ACADIA Pharmaceuticals (ACAD) 10-Q 6 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	ACAD
Entity Registrant Name	ACADIA PHARMACEUTICALS INC
Entity Central Index Key	1,070,494
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		100,714,851

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	[1]
Assets
Cash and cash equivalents	$ 93,212	$ 61,854
Investment securities, available-for-sale	177,565	260,632
Interest and other receivables	1,508	964
Prepaid expenses and other current assets	1,108	1,168
Total current assets	273,393	324,618
Property and equipment, net	1,813	553
Other assets	333	287
Total assets	275,539	325,458
Liabilities and stockholders' equity
Accounts payable	2,916	2,016
Accrued liabilities	16,462	13,818
Total current liabilities	19,378	15,834
Long-term liabilities	340	135
Total liabilities	$ 19,718	$ 15,969
Commitments and contingencies (Note 8)
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized at June 30, 2015 and December 31, 2014; no shares issued and outstanding at June 30, 2015 and December 31, 2014
Common stock, $0.0001 par value; 225,000,000 shares and 150,000,000 shares authorized at June 30, 2015 and December 31, 2014, respectively; 100,522,374 shares and 100,047,331 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 10	$ 10
Additional paid-in capital	833,696	807,631
Accumulated deficit	(577,896)	(498,143)
Accumulated other comprehensive income (loss)	11	(9)
Total stockholders' equity	255,821	309,489
Total liabilities and stockholders' equity	$ 275,539	$ 325,458
[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 Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014	[1]
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	225,000,000	150,000,000
Common stock, shares issued	100,522,374	100,047,331
Common stock, shares outstanding	100,522,374	100,047,331
[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 Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues
Collaborative revenues	$ 1	$ 28	$ 5	$ 58
Operating expenses
Research and development (includes stock-based compensation expense of $2,839, $1,089, $5,201, and $2,095, respectively)	18,379	13,799	34,674	25,467
General and administrative (includes stock-based compensation expense of $4,660, $3,242, $16,826, and $5,398, respectively)	21,119	7,952	45,380	14,272
Total operating expenses	39,498	21,751	80,054	39,739
Loss from operations	(39,497)	(21,723)	(80,049)	(39,681)
Interest income, net	119	228	296	358
Net loss	$ (39,378)	$ (21,495)	$ (79,753)	$ (39,323)
Net loss per common share, basic and diluted	$ (0.39)	$ (0.22)	$ (0.80)	$ (0.41)
Weighted average common shares outstanding, basic and diluted	100,349	99,048	100,273	96,042

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock-based compensation expense	$ 7,500	$ 4,300	$ 22,027	$ 7,493
Research and development
Stock-based compensation expense	2,839	1,089	5,201	2,095
General and administrative
Stock-based compensation expense	$ 4,660	$ 3,242	$ 16,826	$ 5,398

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (39,378)	$ (21,495)	$ (79,753)	$ (39,323)
Other comprehensive loss:
Unrealized gain on investment securities	8	94	17	46
Foreign currency translation adjustments	(1)		3
Comprehensive loss	$ (39,371)	$ (21,401)	$ (79,733)	$ (39,277)

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (79,753)		$ (39,323)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	22,027		7,493
Amortization of premiums and accretion of discounts on investment securities, available for sale	(1,115)		(11)
Depreciation	402		85
Changes in operating assets and liabilities:
Interest and other receivables	(544)		(570)
Prepaid expenses and other current assets	60		(1,261)
Other assets	(46)		68
Accounts payable	900		732
Accrued liabilities	2,644		1,654
Deferred revenue			(26)
Long-term liabilities	205		10
Net cash used in operating activities	(55,220)		(31,149)
Cash flows from investing activities
Purchases of investment securities	(125,255)		(288,639)
Maturities of investment securities	209,454		122,023
Purchases of property and equipment	(1,662)		(6)
Net cash provided by (used in) investing activities	82,537		(166,622)
Cash flows from financing activities
Proceeds from issuance of common stock, net of issuance costs	4,038		199,762
Net cash provided by financing activities	4,038		199,762
Effect of exchange rate changes on cash	3
Net increase in cash and cash equivalents	31,358		1,991
Cash and cash equivalents
Beginning of period	61,854	[1]	11,707
End of period	$ 93,212		$ 13,698
[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	6 Months Ended
	Jun. 30, 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 (“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, 2015, the Company had an accumulated deficit of $577.9 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 .

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	2. 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 Six Months Ended 2015 2014 2015 2014 Antidilutive options to purchase common stock 10,024 7,772 9,328 7,629 Antidilutive warrants to purchase common stock 1,966 1,966 1,966 1,966 11,990 9,738 11,294 9,595

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 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 $7.5 million and $22.0 million during the three and six months ended June 30, 2015, respectively, and $4.3 million and $7.5 million during the three and six months ended June 30, 2014, respectively. During the first quarter of 2015, 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. Stock-based compensation expense for the first quarter of 2015 included a one-time $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 June 30, 2015, total unrecognized compensation cost related to stock options and purchase plan rights was approximately $86.2 million, which is expected to be recognized over a weighted-average period of 3.1 years.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	4. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development services $ 7,585 $ 7,814 Accrued compensation and benefits 3,528 4,167 Accrued consulting and professional fees 3,666 1,497 Other 1,683 340 $ 16,462 $ 13,818

Investment Securities

Investment Securities	6 Months Ended
	Jun. 30, 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): June 30, 2015 Amortized Unrealized Unrealized Estimated Value Government sponsored enterprise securities $ 164,891 $ 13 $ (10 ) $ 164,894 Corporate debt securities 12,672 — (1 ) 12,671 $ 177,563 $ 13 $ (11 ) $ 177,565 December 31, 2014 Amortized Unrealized Unrealized Estimated 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 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 June 30, 2015 and December 31, 2014. As of June 30, 2015 and December 31, 2014, all of the Company’s available-for-sale investment securities had contractual maturity dates of less than one year.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	6. Fair Value Measurements As of June 30, 2015, the Company held $270.5 million of cash equivalents and available-for-sale investment securities consisting of a money market fund 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 June 30, 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 June 30, 2015 Quoted Prices Significant Significant Money market fund $ 92,977 $ 92,977 $ — $ — Government sponsored enterprise securities 164,894 — 164,894 — Corporate debt securities 12,671 — 12,671 — $ 270,542 $ 92,977 $ 177,565 $ — Fair Value Measurements at Reporting Date Using December 31, Quoted Prices Significant Significant Money market fund $ 48,423 $ 48,423 $ — $ — U.S. Treasury notes 2,750 2,750 — — Government sponsored enterprise securities 110,235 — 110,235 — Corporate debt securities 137,648 — 137,648 — Commercial paper 22,999 — 22,999 — $ 322,055 $ 51,173 $ 270,882 $ —

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Authorized Shares In June 2015, following approval by the Company’s stockholders, the Company filed a Certificate of Amendment of its Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware, which increased the number of authorized shares of common stock of the Company from 150,000,000 to 225,000,000. Equity Incentive Plan In June 2015, the Company’s stockholders approved an amendment to its 2010 Equity Incentive Plan, as amended, to, among other things, increase the aggregate number of shares of common stock authorized for issuance under the plan by 5,000,000 shares. Public Offering 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	6 Months Ended
	Jun. 30, 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 $29.7 million of future services under these agreements as of June 30, 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 10 and June 1, 2015, the Court entered orders deferring the defendants’ response to the Rihn and Wright complaints until after the Court appoints a lead plaintiff and assigns lead counsel. On May 12, 2015, several putative stockholders filed separate motions to consolidate the two actions and be appointed lead plaintiff. The Court has not yet issued an order on consolidation and lead plaintiff. 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 Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 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 (“FASB”) 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. In May 2014, the FASB 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. The original guidance was effective for annual reporting periods beginning after December 15, 2016. However, in July 2015, the FASB agreed to delay the effective date by one year, with early adoption permitted, but not before the original effective date of the standard. In accordance with the agreed upon delay, the Company will adopt this guidance on January 1, 2018. 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.

Stock-Based Compensation (Polic

Stock-Based Compensation (Policies)	6 Months Ended
	Jun. 30, 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)	6 Months Ended
	Jun. 30, 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 Six Months Ended 2015 2014 2015 2014 Antidilutive options to purchase common stock 10,024 7,772 9,328 7,629 Antidilutive warrants to purchase common stock 1,966 1,966 1,966 1,966 11,990 9,738 11,294 9,595

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): June 30, December 31, Accrued research and development services $ 7,585 $ 7,814 Accrued compensation and benefits 3,528 4,167 Accrued consulting and professional fees 3,666 1,497 Other 1,683 340 $ 16,462 $ 13,818

Investment Securities (Tables)

Investment Securities (Tables)	6 Months Ended
	Jun. 30, 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): June 30, 2015 Amortized Unrealized Unrealized Estimated Value Government sponsored enterprise securities $ 164,891 $ 13 $ (10 ) $ 164,894 Corporate debt securities 12,672 — (1 ) 12,671 $ 177,563 $ 13 $ (11 ) $ 177,565 December 31, 2014 Amortized Unrealized Unrealized Estimated 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)	6 Months Ended
	Jun. 30, 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 June 30, 2015 Quoted Prices Significant Significant Money market fund $ 92,977 $ 92,977 $ — $ — Government sponsored enterprise securities 164,894 — 164,894 — Corporate debt securities 12,671 — 12,671 — $ 270,542 $ 92,977 $ 177,565 $ — Fair Value Measurements at Reporting Date Using December 31, Quoted Prices Significant Significant Money market fund $ 48,423 $ 48,423 $ — $ — U.S. Treasury notes 2,750 2,750 — — Government sponsored enterprise securities 110,235 — 110,235 — Corporate debt securities 137,648 — 137,648 — Commercial paper 22,999 — 22,999 — $ 322,055 $ 51,173 $ 270,882 $ —

Basis of Presentation - Additio

Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014	[1]
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (577,896)	$ (498,143)
[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 Exclude

Potential Common Shares Excluded in Calculating Basic and Diluted Net Loss Per Common Share (Detail) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	11,990	9,738	11,294	9,595
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	10,024	7,772	9,328	7,629
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities to purchase common stock	1,966	1,966	1,966	1,966

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2015	Mar. 31, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 7,500		$ 4,300	$ 22,027	$ 7,493
Unrecognized compensation costs	$ 86,200			$ 86,200
Weighted-average period to be recognized				3 years 1 month 6 days
Uli Hacksell
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 9,000
Retirement date				Mar. 31, 2015

Accrued Liabilities (Detail)

Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued research and development services	$ 7,585	$ 7,814
Accrued compensation and benefits	3,528	4,167
Accrued consulting and professional fees	3,666	1,497
Other	1,683	340
Accrued liabilities	$ 16,462	$ 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 ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 177,563	$ 260,647
Unrealized Gains	13	32
Unrealized Losses	(11)	(47)
Estimated Fair Value	177,565	260,632	[1]
U.S. Treasury notes
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		2,748
Unrealized Gains		2
Estimated Fair Value		2,750
Government sponsored enterprise securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	164,891	97,237
Unrealized Gains	13	8
Unrealized Losses	(10)	(10)
Estimated Fair Value	164,894	97,235
Corporate debt securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	12,672	137,682
Unrealized Gains		3
Unrealized Losses	(1)	(37)
Estimated Fair Value	$ 12,671	137,648
Commercial paper
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		22,980
Unrealized Gains		19
Estimated Fair Value		$ 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 - Addit

Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value Disclosures [Abstract]
Investment, fair value disclosure	$ 270,542	$ 322,055

Fair Value Measurements of Cash

Fair Value Measurements of Cash Equivalents and Available-For-Sale Investment Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, fair value disclosure	$ 177,565	$ 260,632	[1]
Investments, fair value disclosure	270,542	322,055
Money market fund
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents, fair value disclosure	92,977	48,423
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	164,894	110,235
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
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Available-for-sale investment securities, fair value disclosure	12,671	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		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	92,977	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	92,977	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
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, fair value disclosure	177,565	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]
Available-for-sale investment securities, fair value disclosure	164,894	110,235
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	$ 12,671	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		$ 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.

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2015	Mar. 31, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014	[1]
Class of Stock [Line Items]
Common stock, shares authorized	225,000,000		225,000,000		150,000,000
Net proceeds from sale of common stock		$ 196,800	$ 4,038	$ 199,762
Share of common stock issued		7,360,000
Equity Incentive Plan 2010
Class of Stock [Line Items]
Increase in common stock authorized for issuance under 2010 Equity Incentive Plan	5,000,000
Underwriter
Class of Stock [Line Items]
Share of common stock issued		960,000
[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.

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - Jun. 30, 2015 - USD ($)	Total
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	$ 2,500,000
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	8,000,000
Maximum
Other Commitments [Line Items]
External services	$ 29,700,000
Percentage of royalty payments obligation on net product sales	2.00%