Gyre Therapeutics (GYRE) 10-Q 3 Nov 16 2016 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2016	Oct. 31, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q3
Trading Symbol	CBIO
Entity Registrant Name	CATALYST BIOSCIENCES, INC.
Entity Central Index Key	1,124,105
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Accelerated Filer
Entity Common Stock, Shares Outstanding		12,026,297

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 9,317	$ 29,096
Short-term investments	10,208	3,402
Restricted cash	29,719	33,794
Deposits	5	133
Accounts receivable	101	492
Prepaid and other current assets	1,425	1,781
Total current assets	50,775	68,698
Restricted cash, noncurrent	125	125
Property and equipment, net	716	698
Total assets	51,616	69,521
Current liabilities:
Accounts payable	529	939
Accrued compensation	682	926
Other accrued liabilities	652	535
Deferred revenue, current portion	401	438
Deferred rent, current portion	35	19
Redeemable convertible notes	29,667	33,743
Derivative liability	28	1,156
Total current liabilities	31,994	37,756
Deferred revenue, noncurrent portion		292
Deferred rent, noncurrent portion	18	48
Total liabilities	32,012	38,096
Stockholders’ equity:
Preferred stock, $0.001 par value, 5,000,000 shares and 0 shares authorized and outstanding at September 30, 2016 and December 31, 2015
Common stock, $0.001 par value, 100,000,000 shares authorized at September 30, 2016 and December 31, 2015; 11,935,981 and 11,430,085 shares issued and outstanding at September 30, 2016 and December 31, 2015	12	11
Additional paid-in capital	163,820	162,450
Accumulated other comprehensive income	4	1
Accumulated deficit	(144,232)	(131,037)
Total stockholders’ equity	19,604	31,425
Total liabilities and stockholders’ equity	$ 51,616	$ 69,521

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	11,935,981	11,430,085
Common stock, shares outstanding	11,935,981	11,430,085

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Income Statement [Abstract]
Contract revenue	$ 109	$ 109	$ 328	$ 1,641
Operating expenses:
Research and development	3,396	1,486	8,443	4,192
General and administrative	2,425	2,508	7,083	6,567
Total operating expenses	5,821	3,994	15,526	10,759
Loss from operations	(5,712)	(3,885)	(15,198)	(9,118)
Interest and other income, net	941	273	2,003	964
Interest Expense		(1,439)		(1,478)
Net loss	$ (4,771)	$ (5,051)	$ (13,195)	$ (9,632)
Net loss per common share, basic and diluted	$ (0.40)	$ (0.93)	$ (1.14)	$ (4.65)
Shares used to compute net loss per common share, basic and diluted	11,846,947	5,410,864	11,575,701	2,071,161

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (4,771)	$ (5,051)	$ (13,195)	$ (9,632)
Other comprehensive income (loss):
Unrealized gain on available-for-sale securities	3	16	3	16
Total comprehensive loss	$ (4,768)	$ (5,035)	$ (13,192)	$ (9,616)

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Stockholders Equity - 9 months ended Sep. 30, 2016 - USD ($) $ in Thousands	Total	Redeemable Convertible Preferred Stock	Common Stock Amount	Common Stock AmountRedeemable Convertible Preferred Stock	Additional Paid-In Capital	Accumulated Other Comprehensive Income	Accumulated Deficit
Balance at Dec. 31, 2015	$ 31,425		$ 11		$ 162,450	$ 1	$ (131,037)
Balance (in shares) at Dec. 31, 2015			11,430,085
Stock-based compensation expense	505				505
Issuance of common stock, value	865				865
Issuance of common stock, shares			505,826
Conversion of convertible securities, value		$ 1		$ 1
Conversion of convertible securities, shares				70
Unrealized gain on available-for-sale securities	3					3
Net loss	(13,195)						(13,195)
Balance at Sep. 30, 2016	$ 19,604		$ 12		$ 163,820	$ 4	$ (144,232)
Balance (in shares) at Sep. 30, 2016			11,935,981

Condensed Consolidated Stateme7

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Operating Activities
Net loss	$ (13,195)	$ (9,632)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	505	135
Depreciation and amortization	328	365
Non-cash interest expense		1,478
Loss on disposal of fixed assets		11
Gain on extinguishment of redeemable convertible notes	(92)	(39)
Change in fair value of warrant liability		(91)
Change in fair value of derivative liability	(1,036)	(740)
Changes in operating assets and liabilities:
Accounts receivable	391	(235)
Prepaid and other current assets	484	(56)
Accounts payable	(410)	(4,543)
Accrued compensation and other accrued liabilities	(127)	1,029
Deferred rent	(14)	(18)
Deferred revenue	(329)	(1,640)
Net cash flows used in operating activities	(13,495)	(13,976)
Investing Activities
Proceeds from the reverse merger		23,931
Proceeds from maturities of investments	6,601	2,750
Purchase of investments	(13,404)
Change in restricted cash		(125)
Purchases of property and equipment	(346)	(174)
Net cash flows (used in) provided by investing activities	(7,149)	26,382
Financing Activities
Release of restricted cash due to conversion and redemption of redeemable convertible notes	4,075	2,225
Payments for the redemption of redeemable convertible notes	(4,075)	(2,157)
Proceeds from issuance of common stock, net of issuance costs	865
Proceeds from issuance of convertible preferred stock, net of issuance costs		7,259
Proceeds from issuance of convertible notes to related parties		1,888
Repurchase of common stock in connection with equity award assumed		(82)
Proceeds from the exercise of common stock options		13
Net cash flows provided by financing activities	865	9,146
Net (decrease) increase in cash and cash equivalents	(19,779)	21,552
Cash and cash equivalents at beginning of period	29,096	1,544
Cash and equivalents at end of period	9,317	23,096
Supplemental Disclosure of Non-Cash Investing and Financing Information:
Investment securities received from the reverse merger		17,223
Redeemable convertible notes assumed upon reverse merger		37,073
Embedded derivative related to redeemable convertible notes		1,455
Common stock
Supplemental Disclosure of Non-Cash Investing and Financing Information:
Conversion of convertible notes to stock	$ 1	68
Series F convertible preferred stock
Supplemental Disclosure of Non-Cash Investing and Financing Information:
Conversion of convertible notes to stock		1,511
Conversion of preferred stock warrant liabilities to equity upon reverse merger
Supplemental Disclosure of Non-Cash Investing and Financing Information:
Conversion of stock		774
Conversion of preferred stock and warrant liabilities to equity upon reverse merger
Supplemental Disclosure of Non-Cash Investing and Financing Information:
Conversion of stock		$ 117,647

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Operations	1. Catalyst Biosciences, Inc. (the “Company” or “Catalyst”), is a clinical-stage biotechnology company focused on developing novel medicines to address hematology indications, including the treatment of hemophilia and surgical bleeding. Its facilities are located in South San Francisco, California and it operates in one segment. Prior to August 20, 2015, the name of the Company was Targacept, Inc. On August 20, 2015, Targacept completed its business combination with “Old Catalyst” in accordance with the terms of an Agreement and Plan of Merger, dated as of March 5, 2015, as amended on May 6 and May 13, 2015, by and among Targacept, Talos Merger Sub, Inc. (“Merger Sub”) and Old Catalyst, pursuant to which Merger Sub merged with and into Old Catalyst, with Old Catalyst surviving as a wholly-owned subsidiary of Targacept (the “Merger”). Also on August 20, 2015, in connection with, and prior to the completion of, the Merger, Targacept effected a 7-for-1 reverse stock split of its common stock (the “Reverse Stock Split”) and changed its name from Targacept, Inc. to Catalyst Biosciences, Inc. Following the completion of the Merger, the business conducted by the Company became primarily the business conducted by Old Catalyst described in the paragraph above. We refer in this Quarterly Report on Form 10-Q to the business combination as the “Merger,” to the Company prior to the Merger as “Targacept” and to our subsidiary as “Old Catalyst,” and discussions of historical results reflect the results of Old Catalyst prior to the completion of the Merger and do not include the historical results of Targacept prior to the completion of the Merger. On August 19, 2015, prior to and in connection with the Merger, the Company paid a dividend to the Targacept holders consisting of cash and non-interest bearing redeemable convertible notes (the “Pre-Closing Dividend”), see Note 6

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These interim results and cash flows for any interim period are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“Annual Report”). The Company’s significant accounting policies are included in “ Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 – Summary of Significant Accounting Policies

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. For a description of the fair value hierarchy and our fair value methodology, see “ Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 – Summary of Significant Accounting Policies Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets and inputs other than quoted prices that are observable for the asset or liability. There were no transfers in or out of Level 1 and Level 2 during the periods presented. Liabilities that are measured at fair value consist of the derivative liability that utilize Level 3 inputs. There were no transfers in or out of Level 3 during the periods presented. The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 ( in thousands September 30, 2016 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 8,980 — — $ 8,980 Restricted cash (money market funds) (2) 29,844 — — 29,844 U.S. government agency securities (3) 10,208 — — 10,208 Total financial assets $ 49,032 $ — $ — $ 49,032 Financial liabilities: Derivative liability — — $ 28 $ 28 Total financial liabilities $ — $ — $ 28 $ 28 (1) Included in Cash and Cash Equivalents on accompanying condensed consolidated balance sheets. (2) $29.7 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $125,000 of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease. (3) Included in Short Term Investments on accompanying condensed consolidated balance sheets. December 31, 2015 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 28,927 $ — $ — $ 28,927 Restricted cash (money market funds) (2) 33,919 — — 33,919 Municipal bonds (3) — 296 — 296 Corporate notes (3) — 3,106 — 3,106 Total financial assets $ 62,846 $ 3,402 $ — $ 66,248 Financial liabilities: Derivative liability $ — $ — $ 1,156 $ 1,156 Total financial liabilities $ — $ — $ 1,156 $ 1,156 (1) Included in Cash and Cash Equivalents on accompanying condensed consolidated balance sheets. (2) $33.8 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $125,000 of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease. (3) Included in Short Term Investments on accompanying condensed consolidated balance sheets. The fair value of the derivative liability is measured using the Black-Scholes option-pricing valuation model. Inputs used to determine the estimated fair value of the conversion option include the fair value of the underlying common stock at the valuation measurement date, the remaining contractual term of the conversion option, risk-free interest rates, and expected dividends on and expected volatility of the price of the underlying common stock. In addition, the Company estimated the convertible redeemable note exchange rate based on an analysis of its actual exchange of notes for cash redemption or exchange of notes for conversion to common stock. See Note 6 The following table presents the activity for the derivative liability measured at estimated fair value using unobservable inputs as of September 30, 2016 ( in thousands Derivative Liability Balance as of December 31, 2015 $ 1,156 Change in fair value included in interest and other income (1,036 ) Gain on extinguishment of redeemable convertible notes (92 ) Balance as of September 30, 2016 $ 28 The estimated reporting date fair value-based measurement of the derivative liability was calculated using the Black-Scholes valuation model, based on the following weighted-average assumptions for the nine months ended September 30, 2016: Nine Months Ended September 30, 2016 Expected term 1.26 Expected volatility 79.8 % Risk-free interest rate 0.77 % Expected dividend yield 0 %

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2016
Investments All Other Investments [Abstract]
Financial Instruments	4. Cash equivalents, restricted cash and short-term investments, all of which are classified as available-for-sale securities, consisted of the following ( in thousands September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 8,980 $ — $ — $ 8,980 Restricted cash (money market funds) 29,844 — — 29,844 U.S. government agency securities 10,205 3 — 10,208 Total financial assets $ 49,029 $ 3 $ — $ 49,032 Classified as: Cash and cash equivalents $ 8,980 Restricted cash (money market funds) 29,844 Short-term investments 10,208 $ 49,032 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 28,927 $ — $ — $ 28,927 Restricted cash (money market funds) 33,919 — — 33,919 Municipal bonds 295 1 — 296 Corporate notes 3,106 1 (1 ) 3,106 Total financial assets $ 66,247 $ 2 $ (1 ) $ 66,248 Classified as: Cash and cash equivalents $ 28,927 Restricted cash (money market funds) 33,919 Short-term investments 3,402 $ 66,248 As of September 30, 2016, the remaining contractual maturities of available-for-sale securities were less than one year. There have been no significant realized gains or losses on available-for-sale securities for the periods presented.

Convertible Notes

Convertible Notes	9 Months Ended
	Sep. 30, 2016
Convertible Notes	6. On August 19, 2015, immediately prior to the Merger, the Company issued to Targacept stockholders non-interest bearing redeemable convertible notes (the “Notes”) in the aggregate principal amount of $37.0 million. The Notes do not bear interest. The principal amount of the Notes are convertible, at the option of each noteholder, into cash or into shares of the Company’s common stock at a conversion rate of $9.19 per share (after taking into account the Reverse Stock Split), and are payable in cash, if not previously redeemed or converted, at maturity on February 19, 2018, the 30-month anniversary of the closing of the issuance of the Notes. In connection with the Pre-Closing Dividend, on August 19, 2015, Targacept entered into an indenture (the “Indenture”) with American Stock Transfer & Trust Company, LLC, as trustee, and an escrow agreement with American Stock Transfer & Trust Company, LLC and Delaware Trust Company, LLC, as escrow agent, under which $37.0 million, which represented the initial principal amount of the convertible notes, was deposited in a segregated escrow account for the benefit of the holders of the notes in order to facilitate the payment of the notes upon redemption or at maturity (the amount of such deposit together with interest accrued and capitalized thereon, the “Escrow Funds”). The Notes are the Company’s secured obligation, and the Indenture does not limit its other indebtedness, secured or unsecured. Holders of the Notes may submit conversion notices, which are irrevocable, instructing the trustee to convert such the Notes into shares of the common stock at a conversion price of $9.19 per share. Following each conversion date, the Company will issue the number of whole shares of common stock issuable upon conversion as promptly as practicable (and in any event within 10 business days). The trustee will in turn release to the Company the respective amount of restricted cash to cover the stock issuance. The conversion to common stock feature of the Notes was determined to be a derivative liability requiring bifurcation and separate accounting. The fair value of such conversion feature at issuance was determined to be $1.5 million. The bifurcation of the derivative liability from the estimated fair value of the Notes of $37.1 million at issuance resulted in a debt discount of $1.4 million. The Company elected to accrete the entire debt discount as interest expense immediately subsequent to the Merger. In addition, changes in the fair value of the derivative liability are being recorded within interest and other income in the consolidated statements of operations. The Company remeasures the derivative liability to fair value until the earlier of the conversion, redemption or maturity of the redeemable convertible notes. For the three and nine months ended September 30, 2016 and 2015, the Company did not recognize interest expense related to the amortization of the debt discount within interest expense on the Company’s consolidated statement of operations as the redeemable convertible notes are immediately fully redeemable at the option of the holders. As of September 30, 2016, $7.1 million of the Notes were redeemed and $0.2 million of the Notes were converted into common stock since the Merger took effect. $4.1 million of the Notes were redeemed during the nine months ended September 2016. For the three and nine months ended September 30, 2016, the Company recognized $0 million and $0.1 million of gain on the extinguishment of Notes upon the redemption of the Notes.
Related Party Debt
Convertible Notes	5. In May and June 2015, Old Catalyst issued and sold convertible promissory notes in a series of closings in the aggregate principal amount of $1.9 million to existing stockholders, together with warrants to purchase shares of either the Old Catalyst’s Series E preferred stock or the capital stock issued during the next financing. The convertible promissory notes accrued interest at a rate of 12% per annum and were to mature one year from the date of issuance. In connection with the debt financing, Old Catalyst also issued and sold to each investor purchasing a convertible promissory note a warrant to purchase equity securities of the same type that the principal amount of the convertible promissory note issued to such investor converts into. In conjunction with the second closing in June 2015 of the Series F convertible preferred stock financing, Old Catalyst and the majority holders of the notes amended the notes such that the closing constituted a qualified financing and, accordingly, the total outstanding principal amount of the notes of $1.9 million and all unpaid accrued interest of $0.03 million, were converted into 1,511,723 shares of Series F convertible preferred stock and warrants for the purchase of 372,045 shares of Series F convertible preferred stock were issued to the note holders in connection with the conversion of the notes to Series F convertible preferred stock. All preferred stock and warrants were converted to common stock and warrants to purchase common stock upon the closing of the Merger. The Company recognized interest expense of $0 for both the three months ended September 30, 2016 and 2015, and $0 and $0.1 million for the nine months ended September 30, 2016 and 2015, related to the accrued interest and amortization of the debt discount. All outstanding shares of Old Catalyst’s convertible preferred stock and warrants to purchase convertible preferred stock were converted into shares of the Company’s common stock and warrants to purchase common stock upon completion of the Merger.

Stock Based Compensation

Stock Based Compensation	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Based Compensation	7. The Company assumed all of the outstanding options under Old Catalyst’s 2004 Stock Plan (the “Catalyst Plan”) and all of the standalone options of Old Catalyst that were not issued under the Catalyst Plan, in each case whether or not vested, outstanding immediately prior to the Merger, with such options henceforth representing the right to purchase that number of shares of the Company’s common stock equal to 0.0382 multiplied by the number of shares of Old Catalyst common stock previously represented by such options. For accounting purposes, however, the Company is instead deemed to have assumed all of the options under the Targacept, Inc. 2000 Equity Incentive Plan and the 2006 Stock Incentive Plan and all of the standalone options of Targacept that were not issued under such plans outstanding immediately prior to the Merger (such plans and options, together with the Catalyst Plan and the standalone Catalyst options, the “Plans”), in addition to the Company’s 2015 Stock Incentive Plan (as subsequently amended and restated). The following table summarizes stock option activity under the Plans including stock options granted to non-employees, and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Outstanding — December 31, 2015 2,199,509 $ 9.84 4.51 Options granted 192,600 $ 1.64 Options forfeited (199,238 ) $ 12.27 Outstanding — September 30, 2016 2,192,871 $ 8.90 3.94 Exercisable — September 30, 2016 1,651,916 $ 10.65 2.22 Vested and expected to vest — September 30, 2016 2,141,143 $ 9.02 3.81 Valuation Assumptions The Company estimated the fair value of stock options granted using the Black-Scholes option-pricing formula and a single option award approach. This fair value is being amortized ratably over the requisite service periods of the awards, which is generally the vesting period. The fair value of employee stock options was estimated using the following weighted-average assumptions for the nine months ended September 30, 2016 and 2015: Nine Months Ended September 30, 2016 2016 2015 Employee Stock Options: Risk-free interest rate 1.41 % 2.32 % Expected term (in years) 5.92 6.28 Dividend yield — — Volatility 75.04 % 76.34 % Weighted-average fair value of stock options granted $ 1.07 $ 0.18 Total stock-based compensation recognized was as follows ( in thousands Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Research and development $ 68 $ 13 $ 172 $ 37 General and administrative 120 39 333 98 Total stock-based compensation $ 188 $ 52 $ 505 $ 135 As of September 30, 2016, the Company had unrecognized employee stock-based compensation expense of $1.0 million, related to unvested stock awards, which is expected to be recognized over an estimated weighted-average period of 3.0 years.

Collaborations

Collaborations	9 Months Ended
	Sep. 30, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaborations	8. Pfizer On August 20, 2013 the Company and Pfizer entered into an amendment to the Factor VIIa marzeptacog alfa (activated) (formerly CB 813d) collaboration agreement whereby the companies agreed to provide specific mutual releases and covenants and modify certain milestone payment schedules in the agreement. Per the amendment, Pfizer agreed to make two non-refundable $1.5 million annual license maintenance payments to the Company, payable on August 1, 2014 and August 1, 2013. The annual license maintenance payments received were being amortized to contract revenue over the estimated expected performance period under the arrangement, which the Company estimated was to the end August 1, 2015. On April 2, 2015, Pfizer notified the Company that it was exercising its right to terminate in its entirety the collaboration agreement. The termination became effective 60 days after the Company’s receipt of the termination notice. On June 1, 2015, the license and certain rights under the research and license agreement terminated and reverted back to the Company. Pfizer is in the process of transferring clinical trial data, regulatory documentation and related technology under the research and license agreement to the Company. The Company plans to continue clinical development of this product candidate. The Company revised the expected period of performance to end on June 1, 2015, which was the effective termination of all performance obligations of the Company under the research and license agreement. Accordingly, all deferred revenue was recognized through June 1, 2015. Contract revenue related to the agreement with Pfizer was $0 and $0.8 million during the three months ended September 30, 2016 and 2015 and $0 and $1.3 million during the nine months ended September 30, 2016 and 2015, respectively. ISU Abxis On June 16, 2013, the Company entered into a license and collaboration agreement with ISU Abxis, whereby the Company licensed its proprietary human Factor IX products to ISU Abxis for initial development in South Korea. Under the terms of the agreement, ISU Abxis is responsible for development and manufacturing of the licensed products through Phase 1 clinical trials. Until the completion of Phase 1 development, ISU Abxis also has a right of first refusal with respect to commercialization rights for the licensed products in South Korea. The Company has the sole rights and responsibility for worldwide development, manufacture and commercialization of Factor IX products after Phase 1 development, unless ISU Abxis has exercised its right of first refusal regarding commercialization rights in South Korea, in which case the Company’s rights are in the entire world excluding South Korea. ISU Abxis’ rights will also terminate in the event that the Company enters into a license agreement with another party to develop, manufacture and commercialize Factor IX products in at least two major market territories. ISU Abxis paid the Company an up-front signing fee of $1.75 million and is obligated to pay to the Company contingent milestone-based payments on the occurrence of certain defined development events, and reimbursement for a portion of the Company’s costs relating to intellectual property filings and maintenance thereof on products. The Company is obligated to pay ISU Abxis a percentage of all net profits it receives from collaboration products. Contract revenue of $0.1 million for both the three months ended September 30, 2016 and 2015 and $0.3 million for both of the nine months ended September 30, 2016 and 2015, reflected the amortization of the up-front fee over the estimated period of the Company’s performance obligations under the agreement, which was assessed to be four years beginning in September 2013 when the agreement was executed. The deferred revenue balance related to the ISU Abxis collaboration was $0.4 million and $0.7 million as of September 30, 2016, and December 31, 2015, respectively.

Net Loss per Share

Net Loss per Share	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Net Loss per Share	9. The following table sets forth the computation of the basic and diluted net loss per share during the three and nine months ended September 30, 2016 and 2015 ( in thousands, except share and per share data Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net loss, basic and diluted $ (4,771 ) $ (5,051 ) $ (13,195 ) $ (9,632 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 11,846,947 5,410,864 11,575,701 2,071,161 Net loss per share, basic and diluted $ (0.40 ) $ (0.93 ) $ (1.14 ) $ (4.65 ) Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities on an as-if converted basis that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: September 30, December 31, 2016 2015 Options to purchase common stock 2,194,252 2,200,890 Common stock warrants 180,954 180,954 Redeemable convertible notes 3,228,237 3,671,745 Total 5,603,443 6,053,589

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2016
Equity [Abstract]
Common Stock	10. Common Stock On March 16, 2016, the Company entered into a Capital on Demand TM The Company sold 432,367 shares of common stock in the open market at a weighted-average selling price of $1.69 per share, for net proceeds (net of commissions) of $0.7 million during the three months ended September 30, 2016, and 505,826 shares of common stock in the open market at a weighted-average selling price of $1.76 per share, for net proceeds (net of commissions) of $0.9 million during the nine months ended September 30, 2016 in the Capital on Demand TM TM

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Operating Leases Future minimum lease payments under all non-cancelable operating leases as of September 30, 2016, were as follows ( in thousands Minimum Lease Payments 2016 181 2017 745 2018 125 Total future minimum lease payments 1,051 Manufacturing Agreements On May 20, 2016, the Company entered into a development and manufacturing services agreement with CMC ICOS Biologics, Inc. (“CMC”), pursuant to which CMC will conduct manufacturing development and, upon successful development of the manufacturing process, manufacture the Company’s next-generation Factor VIIa variant marzeptacog alfa (activated) that the Company intends to use in its clinical trials. The Company has agreed to a total of $3.8 million in payments to CMC pursuant to the initial statement of work under the Agreement, subject to completion of applicable work stages. As of September 30, 2016 the Company is obligated to $3.5 million in payments to CMC remaining under the agreement.

Other Income (Expense)

Other Income (Expense)	9 Months Ended
	Sep. 30, 2016
Other Income And Expenses [Abstract]
Other Income (Expense)	12. Other Income (Expense) The following table shows the detail of other income/(expense), net for the three and nine month periods ended September 30, 2016 and 2015 ( in thousands Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 NNR Asset Sale $ 804 $ — $ 804 $ — Derivative Liability 99 740 1,036 740 Other Income/(Expense), net 38 (467 ) 163 224 Total Other Income/(expense), net $ 941 $ 273 $ 2,003 $ 964

Restructuring Actions

Restructuring Actions	9 Months Ended
	Sep. 30, 2016
Restructuring And Related Activities [Abstract]
Restructuring Actions	13. Restructuring Actions In September 2016, the Company announced a reduction in workforce of 10 employees, or approximately 50% of the company’s workforce, in connection with a strategic plan to reallocate the Company’s resources to its hemostasis programs. As a result of the workforce reduction, the Company estimated one-time severance and related costs relating to the restructuring of approximately $1.0 million recorded in research and development expense. Of these one-time severance and related costs, approximately $0.7 million was paid through the three and nine months ended September 30, 2016. The remaining liability is recorded within accrued expenses as of September 30, 2016 and the restructuring balance will be fully paid by the end of 2016.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	14. Subsequent events On October 12, 2016, the Company entered into a definitive sales agreement on the sale of TC-6499, a neural nicotinic receptor asset acquired from Targacept in the Merger, for approximately $0.8 million in up-front payments and the potential for future milestones and royalties.

Summary of Significant Accoun21

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The Company’s condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) and following the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP can be condensed or omitted. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, which are necessary for a fair presentation of the Company’s financial information. These interim results and cash flows for any interim period are not necessarily indicative of the results to be expected for the full year. The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the consolidated financial statements filed with the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“Annual Report”). The Company’s significant accounting policies are included in “ Part II - Item 8 - Financial Statements and Supplementary Data - Note 2 – Summary of Significant Accounting Policies

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 30, 2016
Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2016 and December 31, 2015 ( in thousands September 30, 2016 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 8,980 — — $ 8,980 Restricted cash (money market funds) (2) 29,844 — — 29,844 U.S. government agency securities (3) 10,208 — — 10,208 Total financial assets $ 49,032 $ — $ — $ 49,032 Financial liabilities: Derivative liability — — $ 28 $ 28 Total financial liabilities $ — $ — $ 28 $ 28 (1) Included in Cash and Cash Equivalents on accompanying condensed consolidated balance sheets. (2) $29.7 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $125,000 of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease. (3) Included in Short Term Investments on accompanying condensed consolidated balance sheets. December 31, 2015 Level 1 Level 2 Level 3 Total Financial assets: Money market funds (1) $ 28,927 $ — $ — $ 28,927 Restricted cash (money market funds) (2) 33,919 — — 33,919 Municipal bonds (3) — 296 — 296 Corporate notes (3) — 3,106 — 3,106 Total financial assets $ 62,846 $ 3,402 $ — $ 66,248 Financial liabilities: Derivative liability $ — $ — $ 1,156 $ 1,156 Total financial liabilities $ — $ — $ 1,156 $ 1,156 (1) Included in Cash and Cash Equivalents on accompanying condensed consolidated balance sheets. (2) $33.8 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $125,000 of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease. (3) Included in Short Term Investments on accompanying condensed consolidated balance sheets.
Fair Values of Derivative Liabilities Estimated Using Black-Scholes Valuation Model	The estimated reporting date fair value-based measurement of the derivative liability was calculated using the Black-Scholes valuation model, based on the following weighted-average assumptions for the nine months ended September 30, 2016: Nine Months Ended September 30, 2016 Expected term 1.26 Expected volatility 79.8 % Risk-free interest rate 0.77 % Expected dividend yield 0 %
Derivative
Derivative Liability Measured at Estimated Fair Value Using Unobservable Inputs	The following table presents the activity for the derivative liability measured at estimated fair value using unobservable inputs as of September 30, 2016 ( in thousands Derivative Liability Balance as of December 31, 2015 $ 1,156 Change in fair value included in interest and other income (1,036 ) Gain on extinguishment of redeemable convertible notes (92 ) Balance as of September 30, 2016 $ 28

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2016
Investments All Other Investments [Abstract]
Cash Equivalents and Short-Term Investments Classified as Available for Sale Securities	Cash equivalents, restricted cash and short-term investments, all of which are classified as available-for-sale securities, consisted of the following ( in thousands September 30, 2016 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 8,980 $ — $ — $ 8,980 Restricted cash (money market funds) 29,844 — — 29,844 U.S. government agency securities 10,205 3 — 10,208 Total financial assets $ 49,029 $ 3 $ — $ 49,032 Classified as: Cash and cash equivalents $ 8,980 Restricted cash (money market funds) 29,844 Short-term investments 10,208 $ 49,032 December 31, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Money market funds $ 28,927 $ — $ — $ 28,927 Restricted cash (money market funds) 33,919 — — 33,919 Municipal bonds 295 1 — 296 Corporate notes 3,106 1 (1 ) 3,106 Total financial assets $ 66,247 $ 2 $ (1 ) $ 66,248 Classified as: Cash and cash equivalents $ 28,927 Restricted cash (money market funds) 33,919 Short-term investments 3,402 $ 66,248

Stock Based Compensation (Table

Stock Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Summary of Option Activity	The following table summarizes stock option activity under the Plans including stock options granted to non-employees, and related information: Number of Shares Underlying Outstanding Options Weighted- Average Exercise Price Weighted-Average Remaining Contractual Term (Years) Outstanding — December 31, 2015 2,199,509 $ 9.84 4.51 Options granted 192,600 $ 1.64 Options forfeited (199,238 ) $ 12.27 Outstanding — September 30, 2016 2,192,871 $ 8.90 3.94 Exercisable — September 30, 2016 1,651,916 $ 10.65 2.22 Vested and expected to vest — September 30, 2016 2,141,143 $ 9.02 3.81
Summary of Weighted Average Valuation Assumptions Used to Estimate Fair Value of Employee Stock Options	The fair value of employee stock options was estimated using the following weighted-average assumptions for the nine months ended September 30, 2016 and 2015: Nine Months Ended September 30, 2016 2016 2015 Employee Stock Options: Risk-free interest rate 1.41 % 2.32 % Expected term (in years) 5.92 6.28 Dividend yield — — Volatility 75.04 % 76.34 % Weighted-average fair value of stock options granted $ 1.07 $ 0.18
Summary of Stock-Based Compensation Recognized	Total stock-based compensation recognized was as follows ( in thousands Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Research and development $ 68 $ 13 $ 172 $ 37 General and administrative 120 39 333 98 Total stock-based compensation $ 188 $ 52 $ 505 $ 135

Net Loss per Share (Tables)

Net Loss per Share (Tables)	9 Months Ended
	Sep. 30, 2016
Earnings Per Share [Abstract]
Basic and Diluted Net Loss Per Share	The following table sets forth the computation of the basic and diluted net loss per share during the three and nine months ended September 30, 2016 and 2015 ( in thousands, except share and per share data Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 Net loss, basic and diluted $ (4,771 ) $ (5,051 ) $ (13,195 ) $ (9,632 ) Weighted-average number of shares used in computing net loss per share, basic and diluted 11,846,947 5,410,864 11,575,701 2,071,161 Net loss per share, basic and diluted $ (0.40 ) $ (0.93 ) $ (1.14 ) $ (4.65 )
Anti-dilutive Security not Included In Diluted per Share Calculations	Since the Company was in a loss position for all periods presented, diluted net loss per share is the same as basic net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities on an as-if converted basis that were not included in the diluted per share calculations because they would be anti-dilutive were as follows: September 30, December 31, 2016 2015 Options to purchase common stock 2,194,252 2,200,890 Common stock warrants 180,954 180,954 Redeemable convertible notes 3,228,237 3,671,745 Total 5,603,443 6,053,589

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Sep. 30, 2016
Commitments And Contingencies Disclosure [Abstract]
Expected Future Lease Payments Under All Operating Leases	Future minimum lease payments under all non-cancelable operating leases as of September 30, 2016, were as follows ( in thousands Minimum Lease Payments 2016 181 2017 745 2018 125 Total future minimum lease payments 1,051

Other Income (Expense) (Tables)

Other Income (Expense) (Tables)	9 Months Ended
	Sep. 30, 2016
Other Income And Expenses [Abstract]
Detail of Other Income/(Expense), Net	The following table shows the detail of other income/(expense), net for the three and nine month periods ended September 30, 2016 and 2015 ( in thousands Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 NNR Asset Sale $ 804 $ — $ 804 $ — Derivative Liability 99 740 1,036 740 Other Income/(Expense), net 38 (467 ) 163 224 Total Other Income/(expense), net $ 941 $ 273 $ 2,003 $ 964

Nature of Operations - Addition

Nature of Operations - Additional Information (Detail)	Aug. 20, 2015
Targacept
Organization and Nature of Operations [Line Items]
Reverse stock split ratio	7

Assets and Liabilities Measured

Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands		Sep. 30, 2016		Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		$ 49,032		$ 66,248
Liabilities, fair value		28		1,156
U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]	10,208
Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]			296
Corporate Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]			3,106
Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[2]	8,980		28,927
Restricted cash (money market funds)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		29,844	[3]	33,919	[4]
Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		49,032		62,846
Fair Value, Inputs, Level 1 | U.S. Government Agency Securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]	10,208
Fair Value, Inputs, Level 1 | Money Market Funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[2]	8,980		28,927
Fair Value, Inputs, Level 1 | Restricted cash (money market funds)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value		29,844	[3]	33,919	[4]
Fair Value, Inputs, Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value				3,402
Fair Value, Inputs, Level 2 | Municipal Bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]			296
Fair Value, Inputs, Level 2 | Corporate Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets, fair value	[1]			3,106
Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		28		1,156
Derivative liability
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		28		1,156
Derivative liability | Fair Value, Inputs, Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Liabilities, fair value		$ 28		$ 1,156
[1]	Included in Short Term Investments on accompanying condensed consolidated balance sheets.
[2]	Included in Cash and Cash Equivalents on accompanying condensed consolidated balance sheets.
[3]	$29.7 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $125,000 of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease.
[4]	$33.8 million of restricted cash in the Indenture serves as full collateral for the redeemable convertible notes and $125,000 of restricted cash serves as collateral for the Company’s corporate credit card and deposit for its facility lease.

Assets and Liabilities Measur30

Assets and Liabilities Measured at Fair Value (Parenthetical) (Detail) - USD ($)	Sep. 30, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 29,719,000	$ 33,794,000
Collateral for Redeemable Convertible Notes
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	29,700,000	33,800,000
Collateral for Corporate Credit Card and Deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Restricted cash	$ 125,000	$ 125,000

Derivative Liability Measured a

Derivative Liability Measured at Estimated Fair Value Using Unobservable Inputs (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2016USD ($)
Fair Value Disclosures [Abstract]
Balance as of December 31, 2015	$ 1,156
Change in fair value included in interest and other income	(1,036)
Gain on extinguishment of redeemable convertible notes	(92)
Balance as of September 30, 2016	$ 28

Fair Values of Derivative Liabi

Fair Values of Derivative Liabilities Estimated Using Black-Scholes Valuation Model (Detail) - Derivative liability	9 Months Ended
	Sep. 30, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected term	1 year 3 months 4 days
Expected volatility	79.80%
Risk-free interest rate	0.77%
Expected dividend yield	0.00%

Cash Equivalents and Short-Term

Cash Equivalents and Short-Term Investments Classified as Available for Sale Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 49,029	$ 66,247
Gross Unrealized Gains	3	2
Gross Unrealized Losses		(1)
Estimated Fair Value	49,032	66,248
Money Market Funds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	8,980	28,927
Estimated Fair Value	8,980	28,927
Money Market Funds | Restricted cash (money market funds)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	29,844	33,919
Estimated Fair Value	29,844	33,919
U.S. Government Agency Securities
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	10,205
Gross Unrealized Gains	3
Estimated Fair Value	10,208
Municipal Bonds
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		295
Gross Unrealized Gains		1
Estimated Fair Value		296
Corporate Notes
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		3,106
Gross Unrealized Gains		1
Gross Unrealized Losses		(1)
Estimated Fair Value		3,106
Cash Equivalents
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	8,980	28,927
Short-Term Investments
Schedule of Available-for-sale Securities [Line Items]
Estimated Fair Value	$ 10,208	$ 3,402

Financial Instruments - Additio

Financial Instruments - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2016USD ($)
Financial Instrument [Line Items]
Significant realized gains or losses on available-for-sale securities	$ 0
Maximum
Financial Instrument [Line Items]
Available for sale securities contractual maturities	1 year

Convertible Notes - Related Par

Convertible Notes - Related Parties - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Debt Instrument [Line Items]
Interest expense related to accrued interest and amortization of debt discount			$ 0	$ 0	$ 0	$ 100
Series F Convertible Preferred Stock
Debt Instrument [Line Items]
Convertible notes, shares issued upon conversion	1,511,723
Convertible preferred stock, warrants issued	372,045
Convertible Notes
Debt Instrument [Line Items]
Aggregate principal amount of convertible promissory notes issued and sold	$ 1,900
Convertible notes, accrued interest	$ 30	$ 30
Existing Stockholders | Convertible Notes Payable
Debt Instrument [Line Items]
Aggregate principal amount of convertible promissory notes issued and sold		$ 1,900
Convertible debt interest rate	12.00%	12.00%
Debt instrument maturity period	1 year

Redeemable Convertible Notes -

Redeemable Convertible Notes - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015	Aug. 19, 2015
Debt Instrument [Line Items]
Gain on extinguishment of redeemable convertible notes	$ 0		$ 92	$ 39
Redeemable convertible notes, redeemed during period			$ 4,075	2,157
Convertible Notes
Debt Instrument [Line Items]
Convertible notes, total outstanding principal amount					$ 37,000
Redeemable convertible notes, conversion per share price	$ 9.19		$ 9.19
Convertible notes, maturity date			Feb. 19, 2018
Convertible notes, maturity period			30 months
Redeemable convertible notes, threshold trading days			10 days
Redeemable convertible notes, conversion feature			$ 1,500
Redeemable convertible notes, estimated fair value	$ 37,100		37,100
Redeemable convertible notes, debt discount	1,400		1,400
Redeemable convertible notes, interest expense	0	$ 0	0	$ 0
Redeemable convertible notes, redeemed	$ 7,100		7,100
Conversion of convertible notes in to common stock, value			200
Redeemable convertible notes, redeemed during period			$ 4,100
Convertible Notes | After Reverse Stock Split
Debt Instrument [Line Items]
Redeemable convertible notes, conversion per share price	$ 9.19		$ 9.19

Stock Based Compensation - Addi

Stock Based Compensation - Additional Information (Detail) $ in Millions	9 Months Ended
	Sep. 30, 2016USD ($)
2004 Stock Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized employee stock based compensation expense	$ 1
Unrecognized employee stock based compensation expense, period for recognition	3 years
Merger Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock exchange rate	3.82%

Summary of Option Activity (Det

Summary of Option Activity (Detail)	9 Months Ended
	Sep. 30, 2016$ / sharesshares
Number of Shares Underlying Outstanding Options
Number of Shares Underlying Outstanding Options, Beginning Balance | shares	2,199,509
Number of Shares Underlying Outstanding Options, Options granted | shares	192,600
Number of Shares Underlying Outstanding Options, Options forfeited | shares	(199,238)
Number of Shares Underlying Outstanding Options, Ending Balance | shares	2,192,871
Number of Shares Underlying Outstanding Options, Exercisable - September 30, 2016 | shares	1,651,916
Number of Shares Underlying Outstanding Options, Vested and expected to vest - September 30, 2016 | shares	2,141,143
Weighted- Average Exercise Price
Weighted- Average Exercise Price, Beginning Balance | $ / shares	$ 9.84
Weighted- Average Exercise Price, Options exercised, Options granted | $ / shares	1.64
Weighted- Average Exercise Price, Options forfeited | $ / shares	12.27
Weighted- Average Exercise Price, Ending Balance | $ / shares	8.90
Weighted- Average Exercise Price, Exercisable - September 30, 2016 | $ / shares	10.65
Weighted- Average Exercise Price, Vested and expected to vest - September 30, 2016 | $ / shares	$ 9.02
Weighted Average Remaining Contractual Term
Outstanding — December 31, 2015	4 years 6 months 4 days
Outstanding — September 30, 2016	3 years 11 months 9 days
Exercisable — September 30, 2016	2 years 2 months 19 days
Vested and expected to vest — September 30, 2016	3 years 9 months 22 days

Fair Values of Stock Options Es

Fair Values of Stock Options Estimated Using Black-Scholes Valuation Model (Detail) - Employee Stock Option - $ / shares	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Black Scholes Method Used [Line Items]
Risk-free interest rate	1.41%	2.32%
Expected term (in years)	5 years 11 months 1 day	6 years 3 months 11 days
Dividend yield	0.00%	0.00%
Volatility	75.04%	76.34%
Weighted-average fair value of stock options granted	$ 1.07	$ 0.18

Summary of Stock-Based Compensa

Summary of Stock-Based Compensation Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 188	$ 52	$ 505	$ 135
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	68	13	172	37
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 120	$ 39	$ 333	$ 98

Collaborations - Additional Inf

Collaborations - Additional Information (Detail) $ in Thousands	Apr. 02, 2015	Aug. 20, 2013USD ($)Payment	Jun. 16, 2013USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Dec. 31, 2015USD ($)
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Contract revenue				$ 109	$ 109	$ 328	$ 1,641
Pfizer Inc
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Number of Non-refundable annual license maintenance payments | Payment		2
Non-refundable annual license maintenance payments		$ 1,500
License maintenance payable period one		Aug. 1, 2014
License maintenance payable period two		Aug. 1, 2013
Effective termination notice period	60 days
Contract revenue				0	800	0	1,300
ISU Abxis
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Contract revenue				100	$ 100	300	$ 300
Deferred revenue				$ 400		$ 400		$ 700
Deferred revenue recognition period						4 years
ISU Abxis | Up Front Payment
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Amount received for research and development process			$ 1,750

Basic and Diluted Net Loss Per

Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Earnings Per Share [Abstract]
Net loss, basic and diluted	$ (4,771)	$ (5,051)	$ (13,195)	$ (9,632)
Weighted-average number of shares used in computing net loss per share, basic and diluted	11,846,947	5,410,864	11,575,701	2,071,161
Net loss per share, basic and diluted	$ (0.40)	$ (0.93)	$ (1.14)	$ (4.65)

Anti-dilutive Security not Incl

Anti-dilutive Security not Included In Diluted per Share Calculations (Detail) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2016	Dec. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	5,603,443	6,053,589
Options To Purchase Common Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	2,194,252	2,200,890
Common Stock Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	180,954	180,954
Redeemable Convertible Notes
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti dilutive securities	3,228,237	3,671,745

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2016	Sep. 30, 2016	Oct. 31, 2016	Mar. 16, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, value of shares issued under sales agreement	$ 12,000	$ 12,000			$ 11,000
Net proceeds from sale of common stock		$ 865,000
Capital on Demand Sales Agreement with Jones Trading Institutional Services LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, value of shares issued under sales agreement				$ 6,500,000
Common stock, shares issued under sales agreement	432,367	505,826
Common stock weighted average selling price	$ 1.69	$ 1.76
Net proceeds from sale of common stock	$ 700,000	$ 900,000
Offering costs		100,000
Costs against additional paid-in capital	$ 20,000	$ 30,000
Capital on Demand Sales Agreement with Jones Trading Institutional Services LLC | Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock available for sale			$ 5,500,000

Expected Future Lease Payments

Expected Future Lease Payments Under Operating Leases (Detail) $ in Thousands	Sep. 30, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
2,016	$ 181
2,017	745
2,018	125
Total future minimum lease payments	$ 1,051

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions	Sep. 30, 2016	May 20, 2016
CMC ICOS Biologics, Inc.
Commitments And Contingencies Disclosure [Line Items]
Contractual obligation payments	$ 3.5	$ 3.8

Detail of Other Income_(Expense

Detail of Other Income/(Expense), Net (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2016	Sep. 30, 2015	Sep. 30, 2016	Sep. 30, 2015
Other Income And Expenses [Abstract]
NNR Asset Sale	$ 804		$ 804
Derivative Liability	99	$ 740	1,036	$ 740
Other Income/(Expense), net	38	(467)	163	224
Total Other Income/(expense), net	$ 941	$ 273	$ 2,003	$ 964

Restructuring Actions - Additio

Restructuring Actions - Additional Information (Detail) - Employee Severance $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2016USD ($)	Sep. 30, 2016USD ($)Employee
Restructuring Cost And Reserve [Line Items]
Estimated one-time severance and related costs relating to the restructuring recorded in research and development expense	$ 1	$ 1
One-time severance and related costs paid	$ 0.7	$ 0.7
Percentage of workforce reduced		50.00%
Reduction in workforce | Employee		10

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ in Millions	Oct. 12, 2016	Sep. 30, 2016
Subsequent Event [Line Items]
Agreement date		Oct. 12, 2016
Subsequent Event
Subsequent Event [Line Items]
Proceeds from the sale of NNR assets	$ 0.8