ACADIA Pharmaceuticals (ACAD) 10-Q 7 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	ACAD
Entity Registrant Name	ACADIA PHARMACEUTICALS INC
Entity Central Index Key	1070494
Current Fiscal Year End Date	-19
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		100,297,426

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets
Cash and cash equivalents	$76,424	$61,854	[1]
Investment securities, available-for-sale	221,469	260,632	[1]
Interest and other receivables	746	964	[1]
Prepaid expenses and other current assets	1,260	1,168	[1]
Total current assets	299,899	324,618	[1]
Property and equipment, net	1,786	553	[1]
Other assets	278	287	[1]
Total assets	301,963	325,458	[1]
Liabilities and stockholders' equity
Accounts payable	2,518	2,016	[1]
Accrued expenses	14,133	13,818	[1]
Total current liabilities	16,651	15,834	[1]
Long-term liabilities	218	135	[1]
Total liabilities	16,869	15,969	[1]
Commitments and contingencies (Note 8)			[1]
Stockholders' equity
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at March 31, 2015 and December 31, 2014; no shares issued and outstanding at March 31, 2015 and December 31, 2014			[1]
Common stock, $0.0001 par value; 150,000,000 shares authorized at March 31, 2015 and December 31, 2014; 100,282,416 shares and 100,047,331 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	10	10	[1]
Additional paid-in capital	823,598	807,631	[1]
Accumulated deficit	-538,518	-498,143	[1]
Accumulated other comprehensive income (loss)	4	-9	[1]
Total stockholders' equity	285,094	309,489	[1]
Total liabilities and stockholders' equity	$301,963	$325,458	[1]
[1]	The condensed consolidated balance sheet at December 31, 2014 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 $)	Mar. 31, 2015	Dec. 31, 2014
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	100,282,416	100,047,331	[1]
Common stock, shares outstanding	100,282,416	100,047,331	[1]
[1]	The condensed consolidated balance sheet at December 31, 2014 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
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues
Collaborative revenues	$4	$30
Operating expenses
Research and development (includes stock-based compensation of $2,362 and $1,006, respectively)	16,295	11,668
General and administrative (includes stock-based compensation of $12,166 and $2,156, respectively)	24,261	6,320
Total operating expenses	40,556	17,988
Loss from operations	-40,552	-17,958
Interest income, net	177	130
Net loss	($40,375)	($17,828)
Net loss per common share, basic and diluted	($0.40)	($0.19)
Weighted average common shares outstanding, basic and diluted	100,197	92,968

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Operations (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Stock-based compensation	$14,528	$3,162
Research and development
Stock-based compensation	2,362	1,006
General and administrative
Stock-based compensation	$12,166	$2,156

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Comprehensive Loss (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Statement of Comprehensive Income [Abstract]
Net loss	($40,375)	($17,828)
Other comprehensive loss:
Unrealized gain (loss) on investment securities	9	-48
Foreign currency translation adjustments	4
Comprehensive loss	($40,362)	($17,876)

Condensed_Consolidated_Stateme3

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015		Mar. 31, 2014
Cash flows from operating activities
Net loss	($40,375)		($17,828)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	14,528		3,162
Amortization of premiums and accretion of discounts on investment securities, available for sale	-289		311
Depreciation	122		43
Changes in operating assets and liabilities:
Interest and other receivables	218		-892
Prepaid expenses and other current assets	-92		-73
Other assets	9		36
Accounts payable	408		1,190
Accrued expenses	42		-123
Deferred revenue			-13
Long-term liabilities	83		5
Net cash used in operating activities	-25,346		-14,182
Cash flows from investing activities
Purchases of investment securities	-49,646		-150,921
Maturities of investment securities	89,107		51,815
Purchases of property and equipment	-988		-6
Net cash provided by (used in) investing activities	38,473		-99,112
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	1,439		198,042
Net cash provided by financing activities	1,439		198,042
Effect of exchange rate changes on cash	4
Net increase in cash and cash equivalents	14,570		84,748
Cash and cash equivalents
Beginning of period	61,854	[1]	11,707
End of period	76,424		96,455
Supplemental schedule of noncash investing activities
Property and equipment purchases in accounts payable and accrued expenses	$367
[1]	The condensed consolidated balance sheet at December 31, 2014 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	3 Months Ended
	Mar. 31, 2015
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, 2014 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 March 31, 2015, the Company had an accumulated deficit of $538.5 million. The Company expects to continue to incur operating losses for at least the next several 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 cash from operations, 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 commercialization or on less favorable terms than it would otherwise choose.

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	2. Net Loss Per Share
	Net loss per share is presented as basic and diluted net loss per share. Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted average number of common shares and common stock equivalents outstanding for the period determined using the treasury stock method. For purposes of this calculation, stock options and warrants are considered to be common stock equivalents but are not included in the calculations of diluted net loss per share for the periods presented as their effect would be antidilutive.
	Shares used in calculating basic and diluted net loss per common share exclude the following potential common shares as their effect is antidilutive (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Antidilutive options to purchase common stock		8,889		7,679
	Antidilutive warrants to purchase common stock		1,966		1,966
			10,855		9,645

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	3. Stock-Based Compensation
	The fair value of each employee stock option and each employee stock purchase right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair value of each stock option and purchase right, including the effect of estimated forfeitures, is then expensed over the requisite service period, which is generally the vesting period. The Company recognized stock-based compensation expense of $14.5 million and $3.2 million during the three months ended March 31, 2015 and 2014, respectively. The Company entered into a transition agreement with Uli Hacksell, Ph.D., the Company’s former Chief Executive Officer, in connection with his retirement from the Company in March 2015. Pursuant to the terms of the transition agreement, Dr. Hacksell’s outstanding options will continue to vest over the term of the transition agreement. Stock-based compensation expense for the three months ended March 31, 2015 included a $9.0 million charge representing the fair value of the outstanding options expected to vest over the term of the transition agreement as valued on the retirement date. As of March 31, 2015, total unrecognized compensation cost related to stock options and purchase plan rights was approximately $79.1 million, which is expected to be recognized over a weighted-average period of 3.3 years.

Accrued_Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses	4. Accrued Expenses
	Accrued expenses consisted of the following (in thousands):
		March 31,		December 31,
		2015		2014
	Accrued research and development services	$	8,256	$	7,814
	Accrued compensation and benefits		3,940		4,167
	Accrued consulting and professional fees		922		1,497
	Other		1,015		340
		$	14,133	$	13,818

Investment_Securities

Investment Securities	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities	5. Investment Securities
	Investment securities, all classified as available-for-sale, consisted of the following (in thousands):
		March 31, 2015
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair
									Value
	U.S. Treasury notes	$	2,750	$	—	$	—		$	2,750
	Government sponsored enterprise securities		125,660		12		(7	)		125,665
	Corporate debt securities		72,068		—		(13	)		72,055
	Commercial paper		20,997		2		—			20,999
		$	221,475	$	14	$	(20	)	$	221,469
		December 31, 2014
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair
									Value
	U.S. Treasury notes	$	2,748	$	2	$	—		$	2,750
	Government sponsored enterprise securities		97,237		8		(10	)		97,235
	Corporate debt securities		137,682		3		(37	)		137,648
	Commercial paper		22,980		19		—			22,999
		$	260,647	$	32	$	(47	)	$	260,632
	The Company has classified all of its available-for-sale investment securities as current assets on its consolidated balance sheets. As of March 31, 2015 and December 31, 2014, all of the Company’s available-for-sale investment securities had contractual maturity dates of less than one year.
	At each reporting date, the Company performs an evaluation of impairment to determine if the unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and the Company’s intent and ability to hold the investment until recovery of its amortized cost basis. The Company intends, and has the ability, to hold its investments in unrealized loss positions until their amortized cost basis has been recovered. Based on its evaluation, the Company determined that its unrealized losses were not other-than-temporary at March 31, 2015 and December 31, 2014.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements
	As of March 31, 2015, the Company held $297.9 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 in accordance with the Company’s investment policy. The Company’s investment policy defines allowable investments and establishes 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. The Company obtains the fair value of its Level 2 financial instruments from third party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices, and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of March 31, 2015 and December 31, 2014, respectively.
	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.
	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
		March 31,		Quoted Prices		Significant		Significant
		2015		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Cash equivalents:
	Money market fund	$	76,009	$	76,009	$	—	$	—
	U.S. Treasury notes		2,750		2,750		—		—
	Government sponsored enterprise securities		125,665		—		125,665		—
	Corporate debt securities		72,055		—		72,055		—
	Commercial paper		20,999		—		20,999		—
		$	297,478	$	78,759	$	218,719	$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		Quoted Prices		Significant		Significant
		2014		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Cash equivalents:
	Money market fund	$	48,423	$	48,423	$	—	$	—
	Government sponsored enterprise securities		13,000		—		13,000		—
	U.S. Treasury notes		2,750		2,750		—		—
	Government sponsored enterprise securities		97,235		—		97,235		—
	Corporate debt securities		137,648		—		137,648		—
	Commercial paper		22,999		—		22,999		—
		$	322,055	$	51,173	$	270,882	$	—

Stockholders_Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity
	Public Offerings
	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.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies
	External Services
	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 $27.1 million of future services under these agreements as of March 31, 2015. 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.
	Contingent Regulatory Milestone Payments
	In connection with the Company’s 2006 license agreement with the Ipsen Group, pursuant to which the Company licensed certain intellectual property rights that complement its patent portfolio for its serotonin platform, including NUPLAZID™ (pimavanserin), the Company may be obligated in future periods to make certain regulatory milestone payments. These milestone payments may never occur as they are contingent on the achievement of future regulatory events which may never be attained. These one-time payments include $2.5 million payable upon the successful filing of the first regulatory application with the U.S. Food and Drug Administration (“FDA”) and $8.0 million payable upon obtaining the first regulatory approval from the FDA. If NUPLAZID is approved, then the Company would make royalty payments to Ipsen of up to two percent on net product sales, if any.
	Legal Proceedings
	In March 2015, following the Company’s announcement of the update to the timing of its planned New Drug Application (“NDA”) submission to the FDA for NUPLAZID for the treatment of Parkinson’s disease psychosis and the subsequent decline of the price of its common stock, two putative securities class action complaints (captioned Rihn v. ACADIA Pharmaceuticals Inc., Case No. 15-cv-0575-BTM-DHB and Wright v. ACADIA Pharmaceuticals Inc., Case No. 15-cv-0593- BTM-DHB) were filed in the U.S. District Court for the Southern District of California, or the Court, against the Company and certain of its current and former officers. The complaints generally allege that the defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 by making materially false and misleading statements regarding the timing of the Company’s planned NDA submission to the FDA for NUPLAZID, thereby artificially inflating the price of its common stock. The complaints seek unspecified monetary damages and other relief. On April 9, 2015, the Court entered an order deferring the defendants’ response to the Rihn complaint until after the Court appoints a lead plaintiff and assigns lead counsel. The Company has assessed such legal proceedings, and given the unpredictability inherent in litigation, the Company cannot predict the outcome of these matters. At this time, the Company is unable to estimate possible losses or ranges of losses that may result from such legal proceedings, and it has not accrued any amounts in connection with such legal proceedings other than ongoing attorneys’ fees.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2015
New Accounting Pronouncement or Change in Accounting Principle, Current Period Disclosures [Abstract]
Recent Accounting Pronouncements	9. Recent Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board issued authoritative guidance related to accounting for fees paid in a cloud computing arrangement. This accounting update provides guidance to customers about whether a cloud computing arrangement includes a software license. If a cloud computing arrangement includes a software license, then the customer should account for the software license element of the arrangement consistent with the acquisition of other software licenses. If a cloud computing arrangement does not include a software license, the customer should account for the arrangement as a service contract. This guidance is effective for annual reporting periods beginning after December 15, 2015 and early adoption is permitted. The Company adopted this guidance in the first quarter of fiscal 2015 with no significant impact to its consolidated financial statements.

StockBased_Compensation_Polici

Stock-Based Compensation (Policies)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	The fair value of each employee stock option and each employee stock purchase right granted is estimated on the grant date under the fair value method using the Black-Scholes valuation model. The estimated fair value of each stock option and purchase right, including the effect of estimated forfeitures, is then expensed over the requisite service period, which is generally the vesting period.

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
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 the following potential common shares as their effect is antidilutive (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Antidilutive options to purchase common stock		8,889		7,679
	Antidilutive warrants to purchase common stock		1,966		1,966
			10,855		9,645

Accrued_Expenses_Tables

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following (in thousands):
		March 31,		December 31,
		2015		2014
	Accrued research and development services	$	8,256	$	7,814
	Accrued compensation and benefits		3,940		4,167
	Accrued consulting and professional fees		922		1,497
	Other		1,015		340
		$	14,133	$	13,818

Investment_Securities_Tables

Investment Securities (Tables)	3 Months Ended
	Mar. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Investment Securities, All Classified as Available-for-Sale	Investment securities, all classified as available-for-sale, consisted of the following (in thousands):
		March 31, 2015
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair
									Value
	U.S. Treasury notes	$	2,750	$	—	$	—		$	2,750
	Government sponsored enterprise securities		125,660		12		(7	)		125,665
	Corporate debt securities		72,068		—		(13	)		72,055
	Commercial paper		20,997		2		—			20,999
		$	221,475	$	14	$	(20	)	$	221,469
		December 31, 2014
		Amortized		Unrealized		Unrealized			Estimated
		Cost		Gains		Losses			Fair
									Value
	U.S. Treasury notes	$	2,748	$	2	$	—		$	2,750
	Government sponsored enterprise securities		97,237		8		(10	)		97,235
	Corporate debt securities		137,682		3		(37	)		137,648
	Commercial paper		22,980		19		—			22,999
		$	260,647	$	32	$	(47	)	$	260,632

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
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
		March 31,		Quoted Prices		Significant		Significant
		2015		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Cash equivalents:
	Money market fund	$	76,009	$	76,009	$	—	$	—
	U.S. Treasury notes		2,750		2,750		—		—
	Government sponsored enterprise securities		125,665		—		125,665		—
	Corporate debt securities		72,055		—		72,055		—
	Commercial paper		20,999		—		20,999		—
		$	297,478	$	78,759	$	218,719	$	—
				Fair Value Measurements at
				Reporting Date Using
		December 31,		Quoted Prices		Significant		Significant
		2014		in Active		Other		Unobservable
				Markets for		Observable		Inputs
				Identical		Inputs		(Level 3)
				Assets		(Level 2)
				(Level 1)
	Cash equivalents:
	Money market fund	$	48,423	$	48,423	$	—	$	—
	Government sponsored enterprise securities		13,000		—		13,000		—
	U.S. Treasury notes		2,750		2,750		—		—
	Government sponsored enterprise securities		97,235		—		97,235		—
	Corporate debt securities		137,648		—		137,648		—
	Commercial paper		22,999		—		22,999		—
		$	322,055	$	51,173	$	270,882	$	—

Basis_of_Presentation_Addition

Basis of Presentation - Additional Information (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	($538,518)	($498,143)	[1]
[1]	The condensed consolidated balance sheet at December 31, 2014 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
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	10,855	9,645
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	8,889	7,679
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	1,966	1,966

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$14,528,000	$3,162,000
Unrecognized compensation costs	79,100,000
Weighted-average period to be recognized	3 years 3 months 18 days
Uli Hacksell
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$9,000,000
Retirement date	31-Mar-15

Accrued_Expenses_Detail

Accrued Expenses (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]
Accrued research and development services	$8,256	$7,814
Accrued compensation and benefits	3,940	4,167
Accrued consulting and professional fees	922	1,497
Other	1,015	340
Accrued expenses	$14,133	$13,818	[1]
[1]	The condensed consolidated balance sheet at December 31, 2014 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_All_Clas

Investment Securities, All Classified as Available-for-Sale (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Schedule of Investments [Line Items]
Amortized Cost	$221,475	$260,647
Unrealized Gains	14	32
Unrealized Losses	-20	-47
Estimated Fair Value	221,469	260,632	[1]
U.S. Treasury notes
Schedule of Investments [Line Items]
Amortized Cost	2,750	2,748
Unrealized Gains		2
Estimated Fair Value	2,750	2,750
Government sponsored enterprise securities
Schedule of Investments [Line Items]
Amortized Cost	125,660	97,237
Unrealized Gains	12	8
Unrealized Losses	-7	-10
Estimated Fair Value	125,665	97,235
Corporate debt securities
Schedule of Investments [Line Items]
Amortized Cost	72,068	137,682
Unrealized Gains		3
Unrealized Losses	-13	-37
Estimated Fair Value	72,055	137,648
Commercial paper
Schedule of Investments [Line Items]
Amortized Cost	20,997	22,980
Unrealized Gains	2	19
Estimated Fair Value	$20,999	$22,999
[1]	The condensed consolidated balance sheet at December 31, 2014 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 $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value Disclosures [Abstract]
Investment, fair value disclosure	$297,478	$322,055

Fair_Value_Measurements_of_Cas

Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	$297,478	$322,055
Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value disclosure	76,009	48,423
Government sponsored enterprise securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value disclosure		13,000
Available-for-sale investment securities, fair value disclosure	125,665	97,235
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	2,750
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, fair value disclosure	72,055	137,648
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, fair value disclosure	20,999	22,999
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	78,759	51,173
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 equivalents, fair value disclosure	76,009	48,423
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	2,750
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	218,719	270,882
Significant Other Observable Inputs (Level 2) | Government sponsored enterprise securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value disclosure		13,000
Available-for-sale investment securities, fair value disclosure	125,665	97,235
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	72,055	137,648
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	$20,999	$22,999

Stockholders_Equity_Additional

Stockholders' Equity - Additional Information (Detail) (USD $)	1 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2015	Mar. 31, 2014
Class of Stock [Line Items]
Net proceeds from sale of common stock	$196,800	$1,439	$198,042
Share of common stock issued	7,360,000
Underwriter
Class of Stock [Line Items]
Share of common stock issued	960,000

Commitments_and_Contingencies_

Commitments and Contingencies - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Payable upon filing of first regulatory application with U.S Food and Drug Administration, ("FDA")
Other Commitments [Line Items]
One-time contingent regulatory milestone payments related to agreement with Ipsen Group	$2.50
Payable upon obtaining first regulatory approval from the FDA.
Other Commitments [Line Items]
One-time contingent regulatory milestone payments related to agreement with Ipsen Group	8
Maximum
Other Commitments [Line Items]
External services	$27.10
Percentage of royalty payments obligation on net product sales	2.00%