Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 26, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | FPRX | ||
Entity Registrant Name | Five Prime Therapeutics, Inc. | ||
Entity Central Index Key | 0001175505 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | true | ||
Entity File Number | 001-36070 | ||
Entity Tax Identification Number | 26-0038620 | ||
Entity Address, Address Line One | 111 Oyster Point Boulevard | ||
Entity Address, City or Town | South San Francisco | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 94080 | ||
City Area Code | 415 | ||
Local Phone Number | 365-5600 | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, par value $0.001 per share | ||
Security Exchange Name | NASDAQ | ||
Entity Incorporation, State or Country Code | DE | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Entity Common Stock, Shares Outstanding | 36,391,980 | ||
Entity Public Float | $ 205 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 55,800 | $ 43,953 |
Marketable securities | 100,580 | 226,185 |
Receivables from collaborative partners | 4,097 | 5,096 |
Prepaid and other current assets | 6,243 | 13,334 |
Total current assets | 166,720 | 288,568 |
Restricted cash | 1,543 | 1,543 |
Property and equipment, net | 22,534 | 28,718 |
Operating lease, right-of-use assets | 30,934 | |
Other long-term assets | 2,411 | 2,705 |
Total assets | 224,142 | 321,534 |
Current liabilities: | ||
Accounts payable | 1,184 | 1,972 |
Accrued personnel-related expenses | 6,805 | 7,383 |
Other accrued liabilities | 9,659 | 15,348 |
Operating lease obligations, current portion | 4,080 | |
Deferred revenue, current portion | 1,296 | 1,428 |
Deferred rent, current portion | 1,356 | |
Total current liabilities | 23,024 | 27,487 |
Deferred revenue, long-term portion | 5,113 | 10,465 |
Operating lease obligations, long-term portion | 45,532 | |
Deferred rent, long-term portion | 18,443 | |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 100,000,000 shares authorized, 36,280,368 issued and 35,219,791 outstanding at December 31, 2019. 35,625,751 issued and 34,745,721 outstanding at December 31, 2018. | 35 | 34 |
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding | ||
Additional paid-in capital | 582,243 | 559,892 |
Accumulated other comprehensive gain (loss) | 78 | (106) |
Accumulated deficit | (431,883) | (294,681) |
Total stockholders’ equity | 150,473 | 265,139 |
Total liabilities and stockholders’ equity | $ 224,142 | $ 321,534 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
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 | 36,280,368 | 35,625,751 |
Common stock, shares outstanding | 35,219,791 | 34,745,721 |
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 |
Statements of Operations
Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Collaboration and license revenue | $ 14,874,000 | $ 49,868,000 | $ 39,508,000 |
Type of Revenue [Extensible List] | fprx:CollaborationMember | fprx:CollaborationMember | fprx:CollaborationMember |
Operating expenses: | |||
Research and development | $ 114,063,000 | $ 156,352,000 | $ 150,908,000 |
General and administrative | 42,749,000 | 39,671,000 | 40,002,000 |
Total operating expenses | 156,812,000 | 196,023,000 | 190,910,000 |
Loss from operations | (141,938,000) | (146,155,000) | (151,402,000) |
Interest income | 4,740,000 | 5,792,000 | 2,978,000 |
Other loss, net | (4,000) | (84,000) | (94,000) |
Loss before income tax | (137,202,000) | (140,447,000) | (148,518,000) |
Income tax provision | 0 | 0 | (1,704,000) |
Net loss | $ (137,202,000) | $ (140,447,000) | $ (150,222,000) |
Basic and diluted net loss per common share | $ (3.92) | $ (4.13) | $ (5.38) |
Weighted-average shares used to compute basic and diluted net loss per common share | 34,970 | 33,976 | 27,945 |
Statements of Comprehensive Los
Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
Net loss | $ (137,202) | $ (140,447) | $ (150,222) |
Other comprehensive gain (loss): | |||
Unrealized gain (loss) on marketable securities, net of tax | 184 | 370 | (437) |
Comprehensive loss | $ (137,018) | $ (140,077) | $ (150,659) |
Statements of Stockholders' Equ
Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Retained Earnings (Accumulated Deficit) [Member] |
Beginning Balance at Dec. 31, 2016 | $ 391,575 | $ 27 | $ 396,635 | $ (39) | $ (5,048) |
Beginning Balance, Shares at Dec. 31, 2016 | 27,509,077 | ||||
Issuance of common stock under equity incentive plans | 4,022 | $ 1 | 4,021 | ||
Issuance of common stock under equity incentive plans, Shares | 992,556 | ||||
Repurchase of shares to satisfy tax withholding obligations | (13,909) | (13,909) | |||
Repurchase of shares to satisfy tax withholding obligations, Shares | (322,994) | ||||
Cumulative effect of adoption of ASU | ASU 2016-09 [Member] | 337 | (337) | |||
Stock-based compensation expense | 34,173 | 34,173 | |||
Other comprehensive gain (loss) | (437) | (437) | |||
Net loss | (150,222) | (150,222) | |||
Ending Balance at Dec. 31, 2017 | 265,202 | $ 28 | 421,257 | (476) | (155,607) |
Ending Balance, Shares at Dec. 31, 2017 | 28,178,639 | ||||
Issuance of common stock upon follow-on public offering, net of issuance costs | 115,000 | $ 6 | 114,994 | ||
Issuance of stock, Shares | 5,897,435 | ||||
Issuance costs related to the follow-on public offering | (7,388) | (7,388) | |||
Issuance of common stock under equity incentive plans | 3,963 | 3,963 | |||
Issuance of common stock under equity incentive plans, Shares | 821,456 | ||||
Repurchase of shares to satisfy tax withholding obligations | (2,402) | (2,402) | |||
Repurchase of shares to satisfy tax withholding obligations, Shares | (151,809) | ||||
Cumulative effect of adoption of ASU | ASU 2014-09 [Member] | 1,373 | 1,373 | |||
Stock-based compensation expense | 29,468 | 29,468 | |||
Other comprehensive gain (loss) | 370 | 370 | |||
Net loss | (140,447) | (140,447) | |||
Ending Balance at Dec. 31, 2018 | $ 265,139 | $ 34 | 559,892 | (106) | (294,681) |
Ending Balance, Shares at Dec. 31, 2018 | 34,745,721 | 34,745,721 | |||
Issuance of common stock under equity incentive plans | $ 1,136 | $ 1 | 1,135 | ||
Issuance of common stock under equity incentive plans, Shares | 712,500 | ||||
Repurchase of shares to satisfy tax withholding obligations | (1,599) | (1,599) | |||
Repurchase of shares to satisfy tax withholding obligations, Shares | (238,430) | ||||
Stock-based compensation expense | 22,815 | 22,815 | |||
Other comprehensive gain (loss) | 184 | 184 | |||
Net loss | (137,202) | (137,202) | |||
Ending Balance at Dec. 31, 2019 | $ 150,473 | $ 35 | $ 582,243 | $ 78 | $ (431,883) |
Ending Balance, Shares at Dec. 31, 2019 | 35,219,791 | 35,219,791 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income loss | $ (137,202) | $ (140,447) | $ (150,222) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 5,313 | 5,020 | 2,513 |
Impairment of fixed assets | 1,959 | ||
Loss on disposal of property and equipment | 38 | 95 | |
Stock-based compensation expense | 22,815 | 29,468 | 34,173 |
Amortization of discounts and premiums on marketable securities | (2,163) | (1,750) | 1,621 |
Non-cash operating lease expense | 2,351 | ||
Changes in operating assets and liabilities: | |||
Receivables from collaborative partners | 999 | 8,037 | (9,174) |
Income tax receivable | 4,670 | ||
Prepaid, other current assets, and other long-term assets | 6,800 | (10,120) | 4,235 |
Accounts payable | (72) | (265) | 1,903 |
Accrued personnel-related expenses | (578) | 227 | (801) |
Deferred revenue | (5,484) | (9,670) | (9,070) |
Deferred rent | 802 | 3,699 | |
Other accrued liabilities, and other long-term liabilities | (5,699) | (3,854) | 4,174 |
Operating lease liabilities | (2,905) | ||
Net cash used in operating activities | (113,866) | (122,514) | (112,184) |
Investing activities | |||
Purchases of marketable securities | (193,063) | (377,365) | (330,363) |
Maturities of marketable securities | 321,015 | 386,200 | 509,500 |
Proceeds from disposal of property and equipment | 12 | ||
Purchases of property and equipment | (1,776) | (11,331) | (4,941) |
Net cash provided by (used in) investing activities | 126,176 | (2,496) | 174,208 |
Financing activities | |||
Proceeds from public offering of common stock, net of issuance costs | 107,612 | ||
Proceeds from issuance of common stock under equity incentive plans | 1,136 | 3,963 | 4,022 |
Repurchase of shares to satisfy tax withholding obligations | (1,599) | (2,402) | (13,909) |
Net cash (used in) provided by financing activities | (463) | 109,173 | (9,887) |
Net increase (decrease) in cash and cash equivalents and restricted cash | 11,847 | (15,837) | 52,137 |
Cash, cash equivalents and restricted cash at beginning of period | 45,496 | 61,333 | 9,196 |
Cash, cash equivalents and restricted cash at end of period | 57,343 | 45,496 | 61,333 |
Supplemental disclosure | |||
Income taxes paid | 1,704 | ||
Property and equipment purchases included in accrued liabilities | 29 | 716 | 9,033 |
Tenant improvement by the landlord | 14,324 | ||
Supplemental cash flow information | |||
Cash and cash equivalents at beginning of period | 43,953 | 59,790 | 7,653 |
Restricted cash at beginning of period | 1,543 | 1,543 | 1,543 |
Cash, cash equivalents and restricted cash at beginning of period | 45,496 | 61,333 | 9,196 |
Cash and cash equivalents at end of period | 55,800 | 43,953 | 59,790 |
Restricted cash at end of period | 1,543 | 1,543 | 1,543 |
Cash, cash equivalents and restricted cash at end of period | $ 57,343 | $ 45,496 | $ 61,333 |
Business
Business | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Business | 1. 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. We have reclassified certain prior period amounts within our footnotes to conform to our current period presentation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
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 as of the date of the financial statements. The most significant estimates in the Company’s financial statements include the recognition of revenue, stock-based compensation, completeness of clinical trial accruals and income taxes. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable. Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents are recorded at face value, or cost, which approximates fair value. 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 entered into in December 2016. The certificate of deposit earns interest at a rate of 1.37% per annum and its term is one month. 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 Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. We consider our available-for-sale portfolio as available for use in current operations. Accordingly, we classify certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income or loss and reported as a separate component of stockholders’ equity or deficit until realized. Realized gains and losses and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense), net. The cost of securities sold is based on the specific identification method. We adjust the amortized cost of securities for amortization of premiums and accretion of discounts to maturity. We include interest on short-term investments in interest income. In accordance with our investment policy, management invests to diversify credit risk and only invests in debt securities with high credit quality, including U.S. government securities. We periodically evaluate whether declines in the fair value of our investments below their cost are other than temporary. The evaluation includes consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether we have the intent to sell the securities, and whether it is more likely than not that we will be required to sell the securities before the recovery of their amortized cost basis. If we determine that the decline in fair value of an investment is below its accounting basis and this decline is other than temporary, we would reduce the carrying value of the security we hold and record a loss for the amount of such decline. We have not recorded any realized losses or declines in value judged to be other than temporary on our investments in debt securities. Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. Cash and cash equivalents and marketable securities are invested through banks and other financial institutions in the United States. Such deposits in the United States may be in excess of insured limits. 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. For our marketable securities, we review trading activity and pricing as of the measurement date. When sufficient quoted pricing for identical securities is not available, we use market pricing and other observable market inputs for similar securities obtained from various third-party data providers. These inputs either represent quoted prices for similar assets in active markets or have been derived from observable market data; 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. 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, securities are classified as Level 3 within the valuation hierarchy. We do not have any assets or liabilities measured using Level 3 inputs as of December 31, 2019. 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): December 31, 2019 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 21,706 $ 21,706 $ — U.S. Treasury securities 35,498 35,498 — Agency bonds 48,834 48,834 — Corporate bonds 1,800 1,800 — Commercial paper 19,195 19,195 — Certificate of deposit 1,543 1,543 — Total $ 128,576 $ 106,038 $ 22,538 $ — December 31, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 40,849 $ 40,849 $ — $ — U.S. Treasury securities 104,140 104,140 — — Agency bonds 53,999 53,999 — — Corporate bonds 11,893 — 11,893 — Commercial paper 56,152 — 56,152 — Certificate of deposit 1,543 — 1,543 — Total $ 268,576 $ 198,988 $ 69,588 $ - Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, ranging from three to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term. Impairment of Long-Lived Assets Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the assets may not be recoverable. Recoverability of these assets is measured by comparing their carrying amounts to the future undiscounted cash flows the assets are expected to generate. If an asset is impaired, the impairment to be recognized equals the amount by which the carrying value exceeds the asset’s fair value. The primary measure of fair value is discounted cash flow. In conjunction with the corporate restructurings we undertook in 2019, we are extending our cash runway and ensuring long-term sustainability by our focusing on our current clinical programs and advancement of our three late-stage research programs. Accordingly, we evaluated our laboratory equipment and determined that the carrying value of $5.9 million is no longer recoverable and its estimated fair value is $3.9 million. Thus, we recorded an impairment loss of $2.0 million in our research and development costs within operating expenses in our statements of operations. In addition the remaining useful life has been reduced to 0.25 years. Restructuring and Other Charges We account for costs related to our restructuring activities in accordance with ASC 420, Exit or Disposal Cost Obligations We will recognize o ther restructuring costs , including lease or other contract termination costs incurred in connection with terminat ing a contract before the end of its term , when we terminate the contract in accordance with its terms. See N ote 12 for additional information regarding charges related to our corporate restructurings . Revenue Recognition Effective January 1, 2018, we adopted Financial Accounting Standards Board, or FASB, Accounting Standard Update, or ASU , Revenue from Contracts with Customers (Topic 606) The terms of our collaborative research and development agreements include upfront and license fees, research, development and other funding or reimbursements, 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 may require deferral of revenue recognition to a future period until we perform obligations under these arrangements. We record research and development 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 the occurrence of these events, we determine the milestone and other contingent amounts to be fully constrained 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 expedient permitted related to adoption, which does not require us to disclose certain information regarding our remaining performance obligations as of the end of the reporting period prior to the initial date of adoption. Additionally, we elected the practical expedient for certain research and development funding which allows us to recognize revenue in the amount for which we have a right to invoice if our right to consideration is an amount that corresponds directly to the value of our performance completed to date. As a result, we effectively bypass the steps of determining the transaction price and allocating that transaction price to the performance obligation. Research and Development Expenses Research and development expenses consist of costs we incur for our own and for sponsored and collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on our behalf. We estimate preclinical study and clinical trial expenses based on the services performed pursuant to contracts with research institutions and contract research organizations, or CROs, and clinical manufacturing organizations, or CMOs, that conduct and manage preclinical studies and clinical trials on our behalf based on actual time and expenses incurred by such entities. Further, we accrue expenses related to clinical trials based on the level of patient activity according to the relevant agreement. We monitor patient enrollment levels and related activity to the extent reasonably possible and adjust estimates accordingly. If we do not identify costs that we have begun to incur or if we underestimate or overestimate the level of services performed or the costs of these services, our actual expenses could differ from our estimates. We expense payments for the acquisition and development of technology as research and development costs if, at the time of payment, the technology: is under development; is not approved by the U.S. Food and Drug Administration or other regulatory agencies for marketing; has not reached technical feasibility; or otherwise has no foreseeable alternative future use. Stock-Based Compensation We recognize compensation expense using a fair value-based method for costs related to all share-based payments, including restricted stock awards, or RSAs, and stock option awards. For RSAs, stock-based compensation cost is based on the closing market value of our common stock at the date of grant and is recognized as expense ratably over the requisite service period. For stock option awards, stock-based compensation cost is measured at the grant date, based on the fair value of the award estimated using the Black-Scholes option pricing model, and is recognized as expense over the requisite service period on a straight-line basis. We account for forfeitures as they occur by reversing any expense recognized for unvested awards. Income Taxes We account for income taxes using the liability method, under which deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization of the deferred tax assets does not meet the more-likely-than-not criteria. As a result, deferred tax assets at the end of 2019 and 2018 are subject to a full valuation allowance. We are required to determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. It is our practice to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. Recently Adopted In June 2018, 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 In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) We adopted the standard, effective January 1, 2019, using the updated modified retrospective transition method, under which the new standard is applied as of the date of initial adoption. We recognized and measured agreements executed prior to the date of initial adoption that were considered leases on January 1, 2019. No cumulative effect adjustment of initially applying the standard to the opening balance of retained earnings was made upon adoption. We elected the package of practical expedients permitted under the transition guidance that will retain the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We have not reassessed whether any contracts entered into prior to adoption are leases. In addition, we elected the accounting policy to not record short-term leases with a lease term at the commencement date of twelve months or less on the balance sheet as permitted by the new standard. Upon adoption, we derecognized $19.8 million in deferred rent and ecognized $52.5 million in lease liabilities and $33.3 million in right-of-use assets on our balance sheet In May 2014, FASB issued Topic 606, which supersede d nearly all existing revenue recognition guidance under U.S. generally accepted accounting principles , or GAAP. 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, 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 applied the standard to contracts that were not completed at the date of initial application. 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 Year Ended December 31, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 49,868 $ 52,329 $ (2,461 ) Operating expenses 196,023 196,023 — Operating loss $ (146,155 ) $ (143,694 ) $ (2,461 ) Net loss $ (140,447 ) $ (137,986 ) $ (2,461 ) Net loss per share applicable to common stockholders - basic and diluted $ (4.13 ) $ (4.06 ) $ (0.07 ) Condensed Balance Sheets December 31, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Receivables from collaborative partner $ 5,096 $ 5,096 $ — Deferred revenue, current portion 1,428 8,187 (6,759 ) Deferred revenue, long-term portion 10,465 2,618 7,847 Accumulated deficit (294,681 ) (293,593 ) (1,088 ) Condensed Statement of Cash Flows Year Ended December 31, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Net loss $ (140,447 ) $ (137,986 ) $ (2,461 ) Decrease in deferred revenue in connection with Topic 606 adoption 1,373 — 1,373 Changes in operating assets and liabilities Receivables from collaborative partner 8,037 8,037 — Deferred revenue (11,043 ) (12,131 ) 1,088 Cash, cash equivalents and restricted cash at beginning of period 61,333 61,333 — Cash, cash equivalents and restricted cash at end of period 45,496 45,496 — Accounting Pronouncements Not Yet Adopted In November 2018, FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) clarifies when certain transactions between collaborative arrangement participants should be accounted for under Topic 606 and incorporates unit-of-account guidance consistent with Topic 606 to aid in this determination. ASU 2018-18 became effective January 1, 2020 and applies to all annual and interim reporting periods thereafter. Early adoption is permitted. ASU 2018-18 should generally be applied retrospectively to the date of initial application of Topic 606. We do not anticipate that the adoption of this standard will have a material effect on our financial statements. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework In June 2016, FASB issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326) In April 2015, FASB issued ASU 2018-15, Intangibles–Goodwill and Other–Internal-Use Software (Topic 350) |
Cash Equivalents and Marketable
Cash Equivalents and Marketable Securities | 12 Months Ended |
Dec. 31, 2019 | |
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 at December 31, 2019 and 2018 (in thousands): December 31, 2019 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 21,706 $ — $ — $ 21,706 U.S. Treasury securities 35,471 27 — 35,498 Agency bonds 48,790 44 — 48,834 Corporate bonds 1,800 — — 1,800 Commercial paper 19,188 7 — 19,195 Total cash equivalents and marketable securities 126,955 78 — 127,033 Less: cash equivalents (26,453 ) — — (26,453 ) Total marketable securities $ 100,502 $ 78 $ — $ 100,580 December 31, 2018 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 40,849 $ — $ — $ 40,849 U.S. Treasury securities 104,218 — (77 ) 104,141 Agency bonds 54,005 9 (15 ) 53,999 Corporate bonds 11,897 — (4 ) 11,893 Commercial paper 56,171 — (19 ) 56,152 Total cash equivalents and marketable securities 267,140 9 (115 ) 267,034 Less: cash equivalents (40,849 ) — — (40,849 ) Total marketable securities $ 226,291 $ 9 $ (115 ) $ 226,185 As of December 31, 2019, the amortized cost and estimated fair value of our available-for-sale securities by contractual maturity are shown below (in thousands): Estimated Amortized Fair Cost Value Debt securities maturing: In one year or less $ 100,502 $ 100,580 Total marketable securities $ 100,502 $ 100,580 Our cash equivalents and marketable securities have an average maturity of approximately three months and the longest maturity is six months. There have been no significant realized gains or losses on our available-for-sale securities for the periods presented. We determined that the gross unrealized gains of $0.2 million on our marketable securities as of December 31, 2019 were temporary in nature and related primarily to interest rate shifts rather than significant changes in the underlying credit quality of the securities that we hold. 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 December 31, 2019. There were no sales of available-for-sale securities in any of the periods presented. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 4. Property and Equipment Property and equipment consist of the following (in thousands): December 31, 2019 2018 Computer equipment and software $ 2,281 $ 2,403 Furniture and fixtures 968 968 Laboratory equipment 4,219 19,579 Leasehold improvements 22,175 22,175 $ 29,643 $ 45,125 Less: accumulated depreciation and amortization (7,109 ) (16,407 ) Property and equipment, net $ 22,534 $ 28,718 We entered into a lease agreement with respect to our corporate office and laboratory facility in December 2016. During the fiscal year ended December 31, 2017, we acquired $22.2 million of leasehold improvements in connection with our move to this facility. We received lease incentives totaling $14.4 million from our landlord for a portion of the costs of these leasehold improvements. Depreciation and amortization expense was $5.3 million, $5.0 million and $2.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. We recognized an asset impairment loss of $2 million in relation to our laboratory equipment as a result of the restructuring activities undertaken during the year ended December 31, 2019. See Note 12 for additional information on charges related to our corporate restructurings. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Other Accrued Liabilities | 5. Other Accrued Liabilities Other accrued liabilities consist of the following (in thousands): December 31, 2019 2018 Clinical development $ 7,787 $ 10,513 Manufacturing 540 1,104 Trade payable 1,087 3,381 Other 245 350 Total accrued liabilities $ 9,659 $ 15,348 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity We have 110,000,000 shares of authorized capital stock issuable in series, all with a par value of $0.001 per share, of which 100,000,000 shares are designated as common stock and 10,000,000 shares are designated as preferred stock. Our Board of Directors, or our Board, is authorized to determine the designation, powers, preferences and rights of any such series. As of December 31, 2019 and 2018, we had 35,219,791 and 34,745,721 shares of common stock outstanding, respectively. There were no shares of preferred stock outstanding as of December 31, 2019 and 2018. In January 2018, we closed on a public offering of 5,897,435 shares of our common stock, which included 769,230 shares sold upon the underwriters’ full exercise of their option to purchase additional shares, resulting in aggregate gross proceeds of $115.0 million, before deducting underwriting discounts and commissions and estimated offering expenses payable by us, and net proceeds of approximately $107.6 million after deducting these amounts. Equity Incentive Plans In September 2013, our stockholders approved the 2013 Omnibus Incentive Plan, or the 2013 Plan. Any shares of common stock covered by awards granted under our 2002 Equity Incentive Plan or our 2010 Equity Incentive Plan, collectively, the Prior Plans, that terminate after September 23, 2013 by expiration, forfeiture, cancellation or other means without the issuance of such shares were added to the 2013 Plan reserve. The initial number of shares of common stock available for issuance under the 2013 Plan was 3,500,000, which includes the 1,069,985 shares of common stock that were available for issuance under the Prior Plans as of the effective date of the 2013 Plan. Unless our Board provides otherwise, beginning on January 1, 2014 and continuing until the expiration of the 2013 Plan, the total number of shares of common stock available for issuance under the 2013 Plan will automatically increase annually on January 1 by 4% of the total number of outstanding shares of common stock as of December 31 of the immediately preceding year. Under the 2013 Plan, any shares that are forfeited or expired are added back to the shares available for issuance. As of December 31, 2019, 2,942,984 shares of common stock were available for future issuance of options, restricted stock and other stock-based awards under the 2013 Plan. Incentive stock options may be granted with an exercise price of not less than estimated fair value. Stock options granted to a stockholder owning more than 10% of our voting stock must have an exercise price of not less than 110% of the estimated fair value of the common stock on the date of grant. For all stock options granted prior to our initial public offering, our Board determined the estimated fair value of our common stock. For all stock options granted after the completion of our initial public offering in September 2013, the fair value for our underlying common stock is determined using the closing market price on the date of grant. Stock options are granted with terms of up to ten years and generally vest over a period of four years. The following table summarizes option activity under our stock plans and related information: Options Outstanding Weighted- Weighted- Average Average Exercise Remaining Aggregate Number Price Contractual Intrinsic of Shares Per Share Terms Value (in years) (in thousands) Balance at January 1, 2019 3,710,181 $ 28.37 Options granted 1,356,778 8.67 Options exercised (41,892 ) 8.09 Options forfeited (826,948 ) 25.26 Options expired (883,397 ) 31.51 Balance at December 31, 2019 3,314,722 20.50 5.99 $ 176,110 Options exercisable at December 31, 2019 2,272,751 23.40 4.88 $ 125,043 The weighted-average grant-date fair value per share of stock options granted during the years ended December 31, 2019, 2018 and 2017 was $4.96, $10.85 and $25.78 per share, respectively. The total intrinsic value of options exercised during the years ended December 31, 2019, 2018 and 2017 was $0.1 million, $2.4 million and $5.4 million, respectively. We recorded stock-based compensation expense related to options of approximately $14.3 million, $17.3 million and $19.7 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $9.6 million of total unrecognized compensation expense that we expect to recognize over a weighted-average period of 2.2 years. We have granted restricted stock awards, or RSAs, some of which are subject to performance conditions or market 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 base the fair value of RSAs on the closing market price of our common stock on the grant date. For RSAs subject to market conditions, we based the fair value of the awards on a Monte Carlo simulation model. For RSAs 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 and, for RSAs subject to market conditions, we recognize stock-based compensation expense commencing at the grant date over the derived service period. The following table summarizes RSA activity under the 2013 Plan and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at January 1, 2019 880,030 $ 26.36 RSAs granted 1,501,750 8.04 RSAs vested (539,453 ) 19.45 RSAs forfeited (781,750 ) 16.46 Unvested balance at December 31, 2019 1,060,577 11.24 The total fair value on the date of vesting of RSAs that vested in 2019, 2018 and 2017 was $3.7 million, $6.2 million, and $30.8 million, respectively. We recorded stock-based compensation expense related to RSAs of approximately $ 8.2 million, $ 11.6 million and $ 14.0 million for the years ended December 31, 2019, 2018 and 2017 , respectively. As of December 31, 2019 , there was $ 4.8 million of unrecognized compensation cost related to unvested employee and director RSAs that we expect to recognize over a weighted-average period of 1.8 years . Employee Stock Purchase Plan In September 2013, our stockholders approved the 2013 Employee Stock Purchase Plan, or the ESPP, which became effective as of September 23, 2013. We initially reserved a total of 250,000 shares of common stock for issuance under the ESPP. Unless our Board provides otherwise, continuing until the expiration of the ESPP, the total number of shares of common stock available for issuance under the ESPP will automatically increase annually on January 1 by the lesser of (i) 1% of the total number of outstanding shares of common stock as of December 31 of the immediately preceding year, or (ii) 300,000 shares of common stock. As of December 31, 2019, 1,307,722 shares of common stock were available for issuance under the ESPP. In November 2019, the compensation and management development committee of our Board provided that the number of shares of common stock available for issuance under the ESPP would not automatically increase on January 1, 2020 and as such, no new shares of common stock became available for issuance under the ESPP on January 1, 2020. Under our ESPP, employees can purchase shares of our common stock based on a percentage of their compensation subject to certain limits. The purchase price per share is equal to the lower of 85% of the fair market value of our common stock on the offering date or the purchase date with a six-month look-back feature. ESPP purchases are settled with common stock from the ESPP’s previously authorized and available pool of shares. We issued a total of 131,155 shares under the ESPP in 2019. The compensation expense related to the ESPP was $0.3 million, $0.5 million and $0.5 million for the years ended December 31, 2019, 2018 and 2017, respectively. As of December 31, 2019, there was $0.1 million of unrecognized compensation cost related to the ESPP, which we expect to recognize over 4.4 months. Stock-Based Compensation Total stock-based compensation expense recognized was as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Research and development $ 8,041 $ 15,426 $ 18,285 General and administrative 14,774 14,042 15,888 Total $ 22,815 $ 29,468 $ 34,173 We estimated the fair value of each award using the Black-Scholes option-pricing model based on the date of grant of such award with the following assumptions: Options ESPP Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Expected term (years) 5.0-6.3 5.5-6.3 5.5-6.3 0.5 0.5 0.5 Expected volatility 67-68% 68-70% 66-70% 64-67% 47-94% 42-94% Risk-free interest rate 1.6-2.5% 2.6-2.9% 1.9-2.2% 1.6-2.4% 1.4-2.5% 1.0-1.4% Expected dividend yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% The expected term of options granted represents the period of time that we expect options granted to remain outstanding, which we determined using the simplified method as we have insufficient historical information to provide a basis for estimate. The expected term of the ESPP rights is equal to the six-month look-back period. Volatility for options granted is based on the historical volatility of our stock price since we became publicly traded. Volatility for ESPP rights is equal to our historical volatility over the six-month look-back period. The risk-free interest rate for the expected term of the options is based on the U.S. Treasury yield curve with a maturity equal to the expected term in effect at the time of grant. We have not paid, and do not anticipate paying, cash dividends on our shares of common stock; therefore, the expected dividend yield is zero. Stock Option Exchange Program On July 1, 2019, we commenced a tender offer to our employees, excluding named executive officers, to exchange eligible stock options for replacement stock options with modified terms, or our exchange offer. Pursuant to the exchange offer, we offered employees, excluding named executive officers, who held outstanding stock options granted on or before June 6, 2018 with an exercise price equal to or greater than $18.00 per share, or eligible options, the opportunity to tender each eligible option in exchange for a new stock option with modified terms, or new options. The exchange offer expired at 6:00 p.m., Pacific time, on July 29, 2019. As of the expiration of the exchange offer, there were 510,932 shares of our common stock underlying the eligible options. Pursuant to the exchange offer, 55 employees elected to exchange outstanding stock options, and we accepted for cancellation stock options to purchase an aggregate of 436,648 shares of common stock, representing approximately 85% of the total shares of common stock underlying the eligible options. On July 29, 2019, immediately following the expiration of the exchange offer, we granted new options to purchase 235,419 shares of common stock, each with an exercise price of $5.06 per share, which was the closing price per share of our common stock on Nasdaq on the grant date. As a result, 201,229 shares of common stock returned to the 2013 Plan reserve and became available for future issuance. Each new option vests in equal monthly amounts over either one or three years, depending on whether the tendered eligible option was fully vested as of July 29, 2019, has a maximum term of seven years and was granted as a nonqualified stock option under our 2013 Plan. The exchange of stock options was treated as a modification for accounting purposes. We are recognizing the incremental expense of $0.2 million for new options using the Black-Scholes option-pricing model over the new service period that began on the grant date of July 29, 2019. We are recognizing the unamortized expense remaining on the tendered options of $1.6 million as of December 31, 2019 over the remainder of the original requisite service period. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 7. Earnings per Share The computation of basic loss per share is based on the weighted-average number of our common shares outstanding. The computation of diluted loss per share is based on the weighted-average number of our common shares outstanding and dilutive potential common shares, which include shares that may be issued under our equity incentive plans, determined using the treasury stock method. The following table sets forth the computation of basic and diluted net loss (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Numerator: Net loss $ (137,202 ) $ (140,447 ) $ (150,222 ) Denominator: Denominator for basic loss per share - weighted-average shares 34,970 33,976 27,945 Denominator for diluted loss per share 34,970 33,976 27,945 Basic and diluted net loss per share $ (3.92 ) $ (4.13 ) $ (5.38 ) We excluded the following securities from the calculation of diluted net loss per share as the effect would have been antidilutive (in thousands): Year Ended December 31, 2019 2018 2017 Options to purchase common stock 3,760 3,710 3,843 RSAs 1,273 880 886 Total 5,033 4,590 4,729 |
License and Collaboration Agree
License and Collaboration Agreements | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
License and Collaboration Agreements | 8. License and Collaboration Agreements The following table presents changes during the year ended December 31, 2019 in the balances of our contract assets, including receivables from collaboration partners, and contract liabilities, including deferred revenue. (in thousands) Contract Assets Balance at January 1, 2019 $ 5,096 Additions 9,392 Deductions (10,391 ) Balance at December 31, 2019 $ 4,097 (in thousands) Contract Liabilities Balance at January 1, 2019 $ 11,893 Additions for advance billings 2,264 Deductions for performance obligations satisfied in current period (5,975 ) Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress (1,773 ) Balance at December 31, 2019 $ 6,409 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 received an upfront payment of $20.0 million from BMS in April 2014 in connection with our entry into the immuno-oncology research collaboration. BMS was obligated to pay us $9.5 million in research funding over the course of the three-year The immuno-oncology research collaboration will terminate upon the expiration of all payment obligations under the collaboration. In addition, BMS may terminate the immuno-oncology research collaboration in its entirety or on a collaboration target-by-collaboration target basis at any time with advance written notice, and either party may terminate the collaboration in its entirety or on a collaboration target-by-collaboration target basis with written notice for the other party’s material breach if such other party fails to timely cure the breach or immediately upon certain insolvency events. We identified one performance obligation under the immuno-oncology research collaboration for the research license to access our technology, the exclusive commercial license and research activities. BMS’s 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 of $36.1 million 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 year ended December 31, 2019, 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. As of March 31, 2019, the performance obligation was fully satisfied and the transaction price of $36.1 million was fully recognized as collaboration revenue. Revenue recognized from the performance obligation was $1.5 million for the year ended December 31, 2019. For the years ended December 31, 2019, 2018, and 2017, we recognized $1.5 million, $6.1 million and $12.0 million, respectively, of revenue under the immuno-oncology research collaboration. As of December 31, 2019 and 2018, we had deferred revenue relating to the immuno-oncology research collaboration of $0 and $1.5 million, respectively. License and Collaboration Agreement On October 14, 2015, we entered into a license and collaboration agreement, or the cabiralizumab collaboration agreement, pursuant to which we granted BMS exclusive global rights to develop and commercialize certain colony stimulating factor-1 receptor, or CSF1R, antibodies, including our monoclonal CSF1R inhibiting antibody that we refer to as cabiralizumab, and all modifications, derivatives, fragments, or variants of such antibodies, each of which we refer to as a licensed antibody. Under the terms of the cabiralizumab collaboration agreement, BMS is responsible, at its expense, for developing products containing licensed antibodies, each of which we refer to as a licensed product, under a development plan, subject to our option, at our own expense, to conduct certain studies, including registration-enabling studies to support approval of cabiralizumab. BMS is responsible for manufacturing and commercializing each licensed product and we retain rights to a U.S. co-promotion option. The 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. In February 2020, BMS informed us that its randomized, controlled multi-arm Phase 2 clinical trial testing cabiralizumab in combination with Opdivo , with and without chemotherapy, in second-line patients with pancreatic cancer We received an upfront payment of $30.0 million from BMS in December 2014 in connection with our entry into the original collaboration agreement. We completed enrollment and treatment of patients in our Phase 1a/1b clinical trial to evaluate the safety, tolerability and preliminary efficacy of combining Opdivo 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 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 our 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 $4.4 $4.6 $29.2 $0.8 Under the cabiralizumab collaboration agreement The $350.0 million non-refundable upfront fee was fully recognized concurrent with the transfer of the license and know-how in 2015. As such, no adjustment to revenue was necessary under Topic 606. In January 2018, we recognized $25.0 million related to a milestone achieved for the dosing of the first patient in BMS’s randomized Phase 2 clinical trial of cabiralizumab in combination with Opdivo For the years ended December 31, 2019, 2018, and 2017, we recognized $9.0 million, $38.4 million and $23.7 million, respectively, of revenue under the license and collaboration agreements. As of December 31, 2019 and 2018, we had deferred revenue relating to the license and collaboration agreements of $0.8 million and $5.2 million, respectively. 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, pursuant to which we granted Zai Lab an exclusive license to develop and commercialize bemarituzumab, and all fragments, conjugates, derivatives and modifications thereof, or the licensed antibody, in China, Hong Kong, Macau and Taiwan, each a region and collectively, the territory. Under the terms of the China collaboration agreement non-refundable and non-creditable upfront fee ($4.2 million after netting of value-added tax withholdings of $0.8 million) in January 2018. Pursuant to the China collaboration agreement, with respect to each licensed product, we are eligible to receive up to $39.0 million of specified developmental and regulatory milestone payments. Zai Lab will also be obligated to pay us a royalty, on a licensed product-by-licensed product and region-by-region basis. In addition, Zai Lab agreed to reimburse us for certain global development activities, which is limited to a maximum of $10.0 million, and certain 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, or the license grant, and (2) development of companion diagnostics. Zai Lab has the option to purchase commercial drug supply from us pursuant to a separate commercial supply agreement to be negotiated in the future. The FIGHT trial We use the input method to measure progress toward completion of the performance obligation for the license grant . We concluded that revenue will be recognized based on actual costs incurred by our CRO as a percentage of total budgeted costs as we complete our performance obligation. We will recognize revenue from reimbursements for the development of companion diagnostics when we have the right to invoice Zai Lab. No adjustment was necessary upon adoption of Topic 606. Total revenue recognized for the companion diagnostics development performance obligation was $3.0 million. 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 Glaxo Group Limited, 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 GlaxoSmithKline LLC, 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 diseases collaboration under Topic 606, we identified one performance obligation under each collaboration for the research license and research activities. The non-refundable upfront fees, the equity premiums and the variable consideration for research activities are included as part of the transaction prices for each collaboration. 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 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. Under the respiratory diseases collaboration, additional research funding that GSK had the option to add was also not included in the transaction price. As the muscle diseases collaboration with GlaxoSmithKline LLC 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 year ended December 31, 2019, no adjustments were made to the transaction prices of the collaborations with GSK or GlaxoSmithKline LLC. 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. As the performance obligations were fully satisfied in prior years, no adjustment to revenue was necessary under Topic 606. For the years ended December 31, 2019 and 2018 , we recognized no milestone revenue, and for the year ended December 31, 2017, we recognized $0.5 million. No revenue was recognized for progress made toward the performance obligation for years ended December 31, 2019, 2018 and 2017 respiratory diseases collaboration. 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. Under the terms of the fibrosis and CNS collaboration fibrosis and CNS collaboration two-year The fibrosis and CNS collaboration fibrosis and CNS collaboration fibrosis and CNS collaboration 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 of $15.6 million 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 year ended December 31, 2019, 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. For the years ended December 31, 2019, 2018 and 2017, we recognized $0, $0.3 million and $0.3 million, respectively, in target evaluation and selection fees. For the years ended December 31, 2019 and 2018, no revenue was recognized for the performance obligation and $3.0 million in revenue was recognized for the performance obligation for the year ended December 31, 2017. As of December 31, 2017, we had deferred revenue of $0.6 million which was fully recognized upon adoption of Topic 606. |
Acquired Technologies
Acquired Technologies | 12 Months Ended |
Dec. 31, 2019 | |
Research And Development [Abstract] | |
Acquired Technologies | 9. Acquired Technologies Galaxy Biotech, LLC In December 2011, we entered into an exclusive license agreement with Galaxy Biotech, LLC, or Galaxy, for the development, manufacturing, and commercialization of certain anti-FGFR2b monoclonal antibodies. Under the terms of the agreement, we agreed to pay Galaxy an upfront license payment of $3.0 million. We paid the upfront payment in two equal installments in January 2012 and July 2012. As we had full access to the technology and materials upon execution of the agreement, the lead compound was in an early stage of development, and the underlying technology has no alternative future uses, we recorded the entire upfront payment to research and development expenses in our statement of operations for the year ended December 31, 2011. We are also required to make additional payments based upon the achievement of certain intellectual property, development, regulatory, and commercial milestones, as well as royalties on future net sales of products resulting from development of this purchased technology, if any. In May 2016, we amended the license agreement to revise certain milestone definitions, reduce certain milestone payments and add certain development-related milestone payments that were triggered by dosing of certain patients in the Phase 1 clinical trial of bemarituzumab. In May 2017, we further amended the license agreement to align the net sales definition under the agreement to the net sales definition under any sublicense we may grant under the agreement and to amend the termination provisions to allow for a direct license between Galaxy and any sublicensee upon termination of the agreement. BioWa, Inc. and Lonza Sales AG In February 2012, we entered into a license agreement with BioWa, Inc. and Lonza Sales AG, or BioWa-Lonza, pursuant to which BioWa-Lonza granted us a non-exclusive license to use their Potelligent ® In November 2015, we entered into a separate license agreement for the same technology with BioWa-Lonza for our FPA150 antibody program. We are obligated to pay BioWa-Lonza aggregate milestone payments of up to $24.5 million and $25.4 million, respectively, for development, regulatory and commercialization milestones achieved in our bemarituzumab and FPA150 antibody programs. We are also obligated to pay BioWa-Lonza tiered royalties on net sales up to mid-single digit percentages. We made milestone payments to BioWa-Lonza under both agreements totaling $0, $1.2 million and $0 in 2019, 2018 and 2017, respectively. Our license agreements with BioWa-Lonza will remain in effect until the expiration of our royalty obligations under each agreement, unless earlier terminated. For each licensed product under each agreement, we are obligated to pay BioWa-Lonza royalties on net sales of such licensed product on a country-by-country basis for the longer of the life of the licensed patents covering such licensed product in such country or 10 years after the first commercial sale of such licensed product in a major market country, which includes the United States. INBRX 110 LP 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 GITR for therapeutic and diagnostic uses, and (b) an exclusive option to obtain exclusive, worldwide licenses to multi-specific antibodies developed by Inhibrx that bind to both GITR and other targets. We recorded an expense of $5.0 million for a milestone payment to Inhibrx when the milestone was achieved in May 2017. On August 28, 2017, we delivered to Inhibrx written notice of termination of the agreement for convenience. Pursuant to the terms of the agreement, the termination became effective on December 27, 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. Income Taxes For the years ended December 31, 2019 and 2018, we did not record any income tax expense as compared to an income tax expense of $1.7 million for the year ended December 31, 2017. For the year ended December 31, 2017, the income tax expense related to deficiency interest was based on the Internal Revenue Service reducing our tentative net operating loss carryback refund claim filed in March 2017. The components of our income tax expense (benefit) were as follows: Year Ended December 31, 2019 2018 2017 Current tax expense Federal $ — $ — $ 1,703 State — — 1 Total current expense — — 1,704 Deferred tax expense Federal — — — State — — — Total deferred tax expense — — — Total tax expense $ — $ — $ 1,704 The income tax expense (benefit) differs from the amount computed by applying the statutory federal income tax rate as follows (in thousands): Year Ended December 31, 2019 2018 2017 Federal statutory income tax $ (28,812 ) $ (29,495 ) $ (51,981 ) State statutory income tax 1 1 1 Stock compensation 4,055 3,698 (4,847 ) Nontaxable equity premiums (20 ) (85 ) (168 ) Change in valuation allowance 32,540 38,953 41,633 Remeasurement of deferred taxes — — 27,122 Research and orphan drug credits (8,015 ) (13,192 ) (11,029 ) Interest charge, net of federal benefit — — 1,107 Other permanent items 251 120 (134 ) Income tax expense $ — $ — $ 1,704 On December 22, 2017, the Tax Cuts and Jobs Act of 2017, or the Tax Act, was signed into law. The Tax Act reduces the corporate tax rate from a top marginal rate of 35% to a flat rate of 21%. Although the Tax Act generally became effective on January 1, 2018, GAAP requires recognition of the tax effects of new legislation during the reporting period that includes the enactment date of December 22, 2017. Because of the impacts of the Tax Act, the SEC issued Staff Accounting Bulletin No. 118 Income Tax Accounting Implications of the Tax Cuts and Jobs Act (SAB 118) that allows us to record provisional amounts for those impacts, with the requirement that the accounting be completed in a period not to exceed one year from the date of enactment. As a result, as of December 31, 2017, we performed a provisional estimate of the effect of the Tax Act in the financial statements. In the fourth quarter of 2018, we completed our analysis to determine the effect of the Tax Act. No material adjustments were noted from the completion of the analysis as of December 31, 2018. The primary impact of the Tax Act resulted from the re-measurement of deferred tax assets and liabilities due to the change in the corporate tax rate, reducing our deferred tax assets by $27.1 million with a corresponding reduction in our valuation allowance, which had no effect on our effective tax rate. The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): As of December 31, 2019 2018 Net operating loss carryforwards $ 85,928 $ 60,566 Research and orphan drug credits 68,053 58,614 Deferred revenue 1,372 2,410 Stock-based compensation 7,562 7,698 Capitalized license and depreciation basis differences 3,196 3,412 Reserves, accruals and tenant improvement allowances 1,389 5,639 Operating lease liability 10,619 — Total deferred tax assets 178,119 138,339 Less: valuation allowance (168,691 ) (134,492 ) Net deferred tax assets $ 9,428 $ 3,847 Capitalized license and depreciation basis differences (2,374 ) (3,396 ) Operating right-of-use asset (6,621 ) — Prepaid expenses (433 ) (451 ) Total deferred tax liabilities $ (9,428 ) $ (3,847 ) Total net deferred tax assets $ — $ — Based on all available objective evidence, we determined it is more likely than not that we will not fully realize all our net deferred tax assets. The available objective evidence considered was our inability to further recover any taxes previously paid and expectation of future taxable income. Accordingly, we recorded a valuation allowance against all our net deferred tax assets for the years ended December 31, 2019 and 2018. We will continue to maintain a full valuation allowance on our net deferred tax assets until there is sufficient positive evidence to support the reversal of all or some portion of this allowance. Our valuation allowance increased by $34.2 million and $40.2 million during 2019 and 2018, respectively. As of December 31, 2019, our total net deferred tax assets, net of gross deferred tax liabilities, were $168.7 million. Due to our lack of earnings history, the net deferred tax assets have been fully offset by a valuation allowance. In assessing the realizability of deferred tax assets, we considered whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which the temporary differences representing net future deductible amounts become deductible. Due to our history of losses, and lack of other positive evidence, we determined that it is more likely than not that our net deferred tax assets will not be realized, and therefore, the net deferred tax assets are fully offset by a valuation allowance. The deferred tax assets were primarily comprised of federal and state tax net operating losses and tax credit carryforwards. As of December 31, 2019, we had federal net operating loss carryforwards of approximately $375.5 million, which will start to expire beginning in 2024, and state net operating loss carryforwards of approximately $161.9 million, which will start to expire beginning in 2028. In addition, as of December 31, 2019, we had federal research and development and orphan drug credit carryforwards of approximately $61.7 million, which will start to expire in 2026, and state research and development credit carryforwards of approximately $23.5 million, which can be carried forward indefinitely. Utilization of the net operating loss carryforwards and credits may be subject to a substantial annual limitation due to the ownership change limitations provided by Section 382 and Section 383 of the Internal Revenue Code of 1986, as amended, and by similar state provisions. The annual limitation may result in the expiration of net operating losses and credits before utilization. Under the Tax Act, the carry forward period of net operating losses generated from 2018 forward is indefinite. However, the carryforward period for net operating losses generated prior to 2018 remains the same. To date, we have reduced our tax attributes (NOLs and tax credits) by approx imately $ 1.4 million as a result of ownership changes. Any additional ownership change, if identified, may further limit the available tax attributes to offset our future taxable income in future periods . We had $18.4 million, $16.7 million, and $13.6 million of unrecognized tax benefits as of December 31, 2019, 2018, and 2017, respectively. The unrecognized tax benefits are primarily tax credits for all years and state net operating loss carryover related for certain prior years. For the years ended December 31, 2019 and 2018, we recorded no interest or penalties related to income taxes. A reconciliation of our unrecognized tax benefits for the years ended December 31, 2019, 2018, and 2017 Unrecognized Income Tax Benefits Balance as of December 31, 2016 $ 9,403 Additions for prior year tax positions 691 Additions for current year tax positions 3,490 Balance as of December 31, 2017 13,584 Additions for prior year tax positions 622 Additions for current year tax positions 2,454 Balance as of December 31, 2018 16,660 Additions for prior year tax positions 11 Additions for current year tax positions 1,722 Balance as of December 31, 2019 $ 18,393 In the event we are able to recognize these uncertain positions, most of the $18.4 million of the unrecognized tax benefits would reduce our effective tax rate. We currently have a full valuation allowance against our deferred tax assets, which would impact the timing of the effective tax rate benefit, should any of these uncertain positions be favorably settled in the future. We do not believe it is reasonably possible that our unrecognized tax benefits will significantly change within the next twelve months. We file U.S. and state income tax returns with varying statutes of limitations. The tax years from 2003 forward remain open to examination due to the carryover of unused net operating losses and tax credits. We have no ongoing tax examinations by tax authorities at this time. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies Operating Leases We adopted ASU 2016-02, effective January 1, 2019, using the updated modified retrospective transition method, in which the new standard is applied as of the date of initial adoption. We recognized and measured agreements executed prior to the date of initial adoption that were considered leases on January 1, 2019. No cumulative effect adjustment of initially applying the standard to the opening balance of retained earnings was made upon adoption. We elected the package of practical expedients permitted under the transition guidance that will r etain the lease classification and initial direct costs with a lease term at the commencement date of twelve months or less on the balance sheet as permitted by the new standard. When available, we use the rate implicit in the lease to discount lease payments to present value. However, our leases do not provide a readily determinable implicit rate. Therefore, we must estimate our incremental borrowing rate to discount the lease payments based on information available at lease commencement. We entered into a lease agreement for our corporate office and laboratory facility in December 2016, which we refer to as the facility lease. We moved into our corporate office and laboratory facility in December 2017. The facility lease has an initial term of 10 years, beginning on the rent commencement date, with an option to extend the lease for an additional period of five years. We did not have to pay rent until the rent commencement date of January 1, 2018, and rent was reduced by 50% for the first six months. The facility lease contains scheduled rent increases over the lease term. We received lease incentives from our landlord for a portion of the costs of leasehold improvements we made to the premises. In addition, the facility lease required us to deliver an irrevocable standby letter of credit in an amount of $1.5 million to the landlord for the period commencing on the effective date of the facility lease until at least 60 days after the expiration of the lease, subject to 50% reduction on January 1, 2023 if certain conditions are met. In October 2019, we commenced a corporate restructuring to extend our cash runway and ensure long-term sustainability. As part of the restructuring, we are initiating activities to reduce our corporate facilities footprint by either subletting a significant portion of our current leased space or subletting our current building and relocating to smaller facilities. In July 2018, we entered into a lease agreement for the installation, operational qualifications and performance qualifications of four sequencing instruments to support our bemarituzumab program, which we refer to as the instruments lease. The instruments lease has two 3-year terms based on delivery dates for the first three instruments in July 2018 and the fourth instrument in February 2019. The lease contains consistent rent payments over the terms of the lease. We have evaluated our leases and determined that, effective upon the adoption of ASU 2016-02, they were all operating leases. The classification of our leases is consistent with our determination under the previous accounting standard. The balance sheet classification of our lease assets and liabilities is presented on our balance sheet. We recognize operating lease cost as a single lease cost, calculated so that the cost of the lease is allocated over the lease term on a straight-line basis. Variable lease payments that are not included in the lease liability are recognized on the statement of operations in the period in which the obligation for those payments is incurred. For the year ended December 31, 2019, we recognized operating lease cost of $6.1 million and variable lease cost of $1.8 million. Cash paid for amounts included in the measurement of operating lease liabilities was $6.7 million for the year ended December 31, 2019. The weighted-average discount rate of our operating leases is 7%, and the weighted-average remaining lease term of our operating leases is eight years as of December 31, 2019. The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the operating lease labilities recorded on the balance sheet. Operating Leases 2020 $ 7,589 2021 7,723 2022 7,799 2023 8,064 2024 8,341 2025 and beyond 26,825 Total minimum lease payments $ 66,341 Less: amount of lease payments representing interest (16,729 ) Present value of future minimum lease payments $ 49,612 Less: operating lease obligations, current portion (4,080 ) Operating lease obligations, long-term portion $ 45,532 Indemnifications As permitted under Delaware law and in accordance with our bylaws, we have agreed to indemnify our officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at our request in such capacity. The term of the indemnification period is equal to the officer’s or director’s lifetime. The maximum amount of potential future indemnification is unlimited. However, we currently hold director and officer liability insurance, which limits our exposure and may enable us to recover a portion of any future amounts paid. We believe that the fair value of these indemnification obligations is minimal. Accordingly, we have not recognized any liabilities relating to these obligations for any period presented. We have certain agreements with service providers and other parties with which we do business that contain indemnification provisions pursuant to which we have agreed to indemnify the party against certain types of third-party claims. We accrue for known indemnification issues when a loss is probable and can be reasonably estimated. We would also accrue for estimated incurred but unidentified indemnification issues based on historical activity. As we have not incurred any indemnification losses to date, there were no accruals for or expenses related to indemnification issues for any period presented. |
Restructuring and Other Charges
Restructuring and Other Charges | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Other Charges | 12. Restructuring and Other Charges In January 2019, we implemented a corporate restructuring, or the January restructuring, to focus our resources on clinical development and late-stage research programs. Pursuant to the January restructuring, 41 employee positions were eliminated, representing approximately 20% of our then-current headcount, primarily in areas relating to research, pathology and manufacturing. Restructuring charges related to the January 2019 restructuring were incurred primarily during the first quarter of 2019 and amounted to approximately $1.8 million for severance and other benefit costs related to the restructuring. On October 10, 2019, we announced another corporate restructuring, or the October restructuring, to extend our cash runway and ensure long-term sustainability. As part of the October restructuring, we are reducing our workforce by approximately 70 positions across all functions through the second quarter of 2020. In addition, we are initiating activities to reduce our corporate facilities footprint by either subletting a significant portion of our current leased space or subletting our current building and relocating to smaller facilities. We expect the October restructuring to be completed by the end of 2020. During the year ended December 31, 2019, we incurred approximately $2.7 million for severance, other termination costs and employee retention costs related to the October restructuring. Asset Impairment Charge In conjunction with the restructuring activities undertaken in 2019, we evaluated our laboratory equipment and determined that the carrying value of $5.9 million is no longer recoverable and its estimated fair value is $3.9 million. Thus, an impairment loss of $2.0 million is recognized in our research and development costs in operating expenses within our statement of operations. The following table summarizes management’s estimates of costs that are expected to be incurred that are probable and can be estimated as of December 31, 2019 and the actual costs incurred for the year ended December 31, 2019: 2019 Restructuring Plan Total Estimated Total Restructuring Cost Incurred Restructuring For Year Ended Costs December 31, 2019 in thousands Employee retention, severance and termination benefits $ 6,834 $ 4,528 Asset impairments and other costs 2,087 2,087 $ 8,921 $ 6,615 The following table presents the components of restructuring and other related costs for the year ended December 31, 2019 and where they are recognized under operating expenses: Employees' Retention, Severance, & Termination Benefits Asset Impairments and Other Costs Total Restructuring Cost in thousands Research and development $ 4,126 $ 2,087 $ 6,213 General and administrative 402 — 402 Total $ 4,528 $ 2,087 $ 6,615 The following table presents the activity in the accrued personnel-related expense liability associated with the restructurings for the year ended December 31, 2019: 2019 Restructuring Plan Total Severance and Retention Costs in thousands Accrued balance as of January 1, 2019 $ — Charges 4,528 Cash payments (3,346 ) Accrued balance as of December 31, 2019 $ 1,182 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 13. Subsequent Events On January 15, 2020, the compensation and management development committee of our Board, or the compensation committee, approved the grant of a retention bonus to each of David Smith, Executive Vice President and Chief Financial Officer, Francis Sarena, Chief Strategy Officer and Secretary, and Helen Collins, M.D., Executive Vice President and Chief Medical Officer, each an executive. Each executive will be entitled to receive a retention bonus on December 31, 2020 equal to such executive’s bonus target for the 2020 calendar year, as set forth in the company’s annual bonus plan, effective January 1, 2018, or the bonus plan, subject to such executive’s continued employment in good standing with the company through December 31, 2020 and our achievement of at least one prespecified business development-related performance trigger on or prior to December 31, 2020. The retention bonus will be in addition to any bonus such executive may earn with respect to 2020 performance under the bonus plan. The grants of the retention bonuses to each executive were approved in January 2020. As such, we will analyze the probability of achieving the performance triggers in the first quarter of 2020 and will then determine if an accrual is necessary. In addition, if an executive’s employment is involuntarily terminated before December 31, 2020, the company will pay to such executive, in addition to any other benefits to which such executive is entitled, an amount equal to the executive’s bonus target for the 2020 calendar year, subject to such executive’s execution of a general release of claims in favor of the company. In February 2020, we entered into a global license agreement with Seattle Genetics, Inc. to develop and commercialize novel antibody-drug conjugate, or ADC, therapies using monoclonal antibodies directed to a single target that we developed. Under the agreement, we will receive a $5 million upfront payment and are eligible to receive progress-dependent development and regulatory milestone payments as well as cumulative commercial milestone payments. Cumulative milestones may reach up to $295 million for the first ADC product that is developed and commercialized. The agreement was fully executed in February 2020. On February 24, 2020, the compensation committee approved the grant to each executive of (i) 15,000 shares of restricted common stock of the company and (ii) an option to purchase 90,000 shares of the company’s common stock, in each case pursuant to our 2013 Omnibus Incentive Plan. The shares subject to each executive’s restricted stock award will vest with respect to 1/3 1/48 |
Selected Quarterly Financial In
Selected Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information | 14. Selected Quarterly Financial Information (Unaudited) The following amounts are in thousands, except per share amounts: Quarter Ended March 31, June 30, September 30, December 31, Quarterly Results of Operations 2019 2019 2019 2019 (Unaudited) Revenue $ 5,347 $ 3,333 $ 2,984 $ 3,210 Net loss (35,385 ) (34,391 ) (36,069 ) (31,357 ) Basic and diluted net loss per share (1.02 ) (0.99 ) (1.03 ) (0.90 ) Quarter Ended March 31, June 30, September 30, December 31, Quarterly Results of Operations 2018 2018 2018 2018 (Unaudited) Revenue $ 32,486 $ 7,580 $ 5,771 $ 4,031 Net loss (20,390 ) (34,060 ) (47,244 ) (38,753 ) Basic and diluted net loss per share (0.63 ) (0.99 ) (1.37 ) (1.12 ) Basic and diluted net loss per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share amounts may not equal annual basic and diluted net loss per share amounts. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 as of the date of the financial statements. The most significant estimates in the Company’s financial statements include the recognition of revenue, stock-based compensation, completeness of clinical trial accruals and income taxes. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable. |
Cash and Cash Equivalents | Cash and Cash Equivalents We consider all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents are recorded at face value, or cost, which approximates fair value. |
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 entered into in December 2016. The certificate of deposit earns interest at a rate of 1.37% per annum and its term is one month. 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 |
Marketable Securities | Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at fair value, based upon quoted market prices. We consider our available-for-sale portfolio as available for use in current operations. Accordingly, we classify certain investments as short-term marketable securities, even though the stated maturity date may be one year or more beyond the current balance sheet date. Unrealized gains and losses, net of any related tax effects, are excluded from earnings and are included in other comprehensive income or loss and reported as a separate component of stockholders’ equity or deficit until realized. Realized gains and losses and declines in value judged to be other than temporary, if any, on available-for-sale securities are included in other income (expense), net. The cost of securities sold is based on the specific identification method. We adjust the amortized cost of securities for amortization of premiums and accretion of discounts to maturity. We include interest on short-term investments in interest income. In accordance with our investment policy, management invests to diversify credit risk and only invests in debt securities with high credit quality, including U.S. government securities. We periodically evaluate whether declines in the fair value of our investments below their cost are other than temporary. The evaluation includes consideration of the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, whether we have the intent to sell the securities, and whether it is more likely than not that we will be required to sell the securities before the recovery of their amortized cost basis. If we determine that the decline in fair value of an investment is below its accounting basis and this decline is other than temporary, we would reduce the carrying value of the security we hold and record a loss for the amount of such decline. We have not recorded any realized losses or declines in value judged to be other than temporary on our investments in debt securities. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. Cash and cash equivalents and marketable securities are invested through banks and other financial institutions in the United States. Such deposits in the United States may be in excess of insured limits. |
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. For our marketable securities, we review trading activity and pricing as of the measurement date. When sufficient quoted pricing for identical securities is not available, we use market pricing and other observable market inputs for similar securities obtained from various third-party data providers. These inputs either represent quoted prices for similar assets in active markets or have been derived from observable market data; 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. 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, securities are classified as Level 3 within the valuation hierarchy. We do not have any assets or liabilities measured using Level 3 inputs as of December 31, 2019. 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): December 31, 2019 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 21,706 $ 21,706 $ — U.S. Treasury securities 35,498 35,498 — Agency bonds 48,834 48,834 — Corporate bonds 1,800 1,800 — Commercial paper 19,195 19,195 — Certificate of deposit 1,543 1,543 — Total $ 128,576 $ 106,038 $ 22,538 $ — December 31, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 40,849 $ 40,849 $ — $ — U.S. Treasury securities 104,140 104,140 — — Agency bonds 53,999 53,999 — — Corporate bonds 11,893 — 11,893 — Commercial paper 56,152 — 56,152 — Certificate of deposit 1,543 — 1,543 — Total $ 268,576 $ 198,988 $ 69,588 $ - |
Property and Equipment | Property and Equipment Property and equipment are stated at cost and depreciated using the straight-line method over the estimated useful lives of the assets, ranging from three to five years. Leasehold improvements are amortized over the shorter of their estimated useful lives or the related lease term. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets, including property and equipment, are reviewed for impairment whenever events or changes in circumstances indicate that the assets may not be recoverable. Recoverability of these assets is measured by comparing their carrying amounts to the future undiscounted cash flows the assets are expected to generate. If an asset is impaired, the impairment to be recognized equals the amount by which the carrying value exceeds the asset’s fair value. The primary measure of fair value is discounted cash flow. |
Restructuring and Other Charges | Restructuring and Other Charges We account for costs related to our restructuring activities in accordance with ASC 420, Exit or Disposal Cost Obligations We will recognize o ther restructuring costs , including lease or other contract termination costs incurred in connection with terminat ing a contract before the end of its term , when we terminate the contract in accordance with its terms. See N ote 12 for additional information regarding charges related to our corporate restructurings . |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, we adopted Financial Accounting Standards Board, or FASB, Accounting Standard Update, or ASU , Revenue from Contracts with Customers (Topic 606) The terms of our collaborative research and development agreements include upfront and license fees, research, development and other funding or reimbursements, 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 may require deferral of revenue recognition to a future period until we perform obligations under these arrangements. We record research and development 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 the occurrence of these events, we determine the milestone and other contingent amounts to be fully constrained 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 expedient permitted related to adoption, which does not require us to disclose certain information regarding our remaining performance obligations as of the end of the reporting period prior to the initial date of adoption. Additionally, we elected the practical expedient for certain research and development funding which allows us to recognize revenue in the amount for which we have a right to invoice if our right to consideration is an amount that corresponds directly to the value of our performance completed to date. As a result, we effectively bypass the steps of determining the transaction price and allocating that transaction price to the performance obligation. |
Research and Development Expenses | Research and Development Expenses Research and development expenses consist of costs we incur for our own and for sponsored and collaborative research and development activities. Research and development costs are expensed as incurred. Research and development costs consist of salaries and benefits, including associated stock-based compensation, laboratory supplies and facility costs, as well as fees paid to other entities that conduct certain research and development activities on our behalf. We estimate preclinical study and clinical trial expenses based on the services performed pursuant to contracts with research institutions and contract research organizations, or CROs, and clinical manufacturing organizations, or CMOs, that conduct and manage preclinical studies and clinical trials on our behalf based on actual time and expenses incurred by such entities. Further, we accrue expenses related to clinical trials based on the level of patient activity according to the relevant agreement. We monitor patient enrollment levels and related activity to the extent reasonably possible and adjust estimates accordingly. If we do not identify costs that we have begun to incur or if we underestimate or overestimate the level of services performed or the costs of these services, our actual expenses could differ from our estimates. We expense payments for the acquisition and development of technology as research and development costs if, at the time of payment, the technology: is under development; is not approved by the U.S. Food and Drug Administration or other regulatory agencies for marketing; has not reached technical feasibility; or otherwise has no foreseeable alternative future use. |
Stock-Based Compensation | Stock-Based Compensation We recognize compensation expense using a fair value-based method for costs related to all share-based payments, including restricted stock awards, or RSAs, and stock option awards. For RSAs, stock-based compensation cost is based on the closing market value of our common stock at the date of grant and is recognized as expense ratably over the requisite service period. For stock option awards, stock-based compensation cost is measured at the grant date, based on the fair value of the award estimated using the Black-Scholes option pricing model, and is recognized as expense over the requisite service period on a straight-line basis. We account for forfeitures as they occur by reversing any expense recognized for unvested awards. |
Income Taxes | Income Taxes We account for income taxes using the liability method, under which deferred tax assets and liabilities are determined based on differences between financial reporting and tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization of the deferred tax assets does not meet the more-likely-than-not criteria. As a result, deferred tax assets at the end of 2019 and 2018 are subject to a full valuation allowance. We are required to determine whether it is more likely than not that a tax position will be sustained upon examination by the appropriate taxing authorities before any part of the benefit can be recorded in the financial statements. It is our practice to recognize interest and penalties related to unrecognized tax benefits, if any, as a component of income tax expense. |
Recently Adopted Accounting Pronouncements | Recently Adopted In June 2018, 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 In February 2016, FASB issued ASU 2016-02, Leases (Topic 842) We adopted the standard, effective January 1, 2019, using the updated modified retrospective transition method, under which the new standard is applied as of the date of initial adoption. We recognized and measured agreements executed prior to the date of initial adoption that were considered leases on January 1, 2019. No cumulative effect adjustment of initially applying the standard to the opening balance of retained earnings was made upon adoption. We elected the package of practical expedients permitted under the transition guidance that will retain the lease classification and initial direct costs for any leases that existed prior to adoption of the standard. We have not reassessed whether any contracts entered into prior to adoption are leases. In addition, we elected the accounting policy to not record short-term leases with a lease term at the commencement date of twelve months or less on the balance sheet as permitted by the new standard. Upon adoption, we derecognized $19.8 million in deferred rent and ecognized $52.5 million in lease liabilities and $33.3 million in right-of-use assets on our balance sheet In May 2014, FASB issued Topic 606, which supersede d nearly all existing revenue recognition guidance under U.S. generally accepted accounting principles , or GAAP. 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, 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 applied the standard to contracts that were not completed at the date of initial application. 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 Year Ended December 31, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 49,868 $ 52,329 $ (2,461 ) Operating expenses 196,023 196,023 — Operating loss $ (146,155 ) $ (143,694 ) $ (2,461 ) Net loss $ (140,447 ) $ (137,986 ) $ (2,461 ) Net loss per share applicable to common stockholders - basic and diluted $ (4.13 ) $ (4.06 ) $ (0.07 ) Condensed Balance Sheets December 31, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Receivables from collaborative partner $ 5,096 $ 5,096 $ — Deferred revenue, current portion 1,428 8,187 (6,759 ) Deferred revenue, long-term portion 10,465 2,618 7,847 Accumulated deficit (294,681 ) (293,593 ) (1,088 ) Condensed Statement of Cash Flows Year Ended December 31, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Net loss $ (140,447 ) $ (137,986 ) $ (2,461 ) Decrease in deferred revenue in connection with Topic 606 adoption 1,373 — 1,373 Changes in operating assets and liabilities Receivables from collaborative partner 8,037 8,037 — Deferred revenue (11,043 ) (12,131 ) 1,088 Cash, cash equivalents and restricted cash at beginning of period 61,333 61,333 — Cash, cash equivalents and restricted cash at end of period 45,496 45,496 — |
Accounting Pronouncements Not Yet Adopted | Accounting Pronouncements Not Yet Adopted In November 2018, FASB issued ASU No. 2018-18, Collaborative Arrangements (Topic 808) clarifies when certain transactions between collaborative arrangement participants should be accounted for under Topic 606 and incorporates unit-of-account guidance consistent with Topic 606 to aid in this determination. ASU 2018-18 became effective January 1, 2020 and applies to all annual and interim reporting periods thereafter. Early adoption is permitted. ASU 2018-18 should generally be applied retrospectively to the date of initial application of Topic 606. We do not anticipate that the adoption of this standard will have a material effect on our financial statements. In August 2018, FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework In June 2016, FASB issued ASU 2016-13, Financial Instruments–Credit Losses (Topic 326) In April 2015, FASB issued ASU 2018-15, Intangibles–Goodwill and Other–Internal-Use Software (Topic 350) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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): December 31, 2019 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 21,706 $ 21,706 $ — U.S. Treasury securities 35,498 35,498 — Agency bonds 48,834 48,834 — Corporate bonds 1,800 1,800 — Commercial paper 19,195 19,195 — Certificate of deposit 1,543 1,543 — Total $ 128,576 $ 106,038 $ 22,538 $ — December 31, 2018 Basis of Fair Value Measurements Total Level 1 Level 2 Level 3 Assets Money market funds $ 40,849 $ 40,849 $ — $ — U.S. Treasury securities 104,140 104,140 — — Agency bonds 53,999 53,999 — — Corporate bonds 11,893 — 11,893 — Commercial paper 56,152 — 56,152 — Certificate of deposit 1,543 — 1,543 — Total $ 268,576 $ 198,988 $ 69,588 $ - |
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 Year Ended December 31, 2018 (in thousands, except per share data) Under Topic 606 Under Topic 605 Effect of change Collaboration and license revenue $ 49,868 $ 52,329 $ (2,461 ) Operating expenses 196,023 196,023 — Operating loss $ (146,155 ) $ (143,694 ) $ (2,461 ) Net loss $ (140,447 ) $ (137,986 ) $ (2,461 ) Net loss per share applicable to common stockholders - basic and diluted $ (4.13 ) $ (4.06 ) $ (0.07 ) Condensed Balance Sheets December 31, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Receivables from collaborative partner $ 5,096 $ 5,096 $ — Deferred revenue, current portion 1,428 8,187 (6,759 ) Deferred revenue, long-term portion 10,465 2,618 7,847 Accumulated deficit (294,681 ) (293,593 ) (1,088 ) Condensed Statement of Cash Flows Year Ended December 31, 2018 (in thousands) Under Topic 606 Under Topic 605 Effect of change Net loss $ (140,447 ) $ (137,986 ) $ (2,461 ) Decrease in deferred revenue in connection with Topic 606 adoption 1,373 — 1,373 Changes in operating assets and liabilities Receivables from collaborative partner 8,037 8,037 — Deferred revenue (11,043 ) (12,131 ) 1,088 Cash, cash equivalents and restricted cash at beginning of period 61,333 61,333 — Cash, cash equivalents and restricted cash at end of period 45,496 45,496 — |
Cash Equivalents and Marketab_2
Cash Equivalents and Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Cash Equivalents and Marketable Securities | The following is a summary of our cash equivalents and marketable securities at December 31, 2019 and 2018 (in thousands): December 31, 2019 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 21,706 $ — $ — $ 21,706 U.S. Treasury securities 35,471 27 — 35,498 Agency bonds 48,790 44 — 48,834 Corporate bonds 1,800 — — 1,800 Commercial paper 19,188 7 — 19,195 Total cash equivalents and marketable securities 126,955 78 — 127,033 Less: cash equivalents (26,453 ) — — (26,453 ) Total marketable securities $ 100,502 $ 78 $ — $ 100,580 December 31, 2018 Amortized Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value Money market funds $ 40,849 $ — $ — $ 40,849 U.S. Treasury securities 104,218 — (77 ) 104,141 Agency bonds 54,005 9 (15 ) 53,999 Corporate bonds 11,897 — (4 ) 11,893 Commercial paper 56,171 — (19 ) 56,152 Total cash equivalents and marketable securities 267,140 9 (115 ) 267,034 Less: cash equivalents (40,849 ) — — (40,849 ) Total marketable securities $ 226,291 $ 9 $ (115 ) $ 226,185 |
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Securities by Contractual Maturity | As of December 31, 2019, the amortized cost and estimated fair value of our available-for-sale securities by contractual maturity are shown below (in thousands): Estimated Amortized Fair Cost Value Debt securities maturing: In one year or less $ 100,502 $ 100,580 Total marketable securities $ 100,502 $ 100,580 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consist of the following (in thousands): December 31, 2019 2018 Computer equipment and software $ 2,281 $ 2,403 Furniture and fixtures 968 968 Laboratory equipment 4,219 19,579 Leasehold improvements 22,175 22,175 $ 29,643 $ 45,125 Less: accumulated depreciation and amortization (7,109 ) (16,407 ) Property and equipment, net $ 22,534 $ 28,718 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables And Accruals [Abstract] | |
Schedule of Other Accrued Liabilities | Other accrued liabilities consist of the following (in thousands): December 31, 2019 2018 Clinical development $ 7,787 $ 10,513 Manufacturing 540 1,104 Trade payable 1,087 3,381 Other 245 350 Total accrued liabilities $ 9,659 $ 15,348 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 Exercise Remaining Aggregate Number Price Contractual Intrinsic of Shares Per Share Terms Value (in years) (in thousands) Balance at January 1, 2019 3,710,181 $ 28.37 Options granted 1,356,778 8.67 Options exercised (41,892 ) 8.09 Options forfeited (826,948 ) 25.26 Options expired (883,397 ) 31.51 Balance at December 31, 2019 3,314,722 20.50 5.99 $ 176,110 Options exercisable at December 31, 2019 2,272,751 23.40 4.88 $ 125,043 |
Schedule of Restricted Stock Award Activity under 2013 Plan and Related Information | The following table summarizes RSA activity under the 2013 Plan and related information: RSAs Outstanding Weighted-Average Number Grant-Date of Shares Fair Value Unvested balance at January 1, 2019 880,030 $ 26.36 RSAs granted 1,501,750 8.04 RSAs vested (539,453 ) 19.45 RSAs forfeited (781,750 ) 16.46 Unvested balance at December 31, 2019 1,060,577 11.24 |
Schedule of Stock-Based Compensation Expenses Recognized | Total stock-based compensation expense recognized was as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Research and development $ 8,041 $ 15,426 $ 18,285 General and administrative 14,774 14,042 15,888 Total $ 22,815 $ 29,468 $ 34,173 |
Schedule of Stock Option Weighted-Average Assumptions | We estimated the fair value of each award using the Black-Scholes option-pricing model based on the date of grant of such award with the following assumptions: Options ESPP Year Ended December 31, Year Ended December 31, 2019 2018 2017 2019 2018 2017 Expected term (years) 5.0-6.3 5.5-6.3 5.5-6.3 0.5 0.5 0.5 Expected volatility 67-68% 68-70% 66-70% 64-67% 47-94% 42-94% Risk-free interest rate 1.6-2.5% 2.6-2.9% 1.9-2.2% 1.6-2.4% 1.4-2.5% 1.0-1.4% Expected dividend yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss | The following table sets forth the computation of basic and diluted net loss (in thousands, except per share data): Year Ended December 31, 2019 2018 2017 Numerator: Net loss $ (137,202 ) $ (140,447 ) $ (150,222 ) Denominator: Denominator for basic loss per share - weighted-average shares 34,970 33,976 27,945 Denominator for diluted loss per share 34,970 33,976 27,945 Basic and diluted net loss per share $ (3.92 ) $ (4.13 ) $ (5.38 ) |
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): Year Ended December 31, 2019 2018 2017 Options to purchase common stock 3,760 3,710 3,843 RSAs 1,273 880 886 Total 5,033 4,590 4,729 |
License and Collaboration Agr_2
License and Collaboration Agreements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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 year ended December 31, 2019 in the balances of our contract assets, including receivables from collaboration partners, and contract liabilities, including deferred revenue. (in thousands) Contract Assets Balance at January 1, 2019 $ 5,096 Additions 9,392 Deductions (10,391 ) Balance at December 31, 2019 $ 4,097 (in thousands) Contract Liabilities Balance at January 1, 2019 $ 11,893 Additions for advance billings 2,264 Deductions for performance obligations satisfied in current period (5,975 ) Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress (1,773 ) Balance at December 31, 2019 $ 6,409 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | The components of our income tax expense (benefit) were as follows: Year Ended December 31, 2019 2018 2017 Current tax expense Federal $ — $ — $ 1,703 State — — 1 Total current expense — — 1,704 Deferred tax expense Federal — — — State — — — Total deferred tax expense — — — Total tax expense $ — $ — $ 1,704 |
Schedule of Income Tax Expense (Benefit) Differs from Amount Computed by Applying Statutory Federal Income Tax Rate | The income tax expense (benefit) differs from the amount computed by applying the statutory federal income tax rate as follows (in thousands): Year Ended December 31, 2019 2018 2017 Federal statutory income tax $ (28,812 ) $ (29,495 ) $ (51,981 ) State statutory income tax 1 1 1 Stock compensation 4,055 3,698 (4,847 ) Nontaxable equity premiums (20 ) (85 ) (168 ) Change in valuation allowance 32,540 38,953 41,633 Remeasurement of deferred taxes — — 27,122 Research and orphan drug credits (8,015 ) (13,192 ) (11,029 ) Interest charge, net of federal benefit — — 1,107 Other permanent items 251 120 (134 ) Income tax expense $ — $ — $ 1,704 |
Schedule of Deferred Tax Assets and Liabilities | The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): As of December 31, 2019 2018 Net operating loss carryforwards $ 85,928 $ 60,566 Research and orphan drug credits 68,053 58,614 Deferred revenue 1,372 2,410 Stock-based compensation 7,562 7,698 Capitalized license and depreciation basis differences 3,196 3,412 Reserves, accruals and tenant improvement allowances 1,389 5,639 Operating lease liability 10,619 — Total deferred tax assets 178,119 138,339 Less: valuation allowance (168,691 ) (134,492 ) Net deferred tax assets $ 9,428 $ 3,847 Capitalized license and depreciation basis differences (2,374 ) (3,396 ) Operating right-of-use asset (6,621 ) — Prepaid expenses (433 ) (451 ) Total deferred tax liabilities $ (9,428 ) $ (3,847 ) Total net deferred tax assets $ — $ — |
Schedule of Reconciliation of Unrecognized Tax Benefits | A reconciliation of our unrecognized tax benefits for the years ended December 31, 2019, 2018, and 2017 Unrecognized Income Tax Benefits Balance as of December 31, 2016 $ 9,403 Additions for prior year tax positions 691 Additions for current year tax positions 3,490 Balance as of December 31, 2017 13,584 Additions for prior year tax positions 622 Additions for current year tax positions 2,454 Balance as of December 31, 2018 16,660 Additions for prior year tax positions 11 Additions for current year tax positions 1,722 Balance as of December 31, 2019 $ 18,393 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Undiscounted Cash Flows to Operating Lease Liabilities | The table below reconciles the undiscounted cash flows for each of the first five years and the total of the remaining years to the operating lease labilities recorded on the balance sheet. Operating Leases 2020 $ 7,589 2021 7,723 2022 7,799 2023 8,064 2024 8,341 2025 and beyond 26,825 Total minimum lease payments $ 66,341 Less: amount of lease payments representing interest (16,729 ) Present value of future minimum lease payments $ 49,612 Less: operating lease obligations, current portion (4,080 ) Operating lease obligations, long-term portion $ 45,532 |
Restructuring and Other Charg_2
Restructuring and Other Charges (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Restructuring And Related Activities [Abstract] | |
Summary of Management's Expected and Actual Costs | The following table summarizes management’s estimates of costs that are expected to be incurred that are probable and can be estimated as of December 31, 2019 and the actual costs incurred for the year ended December 31, 2019: |
Summary of Components of Restructuring and Other Related Costs that Recognized under Operating Expenses | The following table presents the components of restructuring and other related costs for the year ended December 31, 2019 and where they are recognized under operating expenses: Employees' Retention, Severance, & Termination Benefits Asset Impairments and Other Costs Total Restructuring Cost in thousands Research and development $ 4,126 $ 2,087 $ 6,213 General and administrative 402 — 402 Total $ 4,528 $ 2,087 $ 6,615 |
Summary of Accrued Personnel-related Expense Liability Associated with Restructuring | The following table presents the activity in the accrued personnel-related expense liability associated with the restructurings for the year ended December 31, 2019: 2019 Restructuring Plan Total Severance and Retention Costs in thousands Accrued balance as of January 1, 2019 $ — Charges 4,528 Cash payments (3,346 ) Accrued balance as of December 31, 2019 $ 1,182 |
Selected Quarterly Financial _2
Selected Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Quarterly Financial Information | The following amounts are in thousands, except per share amounts: Quarter Ended March 31, June 30, September 30, December 31, Quarterly Results of Operations 2019 2019 2019 2019 (Unaudited) Revenue $ 5,347 $ 3,333 $ 2,984 $ 3,210 Net loss (35,385 ) (34,391 ) (36,069 ) (31,357 ) Basic and diluted net loss per share (1.02 ) (0.99 ) (1.03 ) (0.90 ) Quarter Ended March 31, June 30, September 30, December 31, Quarterly Results of Operations 2018 2018 2018 2018 (Unaudited) Revenue $ 32,486 $ 7,580 $ 5,771 $ 4,031 Net loss (20,390 ) (34,060 ) (47,244 ) (38,753 ) Basic and diluted net loss per share (0.63 ) (0.99 ) (1.37 ) (1.12 ) |
Business - Additional Informati
Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | |||
Certificate of deposit interest rate | 1.37% | ||
Certificate of deposit term | 1 month | ||
Fair value, assets, level 1 to level 2 transfers | $ 0 | ||
Fair value, assets, level 2 to level 1 transfer | 0 | ||
Lease liability | 49,612,000 | ||
Right-of use assets | 30,934,000 | ||
Decrease to deferred revenue | $ 1,373,000 | ||
Increase to retained earnings | (431,883,000) | (294,681,000) | |
ASU 2014-09 [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Decrease to deferred revenue | $ 1,400,000 | 1,373,000 | |
Increase to retained earnings | $ 1,400,000 | $ (1,088,000) | |
ASU 2016-02 [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Deferred rent derecognized | 19,800,000 | ||
Lease liability | 52,500,000 | ||
Right-of use assets | 33,300,000 | ||
Laboratory equipment [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Carrying value | 5,900,000 | ||
Estimated fair value | 3,900,000 | ||
Impairment loss on long lived assets | $ 2,000,000 | ||
Remaining useful life of long lived assets | 3 months | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful lives | 3 years | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Property and equipment estimated useful lives | 5 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Financial Instruments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Assets | ||
Total | $ 128,576 | $ 268,576 |
Money market funds [Member] | ||
Assets | ||
Cash equivalents | 21,706 | 40,849 |
Agency Bonds [Member] | ||
Assets | ||
Cash equivalents | 48,834 | 53,999 |
Corporate bonds [Member] | ||
Assets | ||
Cash equivalents | 1,800 | 11,893 |
Commercial paper [Member] | ||
Assets | ||
Cash equivalents | 19,195 | 56,152 |
Certificate of deposit [Member] | ||
Assets | ||
Cash equivalents | 1,543 | 1,543 |
U.S. Treasury securities [Member] | ||
Assets | ||
U.S. Treasury securities | 35,498 | 104,140 |
Level 1 [Member] | ||
Assets | ||
Total | 106,038 | 198,988 |
Level 1 [Member] | Money market funds [Member] | ||
Assets | ||
Cash equivalents | 21,706 | 40,849 |
Level 1 [Member] | Agency Bonds [Member] | ||
Assets | ||
Cash equivalents | 48,834 | 53,999 |
Level 1 [Member] | U.S. Treasury securities [Member] | ||
Assets | ||
U.S. Treasury securities | 35,498 | 104,140 |
Level 2 [Member] | ||
Assets | ||
Total | 22,538 | 69,588 |
Level 2 [Member] | Corporate bonds [Member] | ||
Assets | ||
Cash equivalents | 1,800 | 11,893 |
Level 2 [Member] | Commercial paper [Member] | ||
Assets | ||
Cash equivalents | 19,195 | 56,152 |
Level 2 [Member] | Certificate of deposit [Member] | ||
Assets | ||
Cash equivalents | $ 1,543 | $ 1,543 |
Summary of Significant Accoun_6
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 | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Collaboration and license revenue | $ 3,210 | $ 2,984 | $ 3,333 | $ 5,347 | $ 4,031 | $ 5,771 | $ 7,580 | $ 32,486 | $ 14,874 | $ 49,868 | $ 39,508 |
Operating expenses | 156,812 | 196,023 | 190,910 | ||||||||
Operating loss | (141,938) | (146,155) | (151,402) | ||||||||
Net loss | $ (31,357) | $ (36,069) | $ (34,391) | $ (35,385) | $ (38,753) | $ (47,244) | $ (34,060) | $ (20,390) | $ (137,202) | $ (140,447) | $ (150,222) |
Net loss per share applicable to common stockholders - basic and diluted | $ (0.90) | $ (1.03) | $ (0.99) | $ (1.02) | $ (1.12) | $ (1.37) | $ (0.99) | $ (0.63) | $ (3.92) | $ (4.13) | $ (5.38) |
ASU 2014-09 [Member] | Under Topic 605 [Member] | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Collaboration and license revenue | $ 52,329 | ||||||||||
Operating expenses | 196,023 | ||||||||||
Operating loss | (143,694) | ||||||||||
Net loss | $ (137,986) | ||||||||||
Net loss per share applicable to common stockholders - basic and diluted | $ (4.06) | ||||||||||
ASU 2014-09 [Member] | Effect of change [Member] | |||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||||||||||
Collaboration and license revenue | $ (2,461) | ||||||||||
Operating loss | (2,461) | ||||||||||
Net loss | $ (2,461) | ||||||||||
Net loss per share applicable to common stockholders - basic and diluted | $ (0.07) |
Summary of Significant Accoun_7
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 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Receivables from collaborative partner | $ 4,097 | $ 5,096 | |
Deferred revenue, current portion | 1,296 | 1,428 | |
Deferred revenue, long-term portion | 5,113 | 10,465 | |
Accumulated deficit | $ (431,883) | (294,681) | |
ASU 2014-09 [Member] | Under Topic 605 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Receivables from collaborative partner | 5,096 | ||
Deferred revenue, current portion | 8,187 | ||
Deferred revenue, long-term portion | 2,618 | ||
Accumulated deficit | (293,593) | ||
ASU 2014-09 [Member] | Effect of change [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue, current portion | (6,759) | ||
Deferred revenue, long-term portion | 7,847 | ||
Accumulated deficit | $ (1,088) | $ 1,400 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Guidance Effect under Topic 605 before Adoption of Topic 606 on Condensed Statement of Cash Flows (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Net loss | $ (31,357) | $ (36,069) | $ (34,391) | $ (35,385) | $ (38,753) | $ (47,244) | $ (34,060) | $ (20,390) | $ (137,202) | $ (140,447) | $ (150,222) | |
Decrease in deferred revenue in connection with Topic 606 adoption | 1,373 | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Receivables from collaborative partners | 999 | 8,037 | (9,174) | |||||||||
Deferred revenue | (11,043) | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | $ 61,333 | 45,496 | 61,333 | 45,496 | 61,333 | |||||||
Cash, cash equivalents and restricted cash at end of period | 45,496 | 45,496 | 61,333 | |||||||||
ASU 2014-09 [Member] | Under Topic 605 [Member] | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Net loss | (137,986) | |||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Receivables from collaborative partners | 8,037 | |||||||||||
Deferred revenue | (12,131) | |||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 61,333 | $ 45,496 | $ 61,333 | $ 45,496 | 61,333 | |||||||
Cash, cash equivalents and restricted cash at end of period | $ 45,496 | 45,496 | $ 61,333 | |||||||||
ASU 2014-09 [Member] | Effect of change [Member] | ||||||||||||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||||||||||||
Net loss | (2,461) | |||||||||||
Decrease in deferred revenue in connection with Topic 606 adoption | $ 1,400 | 1,373 | ||||||||||
Changes in operating assets and liabilities: | ||||||||||||
Deferred revenue | $ 1,088 |
Cash Equivalents and Marketab_3
Cash Equivalents and Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | $ 100,502 | $ 226,291 |
Unrealized Gains | 78 | 9 |
Unrealized Losses | (115) | |
Estimated Fair Value | 100,580 | 226,185 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 21,706 | 40,849 |
Estimated Fair Value | 21,706 | 40,849 |
U.S. Treasury securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 35,471 | 104,218 |
Unrealized Gains | 27 | |
Unrealized Losses | (77) | |
Estimated Fair Value | 35,498 | 104,141 |
Agency Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 48,790 | 54,005 |
Unrealized Gains | 44 | 9 |
Unrealized Losses | (15) | |
Estimated Fair Value | 48,834 | 53,999 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 1,800 | 11,897 |
Unrealized Losses | (4) | |
Estimated Fair Value | 1,800 | 11,893 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 19,188 | 56,171 |
Unrealized Gains | 7 | |
Unrealized Losses | (19) | |
Estimated Fair Value | 19,195 | 56,152 |
Total cash equivalents and marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | 126,955 | 267,140 |
Unrealized Gains | 78 | 9 |
Unrealized Losses | (115) | |
Estimated Fair Value | 127,033 | 267,034 |
Cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost Basis | (26,453) | (40,849) |
Estimated Fair Value | $ (26,453) | $ (40,849) |
Cash Equivalents and Marketab_4
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 | Dec. 31, 2019 | Dec. 31, 2018 |
Available For Sale Securities Debt Maturities [Abstract] | ||
Amortized Cost, In one year or less | $ 100,502 | |
Amortized Cost Basis | 100,502 | $ 226,291 |
Estimated Fair Value, In one year or less | 100,580 | |
Total marketable securities, Estimated Fair Value | $ 100,580 | $ 226,185 |
Cash Equivalents and Marketab_5
Cash Equivalents and Marketable Securities - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Gross unrealized losses on marketable securities | $ 200,000 |
Sales of available-for-sale securities | $ 0 |
Cash equivalents and marketable securities average maturity period | 3 months |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Cash equivalents and marketable securities maturity period | 6 months |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 29,643 | $ 45,125 |
Less: accumulated depreciation and amortization | (7,109) | (16,407) |
Property and equipment, net | 22,534 | 28,718 |
Computer equipment and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,281 | 2,403 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 968 | 968 |
Laboratory equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,219 | 19,579 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 22,175 | $ 22,175 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property Plant And Equipment [Line Items] | |||
Depreciation and amortization | $ 5,313 | $ 5,020 | $ 2,513 |
Asset impairment loss | 1,959 | ||
Laboratory equipment [Member] | 2019 Restructure Plan [Member] | |||
Property Plant And Equipment [Line Items] | |||
Asset impairment loss | $ 2,000 | ||
New Lease [Member] | |||
Property Plant And Equipment [Line Items] | |||
Leasehold improvements | 22,200 | ||
Incentive to lessee | $ 14,400 |
Other Accrued Liabilities - Sch
Other Accrued Liabilities - Schedule of Other Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables And Accruals [Abstract] | ||
Clinical development | $ 7,787 | $ 10,513 |
Manufacturing | 540 | 1,104 |
Trade payable | 1,087 | 3,381 |
Other | 245 | 350 |
Total accrued liabilities | $ 9,659 | $ 15,348 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jul. 29, 2019USD ($)Employee$ / sharesshares | Jan. 31, 2018USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / shares | Jan. 01, 2020shares | Jul. 01, 2019$ / shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Authorized capital stock issuable | 110,000,000 | ||||||
Common stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||
Common stock, shares authorized | 100,000,000 | 100,000,000 | |||||
Preferred stock, par value | $ / shares | $ 0.001 | $ 0.001 | |||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |||||
Preferred stock, shares outstanding | 0 | 0 | |||||
Common stock, shares outstanding | 35,219,791 | 34,745,721 | |||||
Issuance of stock, Shares | 5,897,435 | ||||||
Gross proceeds from issuance of common stocks | $ | $ 115,000 | $ 115,000 | |||||
Proceeds from public offering of common stock, net of issuance costs | $ | $ 107,600 | $ 107,612 | |||||
Stock options granted to a stockholder owning more than 10%, exercise price percentage | 110.00% | ||||||
Stock options granted, expiration term | 10 years | ||||||
Options vesting period | 4 years | ||||||
Weighted-average grant-date fair value per share of stock options granted | $ / shares | $ 4.96 | $ 10.85 | $ 25.78 | ||||
Total intrinsic value of options exercised | $ | $ 100 | $ 2,400 | $ 5,400 | ||||
Total unrecognized compensation expense | $ | $ 9,600 | ||||||
Unrecognized compensation expense expected to recognize, weighted-average period | 2 years 2 months 12 days | ||||||
Stock-based compensation expense | $ | $ 14,300 | 17,300 | 19,700 | ||||
Expected dividend yield | 0.00% | ||||||
Exercise price per share, new options granted | $ / shares | $ 8.67 | ||||||
Restricted Stock Awards [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ | $ 8,200 | 11,600 | 14,000 | ||||
Total fair value of share vesting | $ | $ 3,700 | 6,200 | 30,800 | ||||
Employees and directors [Member] | Restricted Stock Awards [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Unrecognized compensation expense expected to recognize, weighted-average period | 1 year 9 months 18 days | ||||||
Total unrecognized compensation expense to unvested employee and director RSAs | $ | $ 4,800 | ||||||
2013 Omnibus Incentive Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock available for issuance | 3,500,000 | ||||||
Percent of annual increase in common stock available for issuance | 4.00% | ||||||
Number of shares of common stock reserved for future issuance | 201,229 | 2,942,984 | |||||
Stock option exchange offer, maximum term | 7 years | ||||||
Prior Plans [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock available for issuance | 1,069,985 | ||||||
2013 Employee Stock Purchase Plan [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock available for issuance | 1,307,722 | ||||||
Percent of annual increase in common stock available for issuance | 1.00% | ||||||
Number of shares of common stock reserved for future issuance | 250,000 | ||||||
Unrecognized compensation expense expected to recognize, weighted-average period | 4 months 12 days | ||||||
Stock-based compensation expense | $ | $ 300 | $ 500 | $ 500 | ||||
Maximum increase in shares reserved for issuance | 300,000 | ||||||
Common stock available for issuance, description | Unless our Board provides otherwise, continuing until the expiration of the ESPP, the total number of shares of common stock available for issuance under the ESPP will automatically increase annually on January 1 by the lesser of (i) 1% of the total number of outstanding shares of common stock as of December 31 of the immediately preceding year, or (ii) 300,000 shares of common stock. As of December 31, 2019, 1,307,722 shares of common stock were available for issuance under the ESPP. | ||||||
Purchase price per share as a percentage of fair market value of our common stock | 85.00% | ||||||
Shares issued under ESPP | 131,155 | ||||||
Total unrecognized compensation expense | $ | $ 100 | ||||||
2013 Employee Stock Purchase Plan [Member] | Subsequent Event [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Common stock available for issuance | 0 | ||||||
Stock Option Exchange Program [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Stock option exchange program, description | employees, excluding named executive officers, who held outstanding stock options granted on or before June 6, 2018 with an exercise price equal to or greater than $18.00 per share, or eligible options, the opportunity to tender each eligible option in exchange for a new stock option with modified terms, or new options. | ||||||
Exercise price per share eligible for exchange for new stock option | $ / shares | $ 18 | ||||||
Maximum number of eligible shares available for issuance | 510,932 | ||||||
Number of employees elected to exchange outstanding stock options | Employee | 55 | ||||||
Number of shares cancelled in conjunction with the option exchange offer | 436,648 | ||||||
Percentage of eligible options to total shares of common stock | 85.00% | ||||||
Number of shares granted for new options | 235,419 | ||||||
Exercise price per share, new options granted | $ / shares | $ 5.06 | ||||||
Incremental expense | $ | $ 200 | ||||||
Unamortized expense remaining on the tendered options | $ | $ 1,600 | ||||||
Underwriters Purchase Option [Member] | |||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||
Issuance of stock, Shares | 769,230 |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Option Activity under Stock Plans and Related Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Shares, Beginning balance | shares | 3,710,181 |
Number of Shares, Options granted | shares | 1,356,778 |
Number of Shares, Options exercised | shares | (41,892) |
Number of Shares, Options forfeited | shares | (826,948) |
Number of Shares, Options expired | shares | (883,397) |
Number of Shares, Ending balance | shares | 3,314,722 |
Number of Shares, Options exercisable | shares | 2,272,751 |
Weighted-Average Exercise Price Per Share, Options beginning balance | $ / shares | $ 28.37 |
Weighted-Average Exercise Price Per Share, Options granted | $ / shares | 8.67 |
Weighted-Average Exercise Price Per Share, Options exercised | $ / shares | 8.09 |
Weighted-Average Exercise Price Per Share, Options forfeited | $ / shares | 25.26 |
Weighted-Average Exercise Price Per Share, Options expired | $ / shares | 31.51 |
Weighted-Average Exercise Price Per Share, Options ending balance | $ / shares | 20.50 |
Weighted-Average Exercise Price Per Share, Options exercisable | $ / shares | $ 23.40 |
Weighted-Average Remaining Contractual Terms, Options ending balance | 5 years 11 months 26 days |
Weighted-Average Remaining Contractual Terms, Options exercisable | 4 years 10 months 17 days |
Aggregate Intrinsic Value, Options ending balance | $ | $ 176,110 |
Aggregate Intrinsic Value, Options exercisable | $ | $ 125,043 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Restricted Stock Award Activity under 2013 Plan and Related Information (Detail) - Restricted Stock Awards [Member] | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Number of Shares, Unvested, beginning balance | shares | 880,030 |
Number of Shares, Granted | shares | 1,501,750 |
Number of Shares, Vested | shares | (539,453) |
Number of Shares, Forfeited | shares | (781,750) |
Number of Shares, Unvested, Ending balance | shares | 1,060,577 |
Weighted-Average Grant-Date Fair Value, Unvested, Beginning balance | $ / shares | $ 26.36 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 8.04 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 19.45 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 16.46 |
Weighted-Average Grant-Date Fair Value, Unvested, Ending balance | $ / shares | $ 11.24 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Stock-Based Compensation Expenses Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense recognized | $ 22,815 | $ 29,468 | $ 34,173 |
Research and development [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense recognized | 8,041 | 15,426 | 18,285 |
General and administrative [Member] | |||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||
Stock-based compensation expense recognized | $ 14,774 | $ 14,042 | $ 15,888 |
Stockholders' Equity - Schedu_4
Stockholders' Equity - Schedule of Stock Option Weighted-Average Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | ||
Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | Options [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 5 years | 5 years 6 months | 5 years 6 months |
Expected volatility | 67.00% | 68.00% | 66.00% |
Risk-free interest rate | 1.60% | 2.60% | 1.90% |
Maximum [Member] | Options [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 |
Expected volatility | 68.00% | 70.00% | 70.00% |
Risk-free interest rate | 2.50% | 2.90% | 2.20% |
ESPP [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected term (years) | 6 months | 6 months | 6 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
ESPP [Member] | Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 64.00% | 47.00% | 42.00% |
Risk-free interest rate | 1.60% | 1.40% | 1.00% |
ESPP [Member] | Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected volatility | 67.00% | 94.00% | 94.00% |
Risk-free interest rate | 2.40% | 2.50% | 1.40% |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Net Loss (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Numerator: | |||||||||||
Net loss | $ (31,357) | $ (36,069) | $ (34,391) | $ (35,385) | $ (38,753) | $ (47,244) | $ (34,060) | $ (20,390) | $ (137,202) | $ (140,447) | $ (150,222) |
Denominator: | |||||||||||
Denominator for basic loss per share - weighted-average shares | 34,970 | 33,976 | 27,945 | ||||||||
Denominator for diluted loss per share | 34,970 | 33,976 | 27,945 | ||||||||
Net loss per share applicable to common stockholders - basic and diluted | $ (0.90) | $ (1.03) | $ (0.99) | $ (1.02) | $ (1.12) | $ (1.37) | $ (0.99) | $ (0.63) | $ (3.92) | $ (4.13) | $ (5.38) |
Earnings per Share - Securities
Earnings per Share - Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from calculation of diluted net income (loss) per share | 5,033 | 4,590 | 4,729 |
Options to purchase common stock [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from calculation of diluted net income (loss) per share | 3,760 | 3,710 | 3,843 |
RSAs [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Securities excluded from calculation of diluted net income (loss) per share | 1,273 | 880 | 886 |
License and Collaboration Agr_3
License and Collaboration Agreements - Additional Information (Detail) - USD ($) | Oct. 14, 2015 | Sep. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2014 | Apr. 30, 2014 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2019 | Dec. 19, 2017 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||||||||||||
Revenue recognized | $ 3,210,000 | $ 2,984,000 | $ 3,333,000 | $ 5,347,000 | $ 4,031,000 | $ 5,771,000 | $ 7,580,000 | $ 32,486,000 | $ 14,874,000 | $ 49,868,000 | $ 39,508,000 | ||||||||||||
Issuance of stock, Shares | 5,897,435 | ||||||||||||||||||||||
Aggregate purchase price | $ 107,600,000 | 107,612,000 | |||||||||||||||||||||
Transaction price recognized as collaboration revenue | 5,975,000 | ||||||||||||||||||||||
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 | (2,461,000) | ||||||||||||||||||||||
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] | Cabiralizumab Collaboration Agreement [Member] | |||||||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||||||||||||
Revenue recognized | 4,600,000 | 4,600,000 | |||||||||||||||||||||
Remaining transaction price recorded in deferred revenue | 800,000 | 800,000 | 800,000 | 800,000 | $ 800,000 | $ 800,000 | |||||||||||||||||
Received upfront payment | $ 30,000,000 | ||||||||||||||||||||||
Deferred revenue recognized under collaboration arrangement | $ 800,000 | 5,200,000 | 800,000 | 5,200,000 | 800,000 | 5,200,000 | |||||||||||||||||
Recognized revenue under collaboration arrangement | 9,000,000 | 38,400,000 | $ 23,700,000 | $ 350,000,000 | |||||||||||||||||||
Non-refundable up-front fee | 350,000,000 | ||||||||||||||||||||||
Adjustments to transaction price | $ 0 | 0 | |||||||||||||||||||||
License and collaboration agreement entered date | Oct. 14, 2015 | ||||||||||||||||||||||
Milestones achieved | $ 0 | ||||||||||||||||||||||
Bristol-Myers Squibb Company [Member] | Cabiralizumab Collaboration Agreement [Member] | Milestone Revenue | |||||||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||||||||||||
Transaction price recognized as collaboration revenue | 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 | $ 29,200,000 | 29,200,000 | |||||||||||||||||||||
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 | $ 4,400,000 | 4,400,000 | |||||||||||||||||||||
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 | ||||||||||||||||||||||
Received upfront payment | $ 20,000,000 | ||||||||||||||||||||||
Research funding obligated to receive over the initial three-year research term | $ 9,500,000 | ||||||||||||||||||||||
Research agreement, initial term | 3 years | ||||||||||||||||||||||
Research agreement additional term | 2 years | ||||||||||||||||||||||
Research agreement additional term description | BMS had the option to extend the research term for two additional one-year periods on a year-by-year basis | ||||||||||||||||||||||
Additional research funding for each extension | $ 2,100,000 | ||||||||||||||||||||||
Research agreement, initial expiration period | 2017-03 | ||||||||||||||||||||||
Research agreement extended period end | 2019-03 | 2018-03 | |||||||||||||||||||||
Research agreement additional term option exercised, description | In each of December 2016 and December 2017, BMS exercised its option to extend the research term for an additional year to March 2018 and March 2019, respectively. | ||||||||||||||||||||||
Issuance of stock, Shares | 994,352 | ||||||||||||||||||||||
Price per share | $ 21.16 | $ 21.16 | $ 21.16 | ||||||||||||||||||||
Aggregate purchase price | $ 21,000,000 | ||||||||||||||||||||||
Deferred revenue recognized under collaboration arrangement | $ 2,400,000 | 2,400,000 | $ 2,400,000 | ||||||||||||||||||||
Recognized revenue under collaboration arrangement | $ 5,000,000 | 1,500,000 | 6,100,000 | $ 12,000,000 | |||||||||||||||||||
Transaction price | 36,100,000 | ||||||||||||||||||||||
Non-refundable up-front fee | 20,000,000 | ||||||||||||||||||||||
Research funding received | 13,700,000 | ||||||||||||||||||||||
Equity premium | 2,400,000 | ||||||||||||||||||||||
Adjustments to transaction price | 0 | ||||||||||||||||||||||
Deferred revenue relating to collaboration agreement | 0 | $ 1,500,000 | 0 | $ 1,500,000 | 0 | $ 1,500,000 | |||||||||||||||||
Bristol-Myers Squibb Company [Member] | Immuno-Oncology Collaboration [Member] | ASU 2014-09 [Member] | |||||||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||||||||||||
Transaction price recognized as collaboration revenue | $ 36,100,000 | ||||||||||||||||||||||
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 | 1,500,000 | ||||||||||||||||||||||
Zai Lab [member] | China License and Collaboration Agreement [Member] | |||||||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||||||||||||
Revenue recognized | 3,000,000 | ||||||||||||||||||||||
Remaining transaction price recorded in deferred revenue | 5,100,000 | 5,100,000 | 5,100,000 | ||||||||||||||||||||
Non-refundable up-front fee | 4,200,000 | ||||||||||||||||||||||
Adjustments to transaction price | $ 2,200,000 | ||||||||||||||||||||||
License and collaboration agreement entered month and year | 2017-12 | ||||||||||||||||||||||
Non-refundable and non-creditable upfront fee payment received | 5,000,000 | ||||||||||||||||||||||
Non-refundable and non-creditable upfront fee revenue net of value added tax withholdings | 4,200,000 | ||||||||||||||||||||||
Value added tax withholdings | $ 800,000 | ||||||||||||||||||||||
Receivables related to collaboration agreement | $ 1,700,000 | 1,700,000 | $ 1,700,000 | $ 1,700,000 | 1,700,000 | ||||||||||||||||||
Milestone payment received | 2,000,000 | ||||||||||||||||||||||
Collaborative arrangement milestone payment, net of value-added tax and other withholdings | $ 300,000 | ||||||||||||||||||||||
Expected reimbursements | 8,800,000 | 8,800,000 | 8,800,000 | ||||||||||||||||||||
Clinical and regulatory development milestone payments | 0 | ||||||||||||||||||||||
Collaboration And License Agreements Transaction Price | 14,700,000 | ||||||||||||||||||||||
Remaining transaction price | 11,500,000 | 11,500,000 | 11,500,000 | ||||||||||||||||||||
Zai Lab [member] | China License and Collaboration Agreement [Member] | Maximum [Member] | |||||||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||||||||||||
Specified development and regulatory milestone payments | $ 39,000,000 | ||||||||||||||||||||||
Receivables related to collaboration agreement | 10,000,000 | 10,000,000 | 10,000,000 | ||||||||||||||||||||
Zai Lab [member] | China License and Collaboration Agreement [Member] | ASU 2014-09 [Member] | |||||||||||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |||||||||||||||||||||||
Revenue recognized | 0 | ||||||||||||||||||||||
Non-refundable up-front fee | 4,200,000 | ||||||||||||||||||||||
Receivables related to collaboration agreement | 12,500,000 | 12,500,000 | 12,500,000 | ||||||||||||||||||||
Expected reimbursements | $ 8,300,000 | $ 8,300,000 | $ 8,300,000 |
License and Collaboration Agr_4
License and Collaboration Agreements - Summary of Changes in Balances of Contract Assets and Contract Liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Contract With Customer Asset And Liability [Abstract] | |
Beginning balance | $ 5,096 |
Additions | 9,392 |
Deductions | (10,391) |
Ending balance | 4,097 |
Beginning balance | 11,893 |
Additions for advance billings | 2,264 |
Deductions for performance obligations satisfied in current period | (5,975) |
Deductions for performance obligations satisfied in the prior periods in connection with updates to the measure of progress | (1,773) |
Ending balance | $ 6,409 |
License and Collaboration Agr_5
License and Collaboration Agreements - Additional Information 1 (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Jan. 31, 2016 | Mar. 31, 2013 | Jul. 31, 2010 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Revenue recognized | $ 3,210,000 | $ 2,984,000 | $ 3,333,000 | $ 5,347,000 | $ 4,031,000 | $ 5,771,000 | $ 7,580,000 | $ 32,486,000 | $ 14,874,000 | $ 49,868,000 | $ 39,508,000 | |||
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 | (2,461,000) | |||||||||||||
Glaxo Smith Kline LLC [Member] | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Revenue recognized | 0 | 0 | 500,000 | |||||||||||
Glaxo Smith Kline LLC [Member] | Actual Costs Incurred as a Percentage of Total Budgeted Costs [Member] | ||||||||||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||||||||||
Revenue recognized | $ 0 | 0 | 0 | |||||||||||
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 | |||||||||||||
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 | |||||||||||||
Received upfront payment | $ 6,000,000 | |||||||||||||
Technology access fee | 6,600,000 | |||||||||||||
Research funding | $ 2,000,000 | |||||||||||||
Evaluation period for initial research activities | 2 years | |||||||||||||
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 | |||||||||||||
Revenue recognized | 0 | 0 | 3,000,000 | |||||||||||
Technology access fee | 6,600,000 | |||||||||||||
Research funding | $ 2,000,000 | 2,000,000 | ||||||||||||
Transaction price | 15,600,000 | |||||||||||||
Non-refundable up-front fee | 6,000,000 | |||||||||||||
Recognized target evaluation and selection fees | 0 | $ 300,000 | 300,000 | |||||||||||
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 | |||||||||||||
Remaining transaction price recorded in deferred revenue | $ 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 |
Acquired Technologies - Additio
Acquired Technologies - Additional Information (Detail) $ in Millions | 1 Months Ended | 12 Months Ended | |||
May 31, 2017USD ($) | Dec. 31, 2011USD ($)Installment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Inhibrx [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Milestone payment | $ 5 | ||||
Termination license agreement effective date | Dec. 27, 2017 | ||||
Galaxy Biotech, LLC [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Upfront license payment | $ 3 | ||||
Number of installments | Installment | 2 | ||||
Milestone payment | $ 0 | $ 9.5 | $ 0 | ||
BioWa, Inc. and Lonza Sales AG [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Milestone payment | $ 0 | $ 1.2 | $ 0 | ||
License agreements expiration period | 10 years | ||||
BioWa, Inc. and Lonza Sales AG [Member] | Bemarituzumab Programs [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Milestone payment | $ 24.5 | ||||
BioWa, Inc. and Lonza Sales AG [Member] | FPA150 Antibody Programs [Member] | |||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||
Milestone payment | $ 25.4 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax [Line Items] | ||||
Income tax expense (benefit) | $ 0 | $ 0 | $ 1,704,000 | |
Effective corporate tax rate | 21.00% | 35.00% | ||
Reduction in deferred tax assets related to remeasurement of deferred tax assets and liabilities | 27,100,000 | |||
Increase (decrease) in valuation allowance | $ 34,200,000 | 40,200,000 | ||
Net deferred tax assets, net of gross deferred tax liabilities | 168,691,000 | 134,492,000 | ||
Reduction in tax attributes | 1,400,000 | |||
Unrecognized tax benefits | 18,393,000 | 16,660,000 | $ 13,584,000 | $ 9,403,000 |
Incurred interest and penalties | $ 0 | $ 0 | ||
Ongoing tax examinations by tax authorities | We have no ongoing tax examinations by tax authorities at this time. | |||
Federal tax authority [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards | $ 375,500,000 | |||
Operating losses carryforwards, Expiration date | Dec. 31, 2024 | |||
Federal tax authority [Member] | Research and Development and Orphan Drug [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards | $ 61,700,000 | |||
Operating losses carryforwards, Expiration date | Dec. 31, 2026 | |||
State tax authority [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards | $ 161,900,000 | |||
Operating losses carryforwards, Expiration date | Dec. 31, 2028 | |||
State tax authority [Member] | Research and Development and Orphan Drug [Member] | ||||
Income Tax [Line Items] | ||||
Operating loss carryforwards | $ 23,500,000 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Benefit) (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current tax expense | |||
Federal | $ 1,703,000 | ||
State | 1,000 | ||
Total current expense | 1,704,000 | ||
Deferred tax expense | |||
Income tax expense | $ 0 | $ 0 | $ 1,704,000 |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Benefit) Differs from Amount Computed by Applying Statutory Federal Income Tax Rate (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Expense Benefit Continuing Operations Income Tax Reconciliation [Abstract] | |||
Federal statutory income tax | $ (28,812,000) | $ (29,495,000) | $ (51,981,000) |
State statutory income tax | 1,000 | 1,000 | 1,000 |
Stock compensation | 4,055,000 | 3,698,000 | (4,847,000) |
Nontaxable equity premiums | (20,000) | (85,000) | (168,000) |
Change in valuation allowance | 32,540,000 | 38,953,000 | 41,633,000 |
Remeasurement of deferred taxes | 27,122,000 | ||
Research and orphan drug credits | (8,015,000) | (13,192,000) | (11,029,000) |
Interest charge, net of federal benefit | 1,107,000 | ||
Other permanent items | 251,000 | 120,000 | (134,000) |
Income tax expense | $ 0 | $ 0 | $ 1,704,000 |
Income Taxes - Schedule of Defe
Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets Liabilities Net [Abstract] | ||
Net operating loss carryforwards | $ 85,928 | $ 60,566 |
Research and orphan drug credits | 68,053 | 58,614 |
Deferred revenue | 1,372 | 2,410 |
Stock-based compensation | 7,562 | 7,698 |
Capitalized license and depreciation basis differences | 3,196 | 3,412 |
Reserves, accruals and tenant improvement allowances | 1,389 | 5,639 |
Operating lease liability | 10,619 | |
Total deferred tax assets | 178,119 | 138,339 |
Less: valuation allowance | (168,691) | (134,492) |
Net deferred tax assets | 9,428 | 3,847 |
Capitalized license and depreciation basis differences | (2,374) | (3,396) |
Operating right-of-use asset | (6,621) | |
Prepaid expenses | (433) | (451) |
Total deferred tax liabilities | (9,428) | (3,847) |
Total net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | |||
Beginning Balance | $ 16,660 | $ 13,584 | $ 9,403 |
Additions for prior year tax positions | 11 | 622 | 691 |
Additions for current year tax positions | 1,722 | 2,454 | 3,490 |
Ending Balance | $ 18,393 | $ 16,660 | $ 13,584 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2018InstrumentTerm | Dec. 31, 2019USD ($) | Jan. 01, 2019USD ($) | |
Lessee Lease Description [Line Items] | |||
Lease term | 10 years | ||
Lease option additional extend term | 5 years | ||
Rent commencement date | Jan. 1, 2018 | ||
Percentage of rent reduction in first six months | 50.00% | ||
Additional lease requirements | In addition, the facility lease required us to deliver an irrevocable standby letter of credit in an amount of $1.5 million to the landlord for the period commencing on the effective date of the facility lease until at least 60 days after the expiration of the lease, subject to 50% reduction on January 1, 2023 if certain conditions are met. In October 2019, we commenced a corporate restructuring to extend our cash runway and ensure long-term sustainability. As part of the restructuring, we are initiating activities to reduce our corporate facilities footprint by either subletting a significant portion of our current leased space or subletting our current building and relocating to smaller facilities. | ||
Operating lease cost | $ 6,100,000 | ||
Variable lease cost | 1,800,000 | ||
Cash paid for operating lease liabilities | $ 6,700,000 | ||
Weighted-average discount rate, operating leases | 7.00% | ||
Weighted-average remaining operating lease term | 8 years | ||
Bemarituzumab Programs [Member] | |||
Lessee Lease Description [Line Items] | |||
Lease term | 3 years | ||
Number of sequencing instruments | Instrument | 4 | ||
Number of terms available | Term | 2 | ||
Irrevocable Standby Letter of Credit [Member] | |||
Lessee Lease Description [Line Items] | |||
Letter of credit | $ 1,500,000 | ||
ASU 2016-02 [Member] | |||
Lessee Lease Description [Line Items] | |||
Cumulative effect on adjustment of initially applying standard | $ 0 |
Commitments and Contingencies_2
Commitments and Contingencies - Summary of Undiscounted Cash Flows to Operating Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2020 | $ 7,589 |
2021 | 7,723 |
2022 | 7,799 |
2023 | 8,064 |
2024 | 8,341 |
2025 and beyond | 26,825 |
Total minimum lease payments | 66,341 |
Less: amount of lease payments representing interest | (16,729) |
Present value of future minimum lease payments | 49,612 |
Less: operating lease obligations, current portion | (4,080) |
Operating lease obligations, long-term portion | $ 45,532 |
Restructuring and Other Charg_3
Restructuring and Other Charges - Additional Information (Detail) $ in Thousands | Oct. 10, 2019Position | Jan. 31, 2019Employees | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Restructuring Cost And Reserve [Line Items] | |||||
Number of company's workforce terminated | 70 | 41 | |||
Percentage of company's workforce terminated | 20.00% | ||||
Property and equipment, net | $ 22,534 | $ 28,718 | |||
Laboratory equipment [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Estimated fair value | 3,900 | ||||
Impairment loss on long lived assets | 2,000 | ||||
Laboratory equipment [Member] | 2019 Restructure Plan [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Property and equipment, net | 5,900 | ||||
Estimated fair value | 3,900 | ||||
Impairment loss on long lived assets | 2,000 | ||||
Severance and Other Benefit Costs [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring charges | $ 1,800 | ||||
Severance and Other Termination Costs and Employee Retention [Member] | |||||
Restructuring Cost And Reserve [Line Items] | |||||
Restructuring charges | $ 2,700 |
Restructuring and Other Charg_4
Restructuring and Other Charges - Summary of Management's Expected and Actual Costs (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | $ 6,615 |
2019 Restructure Plan [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Estimated restructuring costs | 8,921 |
Total Restructuring cost incurred | 6,615 |
Employee Retention, Severance and Termination Benefits [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 4,528 |
Employee Retention, Severance and Termination Benefits [Member] | 2019 Restructure Plan [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Estimated restructuring costs | 6,834 |
Total Restructuring cost incurred | 4,528 |
Asset Impairments and Other Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 2,087 |
Asset Impairments and Other Costs [Member] | 2019 Restructure Plan [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Estimated restructuring costs | 2,087 |
Total Restructuring cost incurred | $ 2,087 |
Restructuring and Other Charg_5
Restructuring and Other Charges - Summary of Components of Restructuring and Other Related Costs that Recognized under Operating Expenses (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | $ 6,615 |
Employee Retention, Severance and Termination Benefits [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 4,528 |
Asset Impairments and Other Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 2,087 |
Research and development [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 6,213 |
Research and development [Member] | Employee Retention, Severance and Termination Benefits [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 4,126 |
Research and development [Member] | Asset Impairments and Other Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 2,087 |
General and administrative [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | 402 |
General and administrative [Member] | Employee Retention, Severance and Termination Benefits [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Total Restructuring cost incurred | $ 402 |
Restructuring and Other Charg_6
Restructuring and Other Charges - Summary of Accrued Personnel-related Expense Liability Associated with Restructuring (Detail) - 2019 Restructure Plan [Member] - Severance and Retention Costs [Member] $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Charges | $ 4,528 |
Cash payments | (3,346) |
Accrued balance as of December 31, 2019 | $ 1,182 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Feb. 24, 2020 | Dec. 31, 2019 | Feb. 27, 2020 |
Subsequent Event [Line Items] | |||
Award vesting period | 4 years | ||
Restricted Stock Awards [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares granted to each executive | 1,501,750 | ||
Subsequent Event [Member] | Common Stock [Member] | Restricted Stock Awards [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares granted to each executive | 15,000 | ||
Subsequent Event [Member] | 2013 Omnibus Incentive Plan [Member] | Common Stock [Member] | Options [Member] | |||
Subsequent Event [Line Items] | |||
Option to purchase common stock | 90,000 | ||
Subsequent Event [Member] | Share-based Payment Arrangement, Tranche One [Member] | Restricted Stock Awards [Member] | |||
Subsequent Event [Line Items] | |||
Award vesting rights percentage | 33.33% | ||
Subsequent Event [Member] | Share-based Payment Arrangement, Tranche One [Member] | Options [Member] | |||
Subsequent Event [Line Items] | |||
Award vesting rights percentage | 25.00% | ||
Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Restricted Stock Awards [Member] | |||
Subsequent Event [Line Items] | |||
Award vesting rights percentage | 33.33% | ||
Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Options [Member] | |||
Subsequent Event [Line Items] | |||
Award vesting rights percentage | 0.02% | ||
Award vesting period | 48 months | ||
Subsequent Event [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Restricted Stock Awards [Member] | |||
Subsequent Event [Line Items] | |||
Award vesting rights percentage | 33.33% | ||
Seattle Genetics, Inc [Member] | Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Upfront license fees receivable | $ 5,000,000 | ||
Seattle Genetics, Inc [Member] | Subsequent Event [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Cumulative milestones payables | $ 295,000,000 |
Selected Quarterly Financial _3
Selected Quarterly Financial Information - Summary of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 3,210 | $ 2,984 | $ 3,333 | $ 5,347 | $ 4,031 | $ 5,771 | $ 7,580 | $ 32,486 | $ 14,874 | $ 49,868 | $ 39,508 |
Net loss | $ (31,357) | $ (36,069) | $ (34,391) | $ (35,385) | $ (38,753) | $ (47,244) | $ (34,060) | $ (20,390) | $ (137,202) | $ (140,447) | $ (150,222) |
Basic and diluted net loss per common share | $ (0.90) | $ (1.03) | $ (0.99) | $ (1.02) | $ (1.12) | $ (1.37) | $ (0.99) | $ (0.63) | $ (3.92) | $ (4.13) | $ (5.38) |