Enanta Pharmaceuticals (ENTA) 10-Q 10 Aug 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Trading Symbol	ENTA
Entity Registrant Name	ENANTA PHARMACEUTICALS INC
Entity Central Index Key	1,177,648
Current Fiscal Year End Date	--09-30
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		18,713,976

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Current assets:
Cash and cash equivalents	$ 19,844	$ 30,699
Short-term marketable securities	134,442	60,065
Accounts receivable	11,724	1,724
Unbilled receivables	1,376	2,770
Deferred tax assets	1,757	11,123
Prepaid expenses and other current assets	3,497	1,594
Total current assets	172,640	107,975
Property and equipment, net	2,582	1,803
Long-term marketable securities	57,657	41,003
Deferred tax assets	4,287	4,198
Restricted cash	608	436
Total assets	237,774	155,415
Current liabilities:
Accounts payable	1,614	1,874
Accrued expenses	3,469	2,872
Income taxes payable	2,229
Total current liabilities	7,312	4,746
Warrant liability	1,457	1,584
Other long-term liabilities	538	229
Total liabilities	$ 9,492	6,761
Commitments and contingencies (Note 11)
Stockholders' equity:
Common stock; $0.01 par value; 100,000,000 shares authorized at June 30, 2015 and September 30, 2014; 18,916,750 and 18,803,390 shares issued, and 18,707,934 and 18,594,574 shares outstanding, at June 30, 2015 and September 30, 2014, respectively	$ 189	188
Additional paid-in capital	228,001	221,580
Treasury stock, at par value; 208,816 shares at June 30, 2015 and September 30, 2014	(2)	(2)
Accumulated other comprehensive loss	(74)	(100)
Retained earnings (deficit)	168	(73,012)
Total stockholders' equity	228,282	148,654
Total liabilities and stockholders' equity	237,774	155,415
Series 1 Nonconvertible Preferred Stock [Member]
Current liabilities:
Series 1 nonconvertible preferred stock	$ 185	$ 202

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Sep. 30, 2014
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	18,916,750	18,803,390
Common stock, shares outstanding	18,707,934	18,594,574
Treasury stock, shares	208,816	208,816

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenue	$ 11,599	$ 42,051	$ 146,464	$ 45,104
Operating expenses:
Research and development	6,253	4,553	16,140	13,538
General and administrative	3,643	2,603	9,850	7,255
Total operating expenses	9,896	7,156	25,990	20,793
Income from operations	1,703	34,895	120,474	24,311
Other income (expense):
Interest income	304	106	660	329
Interest expense	(2)	(5)	(6)	(14)
Change in fair value of warrant liability and Series 1 nonconvertible preferred stock	(15)	(65)	144	(268)
Total other income, net	287	36	798	47
Income before income taxes	1,990	34,931	121,272	24,358
Income tax benefit (expense)	428	15,122	(48,092)	15,122
Net income	$ 2,418	$ 50,053	$ 73,180	$ 39,480
Net income per share:
Basic	$ 0.13	$ 2.70	$ 3.92	$ 2.16
Diluted	$ 0.13	$ 2.61	$ 3.80	$ 2.06
Weighted average common shares outstanding:
Basic	18,697,104	18,528,833	18,659,742	18,275,831
Diluted	19,277,966	19,203,270	19,276,767	19,168,368

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 2,418	$ 50,053	$ 73,180	$ 39,480
Other comprehensive income (loss):
Net unrealized gains (losses) on marketable securities, net of tax of $40, $0, $18 and $0	(57)	(65)	26	(2)
Total other comprehensive income (loss)	(57)	(65)	26	(2)
Comprehensive income	$ 2,361	$ 49,988	$ 73,206	$ 39,478

Consolidated Statements of Com6

Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net unrealized gains (losses) on marketable securities, tax	$ 40	$ 0	$ 18	$ 0

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net income	$ 73,180	$ 39,480
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization expense	435	242
Non-cash interest expense	6	14
Change in fair value of warrant liability and Series 1 nonconvertible preferred stock	(144)	268
Stock-based compensation expense	4,041	1,887
Gain on sale of fixed assets	(21)
Gain on sale of marketable securities	(4)
Premium on marketable securities	(2,063)	(1,824)
Amortization of premium on marketable securities	1,651	1,636
Deferred income taxes	11,076	(15,228)
Income tax benefit from exercise of stock options	(1,817)	(105)
Changes in operating assets and liabilities:
Accounts receivable	(10,000)	409
Unbilled receivables	1,394	(1,475)
Prepaid expenses and other current assets	(1,108)	161
Accounts payable	(332)	(190)
Accrued expenses	391	(200)
Income taxes payable	2,229
Deferred revenue		(10)
Other long-term liabilities	134	46
Net cash provided by operating activities	79,048	25,111
Cash flows from investing activities
Purchases of property and equipment	(756)	(543)
Increase in restricted cash	(172)
Purchases of marketable securities	(155,583)	(85,750)
Sales of marketable securities	2,210	7,413
Maturities of marketable securities	62,017	70,164
Net cash used in investing activities	(92,284)	(8,716)
Cash flows from financing activities
Proceeds from exercise of stock options	564	1,015
Income tax benefit from exercise of stock options	1,817	105
Net cash provided by financing activities	2,381	1,120
Net increase (decrease) in cash and cash equivalents	(10,855)	17,515
Cash and cash equivalents at beginning of period	30,699	8,859
Cash and cash equivalents at end of period	19,844	26,374
Supplemental disclosure of cash flow information:
Cash paid for income taxes	39,566
Non-cash items:
Fixed assets purchased through capital lease	175
Series 1 Nonconvertible Preferred Stock [Member]
Adjustments to reconcile net income to net cash provided by operating activities:
Change in fair value of warrant liability and Series 1 nonconvertible preferred stock	$ (144)	$ 268

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation Enanta Pharmaceuticals, Inc. (the “Company”), incorporated in Delaware in 1995, is a research and development-focused biotechnology company that uses its chemistry-driven approach and drug discovery capabilities to create small molecule drugs for the treatment of viral infections and liver diseases. The Company has developed novel protease and NS5A inhibitors for treatment of hepatitis C virus (“HCV”) infection. The Company also has programs to develop cyclophilin and nucleotide polymerase inhibitors targeted against HCV and also recently announced a new focus area in non-alcoholic steatohepatitis (“NASH”). Additionally, the Company has programs to discover new chemical entities for the treatment of other diseases. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, the uncertainties of research and development, competition from technological innovations of others, dependence on collaborative arrangements, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need for financial resources to fund research and development activities. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance reporting capabilities. Unaudited Interim Financial Information The consolidated balance sheet at September 30, 2014 was derived from the audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America (“GAAP”). The accompanying unaudited consolidated financial statements as of June 30, 2015 and for the three and nine months ended June 30, 2015 and 2014 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These financial statements should be read in conjunction with the Company’s audited financial statements and the notes thereto for the fiscal year ended September 30, 2014 included in the Company’s Annual Report on Form 10-K for that fiscal year. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s financial position as of June 30, 2015 and results of operations for the three and nine months ended June 30, 2015 and 2014 and cash flows for the nine months ended June 30, 2015 and 2014 have been made. The results of operations for the three and nine months ended June 30, 2015 are not necessarily indicative of the results of operations that may be expected for subsequent quarters or the year ending September 30, 2015. The accompanying consolidated financial statements have been prepared in conformity with GAAP. All dollar amounts in the consolidated financial statements and in the notes to the consolidated financial statements, except share and per share amounts, are in thousands unless otherwise indicated.

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, fair value of investments, valuation of warrants, Series 1 nonconvertible preferred stock and stock-based awards; the useful lives of property and equipment; and the accounting for income taxes, including uncertain tax positions. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Revenue Recognition The Company’s revenue has been generated primarily through collaborative research and license agreements. The terms of these agreements contain multiple deliverables, which may include (i) licenses, (ii) research and development activities, and (iii) participation in joint research and development steering committees. The terms of these agreements may include nonrefundable upfront license fees, payments for research and development activities, payments based upon the achievement of certain milestones, and royalty payments based on product sales derived from the collaboration. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered, collectibility of the resulting receivable is reasonably assured, and the Company has fulfilled its performance obligations under the contract. For agreements entered into prior to October 1, 2011, the Company evaluated license agreements with multiple deliverables to determine if the deliverable elements could be recognized separately by considering (i) if the delivered elements (typically the license) had standalone value to the customer, (ii) if the fair value of any undelivered elements (typically the research and development services and the steering committee activities) could be determined based on vendor-specific objective evidence (“VSOE”) or vendor objective evidence (“VOE”), and (iii) if the arrangement included a general right of return relative to the delivered item, the delivery or performance of the undelivered item was considered probable and substantially within the control of the Company. VSOE of fair value was based on the consistent price of a deliverable when the Company regularly sold it on a standalone basis. Alternatively, VOE was based upon third-party objective evidence of fair value. If the delivered elements had value on a standalone basis and the fair value of the undelivered elements could be determined based on VSOE or VOE, revenues of such elements were then accounted for separately as delivered with arrangement consideration allocated to the delivered elements based on the residual value method. If either (i) the delivered elements were considered to not have standalone value or (ii) VSOE or VOE of fair value for any of the undelivered elements could not be determined, the arrangement was accounted for as a single unit of accounting and all payments received were recognized as revenue over the estimated period of performance of the entire arrangement. On October 1, 2011, the Company adopted Accounting Standards Update No. 2009-13, Multiple-Deliverable Revenue Arrangements In determining the separate units of accounting, the Company evaluates whether the license has standalone value to the collaborator based on consideration of the relevant facts and circumstances for each arrangement. Factors considered in this determination include the research and development capabilities of the collaborator and the availability of relevant research expertise in the marketplace. In addition, the Company considers whether or not (i) the collaborator can use the license for its intended purpose without the receipt of the remaining deliverables, (ii) the value of the license is dependent on the undelivered items, and (iii) the collaborator or other vendors can provide the undelivered items. For all periods presented, whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model or a straight-line model over the period of performance, which is typically the research and development term. Full-time equivalents (“FTEs”) are typically used as the measure of performance. At each reporting period, the Company reassesses its cumulative measure of performance and makes appropriate adjustments, if necessary. The Company recognizes revenue using the proportional performance model whenever the Company can make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement. Revenue recognized under the proportional performance model at each reporting period is determined by multiplying the total expected payments under the contract (excluding royalties and payments contingent upon achievement of milestones) by the ratio of the level of effort incurred to date to the estimated total level of effort required to complete the performance obligations under the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the proportional performance model as of each reporting period. Alternatively, if the Company cannot make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period expected to complete the Company’s performance obligations. If and when a contingent milestone payment is earned, the additional consideration to be received is allocated to the separate units of accounting in the arrangement based on their relative selling prices at the inception of the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined on a straight-line basis as of the period end date. If the Company cannot reasonably estimate when its performance obligation period ends, then revenue is deferred until the Company can reasonably estimate when the performance obligation period ends. Royalty revenue is recognized based on contractual terms when reported sales are reliably measurable and collectibility is reasonably assured, provided that there are no performance obligations then remaining. During the three and nine months ended June 30, 2015 and 2014, the Company also generated revenue from a government contract, under which the Company is reimbursed for certain allowable costs for the funded project. Revenue from the government contract is recognized when the related service is performed. The related costs incurred by the Company under the government contract are included in research and development expenses in the statements of operations. Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. In the event that a collaborative research and license agreement is terminated and the Company then has no further performance obligations, the Company recognizes as revenue any amounts that had not previously been recorded as revenue but were classified as deferred revenue at the date of such termination. Recently Issued Accounting Pronouncements In May, 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers

Fair Value of Financial Assets

Fair Value of Financial Assets and Liabilities	9 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value of Financial Assets and Liabilities	3. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s financial assets and liabilities that were subject to fair value measurement on a recurring basis as of June 30, 2015 and September 30, 2014 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: Fair Value Measurements as of June 30, 2015 Using: Level 1 Level 2 Level 3 Total Assets: Money market fund $ 16,472 $ — $ — $ 16,472 Commercial paper — 12,495 — 12,495 Corporate bonds — 144,958 — 144,958 U.S. Agency bonds — 34,646 — 34,646 $ 16,472 $ 192,099 $ — $ 208,571 Liabilities: Warrant liability $ — $ — $ 1,457 $ 1,457 Series 1 nonconvertible preferred stock — — 185 185 $ — $ — $ 1,642 $ 1,642 Fair Value Measurements as of September 30, 2014 Using: Level 1 Level 2 Level 3 Total Assets: Money market fund $ 30,239 $ — $ — $ 30,239 Commercial paper — 7,499 — 7,499 Corporate bonds — 88,056 — 88,056 U.S. Agency bonds — 5,513 — 5,513 $ 30,239 $ 101,068 $ — $ 131,307 Liabilities: Warrant liability $ — $ — $ 1,584 $ 1,584 Series 1 nonconvertible preferred stock — — 202 202 $ — $ — $ 1,786 $ 1,786 During the three and nine months ended June 30, 2015 and 2014, there were no transfers between Level 1, Level 2 and Level 3. As of June 30, 2015 and September 30, 2014, the warrant liability was comprised of the values of warrants for the purchase of Series 1 nonconvertible preferred stock measured at fair value. The outstanding Series 1 nonconvertible preferred stock was also measured at fair value. The fair value of both of these instruments was based on significant inputs not observable in the market, which represented a Level 3 measurement within the fair value hierarchy. The Company utilized a probability-weighted valuation model which takes into consideration various outcomes that may require the Company to transfer assets upon exercise. The fair value of warrants to purchase our Series 1 nonconvertible preferred stock was $1,457 and $1,584, at June 30, 2015 and September 30, 2014, respectively. The fair value of Series 1 nonconvertible preferred stock was $185 and $202 as of June 30, 2015 and September 30, 2014, respectively. Changes in the fair value of the warrant liability and Series 1 nonconvertible preferred stock are recognized in the consolidated statements of operations. The recurring Level 3 fair value measurements of the Company’s warrant liability and Series 1 nonconvertible preferred stock using probability-weighted discounted cash flow include the following significant unobservable inputs: Unobservable Input Range (Weighted Average) Warrant liability and Series 1 nonconvertible preferred stock Probabilities of payout 0% - 88% Periods in which payout is expected to occur 2016 – 2017 Discount rate 4.25% The following table provides a rollforward of the aggregate fair values of the Company’s warrants for the purchase of Series 1 nonconvertible preferred stock and the outstanding Series 1 nonconvertible preferred stock for which fair value is determined by Level 3 inputs: Warrant liability Series 1 nonconvertible preferred stock Balance, September 30, 2014 $ 1,584 $ 202 Decrease in fair value (127 ) (17 ) Balance, June 30, 2015 $ 1,457 $ 185

Marketable Securities

Marketable Securities	9 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Marketable Securities	4. Marketable Securities As of June 30, 2015 and September 30, 2014, the fair value of available-for-sale marketable securities by type of security was as follows: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 12,495 $ — $ — $ 12,495 Corporate bonds 145,029 47 (118 ) 144,958 U.S. Agency bonds 34,631 21 (6 ) 34,646 $ 192,155 $ 68 $ (124 ) $ 192,099 September 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 7,499 $ — $ — $ 7,499 Corporate bonds 88,156 14 (114 ) 88,056 U.S. Agency bonds 5,513 — — 5,513 $ 101,168 $ 14 $ (114 ) $ 101,068 As of June 30, 2015, marketable securities consisted of investments that mature within one year, with the exception of certain corporate bonds, which have maturities within two years and an aggregate fair value of $57,657. As of September 30, 2014, marketable securities consisted of investments that mature within one year, with the exception of certain corporate bonds and U.S. Agency bonds, which have maturities within three years and an aggregate fair value of $41,003.

Accrued Expenses and Other Long

Accrued Expenses and Other Long-Term Liabilities	9 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses and Other Long-Term Liabilities	5. Accrued Expenses and Other Long-Term Liabilities Accrued expenses (current) and other long-term liabilities consisted of the following as of June 30, 2015 and September 30, 2014: June 30, 2015 September 30, 2014 Accrued expenses: Accrued payroll and related expenses $ 1,165 $ 1,275 Accrued preclinical and clinical expenses 656 493 Accrued vendor manufacturing expenses 733 116 Accrued third-party license fees 198 240 Accrued professional fees 372 436 Accrued other 345 312 $ 3,469 $ 2,872 Other long-term liabilities: Accrued rent expense $ 265 $ 153 Capital lease liability 175 — Asset retirement obligation 98 76 $ 538 $ 229

Collaboration Agreements

Collaboration Agreements	9 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Agreements	6. Collaboration Agreements AbbVie Collaboration On November 27, 2006, the Company entered into a Collaborative Development and License Agreement (the “AbbVie Agreement”) with Abbott Laboratories to identify, develop and commercialize HCV NS3 and NS3/4A protease inhibitor compounds, including paritaprevir (previously known as ABT-450). The agreement, which was amended in January and December 2009, was assigned by Abbott to AbbVie Inc. on January 1, 2013 in connection with Abbott’s transfer of its research-based pharmaceuticals business to AbbVie. The agreement was subsequently amended further in October 2014 and March 2015. Under the terms of the AbbVie Agreement, as amended, AbbVie paid to the Company upfront license payments and FTE reimbursements to fund research activities. The Company is also eligible to receive milestone payments for the successful development by AbbVie of one or more HCV compounds as well as annually tiered royalties per product ranging from the low double digits up to twenty percent, or on a blended basis from the low double digits up to the high teens, on net sales by AbbVie allocated to the collaboration’s protease inhibitors. Under the terms of the agreement, as amended in October 2014, 30% of net sales of a 3-DAA regimen containing paritaprevir will be allocated to paritaprevir, and 45% of net sales of a 2-DAA regimen containing paritaprevir will be allocated to paritaprevir. For ABT-493, 50% of net sales of a 2-DAA regimen containing ABT-493 will be allocated to ABT-493, and 33 1 3 Deliverables under the AbbVie Agreement included a license, research services and participation on a steering committee. The Company concluded that all deliverables under the AbbVie Agreement should be treated as a single unit of accounting. Accordingly, revenue was recognized using the proportional performance model over the period during which the Company performed research services. The Company completed all remaining service obligations under the agreement as of June 2011. All milestone payments received after June 2011 are recognized as revenue when the respective milestone is achieved by AbbVie. Through September 30, 2014, the Company had received upfront license payments, proceeds from a sale of preferred stock, research funding payment, and milestone payments totaling $160,000 from AbbVie. In December 2014, the Company earned and recognized as revenue a $75,000 milestone amount due from AbbVie as a result of U.S. regulatory approval by the FDA for AbbVie’s first treatment regimen containing a collaboration compound. In January 2015, the Company earned and recognized as revenue a $50,000 milestone payment from AbbVie upon commercialization regulatory approval of VIEKIRAX in Europe. As a result, during the three and nine months ended June 30, 2015, the Company recognized milestone revenue of $0 and $125,000, respectively. The Company’s first product, paritaprevir, was a part of AbbVie’s new treatment regimen for HCV approved by the FDA on December 19, 2014. During the three and nine months ended June 30, 2015, the Company recognized royalty revenue of $11,390 and $19,743, respectively. As of June 30, 2015, the Company was eligible to receive additional milestone payments totaling up to $30,000 upon AbbVie’s achievement of commercialization regulatory approval of a paritaprevir-containing regimen in Japan. The Company is also eligible to receive additional milestone payments totaling up to $80,000 upon AbbVie’s achievement of similar commercialization regulatory approval milestones in the U.S. and other selected world markets for each additional protease inhibitor commercialized by AbbVie. Novartis Collaboration On February 16, 2012, the Company entered into a license and collaboration agreement with Novartis (the “Novartis Agreement”) for the development, manufacture and commercialization of its lead development candidate, EDP-239, from its NS5A HCV inhibitor program. On September 30, 2014 the Company entered into an amendment to its 2012 collaboration and license agreement with Novartis to return to the Company full rights to its NS5A inhibitor program, including EDP-239, and to transition the proof-of-concept study to the Company. The Company owes no future payments to Novartis in connection with this transfer except for any unused drug product or ingredients that the Company may choose to buy from Novartis. NIAID Contract On September 30, 2011, the Company entered into a contract with the National Institute of Allergy and Infectious Diseases (“NIAID”), a division of the National Institutes of Health (“NIH”), which contract provided for up to $42,700 in potential development funding to the Company over a five-year period. Under this contract NIAID has funded the preclinical and clinical development of a bridged bicyclic antibiotic to be used as a medical countermeasure against multiple biodefense Category A and B bacteria. In December 2014, the company communicated to NIAID its strategic decision not to continue commercial development of the antibiotic candidate for non-biodefense indications. In February 2015, NIAID and the Company amended the contract to decrease the total committed funding to $21,000, of which the Company has received $18,268 through June 30, 2015. The contract is expected to be completed in August 2015 upon the Company’s delivery of the study report for the Phase 1 clinical study. The Company recognizes revenue under this contract as development services are performed in accordance with its terms. During the three months ended June 30, 2015 and 2014, revenue of $209 and $2,051, respectively, was recognized under this contract. During the nine months ended June 30, 2015 and 2014, the Company recognized revenue of $1,721 and $5,104, respectively.

Warrants to Purchase Series 1 N

Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock	9 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock	7. Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock In October and November 2010, the Company issued warrants to purchase up to a total of 1,999,989 shares of Series 1 nonconvertible preferred stock, which expire on October 4, 2017. As these warrants are free-standing financial instruments that may require the Company to transfer assets upon exercise, these warrants are classified as liabilities. The Company is required to remeasure the fair value of these preferred stock warrants at each reporting date, with any adjustments recorded within the change in fair value of warrant liability included in other income (expense) in the consolidated statement of operations. On February 5, 2014, 225,408 warrants were exercised resulting in the net issuance of 223,153 shares of Series 1 nonconvertible preferred stock. As of June 30, 2015 and September 30, 2014, the total fair value of the Series 1 nonconvertible preferred stock was $185 and $202, respectively. As of June 30, 2015 and September 30, 2014, the total fair value of the Series 1 nonconvertible preferred stock warrants was $1,457 and $1,584, respectively.

Stock-Based Awards

Stock-Based Awards	9 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Awards	8. Stock-Based Awards 2012 Equity Incentive Plan The Company’s 2012 Equity Incentive Plan (the “2012 Plan”) permits the Company to sell or issue common stock or restricted common stock or to grant incentive stock options or nonqualified stock options for the purchase of common stock, restricted stock units, stock appreciation rights or other cash incentive awards, to employees, members of the board of directors and consultants of the Company. The number of shares of common stock that may be issued under the 2012 Plan is subject to increase by the number of shares forfeited under any options terminated and not exercised under the 2012 Plan or the previous plan, known as the 1995 Equity Incentive Plan, as well as by a number of additional shares automatically on the first day of each fiscal year equal to the lowest amount among the following: (i) 3% of the Company’s outstanding shares of common stock as of that date, (ii) 2,088,167 shares of common stock, or (iii) a lower amount determined by the board of directors. On October 1, 2014, the number of shares of common stock that may be issued under the 2012 Plan was increased by 557,863. As of June 30, 2015, 455,136 shares remained available for future grant. Stock Option Valuation The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. To date the Company lacks sufficient company-specific historical volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a selected group of publicly traded peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The relevant data used to determine the value of the stock option grants is as follows, presented on a weighted average basis: Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.84 % 1.93 % 1.85 % 1.89 % Expected term (in years) 6.10 6.10 6.03 6.06 Expected volatility 70 % 76 % 74 % 75 % Expected dividend yield 0 % 0 % 0 % 0 % The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. As required by the 2012 Plan, the exercise price for awards granted is not to be less than the fair value of common shares as estimated by the Company as of the date of grant. The Company bases fair value of its common stock on the quoted market price. The following table summarizes stock option activity during the nine months ended June 30, 2015: Shares Issuable Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) Outstanding as of September 30, 2014 1,389,437 $ 15.39 7.2 $ 33,573 Granted 513,355 42.33 Exercised (113,360 ) 4.88 Expired (39,485 ) 32.47 Outstanding as of June 30, 2015 1,749,947 $ 23.59 7.4 $ 37,517 Options vested and expected to vest as of June 30, 2015 1,566,662 $ 24.22 7.4 $ 32,250 Options exercisable as of June 30, 2015 794,816 $ 13.17 5.7 $ 25,288 In March 2013, the Company granted certain executives a total of 167,052 options that vest upon the achievement of certain performance-based targets. The grant date fair value of these options was $2,479. During the three and nine months ended June 30, 2015, the Company recorded no compensation expense related to these options as none of the remaining performance-based targets were considered probable of being achieved during these periods. During the nine months ended June 30, 2014, one performance-based target was achieved and the Company recorded compensation expense of $206 related to that target. Market and Performance-based Stock Unit Awards In February 2015, the Company awarded certain executive officers a total of 41,800 share units consisting of 20,900 performance share units, or PSUs, and 20,900 relative total shareholder return units, or rTSRUs. The number of units represents the target number of shares of common stock that may be earned; however, the actual number of shares that may be earned ranges from 0% to 200% of the target number. The PSUs will vest and result in issuance, or settlement, of common shares, based upon continued employment and achievement of specified research and development milestones on or before December 31, 2016. The aggregate grant date fair value of the 20,900 PSUs ranges between $0 and $1,501. During the three months ended June 30, 2015, the Company recorded no compensation expense related to the PSU awards as none of the performance-based targets were probable of being achieved during this period. The rTSRUs will vest and result in the issuance of common stock based on continuing employment and the relative ranking of the total shareholder return, or TSR, of the Company’s common stock in relation to the TSR of the component companies in the NASDAQ Biotech Index over a two-year period based on a comparison of average closing stock prices in December 2014 and December 2016. The number of market-based rTSRUs awarded represents the target number of shares of common stock that may be earned; however, the actual number of shares that may be earned ranges from 0% to 200% of the target number. The Company used a Monte Carlo simulation model to estimate that the grant-date fair value of the rTSRUs was $554. The table below sets forth the assumptions used to value the awards and the estimated grant-date fair value: Risk-free interest rate 0.61 % Dividend yield 0 % Expected volatility 55.66 % Remaining performance period (years) 1.86 Estimated fair value per share of rTSRUs granted $ 26.51 The fair value related to the rTSRUs will be recorded as compensation expense over the period from date of grant to December 2016 regardless of whether the target relative total shareholder returns are reached. Stock-Based Award Expense The Company recorded stock-based compensation expense for the three and nine months ended June 30, 2015 and 2014 in the following expense categories: Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Research and development $ 468 $ 196 $ 1,106 $ 562 General and administrative 1,116 580 2,935 1,325 $ 1,584 $ 776 $ 4,041 $ 1,887 As of June 30, 2015, the Company had an aggregate of $19,557 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 3.0 years. Employee Stock Purchase Plan Under the Employee Stock Purchase Plan (the “ESPP”), a total of 185,614 shares of common stock were reserved for issuance. As of June 30, 2015, the Company has not commenced any offering under the ESPP and no shares have been issued.

Net Income Per Share

Net Income Per Share	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income Per Share	9. Net Income Per Share Basic and diluted net income per share attributable to common stockholders was calculated as follows for the three and nine months ended June 30, 2015 and 2014: Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Basic net income per share: Numerator: Net income $ 2,418 $ 50,053 $ 73,180 $ 39,480 Denominator: Weighted average common shares outstanding—basic 18,697,104 18,528,833 18,659,742 18,275,831 Net income per share—basic $ 0.13 $ 2.70 $ 3.92 $ 2.16 Diluted net income per share: Numerator: Net income $ 2,418 $ 50,053 $ 73,180 $ 39,480 Denominator: Weighted average common shares outstanding—basic 18,697,104 18,528,833 18,659,742 18,275,831 Dilutive effect of common stock equivalents 580,862 674,437 617,025 892,537 Weighted average common shares outstanding—diluted 19,277,966 19,203,270 19,276,767 19,168,368 Net income per share—diluted $ 0.13 $ 2.61 $ 3.80 $ 2.06 Stock options for the purchase of 700,679 and 433,535 weighted average shares were excluded from the computation of diluted net income per share for the three months ended June 30, 2015 and 2014, respectively, because those options had an anti-dilutive impact due to either the net loss attributable to common stockholders incurred for the period or to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods. Stock options for the purchase of 559,384 and 300,428 weighted average shares were excluded from the computation of diluted net income per share for the nine months ended June 30, 2015 and 2014, respectively, because those options had an anti-dilutive impact due to either the net loss attributable to common stockholders incurred for the period or to the assumed proceeds per share using the treasury stock method being greater than the average fair value of the Company’s common shares for those periods.

Income Taxes

Income Taxes	9 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	10. Income Taxes For the three months ended June 30, 2015 and 2014, the Company recorded income tax benefits of $428 and $15,122, respectively. The income tax benefit for the three months ended June 30, 2015 was attributable to research and development credits offset by federal and state taxes on the earnings of the Company’s operations, all of which are domestic. During the quarter ended June 30, 2015, the Company performed a research and development tax credit study and recognized the incremental benefit upon its completion in June 2015. During the three months ended June 30, 2015, the gross deferred tax assets increased by $726 primarily as a result of the research and development credits recognized during the period. During the three months ended June 30, 2014, the net income tax benefit resulted in an increase in the gross deferred tax assets of $15,228 due to the release by the Company of a valuation allowance against its deferred tax assets. For the nine months ended June 30, 2015 and 2014, the Company recorded an income tax provision of $48,092 and a tax benefit of $15,122, respectively. During the nine months ended June 30, 2015, the gross deferred tax assets decreased by $9,277 primarily as a result of the utilization of net operating loss carryforwards to offset income before income taxes generated during the period. No provision for income tax was recorded for the nine months ended June 30, 2014, as the Company used net operating loss carryforwards to offset its income before income taxes. The net income tax benefit during the 2014 period was due to the Company’s release of its valuation allowance against its deferred tax assets during the period. The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from 2007 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company recognizes and measures uncertain tax positions using a two-step approach. The first step is to evaluate the tax position for recognition by determining if, based on the technical merits, it is more likely than not that the position will be sustained upon audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit at the largest amount that is more than 50% likely of being realized upon ultimate settlement. The Company reevaluates these uncertain tax positions on a quarterly basis. This evaluation is based on factors including, but not limited to, changes in facts or circumstances, changes in tax laws, effectively settled issues under audit and new audit activity. Any changes in these factors could result in the recognition of a tax benefit or an additional charge to the tax provision. When applicable, the Company accrues for the effects of uncertain tax positions and the related potential penalties and interest through income tax expense. Unrecognized tax benefits represent tax positions for which reserves have been established. The Company’s policy is to record interest and penalties related to uncertain tax positions as part of its income tax provision. As of June 30, 2015, the Company had unrecognized tax benefits of $0.1 million. As of September 30, 2014, the Company had no unrecognized tax benefits.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	11. Commitments and Contingencies Leases In March 2015 the Company amended its lease for office and laboratory space to expand the rented space and extend the lease term beginning in the fourth fiscal quarter of 2015. As amended, the lease expires in September 2022. Payment escalation as specified in the lease agreement is accrued such that rent expense is recognized on a straight-line basis over the term of occupancy. The Company recorded rent expense of $341 and $237 for the three months ended June 30, 2015 and 2014, respectively, and $821 and $711 for the nine months ended June 30, 2015 and 2014, respectively. Future minimum lease payments for operating leases as of June 30, 2015 are as follows: Year ending September 30, 2015 $ 382 2016 1,958 2017 2,010 2018 2,062 2019 2,117 Thereafter 6,494 Total $ 15,023 In connection with the amended lease, the Company has outstanding a $608 and $436 letter of credit, collateralized by a money market account, as of June 30, 2015 and September 30, 2014, respectively. The Company classified such amounts as restricted cash. Additionally the amended lease included approximately $600 in a tenant improvement allowance from the landlord, which allowance will be accounted for as a capital lease obligation. Intellectual Property Licenses The Company has a non-exclusive intellectual property license agreement with a third party, under which the Company is required to pay $200 in fiscal 2015 and (1) annual maintenance fees of $105 for each year that the agreement remains in effect, commencing on the first anniversary of the agreement, in order to maintain the right to use the license, and (2) a one-time fee of $50 in each circumstance in which the Company provides the licensed intellectual property to one of its collaborators with the prior consent of the licensor. The Company also has a non-exclusive license with respect to patents it uses in its HCV research. Under the license, the Company is obligated to pay milestones totaling up to $5,000, plus low single digit royalties, for the development and regulatory approval of each HCV product outside of the Company’s collaboration with AbbVie and any other collaboration it may enter into in the future with a partner that has already licensed these patents. Litigation and Contingencies Related to Use of Intellectual Property From time to time, the Company may become subject to legal proceedings, claims and litigation arising in the ordinary course of business. The Company currently is not a party to any threatened or pending litigation. However, third parties might allege that the Company or its collaborators are infringing their patent rights or that the Company is otherwise violating their intellectual property rights. Such third parties may resort to litigation against the Company or its collaborators, which the Company has agreed to indemnify. With respect to some of these patents, the Company expects that it will be required to obtain licenses and could be required to pay license fees or royalties, or both. These licenses may not be available on acceptable terms, or at all. A costly license, or inability to obtain a necessary license, could have a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company accrues contingent liabilities when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, fair value of investments, valuation of warrants, Series 1 nonconvertible preferred stock and stock-based awards; the useful lives of property and equipment; and the accounting for income taxes, including uncertain tax positions. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.
Revenue Recognition	Revenue Recognition The Company’s revenue has been generated primarily through collaborative research and license agreements. The terms of these agreements contain multiple deliverables, which may include (i) licenses, (ii) research and development activities, and (iii) participation in joint research and development steering committees. The terms of these agreements may include nonrefundable upfront license fees, payments for research and development activities, payments based upon the achievement of certain milestones, and royalty payments based on product sales derived from the collaboration. In all instances, revenue is recognized only when the price is fixed or determinable, persuasive evidence of an arrangement exists, delivery has occurred or the services have been rendered, collectibility of the resulting receivable is reasonably assured, and the Company has fulfilled its performance obligations under the contract. For agreements entered into prior to October 1, 2011, the Company evaluated license agreements with multiple deliverables to determine if the deliverable elements could be recognized separately by considering (i) if the delivered elements (typically the license) had standalone value to the customer, (ii) if the fair value of any undelivered elements (typically the research and development services and the steering committee activities) could be determined based on vendor-specific objective evidence (“VSOE”) or vendor objective evidence (“VOE”), and (iii) if the arrangement included a general right of return relative to the delivered item, the delivery or performance of the undelivered item was considered probable and substantially within the control of the Company. VSOE of fair value was based on the consistent price of a deliverable when the Company regularly sold it on a standalone basis. Alternatively, VOE was based upon third-party objective evidence of fair value. If the delivered elements had value on a standalone basis and the fair value of the undelivered elements could be determined based on VSOE or VOE, revenues of such elements were then accounted for separately as delivered with arrangement consideration allocated to the delivered elements based on the residual value method. If either (i) the delivered elements were considered to not have standalone value or (ii) VSOE or VOE of fair value for any of the undelivered elements could not be determined, the arrangement was accounted for as a single unit of accounting and all payments received were recognized as revenue over the estimated period of performance of the entire arrangement. On October 1, 2011, the Company adopted Accounting Standards Update No. 2009-13, Multiple-Deliverable Revenue Arrangements In determining the separate units of accounting, the Company evaluates whether the license has standalone value to the collaborator based on consideration of the relevant facts and circumstances for each arrangement. Factors considered in this determination include the research and development capabilities of the collaborator and the availability of relevant research expertise in the marketplace. In addition, the Company considers whether or not (i) the collaborator can use the license for its intended purpose without the receipt of the remaining deliverables, (ii) the value of the license is dependent on the undelivered items, and (iii) the collaborator or other vendors can provide the undelivered items. For all periods presented, whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model or a straight-line model over the period of performance, which is typically the research and development term. Full-time equivalents (“FTEs”) are typically used as the measure of performance. At each reporting period, the Company reassesses its cumulative measure of performance and makes appropriate adjustments, if necessary. The Company recognizes revenue using the proportional performance model whenever the Company can make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement. Revenue recognized under the proportional performance model at each reporting period is determined by multiplying the total expected payments under the contract (excluding royalties and payments contingent upon achievement of milestones) by the ratio of the level of effort incurred to date to the estimated total level of effort required to complete the performance obligations under the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the proportional performance model as of each reporting period. Alternatively, if the Company cannot make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period expected to complete the Company’s performance obligations. If and when a contingent milestone payment is earned, the additional consideration to be received is allocated to the separate units of accounting in the arrangement based on their relative selling prices at the inception of the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined on a straight-line basis as of the period end date. If the Company cannot reasonably estimate when its performance obligation period ends, then revenue is deferred until the Company can reasonably estimate when the performance obligation period ends. Royalty revenue is recognized based on contractual terms when reported sales are reliably measurable and collectibility is reasonably assured, provided that there are no performance obligations then remaining. During the three and nine months ended June 30, 2015 and 2014, the Company also generated revenue from a government contract, under which the Company is reimbursed for certain allowable costs for the funded project. Revenue from the government contract is recognized when the related service is performed. The related costs incurred by the Company under the government contract are included in research and development expenses in the statements of operations. Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. In the event that a collaborative research and license agreement is terminated and the Company then has no further performance obligations, the Company recognizes as revenue any amounts that had not previously been recorded as revenue but were classified as deferred revenue at the date of such termination.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In May, 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers

Fair Value of Financial Asset20

Fair Value of Financial Assets and Liabilities (Tables)	9 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities that were Subject to Fair Value Measurement on Recurring Basis	The following tables present information about the Company’s financial assets and liabilities that were subject to fair value measurement on a recurring basis as of June 30, 2015 and September 30, 2014 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value: Fair Value Measurements as of June 30, 2015 Using: Level 1 Level 2 Level 3 Total Assets: Money market fund $ 16,472 $ — $ — $ 16,472 Commercial paper — 12,495 — 12,495 Corporate bonds — 144,958 — 144,958 U.S. Agency bonds — 34,646 — 34,646 $ 16,472 $ 192,099 $ — $ 208,571 Liabilities: Warrant liability $ — $ — $ 1,457 $ 1,457 Series 1 nonconvertible preferred stock — — 185 185 $ — $ — $ 1,642 $ 1,642 Fair Value Measurements as of September 30, 2014 Using: Level 1 Level 2 Level 3 Total Assets: Money market fund $ 30,239 $ — $ — $ 30,239 Commercial paper — 7,499 — 7,499 Corporate bonds — 88,056 — 88,056 U.S. Agency bonds — 5,513 — 5,513 $ 30,239 $ 101,068 $ — $ 131,307 Liabilities: Warrant liability $ — $ — $ 1,584 $ 1,584 Series 1 nonconvertible preferred stock — — 202 202 $ — $ — $ 1,786 $ 1,786
Fair Value Measurements of the Company's Warrant Liability and Series 1 Nonconvertible Preferred Stock	The recurring Level 3 fair value measurements of the Company’s warrant liability and Series 1 nonconvertible preferred stock using probability-weighted discounted cash flow include the following significant unobservable inputs: Unobservable Input Range (Weighted Average) Warrant liability and Series 1 nonconvertible preferred stock Probabilities of payout 0% - 88% Periods in which payout is expected to occur 2016 – 2017 Discount rate 4.25%
Rollforward of Aggregate Fair Values of Warrants	The following table provides a rollforward of the aggregate fair values of the Company’s warrants for the purchase of Series 1 nonconvertible preferred stock and the outstanding Series 1 nonconvertible preferred stock for which fair value is determined by Level 3 inputs: Warrant liability Series 1 nonconvertible preferred stock Balance, September 30, 2014 $ 1,584 $ 202 Decrease in fair value (127 ) (17 ) Balance, June 30, 2015 $ 1,457 $ 185

Marketable Securities (Tables)

Marketable Securities (Tables)	9 Months Ended
	Jun. 30, 2015
Investments, Debt and Equity Securities [Abstract]
Fair Value of Available-for-Sale Marketable Securities by Type of Security	As of June 30, 2015 and September 30, 2014, the fair value of available-for-sale marketable securities by type of security was as follows: June 30, 2015 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 12,495 $ — $ — $ 12,495 Corporate bonds 145,029 47 (118 ) 144,958 U.S. Agency bonds 34,631 21 (6 ) 34,646 $ 192,155 $ 68 $ (124 ) $ 192,099 September 30, 2014 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Commercial paper $ 7,499 $ — $ — $ 7,499 Corporate bonds 88,156 14 (114 ) 88,056 U.S. Agency bonds 5,513 — — 5,513 $ 101,168 $ 14 $ (114 ) $ 101,068

Accrued Expenses and Other Lo22

Accrued Expenses and Other Long-Term Liabilities (Tables)	9 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses (Current) and Other Long-Term Liabilities	Accrued expenses (current) and other long-term liabilities consisted of the following as of June 30, 2015 and September 30, 2014: June 30, 2015 September 30, 2014 Accrued expenses: Accrued payroll and related expenses $ 1,165 $ 1,275 Accrued preclinical and clinical expenses 656 493 Accrued vendor manufacturing expenses 733 116 Accrued third-party license fees 198 240 Accrued professional fees 372 436 Accrued other 345 312 $ 3,469 $ 2,872 Other long-term liabilities: Accrued rent expense $ 265 $ 153 Capital lease liability 175 — Asset retirement obligation 98 76 $ 538 $ 229

Stock-Based Awards (Tables)

Stock-Based Awards (Tables)	9 Months Ended
	Jun. 30, 2015
Data Used to Determine Value of Stock Option Grants, Presented on Weighted Average Basis	The relevant data used to determine the value of the stock option grants is as follows, presented on a weighted average basis: Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Risk-free interest rate 1.84 % 1.93 % 1.85 % 1.89 % Expected term (in years) 6.10 6.10 6.03 6.06 Expected volatility 70 % 76 % 74 % 75 % Expected dividend yield 0 % 0 % 0 % 0 %
Stock Option Activity	The following table summarizes stock option activity during the nine months ended June 30, 2015: Shares Issuable Under Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) Outstanding as of September 30, 2014 1,389,437 $ 15.39 7.2 $ 33,573 Granted 513,355 42.33 Exercised (113,360 ) 4.88 Expired (39,485 ) 32.47 Outstanding as of June 30, 2015 1,749,947 $ 23.59 7.4 $ 37,517 Options vested and expected to vest as of June 30, 2015 1,566,662 $ 24.22 7.4 $ 32,250 Options exercisable as of June 30, 2015 794,816 $ 13.17 5.7 $ 25,288
Stock-Based Compensation Expense	The Company recorded stock-based compensation expense for the three and nine months ended June 30, 2015 and 2014 in the following expense categories: Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Research and development $ 468 $ 196 $ 1,106 $ 562 General and administrative 1,116 580 2,935 1,325 $ 1,584 $ 776 $ 4,041 $ 1,887
Relative Total Shareholder Return Units rTSRU [Member]
Data Used to Determine Value of Stock Option Grants, Presented on Weighted Average Basis	The table below sets forth the assumptions used to value the awards and the estimated grant-date fair value: Risk-free interest rate 0.61 % Dividend yield 0 % Expected volatility 55.66 % Remaining performance period (years) 1.86 Estimated fair value per share of rTSRUs granted $ 26.51

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Basic and Diluted Net Income Per Share Attributable to Common Stockholders	Basic and diluted net income per share attributable to common stockholders was calculated as follows for the three and nine months ended June 30, 2015 and 2014: Three Months Ended June 30, Nine Months Ended June 30, 2015 2014 2015 2014 Basic net income per share: Numerator: Net income $ 2,418 $ 50,053 $ 73,180 $ 39,480 Denominator: Weighted average common shares outstanding—basic 18,697,104 18,528,833 18,659,742 18,275,831 Net income per share—basic $ 0.13 $ 2.70 $ 3.92 $ 2.16 Diluted net income per share: Numerator: Net income $ 2,418 $ 50,053 $ 73,180 $ 39,480 Denominator: Weighted average common shares outstanding—basic 18,697,104 18,528,833 18,659,742 18,275,831 Dilutive effect of common stock equivalents 580,862 674,437 617,025 892,537 Weighted average common shares outstanding—diluted 19,277,966 19,203,270 19,276,767 19,168,368 Net income per share—diluted $ 0.13 $ 2.61 $ 3.80 $ 2.06

Commitments and Contingencies (

Commitments and Contingencies (Tables)	9 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Future Minimum Lease Payments for Operating Leases	Future minimum lease payments for operating leases as of June 30, 2015 are as follows: Year ending September 30, 2015 $ 382 2016 1,958 2017 2,010 2018 2,062 2019 2,117 Thereafter 6,494 Total $ 15,023

Fair Value of Financial Asset26

Fair Value of Financial Assets and Liabilities - Financial Assets and Liabilities that were Subject to Fair Value Measurement on Recurring Basis (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Assets:
Available for sale securities, fair value	$ 192,099	$ 101,068
Assets, Fair Value Disclosure, Total	208,571	131,307
Liabilities:
Liabilities, Fair Value Disclosure, Total	1,642	1,786
Warrant Liability [Member]
Liabilities:
Liabilities	1,457	1,584
Money Market Fund [Member]
Assets:
Available for sale securities, fair value	16,472	30,239
Commercial Paper [Member]
Assets:
Available for sale securities, fair value	12,495	7,499
Corporate Bonds [Member]
Assets:
Available for sale securities, fair value	144,958	88,056
U.S. Agency Bonds [Member]
Assets:
Available for sale securities, fair value	34,646	5,513
Series 1 Nonconvertible Preferred Stock [Member]
Liabilities:
Liabilities	185	202
Level 1 [Member]
Assets:
Assets, Fair Value Disclosure, Total	16,472	30,239
Level 1 [Member] | Money Market Fund [Member]
Assets:
Available for sale securities, fair value	16,472	30,239
Level 2 [Member]
Assets:
Assets, Fair Value Disclosure, Total	192,099	101,068
Level 2 [Member] | Commercial Paper [Member]
Assets:
Available for sale securities, fair value	12,495	7,499
Level 2 [Member] | Corporate Bonds [Member]
Assets:
Available for sale securities, fair value	144,958	88,056
Level 2 [Member] | U.S. Agency Bonds [Member]
Assets:
Available for sale securities, fair value	34,646	5,513
Level 3 [Member]
Liabilities:
Liabilities, Fair Value Disclosure, Total	1,642	1,786
Level 3 [Member] | Warrant Liability [Member]
Liabilities:
Liabilities	1,457	1,584
Level 3 [Member] | Series 1 Nonconvertible Preferred Stock [Member]
Liabilities:
Liabilities	$ 185	$ 202

Fair Value of Financial Asset27

Fair Value of Financial Assets and Liabilities - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Transfers between Level 1, Level 2 and Level 3	$ 0	$ 0	$ 0	$ 0
Series 1 Nonconvertible Preferred Stock [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Series 1 nonconvertible preferred stock	185,000		185,000		$ 202,000
Warrant Liability [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of Series 1 nonconvertible preferred stock	$ 1,457,000		$ 1,457,000		$ 1,584,000

Fair Value of Financial Asset28

Fair Value of Financial Assets and Liabilities - Fair Value Measurements of the Company's Warrant Liability and Series 1 Nonconvertible Preferred Stock (Detail) - 9 months ended Jun. 30, 2015 - Warrant Liability [Member] - Series 1 Nonconvertible Preferred Stock [Member]	Total
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Periods in which payout is expected to occur, beginning	2,016
Periods in which payout is expected to occur, ending	2,017
Discount rate	4.25%
Minimum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Probabilities of payout	0.00%
Maximum [Member]
Fair Value Inputs, Liabilities, Quantitative Information [Line Items]
Probabilities of payout	88.00%

Fair Value of Financial Asset29

Fair Value of Financial Assets and Liabilities - Rollforward of Aggregate Fair Values of Warrants (Detail) $ in Thousands	9 Months Ended
	Jun. 30, 2015USD ($)
Series 1 Nonconvertible Preferred Stock [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	$ 202
Decrease in fair value	(17)
Ending Balance	185
Warrant Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning Balance	1,584
Decrease in fair value	(127)
Ending Balance	$ 1,457

Marketable Securities - Fair Va

Marketable Securities - Fair Value of Available-for-Sale Marketable Securities by Type of Security (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 192,155	$ 101,168
Gross Unrealized Gains	68	14
Gross Unrealized Losses	(124)	(114)
Fair Value	192,099	101,068
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	12,495	7,499
Fair Value	12,495	7,499
Corporate Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	145,029	88,156
Gross Unrealized Gains	47	14
Gross Unrealized Losses	(118)	(114)
Fair Value	144,958	88,056
U.S. Agency Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	34,631	5,513
Gross Unrealized Gains	21
Gross Unrealized Losses	(6)
Fair Value	$ 34,646	$ 5,513

Marketable Securities - Additio

Marketable Securities - Additional Information (Detail) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Jun. 30, 2015	Sep. 30, 2014
Schedule of Available-for-sale Securities [Line Items]
Marketable securities maturing in greater than one year, aggregate fair value	$ 57,657	$ 41,003
Short Term Marketable Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity period of the marketable securities
Corporate Bond Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity period of the marketable securities
U.S. Agency Bonds [Member]
Schedule of Available-for-sale Securities [Line Items]
Maturity period of the marketable securities

Accrued Expenses and Other Lo32

Accrued Expenses and Other Long-Term Liabilities - Accrued Expenses (Current) and Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Sep. 30, 2014
Accrued expenses:
Accrued payroll and related expenses	$ 1,165	$ 1,275
Accrued preclinical and clinical expenses	656	493
Accrued vendor manufacturing expenses	733	116
Accrued third-party license fees	198	240
Accrued professional fees	372	436
Accrued other	345	312
Accrued expenses	3,469	2,872
Other long-term liabilities:
Accrued rent expense	265	153
Capital lease liability	175
Asset retirement obligation	98	76
Other long-term liabilities	$ 538	$ 229

Collaboration Agreements - Addi

Collaboration Agreements - Additional Information (Detail) - USD ($)	1 Months Ended				3 Months Ended		9 Months Ended		12 Months Ended
	Feb. 28, 2015	Jan. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2011
AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration agreement tiered royalty description							From the low double digits up to twenty percent, or on a blended basis from the low double digits up to the high teens, on net sales
Upfront license payments, preferred stock sale proceeds, research funding, and milestone payments				$ 160,000,000
Milestone revenue recognized		$ 50,000,000	$ 75,000,000		$ 0		$ 125,000,000
Royalty recognized					11,390,000		19,743,000
Additional Funding Agreement Terms [Member] | AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Expected proceed from milestone payment							80,000,000
JAPAN | AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Expected proceed from milestone payment							$ 30,000,000
Paritaprevir 3-DAA Regimen [Member] | AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of net sales to be allocated							30.00%
Paritaprevir 2-DAA Regimen [Member] | AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of net sales to be allocated							45.00%
Abt 493 2-DAA Regimen [Member] | AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of net sales to be allocated							50.00%
Abt 493 3-DAA Regimen [Member] | AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of net sales to be allocated							33.33%
Abbott Laboratories [Member] | AbbVie [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration agreement date							Nov. 27, 2006
Novartis [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Future milestone payments									$ 0
National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration agreement date							Sep. 30, 2011
Amended contract for development, amount	$ 21,000,000
Funding received for research and development							$ 18,268,000
Revenue from grants					$ 209,000	$ 2,051,000	$ 1,721,000	$ 5,104,000
Maximum [Member] | National Institutes of Health, National Institute of Allergy and Infectious Diseases [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Amended contract for development, amount										$ 42,700,000
Awarded contract for development, contract period										5 years

Warrants to Purchase Series 134

Warrants to Purchase Series 1 Nonconvertible Preferred Stock and Series 1 Nonconvertible Preferred Stock - Additional Information (Detail) - USD ($) $ in Thousands	Feb. 05, 2014	Jun. 30, 2015	Sep. 30, 2014	Nov. 30, 2010	Oct. 31, 2010
Series 1 Nonconvertible Preferred Stock [Member]
Class of Warrant or Right [Line Items]
Number of shares issuable upon exercise of the warrants				1,999,989	1,999,989
Warrant expiration date		Oct. 4, 2017
Warrant exercised	225,408
Warrants issuance	223,153
Fair value of Series 1 nonconvertible preferred stock		$ 185	$ 202
Warrant Liability [Member]
Class of Warrant or Right [Line Items]
Fair value of Series 1 nonconvertible preferred stock		$ 1,457	$ 1,584

Stock-Based Awards - Additional

Stock-Based Awards - Additional Information (Detail) - USD ($)	Jun. 30, 2015	Oct. 01, 2014	Mar. 31, 2013	Jun. 30, 2015	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to executives					513,355
Aggregate of unrecognized stock-based compensation cost	$ 19,557,000			$ 19,557,000	$ 19,557,000
Weighted average recognition period					3 years
Common stock reserved	185,614			185,614	185,614
Shares issued under the ESPP	0
Performance Share Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to executives					20,900
Compensation expenses					$ 0
Performance Share Units [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares range percentage					0.00%
Fair value of performance shares units	$ 0			$ 0	$ 0
Performance Share Units [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares range percentage					200.00%
Fair value of performance shares units	$ 1,501			1,501	$ 1,501
Relative Total Shareholder Return Units rTSRU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to executives					20,900
Fair value of options at the grant date					$ 554,000
Relative Total Shareholder Return Units rTSRU [Member] | Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares range percentage					0.00%
Relative Total Shareholder Return Units rTSRU [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares range percentage					200.00%
Executive Officer [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted to executives			167,052		41,800
Fair value of options at the grant date			$ 2,479,000
Compensation expenses				$ 0	$ 0	$ 206,000
2012 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized		557,863
Percentage of potential common stock shares to be issued					3.00%
Shares available for future grant	455,136			455,136	455,136
2012 Equity Incentive Plan [Member] | Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares authorized					2,088,167

Stock-Based Awards - Data Used

Stock-Based Awards - Data Used to Determine Value of Stock Option Grants, Presented on Weighted Average Basis (Detail)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Risk-free interest rate	1.84%	1.93%	1.85%	1.89%
Expected term (in years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 11 days	6 years 22 days
Expected volatility	70.00%	76.00%	74.00%	75.00%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Stock-Based Awards - Stock Opti

Stock-Based Awards - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2014	Jun. 30, 2015
Shares Issuable Under Options
Outstanding as of beginning of period		1,389,437
Granted		513,355
Exercised		(113,360)
Expired		(39,485)
Outstanding as of end of period	1,389,437	1,749,947
Options vested and expected to vest as of end of period		1,566,662
Options exercisable as of end of period		794,816
Weighted Average Exercise Price
Outstanding as of beginning of period		$ 15.39
Granted		42.33
Exercised		4.88
Expired		32.47
Outstanding as of ending balance	$ 15.39	23.59
Options vested and expected to vest as of end of period		24.22
Options exercisable as of end of period		$ 13.17
Weighted Average Remaining Contractual Term (In years)
Outstanding as of end of period	7 years 2 months 12 days	7 years 4 months 24 days
Options vested and expected to vest as of end period		7 years 4 months 24 days
Options exercisable as of end of period		5 years 8 months 12 days
Aggregate Intrinsic Value
Outstanding as of beginning of period		$ 33,573
Outstanding as of end of period	$ 33,573	37,517
Options vested and expected to vest as of end of period		32,250
Options exercisable as of end of period		$ 25,288

Stock-Based Awards - Weighted A

Stock-Based Awards - Weighted Average Assumptions Used To Value Awards and Estimated Grant Date Fair Value (Detail) - $ / shares	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.84%	1.93%	1.85%	1.89%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Expected volatility	70.00%	76.00%	74.00%	75.00%
Remaining performance period (years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years 11 days	6 years 22 days
Relative Total Shareholder Return Units rTSRU [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate			0.61%
Dividend yield			0.00%
Expected volatility			55.66%
Remaining performance period (years)			1 year 10 months 10 days
Estimated fair value per share of rTSRUs granted			$ 26.51

Stock-Based Awards - Stock-Base

Stock-Based Awards - Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,584	$ 776	$ 4,041	$ 1,887
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	468	196	1,106	562
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,116	$ 580	$ 2,935	$ 1,325

Net Income Per Share - Basic an

Net Income Per Share - Basic and Diluted Net Income Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic net income per share:
Net income	$ 2,418	$ 50,053	$ 73,180	$ 39,480
Weighted average common shares outstanding-basic	18,697,104	18,528,833	18,659,742	18,275,831
Net income per share-basic	$ 0.13	$ 2.70	$ 3.92	$ 2.16
Diluted net income per share:
Net income	$ 2,418	$ 50,053	$ 73,180	$ 39,480
Weighted average common shares outstanding-basic	18,697,104	18,528,833	18,659,742	18,275,831
Dilutive effect of common stock equivalents	580,862	674,437	617,025	892,537
Weighted average common shares outstanding-diluted	19,277,966	19,203,270	19,276,767	19,168,368
Net income per share-diluted	$ 0.13	$ 2.61	$ 3.80	$ 2.06

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Detail) - shares	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Stock Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares excluded from the computation of diluted net income per share	700,679	433,535	559,384	300,428

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Income Tax Disclosure [Abstract]
Income tax benefits (provision)	$ 428,000	$ 15,122,000	$ (48,092,000)	$ 15,122,000
Increase (decrease) in gross deferred tax assets	726,000	$ 15,228,000	(9,277,000)
Unrecognized tax benefits	$ 100,000		$ 100,000		$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Sep. 30, 2014
Commitments And Contingencies [Line Items]
Rent expense	$ 341,000	$ 237,000	$ 821,000	$ 711,000
Office lease expiration period			September 2,022
Outstanding letter of credit	$ 608,000		$ 608,000		$ 436,000
Tenant improvement allowance			600,000
Maintenance fees			105,000
One-time fee			50,000
Company's obligation to pay			5,000,000
Fiscal Year 2015 [Member]
Commitments And Contingencies [Line Items]
License expense			$ 200,000

Commitments and Contingencies44

Commitments and Contingencies - Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands	Jun. 30, 2015USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,015	$ 382
2,016	1,958
2,017	2,010
2,018	2,062
2,019	2,117
Thereafter	6,494
Total	$ 15,023