Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Oct. 28, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | OMED | |
Entity Registrant Name | OncoMed Pharmaceuticals Inc | |
Entity Central Index Key | 1,302,573 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 37,092,441 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 30,084 | $ 38,444 |
Short-term investments | 177,506 | 118,835 |
Accounts receivable and other receivables | 2,248 | 70,699 |
Prepaid and other current assets | 2,836 | 3,277 |
Total current assets | 212,674 | 231,255 |
Property and equipment, net | 4,355 | 4,825 |
Other assets | 1,159 | 1,807 |
Total assets | 218,188 | 237,887 |
Current liabilities: | ||
Accounts payable | 5,436 | 6,660 |
Accrued liabilities | 8,732 | 11,475 |
Accrued clinical liabilities | 19,731 | 12,221 |
Current portion of deferred revenue | 20,799 | 21,543 |
Current portion of deferred rent | 783 | 738 |
Liability for shares issued with repurchase rights | 4 | |
Total current liabilities | 55,481 | 52,641 |
Deferred revenue, less current portion | 164,387 | 179,612 |
Deferred rent, less current portion | 1,132 | 1,729 |
Non-current income tax payable | 369 | 354 |
Total liabilities | 221,369 | 234,336 |
Commitments and contingencies | ||
Stockholders’ equity (deficit): | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized at September 30, 2016 and December 31, 2015; no shares issued and outstanding at September 30, 2016 and December 31, 2015 | ||
Common stock, $0.001 par value; 145,000,000 shares authorized at September 30, 2016 and December 31, 2015; 37,084,959 shares and 30,116,633 shares issued and outstanding at September 30, 2016 and December 31, 2015, respectively | 37 | 30 |
Additional paid-in capital | 387,201 | 313,344 |
Accumulated other comprehensive income | 191 | 20 |
Accumulated deficit | (390,610) | (309,843) |
Total stockholders’ equity (deficit) | (3,181) | 3,551 |
Total liabilities and stockholders' equity (deficit) | $ 218,188 | $ 237,887 |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 145,000,000 | 145,000,000 |
Common stock, shares issued | 37,084,959 | 30,116,633 |
Common stock, shares outstanding | 37,084,959 | 30,116,633 |
Condensed Statements of Operati
Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Revenue: | ||||
Collaboration revenue | $ 5,279 | $ 4,687 | $ 15,976 | $ 19,060 |
Other revenue | 640 | 2,959 | ||
Total revenue | 5,919 | 4,687 | 18,935 | 19,060 |
Operating expenses: | ||||
Research and development | 27,361 | 24,712 | 85,467 | 66,190 |
General and administrative | 4,493 | 4,536 | 14,464 | 13,607 |
Total operating expenses | 31,854 | 29,248 | 99,931 | 79,797 |
Loss from operations | (25,935) | (24,561) | (80,996) | (60,737) |
Interest and other income, net | 80 | 94 | 247 | 143 |
Loss before income taxes | (25,855) | (24,467) | (80,749) | (60,594) |
Income tax provision | 9 | 12 | 15 | 35 |
Net loss | $ (25,864) | $ (24,479) | $ (80,764) | $ (60,629) |
Net loss per common share, basic and diluted | $ (0.77) | $ (0.81) | $ (2.57) | $ (2.02) |
Shares used to compute net loss per common share, basic and diluted | 33,758,423 | 30,072,662 | 31,435,446 | 30,001,697 |
Condensed Statements of Compreh
Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (25,864) | $ (24,479) | $ (80,764) | $ (60,629) |
Other comprehensive income: | ||||
Unrealized gain on available-for-sale securities, net of tax | 29 | 20 | 171 | 141 |
Total comprehensive loss | $ (25,835) | $ (24,459) | $ (80,593) | $ (60,488) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Operating activities | ||
Net loss | $ (80,764) | $ (60,629) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,328 | 1,216 |
Stock-based compensation | 8,775 | 7,315 |
Changes in operating assets and liabilities: | ||
Income tax refund receivable | 7,102 | |
Accounts receivable and other receivables | 68,451 | (273) |
Prepaid and other current assets | 441 | (85) |
Other assets | 648 | (276) |
Accounts payable | (1,224) | (906) |
Accrued liabilities | (2,731) | (129) |
Accrued clinical liabilities | 7,510 | 3,824 |
Deferred revenue | (15,969) | (14,060) |
Deferred rent | (552) | (508) |
Net cash used in operating activities | (14,087) | (57,409) |
Investing activities | ||
Purchases of property and equipment | (858) | (1,178) |
Purchases of short-term investments | (207,282) | (118,820) |
Maturities of short-term investments | 148,782 | 178,865 |
Net cash provided by (used in) investing activities | (59,358) | 58,867 |
Financing activities | ||
Proceeds from issuance of common stock related to the exercise of options and employee stock plan purchases | 1,176 | 1,684 |
Net proceeds from issuance of common stock | 63,909 | |
Net cash provided by financing activities | 65,085 | 1,684 |
Net increase in cash and cash equivalents | (8,360) | 3,142 |
Cash and cash equivalents at beginning of period | 38,444 | 28,138 |
Cash and cash equivalents at end of period | $ 30,084 | $ 31,280 |
Organization
Organization | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization OncoMed Pharmaceuticals, Inc. (“OncoMed”, the “Company”, “we”, “us”, or “our”) is a biopharmaceutical company focused on discovering and developing novel anti-cancer therapeutics, including anti-cancer stem cell (“anti-CSC”) and immuno-oncology product candidates. Our approach has been to address fundamental biologic pathways and targets thought to drive cancer’s growth, recurrence and metastases. We have seven internally discovered product candidates in clinical development. We have two biologic product candidates in the immuno-oncology field advancing toward Investigational New Drug application filings with the U.S. Food and Drug Administration. We are also pursuing discovery of additional novel approaches to cancer treatment including anti-CSC and immuno-oncology product candidates. The Company was incorporated in July 2004 in Delaware. The Company’s operations are based in Redwood City, California, and it operates in one segment. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for any subsequent interim period. Certain prior period amounts reported in our financial statements and notes thereto have been reclassified to conform to the current period presentation, with no impact on previously reported operating results or financial position. The condensed balance sheet data as of December 31, 2015 was derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2016. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to revenue recognition, preclinical study and clinical trial accruals, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. Customer Concentration Customers whose revenue accounted for 10% or more of total revenues were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 GlaxoSmithKline LLC ("GSK") * * * 31% Bayer Pharma AG ("Bayer") 10% 24% * 18% Celgene Corporation ("Celgene") 88% 70% 88% 51% * Less than 10% Net Loss per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per common share is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, potentially dilutive securities consisting of common stock subject to repurchase, stock options and restricted stock units are considered to be common stock equivalents and were excluded in the calculation of diluted net loss per common share because their effect would be anti-dilutive for all periods presented. Newly Adopted and Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, |
Cash Equivalents and Investment
Cash Equivalents and Investments | 9 Months Ended |
Sep. 30, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Cash Equivalents and Investments | 3. Cash Equivalents and Investments The fair value of securities, not including cash at September 30, 2016 and December 31, 2015, were as follows (in thousands): September 30, 2016 Amortized Gross Unrealized Cost Gains Losses Fair Value Money market funds $ 282 $ — $ — $ 282 U.S. treasury bills 177,315 191 — 177,506 Total available-for-sale securities $ 177,597 $ 191 $ — $ 177,788 Classified as: Cash equivalents $ 282 Short-term investments 177,506 Total cash equivalents and investments $ 177,788 As of September 30, 2016, the Company had a total of $207.6 million in cash, cash equivalents, and short-term investments, which includes $29.8 million in cash and $177.8 million in cash equivalents and short-term investments. December 31, 2015 Amortized Gross Unrealized Cost Gains Losses Fair Value U.S. treasury bills $ 118,815 $ 40 $ (20 ) $ 118,835 Total available-for-sale securities $ 118,815 $ 40 $ (20 ) $ 118,835 Classified as: Short-term investments $ 118,835 As of December 31, 2015, the Company had a total of $157.3 million in cash, cash equivalents, and short-term investments, which includes $38.5 million in cash and $118.8 million in cash equivalents and short-term investments. All available-for-sale securities held as of September 30, 2016 and December 31, 2015 had contractual maturities of less than one year. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company records its financial assets and liabilities at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value, and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: • Level 1: Inputs which include quoted prices in active markets for identical assets and liabilities. • Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices 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. • 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. The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands): September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 282 $ — $ — $ 282 U.S. treasury bills — 177,506 — 177,506 Total $ 282 $ 177,506 $ — $ 177,788 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: U.S. treasury bills $ — $ 118,835 $ — $ 118,835 Total $ — $ 118,835 $ — $ 118,835 Where quoted prices are available in an active market, securities are classified as Level 1. The Company classifies money market funds as Level 1. When quoted market prices are not available for the specific security, then the Company estimates fair value by using benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. The Company classifies U.S. Treasury securities as Level 2. There were no transfers between Level 1 and Level 2 during the periods presented. |
Collaborations
Collaborations | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaborations | 5. Collaborations Summary of Collaboration Related Revenue The Company has recognized the following revenues from its collaboration agreements during the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 GSK: Recognition of upfront payments $ 127 $ 312 $ 426 $ 936 Milestone revenue — — — 5,000 Other revenue — — 617 — GSK total 127 312 1,043 5,936 Bayer: Recognition of upfront payments 139 1,111 509 3,333 Other revenue 466 — 773 — Bayer total 605 1,111 1,282 3,333 Celgene: Recognition of upfront payments 5,013 3,264 15,041 9,791 Other revenue 174 — 1,569 — Celgene total 5,187 3,264 16,610 9,791 Total collaboration related revenue $ 5,919 $ 4,687 $ 18,935 $ 19,060 GSK Strategic Alliance As of September 30, 2016, the Company was eligible to receive in its collaboration with GSK up to $76.0 million in future development milestone payments prior to the completion of certain Phase II proof-of-concept (“POC”) clinical trials. These remaining potential development milestones include up to $60.0 million if GSK exercises its options for tarextumab and brontictuzumab, including a $10.0 million bonus payment, and up to $16.0 million for the start of certain Phase II clinical trials associated with the development of brontictuzumab, including a $5.0 million bonus payment. GSK has the option to license tarextumab at the end of the Phase II “PINNACLE” clinical trial. GSK has the option to license the brontictuzumab program as early as the end of Phase Ia or at the end of Phase II clinical trials. Following exercise of the option, GSK will be responsible for all further development and commercialization following such option exercise. If GSK successfully develops and commercializes both candidates for more than one indication, the Company could receive contingent consideration payments of up to $309.0 million for the achievement of certain post-option exercise development and regulatory events and up to $280.0 million upon the achievement of certain levels of worldwide net sales, for a total of $665.0 million of potential future payments. In addition, the Company can earn royalty payments on all future collaboration product sales, if any. As all contingent consideration payments are based solely on the performance of GSK, the milestone method of accounting will not be applied to such amounts. On October 31, 2016, GSK provided written notice to the Company that it is terminating its option to obtain an exclusive license to develop and commercialize brontictuzumab, effective 90 days after the date of the notice, and plans to focus the collaboration on the tarextumab program. After such termination becomes effective, the Company will retain worldwide rights to develop brontictuzumab. The Company will no longer be eligible to receive the $25.0 million development milestone for GSK’s exercise of its option for brontictuzumab or the $10.0 million bonus payment associated with GSK’s exercise of its options for tarextumab and brontictuzumab described above. The Company will also no longer be eligible to receive the development milestones described above of up to $16.0 million for the start of certain Phase II clinical trials associated with the development of brontictuzumab, including the $5.0 million bonus payment. Furthermore, the Company will no longer be eligible to receive $294.5 million, in the aggregate, of the potential post-option exercise payments described above. Under certain circumstances, the Company may owe GSK single-digit percentage royalties on net product sales of brontictuzumab. The Company’s current efforts with investigators on planning the conduct of a Phase Ib trial of brontictuzumab combined with chemotherapy in colorectal cancer continue. Bayer Strategic Alliance As of September 30, 2016, the Company was eligible to receive up to $10.0 million in future development milestone payments in its collaboration with Bayer for the Company’s development of biologic product candidates, prior to the point that Bayer exercises its options. Bayer can elect to exercise its options on vantictumab and ipafricept, two candidates currently in clinical development, through completion of certain Phase I trials, provided that such options are exercised by a certain date in 2017. The Company is eligible to receive up to $55.0 million if Bayer exercises its options for biologic product candidates, including opt-in payment of $25.0 million for vantictumab and $15.0 million for ipafricept. Bayer will be responsible for all further development and commercialization following the exercise of an option for a product candidate. The Company is eligible to receive up to $22.0 million in certain development milestone payments for any small molecule candidates. If Bayer successfully develops and commercializes all of the product candidates for more than one indication, the Company could receive contingent consideration payments of up to $185.0 million for the achievement of certain later-stage development and regulatory events (up to $135.0 million for biologics and $50.0 million for small molecules) and up to $1.0 billion upon the achievement of specified future product sales (up to $862.5 million for biologics and $140.0 million for small molecules). In addition, the Company can earn royalty payments on all future collaboration product sales, if any. As all contingent consideration is based solely on the performance of Bayer, the Company would recognize the contingent payments upon receipt immediately as collaboration revenue if the Company had no further performance obligations under the agreement with Bayer. Celgene Strategic Alliance As of September 30, 2016, the Company was eligible to receive in its collaboration with Celgene up to $15.0 million in future development milestones across all programs, prior to the point that Celgene exercises its options. The Company is also eligible to receive up to $240.0 million of contingent consideration if Celgene exercises all its options for the biologic and small molecule therapeutic programs. Following Celgene’s exercise of its option for a biologic therapeutic program, the Company will have co-development and co-commercialization rights for five of the six biologic therapeutic programs in the U.S. Celgene will be responsible for all further development and commercialization following the exercise of the options for specified programs. For programs subject to the Company’s co-development and co-commercialization rights, the Company will be responsible for one-third and Celgene will be responsible for two-thirds of worldwide development costs, and the Company and Celgene will share 50% of all product profits and losses in the U.S. Outside the U.S., Celgene will have exclusive development and commercialization rights for such programs, with the Company eligible to receive milestones and tiered royalties on product sales. With respect to one of the six biologic therapeutic programs, and any of the other biologic therapeutic programs if the Company elects not to co-develop and co-commercialize products arising from such program, Celgene will have exclusive development and commercialization rights worldwide, with the Company eligible to receive milestones and tiered royalties on worldwide product sales. If Celgene successfully develops and commercializes all of the product candidates, the Company could receive additional contingent consideration of up to $2.8 billion for the achievement of post-option exercise development, regulatory events and sales milestones (up to $2.7 billion for biologics and $95.0 million for small molecules). As all contingent consideration is based solely on the performance of Celgene, the Company would recognize the contingent payments upon receipt immediately as collaboration revenue if the Company had no further performance obligations under the agreement with Celgene. |
Stock Incentive Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Incentive Plans | 6. Stock Incentive Plans Equity Incentive Award and Stock Incentive Plans As of September 30, 2016, a total of 4,192,996 shares of common stock have been authorized under the 2013 Equity Incentive Award Plan (the “2013 Plan”), including the additional 1,204,665 shares of common stock that became available for future issuance under the 2013 Plan as of January 1, 2016 as a result of an annual automatic increase provision in the 2013 Plan. As of September 30, 2016, a total of 2,698,011 shares are subject to options outstanding under the 2013 Plan. There are 1,790,403 shares subject to options outstanding under the 2004 Stock Incentive Plan (the “2004 Plan”) as of September 30, 2016, which will become available for issuance under the 2013 Plan to the extent the options are forfeited or lapse unexercised without issuance of such shares under the 2004 Plan. The following table summarizes activity under the 2004 Plan and 2013 Plan during the nine months ended September 30, 2016, including grants to nonemployees and restricted stock units (“RSUs”) granted: Shares Available for Grant Options and of Options and Awards (In thousands) Awards Outstanding Balance at December 31, 2015 145 4,694 Additional shares authorized 1,205 — Options granted (203 ) 203 Options exercised — (71 ) Awards vested — (71 ) Options forfeited 51 (51 ) RSUs forfeited 4 (4 ) Balance at September 30, 2016 1,202 4,700 The weighted-average grant date estimated fair value of options granted during the nine months ended September 30, 2016 was $13.66 per share. Employee Stock Purchase Plan As of September 30, 2016, a total of 1,193,620 shares of common stock have been authorized and 944,852 shares of common stock are available for future issuance under the Company’s Employee Stock Purchase Plan (the “ESPP”). This authorized number includes the additional 301,166 shares of common stock that became available for future issuance under the ESPP as of January 1, 2016 as a result of an annual automatic increase provision in the ESPP. The ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. The ESPP provides for six-month offering periods, and at the end of each offering period, employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the last day of the offering period. During the nine months ended September 30, 2016, the Company issued 111,633 shares under the ESPP. The Company used the following assumptions to estimate the fair value of the ESPP offered during the nine months ended September 30, 2016: expected term of 0.5 years, weighted-average volatility of 72.82%, risk-free interest rate of 0.41% and expected dividend yield of zero. Restricted Stock Units In March 2014, the Company awarded 293,980 RSUs under the 2013 Plan. Each vested RSU represents the right to receive one share of common stock. The fair value of the RSU awards was calculated based on the NASDAQ quoted stock price on the date of the grant with the expense being recognized over the vesting period. The RSUs are generally scheduled to vest at the end of three years at March 31, 2017. However, the vesting of 25% of the awarded RSUs was accelerated upon the achievement of a designated milestone payment related to safety data from Phase Ib and Phase II clinical trials of demcizumab (anti-DLL4, OMP-21M18). The stock-based compensation expense for the remaining RSUs is being amortized on the straight-line basis over the three-year vesting period. The Company has recognized the stock-based compensation expense of $ 0.5 million and $1.6 million related to these RSUs for the three and nine months ended September 30, 2016, respectively. Stock-Based Compensation Employee stock-based compensation expense was calculated based on awards expected to vest and has been reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures are expected to differ from those estimates. Stock-based compensation expense recognized was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Research and development $ 1,586 $ 1,402 $ 4,827 $ 4,052 General and administrative 1,243 1,109 3,948 3,263 Total $ 2,829 $ 2,511 $ 8,775 $ 7,315 As of September 30, 2016, the Company had $18.0 million and $1.1 million of unrecognized stock-based compensation expense related to unvested stock options and RSUs, respectively, which are expected to be recognized over an estimated weighted-average period of 2.45 years and 0.5 years, respectively. The estimated grant date fair value of employee stock options was calculated using the Black-Scholes option-pricing model, based on the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted-average volatility — 63.29% 71.70% 63.81% Weighted-average expected term (years) — 6.2 5.7 6.2 Risk-free interest rate — 2.00% 1.40% 2.00% Expected dividend yield — — — — Common Stock Issuance under At-the-Market Agreement Pursuant to a sales agreement (the “ATM Agreement”) with Cantor Fitzgerald & Co. (“Cantor Fitzgerald”), we may issue and sell up to $50 million of our common stock in one or more at-the-market offerings, under our shelf registration statement on Form S-3 filed on June 12, 2015. Under the ATM Agreement, we agreed to pay Cantor Fitzgerald a commission of 3.0% of the aggregate gross proceeds from each sale of our shares thereunder. For the three and nine months ended September 30, 2016, we sold 310,106 and 388,166 shares, respectively, under the ATM Agreement at a weighted average price of $12.65 and $12.59 per share, respectively, resulting in aggregate net proceeds of approximately $3.8 million and $4.7 million, respectively. Public Offering of Common Stock On August 23, 2016, we closed the sale of an aggregate of 6,325,000 shares of our common stock, at a public offering price of $10.00 per share. The shares were issued pursuant to a prospectus supplement filed with the SEC on August 17, 2016, and related prospectus, pursuant to our shelf registration statement on Form S-3 filed on June 12, 2015. We received net offering proceeds of approximately $59.2 million after deducting the underwriting discounts and commissions and estimated offering expenses. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 7. Income Taxes During the three and nine months ended September 30, 2016, the Company recorded an income tax provision of $9,000 and $15,000, respectively, related to discrete items resulting from interest on prior years’ uncertain tax positions. The Company’s deferred tax assets continue to be fully offset by a valuation allowance. |
Net Loss per Common Share
Net Loss per Common Share | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Common Share | 8. Net Loss per Common Share The following outstanding common stock equivalents were excluded from the computation of diluted net loss per common share for the periods presented because including them would have been antidilutive: As of September 30, 2016 2015 Options to purchase common stock 4,488,414 3,505,346 RSUs 211,015 289,004 4,699,429 3,794,350 |
Summary of Significant Accoun15
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim reporting. These financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, that are necessary for a fair statement of the Company’s financial information. These interim results are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or for any subsequent interim period. Certain prior period amounts reported in our financial statements and notes thereto have been reclassified to conform to the current period presentation, with no impact on previously reported operating results or financial position. The condensed balance sheet data as of December 31, 2015 was derived from the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015. The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015, filed with the Securities and Exchange Commission (the “SEC”) on March 10, 2016. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including, but not limited to, those related to revenue recognition, preclinical study and clinical trial accruals, fair value of assets and liabilities, income taxes, and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results may differ from those estimates. |
Customer Concentration | Customer Concentration Customers whose revenue accounted for 10% or more of total revenues were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 GlaxoSmithKline LLC ("GSK") * * * 31% Bayer Pharma AG ("Bayer") 10% 24% * 18% Celgene Corporation ("Celgene") 88% 70% 88% 51% * Less than 10% |
Net Loss per Common Share | Net Loss per Common Share Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per common share is computed by dividing the net loss by the weighted-average number of common shares and common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, potentially dilutive securities consisting of common stock subject to repurchase, stock options and restricted stock units are considered to be common stock equivalents and were excluded in the calculation of diluted net loss per common share because their effect would be anti-dilutive for all periods presented. |
Newly Adopted and Recent Accounting Pronouncements | Newly Adopted and Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting, |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Customer Concentration of Revenue | Customers whose revenue accounted for 10% or more of total revenues were as follows: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 GlaxoSmithKline LLC ("GSK") * * * 31% Bayer Pharma AG ("Bayer") 10% 24% * 18% Celgene Corporation ("Celgene") 88% 70% 88% 51% * Less than 10% |
Cash Equivalents and Investme17
Cash Equivalents and Investments (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Schedule of Fair Value of Securities, Not Including Cash | The fair value of securities, not including cash at September 30, 2016 and December 31, 2015, were as follows (in thousands): September 30, 2016 Amortized Gross Unrealized Cost Gains Losses Fair Value Money market funds $ 282 $ — $ — $ 282 U.S. treasury bills 177,315 191 — 177,506 Total available-for-sale securities $ 177,597 $ 191 $ — $ 177,788 Classified as: Cash equivalents $ 282 Short-term investments 177,506 Total cash equivalents and investments $ 177,788 As of September 30, 2016, the Company had a total of $207.6 million in cash, cash equivalents, and short-term investments, which includes $29.8 million in cash and $177.8 million in cash equivalents and short-term investments. December 31, 2015 Amortized Gross Unrealized Cost Gains Losses Fair Value U.S. treasury bills $ 118,815 $ 40 $ (20 ) $ 118,835 Total available-for-sale securities $ 118,815 $ 40 $ (20 ) $ 118,835 Classified as: Short-term investments $ 118,835 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis | The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows (in thousands): September 30, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 282 $ — $ — $ 282 U.S. treasury bills — 177,506 — 177,506 Total $ 282 $ 177,506 $ — $ 177,788 December 31, 2015 Level 1 Level 2 Level 3 Total Assets: U.S. treasury bills $ — $ 118,835 $ — $ 118,835 Total $ — $ 118,835 $ — $ 118,835 |
Collaborations (Tables)
Collaborations (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Company Recognized Revenues from Collaboration Agreements | The Company has recognized the following revenues from its collaboration agreements during the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 GSK: Recognition of upfront payments $ 127 $ 312 $ 426 $ 936 Milestone revenue — — — 5,000 Other revenue — — 617 — GSK total 127 312 1,043 5,936 Bayer: Recognition of upfront payments 139 1,111 509 3,333 Other revenue 466 — 773 — Bayer total 605 1,111 1,282 3,333 Celgene: Recognition of upfront payments 5,013 3,264 15,041 9,791 Other revenue 174 — 1,569 — Celgene total 5,187 3,264 16,610 9,791 Total collaboration related revenue $ 5,919 $ 4,687 $ 18,935 $ 19,060 |
Stock Incentive Plans (Tables)
Stock Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity under the 2004 Plan and 2013 Stock Plan | The following table summarizes activity under the 2004 Plan and 2013 Plan during the nine months ended September 30, 2016, including grants to nonemployees and restricted stock units (“RSUs”) granted: Shares Available for Grant Options and of Options and Awards (In thousands) Awards Outstanding Balance at December 31, 2015 145 4,694 Additional shares authorized 1,205 — Options granted (203 ) 203 Options exercised — (71 ) Awards vested — (71 ) Options forfeited 51 (51 ) RSUs forfeited 4 (4 ) Balance at September 30, 2016 1,202 4,700 |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recognized was as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Research and development $ 1,586 $ 1,402 $ 4,827 $ 4,052 General and administrative 1,243 1,109 3,948 3,263 Total $ 2,829 $ 2,511 $ 8,775 $ 7,315 |
Assumptions Used for Determining Fair Value of Stock Options Using Black-Scholes Valuation Model | The estimated grant date fair value of employee stock options was calculated using the Black-Scholes option-pricing model, based on the following assumptions: Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Weighted-average volatility — 63.29% 71.70% 63.81% Weighted-average expected term (years) — 6.2 5.7 6.2 Risk-free interest rate — 2.00% 1.40% 2.00% Expected dividend yield — — — — |
Net Loss per Common Share (Tabl
Net Loss per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Earnings Per Share [Abstract] | |
Outstanding Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Common Share | The following outstanding common stock equivalents were excluded from the computation of diluted net loss per common share for the periods presented because including them would have been antidilutive: As of September 30, 2016 2015 Options to purchase common stock 4,488,414 3,505,346 RSUs 211,015 289,004 4,699,429 3,794,350 |
Organization - Additional Infor
Organization - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Incorporation date | Jul. 31, 2004 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Minimum [Member] | Revenue [Member] | Customer Concentration [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Concentration risk percentage of revenue represented by major customers | 10.00% |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Schedule of Customer Concentration of Revenue (Detail) - Revenue [Member] - Customer Concentration [Member] - Collaborative Arrangement [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
GSK [Member] | ||||
Concentration Risk [Line Items] | ||||
Collaborative research and development revenue, Percentage | 31.00% | |||
Bayer [Member] | ||||
Concentration Risk [Line Items] | ||||
Collaborative research and development revenue, Percentage | 10.00% | 24.00% | 18.00% | |
Celgene [Member] | ||||
Concentration Risk [Line Items] | ||||
Collaborative research and development revenue, Percentage | 88.00% | 70.00% | 88.00% | 51.00% |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Schedule of Customer Concentration of Revenue (Parenthetical) (Detail) | 9 Months Ended |
Sep. 30, 2016 | |
Minimum [Member] | Revenue [Member] | Customer Concentration [Member] | |
Concentration Risk [Line Items] | |
Concentration risk percentage of revenue represented by major customers | 10.00% |
Cash Equivalents and Investme26
Cash Equivalents and Investments - Schedule of Fair Value of Securities, Not Including Cash (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 177,597 | $ 118,815 |
Gross Unrealized Gains | 191 | 40 |
Gross Unrealized Losses | (20) | |
Fair Value | 177,788 | 118,835 |
Money Market Funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 282 | |
Fair Value | 282 | |
U.S. Treasury Bills [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 177,315 | 118,815 |
Gross Unrealized Gains | 191 | 40 |
Gross Unrealized Losses | (20) | |
Fair Value | 177,506 | 118,835 |
Cash and Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | 282 | |
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair Value | $ 177,506 | $ 118,835 |
Cash Equivalents and Investme27
Cash Equivalents and Investments - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2016 | Dec. 31, 2015 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash, cash equivalents, and short-term investments | $ 207,600,000 | $ 157,300,000 |
Cash | 29,800,000 | 38,500,000 |
Cash equivalents and short-term investments | 177,788,000 | 118,835,000 |
Realized gains or losses on available-for-sale securities | $ 0 | $ 0 |
Maximum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available for sale securities, contractual maturity period | 1 year | 1 year |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company's Financial Assets and Liabilities Subject to Fair Value Measurements on Recurring Basis (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Assets: | ||
Assets fair value disclosure | $ 177,788 | $ 118,835 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets: | ||
Assets fair value disclosure | 282 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets: | ||
Assets fair value disclosure | 177,506 | 118,835 |
Money Market Funds [Member] | ||
Assets: | ||
Assets fair value disclosure | 282 | |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Assets: | ||
Assets fair value disclosure | 282 | |
U.S. Treasury Bills [Member] | ||
Assets: | ||
Assets fair value disclosure | 177,506 | 118,835 |
U.S. Treasury Bills [Member] | Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Assets: | ||
Assets fair value disclosure | $ 177,506 | $ 118,835 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Sep. 30, 2016USD ($) |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount | $ 0 |
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount | 0 |
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount | 0 |
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount | $ 0 |
Collaborations - Company Recogn
Collaborations - Company Recognized Revenues from Collaboration Agreements (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | $ 5,279 | $ 4,687 | $ 15,976 | $ 19,060 |
Collaborative Arrangement [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 5,919 | 4,687 | 18,935 | 19,060 |
Collaborative Arrangement [Member] | GSK [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 127 | 312 | 1,043 | 5,936 |
Collaborative Arrangement [Member] | GSK [Member] | Recognition of Upfront Payments [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 127 | 312 | 426 | 936 |
Collaborative Arrangement [Member] | GSK [Member] | Milestone Revenue [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 5,000 | |||
Collaborative Arrangement [Member] | GSK [Member] | Other Revenue [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 617 | |||
Collaborative Arrangement [Member] | Bayer [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 605 | 1,111 | 1,282 | 3,333 |
Collaborative Arrangement [Member] | Bayer [Member] | Recognition of Upfront Payments [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 139 | 1,111 | 509 | 3,333 |
Collaborative Arrangement [Member] | Bayer [Member] | Other Revenue [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 466 | 773 | ||
Collaborative Arrangement [Member] | Celgene [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 5,187 | 3,264 | 16,610 | 9,791 |
Collaborative Arrangement [Member] | Celgene [Member] | Recognition of Upfront Payments [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | 5,013 | $ 3,264 | 15,041 | $ 9,791 |
Collaborative Arrangement [Member] | Celgene [Member] | Other Revenue [Member] | ||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||
Collaboration revenue | $ 174 | $ 1,569 |
Collaborations - GSK Strategic
Collaborations - GSK Strategic Alliance - Additional Information (Detail) - GSK [Member] - Collaborative Arrangement [Member] - USD ($) $ in Millions | Oct. 31, 2016 | Sep. 30, 2016 |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Development milestone payments | $ 76 | |
Contingent consideration payments | 309 | |
Contingent consideration payments for achievement of worldwide net sales | 280 | |
Potential future payments | 665 | |
Brontictuzumab Anti-Notch 1, OMP-52M51 [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Remaining potential development milestone payment | 16 | |
Bonus payment | 5 | |
Tarextumab Anti-Notch 2/3, OMP-59R5 [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Bonus payment | 10 | |
Milestones on completion of exercise options | $ 60 | |
Subsequent Event [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Period to implement termination after notice period | 90 days | |
Termination of potential future payments | $ 294.5 | |
Subsequent Event [Member] | Brontictuzumab Anti-Notch 1, OMP-52M51 [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Termination of development milestone payments | 25 | |
Termination of bonus payment | 5 | |
Termination of remaining potential development milestone payment | 16 | |
Subsequent Event [Member] | Tarextumab Anti-Notch 2/3, OMP-59R5 [Member] | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Termination of bonus payment | $ 10 |
Collaborations - Bayer Strategi
Collaborations - Bayer Strategic Alliance - Additional Information (Detail) - Bayer [Member] $ in Millions | 9 Months Ended |
Sep. 30, 2016USD ($)Candidate | |
Collaborative Arrangement [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Future development milestone payments | $ 10 |
Contingent consideration payments for regulatory events | 185 |
Collaborative Arrangement [Member] | Achievement of Specified Future Product Sales [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Contingent consideration payments for regulatory events | 1,000 |
Collaborative Arrangement [Member] | Biologic Product [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Future development milestone payments | 55 |
Contingent consideration payments for regulatory events | 135 |
Collaborative Arrangement [Member] | Biologic Product [Member] | Achievement of Specified Future Product Sales [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Contingent consideration payments for regulatory events | 862.5 |
Collaborative Arrangement [Member] | Small Molecules [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Future development milestone payments | 22 |
Contingent consideration payments for regulatory events | 50 |
Collaborative Arrangement [Member] | Small Molecules [Member] | Achievement of Specified Future Product Sales [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Contingent consideration payments for regulatory events | 140 |
Collaborative Arrangement [Member] | Vantictumab [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Opt-in payment | 25 |
Collaborative Arrangement [Member] | Ipafricept [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Opt-in payment | $ 15 |
Clinical Development [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Number of candidates | Candidate | 2 |
Collaborations - Celgene Strate
Collaborations - Celgene Strategic Alliance - Additional Information (Detail) - Collaborative Arrangement [Member] | 9 Months Ended |
Sep. 30, 2016USD ($)Program | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Percentage of sharing development cost | 33.33% |
Profits and losses sharing percentage | 50.00% |
Celgene [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Future development milestone payments | $ 15,000,000 |
Additional contingent consideration for regulatory events | $ 2,800,000,000 |
Number of biological program for which company can enter into co-commercialization and co-development agreements | Program | 5 |
Number of biologic programs | Program | 6 |
Percentage of sharing development cost | 66.66% |
Profits and losses sharing percentage | 50.00% |
Celgene [Member] | Biologic and Small Molecule Therapeutic Programs [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Future development milestone payments | $ 240,000,000 |
Celgene [Member] | Small Molecules [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Additional contingent consideration for regulatory events | 95,000,000 |
Maximum [Member] | Celgene [Member] | Biologic Product [Member] | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | |
Additional contingent consideration for regulatory events | $ 2,700,000,000 |
Stock Incentive Plans - Additio
Stock Incentive Plans - Additional Information (Detail) - USD ($) | Aug. 23, 2016 | Mar. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Jan. 01, 2016 | Dec. 31, 2015 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock subject to options outstanding | 4,700,000 | 4,700,000 | 4,694,000 | |||||
Weighted-average grant-date fair value, granted | $ 13.66 | |||||||
Estimated fair value expected term | 6 years 2 months 12 days | 5 years 8 months 12 days | 6 years 2 months 12 days | |||||
Estimated fair value weighted-average volatility rate | 63.29% | 71.70% | 63.81% | |||||
Estimated fair value risk-free interest rate | 2.00% | 1.40% | 2.00% | |||||
Stock-based compensation expense | $ 2,829,000 | $ 2,511,000 | $ 8,775,000 | $ 7,315,000 | ||||
Net proceeds from sale of common stock | $ 63,909,000 | |||||||
At-the-Market Offering [Member] | Cantor Fitzgerald & Co [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of sales commission on aggregate gross proceeds | 3.00% | |||||||
Weighted average price per share | $ 12.65 | $ 12.59 | ||||||
Net proceeds from sale of common stock | $ 3,800,000 | $ 4,700,000 | ||||||
At-the-Market Offering [Member] | Cantor Fitzgerald & Co [Member] | Common Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares sold | 310,106 | 388,166 | ||||||
At-the-Market Offering [Member] | Cantor Fitzgerald & Co [Member] | Maximum [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Issuance of common stock value under sales agreement | $ 50,000,000 | $ 50,000,000 | ||||||
Public Offering [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Number of shares sold | 6,325,000 | |||||||
Public offering price per share | $ 10 | |||||||
Offering proceeds, net of underwriting discounts and commissions and estimated offering expenses | $ 59,200,000 | |||||||
Restricted Stock Units [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock units awarded | 293,980 | |||||||
Restricted stock units vesting period | 3 years | |||||||
Restricted stock units vesting date | Mar. 31, 2017 | |||||||
Stock-based compensation expense | 500,000 | $ 1,600,000 | ||||||
Right to receive number of shares of common stock upon vesting of each RSU | 1 | |||||||
Unrecognized stock-based compensation expense | 1,100,000 | $ 1,100,000 | ||||||
Estimated weighted-average period | 6 months | |||||||
Unvested Stock Options [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Unrecognized stock-based compensation expense | $ 18,000,000 | $ 18,000,000 | ||||||
Estimated weighted-average period | 2 years 5 months 12 days | |||||||
Milestone Payment Related to Safety Data from Phase Ib and Phase II Clinical Trials of Demcizumab [Member] | Restricted Stock Units [Member] | Celgene [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Restricted stock units vesting, percentage | 25.00% | |||||||
Employees Stock Purchase Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock shares authorized | 1,193,620 | 1,193,620 | ||||||
Common stock available for future issuance under plan | 944,852 | 944,852 | 301,166 | |||||
Common stock purchased at discount through payroll deductions | 15.00% | |||||||
Employee stock purchase plan, offering period | 6 months | |||||||
Shares purchased lower of the fair market value | 85.00% | |||||||
Common stock issued to employees under ESPP | 111,633 | |||||||
Estimated fair value expected term | 6 months | |||||||
Estimated fair value weighted-average volatility rate | 72.82% | |||||||
Estimated fair value risk-free interest rate | 0.41% | |||||||
Estimated fair value expected dividend yield | 0.00% | |||||||
2013 Equity Incentive Award Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock shares authorized | 4,192,996 | 4,192,996 | ||||||
Common stock available for future issuance under plan | 1,204,665 | |||||||
Common stock subject to options outstanding | 2,698,011 | 2,698,011 | ||||||
2004 Stock Incentive Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock subject to options outstanding | 1,790,403 | 1,790,403 |
Stock Incentive Plans - Summary
Stock Incentive Plans - Summary of Activity under the 2004 Plan and 2013 Stock Plan (Detail) | 9 Months Ended |
Sep. 30, 2016shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Available for Grant, Beginning Balance | 145,000 |
Shares Available for Grant, Additional Options authorized | 1,205,000 |
Shares Available for Grant, Options granted | (203,000) |
Shares Available for Grant, Options exercised | 0 |
Shares Available for Grant, Awards vested | 0 |
Shares Available for Grant, Options forfeited | 51,000 |
Shares Available for Grant, Ending Balance | 1,202,000 |
Options Outstanding, Beginning Balance | 4,694,000 |
Options and Awards Outstanding, Additional Options authorized | 0 |
Options Outstanding, Options granted | 203,000 |
Options Outstanding, Options exercised | (71,000) |
Options Outstanding, Awards vested | (71,000) |
Options Outstanding, Options forfeited | (51,000) |
Options Outstanding, Ending Balance | 4,700,000 |
Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares Available for Grant of Options and Awards, RSUs forfeited | 4,000 |
Options and Awards Outstanding, RSUs forfeited | (4,000) |
Stock Incentive Plans - Schedul
Stock Incentive Plans - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 2,829 | $ 2,511 | $ 8,775 | $ 7,315 |
Research and Development [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 1,586 | 1,402 | 4,827 | 4,052 |
General and Administrative [Member] | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 1,243 | $ 1,109 | $ 3,948 | $ 3,263 |
Stock Incentive Plans - Assumpt
Stock Incentive Plans - Assumptions Used for Determining Fair Value of Stock Options Using Black-Scholes Valuation Model (Detail) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Weighted-average volatility | 63.29% | 71.70% | 63.81% |
Weighted-average expected term (years) | 6 years 2 months 12 days | 5 years 8 months 12 days | 6 years 2 months 12 days |
Risk-free interest rate | 2.00% | 1.40% | 2.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Income tax provision | $ 9 | $ 12 | $ 15 | $ 35 |
Net Loss per Common Share - Out
Net Loss per Common Share - Outstanding Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Common Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Outstanding shares of common stock equivalents | 4,699,429 | 3,794,350 |
Options to purchase common stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Outstanding shares of common stock equivalents | 4,488,414 | 3,505,346 |
Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Outstanding shares of common stock equivalents | 211,015 | 289,004 |