Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | FPRX | |
Entity Registrant Name | FIVE PRIME THERAPEUTICS INC | |
Entity Central Index Key | 1,175,505 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,805,249 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 19,096 | $ 15,267 |
Marketable securities | 188,310 | 133,787 |
Receivable from collaborative partners | 718 | 410 |
Prepaid and other current assets | 2,587 | 1,794 |
Total current assets | 210,711 | 151,258 |
Property and equipment, net | 4,387 | 3,794 |
Other long-term assets | 423 | 579 |
Total assets | 215,521 | 155,631 |
Current liabilities: | ||
Accounts payable | 1,353 | 1,096 |
Accrued personnel-related expenses | 3,094 | 4,618 |
Other accrued liabilities | 3,344 | 1,531 |
Deferred revenue, current portion | 12,601 | 11,938 |
Deferred rent, current portion | 719 | 632 |
Total current liabilities | 21,111 | 19,815 |
Deferred revenue, long-term portion | 46,800 | 48,628 |
Deferred rent, long-term portion | 1,249 | 1,514 |
Other long-term liabilities | $ 442 | $ 469 |
Commitments | ||
Stockholders' equity: | ||
Common stock | $ 26 | $ 22 |
Preferred stock | ||
Additional paid-in capital | $ 357,329 | $ 274,180 |
Accumulated other comprehensive income | 72 | 1 |
Accumulated deficit | (211,508) | (188,998) |
Total stockholders' equity | 145,919 | 85,205 |
Total liabilities and stockholders' equity | $ 215,521 | $ 155,631 |
Condensed Statements of Operati
Condensed Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Collaboration and license revenue | $ 6,315 | $ 4,981 | $ 10,602 | $ 8,527 |
Operating expenses: | ||||
Research and development | 13,310 | 11,873 | 24,521 | 20,799 |
General and administrative | 4,596 | 3,024 | 8,816 | 6,304 |
Total operating expenses | 17,906 | 14,897 | 33,337 | 27,103 |
Loss from operations | (11,591) | (9,916) | (22,735) | (18,576) |
Interest income | 117 | 55 | 225 | 91 |
Other expense, net | (5) | (25) | ||
Net loss | $ (11,474) | $ (9,866) | $ (22,510) | $ (18,510) |
Basic and diluted net loss per common share | $ (0.45) | $ (0.46) | $ (0.89) | $ (0.92) |
Shares used to compute basic and diluted net loss per common share | 25,690 | 21,465 | 25,383 | 20,160 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (11,474) | $ (9,866) | $ (22,510) | $ (18,510) |
Other comprehensive income: | ||||
Net unrealized gain on marketable securities | 41 | 22 | 71 | 38 |
Comprehensive loss | $ (11,433) | $ (9,844) | $ (22,439) | $ (18,472) |
Condensed Statement of Cash Flo
Condensed Statement of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net loss | $ (22,510) | $ (18,510) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 823 | 772 |
Stock-based compensation expense | 2,203 | 1,376 |
Amortization of premium on marketable securities | 1,042 | 628 |
Changes in operating assets and liabilities: | ||
Receivable from collaborative partners | (308) | 119 |
Prepaid, other current assets, and other long-term assets | (637) | (33) |
Accounts payable | 257 | 419 |
Accrued personnel-related expenses | (1,524) | (638) |
Deferred revenue | (1,165) | 19,660 |
Deferred rent | (178) | (275) |
Other accrued liabilities and other long-term liabilities | 1,786 | 2,940 |
Net cash provided by (used in) operating activities | (20,211) | 6,458 |
Investing activities | ||
Purchases of marketable securities | (102,994) | (106,451) |
Maturities of marketable securities | 47,500 | 45,900 |
Purchases of property and equipment | (1,416) | (985) |
Net cash used in investing activities | (56,910) | (61,536) |
Financing activities | ||
Proceeds from public offering of common stock, net | 78,693 | 40,099 |
Proceeds from the sale of common stock to collaborative partner | 18,629 | |
Proceeds from issuance of common stock under equity incentive plans | 2,257 | 1,248 |
Net cash provided by financing activities | 80,950 | 59,976 |
Net increase in cash and cash equivalents | 3,829 | 4,898 |
Cash and cash equivalents at beginning of period | 15,267 | 8,161 |
Cash and cash equivalents at end of period | $ 19,096 | $ 13,059 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 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 June 30, 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 Condensed Balance Sheet as of December 31, 2014 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 78.7 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 June 30, 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): June 30, 2015 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 9,842 $ 9,842 $ — $ — U.S. Treasury securities 188,310 188,310 — — Total cash equivalents and marketable securities $ 198,152 $ 198,152 $ — $ — December 31, 2014 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Options and RSAs to purchase common stock 2,604 2,141 2,635 2,177 2,604 2,141 2,635 2,177 Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 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): June 30, 2015 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 9,842 $ — $ — $ 9,842 U.S. Treasury securities 188,238 72 — 188,310 198,080 72 — 198,152 Less: cash equivalents (9,842 ) — — (9,842 ) Total marketable securities $ 188,238 $ 72 $ — $ 188,310 December 31, 2014 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 June 30, 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 $ 167,407 $ 167,466 In one to two years 20,831 20,844 Total marketable securities $ 188,238 $ 188,310 We did not have any gross unrealized losses from our marketable securities as of June 30, 2015. We made no sales of available-for-sale securities in any of the periods presented. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 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 Term Balance at December 31, 2014 2,684,812 $ 7.85 Options granted 143,288 $ 22.27 Options exercised (210,704 ) $ 6.77 Options forfeited (75,895 ) $ 8.76 Options expired (10,465 ) $ 8.03 Balance at June 30, 2015 2,531,036 $ 8.73 Options exercisable 1,502,968 $ 6.78 5.79 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. We based the fair value of RSAs on the closing sales price of our common stock on the grant date. The following table summarizes the RSAs activity under our stock plans and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at January 1, 2015 24,000 $ 12.18 RSAs granted 70,370 $ 20.06 RSAs vested — $ — RSAs forfeited (4,120 ) $ 20.06 Unvested balance at June 30, 2015 90,250 $ 18.07 As of June 30, 2015, there were 4,102,609 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Research and development $ 596 $ 369 $ 1,105 $ 729 General and administrative 616 371 1,098 647 Total $ 1,212 $ 740 $ 2,203 $ 1,376 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) 5.5-6.1 5.3-6.1 5.5-6.1 5.3-6.1 Expected volatility 71 % 85 % 71-73% 85 % Risk-free interest rate 1.4-1.9 1.6-1.9% 1.4-1.9 1.6-1.9% Expected dividend yield 0 % 0 % 0 % 0 % As of June 30, 2015, we had $7.2 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 2.5 years. |
License Agreement
License Agreement | 6 Months Ended |
Jun. 30, 2015 | |
License Agreement [Abstract] | |
License Agreement | 5. License Agreement bluebird bio, Inc. In May 2015, we entered into an exclusive license agreement, referred to as the license agreement, with bluebird bio, Inc., or bluebird, under which we licensed to bluebird human antibodies to an undisclosed cancer target to research, develop and commercialize chimeric antigen receptor (CAR) T cell therapies using these antibodies. Under the license agreement, bluebird paid us a $1.5 million upfront fee and is obligated to pay us subsequent milestone payments, which together could total up to $131.0 million per licensed product if bluebird achieves certain development, regulatory and commercial milestones. We are also eligible to receive tiered royalties on product sales. bluebird will conduct and fund clinical development as well as regulatory and commercial activities. There are no other deliverables under the agreement other than the license grant. We recognized the $1.5 million upfront fee as revenue upon delivery of the license grant, which was completed in the three months ended June 30, 2015. In accordance with ASU No. 2010-17, Milestone Method of Revenue Recognition The license agreement will expire upon the fulfillment of all payment obligations under the license agreement. In addition, bluebird may terminate the license agreement in its entirety without cause at any time with advance written notice and either party may terminate the license agreement in its entirety with written notice for the other party’s material breach if such party fails to cure the breach or immediately upon certain insolvency events. |
Employee Benefit Plans
Employee Benefit Plans | 6 Months Ended |
Jun. 30, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plans | 6 . Employee Benefit Plans We sponsor a 401(k) plan under which eligible employees may 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 elected to match employee contributions to the 401(k) plan, 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 deliver the Company Match through the issuance of shares of our common stock. We delivered 13,720 shares of our common stock as the Company Match on June 15, 2015 and recorded 401(k) plan Company Match expense of $157,000 and $336,000 for the three and six months ended June 30, 2015. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 7 . Subsequent Event In July 2015, we entered into a research collaboration and license agreement with INBRX 110 LP, or Inhibrx, to obtain (a) an exclusive, worldwide license to antibodies to glucocorticoid-induced tumor necrosis factor receptor, or GITR, for therapeutic and diagnostic uses, which we refer to respectively as licensed therapeutic products and licensed diagnostic products, and (b) an exclusive option, or the option, to obtain exclusive, worldwide licenses to multi-specific antibodies developed by Inhibrx that bind to both GITR and other targets, each of which we refer to as a multi-specific product. We can exercise an option with respect to a multi-specific product within a limited period of time after (i) certain activities related to initiating clinical manufacturing of such multi-specific product or (ii) if not earlier exercised, the dosing of the first patient in a Phase 2 clinical trial of such multi-specific product. Pursuant to the collaboration agreement, we paid Inhibrx an upfront fee of $10.0 million. Additionally, with respect to each licensed therapeutic product, we will be obligated to pay up to $62.5 million in specified development milestone payments and (i) if such licensed therapeutic product does not receive a Breakthrough Therapy Designation from the U.S. Food and Drug Administration, or FDA, up to $280.0 million in specified regulatory and commercial milestone payments, or (ii) if such licensed therapeutic product receives a Breakthrough Therapy Designation from the FDA, up to $380.0 million in specified regulatory and commercial milestone payments. Inhibrx is also eligible for low double-digit tiered royalties on future product sales. We may pay all or a portion of milestone payments for development and regulatory events in shares of our common stock, subject to certain limitations and conditions. We would be obligated to register for resale under the Securities Act of 1933, as amended, or the Securities Act, any such shares of our common stock. |
Description of Business (Polici
Description of Business (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying financial information as of June 30, 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 Condensed Balance Sheet as of December 31, 2014 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 June 30, 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): June 30, 2015 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 9,842 $ 9,842 $ — $ — U.S. Treasury securities 188,310 188,310 — — Total cash equivalents and marketable securities $ 198,152 $ 198,152 $ — $ — December 31, 2014 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Options and RSAs to purchase common stock 2,604 2,141 2,635 2,177 2,604 2,141 2,635 2,177 |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers: Topic |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2015 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 9,842 $ 9,842 $ — $ — U.S. Treasury securities 188,310 188,310 — — Total cash equivalents and marketable securities $ 198,152 $ 198,152 $ — $ — December 31, 2014 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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Options and RSAs to purchase common stock 2,604 2,141 2,635 2,177 2,604 2,141 2,635 2,177 |
Cash Equivalents and Marketab15
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 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): June 30, 2015 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 9,842 $ — $ — $ 9,842 U.S. Treasury securities 188,238 72 — 188,310 198,080 72 — 198,152 Less: cash equivalents (9,842 ) — — (9,842 ) Total marketable securities $ 188,238 $ 72 $ — $ 188,310 December 31, 2014 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 June 30, 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 $ 167,407 $ 167,466 In one to two years 20,831 20,844 Total marketable securities $ 188,238 $ 188,310 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 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 Term Balance at December 31, 2014 2,684,812 $ 7.85 Options granted 143,288 $ 22.27 Options exercised (210,704 ) $ 6.77 Options forfeited (75,895 ) $ 8.76 Options expired (10,465 ) $ 8.03 Balance at June 30, 2015 2,531,036 $ 8.73 Options exercisable 1,502,968 $ 6.78 5.79 |
Schedule of Restricted Stock Award Activity under Stock Plans and Related Information | The following table summarizes the RSAs activity under our stock plans and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at January 1, 2015 24,000 $ 12.18 RSAs granted 70,370 $ 20.06 RSAs vested — $ — RSAs forfeited (4,120 ) $ 20.06 Unvested balance at June 30, 2015 90,250 $ 18.07 |
Schedule of Stock-Based Compensation Expenses Recognized | Total stock-based compensation expense recognized was as follows (in thousands) Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Research and development $ 596 $ 369 $ 1,105 $ 729 General and administrative 616 371 1,098 647 Total $ 1,212 $ 740 $ 2,203 $ 1,376 |
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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Expected term (years) 5.5-6.1 5.3-6.1 5.5-6.1 5.3-6.1 Expected volatility 71 % 85 % 71-73% 85 % Risk-free interest rate 1.4-1.9 1.6-1.9% 1.4-1.9 1.6-1.9% Expected dividend yield 0 % 0 % 0 % 0 % |
Description of Business - Addit
Description of Business - Additional Information (Detail) $ in Thousands | 1 Months Ended | 6 Months Ended | |
Jan. 31, 2015USD ($)shares | Jun. 30, 2015Segment | Jun. 30, 2014USD ($) | |
Description Of Business [Line Items] | |||
Number of operating segment | Segment | 1 | ||
Proceeds from the sale of common stock to collaborative partner | $ 18,629 | ||
Underwritten Public Offering [Member] | |||
Description Of Business [Line Items] | |||
Issuance of stock, Shares | shares | 3,829,994 | ||
Proceeds from the sale of common stock to collaborative partner | $ 78,700 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies - Summary of Assets Recorded at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Money market funds [Member] | ||
Assets | ||
Assets | $ 9,842 | $ 9,996 |
U.S. Treasury securities [Member] | ||
Assets | ||
Assets | 188,310 | 130,786 |
U.S. government agency securities [Member] | ||
Assets | ||
Assets | 3,001 | |
Total cash equivalents and marketable securities [Member] | ||
Assets | ||
Assets | 198,152 | 143,783 |
Level 1 [Member] | Money market funds [Member] | ||
Assets | ||
Assets | 9,842 | 9,996 |
Level 1 [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
Assets | 188,310 | 130,786 |
Level 1 [Member] | Total cash equivalents and marketable securities [Member] | ||
Assets | ||
Assets | $ 198,152 | 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 Accoun19
Summary of Significant Accounting Policies - Options and Restricted Stock Awards Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of diluted net (loss) income per share | 2,604 | 2,141 | 2,635 | 2,177 |
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 | 2,604 | 2,141 | 2,635 | 2,177 |
Cash Equivalents and Marketab20
Cash Equivalents and Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 188,238 | $ 133,786 |
Unrealized Gains | 72 | 18 |
Unrealized Losses | (17) | |
Marketable securities | 188,310 | 133,787 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 9,842 | 9,996 |
Marketable securities | 9,842 | 9,996 |
U.S. Treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 188,238 | 130,785 |
Unrealized Gains | 72 | 18 |
Unrealized Losses | (17) | |
Marketable securities | 188,310 | 130,786 |
Marketable securities including cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 198,080 | 143,782 |
Unrealized Gains | 72 | 18 |
Unrealized Losses | (17) | |
Marketable securities | 198,152 | 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 | 9,842 | 9,996 |
Marketable securities | $ 9,842 | $ 9,996 |
Cash Equivalents and Marketab21
Cash Equivalents and Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Amortized Cost And Fair Value Debt Securities [Abstract] | |
Amortized Cost, In one year or less | $ 167,407 |
Amortized Cost, In one to two years | 20,831 |
Total marketable securities, Amortized Cost | 188,238 |
Estimated Fair Value, In one year or less | 167,466 |
Estimated Fair Value, In one to two years | 20,844 |
Total marketable securities, Estimated Fair Value | $ 188,310 |
Cash Equivalents and Marketab22
Cash Equivalents and Marketable Securities - Additional Information (Detail) - Jun. 30, 2015 - USD ($) | Total |
Investments Debt And Equity Securities [Abstract] | |
Gross unrealized losses on marketable securities | $ 0 |
Sales of available-for-sale securities | $ 0 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Option Activity under Stock Plans and Related Information (Detail) - Jun. 30, 2015 - $ / shares | Total |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Beginning balance | 2,684,812 |
Number of Shares, Options granted | 143,288 |
Number of Shares, Options exercised | (210,704) |
Number of Shares, Options forfeited | (75,895) |
Number of Shares, Options expired | (10,465) |
Number of Shares, Ending balance | 2,531,036 |
Number of Shares, Options exercisable | 1,502,968 |
Weighted-Average Exercise Price Per Share, Options beginning balance | $ 7.85 |
Weighted-Average Exercise Price Per Share, Options granted | 22.27 |
Weighted-Average Exercise Price Per Share, Options exercised | 6.77 |
Weighted-Average Exercise Price Per Share, Options forfeited | 8.76 |
Weighted-Average Exercise Price Per Share, Options expired | 8.03 |
Weighted-Average Exercise Price Per Share, Options ending balance | 8.73 |
Weighted-Average Exercise Price Per Share, Options exercisable | $ 6.78 |
Weighted-Average Remaining Contractual Terms, Options exercisable | 5 years 9 months 15 days |
Equity Incentive Plans - Sche24
Equity Incentive Plans - Schedule of Unvested Restricted Stock Awards (Detail) - 6 months ended Jun. 30, 2015 - Restricted Stock Awards [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Unvested, Beginning balance | 24,000 |
Granted, Number of Shares | 70,370 |
Forfeited, Number of Shares | (4,120) |
Number of Shares, Unvested, Ending balance | 90,250 |
Shares, Weighted-Average Grant-Date Fair Value balance at January 1, 2015 | $ 12.18 |
Shares Granted, Weighted Average Grant Date Fair Value | 20.06 |
Shares Forfeited, Weighted Average Grant Date Fair Value | 20.06 |
Shares, Weighted-Average Grant-Date Fair Value balance at June 30, 2015 | $ 18.07 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Millions | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Total unrecognized compensation expense related to nonvested employee and director stock options | $ 7.2 |
Unrecognized compensation expense expected to recognize, weighted-average period | 2 years 6 months |
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 | 4,102,609 |
Equity Incentive Plans - Sche26
Equity Incentive Plans - Schedule of Stock-Based Compensation Expenses Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | $ 1,212 | $ 740 | $ 2,203 | $ 1,376 |
Research and development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | 596 | 369 | 1,105 | 729 |
General and administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | $ 616 | $ 371 | $ 1,098 | $ 647 |
Equity Incentive Plans - Sche27
Equity Incentive Plans - Schedule of Stock Option Assumptions (Detail) - Options [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 71.00% | 85.00% | 85.00% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (years) | 5 years 6 months | 5 years 3 months 18 days | 5 years 6 months | 5 years 3 months 18 days |
Expected volatility | 71.00% | |||
Risk-free interest rate | 1.40% | 1.60% | 1.40% | 1.60% |
Maximum [Member] | ||||
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 | 6 years 1 month 6 days | 6 years 1 month 6 days |
Expected volatility | 73.00% | |||
Risk-free interest rate | 1.90% | 1.90% | 1.90% | 1.90% |
License Agreement - Additional
License Agreement - Additional Information (Detail) - Bluebird Bio, Inc [Member] - USD ($) $ in Millions | May. 31, 2015 | Jun. 30, 2015 |
License Agreements Transactions [Line Items] | ||
Proceeds from upfront fee | $ 1.5 | |
License upfront fee receivable upon achievement of certain milestones | $ 131 | |
Recognized revenue under license agreement | $ 1.5 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | Jun. 15, 2015 | Jan. 02, 2015 | Jun. 30, 2015 | Jun. 30, 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, employer matching contribution, shares | 13,720 | |||
Defined contribution plan, company matching contribution expense | $ 157,000 | $ 336,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Jul. 31, 2015 - Inhibrx [Member] - Subsequent Events [Member] - USD ($) $ in Millions | Total |
Subsequent Event [Line Items] | |
Upfront fee paid | $ 10 |
Collaboration Fee, Payable | $ 62.5 |
Milestone payment method description | Additionally, with respect to each licensed therapeutic product, we will be obligated to pay up to $62.5 million in specified development milestone payments and (i) if such licensed therapeutic product does not receive a Breakthrough Therapy Designation from the U.S. Food and Drug Administration, or FDA, up to $280.0 million in specified regulatory and commercial milestone payments, or (ii) if such licensed therapeutic product receives a Breakthrough Therapy Designation from the FDA, up to $380.0 million in specified regulatory and commercial milestone payments. Inhibrx is also eligible for low double-digit tiered royalties on future product sales. We may pay all or a portion of milestone payments for development and regulatory events in shares of our common stock, subject to certain limitations and conditions. We would be obligated to register for resale under the Securities Act of 1933, as amended, or the Securities Act, any such shares of our common stock. |
Not Receives Breakthrough Therapy Designation [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Estimated regulatory and commercial milestone payments | $ 280 |
Receives Breakthrough Therapy Designation [Member] | Maximum [Member] | |
Subsequent Event [Line Items] | |
Estimated regulatory and commercial milestone payments | $ 380 |