Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 30, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CYTK | |
Entity Registrant Name | CYTOKINETICS INC | |
Entity Central Index Key | 1,061,983 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 54,197,546 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 115,011 | $ 125,206 |
Short-term investments | 136,443 | 143,685 |
Accounts receivable | 37 | 1,112 |
Contract assets | 18,550 | 0 |
Prepaid and other current assets | 2,298 | 4,292 |
Total current assets | 272,339 | 274,295 |
Long-term investments | 4,015 | 16,518 |
Property and equipment, net | 3,156 | 3,568 |
Other assets | 416 | 429 |
Total assets | 279,926 | 294,810 |
Current liabilities: | ||
Accounts payable | 2,424 | 5,253 |
Accrued liabilities | 15,545 | 17,392 |
Contract liabilities | 15,836 | 0 |
Deferred revenue, current | 4,506 | 9,572 |
Other current liabilities | 235 | 227 |
Total current liabilities | 38,546 | 32,444 |
Long-term debt, net | 31,954 | 31,777 |
Liability related to the sale of future royalties, net | 108,792 | 104,650 |
Deferred revenue, non-current | 0 | 15,000 |
Other long-term liabilities | 1,035 | 1,097 |
Total liabilities | 180,327 | 184,968 |
Commitments and contingencies | 0 | 0 |
Stockholders’ equity: | ||
Preferred stock, $0.001 par value | 0 | 0 |
Common stock, $0.001 par value | 54 | 54 |
Additional paid-in capital | 757,405 | 755,526 |
Accumulated other comprehensive income | 489 | 343 |
Accumulated deficit | (658,349) | (646,081) |
Total stockholders’ equity | 99,599 | 109,842 |
Total liabilities and stockholders’ equity | $ 279,926 | $ 294,810 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Common stock, par value | $ 0.001 | $ 0.001 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues: | ||
Research and development, grant and other revenues, net | $ 3,585 | $ 2,707 |
License revenues | 1,683 | 1,446 |
Total revenues | 5,268 | 4,153 |
Operating expenses: | ||
Research and development | 22,135 | 19,289 |
General and administrative | 9,264 | 8,115 |
Total operating expenses | 31,399 | 27,404 |
Operating loss | (26,131) | (23,251) |
Interest expense | (863) | (745) |
Non-cash interest expense on liability related to sale of future royalties | (4,129) | (2,307) |
Interest and other income, net | 842 | 436 |
Net loss | $ (30,281) | $ (25,867) |
Net loss per share - basic and diluted | $ (0.56) | $ (0.62) |
Weighted-average shares used to compute net loss per share — basic and diluted | 54,062 | 41,578 |
Other comprehensive (loss) income: | ||
Unrealized gain (loss) on available-for-sale securities, net | $ 146 | $ (145) |
Comprehensive loss | $ (30,135) | $ (26,012) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (30,281) | $ (25,867) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Non-cash interest expense on liability related to sale of future royalties | 4,129 | 2,307 |
Non-cash equity-related expense | 2,403 | 1,922 |
Depreciation of property and equipment | 673 | 421 |
Interest receivable and amortization on investments | 96 | 0 |
(Gain) loss on disposal of equipment | 0 | (82) |
Non-cash interest expense related to long-term debt | 177 | 139 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,075 | (885) |
Contract assets | 3,212 | 0 |
Prepaid and other assets | 1,406 | (1,239) |
Accounts payable | (2,831) | (726) |
Accrued and other liabilities | 1,067 | 151 |
Contract liabilities | (9,202) | 0 |
Deferred revenue | (1,731) | 2,915 |
Net cash used in operating activities | (29,807) | (20,944) |
Cash flows from investing activities: | ||
Purchases of investments | (24,224) | (132,770) |
Sales and maturities of investments | 44,621 | 21,858 |
Purchases of property and equipment | (261) | (1,388) |
Net cash provided by (used in) in investing activities | 20,136 | (112,300) |
Cash flows from financing activities: | ||
Public offerings of common stock, net of issuance costs | 0 | 17,355 |
Sale of future royalties, net of issuance costs | 0 | 90,621 |
Issuance of common stock related to sale of future royalties, net of issuance costs | 0 | 7,560 |
Issuance of equity for stock-based awards and warrants, net | (524) | 198 |
Net cash provided by (used in) financing activities | (524) | 115,734 |
Net decrease in cash and cash equivalents | (10,195) | (17,510) |
Cash and cash equivalents, beginning of period | 125,206 | 66,874 |
Cash and cash equivalents, end of period | $ 115,011 | $ 49,364 |
Organization and Significant Ac
Organization and Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2018 | |
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. Our financial statements contemplate the conduct of our operations in the normal course of business. We have incurred an accumulated deficit of $658.3 million since inception and there can be no assurance that we will attain profitability. The Company anticipates that it will have operating losses and net cash outflows in future periods. We are 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 our future plans. Our liquidity will be impaired if sufficient additional capital is not available on terms acceptable to us. To date, we have funded operations primarily through sales of its common stock, contract payments under our collaboration agreements, sale of future royalties, debt financing arrangements, sales of our convertible preferred stock, government grants and interest income. Until we achieve profitable operations, we intend to continue to fund operations through payments from strategic collaborations, additional sales of equity securities, grants and debt financings. We have never generated revenues from commercial sales of our drugs and may not have drugs to market for at least several years, if ever. Our success is dependent on our ability to enter into new strategic collaborations and/or raise additional capital and to successfully develop and market one or more of our drug candidates. As a result, we may choose to raise additional capital through equity or debt financings to continue to fund operations in the future. We 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 our 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 our future financial results, financial position and cash flows. Based on the current status of our research and development activities, we believe that our existing cash, cash equivalents and investments will be sufficient to fund 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, our prospects for financing research and development programs decline, we may decide to reduce research and development expenses by delaying, discontinuing or reducing funding of one or more of our research or development programs. Alternatively, we 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. These financial statements do not include any adjustments that might result from the outcome of this uncertainty. Basis of Presentation Our condensed consolidated financial statements include the accounts of Cytokinetics and our 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 our financial position at March 31, 2018 and the results of our operations and cash flows for the three months ended March 31, 2018. These interim 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, 2017 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, 2017, as filed with the SEC. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, investments, accrued research and development expenses, other long-lived assets, stock-based compensation and the valuation of deferred tax assets. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results could significantly differ from those estimates. Revenue Recognition – Adoption of Revenue from Contracts with Customers ASC 606 On January 1, 2018, we adopted Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. On January 1, 2018, for contracts within the scope of ASC 606, we recognized a contract asset or liability and reduced our accumulated deficit by $18.1 million for the effect of adopting ASC 606 and did not revise our prior period financial statements. Pursuant to ASC 606, to recognize revenue from a contract with a customer, we: (i) identify our contracts with our customers, (ii) identify our distinct performance obligations in a contract, (iii) determine the contract consideration, (iv) allocate the consideration to the performance obligations and (v) recognize revenue as we satisfy our performance obligations. At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Collaborative Arrangements We enter into collaborative arrangements with partners that typically include payment to us of one of more of the following: (i) license fees; (ii) milestone payments related to the achievement of developmental, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments results in collaboration or other revenues. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a collaborative arrangement, they are recorded as deferred revenue and recognized as revenue when (or as) the underlying performance obligation is satisfied. As part of the accounting for these arrangements, we must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligation. The stand-alone selling price may include such items as, forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success, . For our collaboration agreements that include more than one promise, such as a license combined with a commitment to perform research and development services, we make judgments to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate our progress each reporting period and, if necessary, prospectively adjust the measure of a performance obligation and related revenue recognition. License Fees: If a license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front license fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments: We use judgement to determine whether a milestone is considered probable of being reached. Using the most likely amount method, we include the value of a milestone payment in the consideration for a contract at inception if we then conclude achieving the milestone is more likely than not. Otherwise, we exclude the value of a milestone payment from contract consideration at inception and recognize revenue for a milestone at a later date, when we judge that it is more likely than not that the milestone will be achieved. If we conclude it is probable that a significant revenue reversal would not occur, the associated milestone payment value is included in the transaction price. We then allocate the transaction price to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. Royalties: For contracts that include sales-based royalties, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied. To date, we have not recognized any royalty revenues resulting from contracts. Income Taxes We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. We establish valuation allowances when necessary to reduce deferred tax assets to the amounts expected to be realized. We recognize uncertain tax positions taken or expected to be taken on a tax return. Tax positions are initially recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities. We measure our tax positions as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. In December 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 34% to 21% (the “Rate Reduction”) effective for tax years beginning after December 31, 2017. Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. We continue to analyze certain provisions of the Act including the application of new executive compensation limitation provisions under Internal Revenue Section 162(m). These items are subject to revisions from further analysis of the Tax Act and interpretation of any additional guidance issued by the U.S. Treasury Department, IRS, FASB, and other standard-setting and regulatory bodies. We did not record a provision for income tax for three months ended March 31, 2018 because we expect to report a net tax loss for the year ending December 31, 2018. 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 loss. Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, ‘Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). We are evaluating the impact the adoption of these standards would have on our financial statements and disclosures. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Note 2 — Net Loss Per Share We excluded the following from diluted net loss per share because inclusion would have been antidilutive (in thousands): Three Months Ended March 31, 2018 March 31, 2017 Options to purchase common stock 5,099 5,905 Warrants to purchase common stock 100 3,830 Restricted and Performance stock units 619 461 Shares issuable related to the ESPP 42 59 Total 5,860 10,255 |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | Note 3 — Revenue Recognition The performance obligations for our contract assets and liabilities relate to the research and development services for particular clinical programs, all of which we expect to complete in 2018. We believe recognizing revenue as research and development services are performed provides a faithful depiction of the transfer of the services because completion of clinical programs results in data useful to determine satisfaction of our promise. We may fund research and development in advance of the performance of the services. When we complete our performance obligation, if we have received more than we incurred, we are obligated to return unused advance funding. We recognize these advance payments as deferred revenue until we perform the related services. Our revenue for the quarter ended March 31, 2018 was affected by adopting ASC 606 as follows (in thousands): Three Months Ended March 31, 2018 Research and development revenue using guidance in effect prior to ASC 606 $ 4,847 Impact of adoption of ASC 606 (1,261 ) Research and development revenue $ 3,585 License revenue using guidance in effect prior to ASC 606 $ 3,633 Impact of adoption of ASC 606 (1,950 ) License revenue $ 1,683 The impact of adoption of ASC 606 on our net loss per share was immaterial. Our contract assets and liabilities changed during the period, as follows (in thousands): Three Months Ended March 31, 2018 Contract liability from the Amgen Agreement for the Co-Invest Option Balance at beginning of period $ 18,750 Payments made for the Co-Invest Option (6,250 ) Balance at end of period $ 12,500 Contract asset from the 2016 Astellas Amendment Balance at beginning of period $ 21,761 Reduction as services were performed (3,211 ) Balance at end of period $ 18,550 Contract liability from the 2014 Astellas Amendment Balance at beginning of period $ 6,288 Reduction as services were performed (2,952 ) Balance at end of period $ 3,336 |
Research and Development Arrang
Research and Development Arrangements | 3 Months Ended |
Mar. 31, 2018 | |
Research And Development [Abstract] | |
Research and Development Arrangements | Note 4 — Research and Development Arrangements Amgen Inc. (“Amgen”) We 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”). We recognize research and development revenue for reimbursements from Amgen of both internal costs of certain full-time employee equivalents and other costs related to the Amgen Agreement. We provided notice to Amgen of our exercise of our option under the Amgen Agreement 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 “Co-Invest Option”). Payments we made to fund the Co-Invest Option in 2016 and 2017 reduced research and development revenues in 2016 and 2017 by $1.3 million and $20.0 million, respectively. Adoption of ASC 606 We determined that the Amgen Agreement was within the scope of ASC 606. As of January 1, 2018, all the performance obligations under the Amgen Agreement were complete. On January 1, 2018, we recognized a contract liability for $18.8 million with a corresponding increase in accumulated deficit for the Co-Invest Option. Revenue recognized related to the Amgen Agreement during the first quarter of 2017 consisted of $0.9 million for research and development services, offset by our Co-Invest Option payment of $1.3 million in the first quarter of 2017. We paid Amgen $6.3 million for the Co-Invest Option during the three months ended March 31, 2018. Our revenue for the three months ended March 31, 2018 would have been reduced by $6.3 million using generally accepted accounting principles in place prior to adopting ASC 606. Under the Amgen Agreement, we are eligible to receive over $300.0 million in additional development milestone payments 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, we are 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, we cannot estimate if and when these milestone payments could be achieved or become due and, accordingly, are constrained and not included in the transaction price. Astellas Pharma Inc. (“Astellas”) Cytokinetics and Astellas continue activities focused on the research, development, and commercialization of skeletal muscle activators, including reldesemtiv, 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”). We have 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 2014, we and Astellas amended and restated the license and collaboration agreement (the “2014 Astellas Amendment”) and expanded the objective of the collaboration to include spinal muscular atrophy (“SMA”) and potentially other neuromuscular indications for reldesemtiv and other fast skeletal troponin activators (“FSTA”); in connection therewith, Astellas paid us a $30.0 million non-refundable upfront license fee and a $15.0 million milestone payment. We determined at that time that the license for the expanded SMA rights did not have stand-alone value and the license and research and development services were a single unit of accounting and recognized revenue for these payments using the proportional performance model. In 2016, we and Astellas amended the Astellas Agreement (the “2016 Astellas Amendment”) to expand the collaboration to include the development of reldesemtiv for the potential treatment of amyotrophic lateral sclerosis (“ALS”), as well as the possible development in ALS of other FSTAs previously licensed by us to Astellas, and Astellas paid us 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 reldesemtiv 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, for total consideration of $94.2 million. We allocated the consideration to the license and to the research and development services, and recognized license revenue and research and development revenue using the proportional performance model. Astellas’ Option on Tirasemtiv In 2016, Astellas paid us a $15.0 million non-refundable option fee for the option for a global collaboration for the development and commercialization of tirasemtiv (the “Option on Tirasemtiv”). If Astellas exercises the Option on Tirasemtiv: • we will grant Astellas an exclusive license under a license and collaboration agreement to develop and commercialize tirasemtiv outside our commercialization territory of North America, Europe and other select countries (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. • we 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 our 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, Astellas will at that time reimburse us 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, we may receive from Astellas milestone payments. If tirasemtiv is commercialized, Astellas will pay us royalties on sales of tirasemtiv in Astellas’ territory, and we will pay Astellas royalties on sales of tirasemtiv in our territory. While Astellas holds the Option on Tirasemtiv, we are responsible for and have final decision-making authority on the development of tirasemtiv at our expense. We concluded in 2016 that (i) we had no obligation to Astellas related to any development services pursuant to the Option on Tirasemtiv, (ii) the Option on Tirasemtiv was a substantive option and not a deliverable under the 2016 Astellas Amendment, and (iii) the $15.0 million payment was deferred revenue until the Option on Tirasemtiv is exercised or expires unexercised. The $15.0 million payment was included as deferred revenue in our non-current liabilities at December 31, 2017 (prior to adopting ASC 606). Adoption of ASC 606 On January 1, 2018, in adopting ASC 606, we concluded: (i) that the original agreement with Astellas in 2013 was outside the scope of ASC 606, since all performance obligations thereunder were completed prior to entering into the 2014 Astellas Amendment and the 2014 Astellas Amendment was not an amendment of the original agreement, (ii) the 2014 Astellas Amendment is a separate agreement within the scope of ASC 606 with no effect on the ongoing accounting for the related license and research and development service deliverables and (iii) the 2016 Astellas Amendment is a separate agreement within the scope of ASC 606 with the following effect of adoption: • Our performance obligations were the delivery of the license and performance of research and development services; • The transaction price included the $50.0 million in non-refundable fees, the $35.6 million in committed research and development fees and the $15.0 million Astellas paid us for the Option on Tirasemtiv; • The consideration allocated to the license resulted in a contract asset of $21.7 million included in other current assets, with a corresponding decrease to accumulated deficit on January 1, 2018, and to be realized using the proportional performance model; and • Research services we perform under the Astellas Agreement in 2018 and beyond are a separate contract. The transaction price above was allocated to the license (approximately $83 million) and to the services (approximately $18 million) based on their respective stand-alone prices. Of the revenue we recognized in the quarter ended March 31, 2018, $3.0 million was included in the contract liability at the beginning of the period. This revenue includes the cumulative effect of changes made during the period in the estimated costs of research and development services to be incurred to satisfy the related deliverable. Revenue from Astellas included (in thousands): Three Months Ended March 31, 2018 March 31, 2017 Research and development revenues $ 3,585 $ 1,446 License revenues 1,683 2,725 Total Revenue from Astellas $ 5,268 $ 4,171 Of the transaction price allocated to the research and development services, approximately $4 million remains unrecognized at March 31, 2018. There were no accounts receivable due from Astellas at March 31, 2018 and December 31, 2017. Deferred Revenue reflecting the unrecognized portion of the license fees, option fee and payment of expenses from Astellas was as follows (in thousands): March 31, 2018 December 31, 2017 Deferred revenue, current $ 4,506 $ 9,572 Deferred revenue, non-current — $ 15,000 Under the Astellas Agreement, additional research and early and late state development milestone payments for 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 and includes up to $95.0 million relating to reldesemtiv in non-neuromuscular indications, and over $100.0 million related to reldesemtiv 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. We are eligible to receive up to $2.0 million in research milestone payments under the collaboration for each future potential drug candidate. 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, and accordingly, are constrained and not included in the transaction price. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 3 Months Ended |
Mar. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Cash Equivalents and Investments | Note 5 — Cash Equivalents and Investments Cash Equivalents and Available for Sale Investments The amortized cost and fair value of cash equivalents and available for sale investments at March 31, 2018 and December 31, 2017 were as follows (in thousands): March 31, 2018 Investments available for sale Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 35,134 $ — $ — 35,134 Overnight repurchase agreement 63,510 — — 63,510 U.S. Treasury securities 90,486 — (189 ) 90,297 Agency bonds 39,155 — (29 ) 39,126 Commercial paper 15,522 53 — 15,575 Corporate obligations 5,537 — (9 ) 5,528 U.S. Treasury securities $ 249,344 $ 53 $ (227 ) $ 249,170 Investments available for sale at March 31, 2018 excludes an investment in equity with a fair value and unrealized gain of $0.6 million. December 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents $ 111,501 $ — $ — $ 111,501 Short-term investments $ 143,895 $ — $ (210 ) $ 143,685 Long-term investments $ 16,538 $ — $ (20 ) $ 16,518 At March 31, 2018 there were no investments that had been in a continuous unrealized loss position for 12 months or longer. Interest income was $0.8 and $0.1 million for the three months ended March 31 2018 and 2017, respectively. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6 — Fair Value Measurements We value our financial assets and liabilities at fair value, 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). We utilize market data or assumptions that we believe 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. We primarily apply the market approach for recurring fair value measurements and endeavors to utilize the best information reasonably available. Accordingly, we use valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and consider the security issuers’ and the third-party insurers’ credit risk in our assessment of fair value. We classify fair value based on the observability of those inputs using a 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): 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 March 31, 2018 and December 31, 2017 are classified in the table below in one of the three categories described above (in thousands): March 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 35,134 $ — $ — $ 35,134 Overnight repurchase agreement 63,510 — — 63,510 U.S. Treasury securities 90,298 — — 90,298 Agency bonds — 39,125 — 39,125 Commercial paper — 15,575 — 15,575 Corporate obligations — 5,528 — 5,528 $ 188,942 $ 60,228 $ — $ 249,170 December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 51,001 $ — $ — $ 51,001 U.S. Treasury securities 165,801 — — 165,801 Agency bonds — 54,329 — 54,329 Equity securities 573 — — 573 $ 217,375 $ 54,329 $ — $ 271,704 The carrying amount of our accounts receivable and accounts payable approximates fair value due to the short-term nature of these instruments. Fair value of financial liabilities: As of March 31, 2018 and December 31, 2017, the fair value of the long-term debt approximated its carrying value of 32.0 million and $31.8 million, respectively, because it is carried at a market observable interest rate, which are considered Level 2. As of March 31, 2018, the fair value of liability related to the sale of future royalties is based on our current estimates of future royalties expected to be paid to RPI Finance Trust (“RPI”), an entity related to Royalty Pharma, over the life of the arrangement, which are considered Level 3 (See Note 9 – “Liability Related to Sale of Future Royalties”). There were no transfers between Level 1, Level 2, and Level 3 during the periods presented. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Components | Note 7 — Balance Sheet Components Accrued liabilities were as follows (in thousands): March 31, 2018 December 31, 2017 Accrued liabilities: Research and development services $ 10,124 $ 9,436 Compensation related 3,565 6,260 Other accrued expenses 1,856 1,696 Total accrued liabilities $ 15,545 $ 17,392 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 8 — Long-Term Debt We have 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 our working capital and other general corporate needs. Our Long-term debt and unamortized debt discount balances are as follows (in thousands): March 31, 2018 December 31, 2017 Notes payable, gross $ 32,000 $ 32,000 Less: Unamortized debt discount and issuance costs (300 ) (325 ) Accretion of final payment fee 254 102 Carrying value of notes payable $ 31,954 $ 31,777 Less: Current portion of long-term debt - - Long-term debt $ 31,954 $ 31,777 Payments on the notes payable will be interest only through May 2019, followed by 41 months of equal monthly payments of interest and principal. We are required to make a final payment upon loan maturity of 6.5% of the notes payable, which we accrete over the life of the notes payable. The interest rate under the Amended Loan Agreement is the greater of (a) 8.05% or (b) the sum of 6.81% plus the 30-day U.S. LIBOR rate. The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to us and includes customary events of default, including but not limited to the nonpayment of principal or interest, violations of covenants and material adverse changes. Upon an event of default, the Lenders may, among other things, accelerate the loans and foreclose on the collateral. Our obligations under the Loan Agreement are secured by substantially all our current and future assets, other than its intellectual property. Interest expense was $0.9 million and $0.7 million for the three months ended March 31, 2018 and 2017, 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 8.5% at March 31, 2018. Minimum payments under the Loan Agreement are (in thousands): 2018 $ 2,615 2019 7,963 2020 11,187 2021 10,417 2022 10,176 Total minimum payments 42,358 Less: Interest and final payment (10,358 ) Notes payable, gross $ 32,000 |
Liability Related to Sale of Fu
Liability Related to Sale of Future Royalties | 3 Months Ended |
Mar. 31, 2018 | |
Deferred Revenue Disclosure [Abstract] | |
Liability Related to Sale of Future Royalties | Note 9 - Liability Related to Sale of Future Royalties In February 2017, we entered into a Royalty Purchase Agreement (the “Royalty Agreement”), under which we sold a portion of our 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. Concurrently, we entered into a Common Stock Purchase Agreement with RPI through which RPI purchased 875, 676 shares of our common stock for $10.0 million (the “RPI Common Stock”). We 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 sale of the RPI Common Stock. We 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% based on our estimate of the cash flows to be received over the life of the Royalty Agreement. We further determined that the fair value of the RPI Common Stock was $8.1 million. We allocated the consideration of $100.0 million and related transaction costs of $1.8 million on a relative fair value basis to the liability for $92.3 million and the common stock for $7.7 million. We continue to accrete the Liability related to sale of future royalties using the interest method with an annual pre-tax interest rate of 17%. The transaction costs are amortized to non-cash interest expense over the estimated term of the Royalty Agreement. We recognized $4.1 million and $2.3 million in non-cash interest expense in the three months ended March 31, 2018 and 2017, respectively, related to the Royalty Agreement. As of December 31, 2017, we determined the fair value at $131.6 million, after considering the new statutory effective tax rate of 21% in 2018. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | Note 10 — Stockholders’ Equity Equity Incentive Plan As of March 31, 2018, 2.9 million authorized shares were available for grant under the 2004 Equity Plan. Restricted Stock Units that Contain Performance Conditions (“Performance Units”): At December 31, 2017, we had 171,250 Performance Units with an award date fair value per unit of $7.00 outstanding. The performance criteria for these Performance Units were met in 2017 and these units vested in March 2018. Warrants: At March 31, 2018, we had outstanding warrants to purchase 100,106 shares of our common stock, issued pursuant to the Loan Agreement, with a weighted average exercise price of $6.74 per share. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 11 — Commitments and Contingencies Commitments Operating Lease: Our non-cancelable operating lease for our facilities expires in 2021 and includes rental payments on a graduated scale and our payment of certain operating expenses. We recognize rent expense on a straight-line basis over the lease period. Rent expense was $1.2 million and $0.8 million for the three months ended March 31, 2018 and 2017, respectively. Contingencies In the ordinary course of business, we 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 our breach of such agreements, services to be provided by or on behalf of us, or from intellectual property infringement claims made by third parties. In addition, we have indemnification agreements with our directors and certain of our officers and employees that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. We maintain director and officer insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and certain of our officers and employees, and former officers and directors in certain circumstances. We maintain product liability insurance and comprehensive general liability insurance, which may cover certain liabilities arising from our 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. We are not currently aware of any matters that could have a material adverse effect on our financial position, results of operations or cash flows. |
Organization and Significant 17
Organization and Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation Our condensed consolidated financial statements include the accounts of Cytokinetics and our 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 our financial position at March 31, 2018 and the results of our operations and cash flows for the three months ended March 31, 2018. These interim 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, 2017 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, 2017, as filed with the SEC. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires us 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 condensed consolidated financial statements and reported amounts of revenues and expenses during the reporting periods. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, investments, accrued research and development expenses, other long-lived assets, stock-based compensation and the valuation of deferred tax assets. We base our estimates on our historical experience and also on assumptions that we believe are reasonable; however, actual results could significantly differ from those estimates. |
Revenue Recognition – Adoption of Revenue from Contracts with Customers ASC 606 | Revenue Recognition – Adoption of Revenue from Contracts with Customers ASC 606 On January 1, 2018, we adopted Revenue from Contracts with Customers (ASC 606), using the modified retrospective method. On January 1, 2018, for contracts within the scope of ASC 606, we recognized a contract asset or liability and reduced our accumulated deficit by $18.1 million for the effect of adopting ASC 606 and did not revise our prior period financial statements. Pursuant to ASC 606, to recognize revenue from a contract with a customer, we: (i) identify our contracts with our customers, (ii) identify our distinct performance obligations in a contract, (iii) determine the contract consideration, (iv) allocate the consideration to the performance obligations and (v) recognize revenue as we satisfy our performance obligations. At contract inception, we assess the goods or services promised within each contract and assess whether each promised good or service is distinct and determine those that are performance obligations. We then recognize as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Collaborative Arrangements We enter into collaborative arrangements with partners that typically include payment to us of one of more of the following: (i) license fees; (ii) milestone payments related to the achievement of developmental, regulatory, or commercial goals; and (iii) royalties on net sales of licensed products. Each of these payments results in collaboration or other revenues. Where a portion of non-refundable up-front fees or other payments received are allocated to continuing performance obligations under the terms of a collaborative arrangement, they are recorded as deferred revenue and recognized as revenue when (or as) the underlying performance obligation is satisfied. As part of the accounting for these arrangements, we must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation which determines how the transaction price is allocated among the performance obligation. The stand-alone selling price may include such items as, forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success, . For our collaboration agreements that include more than one promise, such as a license combined with a commitment to perform research and development services, we make judgments to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. We evaluate our progress each reporting period and, if necessary, prospectively adjust the measure of a performance obligation and related revenue recognition. License Fees: If a license to our intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, we recognize revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For licenses that are bundled with other promises, we utilize judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front license fees. We evaluate the measure of progress each reporting period and, if necessary, adjust the measure of performance and related revenue recognition. Milestone Payments: We use judgement to determine whether a milestone is considered probable of being reached. Using the most likely amount method, we include the value of a milestone payment in the consideration for a contract at inception if we then conclude achieving the milestone is more likely than not. Otherwise, we exclude the value of a milestone payment from contract consideration at inception and recognize revenue for a milestone at a later date, when we judge that it is more likely than not that the milestone will be achieved. If we conclude it is probable that a significant revenue reversal would not occur, the associated milestone payment value is included in the transaction price. We then allocate the transaction price to each performance obligation on a relative stand-alone selling price basis, for which we recognize revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, we re-evaluate the probability of achievement of such milestones and any related constraint, and if necessary, adjust our estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. Royalties: For contracts that include sales-based royalties, we recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied. To date, we have not recognized any royalty revenues resulting from contracts. |
Income Taxes | Income Taxes We account for income taxes under the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to affect taxable income. We establish valuation allowances when necessary to reduce deferred tax assets to the amounts expected to be realized. We recognize uncertain tax positions taken or expected to be taken on a tax return. Tax positions are initially recognized when it is more likely than not that the position will be sustained upon examination by the tax authorities. We measure our tax positions as the largest amount of tax benefit that is more likely than not of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. We recognize interest accrued related to unrecognized tax benefits and penalties as income tax expense. In December 2017, the Tax Cuts and Jobs Act of 2017 (the “Tax Act”) was signed into law making significant changes to the Internal Revenue Code. Changes include, but are not limited to, a corporate tax rate decrease from 34% to 21% (the “Rate Reduction”) effective for tax years beginning after December 31, 2017. Staff Accounting Bulletin No. 118 ("SAB 118") was issued to address the application of US GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. We continue to analyze certain provisions of the Act including the application of new executive compensation limitation provisions under Internal Revenue Section 162(m). These items are subject to revisions from further analysis of the Tax Act and interpretation of any additional guidance issued by the U.S. Treasury Department, IRS, FASB, and other standard-setting and regulatory bodies. We did not record a provision for income tax for three months ended March 31, 2018 because we expect to report a net tax loss for the year ending December 31, 2018. |
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 loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, ‘Financial Instruments — Credit Losses — Measurement of Credit Losses on Financial Instruments. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). We are evaluating the impact the adoption of these standards would have on our financial statements and disclosures. |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Instruments Excluded from Diluted Net Loss Per Share | We excluded the following from diluted net loss per share because inclusion would have been antidilutive (in thousands): Three Months Ended March 31, 2018 March 31, 2017 Options to purchase common stock 5,099 5,905 Warrants to purchase common stock 100 3,830 Restricted and Performance stock units 619 461 Shares issuable related to the ESPP 42 59 Total 5,860 10,255 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue Recognition [Abstract] | |
Schedule of Revenue Affected by Adopting ASC 606 | Our revenue for the quarter ended March 31, 2018 was affected by adopting ASC 606 as follows (in thousands): Three Months Ended March 31, 2018 Research and development revenue using guidance in effect prior to ASC 606 $ 4,847 Impact of adoption of ASC 606 (1,261 ) Research and development revenue $ 3,585 License revenue using guidance in effect prior to ASC 606 $ 3,633 Impact of adoption of ASC 606 (1,950 ) License revenue $ 1,683 |
Schedule of Changes in Contract Assets and Liabilities | Our contract assets and liabilities changed during the period, as follows (in thousands): Three Months Ended March 31, 2018 Contract liability from the Amgen Agreement for the Co-Invest Option Balance at beginning of period $ 18,750 Payments made for the Co-Invest Option (6,250 ) Balance at end of period $ 12,500 Contract asset from the 2016 Astellas Amendment Balance at beginning of period $ 21,761 Reduction as services were performed (3,211 ) Balance at end of period $ 18,550 Contract liability from the 2014 Astellas Amendment Balance at beginning of period $ 6,288 Reduction as services were performed (2,952 ) Balance at end of period $ 3,336 |
Research and Development Arra20
Research and Development Arrangements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Deferred Revenue | Deferred Revenue reflecting the unrecognized portion of the license fees, option fee and payment of expenses from Astellas was as follows (in thousands): March 31, 2018 December 31, 2017 Deferred revenue, current $ 4,506 $ 9,572 Deferred revenue, non-current — $ 15,000 |
Astellas [Member] | |
Summary of Research and Development Revenue | Revenue from Astellas included (in thousands): Three Months Ended March 31, 2018 March 31, 2017 Research and development revenues $ 3,585 $ 1,446 License revenues 1,683 2,725 Total Revenue from Astellas $ 5,268 $ 4,171 |
Cash Equivalents and Investme21
Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Investments Debt And Equity Securities [Abstract] | |
Amortized Cost and Fair Value of Cash Equivalents and Available for Sale Investments | The amortized cost and fair value of cash equivalents and available for sale investments at March 31, 2018 and December 31, 2017 were as follows (in thousands): March 31, 2018 Investments available for sale Amortized Cost Unrealized Gains Unrealized Losses Fair Value Money market funds $ 35,134 $ — $ — 35,134 Overnight repurchase agreement 63,510 — — 63,510 U.S. Treasury securities 90,486 — (189 ) 90,297 Agency bonds 39,155 — (29 ) 39,126 Commercial paper 15,522 53 — 15,575 Corporate obligations 5,537 — (9 ) 5,528 U.S. Treasury securities $ 249,344 $ 53 $ (227 ) $ 249,170 Investments available for sale at March 31, 2018 excludes an investment in equity with a fair value and unrealized gain of $0.6 million. December 31, 2017 Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents $ 111,501 $ — $ — $ 111,501 Short-term investments $ 143,895 $ — $ (210 ) $ 143,685 Long-term investments $ 16,538 $ — $ (20 ) $ 16,518 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Summary of Financial Assets Measured at Fair Value on Recurring Basis | Financial assets measured at fair value on a recurring basis as of March 31, 2018 and December 31, 2017 are classified in the table below in one of the three categories described above (in thousands): March 31, 2018 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 35,134 $ — $ — $ 35,134 Overnight repurchase agreement 63,510 — — 63,510 U.S. Treasury securities 90,298 — — 90,298 Agency bonds — 39,125 — 39,125 Commercial paper — 15,575 — 15,575 Corporate obligations — 5,528 — 5,528 $ 188,942 $ 60,228 $ — $ 249,170 December 31, 2017 Fair Value Measurements Using Level 1 Level 2 Level 3 Assets At Fair Value Assets: Money market funds $ 51,001 $ — $ — $ 51,001 U.S. Treasury securities 165,801 — — 165,801 Agency bonds — 54,329 — 54,329 Equity securities 573 — — 573 $ 217,375 $ 54,329 $ — $ 271,704 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Accrued Liabilities | Accrued liabilities were as follows (in thousands): March 31, 2018 December 31, 2017 Accrued liabilities: Research and development services $ 10,124 $ 9,436 Compensation related 3,565 6,260 Other accrued expenses 1,856 1,696 Total accrued liabilities $ 15,545 $ 17,392 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule Of Long Term Debt And Unamortized Debt Discount | Our Long-term debt and unamortized debt discount balances are as follows (in thousands): March 31, 2018 December 31, 2017 Notes payable, gross $ 32,000 $ 32,000 Less: Unamortized debt discount and issuance costs (300 ) (325 ) Accretion of final payment fee 254 102 Carrying value of notes payable $ 31,954 $ 31,777 Less: Current portion of long-term debt - - Long-term debt $ 31,954 $ 31,777 |
Schedule of Future Minimum Payments under Loan | Minimum payments under the Loan Agreement are (in thousands): 2018 $ 2,615 2019 7,963 2020 11,187 2021 10,417 2022 10,176 Total minimum payments 42,358 Less: Interest and final payment (10,358 ) Notes payable, gross $ 32,000 |
Organization and Significant 25
Organization and Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |||
Accumulated deficit incurred | $ (658,349,000) | $ (646,081,000) | |
Cash requirements term | 12 months | ||
Effective tax rate | 21.00% | 34.00% | |
Provision for income taxes | $ 0 | ||
Effect on previously reported net income due to reclassifications | $ 0 | ||
Accounting Standards Update 2014-09 [Member] | Difference Between Revenue Guidance in Effect Before and After Topic 606 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Accumulated deficit incurred | $ (18,100,000) |
Net Loss Per Share - Instrument
Net Loss Per Share - Instruments Excluded from Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 5,860 | 10,255 |
Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 5,099 | 5,905 |
Warrants to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 100 | 3,830 |
Restricted and Performance Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 619 | 461 |
ESPP [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total shares | 42 | 59 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Revenue Affected by Adopting ASC 606 (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Research and development revenues | $ 3,585 | $ 2,707 |
License revenues | 1,683 | $ 1,446 |
Calculated Under Revenue Guidance in Effect Before Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Research and development revenues | 4,847 | |
License revenues | 3,633 | |
Difference Between Revenue Guidance in Effect Before and After Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | ||
Research and development revenues | (1,261) | |
License revenues | $ (1,950) |
Revenue Recognition - Schedul28
Revenue Recognition - Schedule of Changes in Contract Assets and Liabilities (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Balance at beginning of period | $ 0 |
Balance at beginning of period | 0 |
Balance at end of period | 15,836 |
Balance at end of period | 18,550 |
Amgen Agreement [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Balance at beginning of period | 18,750 |
Payments made for the Co-Invest Option | (6,250) |
Balance at end of period | 12,500 |
2016 Astellas Agreement [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Balance at beginning of period | 21,761 |
Reduction as services were performed | (3,211) |
Balance at end of period | 18,550 |
2014 Astellas Agreement [Member] | |
Revenue Recognition Multiple Deliverable Arrangements [Line Items] | |
Balance at beginning of period | 6,288 |
Reduction as services were performed | (2,952) |
Balance at end of period | $ 3,336 |
Research and Development Arra29
Research and Development Arrangements - Additional Information (Details) - USD ($) | Jan. 01, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Accumulated deficit incurred | $ (658,349,000) | $ (646,081,000) | ||||
Revenues | $ 5,268,000 | $ 4,153,000 | ||||
Percentage of shared costs | 75.00% | |||||
Deferred revenue, current | $ 4,506,000 | 9,572,000 | ||||
Research and development | 22,135,000 | 19,289,000 | ||||
Contract assets | 18,550,000 | 0 | ||||
Contract liabilities | 15,836,000 | 0 | ||||
Accounts receivable | 37,000 | 1,112,000 | ||||
2016 Astellas Amendment [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Non-refundable option fee | $ 15,000,000 | |||||
2016 Astellas Agreement [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Contract assets | 18,550,000 | 21,761,000 | ||||
Maximum [Member] | 2016 Astellas Amendment [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Research milestone payments | 2,000,000 | |||||
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 | |||||
Accounting Standards Update 2014-09 [Member] | Amgen [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Pre-commercialization milestone payments eligible to receive | 300,000,000 | |||||
Accounting Standards Update 2014-09 [Member] | Maximum [Member] | Amgen [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Commercialization milestone payments eligible to receive | 300,000,000 | |||||
Accounting Standards Update 2014-09 [Member] | Difference Between Revenue Guidance in Effect Before and After Topic 606 [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Accumulated deficit incurred | $ (18,100,000) | |||||
Contract liabilities | 3,000,000 | |||||
Accounting Standards Update 2014-09 [Member] | Difference Between Revenue Guidance in Effect Before and After Topic 606 [Member] | 2016 Astellas Amendment [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Accumulated deficit incurred | 21,700,000 | |||||
Non-refundable fees | 50,000,000 | |||||
Research and development | 35,600,000 | |||||
Contract assets | 21,700,000 | |||||
License transaction price | 83,000,000 | |||||
Services transaction price | 18,000,000 | |||||
Amgen [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Co-invest option exercised amount | $ 40,000,000 | |||||
Percentage of incremental royalty receivable on annual net sales | 4.00% | |||||
Reduction in research and development revenue due to payments made to fund the Co-Invest Option | $ 0 | 20,000,000 | 1,300,000 | |||
Amgen [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Revenue from Contract with Customer, Excluding Assessed Tax | 900,000 | |||||
Co-invest option payment | 1,300,000 | |||||
Co-invest option payment | 6,300,000 | |||||
Amgen [Member] | Accounting Standards Update 2014-09 [Member] | Difference Between Revenue Guidance in Effect Before and After Topic 606 [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Contract with Customer, Liability, Revenue Recognized | 18,800,000 | |||||
Accumulated deficit incurred | $ (18,800,000) | |||||
Revenues | 6,300,000 | |||||
Astellas [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Revenues | 5,268,000 | 4,171,000 | ||||
Upfront payment received | $ 3,585,000 | $ 1,446,000 | ||||
Percentage of shared costs | 25.00% | |||||
Deferred revenue, current | $ 4,506,000 | 9,572,000 | ||||
Accounts receivable | 0 | 0 | ||||
Astellas [Member] | 2014 Agreement [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront payment received | $ 30,000,000 | |||||
Amount received as milestone payment | $ 15,000,000 | |||||
Astellas [Member] | 2016 Astellas Amendment [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Amount received as milestone payment | 15,000,000 | |||||
Revenue recognition, Non-refundable upfront amendment fee | 35,000,000 | |||||
Revenue Recognition over Performance Period | 44,200,000 | |||||
Allocated Consideration | $ 94,200,000 | |||||
Astellas [Member] | 2016 Astellas Agreement [Member] | Tirasemtiv Option [Member] | Tirasemtiv License | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Revenue recognized for milestones achieved | 15,000,000 | |||||
Astellas [Member] | Maximum [Member] | 2016 Astellas Amendment [Member] | Non Neuromuscular Indications | ||||||
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] | 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] | 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] | SMA and Other Neuromuscular Indications [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Potential amount receivable under collaboration agreement | 100,000,000 | |||||
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] | Calculated Under Revenue Guidance in Effect Before Topic 606 [Member] | 2016 Astellas Agreement [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue, current | $ 15,000,000 | |||||
Astellas [Member] | Accounting Standards Update 2014-09 [Member] | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Unrecognized transaction price | $ 4,000,000 |
Research and Development Arra30
Research and Development Arrangements - Revenues (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
License revenues | $ 1,683 | $ 1,446 |
Total Revenue | 5,268 | 4,153 |
Astellas [Member] | ||
Research And Development Arrangement Contract To Perform For Others [Line Items] | ||
Research and development revenues | 3,585 | 1,446 |
License revenues | 1,683 | 2,725 |
Total Revenue | $ 5,268 | $ 4,171 |
Research and Development Arra31
Research and Development Arrangements - Deferred Revenue (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue, current | $ 4,506 | $ 9,572 |
Deferred revenue, non-current | 0 | 15,000 |
Astellas [Member] | ||
Deferred Revenue Arrangement [Line Items] | ||
Deferred revenue, current | 4,506 | 9,572 |
Deferred revenue, non-current | $ 0 | $ 15,000 |
Cash Equivalents and Investme32
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Available for Sale Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | $ 249,344 | |
Unrealized Gains | 53 | |
Unrealized Losses | (227) | |
Fair Value | 249,170 | |
Cash Equivalents [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | $ 111,501 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 111,501 | |
Short-term Investments [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 143,895 | |
Unrealized Gains | 0 | |
Unrealized Losses | (210) | |
Fair Value | 143,685 | |
Long-term Investments [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 16,538 | |
Unrealized Gains | 0 | |
Unrealized Losses | (20) | |
Fair Value | $ 16,518 | |
Money Market Funds [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 35,134 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 35,134 | |
Overnight Repurchase Agreement [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 63,510 | |
Unrealized Gains | 0 | |
Unrealized Losses | 0 | |
Fair Value | 63,510 | |
U.S. Treasury Securities [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 90,486 | |
Unrealized Gains | 0 | |
Unrealized Losses | (189) | |
Fair Value | 90,297 | |
Agency Bonds [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 39,155 | |
Unrealized Gains | 0 | |
Unrealized Losses | (29) | |
Fair Value | 39,126 | |
Commercial Paper [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 15,522 | |
Unrealized Gains | 53 | |
Unrealized Losses | 0 | |
Fair Value | 15,575 | |
Corporate Obligations [Member] | ||
Cash And Cash Equivalents [Line Items] | ||
Amortized Cost | 5,537 | |
Unrealized Gains | 0 | |
Unrealized Losses | (9) | |
Fair Value | $ 5,528 |
Cash Equivalents and Investme33
Cash Equivalents and Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Cash And Cash Equivalents [Abstract] | ||
Investment in equity with a fair value and unrealized gain | $ 600,000 | |
Investments in continuous unrealized loss position for 12 months or longer | 0 | |
Interest income | $ 800,000 | $ 100,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Financial Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | $ 249,170 | $ 271,704 |
Fair Value Measurements Using Level 1 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 188,942 | 217,375 |
Fair Value Measurements Using Level 2 [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 60,228 | 54,329 |
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 |
Money Market Funds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 35,134 | 51,001 |
Money Market Funds [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 | 35,134 | 51,001 |
Money Market Funds [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 |
Money Market Funds [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 |
Overnight Repurchase Agreement [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 63,510 | |
Overnight Repurchase Agreement [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 | 63,510 | |
Overnight Repurchase Agreement [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 | |
Overnight Repurchase Agreement [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 | |
U.S. Treasury Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 90,298 | 165,801 |
U.S. Treasury Securities [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 | 90,298 | 165,801 |
U.S. Treasury Securities [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 |
U.S. Treasury Securities [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 |
Agency Bonds [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 39,125 | 54,329 |
Agency Bonds [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 | 0 | 0 |
Agency Bonds [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 | 39,125 | 54,329 |
Agency Bonds [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 |
Commercial Paper [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 15,575 | |
Commercial Paper [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 | 0 | |
Commercial Paper [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 | 15,575 | |
Commercial Paper [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 | |
Corporate Obligations [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 5,528 | |
Corporate Obligations [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 | 0 | |
Corporate Obligations [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 | 5,528 | |
Corporate Obligations [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 | |
Equity Securities [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Assets at fair value | 573 | |
Equity Securities [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 | 573 | |
Equity Securities [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 | |
Equity Securities [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 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Long-term debt, fair value | $ 32,000,000 | $ 31,800,000 |
Fair value of liabilities transferred from level 1 to level 2 | 0 | |
Fair value of liabilities transferred from level 2 to level 1 | 0 | |
Fair value of liabilities transferred into level 3 | 0 | |
Fair value of liabilities transferred from level 3 | $ 0 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Accrued liabilities: | ||
Research and development services | $ 10,124 | $ 9,436 |
Compensation related | 3,565 | 6,260 |
Other accrued expenses | 1,856 | 1,696 |
Total accrued liabilities | $ 15,545 | $ 17,392 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long Term Debt and Unamortized Debt Discount (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Disclosure [Abstract] | ||
Notes payable, gross | $ 32,000 | $ 32,000 |
Less: Unamortized debt discount and issuance costs | (300) | (325) |
Accretion of final payment fee | 254 | 102 |
Carrying value of notes payable | 31,954 | 31,777 |
Less: Current portion of long-term debt | 0 | 0 |
Long-term debt, net | $ 31,954 | $ 31,777 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)Installment | Mar. 31, 2017USD ($) | |
Debt Instrument [Line Items] | ||
Loan repayment terms | Payments on the notes payable will be interest only through May 2019, followed by 41 months of equal monthly payments of interest and principal. | |
Number of installments description | 41 months of equal monthly payments of interest and principal | |
Number of installments | Installment | 41 | |
Final payment fee percentage | 6.50% | |
Debt instrument, applicable interest rate for scenario 1 | 8.05% | |
Debt instrument, base interest rate for scenario 2 | 6.81% | |
Interest rate description | The interest rate under the Amended Loan Agreement is the greater of (a) 8.05% or (b) the sum of 6.81% plus the 30-day U.S. LIBOR rate. | |
Interest expense | $ 863 | $ 745 |
Oxford and Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense | $ 900 | $ 700 |
Effective interest rate on the amounts borrowed under the Agreement | 8.50% |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Minimum Payments under Loan Agreement (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Carrying value of notes payable | $ 31,954 | $ 31,777 |
Long-term debt, alternative | ||
Carrying value of notes payable | 31,954 | 31,777 |
Notes payable, gross | 32,000 | $ 32,000 |
Loan and Security Agreement [Member] | Oxford and Silicon Valley Bank [Member] | ||
Debt Instrument [Line Items] | ||
2,018 | 2,615 | |
2,019 | 7,963 | |
2,020 | 11,187 | |
2,021 | 10,417 | |
2,022 | 10,176 | |
Carrying value of notes payable | 42,358 | |
Long-term debt, alternative | ||
Carrying value of notes payable | 42,358 | |
Less: Interest and final payment | (10,358) | |
Notes payable, gross | $ 32,000 |
Liability Related to Sale of 40
Liability Related to Sale of Future Royalties - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2017 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Liability Related to Sale of Future Royalties [Line Items] | ||||
Proceeds from issuance of common stock | $ 0 | $ 17,355 | ||
Allocated Consideration | 100,000 | |||
Transaction costs incurred in connection with the Royalty Monetization and RPI Common stock | 1,800 | |||
Non-cash interest expense recognized | $ 4,129 | 2,307 | ||
Effective tax rate | 21.00% | 34.00% | ||
Liability Related to Sale of Future Royalties [Member] | ||||
Liability Related to Sale of Future Royalties [Line Items] | ||||
Allocated Consideration | $ 92,300 | |||
Common Stock [Member] | ||||
Liability Related to Sale of Future Royalties [Line Items] | ||||
Allocated Consideration | 7,700 | |||
Royalty Purchase Agreement [Member] | ||||
Liability Related to Sale of Future Royalties [Line Items] | ||||
Cash payment under Royalty Agreement | $ 90,000 | |||
Common stock, shares issued in period | 875,676 | |||
Proceeds from issuance of common stock | $ 10,000 | |||
Fair value for the liability related to sale of future royalties | $ 131,600 | |||
Effective annual non-cash interest rate in calculating liability related to sale of future royalties | 17.00% | |||
Common stock fair value | $ 8,100 | |||
Annual pre-tax interest rate in calculating liability related to sale of future royalties | 17.00% | |||
Non-cash interest expense recognized | $ 4,100 | $ 2,300 | ||
Effective tax rate | 21.00% | |||
Royalty Purchase Agreement [Member] | Scenario Previously Reported [Member] | ||||
Liability Related to Sale of Future Royalties [Line Items] | ||||
Fair value for the liability related to sale of future royalties | $ 96,700 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 1 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Outstanding warrants | 100,106 | |
Outstanding warrants, weighted average exercise price | $ 6.74 | |
Performance Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Units outstanding | 171,250 | |
Award date fair value per unit | $ 7 | |
Units vested | 171,250 | |
2004 Equity Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for grant of options | 2.9 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | ||
Non-cancelable operating lease expiration year | 2,021 | |
Rent expense | $ 1.2 | $ 0.8 |