted Average Award Date Fair Value per Share | $ / shares | 6.67 |
Restricted stock units outstanding, Weighted Average Award Date Fair Value per Share, Ending Balance | $ / shares | $ 10.44 |
Stockholders' Equity - Summar52
Stockholders' Equity - Summary of Performance Stock Unit Activity (Detail) - Performance Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 2017$ / 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 released, Number of Shares | shares | (171,250) |
Restricted stock units forfeited, Number of Shares | shares | (342,500) |
Restricted stock units outstanding, Number of Shares, Ending Balance | shares | 171,250 |
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 released, Weighted Average Award Date Fair Value per Share | $ / shares | 7 |
Restricted stock units forfeited, Weighted Average Award Date Fair Value per Share | $ / shares | 7 |
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 ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Feb. 28, 2017 | Dec. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Dec. 31, 2016 | |
Other Commitments [Line Items] | |||||||
Non-cancelable operating lease expiration year | 2,018 | ||||||
Non-cancelable operating lease additional extension period | 3 years | ||||||
Rent expense | $ 0.9 | $ 0.8 | $ 1.8 | $ 1.7 | |||
Amgen [Member] | |||||||
Other Commitments [Line Items] | |||||||
Co-invest option exercised amount | $ 30 | $ 10 | $ 10 | ||||
Percentage of incremental royalty receivable on annual net sales | 4.00% | 1.00% | |||||
Co-fund costs requirement value | $ 40 | $ 40 |
Commitments and Contingencies54
Commitments and Contingencies - Future Minimum Payments for Co-investment (Detail) - Amgen [Member] $ in Thousands | Jun. 30, 2017USD ($) |
Other Commitments [Line Items] | |
Remainder of 2017 | $ 12,500 |
2,018 | 18,750 |
Total | $ 31,250 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Provision for income taxes | $ 0 | $ 0 |
Percentage of income tax likely to be realized | 50.00% |