Aveo Pharmaceuticals (AVEO) 10-Q 4 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 28, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Trading Symbol	AVEO
Entity Registrant Name	AVEO PHARMACEUTICALS INC
Entity Central Index Key	1,325,879
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		110,362,946

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 33,411	$ 15,096
Marketable securities		8,252
Accounts receivable	676	1,027
Clinical trial retainers	1,702	1,702
Other prepaid expenses and other current assets	110	238
Total current assets	35,899	26,315
Clinical trial retainers	659	940
Other assets	26	30
Total assets	36,584	27,285
Current liabilities:
Accounts payable	3,277	2,186
Accrued clinical trial costs and contract research	5,144	3,998
Other accrued liabilities	1,268	1,531
Loans payable, net of discount	3,539	2,124
Deferred revenue	481	510
Other liabilities	540
Total current liabilities	14,249	10,349
Loans payable, net of current portion and discount	10,599	11,879
Deferred revenue	1,598	1,697
Warrant liability (Note 7)	5,077	4,593
Other liabilities	150	690
Total liabilities	31,673	29,208
Stockholders' equity (deficit):
Preferred stock, $.001 par value: 5,000 shares authorized at March 31, 2017 and December 31, 2016; no shares issued and outstanding as of March 31, 2017 and December 31, 2016
Common stock, $.001 par value: 200,000 shares authorized at March 31, 2017 and December 31, 2016; 110,363 and 75,863 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	110	76
Additional paid-in capital	535,584	519,911
Accumulated other comprehensive income	1	6
Accumulated deficit	(530,784)	(521,916)
Total stockholders' equity (deficit)	4,911	(1,923)
Total liabilities and stockholders' equity (deficit)	$ 36,584	$ 27,285

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
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	200,000,000	200,000,000
Common stock, shares issued	110,363,000	75,863,000
Common stock, shares outstanding	110,363,000	75,863,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Collaboration and licensing revenue	$ 2,532	$ 1,203
Operating expenses:
Research and development	7,956	5,972
General and administrative	2,331	2,463
Operating Expenses, Total	10,287	8,435
Loss from operations	(7,755)	(7,232)
Other expense, net:
Interest expense, net	(551)	(369)
Change in fair value of warrant liability	(484)
Other expense		(9)
Other expense, net	(1,035)	(378)
Loss before provision for income taxes	(8,790)	(7,610)
Provision for income taxes	(50)	(100)
Net loss	$ (8,840)	$ (7,710)
Net loss per share - basic and diluted	$ (0.12)	$ (0.13)
Weighted average number of common shares outstanding	76,246	58,166

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (8,840)	$ (7,710)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	(5)	5
Comprehensive loss	$ (8,845)	$ (7,705)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Operating activities
Net loss	$ (8,840)	$ (7,710)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		5
Stock-based compensation	207	390
Non-cash interest expense	134	86
Non-cash change in fair value of warrant liability	484
Amortization of premium and discount on investments	(3)	3
Changes in operating assets and liabilities:
Settlement liability		(4,000)
Accounts receivable	351	2,905
Prepaid expenses and other current assets	128	492
Other noncurrent assets	285	19
Accounts payable	1,091	(1,085)
Accrued contract research	1,146	(660)
Other accrued liabilities	(263)	(603)
Deferred revenue	(128)	(203)
Other liabilities		42
Net cash used in operating activities	(5,408)	(10,319)
Investing activities
Purchases of marketable securities		(5,746)
Proceeds from maturities and sales of marketable securities	8,252	7,500
Net cash provided by investing activities	8,252	1,754
Financing activities
Proceeds from issuance of common stock, net of issuance costs	12,261
Proceeds from issuance of common stock to related parties	3,210
Proceeds from issuance of stock for stock-based compensation arrangements		2
Debt issuance costs		(15)
Net cash provided by (used in) financing activities	15,471	(13)
Net increase (decrease) in cash and cash equivalents	18,315	(8,578)
Cash and cash equivalents at beginning of period	15,096	26,634
Cash and cash equivalents at end of period	33,411	18,056
Supplemental cash flow information
Cash paid for interest	$ 446	$ 301

Organization

Organization	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Organization	(1) Organization AVEO Pharmaceuticals, Inc. (the “Company”) is a biopharmaceutical company dedicated to advancing a broad portfolio of targeted therapeutics for oncology and other areas of unmet medical need. The Company’s proprietary platform has delivered unique insights into cancer and related diseases. The Company’s strategy is to leverage these biomarker insights and partner resources to advance the development of its clinical pipeline. The Company is focused on developing its lead candidate tivozanib in North America as a treatment for renal cell carcinoma, or RCC. In addition, the Company has entered into partnerships to fund the further development and commercialization of its pre-clinical AV-380, AV-203, AV-353 As used throughout these condensed consolidated financial statements, the terms “AVEO,” and the “Company” refer to the business of AVEO Pharmaceuticals, Inc. and its two wholly-owned subsidiaries, AVEO Pharma Limited and AVEO Securities Corporation. Liquidity and Going Concern The Company has financed its operations to date primarily through private placements and public offerings of its common stock and preferred stock, license fees, milestone payments and research and development funding from strategic partners, and loan proceeds. The Company has devoted substantially all of its resources to its drug development efforts, comprising research and development, manufacturing, conducting clinical trials for its product candidates, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain profitable operations. As of March 31, 2017, the Company had cash and cash equivalents totaling approximately $33.4 million, working capital of $21.7 million and an accumulated deficit of $530.8 million. The Company is subject to a number of risks, including the need for substantial additional capital for clinical research and product development and the risk that it is unable to maintain compliance with its financial covenant pursuant to its loan and security agreement (the “Loan Agreement”) with Hercules Technology II, L.P. and Hercules Technology III, L.P., affiliates of Hercules Technology Growth (collectively, “Hercules”), which requires the Company to maintain unrestricted cash (defined as cash and liquid cash, including marketable securities) greater than or equal to $10.0 million through the date of completion of the Company’s TIVO-3 trial, with results that are satisfactory to Hercules. Non-compliance with the financial covenant would be considered an event of default that could result in Hercules, at its option, accelerating and demanding payment of all outstanding obligations together with a prepayment charge. Refer to Note 6 “Loans Payable” for a further description of the Company’s Loan Agreement. On March 31, 2017, the Company closed an underwritten public offering of 34,500,000 shares of its common stock, including the exercise in full by the underwriter of its option to purchase 4,500,000 shares, at the public offering price of $0.50 per share for gross proceeds of approximately $17.3 million. The net offering proceeds to the Company were approximately $15.5 million after deducting underwriting discounts and estimated offering expenses payable by the Company. Refer to Note 7. Based upon the Company’s approximate $33.4 million in existing cash and cash equivalents as of March 31, 2017, the Company does not have sufficient cash on hand to support operations for at least the next twelve months from the date of filing this Quarterly Report on Form 10-Q. TIVO-3 Management’s plans to alleviate these conditions that raise substantial doubt regarding the Company’s ability to continue as a going concern include pursuing one or more of the following options to raise additional funding, none of which can be guaranteed or are entirely within the Company’s control: • Raise funding through the possible additional sales of the Company’s common stock, including public or private equity financings. • Raise funding through the possible sales of the Company’s common stock under the at-the-market • Raise an additional $5.0 million in loan funding under the Company’s Loan Agreement with Hercules, which can occur only if certain specified conditions are met, as fully described in Note 6 “Loans Payable.” • Continue to seek a partner to advance development of the AV-353 • Earn milestone payments pursuant to the collaboration and license agreements described in Note 4 or restructure / monetize existing potential milestone and/or royalty payments under those collaboration and license agreements. There can be no assurance, however, that the Company will receive cash proceeds from any of these potential resources or, to the extent cash proceeds are received, those proceeds would be sufficient to support the Company’s operations for at least the next twelve months from the date of filing this Quarterly Report on Form 10-Q, TIVO-3 In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Generally, under the new accounting standard, management’s plans must be approved before the date the financial statements are issued to be considered probable of being effectively implemented. Under the new accounting standard, the future receipt of potential funding from the Company’s collaborators and other resources is not considered probable at this time because none of the Company’s current plans have been finalized at the time of filing this Quarterly Report on Form 10-Q. Accordingly, substantial doubt is deemed to exist about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. The Company believes that its approximate $33.4 million in cash and cash equivalents at March 31, 2017 would allow it to fund its planned operations into the second quarter of 2018. This estimate assumes no receipt of milestone payments from its partners or related payment of potential licensing milestones to third parties, no additional funding from new partnership agreements, no additional equity financings, no debt financings, no accelerated repayment of its term loan and no further sales of equity under its Sales Agreement with FBR. Accordingly, the timing and nature of activities contemplated for the remainder of 2017 and thereafter will be conducted subject to the availability of sufficient financial resources. If the Company is unable to raise capital when needed or on attractive terms, or if it is unable to procure partnership arrangements to advance its programs, or if it is unable to maintain compliance with the financial covenant in the loan and security agreement, the Company would be forced to delay, reduce or eliminate its research and development programs and any future commercialization efforts. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Presentation	(2) Basis of Presentation These condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, AVEO Pharma Limited and AVEO Securities Corporation. The Company has eliminated all significant intercompany accounts and transactions in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (GAAP) for interim financial information and with the instructions to Form 10-Q S-X. The information presented in the condensed consolidated financial statements and related footnotes at March 31, 2017, and for the three months ended March 31, 2017 and 2016, is unaudited, and the condensed consolidated balance sheet amounts and related footnotes as of December 31, 2016 have been derived from the Company’s audited financial statements. For further information, refer to the consolidated financial statements and accompanying footnotes included in the Company’s annual report on Form 10-K Certain reclassifications have been made to prior periods to conform to current period presentation. Reclassification of prior year amounts have been made to separately present clinical trial retainers from other prepaid expenses and other current assets, and other non-current The Company’s significant accounting polices related to revenue recognition and stock-based compensation are fully described in Note 3, “Significant Accounting Policies”, in the 2016 annual report on Form10-K.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	(3) Significant Accounting Policies Revenue Recognition The Company’s revenues are generated primarily through collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) licenses, or options to obtain licenses, to the Company’s technology, (ii) research and development activities to be performed on behalf of the collaborative partner, and (iii) in certain cases, services in connection with the manufacturing of pre-clinical non-refundable, Collaborations and License Agreements Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including internal costs for salaries, bonuses, benefits, stock-based compensation, facilities, and research-related overhead, and external costs for clinical trials, drug manufacturing and distribution, license fees, consultants and other contracted services. Warrants Issued in Connection with Private Placement In May 2016, the Company issued warrants to purchase an aggregate of 17,642,482 shares of common stock in connection with a private placement financing and recorded the warrants as a liability (the “PIPE Warrants”). The Company accounts for warrant instruments that either conditionally or unconditionally obligate the issuer to transfer assets as liabilities regardless of the timing of the redemption feature or price, even though the underlying shares may be classified as permanent or temporary equity. As of March 31, 2017, none of the PIPE Warrants have been exercised. Refer to Note 7, “Common Stock - Private Placement / PIPE Warrants” for further discussion of the private placement financing. The PIPE Warrants contain a provision giving the warrant holder the option to receive cash, equal to the fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity determined using the Black-Scholes pricing model. These warrants are subject to revaluation at each balance sheet date, and any changes in fair value are recorded as a non-cash non-cash The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the three months ended March 31, 2017 (in thousands): Fair value at January 1, 2017 $ 4,593 Change in fair value 484 Fair value at March 31, 2017 $ 5,077 The key assumptions used to value the PIPE Warrants were as follows: Original Issuance December 31, 2016 March 31, 2017 Expected price volatility 76.25 % 78.18 % 79.01 % Expected term (in years) 5.00 4.50 4.25 Risk-free interest rates 1.22 % 1.93 % 1.72 % Stock price $ 0.89 $ 0.54 $ 0.59 Dividend yield — — — Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. Changes in the balance of cash and cash equivalents may be affected by changes in investment portfolio maturities, as well as actual cash disbursements to fund operations. The Company’s cash is deposited in highly-rated financial institutions in the United States. The Company invests in U.S. government money market funds, high-grade, short-term commercial paper, corporate bonds and other U.S. government agency securities, which management believes are subject to minimal credit and market risk. The carrying values of the Company’s cash and cash equivalents approximate fair value due to their short term maturities. Marketable Securities Marketable securities consist primarily of investments which have expected average maturity dates in excess of three months, but not longer than 24 months. The Company invests in high-grade corporate obligations, including commercial paper, and U. S. government and government agency obligations that are classified as available-for-sale. Marketable securities are stated at fair value, including accrued interest, with their unrealized gains and losses included as a component of accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. The fair value of these securities is based on quoted prices and observable inputs on a recurring basis. The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, with such amortization and accretion recorded as a component of interest expense, net. Realized gains and losses are determined on the specific identification method. Unrealized gains and losses are included in other comprehensive loss until realized, at which point they would be recorded as a component of interest expense, net. Below is a summary of cash, cash equivalents and marketable securities at March 31, 2017 and December 31, 2016 (in thousands): Amortized Unrealized Unrealized Fair March 31, 2017 Cash and cash equivalents: Cash and money market funds $ 30,659 $ — $ — $ 30,659 Corporate debt securities 2,752 — — 2,752 Total cash and cash equivalents $ 33,411 $ — $ — $ 33,411 December 31, 2016: Cash and cash equivalents: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities 1,005 — — 1,005 Total cash and cash equivalents 15,096 — — 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,246 $ 6 $ — $ 8,252 Total marketable securities 8,246 6 — 8,252 Total cash, cash equivalents and marketable securities $ 23,342 $ 6 $ — $ 23,348 Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains deposits in highly-rated federally-insured financial institutions in excess of federally insured limits. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the high credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company’s accounts receivable primarily consists of amounts due to the Company from licensees and collaborators. As of March 31, 2017, the Company had approximately $0.7 million of accounts receivable outstanding, of which approximately $0.5 million was due from Biodesix pursuant to the Company’s collaboration arrangement for ficlatuzumab. Refer to Note 4 “Collaborations and License Agreements” for further discussion of the agreement with Biodesix. The Company has not experienced any material losses related to accounts receivable from individual licensees or collaborators. Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects the Company’s estimate of amounts that it would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its marketable securities by taking into consideration valuations obtained from third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker-dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. As of March 31, 2017, the Company’s financial assets valued based on Level 1 inputs consisted of cash and cash equivalents in a U.S. government money market fund and its financial assets valued based on Level 2 inputs consisted of high-grade corporate debt securities, including commercial paper. During the three months ended March 31, 2017, the Company did not have any transfers of financial assets between Levels 1 and 2. As of March 31, 2017, the Company’s financial liabilities that were recorded at fair value consisted of a warrant liability. The fair value of the Company’s loans payable at March 31, 2017 approximates its carrying value, computed pursuant to a discounted cash flow technique using a market interest rate and is considered a Level 3 fair value measurement. The effective interest rate, which reflects the current market rate, considers the fair value of the warrants issued in connection with the loan, loan issuance costs and the deferred financing charge. The following table summarizes the assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 (in thousands): Fair Value Measurements as of March 31, 2017 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 30,659 $ — $ — $ 30,659 Corporate debt securities — 2,752 — 2,752 Total cash and cash equivalents $ 30,659 $ 2,752 $ — $ 33,411 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 5,077 $ 5,077 Total warrant liability $ — $ — $ 5,077 $ 5,077 Fair Value Measurements as of December 31, 2016 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities — 1,005 — 1,005 Total cash and cash equivalents $ 14,091 $ 1,005 $ — $ 15,096 Marketable securities: Corporate debt securities due within 1 year — $ 8,252 — $ 8,252 Total marketable securities $ — $ 8,252 $ — $ 8,252 Total cash, cash equivalents and marketable securities $ 14,091 $ 9,257 $ — $ 23,348 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 4,593 $ 4,593 Total warrant liability $ — $ — $ 4,593 $ 4,593 Basic and Diluted Loss per Common Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is computed using the weighted average number of common shares outstanding and the weighted average dilutive potential common shares outstanding using the treasury stock method. However, for the three months ended March 31, 2017 and 2016, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of unvested restricted common stock and common stock issuable upon the exercise of stock options and warrants would be anti-dilutive. The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive for the three months ended March 31, 2017 and 2016, respectively (in thousands): Outstanding at March 31, 2017 2016 Options outstanding 6,825 5,584 Warrants outstanding 19,453 609 26,278 6,193 Stock-Based Compensation Under the Company’s stock-based compensation programs, the Company periodically grants stock options and restricted stock to employees, directors and nonemployee consultants. The Company also issues shares under an employee stock purchase plan. The fair value of all awards is recognized in the Company’s statements of operations over the requisite service period for each award. Awards that vest as the recipient provides service are expensed on a straight-line basis over the requisite service period. Other awards, such as performance-based awards that vest upon the achievement of specified goals, are expensed using the accelerated attribution method if achievement of the specified goals is considered probable. The Company uses the Black-Scholes option pricing model to value its stock option awards without market conditions, which requires the Company to make certain assumptions regarding the expected volatility of its common stock price, the expected term of the option grants, the risk-free interest rate and the dividend yield with respect to its common stock. Refer to Note 8 “Stock Based-Compensation” for a further discussion. The fair value of equity-classified awards to employees and directors are measured at fair value on the date the awards are granted. Awards to nonemployee consultants are recorded at their fair values and are re-measured Three Months Ended March 31, 2017 2016 Research and development $ 52 $ 125 General and administrative 155 265 $ 207 $ 390 Stock-based compensation expense is allocated to research and development and general and administrative expense based upon the department of the employee to whom each award was granted.. No related tax benefits of the stock-based compensation expense have been recognized. Income Taxes The Company provides for income taxes using the asset-liability method. Under this method, deferred tax assets and liabilities are recognized based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company calculates its provision for income taxes on ordinary income based on its projected annual tax rate for the year. Uncertain tax positions are recognized if the position is more-likely-than-not Segment and Geographic Information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment in the United States. As of March 31, 2017, the Company has no net assets located outside of the United States. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, contract research accruals, measurement of the warrant liability and measurement of stock-based compensation. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”) 2014-09 2014-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Collaborations and License Agre

Collaborations and License Agreements	3 Months Ended
	Mar. 31, 2017
Text Block [Abstract]
Collaborations and License Agreements	(4) Collaborations and License Agreements Out-License CANbridge In March 2016, the Company entered into a collaboration and license agreement (the “CANbridge Agreement”) with CANbridge Life Sciences Ltd. (“CANbridge”). Under the terms of the CANbridge Agreement, the Company granted CANbridge the exclusive right to develop, manufacture and commercialize AV-203, Pursuant to the CANbridge Agreement, CANbridge made an upfront payment to the Company of $1.0 million in April 2016, net of $0.1 million of withholding taxes. CANbridge has agreed to reimburse the Company $1.0 million for certain manufacturing costs and expenses incurred by the Company prior to the Effective Date with respect to AV-203. Company on the earlier of (i) the date of validation by CANbridge of certain manufacturing development activities or (ii) September 16, 2017, eighteen months from the Effective Date. The Company is also eligible to receive up to $42.0 million in potential development and regulatory milestone payments and up to $90.0 million in potential sales based milestone payments based on annual net sales of licensed products. Upon commercialization, the Company is eligible to receive a tiered royalty, with a percentage range in the low double-digits, on net sales of approved licensed products. CANbridge’s obligation to pay royalties for each licensed product expires on a country-by-country CANbridge is obligated to use commercially reasonable efforts to develop and commercialize AV-203 AV-203 A percentage of any milestone and royalty payments received by the Company, excluding upfront and reimbursement payments, are due to Biogen Idec International GmbH (“Biogen”) as a sublicensing fee under the option and license agreement between the Company and Biogen dated March 18, 2009, as amended. Activities under the CANbridge Agreement were evaluated under ASC 605-25 Revenue Recognition—Multiple Element Arrangements 605-25”) non-contingent AV-203 AV-203 proof-of-concept de minimis know-how The Company believes the development and regulatory milestones that may be achieved under the CANbridge Agreement are consistent with the definition of a milestone included in ASC 605-28, Revenue Recognition—Milestone Method The Company recognized the $0.5 million payment by CANbridge in March 2017 for the cost reimbursement related to the validation of certain manufacturing development activities conducted by the Company prior to the Effective Date as revenue during the three months ended March 31, 2017 as the amount is fixed and determinable and non-refundable. EUSA In December 2015, the Company entered into a license agreement with EUSA Pharma (UK) Limited (“EUSA”) under which the Company granted to EUSA the exclusive, sublicensable right to develop, manufacture and commercialize tivozanib in the territories of Europe (excluding Russia, Ukraine and the Commonwealth of Independent States), Latin America (excluding Mexico), Africa, Australasia and New Zealand (the “EUSA Licensed Territories”) for all diseases and conditions in humans, excluding non-oncologic Under the license agreement, EUSA made a research and development funding payment to the Company of $2.5 million during the year ended December 31, 2015. EUSA is required to make an additional research and development funding payment of $4.0 million if the European Medicines Agency (the “EMA”) grants marketing approval for tivozanib for treatment of RCC. The Company is eligible to receive additional research funding from EUSA of fifty percent (50%) of the total costs for its clinical trials for which EUSA elects to utilize the trial data for regulatory or commercial purposes, including up to $20.0 million for the Company’s TIVO-3 approval for RCC, if any, in each of France, Germany, Italy, Spain and the United Kingdom, and an additional $2.0 million for the grant of marketing approval, if any, in three of the following five countries: Argentina, Australia, Brazil, South Africa and Venezuela. The Company is also eligible to receive a payment of $2.0 million in connection with a filing by EUSA with the EMA for marketing approval, if any, for tivozanib for the treatment of each of up to three additional indications and $5.0 million per indication in connection with the EMA’s grant of marketing approval for each of up to three additional indications, as well as potentially up to $335.0 million upon EUSA’s achievement of certain sales thresholds. The Company is also eligible to receive tiered double-digit royalties on net sales, if any, of licensed products in the EUSA Licensed Territories ranging from a low double digit up to mid-twenty non-research EUSA is obligated to use commercially reasonable efforts to seek regulatory approval for and commercialize tivozanib throughout the EUSA Licensed Territories in RCC. With the exception of certain support to be provided by the Company in connection with the application for marketing approval by the EMA, EUSA has responsibility for all activities and costs associated with the further development, manufacture, regulatory filings and commercialization of tivozanib in the EUSA Licensed Territories. Activities under the agreement were evaluated under ASC 605-25 non-contingent The Company believes the regulatory milestones that may be achieved under the EUSA agreement are consistent with the definition of a milestone included in ASC 605-28, Revenue Recognition—Milestone Method Novartis In August 2015, the Company entered into a license agreement with Novartis. Under the license agreement, the Company has granted to Novartis the exclusive right to develop and commercialize worldwide the Company’s proprietary antibody AV-380 Pursuant to the license agreement, Novartis made an upfront payment to the Company of $15.0 million in September 2015. Novartis also has acquired the Company’s inventory of clinical quality, AV-380 biological Certain milestones achieved by Novartis or timelines associated with the development plan would trigger milestone payment obligations from the Company to St. Vincent’s Hospital Sydney Limited (“St. Vincent’s”) under the Company’s amended and restated license agreement with St. Vincent’s. In addition, royalties on approved products will be payable to St. Vincent’s, and the Company and Novartis will share that obligation equally. Novartis has responsibility under the license agreement for the development, manufacture and commercialization of the Company’s antibodies and any resulting approved therapeutic products. The Company has agreed that it will not directly or indirectly develop, manufacture or commercialize any GDF15 modulator as a human therapeutic during the term of the license agreement. Activities under the agreement with Novartis were evaluated under ASC 605-25 non-contingent 90-day The Company determined the delivered license and obligation to transfer technical knowledge and data have standalone value from the undelivered cooperation. The Company allocated upfront consideration of $15.0 million to the delivered license and technical knowledge and recognized this amount as revenue during the year ended December 31, 2015. The relative selling price of the undelivered cooperation had de minimis The Company received a cash payment of $3.5 million related to the delivery of its inventory of clinical quality drug substance to Novartis during the three months ended March 31, 2016. In February 2017, Novartis agreed to pay the Company $1.8 million out of its future payment obligations to the Company under the license agreement. The funds were provided in order to satisfy a $1.8 million time-based milestone obligation that the Company owed to St. Vincent’s on March 2, 2017. Novartis will reduce any subsequent payment obligations to the Company by $1.8 million plus accrued interest. The Company recognized the $1.8 million of consideration as revenue during the three months ended March 31, 2017, as the amount is fixed and determinable and non-refundable, and the Company does not have any further performance obligations to Novartis in connection with the license agreement. This payment reduces the aggregate future amounts potentially payable by Novartis to the Company under the license agreement by the $1.8 million plus accumulated interest, but does not amend any other terms of the Novartis license agreement. Pharmstandard In August 2015, the Company entered into a license agreement with JSC “Pharmstandard-Ufimskiy Vitamin Plant,” a company registered under the laws of the Russian Federation (“Pharmstandard”). Pharmstandard is a subsidiary of Pharmstandard OJSC. Under the license agreement, the Company granted to Pharmstandard the right to develop, manufacture and commercialize tivozanib in the territories of Russia, Ukraine and the Commonwealth of Independent States for all diseases and conditions in humans, excluding non-oncologic In June 2016, following unsuccessful efforts to renegotiate certain terms of the Pharmstandard license agreement, Pharmstandard notified the Company that due to economic and market changes in Russia it was exercising its right to terminate the license agreement effective September 9, 2016. Upon the effective date of the termination, the remaining deferred revenue of approximately $0.9 million was recognized. The Company recognized approximately $0 and $38 thousand as revenue during the three months ended March 31, 2017 and 2016, respectively. Ophthotech In November 2014 the Company entered into a research and exclusive option agreement (the “Option Agreement”), with Ophthotech Corporation (“Ophthotech”) pursuant to which the Company provided Ophthotech an exclusive option to enter into a definitive license agreement whereby the Company would grant Ophthotech the right to develop and commercialize tivozanib outside of Asia and the Middle East for the potential diagnosis, prevention and treatment of non-oncologic Under the Option Agreement, the Company received a cash payment of $0.5 million during the year ended December 31, 2014. The Company deferred the payment and is recording the deferred revenue over the Company’s period of performance, which is currently estimated to be through December 2017. The Company recorded approximately $28 thousand of revenue during each of the three months ended March 31, 2017 and 2016. Upon the effective date of the termination, the remaining deferred revenue of approximately $0.1 million will be recognized. Biodesix In April 2014, the Company entered into a worldwide co-development non-exclusive ® non-exclusive proof-of-concept ® Under the Biodesix Agreement, with the exception of the costs incurred for the FOCAL trial, the Company and Biodesix are each required to contribute 50% of all clinical, regulatory, manufacturing and other costs to develop ficlatuzumab. Pursuant to the Biodesix Agreement, Biodesix was obligated to fund all costs of the FOCAL trial up to a cap of $15 million, following which all costs of the FOCAL trial would be shared equally. In connection with the discontinuation of the FOCAL trial, on October 14, 2016 the Company and Biodesix amended the Biodesix Agreement. Under the amendment, the Company agreed to share 50% of the shutdown costs for the FOCAL trial after August 1, 2016. In return for bearing these shutdown costs, the Company will be entitled to recover an agreed multiple of the additional costs borne by the Company out of any income Biodesix receives from the partnership in connection with the licensing or commercialization of ficlatuzumab. Following such recovery, the payment structure under the original Biodesix Agreement, which generally provides that the parties share equally in any costs and revenue, will resume without such modification. In addition, the Company and Biodesix are funding investigator-sponsored clinical trials, including ficlatuzumab in combination with ERBITUX ® Pending marketing approval or the sublicense of ficlatuzumab, and subject to the negotiation of a commercialization agreement, each party would share equally in commercialization profits and losses, subject to the Company’s right to be the lead commercialization party. Prior to the first commercial sale of ficlatuzumab, each party has the right to elect to discontinue participating in further development or commercialization efforts with respect to ficlatuzumab, which is referred to as an “Opt-Out”. Opt-Out, “Opting-Out Opting-Out Opt-Out, Opt-Out, non-opting Opting-Out Prior to any Opt-Out, Opt-Out, Opting-Out Activities under the Biodesix Agreement were evaluated under ASC 605-25 non-contingent non-exclusive incremental discount, they are not evaluated as deliverables at the inception of the arrangement. These contingent deliverables will be evaluated and accounted for separately as each related contingency is resolved. As of March 31, 2017, no contingent deliverables had been provided by the Company. The Company determined that the perpetual, non-exclusive The Company records the consideration earned in connection with the FOCAL trial and investigator-sponsored trials, which consist of reimbursements from Biodesix for expenses related to these trials, as a reduction to research and development expense during the period that reimbursable expenses are incurred. As a result of the cost sharing provisions in the Biodesix Agreement, the Company reduced research and development expenses by approximately $0.3 million and $0.9 million during the three months ended March 31, 2017 and 2016, respectively. The amount due to the Company from Biodesix pursuant to the cost-sharing provision was approximately $0.5 million as of March 31, 2017, which is expected to be paid in the second quarter of 2017. Astellas Pharma In February 2011, the Company, together with its wholly-owned subsidiary AVEO Pharma Limited, entered into a collaboration and license agreement (the “Astellas Agreement”) with Astellas Pharma Inc. and certain of its subsidiaries (together, “Astellas”), pursuant to which the Company and Astellas intended to develop and commercialize tivozanib for the treatment of a broad range of cancers. Astellas elected to terminate the agreement effective on August 11, 2014, at which time the tivozanib rights were returned to the Company. In accordance with the Astellas Agreement, committed development costs, including the costs of completing certain tivozanib clinical development activities, continue to be shared equally. The Company accounted for the joint development and commercialization activities in North America and Europe as a joint risk-sharing collaboration in accordance with ASC 808, Collaborative Arrangements Biogen Idec International GmbH In March 2009, the Company entered into an exclusive option and license agreement with Biogen regarding the development and commercialization of the Company’s discovery-stage ErbB3-targeted antibodies, AV-203, for the potential treatment and diagnosis of cancer and other diseases outside of North America. Under the agreement, the Company was responsible for developing ErbB3 antibodies through completion of the first phase 2 clinical trial designed in a manner that, if successful, will generate data sufficient to support advancement to a phase 3 clinical trial. In March 2014, the Company and Biogen amended the exclusive option and license agreement (the “Amendment”). Pursuant to the Amendment, Biogen agreed to the termination of its rights and obligations under the agreement, including Biogen’s option to (i) obtain a co-exclusive (with AVEO) worldwide license to develop and manufacture ErbB3 targeted antibodies and (ii) obtain exclusive commercialization rights to ErbB3 products in countries in the world other than North America. As a result, AVEO has worldwide rights to AV-203. Pursuant to the Amendment, the Company was obligated to use reasonable efforts to seek a collaboration partner for the purpose of funding further development and commercialization of ErbB3 targeted antibodies. The Company is also obligated to pay Biogen a percentage of milestone payments received by AVEO from future partnerships after March 28, 2016 and single digit royalty payments on net sales related to the sale of ErbB3 products, if any. The Company concluded that the Amendment materially modified the terms of the agreement and, as a result, required the application of ASC 605-25. Based upon the terms of the Amendment, the remaining deliverables included the Company’s obligation to seek a collaboration partner to fund further development of the program and the Company’s obligation to continue development and commercialization of the licensed products if a collaboration partner is secured (“Development Deliverable”). The Company concluded that its obligation to use best efforts to seek a collaboration partner does not have standalone value from the Development Deliverable upon delivery and thus the deliverables should be treated as a single unit of accounting. Upon modifying the arrangement, the Company had $14.7 million of deferred revenue remaining to be amortized. The Company is not entitled to receive any further consideration from Biogen Idec under the agreement, as amended. The Company allocated a portion of the remaining deferred revenue to the undelivered unit of accounting based upon the Company’s best estimate of the selling price, as the Company determined that neither VSOE nor TPE were available. The Company determined the best estimate of selling price to be approximately $0.6 million and recognized the remaining $14.1 million as collaboration revenue in March 2014. The deferred revenue associated with the undelivered unit of accounting was recognized on a straight-line basis over the period of performance, or through March 2016, when the Company executed its agreement with CANbridge. In March 2016, the Company entered into a collaboration and license agreement for AV-203 with CANbridge. See “—CANbridge” herein for a further description of that arrangement. Under the agreement, the Company recorded revenue of $0 and $38 thousand during the three months ended March 31, 2017 and 2016, respectively. In-License St. Vincent’s In July 2012, the Company entered into a license agreement with St. Vincent’s, under which the Company obtained an exclusive, worldwide license to research, develop, manufacture and commercialize products for human therapeutic, preventative and palliative applications that benefit from inhibition or decreased expression or activity of MIC-1, non-exclusive In order to sublicense certain necessary intellectual property rights to Novartis in August 2015, the Company and St. Vincent’s amended and restated the license agreement (the “Amended St. Vincent’s Agreement”). Under the Amended St. Vincent’s Agreement, the Company was required to make an upfront payment to St. Vincent’s of $1.5 million. St. Vincent’s is also eligible to receive up to approximately $16.7 million in connection with development and regulatory milestones and /or defined timelines under the Amended St. Vincent’s Agreement. Royalties for approved products resulting from the Amended St. Vincent’s Agreement will also be payable to St. Vincent’s, and the Company and Novartis will share that obligation equally. Under the license agreement with Novartis, the Company is required to maintain the Amended St. Vincent’s Agreement in effect, and not enter into any amendment that would adversely affect Novartis’ rights during the term of the license agreement with Novartis. During the three months ended March 31, 2016, the Company recognized approximately $0.4 million in research and development expense in connection with a milestone obligation due to St. Vincent’s related to the selection of a development candidate. During the three months ended March 31, 2017, the Company recognized $1.8 million in research and development expense in connection with a time-based milestone obligation due to St. Vincent’s. Kyowa Hakko Kirin (KHK) In December 2006, the Company entered into a license agreement with KHK under which it obtained an exclusive license, with the right to grant sublicenses subject to certain restrictions, to research, develop, manufacture and commercialize tivozanib, pharmaceutical compositions thereof and associated biomarkers. Its exclusive license covers all territories in the world except for Asia and the Middle East, where KHK has retained the rights to tivozanib. Under the license agreement, the Company obtained exclusive rights in its territory under certain KHK patents, patent applications and know-how Under the license agreement, the Company is obligated to use commercially reasonable efforts to develop and commercialize tivozanib in its territory. Prior to the first anniversary of the first post-marketing approval sale of tivozanib in its territory, neither the Company nor any of its subsidiaries has the right to conduct certain clinical trials of, seek marketing approval for or commercialize any other cancer product that also works by inhibiting the activity of a VEGF receptor. The Company has upfront, milestone and royalty payment obligations to KHK under the license agreement. Upon entering into the license agreement with KHK, the Company made an upfront payment in the amount of $5.0 million. In March 2010, the Company made a milestone payment to KHK in the amount of $10.0 million in connection with the dosing of the first patient in the Company’s first phase 3 clinical trial of tivozanib (TIVO-1). one-time TIVO-3 TIVO-3 one-time not sublicense U.S. rights for tivozanib prior to obtaining a U.S. regulatory approval. If the Company were to sublicense the U.S. rights, the associated U.S. regulatory milestone would be replaced by a specified percentage of sublicensing revenue, as set forth below. If the Company sublicenses any of its rights to tivozanib to a third party, as it has done with EUSA, the sublicense defines the payment obligations of the sublicensee, which may vary from the milestone and royalty payment obligations under the KHK license relating to rights the Company retains. The Company is required to pay KHK a fixed 30% of amounts the Company receives from its sublicensees, including upfront license fees, milestone payments and royalties, but excluding amounts the Company receives in respect of research and development funding or equity investments, subject to certain limitations. If tivozanib is approved in the EU, the $4.0 million research and development reimbursement payment that would be owed to the Company by EUSA would not be subject to a sublicense revenue payment to KHK, nor would a research and development reimbursement payment of fifty percent (50%) of the related trial costs upon an election by EUSA to use the data generated from the TIVO-3 TIVO-3 non-R&D The Company is also required to pay tiered royalty payments on net sales it makes of tivozanib in its territory, which range from the low to mid-teens The license agreement will remain in effect until the expiration of all of the Company’s royalty and sublicense revenue obligations to KHK, determined on a product-by-product country-by-country

Other Accrued Liabilities

Other Accrued Liabilities	3 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
Other Accrued Liabilities	(5) Other Accrued Liabilities Other accrued expenses consisted of the following (in thousands): March 31, 2017 December 31, 2016 Professional fees $ 657 $ 464 Compensation and benefits 436 891 Other 175 176 Total $ 1,268 $ 1,531

Loans Payable

Loans Payable	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Loans Payable	(6) Loans Payable On May 28, 2010, the Company entered into the Loan Agreement with Hercules. The Loan Agreement was subsequently amended in March 2012 (the “2012 Amendment”), September 2014 (the “2014 Amendment”) and May 2016 (the “2016 Amendment”). Amounts borrowed under the 2012 Amendment were repaid in full in 2015. Pursuant to the 2014 Amendment, the Company received additional loan proceeds from Hercules in the amount of $10.0 million and was not required to commence principal payments until May 1, 2016, with the last principal payment due on January 1, 2018. An end-of-term 470-50, Debt—Modifications and Extinguishments 470-50”) . In connection with the 2014 Amendment, the Company issued warrants to the lenders to purchase up to 608,696 shares of the Company’s common stock at an exercise price equal to $1.15 per share. The Company recorded the fair value of the warrants of approximately $0.4 million as stockholders’ equity and as a discount to the related loan outstanding and is amortizing the value of the discount to interest expense over the term of the loan using the effective interest method. As of March 31, 2017 none of these warrants have been exercised. Pursuant to the 2016 Amendment, the Company received additional loan proceeds from Hercules in the amount of $5.0 million, which increased the aggregate outstanding principal balance under the Loan Agreement to $15.0 million. The Company is not required to commence principal payments on the $15 million loan until July 1, 2017, at which time the Company will be required to make 30 equal monthly payments of principal and interest through December 2019. An end-of-term 470-50 . TIVO-3 Under the 2016 Amendment, from March 1, 2017 through June 30, 2017, the Company may draw down an additional $5.0 million in funding upon confirmation by Hercules, in its reasonable discretion, that the Company has achieved the following conditions: (i) satisfactory developmental progression on a minimum of two (2) clinical programs (other than the TIVO-3 In April 2017, following the closing of the Company’s underwritten public offering on March 31, 2017, the Company initiated discussions with Hercules to request the additional $5.0 million in loan funding and the six-month deferral of principal payments. The Company is in discussions with Hercules regarding whether the Company has met condition (i) above, as well as regarding potential amendments to the conditions, including amendments that would extend the time period by which the Company may request and is required to satisfy the conditions for the additional loan funding and/or principal payment deferral. However, there is no assurance the Company’s discussions with Hercules will result in Hercules agreeing to permit the Company to draw down the additional $5.0 million in loan funding or defer principal. In connection with the 2016 Amendment, the Company issued warrants to Hercules to purchase up to 1,202,117 shares of the Company’s common stock at an exercise price equal to $0.87 per share. The Company recorded the fair value of the warrants of approximately $0.7 million as a component of stockholders’ equity and as a discount to the related loan outstanding and is amortizing the value of the discount to interest expense over the term of the loan using the effective interest method. As of March 31, 2017, none of these warrants have been exercised. The unamortized discount to be recognized over the remainder of the loan period was approximately $0.9 million and $1.0 million as of March 31, 2017 and December 31, 2016, respectively. The Company must make interest payments on the loan balance each month it remains outstanding. Per annum interest is payable on the principal balance of the loan each month it remains outstanding at the greater of 11.9% and an amount equal to 11.9% plus the prime rate minus 4.75% as determined daily, provided however, that the per annum interest rate shall not exceed 15.0% (11.9% as of March 31, 2017). As part of the Loan Agreement, Hercules also received an option, subject to the Company’s written consent, not to be unreasonably withheld, to purchase, either with cash or through conversion of outstanding principal under the loan, up to $2.0 million of equity of the Company sold in any sale by the Company to third parties of equity securities resulting in at least $10.0 million in net cash proceeds to the Company, subject to certain exceptions. The Company has evaluated the embedded conversion option, and has concluded that it does not need to be bifurcated and separately accounted for. No amount will be recognized for the conversion feature until such time as the conversion feature is exercised and it can be determined whether a beneficial conversion feature exists. In connection with the Company’s May 2016 private placement (refer to Note 7), Hercules purchased 259,067 units for cash proceeds of $0.2 million to the Company. This purchase was separate from the $2.0 million equity purchase option under the Loan Agreement. The loans are secured by a lien on all the Company’s personal property (other than intellectual property), whether owned or acquired after the date of the Loan Agreement. The Loan Agreement defines events of default, including the occurrence of an event that results in a material adverse effect upon the Company’s business operations, properties, assets or condition (financial or otherwise), its ability to perform its obligations or upon the ability of the lenders to enforce any of their rights or remedies with respect to such obligations, or upon the collateral under the Loan Agreement, the related liens or the priority thereof. As of March 31, 2017, the Company was in compliance with all loan covenants, Hercules has not asserted any events of default and the Company does not believe that there has been a material adverse change as defined in the Loan Agreement. The Company has determined that the risk of subjective acceleration under the material adverse events clause is remote and therefore has classified the outstanding principal in current and long-term liabilities based on the timing of scheduled principal payments. Future minimum payments under the loans payable outstanding as of March 31, 2017 are as follows (amounts in thousands): Year Ending December 31: 2017 (remaining 9 months) $ 3,939 2018 7,506 2019 7,159 18,604 Less amount representing interest (2,914 ) Less unamortized discount (862 ) Less deferred charges (690 ) Less loans payable current, net of discount (3,539 ) Loans payable, net of current portion and discount $ 10,599

Common Stock

Common Stock	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Common Stock	(7) Common Stock Public Offering On March 31, 2017, the Company closed an underwritten public offering of 34,500,000 shares of its common stock, including the exercise in full by the underwriter of its option to purchase 4,500,000 shares, at the public offering price of $0.50 per share for gross proceeds of approximately $17.3 million. Certain of the Company’s executive officers and a director purchased an aggregate of 420,000 shares and an entity affiliated with New Enterprise Associates, a greater than 5% stockholder of the Company, purchased 6,000,000 shares in this offering at the same public offering price per share as the other investors. The net offering proceeds to the Company were approximately $15.5 million after deducting underwriting discounts and estimated offering expenses payable by the Company. The Company sold these shares pursuant to the 2015 Shelf (as defined below). Private Placement / PIPE Warrants In May 2016, the Company entered into a securities purchase agreement with a select group of qualified institutional buyers, institutional accredited investors and accredited investors pursuant to which the Company sold 17,642,482 units, at a price of $0.965 per unit, for gross proceeds of approximately $17.0 million. Each unit consisted of one share of the Company’s common stock and a warrant to purchase one share of the Company’s common stock (the “PIPE Warrants”). The PIPE Warrants have an exercise price of $1.00 per share and are exercisable for a period of five years from the date of issuance. Certain of the Company’s directors and executive officers purchased an aggregate of 544,039 units in this offering at the same price as the other investors. The net offering proceeds to the Company were approximately $15.4 million after deducting placement agent fees and other offering expenses payable by the Company. As of March 31, 2017, none of the PIPE Warrants have been exercised. ATM Sales Agreement In February 2015, the Company entered into an at-the-market “at-the-market” Securities Act of 1933, as amended. Subject to the terms and conditions of the Sales Agreement, FBR will use commercially reasonable efforts to sell the common stock based upon the Company’s instructions (including any price, time or size limits or other customary parameters or conditions the Company may impose). The Company is not obligated to make any sales of its common stock under the Sales Agreement. Any shares sold will be sold pursuant to an effective shelf registration statement on Form S-3. On May 7, 2015, the Company filed a shelf registration statement on Form S-3 Approximately $9.1 million remains available for sale under the Sales Agreement.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-based Compensation	(8) Stock-based Compensation Stock Incentive Plan The Company maintains the 2010 Stock Incentive Plan (the “Plan”) for employees, consultants, advisors, and directors, as amended in March 2013 and June 2014. The Plan provides for the grant of equity awards such as stock options and restricted stock. The Company has reserved 8,500,000 shares of common stock under the Plan. The Plan provides that the exercise price of incentive stock options cannot be less than 100% of the fair market value of the common stock on the date of the award for participants who own less than 10% of the total combined voting power of stock of the Company and not less than 110% for participants who own more than 10% of the total combined voting power of the stock of the Company. Options and restricted stock granted under the Plan vest over periods as determined by the Board, which generally are equal to four years. Options generally expire ten years from the date of grant. As of March 31, 2017, there were 780,499 shares available for future issuance under the Plan. The following table summarizes stock option activity during the three months ended March 31, 2017: Options Weighted- Weighted- Aggregate Outstanding at January 1, 2017 4,858,678 $ 2.31 Granted 1,992,214 $ 0.60 Exercised — $ — Forfeited (26,200 ) $ 1.04 Outstanding at March 31, 2017 6,824,692 $ 1.82 8.18 $ — Exercisable at March 31, 2017 2,630,664 $ 3.33 7.26 $ — Stock options to purchase 197,650 shares of common stock contain market conditions, which were not deemed probable of vesting at March 31, 2017. Stock options to purchase 662,034 shares of common stock contain performance-based milestone conditions, which were not deemed probable of vesting at March 31, 2017. The fair value of stock options subject only to service or performance conditions that are granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table: Three Months Ended March 31, 2017 2016 Volatility factor 71.82% - 72.16% 73.79% - 73.91% Expected term (in years) 6.25 6.25 Risk-free interest rates 1.98% - 2.10% 1.38% Dividend yield — — The risk-free interest rate is determined based upon the United States Treasury’s rates for U.S. Treasury zero-coupon In July 2016, the Company began calculating volatility using its historical data. Previously, the Company did not have sufficient history to support a calculation of volatility using only its historical data. As such, prior to July 2016, the Company used a weighted-average volatility considering the Company’s own volatility since March 2010, and the volatilities of several peer companies. For purposes of identifying similar entities, the Company considered characteristics such as industry, length of trading history, similar vesting terms and in-the-money On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting As of March 31, 2017, there was $1.9 million of total unrecognized stock-based compensation expense related to stock options granted to employees under the Plan. The expense is expected to be recognized over a weighted-average period of 2.9 years.

Legal Proceedings

Legal Proceedings	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Legal Proceedings	(9) Legal Proceedings Two class action lawsuits have been filed against the Company and certain of the Company’s former officers and directors, (Tuan Ha-Ngoc, No. 1:13-cv-11157-JLT, No. 1:13-cv-11320-JLT, In re AVEO Pharmaceuticals, Inc. Securities Litigation et al. No. 1:13-cv-11157-DJC, 10b-5 concerning the phase 3 trial design and results for its TIVO-1 On April 4, 2014, Karen J. van Ingen, a purported purchaser of AVEO stock, filed a derivative complaint allegedly on behalf of AVEO in the United States District Court for the District of Massachusetts (the “Court”), Civil Action No. 1:14-cv-11672-DJC, Ha-Ngoc, non-monetary On July 3, 2013, the staff (the “SEC Staff”) of the United States Securities and Exchange Commission (the “Commission”) served a subpoena on the Company for documents and information concerning tivozanib, including related communications with the FDA, investors and others. In September 2015, the SEC Staff invited the Company to discuss the settlement of potential claims asserting that the Company violated federal securities laws by omitting to disclose to investors the recommendation by the staff of the FDA on May 11, 2012, that the Company conduct an additional clinical trial with respect to tivozanib. On March 29, 2016, the Commission filed a complaint against the Company and three of its former officers in the U.S. District Court for the District of Massachusetts alleging that the Company misled investors about its efforts to obtain FDA approval for tivozanib. Without admitting or denying the allegations in the Commission’s complaint, the Company consented to the entry of a final judgment pursuant to which the Company paid the Commission a $4.0 million civil penalty to settle the Commission’s claims against it. On March 31, 2016, the District Court entered a final judgment which (i) approved the settlement; (ii) permanently enjoined the Company from violating Section 17(a) of the Securities Act of 1933, as amended, Sections 10(b) and 13(a) of the Securities Exchange Act of 1934, as amended, and rules 10b-5, 12b-20, 13a-1, 13a-11 13a-13 agreed-to

Significant Accounting Polici16

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenues are generated primarily through collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) licenses, or options to obtain licenses, to the Company’s technology, (ii) research and development activities to be performed on behalf of the collaborative partner, and (iii) in certain cases, services in connection with the manufacturing of pre-clinical non-refundable, Collaborations and License Agreements
Research and Development Expenses	Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including internal costs for salaries, bonuses, benefits, stock-based compensation, facilities, and research-related overhead, and external costs for clinical trials, drug manufacturing and distribution, license fees, consultants and other contracted services.
Warrants Issued in Connection with Private Placement	Warrants Issued in Connection with Private Placement In May 2016, the Company issued warrants to purchase an aggregate of 17,642,482 shares of common stock in connection with a private placement financing and recorded the warrants as a liability (the “PIPE Warrants”). The Company accounts for warrant instruments that either conditionally or unconditionally obligate the issuer to transfer assets as liabilities regardless of the timing of the redemption feature or price, even though the underlying shares may be classified as permanent or temporary equity. As of March 31, 2017, none of the PIPE Warrants have been exercised. Refer to Note 7, “Common Stock - Private Placement / PIPE Warrants” for further discussion of the private placement financing. The PIPE Warrants contain a provision giving the warrant holder the option to receive cash, equal to the fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity determined using the Black-Scholes pricing model. These warrants are subject to revaluation at each balance sheet date, and any changes in fair value are recorded as a non-cash non-cash The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the three months ended March 31, 2017 (in thousands): Fair value at January 1, 2017 $ 4,593 Change in fair value 484 Fair value at March 31, 2017 $ 5,077 The key assumptions used to value the PIPE Warrants were as follows: Original Issuance December 31, 2016 March 31, 2017 Expected price volatility 76.25 % 78.18 % 79.01 % Expected term (in years) 5.00 4.50 4.25 Risk-free interest rates 1.22 % 1.93 % 1.72 % Stock price $ 0.89 $ 0.54 $ 0.59 Dividend yield — — —
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. Changes in the balance of cash and cash equivalents may be affected by changes in investment portfolio maturities, as well as actual cash disbursements to fund operations. The Company’s cash is deposited in highly-rated financial institutions in the United States. The Company invests in U.S. government money market funds, high-grade, short-term commercial paper, corporate bonds and other U.S. government agency securities, which management believes are subject to minimal credit and market risk. The carrying values of the Company’s cash and cash equivalents approximate fair value due to their short term maturities.
Marketable Securities	Marketable Securities Marketable securities consist primarily of investments which have expected average maturity dates in excess of three months, but not longer than 24 months. The Company invests in high-grade corporate obligations, including commercial paper, and U. S. government and government agency obligations that are classified as available-for-sale. Marketable securities are stated at fair value, including accrued interest, with their unrealized gains and losses included as a component of accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. The fair value of these securities is based on quoted prices and observable inputs on a recurring basis. The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, with such amortization and accretion recorded as a component of interest expense, net. Realized gains and losses are determined on the specific identification method. Unrealized gains and losses are included in other comprehensive loss until realized, at which point they would be recorded as a component of interest expense, net. Below is a summary of cash, cash equivalents and marketable securities at March 31, 2017 and December 31, 2016 (in thousands): Amortized Unrealized Unrealized Fair March 31, 2017 Cash and cash equivalents: Cash and money market funds $ 30,659 $ — $ — $ 30,659 Corporate debt securities 2,752 — — 2,752 Total cash and cash equivalents $ 33,411 $ — $ — $ 33,411 December 31, 2016: Cash and cash equivalents: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities 1,005 — — 1,005 Total cash and cash equivalents 15,096 — — 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,246 $ 6 $ — $ 8,252 Total marketable securities 8,246 6 — 8,252 Total cash, cash equivalents and marketable securities $ 23,342 $ 6 $ — $ 23,348
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains deposits in highly-rated federally-insured financial institutions in excess of federally insured limits. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the high credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company’s accounts receivable primarily consists of amounts due to the Company from licensees and collaborators. As of March 31, 2017, the Company had approximately $0.7 million of accounts receivable outstanding, of which approximately $0.5 million was due from Biodesix pursuant to the Company’s collaboration arrangement for ficlatuzumab. Refer to Note 4 “Collaborations and License Agreements” for further discussion of the agreement with Biodesix. The Company has not experienced any material losses related to accounts receivable from individual licensees or collaborators.
Fair Value Measurements	Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects the Company’s estimate of amounts that it would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its marketable securities by taking into consideration valuations obtained from third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker-dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. As of March 31, 2017, the Company’s financial assets valued based on Level 1 inputs consisted of cash and cash equivalents in a U.S. government money market fund and its financial assets valued based on Level 2 inputs consisted of high-grade corporate debt securities, including commercial paper. During the three months ended March 31, 2017, the Company did not have any transfers of financial assets between Levels 1 and 2. As of March 31, 2017, the Company’s financial liabilities that were recorded at fair value consisted of a warrant liability. The fair value of the Company’s loans payable at March 31, 2017 approximates its carrying value, computed pursuant to a discounted cash flow technique using a market interest rate and is considered a Level 3 fair value measurement. The effective interest rate, which reflects the current market rate, considers the fair value of the warrants issued in connection with the loan, loan issuance costs and the deferred financing charge. The following table summarizes the assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 (in thousands): Fair Value Measurements as of March 31, 2017 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 30,659 $ — $ — $ 30,659 Corporate debt securities — 2,752 — 2,752 Total cash and cash equivalents $ 30,659 $ 2,752 $ — $ 33,411 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 5,077 $ 5,077 Total warrant liability $ — $ — $ 5,077 $ 5,077 Fair Value Measurements as of December 31, 2016 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities — 1,005 — 1,005 Total cash and cash equivalents $ 14,091 $ 1,005 $ — $ 15,096 Marketable securities: Corporate debt securities due within 1 year — $ 8,252 — $ 8,252 Total marketable securities $ — $ 8,252 $ — $ 8,252 Total cash, cash equivalents and marketable securities $ 14,091 $ 9,257 $ — $ 23,348 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 4,593 $ 4,593 Total warrant liability $ — $ — $ 4,593 $ 4,593
Basic and Diluted Loss per Common Share	Basic and Diluted Loss per Common Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is computed using the weighted average number of common shares outstanding and the weighted average dilutive potential common shares outstanding using the treasury stock method. However, for the three months ended March 31, 2017 and 2016, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of unvested restricted common stock and common stock issuable upon the exercise of stock options and warrants would be anti-dilutive. The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive for the three months ended March 31, 2017 and 2016, respectively (in thousands): Outstanding at March 31, 2017 2016 Options outstanding 6,825 5,584 Warrants outstanding 19,453 609 26,278 6,193
Stock-Based Compensation	Stock-Based Compensation Underthe Company’s stock-based compensation programs, the Company periodically grants stock options and restricted stock to employees, directors and nonemployee consultants. The Company also issues shares under an employee stock purchase plan. The fair value of all awards is recognized in the Company’s statements of operations over the requisite service period for each award. Awards that vest as the recipient provides service are expensed on a straight-line basis over the requisite service period. Other awards, such as performance-based awards that vest upon the achievement of specified goals, are expensed using the accelerated attribution method if achievement of the specified goals is considered probable. The Company uses the Black-Scholes option pricing model to value its stock option awards without market conditions, which requires the Company to make certain assumptions regarding the expected volatility of its common stock price, the expected term of the option grants, the risk-free interest rate and the dividend yield with respect to its common stock. Refer to Note 8 “Stock Based-Compensation” for a further discussion. The fair value of equity-classified awards to employees and directors are measured at fair value on the date the awards are granted. Awards to nonemployee consultants are recorded at their fair values and are re-measured Three Months Ended March 31, 2017 2016 Research and development $ 52 $ 125 General and administrative 155 265 $ 207 $ 390 Stock-based compensation expense is allocated to research and development and general and administrative expense based upon the department of the employee to whom each award was granted.. No related tax benefits of the stock-based compensation expense have been recognized.
Income Taxes	Income Taxes The Company provides for income taxes using the asset-liability method. Under this method, deferred tax assets and liabilities are recognized based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company calculates its provision for income taxes on ordinary income based on its projected annual tax rate for the year. Uncertain tax positions are recognized if the position is more-likely-than-not
Segment and Geographic Information	Segment and Geographic Information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment in the United States. As of March 31, 2017, the Company has no net assets located outside of the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, contract research accruals, measurement of the warrant liability and measurement of stock-based compensation. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09”) 2014-09 2014-09 In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Significant Accounting Polici17

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Fair Value of Company's Warrant Liability	The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the three months ended March 31, 2017 (in thousands): Fair value at January 1, 2017 $ 4,593 Change in fair value 484 Fair value at March 31, 2017 $ 5,077
Key Assumptions Used to Value the PIPE Warrants	The key assumptions used to value the PIPE Warrants were as follows: Original Issuance December 31, 2016 March 31, 2017 Expected price volatility 76.25 % 78.18 % 79.01 % Expected term (in years) 5.00 4.50 4.25 Risk-free interest rates 1.22 % 1.93 % 1.72 % Stock price $ 0.89 $ 0.54 $ 0.59 Dividend yield — — —
Summary of Cash, Cash Equivalents and Marketable Securities	Below is a summary of cash, cash equivalents and marketable securities at March 31, 2017 and December 31, 2016 (in thousands): Amortized Unrealized Unrealized Fair March 31, 2017 Cash and cash equivalents: Cash and money market funds $ 30,659 $ — $ — $ 30,659 Corporate debt securities 2,752 — — 2,752 Total cash and cash equivalents $ 33,411 $ — $ — $ 33,411 December 31, 2016: Cash and cash equivalents: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities 1,005 — — 1,005 Total cash and cash equivalents 15,096 — — 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,246 $ 6 $ — $ 8,252 Total marketable securities 8,246 6 — 8,252 Total cash, cash equivalents and marketable securities $ 23,342 $ 6 $ — $ 23,348
Summary of Assets And Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes the assets and liabilities measured at fair value on a recurring basis at March 31, 2017 and December 31, 2016 (in thousands): Fair Value Measurements as of March 31, 2017 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 30,659 $ — $ — $ 30,659 Corporate debt securities — 2,752 — 2,752 Total cash and cash equivalents $ 30,659 $ 2,752 $ — $ 33,411 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 5,077 $ 5,077 Total warrant liability $ — $ — $ 5,077 $ 5,077 Fair Value Measurements as of December 31, 2016 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities — 1,005 — 1,005 Total cash and cash equivalents $ 14,091 $ 1,005 $ — $ 15,096 Marketable securities: Corporate debt securities due within 1 year — $ 8,252 — $ 8,252 Total marketable securities $ — $ 8,252 $ — $ 8,252 Total cash, cash equivalents and marketable securities $ 14,091 $ 9,257 $ — $ 23,348 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 4,593 $ 4,593 Total warrant liability $ — $ — $ 4,593 $ 4,593
Summary of Outstanding Securities Not Included in Computation of Diluted Net Loss Per Common Share	The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive for the three months ended March 31, 2017 and 2016, respectively (in thousands): Outstanding at March 31, 2017 2016 Options outstanding 6,825 5,584 Warrants outstanding 19,453 609 26,278 6,193
Stock-Based Compensation Expense	During the three months ended March 31, 2017 and 2016, the Company recorded the following stock-based compensation expense (in thousands): Three Months Ended March 31, 2017 2016 Research and development $ 52 $ 125 General and administrative 155 265 $ 207 $ 390

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Payables and Accruals [Abstract]
Other Accrued Liabilities	Other accrued expenses consisted of the following (in thousands): March 31, 2017 December 31, 2016 Professional fees $ 657 $ 464 Compensation and benefits 436 891 Other 175 176 Total $ 1,268 $ 1,531

Loans Payable (Tables)

Loans Payable (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Future Minimum Payments Under Loans Payable	Future minimum payments under the loans payable outstanding as of March 31, 2017 are as follows (amounts in thousands): Year Ending December 31: 2017 (remaining 9 months) $ 3,939 2018 7,506 2019 7,159 18,604 Less amount representing interest (2,914 ) Less unamortized discount (862 ) Less deferred charges (690 ) Less loans payable current, net of discount (3,539 ) Loans payable, net of current portion and discount $ 10,599

Stock-based Compensation (Table

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Activity	The following table summarizes stock option activity during the three months ended March 31, 2017: Options Weighted- Weighted- Aggregate Outstanding at January 1, 2017 4,858,678 $ 2.31 Granted 1,992,214 $ 0.60 Exercised — $ — Forfeited (26,200 ) $ 1.04 Outstanding at March 31, 2017 6,824,692 $ 1.82 8.18 $ — Exercisable at March 31, 2017 2,630,664 $ 3.33 7.26 $ —
Assumptions used in Black-Scholes Pricing Model for New Grants	The fair value of stock options subject only to service or performance conditions that are granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table: Three Months Ended March 31, 2017 2016 Volatility factor 71.82% - 72.16% 73.79% - 73.91% Expected term (in years) 6.25 6.25 Risk-free interest rates 1.98% - 2.10% 1.38% Dividend yield — —

Organization - Additional Infor

Organization - Additional Information (Detail)	1 Months Ended		3 Months Ended
	Mar. 31, 2017USD ($)$ / sharesshares	May 31, 2016USD ($)	Mar. 31, 2017USD ($)Subsidiary$ / sharesshares	Dec. 31, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Organization [Line Items]
Number of subsidiaries | Subsidiary			2
Cash and cash equivalents	$ 33,411,000		$ 33,411,000	$ 15,096,000	$ 18,056,000	$ 26,634,000
Working capital	21,700,000		21,700,000
Accumulated deficit	$ (530,784,000)		$ (530,784,000)	$ (521,916,000)
Underwriters' option to purchase shares | shares			0
Gross proceeds from public offering			$ 12,261,000
Underwritten Public Offering
Organization [Line Items]
Common stock, shares issued | shares	34,500,000
Underwriters' option to purchase shares | shares	4,500,000
Shares issued, price per share | $ / shares	$ 0.50		$ 0.50
Gross proceeds from public offering	$ 17,300,000
Net proceeds from public offering	$ 15,500,000
Underwritten Public Offering | Minimum
Organization [Line Items]
Shares issued, price per share | $ / shares	$ 0.50		$ 0.50
Loans Payable | Hercules May 2016 Loan Agreement
Organization [Line Items]
Unrestricted and unencumbered cash and cash equivalents	$ 25,000,000		$ 25,000,000
Proceeds from additional borrowing capacity		$ 5,000,000
Loans Payable | Hercules May 2016 Loan Agreement | Financial covenant | Minimum
Organization [Line Items]
Unrestricted and unencumbered cash and cash equivalents	$ 10,000,000		$ 10,000,000

Significant Accounting Polici22

Significant Accounting Policies - Additional Information (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)Segmentshares	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)shares	May 31, 2016shares
Significant Accounting Policies [Line Items]
Common stock, shares issued | shares	110,363,000		75,863,000
Increase in the fair value of warrant liability	$ 500
Accounts receivable	676		$ 1,027
Income tax provision or expense	$ 50	$ 100
Number of operating segments | Segment	1
Biodesix
Significant Accounting Policies [Line Items]
Accounts receivable	$ 500
PIPE Warrants
Significant Accounting Policies [Line Items]
Warrant liability	$ 9,300
PIPE Warrants | Private Placement
Significant Accounting Policies [Line Items]
Common stock, shares issued | shares				17,642,482
Minimum
Significant Accounting Policies [Line Items]
Marketable securities maturity term	3 months
Maximum
Significant Accounting Policies [Line Items]
Marketable securities maturity term	24 months

Summary of Fair Value of Compan

Summary of Fair Value of Company's Warrant Liability (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 4,593
Change in fair value	484
Fair value, end of period	$ 5,077

Key Assumptions Used to Value t

Key Assumptions Used to Value the PIPE Warrants (Detail) - PIPE Warrants - $ / shares	1 Months Ended	3 Months Ended	12 Months Ended
	May 31, 2016	Mar. 31, 2017	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected price volatility	76.25%	79.01%	78.18%
Expected term (in years)	5 years	4 years 3 months	4 years 6 months
Risk-free interest rates	1.22%	1.72%	1.93%
Stock price	$ 0.89	$ 0.59	$ 0.54
Dividend yield	0.00%	0.00%	0.00%

Summary of Cash, Cash Equivalen

Summary of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		$ 23,342
Unrealized Gains		6
Unrealized Losses		0
Fair Value		23,348
Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 30,659	14,091
Unrealized Losses	0	0
Fair Value	30,659	14,091
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	2,752	1,005
Unrealized Losses	0	0
Fair Value	2,752	1,005
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		8,246
Unrealized Gains		6
Unrealized Losses		0
Fair Value		8,252
Level 2 | Corporate debt securities | Due within 1 year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		8,246
Unrealized Gains		6
Unrealized Losses		0
Fair Value		8,252
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	33,411	15,096
Unrealized Losses	0	0
Fair Value	$ 33,411	$ 15,096

Summary of Assets And Liabiliti

Summary of Assets And Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		$ 8,252
Fair Value Measurements Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 33,411	15,096
Marketable securities		8,252
Total cash, cash equivalents and marketable securities		23,348
Warrant liability	5,077	4,593
Total warrant liability	5,077	4,593
Fair Value Measurements Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,752	1,005
Fair Value Measurements Recurring | Due within 1 year | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		8,252
Fair Value Measurements Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	30,659	14,091
Total cash, cash equivalents and marketable securities		14,091
Fair Value Measurements Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,752	1,005
Marketable securities		8,252
Total cash, cash equivalents and marketable securities		9,257
Fair Value Measurements Recurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	2,752	1,005
Fair Value Measurements Recurring | Level 2 | Due within 1 year | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities		8,252
Fair Value Measurements Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	5,077	4,593
Total warrant liability	5,077	4,593
Fair Value Measurements Recurring | Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	30,659	14,091
Fair Value Measurements Recurring | Cash and money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 30,659	$ 14,091

Summary of Outstanding Securiti

Summary of Outstanding Securities Not Included in Computation of Diluted Net Loss Per Common Share (Detail) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	26,278	6,193
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	6,825	5,584
Warrant
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	19,453	609

Stock Based Compensation Expens

Stock Based Compensation Expense for Equity-Classified Awards (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 207	$ 390
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	52	125
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 155	$ 265

Collaborations and License Ag29

Collaborations and License Agreements - Additional Information (Detail)

Sep. 16, 2017USD ($)

Apr. 30, 2016USD ($)

Sep. 30, 2015USD ($)

Aug. 31, 2015USD ($)

Mar. 31, 2014USD ($)

Dec. 31, 2012USD ($)

Mar. 31, 2010USD ($)

Dec. 31, 2006USD ($)

Mar. 31, 2017USD ($)Indication

Mar. 31, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Oct. 14, 2016

Apr. 30, 2014USD ($)

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

$ 2,532,000

$ 1,203,000

Amounts due from pursuant to the cost-sharing provisions

676,000

$ 1,027,000

Research and development

$ 7,956,000

5,972,000

CANbridge

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License agreement date

Mar. 16, 2016

Collaborations and license agreements, expected milestone receivable

$ 0

Revenue recognized from reimbursement of manufacturing development activities

500,000

CANbridge | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 1,000,000

500,000

Upfront payment, withholding taxes

100,000

Reimbursable amount for manufacturing costs and expenses

$ 1,000,000

Collaborations and license agreements, time period from first commercial sale of certain product upon which the agreement expires

10 years

Allocation of upfront payment

1,000,000

Collaboration revenue

$ 1,000,000

CANbridge | Licensing Agreements | Sales Based Milestone Payments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 90,000,000

CANbridge | Licensing Agreements | Development and Regulatory Milestone Events

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

42,000,000

Collaborations and license agreements, expected milestone receivable

0

EUSA

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

4,000,000

Collaborations and license agreements, expected milestone receivable

100,000

100,000

Research and development funding received

2,500,000

$ 2,500,000

Payments received in connection with indications

$ 2,000,000

Eligible number of indications | Indication

3

Payments received in connection with additional indications

$ 5,000,000

Potential payments received in connection with additional indications

$ 335,000,000

Percentage of additional proceeds from research and development funding

50.00%

EUSA | Utilization of Data Generated by Planned Phase Three Study

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

$ 20,000,000

EUSA | Phase One Combination Study

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

2,000,000

EUSA | Marketing Approval in France, Germany, Italy, Spain and the United Kingdom

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

2,000,000

EUSA | Marketing Approval in Argentina, Australia, Brazil, South Africa and Venezuela

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

2,000,000

Novartis

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 15,000,000

Collaboration revenue

1,800,000

Reimbursable inventory

$ 3,500,000

License and service revenue

3,500,000

Research and development

1,800,000

Novartis | Sales Based Milestone Payments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

150,000,000

Novartis | Clinical Efficacy Milestone

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

51,200,000

Novartis | Regulatory Milestone Events

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

105,000,000

Novartis | License and Technical Knowledge

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

$ 15,000,000

Pharmstandard

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

0

38,000

Collaborations and license agreements, deferred revenue

900,000

Ophthotech Corporation

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront license payment

500,000

Ophthotech Corporation | Option and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, payment received

$ 500,000

Collaborations and license agreements, revenue recognized

28,000

28,000

Remaining deferred revenue to be recognized

100,000

Biodesix

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amounts due from pursuant to the cost-sharing provisions

500,000

Biodesix | FOCAL study

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Contribution percentage of clinical, regulatory, manufacturing and other costs

50.00%

Percentage of closeout project cost

50.00%

Biodesix | FOCAL study | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Funding

$ 15,000,000

Biodesix | FOCAL trial

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, royalties payment on net sales

10.00%

Amounts due from pursuant to the cost-sharing provisions

500,000

Biodesix | FOCAL trial | Research and development

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Payments received and recorded as an increased (decreased) to expense pursuant to cost-sharing provisions

$ 300,000

900,000

St Vincent's Hospital Sydney Limited

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amendment agreement date

2015-08

License fees payable

$ 16,700,000

Collaborations and license agreements, milestone payment

400,000

St Vincent's Hospital Sydney Limited | Licensing Agreements | Up-front Payment Arrangement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, cash payment

1,500,000

Biogen Idec International GmbH

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, deferred revenue

$ 14,700,000

Collaborations and license agreements, revenue recognized

14,100,000

Collaborations and license agreements, relative selling price of the deliverable

$ 600,000

Biogen Idec International GmbH | Option and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, revenue recognized

0

38,000

Astellas Pharma Inc. | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Payments received and recorded as an increased (decreased) to expense pursuant to cost-sharing provisions

26,000

$ (200,000)

Amounts due from pursuant to the cost-sharing provisions

100,000

Kyowa Hakko Kirin | Utilization of Data Generated by Planned Phase Three Study | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research and development reimbursement payment not required to be paid

$ 20,000,000

Kyowa Hakko Kirin | Phase One Combination Study | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research and development reimbursement payment not required to be paid

2,000,000

Kyowa Hakko Kirin | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, cash payment

$ 5,000,000

Collaborations and license agreements, milestone payment

$ 10,000,000

Collaborations and license agreements, potential future milestone payments, maximum amount

$ 18,000,000

Collaborations and license agreements, potential future payment as percentage of certain amounts the Company receives under sublicense agreements

30.00%

Reimbursement of Research and development milestone

$ 4,000,000

Term of royalty payment obligations

12 years

Kyowa Hakko Kirin | Licensing Agreements | FDA Marketing Approval

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment

$ 12,000,000

Subsequent Event | CANbridge | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 500,000

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Professional fees	$ 657	$ 464
Compensation and benefits	436	891
Other	175	176
Other accrued liabilities	$ 1,268	$ 1,531

Loans Payable - Additional Info

Loans Payable - Additional Information (Detail)	1 Months Ended		3 Months Ended
	May 31, 2016USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Mar. 31, 2017USD ($)Installmentshares	Apr. 30, 2017USD ($)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Loan payable, end-of-term payment due			$ 690,000
Warrants issued to lenders as part of new loan agreement, shares of common stock to purchase | shares	1,202,117	608,696	259,067
Warrants issued to lenders as part of new loan agreement, exercise price | $ / shares	$ 0.87	$ 1.15
Warrants issued to lenders as part of new loan agreement, fair value	$ 700,000	$ 400,000
Warrants exercised | shares			0
Unamortized discount recognized			$ 862,000		$ 1,000,000
Maximum amount of debt conversion			2,000,000
Cash proceeds from issue of units			200,000
Loans Payable | Minimum
Debt Instrument [Line Items]
Option to purchase equity, net cash proceeds of equity securities			$ 10,000,000
Hercules Amended Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Proceeds from additional borrowing capacity		$ 10,000,000
Loan payable, Commencement date		May 1, 2016
Loan payable, due date			Jan. 1, 2018
Loan payable, end-of-term payment due			$ 500,000
Loan issuance costs paid			$ 200,000
Loan payable, description of interest rate terms			Per annum interest is payable on the principal balance of the loan each month it remains outstanding at the greater of 11.9% and an amount equal to 11.9% plus the prime rate minus 4.75% as determined daily, provided however, that the per annum interest rate shall not exceed 15.0% (11.9% as of March 31, 2017).
Loan payable, interest rate, base rate			11.90%
Loan payable, interest rate, additional rate deducted from base rate			4.75%
Loan payable, interest rate			11.90%
Debt instrument convertible beneficial conversion feature			$ 0
Hercules Amended Loan Agreement | Loans Payable | Minimum
Debt Instrument [Line Items]
Loan payable, interest rate			11.90%
Hercules Amended Loan Agreement | Loans Payable | Maximum
Debt Instrument [Line Items]
Loan payable, interest rate			15.00%
Hercules May 2016 Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Proceeds from additional borrowing capacity	5,000,000
Loan payable, Commencement date			Jul. 1, 2017
Loan payable, due date			Dec. 1, 2019
Loan payable, end-of-term payment due			$ 200,000
Loan issuance costs paid			100,000
Unrestricted and unencumbered cash and cash equivalents			25,000,000
Loan outstanding principal amount	$ 15,000,000		$ 20,000,000
Loan payable, number of installments of principal and interest | Installment			30
Loan payable, frequency of installments of principal and interest			Monthly payments of principal and interest
Additional borrowing capacity			$ 5,000,000
Loan payable, Commencement date deferred by six months			Jan. 1, 2018
Hercules May 2016 Loan Agreement | Loans Payable | Subsequent Event
Debt Instrument [Line Items]
Additional borrowing capacity				$ 5,000,000
Hercules May 2016 Loan Agreement | Loans Payable | Minimum | Financial covenant
Debt Instrument [Line Items]
Unrestricted and unencumbered cash and cash equivalents			$ 10,000,000

Future Minimum Payments Under L

Future Minimum Payments Under Loans Payable (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017 (remaining 9 months)	$ 3,939
2,018	7,506
2,019	7,159
Long-term Debt, Gross, Total	18,604
Less amount representing interest	(2,914)
Less unamortized discount	(862)	$ (1,000)
Less deferred charges	(690)
Less loans payable current, net of discount	(3,539)	(2,124)
Loans payable, net of current portion and discount	$ 10,599	$ 11,879

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended	20 Months Ended
	Mar. 31, 2017	May 31, 2016	Mar. 31, 2017	Mar. 31, 2017	Dec. 31, 2016	May 07, 2015	Mar. 31, 2015	Feb. 28, 2015
Class of Stock [Line Items]
Common stock, shares issued	110,363,000		110,363,000	110,363,000	75,863,000
Underwriters' option to purchase shares			0
Gross proceeds from public offering			$ 12,261,000
Common stock sales agreement, aggregate offering amount	$ 110,000		$ 110,000	$ 110,000	$ 76,000
Offering, issuance and sale of stocks and securities, shelf registration							$ 250,000,000
Sale of stock				0
Underwritten Public Offering
Class of Stock [Line Items]
Common stock, shares issued	34,500,000		34,500,000	34,500,000
Underwriters' option to purchase shares	4,500,000
Shares issued, price per share	$ 0.50		$ 0.50	$ 0.50
Gross proceeds from public offering	$ 17,300,000
Percentage of affiliates stock holders	5.00%		5.00%	5.00%
Net proceeds from public offering	$ 15,500,000
PIPE Warrants | Private Placement
Class of Stock [Line Items]
Common stock, shares issued		17,642,482
Shares issued, price per share		$ 0.965
Gross proceeds from issuance of private placement		$ 17,000,000
Exchange of unit to share		1
Warrants exercise price		$ 1
Warrants exercisable period		5 years
PIPE Warrants | Private Placement | Director and Executive Officer
Class of Stock [Line Items]
Common stock, shares issued		544,039
Net offering proceeds to the company		$ 15,400,000
New Enterprise Associates | Underwritten Public Offering
Class of Stock [Line Items]
Common stock, shares issued	420,000		420,000	420,000
Other Investors | Underwritten Public Offering
Class of Stock [Line Items]
Common stock, shares issued	6,000,000		6,000,000	6,000,000
F B R Co
Class of Stock [Line Items]
Common stock, shares issued	5,900,000		5,900,000	5,900,000
proceeds from sale of shares			$ 10,200,000
Common stock available for sale under Sales Agreement	$ 9,100,000		$ 9,100,000	$ 9,100,000
Minimum | Underwritten Public Offering
Class of Stock [Line Items]
Shares issued, price per share	$ 0.50		$ 0.50	$ 0.50
Maximum
Class of Stock [Line Items]
Offering, issuance and sale of stocks and securities, shelf registration						$ 100,000,000
Maximum | F B R Co
Class of Stock [Line Items]
Common stock sales agreement, aggregate offering amount						$ 15,000,000		$ 17,900,000
Common stock sales agreement commission, percentage								3.00%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	8,500,000
Shares available for future issuance under the Plan	780,499
Stock options issued to purchase common stock	6,824,692		4,858,678
Total unrecognized stock-based compensation expense related to stock options granted	$ 1.9
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards, vesting period	4 years
Awards, Expiration period	10 years
Weighted-average grant date fair value of stock options granted	$ 0.39	$ 0.71
Share based payment award forfeiture rates		76.00%
Total unrecognized stock-based compensation expense, weighted-average period Recognition	2 years 10 months 24 days
Awards With Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued to purchase common stock	197,650
Awards With Performance-Based Milestone Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued to purchase common stock	662,034
Minimum | Stock Options | Participants Who Own Less than 10% of Total Combined Voting Power
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of incentive stock options as percentage of fair market value of common stock on the date of the award	100.00%
Minimum | Stock Options | Participants Who Own More than 10% of Total Combined Voting Power
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of incentive stock options as percentage of fair market value of common stock on the date of the award	110.00%

Stock Option Activity (Detail)

Stock Option Activity (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2017
Options
Outstanding at beginning of period	4,858,678
Granted	1,992,214
Exercised	0
Forfeited	(26,200)
Outstanding at end of period	6,824,692
Exercisable at March 31, 2017	2,630,664
Weighted-Average Exercise Price
Outstanding at beginning of period	$ 2.31
Granted	0.60
Exercised	0
Forfeited	1.04
Outstanding at end of period	1.82
Exercisable at March 31, 2017	$ 3.33
Weighted-Average Remaining Contractual Term
Outstanding at March 31, 2017	8 years 2 months 5 days
Exercisable at March 31, 2017	7 years 3 months 4 days
Aggregate Intrinsic Value
Outstanding at end of year	$ 0
Exercisable at end of year	$ 0

Assumptions Used in Black Schol

Assumptions Used in Black Scholes Pricing Model for New Grants (Detail)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Volatility factor, minimum	71.82%	73.79%
Volatility factor, maximum	72.16%	73.91%
Expected term (in years)	6 years 3 months	6 years 3 months
Risk-free interest rates, minimum	1.98%
Risk-free interest rates, maximum	2.10%
Risk-free interest rates		1.38%
Dividend yield	0.00%	0.00%

Legal Proceedings -Additional I

Legal Proceedings -Additional Information (Detail)	Mar. 23, 2017USD ($)	Mar. 31, 2017USD ($)LegalMatter
Commitments and Contingencies Disclosure [Abstract]
Class action lawsuits | LegalMatter		2
Litigation settlement amount	$ 205,529
Attorney fees cost and expenses		$ 822,116
Litigation settlement expenses	6,690
Amount of damages awarded to plaintiff	$ 2,500	2,500
Reserve for settlement of fines		$ 4,000,000