ACADIA Pharmaceuticals (ACAD) 10-Q 5 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Jul. 31, 2014
Document And Entity Information [Abstract]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Jun-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'
Trading Symbol	'ACAD	'
Entity Registrant Name	'ACADIA PHARMACEUTICALS INC	'
Entity Central Index Key	'0001070494	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	99,436,825

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Assets	'	'
Cash and cash equivalents	$13,698	$11,707	[1]
Investment securities, available-for-sale	340,755	174,083	[1]
Interest and other receivables	1,320	750	[1]
Prepaid expenses and other current assets	3,081	1,820	[1]
Total current assets	358,854	188,360	[1]
Property and equipment, net	500	579	[1]
Other assets	111	179	[1]
Total assets	359,465	189,118	[1]
Liabilities and stockholders' equity	'	'
Accounts payable	1,104	372	[1]
Accrued expenses	8,206	6,552	[1]
Deferred revenue	29	55	[1]
Total current liabilities	9,339	6,979	[1]
Long-term liabilities	18	8	[1]
Total liabilities	9,357	6,987	[1]
Commitments and contingencies (Note 9)	'	'	[1]
Stockholders' equity	'	'
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at June 30, 2014 and December 31, 2013; no shares issued and outstanding at June 30, 2014 and December 31, 2013	'	'	[1]
Common stock, $0.0001 par value; 150,000,000 shares authorized at June 30, 2014 and December 31, 2013; 99,300,702 shares and 91,102,618 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	10	9	[1]
Additional paid-in capital	794,995	587,742	[1]
Accumulated deficit	-444,991	-405,668	[1]
Accumulated other comprehensive income	94	48	[1]
Total stockholders' equity	350,108	182,131	[1]
Total liabilities and stockholders' equity	$359,465	$189,118	[1]
[1]	The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
Statement Of Financial Position [Abstract]	'	'
Preferred stock, par value	$0.00	$0.00	[1]
Preferred stock, shares authorized	5,000,000	5,000,000	[1]
Preferred stock, shares issued	0	0	[1]
Preferred stock, shares outstanding	0	0	[1]
Common stock, par value	$0.00	$0.00	[1]
Common stock, shares authorized	150,000,000	150,000,000	[1]
Common stock, shares issued	99,300,702	91,102,618	[1]
Common stock, shares outstanding	99,300,702	91,102,618	[1]
[1]	The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues	'	'	'	'
Collaborative revenues	$28	$451	$58	$868
Operating expenses	'	'	'	'
Research and development (includes stock-based compensation expense of $1,089, $473, $2,095, and $727, respectively)	13,799	7,112	25,467	11,542
General and administrative (includes stock-based compensation expense of $3,242, $591, $5,398, and $919, respectively)	7,952	2,496	14,272	4,647
Total operating expenses	21,751	9,608	39,739	16,189
Loss from operations	-21,723	-9,157	-39,681	-15,321
Interest income, net	228	76	358	117
Net loss	($21,495)	($9,081)	($39,323)	($15,204)
Net loss per common share, basic and diluted	($0.22)	($0.11)	($0.41)	($0.19)
Weighted average common shares outstanding, basic and diluted	99,048	83,410	96,042	81,105

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Parenthetical) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Stock-based compensation expense	$4,300	$1,100	$7,493	$1,646
Research and development	'	'	'	'
Stock-based compensation expense	1,089	473	2,095	727
General and administrative	'	'	'	'
Stock-based compensation expense	$3,242	$591	$5,398	$919

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Statement Of Income And Comprehensive Income [Abstract]	'	'	'	'
Net loss	($21,495)	($9,081)	($39,323)	($15,204)
Other comprehensive income (loss):	'	'	'	'
Unrealized gain (loss) on investment securities	94	-41	46	-30
Comprehensive loss	($21,401)	($9,122)	($39,277)	($15,234)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014		Jun. 30, 2013
Cash flows from operating activities	'		'
Net loss	($39,323)		($15,204)
Adjustments to reconcile net loss to net cash used in operating activities:	'		'
Stock-based compensation	7,493		1,646
Amortization of premiums on investment securities	-11		473
Depreciation	85		24
Gain on disposal of assets	'		-11
Changes in operating assets and liabilities:	'		'
Interest and other receivables	-570		-556
Prepaid expenses and other current assets	-1,261		-173
Other assets	68		-56
Accounts payable	732		-198
Accrued expenses	1,654		2,349
Deferred revenue	-26		-323
Long-term liabilities	10		'
Net cash used in operating activities	-31,149		-12,029
Cash flows from investing activities	'		'
Purchases of investment securities	-288,639		-162,032
Maturities of investment securities	122,023		30,393
Purchases of property and equipment	-6		-74
Proceeds from sales of property and equipment	'		11
Net cash used in investing activities	-166,622		-131,702
Cash flows from financing activities	'		'
Proceeds from issuance of common stock, net of issuance costs	199,762		110,079
Net cash provided by financing activities	199,762		110,079
Net increase (decrease) in cash and cash equivalents	1,991		-33,652
Cash and cash equivalents	'		'
Beginning of period	11,707	[1]	57,899
End of period	$13,698		$24,247
[1]	The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Accounting Policies [Abstract]	'
Basis of Presentation	'
	1. Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements of ACADIA Pharmaceuticals Inc. should be read in conjunction with the audited financial statements and notes thereto as of and for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K (“Annual Report”) filed with the Securities and Exchange Commission (the “SEC”). The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and in accordance with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying financial statements do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, the accompanying financial statements reflect all adjustments (consisting of normal recurring adjustments) that are necessary for a fair statement of the financial position, results of operations and cash flows for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the accompanying notes. Actual results could differ from those estimates.
	The Company has incurred substantial operating losses since its inception due in large part to expenditures for its research and development activities. As of June 30, 2014, the Company had an accumulated deficit of $445.0 million. The Company expects to continue to incur operating losses for at least the next few years as it pursues the development and commercialization of its product candidates.
	The Company may require significant additional financing in the future to fund its operations. Future capital requirements will depend on many factors, including the progress in, the outcome of and the costs of the Company’s development and regulatory activities, including the ability of the Company to obtain regulatory approval for its products, costs associated with establishing necessary sales and marketing capabilities, the amount of product sales, if any, the scope, prioritization and number of its research and development programs, the ability of its collaborators and the Company to reach milestones and other events or developments under its collaboration and license agreements, and the ability of the Company to enter into new, and to maintain existing, collaboration and license agreements. Unless and until the Company can generate significant continuing revenues, it expects to fund its operations through its existing cash, cash equivalents and investment securities, payments from existing and potential future collaborations, proceeds from public or private sales of its equity securities, debt financing, grant funding, or by licensing all or a portion of its product candidates or technology. The Company cannot be certain that adequate additional funding will be available on acceptable terms, or at all. Conditions in the financial markets and other factors could have a material adverse effect on the Company’s ability to access sufficient funding on acceptable terms, or at all. If the Company needs but cannot raise adequate additional capital, it will be required to delay, reduce the scope of, or eliminate one or more of its research or development programs or its commercialization efforts. In such circumstances, the Company may also be required to relinquish greater, or even all, rights to product candidates at earlier stages of development or on less favorable terms than it would otherwise choose.

Earnings_Loss_Per_Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Earnings (Loss) Per Share	'
	2. Earnings (Loss) Per Share
	Basic earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings (loss) per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period, increased to include potential dilutive common shares that were outstanding during the period. The effect of outstanding stock options and warrants is reflected, when dilutive, in diluted earnings per common share by application of the treasury stock method. The Company has excluded all outstanding stock options and warrants from the calculation of diluted net loss per common share because all such securities are antidilutive for all periods presented.
	Shares used in calculating basic and diluted net loss per common share exclude these potential common shares (in thousands):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
		(unaudited)				(unaudited)
	Antidilutive options to purchase common stock		7,772		7,217		7,629		7,129
	Antidilutive warrants to purchase common stock		1,966		3,725		1,966		3,725
			9,738		10,942		9,595		10,854

StockBased_Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2014
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]	'
Stock-Based Compensation	'
	3. Stock-Based Compensation
	The fair value of each stock option and each employee stock purchase plan right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair values of the stock option or purchase plan rights, including the effect of estimated forfeitures, are then expensed over the vesting period. The Company recognized stock-based compensation expense of $4.3 million and $7.5 million during the three and six months ended June 30, 2014, respectively, and $1.1 million and $1.6 million during the three and six months ended June 30, 2013, respectively. During the first quarter of 2014, the Board of Directors approved modifications to the Company’s former Chief Financial Officer’s outstanding stock options in connection with his retirement from the Company on April 18, 2014. Stock-based compensation expense for the three and six months ended June 30, 2014 included $1.1 million and $1.7 million, respectively, related to the modification of the stock options held by the Company’s former Chief Financial Officer. As of June 30, 2014, total unrecognized compensation cost related to stock options and purchase plan rights was approximately $34.5 million, which is expected to be recognized over a weighted-average period of 2.8 years.

Accrued_Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Accrued Expenses	'
	4. Accrued Expenses
	Accrued expenses consisted of the following (in thousands):
		June 30,		December 31,
		2014		2013
		(unaudited)
	Accrued research and development services	$	5,544	$	4,207
	Accrued compensation and benefits		1,245		1,865
	Accrued consulting and professional fees		1,230		308
	Other		187		172
	Total	$	8,206	$	6,552

Investment_Securities

Investment Securities	6 Months Ended
	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]	'
Investment Securities	'
	5. Investment Securities
	Investment securities, including available-for-sale investment securities and investment securities classified as cash equivalents, consisted of the following (in thousands):
		June 30, 2014
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
		(unaudited)
	U.S. Treasury notes	$	2,745	$	5	$	—		$	2,750
	Government sponsored enterprise securities		170,979		37		(22	)		170,994
	Corporate debt securities		143,998		33		(13	)		144,018
	Commercial paper		22,943		50		—			22,993
		$	340,665	$	125	$	(35	)	$	340,755
		December 31, 2013
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
	U.S. Treasury notes	$	2,743	$	4	$	—		$	2,747
	Government sponsored enterprise securities		78,537		28		(5	)		78,560
	Corporate debt securities		65,290		1		(9	)		65,282
	Commercial paper		27,468		26		—			27,494
		$	174,038	$	59	$	(14	)	$	174,083
	The Company has classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on the consolidated balance sheets based on the highly liquid nature of the investment securities and because these investment securities are considered available for use in current operations. As of June 30, 2014 and December 31, 2013, the Company held $52.1 million and $33.5 million, respectively, of available-for-sale investment securities with contractual maturity dates more than one year and less than two years.

Fair_Value_Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements	'
	6. Fair Value Measurements
	As of June 30, 2014, the Company held $354.3 million of cash equivalents and available-for-sale investment securities consisting of a money market fund, U.S. Treasury notes, and high quality, marketable debt instruments of corporations, financial institutions and government sponsored enterprises. The Company has adopted an investment policy and established guidelines relating to credit quality, diversification, and maturities of its investments to preserve principal and maintain liquidity. All investment securities have a credit rating of at least A3/A- or better, or P-1/A-1 or better, as determined by Moody’s Investors Service or Standard & Poor’s.
	The Company’s cash equivalents and available-for-sale investment securities are classified within the fair value hierarchy as defined by authoritative guidance. The Company’s investment securities classified as Level 1 are valued using quoted market prices and the Company’s investment securities classified as Level 2 are valued using other observable inputs such as recent trades for the securities or similar securities, interest rates on similar securities, or yield curves or benchmark interest rates observable at commonly quoted intervals. The Company does not hold any securities classified as Level 3, which are securities valued using unobservable inputs. The Company has not transferred any investment securities between the classifications. No other-than-temporary impairments were identified for the investment securities held by the Company as of June 30, 2014 or December 31, 2013.
	The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):
				Fair Value Measurements at
				Reporting Date Using
		June 30,		Quoted Prices		Significant		Significant
		2014		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
		(unaudited)
	Money market fund	$	13,555	$	13,555	$	—	$	—
	U.S. Treasury notes		2,750		2,750		—		—
	Government sponsored enterprise securities		170,994		—		170,994		—
	Corporate debt securities		144,018		—		144,018		—
	Commercial paper		22,993		—		22,993		—
		$	354,310	$	16,305	$	338,005	$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		Quoted Prices		Significant		Significant
		2013		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Money market fund	$	11,748	$	11,748	$	—	$	—
	U.S. Treasury notes		2,747		2,747		—		—
	Government sponsored enterprise securities		78,560		—		78,560		—
	Corporate debt securities		65,282		—		65,282		—
	Commercial paper		27,494		—		27,494		—
		$	185,831	$	14,495	$	171,336	$	—

Stockholders_Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2014
Equity [Abstract]	'
Stockholders' Equity	'
	7. Stockholders’ Equity
	In March 2014, the Company raised net proceeds of $196.8 million from the sale of 7,360,000 shares of its common stock in a public offering, including 960,000 shares sold pursuant to the exercise in full of the underwriters’ over-allotment option.

Collaborative_Research_and_Lic

Collaborative Research and Licensing Agreements	6 Months Ended
	Jun. 30, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Collaborative Research and Licensing Agreements	'
	8. Collaborative Research and Licensing Agreements
	The Company has been a party to three collaboration agreements with Allergan, Inc. The March 2003 research collaboration originally provided for a three-year research term, which was extended by the parties through March 2013. Pursuant to this agreement, the Company received an aggregate of $19.5 million in payments, consisting of an upfront payment, research funding and related fees, through the conclusion of the collaboration in March 2013. The Company’s two ongoing collaboration agreements with Allergan involve the development of product candidates in the areas of glaucoma and chronic pain. Additional payments under these agreements, other than payments for a portion of patent costs for the ongoing collaborations, are dependent upon the successful advancement of an applicable product candidate. Under the glaucoma collaboration, the Company had received an aggregate of $9.9 million in payments as of June 30, 2014, and is eligible to receive up to an aggregate of approximately $15 million in additional payments per product upon the achievement of development and regulatory milestones. Under the chronic pain collaboration, the Company had received an aggregate of $10.5 million in payments as of June 30, 2014, and is eligible to receive up to an aggregate of $10 million in additional payments upon the achievement of development and regulatory milestones. The Company also is eligible to receive royalties on future product sales worldwide, if any, under each of the two ongoing collaboration agreements with Allergan. The Company recognized revenues, consisting of research funding and related fees, from its collaboration agreements with Allergan of $14,000 and $22,000 during the three and six months ended June 30, 2014, respectively, and $257,000 and $544,000 during the three and six months ended June 30, 2013, respectively.

Commitments_and_Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2014
Commitments And Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	9. Commitments and Contingencies
	The Company has entered into agreements with contract research organizations and other external service providers primarily for services in connection with the development and planned commercialization of its product candidates. The Company was contractually obligated for up to approximately $22.7 million of future services under these agreements as of June 30, 2014. The nature of the work being conducted under the Company’s agreements with external service providers is such that, in most cases, the services may be stopped with short notice. In such event, the Company would not be liable for the full amount of the contract. The Company’s actual contractual obligations may vary depending upon several factors, including the progress and results of the underlying studies.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract]	'
Recent Accounting Pronouncements	'
	10. Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board issued authoritative accounting guidance related to revenue from contracts with customers. This guidance is a comprehensive new revenue recognition model that requires a company to recognize revenue to depict the transfer of goods or services to a customer at an amount that reflects the consideration it expects to receive in exchange for those goods or services. This guidance is effective for annual reporting periods beginning after December 15, 2016 and early adoption is not permitted. The Company will adopt this guidance on January 1, 2017. Companies may use either a full retrospective or a modified retrospective approach to adopt this guidance. The Company is evaluating which transition approach to use and its impact, if any, on its consolidated financial statements.

Earnings_Loss_Per_Share_Tables

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2014
Earnings Per Share [Abstract]	'
Potential Common Shares Excluded in Calculating Basic and Diluted Net Loss Per Common Share	'
	Shares used in calculating basic and diluted net loss per common share exclude these potential common shares (in thousands):
		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2014		2013		2014		2013
		(unaudited)				(unaudited)
	Antidilutive options to purchase common stock		7,772		7,217		7,629		7,129
	Antidilutive warrants to purchase common stock		1,966		3,725		1,966		3,725
			9,738		10,942		9,595		10,854

Accrued_Expenses_Tables

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'
Accrued Expenses	'
	Accrued expenses consisted of the following (in thousands):
		June 30,		December 31,
		2014		2013
		(unaudited)
	Accrued research and development services	$	5,544	$	4,207
	Accrued compensation and benefits		1,245		1,865
	Accrued consulting and professional fees		1,230		308
	Other		187		172
	Total	$	8,206	$	6,552

Investment_Securities_Tables

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 2014
Investments Debt And Equity Securities [Abstract]	'
Investment Securities, Available-for-Sale and Classified as Cash Equivalents	'
	Investment securities, including available-for-sale investment securities and investment securities classified as cash equivalents, consisted of the following (in thousands):
		June 30, 2014
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
		(unaudited)
	U.S. Treasury notes	$	2,745	$	5	$	—		$	2,750
	Government sponsored enterprise securities		170,979		37		(22	)		170,994
	Corporate debt securities		143,998		33		(13	)		144,018
	Commercial paper		22,943		50		—			22,993
		$	340,665	$	125	$	(35	)	$	340,755
		December 31, 2013
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		(Losses)			Fair
									Value
	U.S. Treasury notes	$	2,743	$	4	$	—		$	2,747
	Government sponsored enterprise securities		78,537		28		(5	)		78,560
	Corporate debt securities		65,290		1		(9	)		65,282
	Commercial paper		27,468		26		—			27,494
		$	174,038	$	59	$	(14	)	$	174,083

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities	'
	The fair value measurements of the Company’s cash equivalents and available-for-sale investment securities are identified in the following tables (in thousands):
				Fair Value Measurements at
				Reporting Date Using
		June 30,		Quoted Prices		Significant		Significant
		2014		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
		(unaudited)
	Money market fund	$	13,555	$	13,555	$	—	$	—
	U.S. Treasury notes		2,750		2,750		—		—
	Government sponsored enterprise securities		170,994		—		170,994		—
	Corporate debt securities		144,018		—		144,018		—
	Commercial paper		22,993		—		22,993		—
		$	354,310	$	16,305	$	338,005	$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		Quoted Prices		Significant		Significant
		2013		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Money market fund	$	11,748	$	11,748	$	—	$	—
	U.S. Treasury notes		2,747		2,747		—		—
	Government sponsored enterprise securities		78,560		—		78,560		—
	Corporate debt securities		65,282		—		65,282		—
	Commercial paper		27,494		—		27,494		—
		$	185,831	$	14,495	$	171,336	$	—

Basis_of_Presentation_Addition

Basis of Presentation - Additional Information (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Organization Consolidation And Presentation Of Financial Statements [Abstract]	'	'
Accumulated deficit	($444,991)	($405,668)	[1]
[1]	The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Potential_Common_Shares_Exclud

Potential Common Shares Excluded in Calculating Basic and Diluted Net Loss Per Common Share (Detail)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities to purchase common stock	9,738	10,942	9,595	10,854
Options	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities to purchase common stock	7,772	7,217	7,629	7,129
Warrants	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Antidilutive securities to purchase common stock	1,966	3,725	1,966	3,725

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	$4,300,000	$1,100,000	$7,493,000	$1,646,000
Unrecognized compensation costs	34,500,000	'	34,500,000	'
Weighted-average period to be recognized	'	'	'2 years 9 months 18 days	'
Former Chief Financial Officer	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Compensation expense	$1,100,000	'	$1,700,000	'
Retirement date	'	'	18-Apr-14	'

Accrued_Expenses_Detail

Accrued Expenses (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables And Accruals [Abstract]	'	'
Accrued research and development services	$5,544	$4,207
Accrued compensation and benefits	1,245	1,865
Accrued consulting and professional fees	1,230	308
Other	187	172
Total	$8,206	$6,552	[1]
[1]	The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Investment_Securities_Availabl

Investment Securities, Available-for-Sale and Classified as Cash Equivalents (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Investments [Line Items]	'	'
Amortized Cost	$340,665	$174,038
Unrealized Gains	125	59
Unrealized (Losses)	-35	-14
Estimated Fair Value	340,755	174,083
U.S. Treasury notes	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	2,745	2,743
Unrealized Gains	5	4
Estimated Fair Value	2,750	2,747
Government sponsored enterprise securities	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	170,979	78,537
Unrealized Gains	37	28
Unrealized (Losses)	-22	-5
Estimated Fair Value	170,994	78,560
Corporate debt securities	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	143,998	65,290
Unrealized Gains	33	1
Unrealized (Losses)	-13	-9
Estimated Fair Value	144,018	65,282
Commercial paper	'	'
Schedule of Investments [Line Items]	'	'
Amortized Cost	22,943	27,468
Unrealized Gains	50	26
Estimated Fair Value	$22,993	$27,494

Investment_Securities_Addition

Investment Securities - Additional Information (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Schedule of Investments [Line Items]	'	'
Available-for-sale investment securities	$340,755	$174,083	[1]
Maturity Dates More Than 1 and Less Than 2 Years	'	'
Schedule of Investments [Line Items]	'	'
Available-for-sale investment securities	$52,100	$33,500
[1]	The condensed consolidated balance sheet at December 31, 2013 has been derived from the audited financial statements at that date but does not include all of the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements.

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	6 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Dec. 31, 2013
Fair Value Disclosures [Abstract]	'	'
Investment, fair value disclosure	$354,310	$185,831
Impairment of investment securities	$0	$0

Fair_Value_Measurements_of_Cas

Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities (Detail) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, fair value disclosure	$354,310	$185,831
Money market fund	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, fair value disclosure	13,555	11,748
U.S. Treasury notes	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	2,750	2,747
Government sponsored enterprise securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	170,994	78,560
Corporate debt securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	144,018	65,282
Commercial paper	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	22,993	27,494
Quoted Prices in Active Markets for Identical Assets (Level 1)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, fair value disclosure	16,305	14,495
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money market fund	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash and cash equivalents, fair value disclosure	13,555	11,748
Quoted Prices in Active Markets for Identical Assets (Level 1) | U.S. Treasury notes	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	2,750	2,747
Significant Other Observable Inputs (Level 2)	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Investments, fair value disclosure	338,005	171,336
Significant Other Observable Inputs (Level 2) | Government sponsored enterprise securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	170,994	78,560
Significant Other Observable Inputs (Level 2) | Corporate debt securities	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	144,018	65,282
Significant Other Observable Inputs (Level 2) | Commercial paper	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Available-for-sale investment securities, fair value disclosure	$22,993	$27,494

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	1 Months Ended	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Jun. 30, 2014	Jun. 30, 2013
Class of Stock [Line Items]	'	'	'
Proceeds from sale of common stock	$196,800	$199,762	$110,079
Share of common stock issued	7,360,000	'	'
Underwriter	'	'	'
Class of Stock [Line Items]	'	'	'
Share of common stock issued	960,000	'	'

Collaborative_Research_and_Lic1

Collaborative Research and Licensing Agreements - Additional Information (Detail) (USD $)	3 Months Ended		6 Months Ended		3 Months Ended		6 Months Ended		3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Mar. 31, 2013	Jun. 30, 2014	Jun. 30, 2014
					Allergan, Inc.	Allergan, Inc.	Allergan, Inc.	Allergan, Inc.	Allergan, Inc.	Allergan, Inc.	Allergan, Inc.
							Contract		March 2003 Research Collaboration	Glaucoma Collaboration	Chronic Pain Collaboration
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Total number of collaboration agreements	'	'	'	'	'	'	3	'	'	'	'
Number of ongoing collaboration agreements	'	'	'	'	'	'	2	'	'	'	'
Collaboration agreement, payments received	'	'	'	'	'	'	'	'	$19,500,000	$9,900,000	$10,500,000
Collaboration agreement, original research term	'	'	'	'	'	'	'	'	'3 years	'	'
Collaboration agreement, termination date	'	'	'	'	'	'	'	'	'2013-03	'	'
Collaboration agreement, beginning date	'	'	'	'	'	'	'	'	'2003-03	'	'
Collaboration agreement, estimated development and regulatory milestones	'	'	'	'	'	'	'	'	'	15,000,000	10,000,000
Collaboration agreement, revenues recognized	$28,000	$451,000	$58,000	$868,000	$14,000	$257,000	$22,000	$544,000	'	'	'

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (Maximum, USD $)	Jun. 30, 2014
In Millions, unless otherwise specified
Maximum	'
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'
Development services	$22.70