Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
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 | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,579,111 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 52,785 | $ 59,790 |
Marketable securities | 299,981 | 232,900 |
Receivables from collaborative partners | 2,711 | 13,133 |
Prepaid and other current assets | 7,544 | 5,367 |
Total current assets | 363,021 | 311,190 |
Restricted cash | 1,543 | 1,543 |
Property and equipment, net | 30,026 | 30,762 |
Other long-term assets | 2,188 | 552 |
Total assets | 396,778 | 344,047 |
Current liabilities: | ||
Accounts payable | 2,466 | 2,237 |
Accrued personnel-related expenses | 5,119 | 7,156 |
Other accrued liabilities | 17,932 | 27,519 |
Deferred revenue, current portion | 3,350 | 12,713 |
Deferred rent, current portion | 1,356 | 1,356 |
Total current liabilities | 30,223 | 50,981 |
Deferred revenue, long-term portion | 10,806 | 10,223 |
Deferred rent, long-term portion | 18,891 | 17,641 |
Stockholders' equity: | ||
Common stock, $0.001 par value; 100,000,000 shares authorized, 35,566,516 issued and 34,450,453 outstanding at June 30, 2018. 28,982,056 issued and 28,178,639 outstanding at December 31, 2017 | 34 | 28 |
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 545,885 | 421,257 |
Accumulated other comprehensive loss | (378) | (476) |
Accumulated deficit | (208,683) | (155,607) |
Total stockholders' equity | 336,858 | 265,202 |
Total liabilities and stockholders' equity | $ 396,778 | $ 344,047 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,566,516 | 28,982,056 |
Common stock, shares outstanding | 34,450,453 | 28,178,639 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Collaboration revenue | $ 7,580 | $ 7,822 | $ 40,066 | $ 17,957 |
Type of Revenue [Extensible List] | fprx:CollaborationMember | fprx:CollaborationMember | fprx:CollaborationMember | fprx:CollaborationMember |
Operating expenses: | ||||
Research and development | $ 33,380 | $ 41,744 | $ 76,932 | $ 75,504 |
General and administrative | 9,782 | 9,363 | 20,260 | 19,849 |
Total operating expenses | 43,162 | 51,107 | 97,192 | 95,353 |
Loss from operations | (35,582) | (43,285) | (57,126) | (77,396) |
Interest income | 1,522 | 702 | 2,681 | 1,370 |
Other loss, net | (5) | |||
Loss before income tax | (34,060) | (42,583) | (54,450) | (76,026) |
Income tax provision | (1,703) | (1,703) | ||
Net loss | $ (34,060) | $ (44,286) | $ (54,450) | $ (77,729) |
Basic and diluted net loss per common share | $ (0.99) | $ (1.58) | $ (1.63) | $ (2.79) |
Weighted-average shares used to compute basic and diluted net loss per common share | 34,401 | 27,946 | 33,363 | 27,813 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (34,060) | $ (44,286) | $ (54,450) | $ (77,729) |
Other comprehensive loss: | ||||
Unrealized gain (loss) on marketable securities | 208 | (60) | 98 | (265) |
Comprehensive loss | $ (33,852) | $ (44,346) | $ (54,352) | $ (77,994) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Operating activities | ||
Net loss | $ (54,450) | $ (77,729) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,456 | 1,112 |
Stock-based compensation expense | 15,255 | 19,648 |
Amortization of premiums and discounts on marketable securities | (336) | 1,223 |
Loss on disposal of property and equipment | 5 | 2 |
Changes in operating assets and liabilities: | ||
Receivables from collaborative partners | 10,422 | 127 |
Income tax receivable | 4,670 | |
Prepaid, other current assets and other long-term assets | (3,813) | 1,363 |
Accounts payable | 229 | 987 |
Accrued personnel-related expenses | (2,037) | (2,580) |
Deferred revenue | (7,406) | (6,648) |
Deferred rent | 1,250 | 1,185 |
Other accrued liabilities | (578) | (377) |
Net cash used in operating activities | (39,003) | (57,017) |
Investing activities | ||
Purchases of marketable securities | (212,147) | (220,652) |
Maturities of marketable securities | 145,500 | 342,250 |
Purchases of property and equipment | (10,733) | (2,581) |
Proceeds from disposal of property and equipment | 12 | |
Net cash provided by (used in) investing activities | (77,380) | 119,029 |
Financing activities | ||
Proceeds from public offering of common stock, net | 107,613 | |
Proceeds from exercise of stock options | 2,863 | 2,230 |
Repurchase of shares to satisfy tax withholding obligations | (1,098) | (12,186) |
Net cash provided by (used in) financing activities | 109,378 | (9,956) |
Net increase (decrease) in cash and cash equivalents and restricted cash | (7,005) | 52,056 |
Cash, cash equivalents and restricted cash at beginning of period | 61,333 | 9,196 |
Cash, cash equivalents and restricted cash at end of period | 54,328 | 61,252 |
Supplemental schedule of noncash investing activities | ||
Unpaid property and equipment included in accrued liabilities | 24 | 403 |
Supplemental cash flow information | ||
Cash and cash equivalents at beginning of period | 59,790 | 7,653 |
Restricted cash at beginning of period | 1,543 | 1,543 |
Cash, cash equivalents and restricted cash at beginning of period | 61,333 | 9,196 |
Cash and cash equivalents at end of period | 52,785 | 59,709 |
Restricted cash at end of period | 1,543 | 1,543 |
Cash, cash equivalents and restricted cash at end of period | $ 54,328 | $ 61,252 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 2018 | |
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 innovative protein therapeutics. 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, 2018 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 our financial condition at the date of the interim balance sheet. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. 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 our Annual Report on Form 10-K for the year ended December 31, 2017, filed with the U.S. Securities and Exchange Commission, or the SEC, on February 27, 2018, as amended by our Annual Report on Form 10-K/A, as filed with the SEC on March 12, 2018, or, collectively, our Annual Report. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
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 that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. Restricted Cash Restricted cash consists of a certificate of deposit held by our bank as collateral for a standby letter of credit in the same notional amount by our landlord to secure our obligations under our corporate office and laboratory facility lease that we entered into in December 2016. We are required to maintain this restricted cash balance, the amount of which is subject to reduction starting on January 1, 2023, if certain conditions are met, for the duration of this lease. 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, which are 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. There were no transfers between Level 1 and Level 2 securities in the periods presented. 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 assets or liabilities measured using Level 3 inputs as of June 30, 2018. The following table summarizes our financial instruments that were measured at fair value on a recurring basis by level of input within the fair value hierarchy defined above (in thousands): June 30, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 30,233 $ 30,233 $ — $ — U.S. Treasury securities 221,458 221,458 — — Agency bonds 3,974 3,974 — — Corporate bonds 19,917 — 19,917 — Commercial paper 59,626 — 59,626 — Certificate of deposit 1,543 — 1,543 — Total $ 336,751 $ 255,665 $ 81,086 $ — December 31, 2017 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 31,802 $ 31,802 $ — $ — U.S. Treasury securities 232,900 232,900 — — Certificate of deposit 1,543 — 1,543 — Total $ 266,245 $ 264,702 $ 1,543 $ — Revenue Recognition Effective January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , or Topic 606, The terms of our collaborative research and development agreements include upfront and license fees, research funding, milestone and other contingent payments for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of commercialized products. Arrangements that include upfront payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until we perform obligations under these arrangements. We record research funding payable to us as accounts receivable when our right to consideration is unconditional. The event-based milestone and other contingent payments represent variable consideration, and we use the most likely amount method to estimate this variable consideration. Given the high degree of uncertainty around occurrence of these events, we determine the milestone and other contingent amounts to be fully constrained and do not recognize revenue until the uncertainty associated with these payments is resolved. We will recognize revenue from sales-based royalty payments when or as the sales occur. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. A performance obligation is a promise in a contract to transfer a distinct good or service and is the unit of accounting in Topic 606. A contract’s transaction price is allocated among each distinct performance obligation based on relative standalone selling price and recognized as revenue when, or as, the applicable performance obligation is satisfied. Under Topic 606, we elected to use the practical expedients permitted related to adoption, which do not require us to disclose certain information regarding our remaining performance obligations as of the end of the reporting period. Topic 606 applies to revenue recognized in accordance with the p 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 securities from the calculation of diluted net loss per share as the effect would have been antidilutive (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Options to purchase common stock 3,904 3,879 3,967 3,796 Restricted stock awards (RSAs) 1,015 834 923 940 4,919 4,713 4,890 4,736 Accounting Pronouncements Adopted in 2018 In May 2014, the Financial Accounting Standards Board, or FASB, issued Topic 606, which supersedes nearly all existing revenue recognition guidance under GAAP. The FASB subsequently issued amendments to Topic 606 that have the same effective date and transition date. The core principle of Topic 606 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Topic 606 defines a five-step process to achieve this core principle and, in as a result, more judgment and estimates may be required in the course of the revenue recognition process, including with respect to identifying performance obligations in a contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. We adopted Topic 606, effective January 1, 2018, using the modified retrospective transition method, in which the new standard is applied as of the date of initial adoption. We recorded the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. The adoption of the new revenue recognition guidance resulted in a decrease of $1.4 million to deferred revenue and an increase of $1.4 million to retained earnings as of January 1, 2018. Additionally, we determined that the classification between deferred revenue, current portion, and deferred revenue, long-term portion, changed as a result of adoption of Topic 606. We concluded that we will classify deferred revenue for all licensing and collaboration arrangements as deferred revenue, long-term portion, and will reclassify to deferred revenue, current portion, when the remaining term of the estimated performance period is one year or less. Our adoption of Topic 606 effective January 1, 2018 affected the following financial statement line items: Condensed Statements of Operations Three Months ended June 30, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 7,580 $ 5,361 $ 2,219 Operating expenses 43,162 43,162 — Operating loss $ (35,582 ) $ (37,801 ) $ 2,219 Net loss $ (34,060 ) $ (36,279 ) $ 2,219 Net loss per share applicable to common stockholders - basic and diluted $ (0.99 ) $ (1.05 ) $ 0.06 Six Months ended June 30, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 40,066 $ 39,055 $ 1,011 Operating expenses 97,192 97,192 — Operating loss $ (57,126 ) $ (58,137 ) $ 1,011 Net loss $ (54,450 ) $ (55,461 ) $ 1,011 Net loss per share applicable to common stockholders - basic and diluted $ (1.63 ) $ (1.66 ) $ 0.03 Condensed Balance Sheets As of June 30, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Receivables from collaborative partner $ 2,711 $ 2,711 $ — Deferred revenue, current portion 3,350 10,567 (7,217 ) Deferred revenue, long-term portion 10,806 5,974 4,833 Accumulated deficit (208,683 ) (211,067 ) 2,384 Condensed Statements of Cash Flows Six Months ended June 30, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Net loss $ (54,450 ) $ (55,461 ) $ 1,011 Decrease in deferred revenue in connection with Topic 606 adoption 1,373 — 1,373 Changes in operating assets and liabilities Receivables from collaborative partner 10,422 10,422 — Deferred revenue (8,779 ) (6,396 ) (2,384 ) Cash, cash equivalents and restricted cash at beginning of period 61,333 61,333 — Cash, cash equivalents and restricted cash at end of period 54,328 54,328 — In May 2017, FASB issued ASU 2017-09 Compensation-Stock Compensation (Topic 718) – Scope of Modification Accounting In November 2016, FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230) – Restricted Cash In June 2018, the FASB issued ASU 2018-07 Compensation-Stock Compensation (Topic 718) – Improvements to Nonemployee Share-Based Payment Accounting Subtopic 505-50, Equity–Equity-Based Payments to Non-Employees Accounting Pronouncements Not Yet Adopted In February 2016, FASB issued ASU 2016-02 Leases (Topic 842) all annual and interim reporting periods thereafter. E |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 6 Months Ended |
Jun. 30, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Cash Equivalents and Marketable Securities | 3. Cash Equivalents and Marketable Securities The following table summarizes our cash equivalents and marketable securities (in thousands): June 30, 2018 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 30,233 $ — $ — $ 30,233 U.S. Treasury securities 221,846 — (388 ) 221,458 Agency bonds 3,974 — — 3,974 Corporate bonds 19,920 — (3 ) 19,917 Commercial paper 59,612 14 — 59,626 Total cash equivalents and marketable securities 335,585 14 (391 ) 335,208 Less: cash equivalents (35,226 ) (1 ) — (35,227 ) Total marketable securities $ 300,359 $ 13 $ (391 ) $ 299,981 December 31, 2017 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 31,802 $ — $ — $ 31,802 U.S. Treasury securities 233,376 — (476 ) 232,900 Total cash equivalents and marketable securities 265,178 — (476 ) 264,702 Less: cash equivalents (31,802 ) — — (31,802 ) Total marketable securities $ 233,376 $ — $ (476 ) $ 232,900 As of June 30, 2018, 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 $ 300,359 $ 299,981 Total marketable securities $ 300,359 $ 299,981 We determined that the gross unrealized losses on our marketable securities as of June 30, 2018 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 June 30, 2018. There were no sales of available-for-sale securities in any of the periods presented. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plans | 4. Equity Incentive Plans The following table summarizes option activity under our equity incentive plans and related information: Options Outstanding Weighted Weighted Average Average Remaining Number of Exercise Price Contractual Shares Per Share Term (years) Balance at December 31, 2017 3,867,645 $ 30.35 Options granted 572,100 18.62 Options exercised (217,872 ) 9.54 Options forfeited (192,829 ) 34.38 Options expired (169,313 ) 35.82 Balance at June 30, 2018 3,859,731 29.35 7.13 Options exercisable at June 30, 2018 2,140,598 25.58 5.95 We have granted restricted stock awards, or RSAs, some of which are subject to performance conditions. RSAs are share awards that entitle the holder to receive freely tradable shares of our common stock upon vesting and are not forfeitable once fully vested. We based the fair value of RSAs on the closing sale price of our common stock on the grant date. For awards subject to performance conditions, we recognize stock-based compensation expense using the accelerated attribution recognition method when it is probable that the performance condition will be achieved. The following table summarizes RSA activity under our 2013 Omnibus Incentive Plan and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at December 31, 2017 803,417 $ 40.24 RSAs granted 614,900 18.23 RSAs vested (165,429 ) 40.63 RSAs forfeited (136,825 ) 36.63 Unvested balance at June 30, 2018 1,116,063 28.50 As of June 30, 2018, there were 1,836,224 shares of common stock available for future issuance under our 2013 Omnibus Incentive Plan. Stock-Based Compensation Total stock-based compensation expense recognized was as follows (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Research and development $ 4,055 $ 5,930 $ 7,988 $ 11,216 General and administrative 3,380 3,831 7,267 8,432 Total $ 7,435 $ 9,761 $ 15,255 $ 19,648 We estimated the fair value of stock options using the Black-Scholes option-pricing model based on the date of grant of the applicable stock option with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Expected term (years) 6.0-6.3 5.5-6.3 6.0-6.3 5.5-6.3 Expected volatility 69% 66% 69%-70% 66%-68% Risk-free interest rate 2.8% 1.9% 2.6-2.8% 1.9-2.1% Expected dividend yield 0% 0% 0% 0% As of June 30, 2018, we had $35.6 million of total unrecognized compensation expense related to unvested stock options that we expect to recognize over a weighted-average period of 2.7 years. Additionally, we had $24.1 million of total unrecognized compensation expense related to employee and director RSAs that we expect to recognize over a weighted-average period of 2.0 years. |
License and Collaboration Arran
License and Collaboration Arrangements | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Collaboration Arrangements | 5. License and Collaboration Arrangements See Note 9 to the audited consolidated financial statements included in Part V, Item 15 of our Annual Report for information on our license and collaboration agreements. The following table presents changes during the six months ended June 30, 2018 in the balances of our contract assets, including receivables from collaborative partners, and contract liabilities, including deferred revenue, as compared to what we disclosed in our Annual Report. (in thousands) Contract Assets Balance at January 1, 2018 $ 13,133 Additions 32,247 Deductions (42,669 ) Balance at June 30, 2018 $ 2,711 (in thousands) Contract Liabilities Balance at January 1, 2018 $ 21,563 Additions for advanced billings 1,756 Deductions for performance obligations satisfied in current period (6,984 ) Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress (2,179 ) Balance at June 30, 2018 $ 14,156 Bristol-Myers Squibb Company Immuno-Oncology Research Collaboration In March 2014, we entered into a research collaboration and license agreement, or the immuno-oncology research collaboration, with Bristol-Myers Squibb Company, or BMS. We identified one performance obligation under the immuno-oncology research collaboration with BMS for the research license to access our technology, the exclusive commercial license and research activities. BMS’ options to select additional collaboration targets are not priced at a discount and therefore do not represent performance obligations for which the transaction price would be allocated. The transaction price includes the $20.0 million non-refundable upfront fee, $13.7 million of research funding and $2.4 million of equity premium. We concluded that the transaction price should not include the variable consideration related to maintenance fees and unachieved clinical and regulatory development milestones as this consideration was considered to be constrained as it is probable that the inclusion of such variable consideration could result in a significant reversal in revenue in the future. We will recognize any consideration related to sales-based payments (including milestones and royalties) when the related sales occur, as we have determined that these amounts relate predominantly to the license granted and therefore will be recognized on the later to occur of satisfaction of the performance obligation, or the occurrence of the related sales. We will re-evaluate the transaction price at each reporting period. For the three and six months ended June 30, 2018, no adjustments were made to the transaction price. Upon adoption of Topic 606, we recognized an additional $0.7 million of revenue, through a decrease to deferred revenue and an increase to beginning retained earnings, based on the difference between the input method currently used under Topic 606 and the ratable recognition method previously used under Topic 605. Under the input method, we recognize revenue on the basis of our efforts or inputs applicable to the satisfaction of a performance obligation (e.g., resources consumed, labor hours expended, costs incurred, or time elapsed) relative to the total expected inputs applicable to the satisfaction of that performance obligation. We concluded that we will recognize revenue based on actual costs incurred as a percentage of total budgeted costs as we complete our performance obligation. Revenue allocated to the performance obligation was $1.6 million and $3.2 million, for the three and six months ended June 30, 2018, respectively. Through June 30, 2018, we have recognized $31.8 million of the transaction price as collaboration revenue under the agreement. We will recognize the remaining transaction price of $4.3 million as revenue under the input method over the estimated performance period. License and Collaboration Agreement In October 2015, we entered into a license and collaboration agreement, or the cabiralizumab collaboration agreement, with BMS. The cabiralizumab collaboration agreement supersedes the clinical trial collaboration agreement we entered into with BMS in November 2014, or the original collaboration agreement. We assessed the two agreements separately as standalone agreements under Topic 606. Under the original collaboration agreement, we identified one performance obligation for the execution of a Phase 1a/1b clinical trial of cabiralizumab in combination with Opdivo ® (nivolumab) We used the input method to measure progress toward completion of the performance obligation and concluded that we will recognize revenue based on actual costs incurred by the clinical research organization, or CRO, as a percentage of total budgeted costs as we complete our performance obligation. We will recognize revenue from reimbursements when we have the right to invoice BMS. No adjustment was necessary upon adoption of Topic 606. We recognized $3.9 million and $5.3 million of revenue allocated to the performance obligation for the three and six months ended June 30, 2018, respectively. Total revenue recognized for the three and six months ended June 30, 2018, including progress made toward the performance obligation and reimbursements and excluding milestones, was $4.4 million and $8.9 million, respectively. Through June 30, 2018, we recognized $23.5 million of the transaction price as collaboration revenue under the original collaboration agreement. The remaining transaction price of $6.5 million is recorded in deferred revenue as of June 30, 2018 and will be recognized as revenue under the input method over the estimated performance period. Under the cabiralizumab collaboration agreement, we identified the following performance obligations: (1) license grant to BMS; and (2) transfer of licensed know-how to BMS. The transaction price consists of the $350.0 million non-refundable up-front fee. We concluded that the transaction price should not yet include milestone payments that may become due as they are fully constrained. We will recognize any consideration related to royalties when the related sales occur, as we have determined that these amounts relate predominantly to the license granted and therefore will be recognized upon the occurrence of the related sales. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three and six months ended June 30, 2018, no adjustments were made to the transaction price. The $350.0 million non-refundable upfront fee was fully recognized concurrent with the transfer of the license and know-how in 2015. Opdivo (nivolumab) Zai Lab China License and Collaboration Agreement In December 2017, we entered into a license and collaboration agreement, or the China collaboration agreement, with Zai Lab (Shanghai) Co., Ltd., or Zai Lab, pursuant to which we granted Zai Lab an exclusive license to develop and commercialize bemarituzumab in China, Hong Kong, Macau and Taiwan. In our evaluation of the China collaboration agreement under Topic 606, we identified the following performance obligations: (1) license grant to Zai Lab together with the transfer of licensed know-how, development drug supply and global development activities; (2) commercial drug supply; and (3) development of companion diagnostics. The $5.0 million non-refundable upfront fee, net of value-added tax and other withholdings of $0.8 million, and the $10.0 million of expected reimbursement from Zai Lab for global development activities are included as part of the transaction price. We determined the $10.0 million of expected reimbursements from Zai Lab based on the probability-weighted amounts of a range of possible consideration amounts. We have not included the clinical and regulatory development milestone payments in the transaction price as all such milestone amounts are fully constrained. We will recognize any consideration related to royalties when the related sales occur, as we determined that these amounts relate predominantly to the license granted and therefore will be recognized upon the occurrence of the related sales. Zai Lab’s option to purchase commercial drug supply from us pursuant to a separate commercial supply agreement represents a material right and we will include any additional consideration to us for such supply in the transaction price as Zai’s payment obligations for such supply become due under such commercial supply agreement. We concluded that the reimbursement of costs incurred for the development of companion diagnostics qualifies for t We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three months ended June 30, 2018, there was a $1.7 million increase in the transaction price to $14.2 million from March 31, 2018 of $12.5 million. We use the input method to measure progress toward completion of the performance obligation for the license grant, transfer of licensed know-how, development drug supply and global development activities. We concluded that revenue will be recognized based on actual costs incurred by the CRO as a percentage of total budgeted costs as we complete our performance obligation. We will recognize revenue from reimbursements for commercial drug supply pursuant to any commercial supply agreement and for the development of companion diagnostics when we have the right to invoice Zai Lab. No adjustment was necessary upon adoption of Topic 606. For the three and six months ended June 30, 2018, revenue recognized for the license grant performance obligation was $0.3 million and $0.6 million, respectively. Total revenue recognized for the companion diagnostics development performance obligation was $1.3 million and $2.0 million for the three and six months ended June 30, 2018, respectively. Of the remaining transaction price of $13.6 million, we recorded $4.3 million in deferred revenue, which we will recognize over the estimated performance period for satisfaction of the performance obligations. The remaining $9.3 million of the transaction price will be recorded in deferred revenue when invoiced as we complete global development activities. GlaxoSmithKline LLC Respiratory Diseases and Muscle Diseases Collaborations In April 2012, we entered into a research collaboration and license agreement, or the respiratory diseases collaboration, with GlaxoSmithKline LLC, or GSK, to identify new therapeutic approaches to treat refractory asthma and chronic obstructive pulmonary disease, or COPD, with a particular focus on identifying novel protein therapeutics and antibody targets. In January 2016, we amended our respiratory diseases collaboration to extend the research term by three months to July 2016 to allow additional validation of the protein targets we discovered and to increase the research funding. In July 2010, we entered into a research collaboration and license agreement, or the muscle diseases collaboration, with GSK, to identify potential drug targets and drug candidates to treat skeletal muscle diseases. We conducted three customized cell-based screens and one in vivo Based on our assessment of the respiratory diseases collaboration and the muscle disease collaboration under Topic 606, we identified one performance obligation under each collaboration for the research license and research activities. The non-refundable upfront fees and the equity premiums are included as part of the transaction prices for each collaboration. We will include the . The clinical and regulatory development milestone payments have not been included in the transaction prices, as all such milestone amounts are fully constrained. We will recognize any consideration related to sales-based payments (including milestones royalties) when the related sales occur, as we have determined that these amounts relate predominantly to the license granted and therefore will be recognized on the later to occur of satisfaction of the performance obligation, or the occurrence of the related sales. Under the respiratory diseases collaboration, additional research funding that GSK has the option to add was also not included in the transaction price. As the terminated in April 2018, we are no longer eligible to receive milestone payments or royalties under that collaboration. We will re-evaluate the transaction price for the respiratory diseases collaboration in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three and six months ended June 30, 2018, no adjustments were made to the transaction prices of the collaborations with GSK. Under the respiratory diseases collaboration and the muscle diseases collaboration, the non-refundable upfront fees, the equity premiums and the payment for research activities were fully recognized in 2016 and 2014, respectively. UCB Fibrosis and CNS Collaboration In March 2013, we entered into a research collaboration and license agreement, or the fibrosis and CNS collaboration, with UCB Pharma, S.A., or UCB, to identify potential biologics targets and therapeutics in the areas of fibrosis-related immunologic diseases and central nervous system, or CNS, disorders. Based on our assessment of the fibrosis and CNS collaboration under Topic 606, we identified research activities as our only performance obligation. UCB’s options to select additional collaboration targets and to license exclusive rights to selected targets are not priced at a discount and therefore do not represent performance obligations for which the transaction price would be allocated. The transaction price includes the $6.0 million non-refundable upfront fee, the $6.6 million technology access fee, the $1.0 million reimbursement for reagent costs and the $2.0 million of research funding. We have not included the clinical and regulatory development milestone payments in the transaction price as all such milestone amounts are fully constrained. We will recognize any consideration related to sales-based payments (including milestones and royalties) when the related sales occur, as we have determined that these amounts relate predominantly to the license granted and therefore will be recognized on the later to occur of satisfaction of the performance obligation, or the occurrence of the related sales. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. For the three and six months ended June 30, 2018, there was no change in the transaction price. Upon adoption of Topic 606, we recognized an additional $0.6 million of revenue, through a decrease to deferred revenue and an increase to beginning retained earnings, based on the difference between the input method currently used under Topic 606 and the ratable recognition method previously used under Topic 605. We use the input method to measure progress toward completion of the performance obligation and concluded that revenue will be recognized based on actual full time equivalent labor hours expended as a percentage of total budgeted costs. The $0.6 million adjustment recorded upon the adoption of Topic 606 recognized the remainder of the transaction price. In March 2018, UCB triggered a $0.3 million milestone payment to us upon selection of an undisclosed confirmed target for further development. For the three months ended June 30, 2018, no milestone payments were triggered under the fibrosis and CNS collaboration . |
Summary of Significant Accoun12
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ materially from those estimates. |
Restricted Cash | Restricted Cash Restricted cash consists of a certificate of deposit held by our bank as collateral for a standby letter of credit in the same notional amount by our landlord to secure our obligations under our corporate office and laboratory facility lease that we entered into in December 2016. We are required to maintain this restricted cash balance, the amount of which is subject to reduction starting on January 1, 2023, if certain conditions are met, for the duration of this lease. |
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, which are 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. There were no transfers between Level 1 and Level 2 securities in the periods presented. 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 assets or liabilities measured using Level 3 inputs as of June 30, 2018. The following table summarizes our financial instruments that were measured at fair value on a recurring basis by level of input within the fair value hierarchy defined above (in thousands): June 30, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 30,233 $ 30,233 $ — $ — U.S. Treasury securities 221,458 221,458 — — Agency bonds 3,974 3,974 — — Corporate bonds 19,917 — 19,917 — Commercial paper 59,626 — 59,626 — Certificate of deposit 1,543 — 1,543 — Total $ 336,751 $ 255,665 $ 81,086 $ — December 31, 2017 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 31,802 $ 31,802 $ — $ — U.S. Treasury securities 232,900 232,900 — — Certificate of deposit 1,543 — 1,543 — Total $ 266,245 $ 264,702 $ 1,543 $ — |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, we adopted ASU 2014-09, Revenue from Contracts with Customers (Topic 606) , or Topic 606, The terms of our collaborative research and development agreements include upfront and license fees, research funding, milestone and other contingent payments for the achievement of defined collaboration objectives and certain preclinical, clinical, regulatory and sales-based events, as well as royalties on sales of commercialized products. Arrangements that include upfront payments are recorded as deferred revenue upon receipt or when due and may require deferral of revenue recognition to a future period until we perform obligations under these arrangements. We record research funding payable to us as accounts receivable when our right to consideration is unconditional. The event-based milestone and other contingent payments represent variable consideration, and we use the most likely amount method to estimate this variable consideration. Given the high degree of uncertainty around occurrence of these events, we determine the milestone and other contingent amounts to be fully constrained and do not recognize revenue until the uncertainty associated with these payments is resolved. We will recognize revenue from sales-based royalty payments when or as the sales occur. We will re-evaluate the transaction price in each reporting period as uncertain events are resolved and other changes in circumstances occur. A performance obligation is a promise in a contract to transfer a distinct good or service and is the unit of accounting in Topic 606. A contract’s transaction price is allocated among each distinct performance obligation based on relative standalone selling price and recognized as revenue when, or as, the applicable performance obligation is satisfied. Under Topic 606, we elected to use the practical expedients permitted related to adoption, which do not require us to disclose certain information regarding our remaining performance obligations as of the end of the reporting period. Topic 606 applies to revenue recognized in accordance with the p |
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 securities from the calculation of diluted net loss per share as the effect would have been antidilutive (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Options to purchase common stock 3,904 3,879 3,967 3,796 Restricted stock awards (RSAs) 1,015 834 923 940 4,919 4,713 4,890 4,736 |
Accounting Pronouncements Adopted in 2018 | Accounting Pronouncements Adopted in 2018 In May 2014, the Financial Accounting Standards Board, or FASB, issued Topic 606, which supersedes nearly all existing revenue recognition guidance under GAAP. The FASB subsequently issued amendments to Topic 606 that have the same effective date and transition date. The core principle of Topic 606 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. Topic 606 defines a five-step process to achieve this core principle and, in as a result, more judgment and estimates may be required in the course of the revenue recognition process, including with respect to identifying performance obligations in a contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. We adopted Topic 606, effective January 1, 2018, using the modified retrospective transition method, in which the new standard is applied as of the date of initial adoption. We recorded the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings. The adoption of the new revenue recognition guidance resulted in a decrease of $1.4 million to deferred revenue and an increase of $1.4 million to retained earnings as of January 1, 2018. Additionally, we determined that the classification between deferred revenue, current portion, and deferred revenue, long-term portion, changed as a result of adoption of Topic 606. We concluded that we will classify deferred revenue for all licensing and collaboration arrangements as deferred revenue, long-term portion, and will reclassify to deferred revenue, current portion, when the remaining term of the estimated performance period is one year or less. Our adoption of Topic 606 effective January 1, 2018 affected the following financial statement line items: Condensed Statements of Operations Three Months ended June 30, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 7,580 $ 5,361 $ 2,219 Operating expenses 43,162 43,162 — Operating loss $ (35,582 ) $ (37,801 ) $ 2,219 Net loss $ (34,060 ) $ (36,279 ) $ 2,219 Net loss per share applicable to common stockholders - basic and diluted $ (0.99 ) $ (1.05 ) $ 0.06 Six Months ended June 30, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 40,066 $ 39,055 $ 1,011 Operating expenses 97,192 97,192 — Operating loss $ (57,126 ) $ (58,137 ) $ 1,011 Net loss $ (54,450 ) $ (55,461 ) $ 1,011 Net loss per share applicable to common stockholders - basic and diluted $ (1.63 ) $ (1.66 ) $ 0.03 Condensed Balance Sheets As of June 30, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Receivables from collaborative partner $ 2,711 $ 2,711 $ — Deferred revenue, current portion 3,350 10,567 (7,217 ) Deferred revenue, long-term portion 10,806 5,974 4,833 Accumulated deficit (208,683 ) (211,067 ) 2,384 Condensed Statements of Cash Flows Six Months ended June 30, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Net loss $ (54,450 ) $ (55,461 ) $ 1,011 Decrease in deferred revenue in connection with Topic 606 adoption 1,373 — 1,373 Changes in operating assets and liabilities Receivables from collaborative partner 10,422 10,422 — Deferred revenue (8,779 ) (6,396 ) (2,384 ) Cash, cash equivalents and restricted cash at beginning of period 61,333 61,333 — Cash, cash equivalents and restricted cash at end of period 54,328 54,328 — In May 2017, FASB issued ASU 2017-09 Compensation-Stock Compensation (Topic 718) – Scope of Modification Accounting In November 2016, FASB issued ASU 2016-18 Statement of Cash Flows (Topic 230) – Restricted Cash In June 2018, the FASB issued ASU 2018-07 Compensation-Stock Compensation (Topic 718) – Improvements to Nonemployee Share-Based Payment Accounting Subtopic 505-50, Equity–Equity-Based Payments to Non-Employees |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In February 2016, FASB issued ASU 2016-02 Leases (Topic 842) all annual and interim reporting periods thereafter. E |
Summary of Significant Accoun13
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |
Summary of Financial Instruments Measured at Fair Value | The following table summarizes our financial instruments that were measured at fair value on a recurring basis by level of input within the fair value hierarchy defined above (in thousands): June 30, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 30,233 $ 30,233 $ — $ — U.S. Treasury securities 221,458 221,458 — — Agency bonds 3,974 3,974 — — Corporate bonds 19,917 — 19,917 — Commercial paper 59,626 — 59,626 — Certificate of deposit 1,543 — 1,543 — Total $ 336,751 $ 255,665 $ 81,086 $ — December 31, 2017 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 31,802 $ 31,802 $ — $ — U.S. Treasury securities 232,900 232,900 — — Certificate of deposit 1,543 — 1,543 — Total $ 266,245 $ 264,702 $ 1,543 $ — |
Securities Excluded from Calculation of Diluted Net Loss Per Share | We excluded the following securities from the calculation of diluted net loss per share as the effect would have been antidilutive (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Options to purchase common stock 3,904 3,879 3,967 3,796 Restricted stock awards (RSAs) 1,015 834 923 940 4,919 4,713 4,890 4,736 |
ASU 2014-09 [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Summary of Guidance Effect under Topic 605 before Adoption of Topic 606 on Financial Statement | Our adoption of Topic 606 effective January 1, 2018 affected the following financial statement line items: Condensed Statements of Operations Three Months ended June 30, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 7,580 $ 5,361 $ 2,219 Operating expenses 43,162 43,162 — Operating loss $ (35,582 ) $ (37,801 ) $ 2,219 Net loss $ (34,060 ) $ (36,279 ) $ 2,219 Net loss per share applicable to common stockholders - basic and diluted $ (0.99 ) $ (1.05 ) $ 0.06 Six Months ended June 30, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 40,066 $ 39,055 $ 1,011 Operating expenses 97,192 97,192 — Operating loss $ (57,126 ) $ (58,137 ) $ 1,011 Net loss $ (54,450 ) $ (55,461 ) $ 1,011 Net loss per share applicable to common stockholders - basic and diluted $ (1.63 ) $ (1.66 ) $ 0.03 Condensed Balance Sheets As of June 30, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Receivables from collaborative partner $ 2,711 $ 2,711 $ — Deferred revenue, current portion 3,350 10,567 (7,217 ) Deferred revenue, long-term portion 10,806 5,974 4,833 Accumulated deficit (208,683 ) (211,067 ) 2,384 Condensed Statements of Cash Flows Six Months ended June 30, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Net loss $ (54,450 ) $ (55,461 ) $ 1,011 Decrease in deferred revenue in connection with Topic 606 adoption 1,373 — 1,373 Changes in operating assets and liabilities Receivables from collaborative partner 10,422 10,422 — Deferred revenue (8,779 ) (6,396 ) (2,384 ) Cash, cash equivalents and restricted cash at beginning of period 61,333 61,333 — Cash, cash equivalents and restricted cash at end of period 54,328 54,328 — |
Cash Equivalents and Marketab14
Cash Equivalents and Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash Equivalents and Marketable Securities | The following table summarizes our cash equivalents and marketable securities (in thousands): June 30, 2018 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 30,233 $ — $ — $ 30,233 U.S. Treasury securities 221,846 — (388 ) 221,458 Agency bonds 3,974 — — 3,974 Corporate bonds 19,920 — (3 ) 19,917 Commercial paper 59,612 14 — 59,626 Total cash equivalents and marketable securities 335,585 14 (391 ) 335,208 Less: cash equivalents (35,226 ) (1 ) — (35,227 ) Total marketable securities $ 300,359 $ 13 $ (391 ) $ 299,981 December 31, 2017 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 31,802 $ — $ — $ 31,802 U.S. Treasury securities 233,376 — (476 ) 232,900 Total cash equivalents and marketable securities 265,178 — (476 ) 264,702 Less: cash equivalents (31,802 ) — — (31,802 ) Total marketable securities $ 233,376 $ — $ (476 ) $ 232,900 |
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity | As of June 30, 2018, 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 $ 300,359 $ 299,981 Total marketable securities $ 300,359 $ 299,981 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Option Activity under Equity Incentive Plans and Related Information | The following table summarizes option activity under our equity incentive plans and related information: Options Outstanding Weighted Weighted Average Average Remaining Number of Exercise Price Contractual Shares Per Share Term (years) Balance at December 31, 2017 3,867,645 $ 30.35 Options granted 572,100 18.62 Options exercised (217,872 ) 9.54 Options forfeited (192,829 ) 34.38 Options expired (169,313 ) 35.82 Balance at June 30, 2018 3,859,731 29.35 7.13 Options exercisable at June 30, 2018 2,140,598 25.58 5.95 |
Schedule of Restricted Stock Award Activity under 2013 Omnibus Incentive Plan and Related Information | The following table summarizes RSA activity under our 2013 Omnibus Incentive Plan and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at December 31, 2017 803,417 $ 40.24 RSAs granted 614,900 18.23 RSAs vested (165,429 ) 40.63 RSAs forfeited (136,825 ) 36.63 Unvested balance at June 30, 2018 1,116,063 28.50 |
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, 2018 2017 2018 2017 Research and development $ 4,055 $ 5,930 $ 7,988 $ 11,216 General and administrative 3,380 3,831 7,267 8,432 Total $ 7,435 $ 9,761 $ 15,255 $ 19,648 |
Schedule of Stock Options Weighted-Average Assumptions | We estimated the fair value of stock options using the Black-Scholes option-pricing model based on the date of grant of the applicable stock option with the following assumptions: Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Expected term (years) 6.0-6.3 5.5-6.3 6.0-6.3 5.5-6.3 Expected volatility 69% 66% 69%-70% 66%-68% Risk-free interest rate 2.8% 1.9% 2.6-2.8% 1.9-2.1% Expected dividend yield 0% 0% 0% 0% |
License and Collaboration Arr16
License and Collaboration Arrangements (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Changes in Balances of Contract Assets and Contract Liabilities | The following table presents changes during the six months ended June 30, 2018 in the balances of our contract assets, including receivables from collaborative partners, and contract liabilities, including deferred revenue, as compared to what we disclosed in our Annual Report. (in thousands) Contract Assets Balance at January 1, 2018 $ 13,133 Additions 32,247 Deductions (42,669 ) Balance at June 30, 2018 $ 2,711 (in thousands) Contract Liabilities Balance at January 1, 2018 $ 21,563 Additions for advanced billings 1,756 Deductions for performance obligations satisfied in current period (6,984 ) Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress (2,179 ) Balance at June 30, 2018 $ 14,156 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Summary Of Significant Accounting Policies [Line Items] | |||
Fair value, assets, level 1 to level 2 transfers | $ 0 | ||
Fair value, assets, level 2 to level 1 transfer | 0 | ||
Increase to retained earnings | (208,683,000) | $ (155,607,000) | |
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Increase to retained earnings | $ 1,400,000 | $ 2,384,000 | |
Decrease to deferred revenue | $ 1,400,000 |
Summary of Significant Accoun19
Summary of Significant Accounting Policies - Summary of Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets | ||
Total | $ 336,751 | $ 266,245 |
Money market funds [Member] | ||
Assets | ||
Cash equivalents | 30,233 | 31,802 |
Agency Bonds [Member] | ||
Assets | ||
Cash equivalents | 3,974 | |
Corporate bonds [Member] | ||
Assets | ||
Cash equivalents | 19,917 | |
Commercial paper [Member] | ||
Assets | ||
Cash equivalents | 59,626 | |
Certificate of deposit [Member] | ||
Assets | ||
Cash equivalents | 1,543 | 1,543 |
Level 1 [Member] | ||
Assets | ||
Total | 255,665 | 264,702 |
Level 1 [Member] | Money market funds [Member] | ||
Assets | ||
Cash equivalents | 30,233 | 31,802 |
Level 1 [Member] | Agency Bonds [Member] | ||
Assets | ||
Cash equivalents | 3,974 | |
Level 2 [Member] | ||
Assets | ||
Total | 81,086 | 1,543 |
Level 2 [Member] | Corporate bonds [Member] | ||
Assets | ||
Cash equivalents | 19,917 | |
Level 2 [Member] | Commercial paper [Member] | ||
Assets | ||
Cash equivalents | 59,626 | |
Level 2 [Member] | Certificate of deposit [Member] | ||
Assets | ||
Cash equivalents | 1,543 | 1,543 |
U.S. Treasury securities [Member] | ||
Assets | ||
U.S. Treasury securities | 221,458 | 232,900 |
U.S. Treasury securities [Member] | Level 1 [Member] | ||
Assets | ||
U.S. Treasury securities | $ 221,458 | $ 232,900 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies - Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of diluted net loss per share | 4,919 | 4,713 | 4,890 | 4,736 |
Options to purchase common stock [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of diluted net loss per share | 3,904 | 3,879 | 3,967 | 3,796 |
Restricted stock awards (RSAs) [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Securities excluded from calculation of diluted net loss per share | 1,015 | 834 | 923 | 940 |
Summary of Significant Accoun21
Summary of Significant Accounting Policies - Summary of Guidance Effect under Topic 605 before Adoption of Topic 606 on Condensed Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Collaboration and license revenue | $ 7,580 | $ 7,822 | $ 40,066 | $ 17,957 |
Operating expenses | 43,162 | 51,107 | 97,192 | 95,353 |
Operating loss | (35,582) | (43,285) | (57,126) | (77,396) |
Net loss | $ (34,060) | $ (44,286) | $ (54,450) | $ (77,729) |
Net loss per share applicable to common stockholders - basic and diluted | $ (0.99) | $ (1.58) | $ (1.63) | $ (2.79) |
ASU 2014-09 [Member] | Under Topic 605 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Collaboration and license revenue | $ 5,361 | $ 39,055 | ||
Operating expenses | 43,162 | 97,192 | ||
Operating loss | (37,801) | (58,137) | ||
Net loss | $ (36,279) | $ (55,461) | ||
Net loss per share applicable to common stockholders - basic and diluted | $ (1.05) | $ (1.66) | ||
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Collaboration and license revenue | $ 2,219 | $ 1,011 | ||
Operating loss | 2,219 | 1,011 | ||
Net loss | $ 2,219 | $ 1,011 | ||
Net loss per share applicable to common stockholders - basic and diluted | $ 0.06 | $ 0.03 |
Summary of Significant Accoun22
Summary of Significant Accounting Policies - Summary of Guidance Effect under Topic 605 before Adoption of Topic 606 on Condensed Balance Sheets (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 01, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Receivables from collaborative partner | $ 2,711 | $ 13,133 | |
Deferred revenue, current portion | 3,350 | 12,713 | |
Deferred revenue, long-term portion | 10,806 | 10,223 | |
Accumulated deficit | (208,683) | $ (155,607) | |
ASU 2014-09 [Member] | Under Topic 605 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Receivables from collaborative partner | 2,711 | ||
Deferred revenue, current portion | 10,567 | ||
Deferred revenue, long-term portion | 5,974 | ||
Accumulated deficit | (211,067) | ||
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue, current portion | (7,217) | ||
Deferred revenue, long-term portion | 4,833 | ||
Accumulated deficit | $ 2,384 | $ 1,400 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Summary of Guidance Effect under Topic 605 before Adoption of Topic 606 on Condensed Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Net loss | $ (34,060) | $ (44,286) | $ (54,450) | $ (77,729) |
Decrease in deferred revenue in connection with Topic 606 adoption | 1,373 | |||
Changes in operating assets and liabilities: | ||||
Receivables from collaborative partners | 10,422 | $ 127 | ||
Deferred revenue | (8,779) | |||
Cash, cash equivalents and restricted cash at beginning of period | 61,333 | |||
Cash, cash equivalents and restricted cash at end of period | 54,328 | 54,328 | ||
ASU 2014-09 [Member] | Under Topic 605 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Net loss | (36,279) | (55,461) | ||
Changes in operating assets and liabilities: | ||||
Receivables from collaborative partners | 10,422 | |||
Deferred revenue | (6,396) | |||
Cash, cash equivalents and restricted cash at beginning of period | 61,333 | |||
Cash, cash equivalents and restricted cash at end of period | 54,328 | 54,328 | ||
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||
Net loss | $ 2,219 | 1,011 | ||
Decrease in deferred revenue in connection with Topic 606 adoption | 1,373 | |||
Changes in operating assets and liabilities: | ||||
Deferred revenue | $ (2,384) |
Cash Equivalents and Marketab24
Cash Equivalents and Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 300,359 | $ 233,376 |
Unrealized Gains | 13 | |
Unrealized Losses | (391) | (476) |
Estimated Fair Value | 299,981 | 232,900 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 30,233 | 31,802 |
Estimated Fair Value | 30,233 | 31,802 |
U.S. Treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 221,846 | 233,376 |
Unrealized Losses | (388) | (476) |
Estimated Fair Value | 221,458 | 232,900 |
Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 3,974 | |
Estimated Fair Value | 3,974 | |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 19,920 | |
Unrealized Losses | (3) | |
Estimated Fair Value | 19,917 | |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 59,612 | |
Unrealized Gains | 14 | |
Estimated Fair Value | 59,626 | |
Total cash equivalents and marketable securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 335,585 | 265,178 |
Unrealized Gains | 14 | |
Unrealized Losses | (391) | (476) |
Estimated Fair Value | 335,208 | 264,702 |
Cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | (35,226) | (31,802) |
Unrealized Gains | (1) | |
Estimated Fair Value | (35,227) | $ (31,802) |
Unrealized Gains | $ 1 |
Cash Equivalents and Marketab25
Cash Equivalents and Marketable Securities - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity (Detail) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Available For Sale Securities Debt Maturities [Abstract] | ||
Amortized Cost, In one year or less | $ 300,359 | |
Amortized Cost Basis | 300,359 | $ 233,376 |
Estimated Fair Value, In one year or less | 299,981 | |
Total marketable securities, Estimated Fair Value | $ 299,981 | $ 232,900 |
Cash Equivalents and Marketab26
Cash Equivalents and Marketable Securities - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Investments Debt And Equity Securities [Abstract] | |
Sales of available-for-sale securities | $ 0 |
Equity Incentive Plans - Schedu
Equity Incentive Plans - Schedule of Option Activity under Equity Incentive Plans and Related Information (Detail) | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Beginning balance | shares | 3,867,645 |
Number of Shares, Options granted | shares | 572,100 |
Number of Shares, Options exercised | shares | (217,872) |
Number of Shares, Options forfeited | shares | (192,829) |
Number of Shares, Options expired | shares | (169,313) |
Number of Shares, Ending balance | shares | 3,859,731 |
Number of Shares, Options exercisable | shares | 2,140,598 |
Weighted-Average Exercise Price Per Share, Options beginning balance | $ / shares | $ 30.35 |
Weighted-Average Exercise Price Per Share, Options granted | $ / shares | 18.62 |
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares | 9.54 |
Weighted-Average Exercise Price Per Share, Options forfeited | $ / shares | 34.38 |
Weighted-Average Exercise Price Per Share, Options expired | $ / shares | 35.82 |
Weighted-Average Exercise Price Per Share, Options ending balance | $ / shares | 29.35 |
Weighted-Average Exercise Price Per Share, Options exercisable | $ / shares | $ 25.58 |
Weighted-Average Remaining Contractual Terms, Options ending balance | 7 years 1 month 17 days |
Weighted Average Remaining Contractual Term, Options exercisable | 5 years 11 months 12 days |
Equity Incentive Plans - Sche28
Equity Incentive Plans - Schedule of Restricted Stock Award Activity under 2013 Omnibus Incentive Plan and Related Information (Detail) - Restricted Stock Awards [Member] | 6 Months Ended |
Jun. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested, beginning balance | shares | 803,417 |
Number of Shares, Granted | shares | 614,900 |
Number of Shares, Vested | shares | (165,429) |
Number of Shares, Forfeited | shares | (136,825) |
Number of Shares, Unvested, Ending balance | shares | 1,116,063 |
Weighted-Average Grant-Date Fair Value, Unvested, Beginning balance | $ / shares | $ 40.24 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 18.23 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 40.63 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 36.63 |
Weighted-Average Grant-Date Fair Value, Unvested, Ending balance | $ / shares | $ 28.50 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($)shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized compensation expense related to unvested stock options | $ 35.6 |
Unrecognized compensation expense expected to recognize, weighted-average period | 2 years 8 months 12 days |
Restricted Stock Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation expense expected to recognize, weighted-average period | 2 years |
Total unrecognized compensation expense related to employee and director RSAs | $ 24.1 |
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 | shares | 1,836,224 |
Equity Incentive Plans - Sche30
Equity Incentive Plans - Schedule of Stock-Based Compensation Expenses Recognized (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | $ 7,435 | $ 9,761 | $ 15,255 | $ 19,648 |
Research and development [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | 4,055 | 5,930 | 7,988 | 11,216 |
General and administrative [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense recognized | $ 3,380 | $ 3,831 | $ 7,267 | $ 8,432 |
Equity Incentive Plans - Sche31
Equity Incentive Plans - Schedule of Stock Options Assumptions (Detail) - Options [Member] | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected volatility | 69.00% | 66.00% | ||
Risk-free interest rate | 2.80% | 1.90% | ||
Risk-free interest rate, minimum | 2.60% | 1.90% | ||
Risk-free interest rate, maximum | 2.80% | 2.10% | ||
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) | 6 years | 5 years 6 months | 6 years | 5 years 6 months |
Expected volatility | 69.00% | 66.00% | ||
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (years) | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days | 6 years 3 months 18 days |
Expected volatility | 70.00% | 68.00% |
License and Collaboration Arr32
License and Collaboration Arrangements - Summary of Changes in Balances of Contract Assets and Contract Liabilities (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Contract With Customer Asset And Liability [Abstract] | |
Beginning balance | $ 13,133 |
Additions | 32,247 |
Deductions | (42,669) |
Ending balance | 2,711 |
Beginning balance | 21,563 |
Additions for advanced billings | 1,756 |
Deductions for performance obligations satisfied in current period | (6,984) |
Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress | (2,179) |
Ending balance | $ 14,156 |
Licence and Collaboration Arran
Licence and Collaboration Arrangements - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | 33 Months Ended | 52 Months Ended | |||
Jan. 31, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2015 | Jun. 30, 2018 | Jun. 30, 2018 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | $ 7,580,000 | $ 7,822,000 | $ 40,066,000 | $ 17,957,000 | |||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ASU 2014-09 [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | 2,219,000 | 1,011,000 | |||||||
Bristol-Myers Squibb Company [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Non-refundable up-front fee | $ 30,000,000 | ||||||||
Bristol-Myers Squibb Company [Member] | Immuno-oncology collaboration [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Research collaboration and license agreement entered month and year | 2014-03 | ||||||||
Non-refundable up-front fee | $ 20,000,000 | ||||||||
Equity premium | 2,400,000 | ||||||||
Adjustments to transaction price | 0 | 0 | |||||||
Research funding received | 13,700,000 | ||||||||
Remaining transaction price recorded in deferred revenue | 4,300,000 | 4,300,000 | $ 4,300,000 | $ 4,300,000 | |||||
Bristol-Myers Squibb Company [Member] | Immuno-oncology collaboration [Member] | ASU 2014-09 [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | 31,800,000 | ||||||||
Bristol-Myers Squibb Company [Member] | Immuno-oncology collaboration [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ASU 2014-09 [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | 700,000 | ||||||||
Bristol-Myers Squibb Company [Member] | Immuno-oncology collaboration [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | ASU 2014-09 [Member] | Actual Costs Incurred as a Percentage of Total Budgeted Costs [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | 1,600,000 | 3,200,000 | |||||||
Bristol-Myers Squibb Company [Member] | Cabiralizumab Collaboration Agreement [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Non-refundable up-front fee | 350,000,000 | ||||||||
Adjustments to transaction price | 0 | 0 | |||||||
Remaining transaction price recorded in deferred revenue | 6,500,000 | $ 6,500,000 | 6,500,000 | 6,500,000 | |||||
License and collaboration agreement entered month and year | 2015-10 | ||||||||
Recognized revenue under collaboration arrangement | $ 350,000,000 | ||||||||
Revenue recognized for milestone achieved | $ 25,000,000 | 0 | |||||||
Bristol-Myers Squibb Company [Member] | Cabiralizumab Collaboration Agreement [Member] | ASU 2014-09 [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | 4,400,000 | $ 8,900,000 | 23,500,000 | ||||||
Bristol-Myers Squibb Company [Member] | Cabiralizumab Collaboration Agreement [Member] | ASU 2014-09 [Member] | Actual Costs Incurred as a Percentage of Total Budgeted Costs [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | 3,900,000 | 5,300,000 | |||||||
Zai Lab [Member] | China License and Collaboration Agreement [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Non-refundable up-front fee | 5,000,000 | ||||||||
Adjustments to transaction price | 1,700,000 | ||||||||
Revenue recognized | 1,300,000 | 2,000,000 | |||||||
Remaining transaction price recorded in deferred revenue | 4,300,000 | $ 4,300,000 | 4,300,000 | 4,300,000 | |||||
License and collaboration agreement entered month and year | 2017-12 | ||||||||
Non-refundable up-front fee, net of value-added tax and other withholdings | $ 800,000 | ||||||||
Expected reimbursements | 10,000,000 | 10,000,000 | 10,000,000 | 10,000,000 | |||||
Clinical and regulatory development milestone payments | 0 | ||||||||
Collaboration And License Agreements Transaction Price | 14,200,000 | $ 12,500,000 | |||||||
Remaining transaction price | 13,600,000 | 13,600,000 | 13,600,000 | 13,600,000 | |||||
Remaining transaction price will be recorded in deferred revenue when invoiced | 9,300,000 | 9,300,000 | $ 9,300,000 | $ 9,300,000 | |||||
Zai Lab [Member] | China License and Collaboration Agreement [Member] | ASU 2014-09 [Member] | Actual Costs Incurred as a Percentage of Total Budgeted Costs [Member] | |||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||
Revenue recognized | $ 300,000 | $ 600,000 |
Licence and Collaboration Arr34
Licence and Collaboration Arrangements - Additional Information 1 (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Mar. 31, 2018 | Jan. 31, 2016 | Jul. 31, 2010 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Revenue recognized | $ 7,580,000 | $ 7,822,000 | $ 40,066,000 | $ 17,957,000 | |||
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Revenue recognized | 2,219,000 | $ 1,011,000 | |||||
Glaxo Smith Kline LLC [Member] | Respiratory Diseases Collaboration Agreement [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Research collaboration and license agreement entered month and year | 2012-04 | ||||||
Extend research terms | 3 months | ||||||
Extend research date | 2016-07 | ||||||
License agreement termination date | 2018-04 | ||||||
Glaxo Smith Kline LLC [Member] | Muscle Diseases Collaboration Agreement [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Research collaboration and license agreement entered month and year | 2010-07 | ||||||
Glaxo Smith Kline LLC [Member] | Respiratory Diseases and Muscle Diseases Collaboration Agreement [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Adjustments to transaction price | 0 | $ 0 | |||||
Clinical and regulatory development milestone payments | $ 0 | ||||||
UCB Pharma S.A. [Member] | Fibrosis and CNS Collaboration [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Research collaboration and license agreement entered month and year | 2013-03 | ||||||
Adjustments to transaction price | 0 | $ 0 | |||||
UCB Pharma S.A. [Member] | Fibrosis and CNS Collaboration [Member] | ASU 2014-09 [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Adjustments to transaction price | 600,000 | ||||||
Clinical and regulatory development milestone payments | 0 | ||||||
Non-refundable up-front fee | 6,000,000 | ||||||
Technology access fee | 6,600,000 | ||||||
Research funding | 2,000,000 | 2,000,000 | |||||
Milestone paymenet received | $ 300,000 | $ 0 | |||||
UCB Pharma S.A. [Member] | Fibrosis and CNS Collaboration [Member] | ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Revenue recognized | 600,000 | ||||||
UCB Pharma S.A. [Member] | Fibrosis and CNS Collaboration [Member] | Reagent [Member] | ASU 2014-09 [Member] | |||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||
Reimbursements costs | $ 1,000,000 |