Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 7-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | FPRX | |
Entity Registrant Name | FIVE PRIME THERAPEUTICS INC | |
Entity Central Index Key | 1175505 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,660,618 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $14,482 | $15,267 |
Marketable securities | 202,659 | 133,787 |
Receivable from collaborative partners | 133 | 410 |
Prepaid and other current assets | 3,056 | 1,794 |
Total current assets | 220,330 | 151,258 |
Property and equipment, net | 3,830 | 3,794 |
Other long-term assets | 409 | 579 |
Total assets | 224,569 | 155,631 |
Current liabilities: | ||
Accounts payable | 904 | 1,096 |
Accrued personnel-related expenses | 2,668 | 4,618 |
Other accrued liabilities | 2,968 | 1,531 |
Deferred revenue, current portion | 12,111 | 11,938 |
Deferred rent, current portion | 655 | 632 |
Total current liabilities | 19,306 | 19,815 |
Deferred revenue, long-term portion | 48,537 | 48,628 |
Deferred rent, long-term portion | 1,441 | 1,514 |
Other long-term liabilities | 516 | 469 |
Commitments | ||
Stockholders' equity: | ||
Common stock | 26 | 22 |
Preferred stock | ||
Additional paid-in capital | 354,746 | 274,180 |
Accumulated other comprehensive income | 31 | 1 |
Accumulated deficit | -200,034 | -188,998 |
Total stockholders' equity | 154,769 | 85,205 |
Total liabilities and stockholders' equity | $224,569 | $155,631 |
Condensed_Statements_of_Operat
Condensed Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Collaboration revenue | $4,287 | $3,546 |
Operating expenses: | ||
Research and development | 11,211 | 8,926 |
General and administrative | 4,220 | 3,280 |
Total operating expenses | 15,431 | 12,206 |
Loss from operations | -11,144 | -8,660 |
Interest income | 108 | 36 |
Other income (expense), net | -20 | |
Net loss | ($11,036) | ($8,644) |
Basic and diluted net loss per common share | ($0.44) | ($0.46) |
Shares used to compute basic and diluted net loss per common share | 25,072 | 18,841 |
Condensed_Statements_of_Compre
Condensed Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net loss | ($11,036) | ($8,644) |
Other comprehensive income: | ||
Net unrealized gain on marketable securities | 30 | 16 |
Comprehensive loss | ($11,006) | ($8,628) |
Condensed_Statement_of_Cash_Fl
Condensed Statement of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net loss | ($11,036) | ($8,644) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 400 | 391 |
Stock-based compensation expense | 991 | 636 |
Amortization of premium on marketable securities | 534 | 211 |
Changes in operating assets and liabilities: | ||
Receivable from collaborative partners | 277 | 9 |
Prepaid, other current assets, and other long-term assets | -689 | 59 |
Accounts payable | -192 | -1 |
Accrued personnel-related expenses | -1,950 | -1,192 |
Deferred revenue | 82 | 1,617 |
Deferred rent | -50 | -138 |
Other accrued liabilities and other long-term liabilities | 1,081 | 1,461 |
Net cash used in operating activities | -10,552 | -5,591 |
Investing activities | ||
Purchases of marketable securities | -93,876 | -68,384 |
Maturities of marketable securities | 24,500 | 18,500 |
Purchases of property and equipment | -436 | -296 |
Net cash used in investing activities | -69,812 | -50,180 |
Financing activities | ||
Proceeds from public offering of common stock, net | 78,693 | 40,104 |
Proceeds from the sale of common stock to collaborative partner | 18,639 | |
Proceeds from issuance of common stock under equity incentive plans | 886 | 547 |
Net cash provided by financing activities | 79,579 | 59,290 |
Net increase (decrease) in cash and cash equivalents | -785 | 3,519 |
Cash and cash equivalents at beginning of period | 15,267 | 8,161 |
Cash and cash equivalents at end of period | $14,482 | $11,680 |
Description_of_Business
Description of Business | 3 Months Ended | |
Mar. 31, 2015 | ||
Accounting Policies [Abstract] | ||
Description of Business | 1 | Description of Business |
Five Prime Therapeutics, Inc. (we, us, our or the Company) is a clinical-stage biotechnology company focused on discovering and developing novel protein therapeutics. Protein therapeutics are antibodies or drugs developed from extracellular proteins or protein fragments that block disease processes, including cancer and inflammatory diseases. We were incorporated in December 2001 in Delaware. Our operations are based in South San Francisco, California and we operate in one segment. | ||
Unaudited Interim Financial Information | ||
The accompanying financial information as of March 31, 2015 is unaudited. The Condensed Financial Statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that our management considers necessary for the fair statement of the results of operations for the interim periods covered and of the financial condition of the Company at the date of the interim balance sheet. The December 31, 2014 Condensed Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America, or GAAP. The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The accompanying Condensed Financial Statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission. | ||
Follow-on Public Offering | ||
In January 2015, we closed an underwritten public offering of 3,829,994 shares of our common stock which included shares we issued pursuant to our underwriters’ exercise of their over-allotment option. We received net proceeds of $78.7 million, after underwriting discounts, structuring fees and offering expenses. | ||
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | ||||||||||||||
Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements as well as reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. | ||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||
We determine the fair value of financial and nonfinancial assets and liabilities using the fair value hierarchy, which describes three levels of inputs that may be used to measure fair value, as follows: | ||||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
We determine the fair value of Level 1 assets using quoted prices in active markets for identical assets. We review trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. | ||||||||||||||||
In certain cases where there is limited activity or less transparency around inputs to valuation, we classify securities as Level 3 within the valuation hierarchy. We do not have any Level 3 securities as of March 31, 2015. | ||||||||||||||||
The following table summarizes, for assets recorded at fair value, the respective fair values and the classifications by level of input within the fair value hierarchy defined above (in thousands): | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
BASIS OF FAIR VALUE | ||||||||||||||||
MEASUREMENTS | ||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 10,271 | $ | 10,271 | $ | — | $ | — | ||||||||
U.S. Treasury securities | 202,659 | 202,659 | — | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 212,930 | $ | 212,930 | $ | — | $ | — | ||||||||
31-Dec-14 | ||||||||||||||||
BASIS OF FAIR VALUE | ||||||||||||||||
MEASUREMENTS | ||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 9,996 | $ | 9,996 | $ | — | $ | — | ||||||||
U.S. Treasury securities | 130,786 | 130,786 | — | — | ||||||||||||
U.S. government agency securities | 3,001 | — | 3,001 | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 143,783 | $ | 140,782 | $ | 3,001 | $ | — | ||||||||
Net Loss Per Share of Common Stock | ||||||||||||||||
We compute basic net loss per common share by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. | ||||||||||||||||
We excluded the following options and restricted stock awards, or RSAs, to purchase shares of common stock (in thousands) from the calculation of diluted net loss per share for all periods presented as the effect would have been antidilutive: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Options and RSAs to purchase common stock | 2,667 | 2,213 | ||||||||||||||
2,667 | 2,213 | |||||||||||||||
Recently Issued Accounting Standards | ||||||||||||||||
In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2016, with early application not permitted. We are currently evaluating the effect the adoption of ASU 2014-09 will have on our financial statements. |
Cash_Equivalents_and_Marketabl
Cash Equivalents and Marketable Securities | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Cash And Cash Equivalents [Abstract] | ||||||||||||||||
Cash Equivalents and Marketable Securities | 3 | Cash Equivalents and Marketable Securities | ||||||||||||||
The following is a summary of our cash equivalents and marketable securities (in thousands): | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | ESTIMATED | |||||||||||||
COST BASIS | GAINS | LOSSES | FAIR VALUE | |||||||||||||
Money market funds | $ | 10,271 | $ | — | $ | — | $ | 10,271 | ||||||||
U.S. Treasury securities | 202,628 | 44 | (13 | ) | 202,659 | |||||||||||
212,899 | 44 | (13 | ) | 212,930 | ||||||||||||
Less: cash equivalents | (10,271 | ) | — | — | (10,271 | ) | ||||||||||
Total marketable securities | $ | 202,628 | $ | 44 | $ | (13 | ) | $ | 202,659 | |||||||
31-Dec-14 | ||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | ESTIMATED | |||||||||||||
COST BASIS | GAINS | LOSSES | FAIR VALUE | |||||||||||||
Money market funds | $ | 9,996 | $ | — | $ | — | $ | 9,996 | ||||||||
U.S. Treasury securities | 130,785 | 18 | (17 | ) | 130,786 | |||||||||||
U.S. government agency securities | 3,001 | — | — | 3,001 | ||||||||||||
143,782 | 18 | (17 | ) | 143,783 | ||||||||||||
Less: cash equivalents | (9,996 | ) | — | — | (9,996 | ) | ||||||||||
Total marketable securities | $ | 133,786 | $ | 18 | $ | (17 | ) | $ | 133,787 | |||||||
As of March 31, 2015, the amortized cost and estimated fair value of our available-for-sale securities by contractual maturity are shown below (in thousands): | ||||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Debt securities maturing: | ||||||||||||||||
In one year or less | $ | 115,824 | $ | 115,831 | ||||||||||||
In one to two years | 97,075 | 97,099 | ||||||||||||||
Total marketable securities | $ | 212,899 | $ | 212,930 | ||||||||||||
We determined that the gross unrealized losses of $13,000 on our marketable securities as of March 31, 2015 were temporary in nature. We currently do not intend to sell these securities prior to maturity and do not consider these investments to be other-than-temporarily impaired at March 31, 2015. There were no sales of available-for-sale securities in any of the periods presented. |
Equity_Incentive_Plans
Equity Incentive Plans | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||
Equity Incentive Plans | 4 | Equity Incentive Plans | ||||||||||
The following table summarizes option activity under our stock plans and related information: | ||||||||||||
OPTIONS OUTSTANDING | ||||||||||||
WEIGHTED | WEIGHTED | |||||||||||
AVERAGE | AVERAGE | |||||||||||
NUMBER OF | EXERCISE PRICE | REMAINING | ||||||||||
SHARES | PER SHARE | CONTRACTUAL TERM | ||||||||||
Balance at December 31, 2014 | 2,684,812 | $ | 7.85 | |||||||||
Options granted | 23,088 | $ | 24.31 | |||||||||
Options exercised | (143,426 | ) | $ | 6.23 | ||||||||
Options forfeited | (40,983 | ) | $ | 8.59 | ||||||||
Balance at March 31, 2015 | 2,523,491 | $ | 8.08 | |||||||||
Options exercisable | 1,388,801 | $ | 6.32 | 5.93 | ||||||||
We have granted restricted stock awards, or RSAs to certain employees. RSAs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting and are unforfeitable once fully vested. The fair value of RSAs was based upon the closing sales price of our common stock on the grant date. As of March 31, 2015, there were 24,000 shares of RSAs outstanding. We did not grant any RSAs during the first quarter of March 2015. | ||||||||||||
As of March 31, 2015, there were 4,460,486 shares of common stock available for future issuance under our 2013 Omnibus Incentive Plan. | ||||||||||||
Stock-Based Compensation | ||||||||||||
We calculate employee stock-based compensation expense based on awards ultimately expected to vest reduced by estimated forfeitures. We estimate forfeitures at the time of grant and revise forfeitures, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Total stock-based compensation expense recognized was as follows (in thousands): | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Research and development | $ | 509 | $ | 360 | ||||||||
General and administrative | 482 | 276 | ||||||||||
Total | $ | 991 | $ | 636 | ||||||||
We estimated the fair value of each stock option using the Black-Scholes option-pricing model based on the date of grant of such stock option with the following assumptions: | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Expected term (years) | 6.1 | 6.1 | ||||||||||
Expected volatility | 73 | % | 85 | % | ||||||||
Risk-free interest rate | 1.5-1.7 | % | 1.8 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||
As of March 31, 2015, we had $6.7 million of total unrecognized compensation expense related to nonvested employee and director stock options that we expect to recognize over a weighted-average period of 2.9 years. |
Employee_Benefit_Plans
Employee Benefit Plans | 3 Months Ended | |
Mar. 31, 2015 | ||
Postemployment Benefits [Abstract] | ||
Employee Benefit Plans | 5 | Employee Benefit Plans |
We sponsor a 401(k) plan that stipulates that eligible employees can elect to contribute to the 401(k) plan, subject to certain limitations, up to the lesser of the statutory maximum or 100% of eligible compensation on a pre-tax basis. We pay the administrative costs for the plan. | ||
Effective January 1, 2015, we have elected to match employee contributions, or the Company Match, as permitted by the plan. We plan to make matching contributions on June 15 and December 15 each year in an amount equal to 50% of the amount contributed by the employee up to an annual maximum Company Match per employee equal to the lesser of (i) 4% of such employee’s compensation; or (ii) $6,000. We plan to deliver the Company Match through the issuance of shares of our common stock. We have accrued a 401(k) plan Company Match expense of $179,000 as of March 31, 2015. |
Description_of_Business_Polici
Description of Business (Policies) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Unaudited Interim Financial Information | Unaudited Interim Financial Information | |||||||||||||||
The accompanying financial information as of March 31, 2015 is unaudited. The Condensed Financial Statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that our management considers necessary for the fair statement of the results of operations for the interim periods covered and of the financial condition of the Company at the date of the interim balance sheet. The December 31, 2014 Condensed Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America, or GAAP. The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The accompanying Condensed Financial Statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the U.S. Securities and Exchange Commission. | ||||||||||||||||
Use of Estimates | Use of Estimates | |||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions about future events that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the financial statements as well as reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from those estimates. | ||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||
We determine the fair value of financial and nonfinancial assets and liabilities using the fair value hierarchy, which describes three levels of inputs that may be used to measure fair value, as follows: | ||||||||||||||||
Level 1—Quoted prices in active markets for identical assets or liabilities; | ||||||||||||||||
Level 2—Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and | ||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
We determine the fair value of Level 1 assets using quoted prices in active markets for identical assets. We review trading activity and pricing for Level 2 investments as of each measurement date. Level 2 inputs, obtained from various third-party data providers, represent quoted prices for similar assets in active markets and were derived from observable market data, or, if not directly observable, were derived from or corroborated by other observable market data. | ||||||||||||||||
In certain cases where there is limited activity or less transparency around inputs to valuation, we classify securities as Level 3 within the valuation hierarchy. We do not have any Level 3 securities as of March 31, 2015. | ||||||||||||||||
The following table summarizes, for assets recorded at fair value, the respective fair values and the classifications by level of input within the fair value hierarchy defined above (in thousands): | ||||||||||||||||
31-Mar-15 | ||||||||||||||||
BASIS OF FAIR VALUE | ||||||||||||||||
MEASUREMENTS | ||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 10,271 | $ | 10,271 | $ | — | $ | — | ||||||||
U.S. Treasury securities | 202,659 | 202,659 | — | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 212,930 | $ | 212,930 | $ | — | $ | — | ||||||||
31-Dec-14 | ||||||||||||||||
BASIS OF FAIR VALUE | ||||||||||||||||
MEASUREMENTS | ||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 9,996 | $ | 9,996 | $ | — | $ | — | ||||||||
U.S. Treasury securities | 130,786 | 130,786 | — | — | ||||||||||||
U.S. government agency securities | 3,001 | — | 3,001 | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 143,783 | $ | 140,782 | $ | 3,001 | $ | — | ||||||||
Net Loss Per Share of Common Stock | Net Loss Per Share of Common Stock | |||||||||||||||
We compute basic net loss per common share by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. | ||||||||||||||||
We excluded the following options and restricted stock awards, or RSAs, to purchase shares of common stock (in thousands) from the calculation of diluted net loss per share for all periods presented as the effect would have been antidilutive: | ||||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Options and RSAs to purchase common stock | 2,667 | 2,213 | ||||||||||||||
2,667 | 2,213 | |||||||||||||||
Recently Issued Accounting Standards | Recently Issued Accounting Standards | |||||||||||||||
In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, “Revenue from Contracts with Customers.” ASU 2014-09 supersedes the revenue recognition requirements in “Topic 605, Revenue Recognition” and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective retrospectively for annual or interim reporting periods beginning after December 15, 2016, with early application not permitted. We are currently evaluating the effect the adoption of ASU 2014-09 will have on our financial statements. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||
Summary of Assets Recorded at Fair Value | The following table summarizes, for assets recorded at fair value, the respective fair values and the classifications by level of input within the fair value hierarchy defined above (in thousands): | |||||||||||||||
31-Mar-15 | ||||||||||||||||
BASIS OF FAIR VALUE | ||||||||||||||||
MEASUREMENTS | ||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 10,271 | $ | 10,271 | $ | — | $ | — | ||||||||
U.S. Treasury securities | 202,659 | 202,659 | — | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 212,930 | $ | 212,930 | $ | — | $ | — | ||||||||
31-Dec-14 | ||||||||||||||||
BASIS OF FAIR VALUE | ||||||||||||||||
MEASUREMENTS | ||||||||||||||||
TOTAL | LEVEL 1 | LEVEL 2 | LEVEL 3 | |||||||||||||
Assets | ||||||||||||||||
Money market funds | $ | 9,996 | $ | 9,996 | $ | — | $ | — | ||||||||
U.S. Treasury securities | 130,786 | 130,786 | — | — | ||||||||||||
U.S. government agency securities | 3,001 | — | 3,001 | — | ||||||||||||
Total cash equivalents and marketable securities | $ | 143,783 | $ | 140,782 | $ | 3,001 | $ | — | ||||||||
Options and Restricted Stock Awards Excluded from Calculation of Diluted Net Loss Per Share | We excluded the following options and restricted stock awards, or RSAs, to purchase shares of common stock (in thousands) from the calculation of diluted net loss per share for all periods presented as the effect would have been antidilutive: | |||||||||||||||
Three Months Ended | ||||||||||||||||
March 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Options and RSAs to purchase common stock | 2,667 | 2,213 | ||||||||||||||
2,667 | 2,213 | |||||||||||||||
Cash_Equivalents_and_Marketabl1
Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Cash And Cash Equivalents [Abstract] | ||||||||||||||||
Summary of Cash Equivalents and Marketable Securities | The following is a summary of our cash equivalents and marketable securities (in thousands): | |||||||||||||||
31-Mar-15 | ||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | ESTIMATED | |||||||||||||
COST BASIS | GAINS | LOSSES | FAIR VALUE | |||||||||||||
Money market funds | $ | 10,271 | $ | — | $ | — | $ | 10,271 | ||||||||
U.S. Treasury securities | 202,628 | 44 | (13 | ) | 202,659 | |||||||||||
212,899 | 44 | (13 | ) | 212,930 | ||||||||||||
Less: cash equivalents | (10,271 | ) | — | — | (10,271 | ) | ||||||||||
Total marketable securities | $ | 202,628 | $ | 44 | $ | (13 | ) | $ | 202,659 | |||||||
31-Dec-14 | ||||||||||||||||
AMORTIZED | UNREALIZED | UNREALIZED | ESTIMATED | |||||||||||||
COST BASIS | GAINS | LOSSES | FAIR VALUE | |||||||||||||
Money market funds | $ | 9,996 | $ | — | $ | — | $ | 9,996 | ||||||||
U.S. Treasury securities | 130,785 | 18 | (17 | ) | 130,786 | |||||||||||
U.S. government agency securities | 3,001 | — | — | 3,001 | ||||||||||||
143,782 | 18 | (17 | ) | 143,783 | ||||||||||||
Less: cash equivalents | (9,996 | ) | — | — | (9,996 | ) | ||||||||||
Total marketable securities | $ | 133,786 | $ | 18 | $ | (17 | ) | $ | 133,787 | |||||||
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity | As of March 31, 2015, the amortized cost and estimated fair value of our available-for-sale securities by contractual maturity are shown below (in thousands): | |||||||||||||||
Amortized | Estimated | |||||||||||||||
Cost | Fair Value | |||||||||||||||
Debt securities maturing: | ||||||||||||||||
In one year or less | $ | 115,824 | $ | 115,831 | ||||||||||||
In one to two years | 97,075 | 97,099 | ||||||||||||||
Total marketable securities | $ | 212,899 | $ | 212,930 | ||||||||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||||||||
Schedule of Option Activity under Stock Plans and Related Information | The following table summarizes option activity under our stock plans and related information: | |||||||||||
OPTIONS OUTSTANDING | ||||||||||||
WEIGHTED | WEIGHTED | |||||||||||
AVERAGE | AVERAGE | |||||||||||
NUMBER OF | EXERCISE PRICE | REMAINING | ||||||||||
SHARES | PER SHARE | CONTRACTUAL TERM | ||||||||||
Balance at December 31, 2014 | 2,684,812 | $ | 7.85 | |||||||||
Options granted | 23,088 | $ | 24.31 | |||||||||
Options exercised | (143,426 | ) | $ | 6.23 | ||||||||
Options forfeited | (40,983 | ) | $ | 8.59 | ||||||||
Balance at March 31, 2015 | 2,523,491 | $ | 8.08 | |||||||||
Options exercisable | 1,388,801 | $ | 6.32 | 5.93 | ||||||||
Schedule of Stock-Based Compensation Expenses Recognized | Total stock-based compensation expense recognized was as follows (in thousands) | |||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Research and development | $ | 509 | $ | 360 | ||||||||
General and administrative | 482 | 276 | ||||||||||
Total | $ | 991 | $ | 636 | ||||||||
Schedule of Stock Option Weighted-Average Assumptions | We estimated the fair value of each stock option using the Black-Scholes option-pricing model based on the date of grant of such stock option with the following assumptions: | |||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2015 | 2014 | |||||||||||
Expected term (years) | 6.1 | 6.1 | ||||||||||
Expected volatility | 73 | % | 85 | % | ||||||||
Risk-free interest rate | 1.5-1.7 | % | 1.8 | % | ||||||||
Expected dividend yield | 0 | % | 0 | % | ||||||||
Description_of_Business_Additi
Description of Business - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2015 |
Segment | |||
Description Of Business [Line Items] | |||
Number of operating segment | 1 | ||
Proceeds from the sale of common stock to collaborative partner | $18,639 | ||
Underwritten Public Offering [Member] | |||
Description Of Business [Line Items] | |||
Issuance of stock, Shares | 3,829,994 | ||
Proceeds from the sale of common stock to collaborative partner | $78,700 |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Summary of Assets Recorded at Fair Value (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Money market funds [Member] | ||
Assets | ||
Assets | $10,271 | $9,996 |
U.S. Treasury securities [Member] | ||
Assets | ||
Assets | 202,659 | 130,786 |
U.S. government agency securities [Member] | ||
Assets | ||
Assets | 3,001 | |
Total cash equivalents and marketable securities [Member] | ||
Assets | ||
Assets | 212,930 | 143,783 |
Level 1 [Member] | Money market funds [Member] | ||
Assets | ||
Assets | 10,271 | 9,996 |
Level 1 [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
Assets | 202,659 | 130,786 |
Level 1 [Member] | Total cash equivalents and marketable securities [Member] | ||
Assets | ||
Assets | 212,930 | 140,782 |
Level 2 [Member] | U.S. government agency securities [Member] | ||
Assets | ||
Assets | 3,001 | |
Level 2 [Member] | Total cash equivalents and marketable securities [Member] | ||
Assets | ||
Assets | $3,001 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Options and Restricted Stock Awards Excluded from Calculation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from calculation of diluted net (loss) income per share | 2,667 | 2,213 |
Options and RSAs to purchase common stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from calculation of diluted net (loss) income per share | 2,667 | 2,213 |
Cash_Equivalents_and_Marketabl2
Cash Equivalents and Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AMORTIZED COST BASIS | $202,628 | $133,786 |
UNREALIZED GAINS | 44 | 18 |
UNREALIZED LOSSES | -13 | -17 |
Marketable securities | 202,659 | 133,787 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AMORTIZED COST BASIS | 10,271 | 9,996 |
Marketable securities | 10,271 | 9,996 |
U.S. Treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AMORTIZED COST BASIS | 202,628 | 130,785 |
UNREALIZED GAINS | 44 | 18 |
UNREALIZED LOSSES | -13 | -17 |
Marketable securities | 202,659 | 130,786 |
Marketable securities including cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AMORTIZED COST BASIS | 212,899 | 143,782 |
UNREALIZED GAINS | 44 | 18 |
UNREALIZED LOSSES | -13 | -17 |
Marketable securities | 212,930 | 143,783 |
U.S. government agency securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AMORTIZED COST BASIS | 3,001 | |
Marketable securities | 3,001 | |
Cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
AMORTIZED COST BASIS | 10,271 | 9,996 |
Marketable securities | $10,271 | $9,996 |
Cash_Equivalents_and_Marketabl3
Cash Equivalents and Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Amortized Cost And Fair Value Debt Securities [Abstract] | |
Amortized Cost, In one year or less | $115,824 |
Amortized Cost, In one to two years | 97,075 |
Total marketable securities, Amortized Cost | 212,899 |
Estimated Fair Value, In one year or less | 115,831 |
Estimated Fair Value, In one to two years | 97,099 |
Total marketable securities, Estimated Fair Value | $212,930 |
Cash_Equivalents_and_Marketabl4
Cash Equivalents and Marketable Securities - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Investments Debt And Equity Securities [Abstract] | |
Gross unrealized losses on marketable securities | $13,000 |
Sales of available-for-sale securities | $0 |
Equity_Incentive_Plans_Schedul
Equity Incentive Plans - Schedule of Option Activity under Stock Plans and Related Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Beginning balance | 2,684,812 |
Number of Shares, Options granted | 23,088 |
Number of Shares, Options exercised | -143,426 |
Number of Shares, Options forfeited | -40,983 |
Number of Shares, Ending balance | 2,523,491 |
Number of Shares, Options exercisable | 1,388,801 |
Weighted-Average Exercise Price Per Share, Options beginning balance | $7.85 |
Weighted-Average Exercise Price Per Share, Options granted | $24.31 |
Weighted-Average Exercise Price Per Share, Options exercised | $6.23 |
Weighted-Average Exercise Price Per Share, Options forfeited | $8.59 |
Weighted-Average Exercise Price Per Share, Options ending balance | $8.08 |
Weighted-Average Exercise Price Per Share, Options exercisable | $6.32 |
Weighted-Average Remaining Contractual Terms, Options exercisable | 5 years 11 months 5 days |
Equity_Incentive_Plans_Additio
Equity Incentive Plans - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation expense related to nonvested employee and director stock options | $6.70 |
Unrecognized compensation expense expected to recognize, weighted-average period | 2 years 10 months 24 days |
2013 Omnibus Incentive Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares of common stock reserved for future issuance | 4,460,486 |
Restricted Stock Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding shares of RSA | 24,000 |
Granted shares of RSA | 0 |
Equity_Incentive_Plans_Schedul1
Equity Incentive Plans - Schedule of Stock-Based Compensation Expenses Recognized (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense recognized | $991 | $636 |
Research and development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense recognized | 509 | 360 |
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense recognized | $482 | $276 |
Equity_Incentive_Plans_Schedul2
Equity Incentive Plans - Schedule of Stock Option Assumptions (Detail) (Options [Member]) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected volatility | 73.00% | 85.00% |
Risk-free interest rate | 1.80% | |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.50% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.70% |
Employee_Benefit_Plans_Additio
Employee Benefit Plans - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended |
Jan. 02, 2015 | Mar. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | ||
Eligible employees contribution percentage | 100.00% | |
Defined contribution plan, employer matching contribution, percent of match | 50.00% | |
Defined contribution plan, employer matching contribution, percent of employees' gross pay | 4.00% | |
Defined contribution plan, employer matching contribution, amount | $6,000 | |
Defined contribution plan, accrued company match expense | $179,000 |