Aveo Pharmaceuticals (AVEO) 10-Q 9 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 02, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
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		58,179,121

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 34,739,000	$ 52,306,000
Marketable securities	2,500,000	0
Restricted cash	2,863,000	2,997,000
Accounts receivable	2,334,000	2,341,000
Prepaid expenses and other current assets	1,364,000	1,484,000
Total current assets	43,800,000	59,128,000
Property and equipment, net	52,000	11,295,000
Other assets	164,000	239,000
Total assets	44,016,000	70,662,000
Current liabilities:
Accounts payable	290,000	3,245,000
Accrued expenses	5,453,000	9,301,000
Loans payable, net of discount	4,217,000	11,722,000
Deferred revenue	457,000	537,000
Lease exit obligation		4,981,000
Deferred rent		10,569,000
Total current liabilities	10,417,000	40,355,000
Loans payable, net of current portion and discount	8,260,000	8,930,000
Deferred revenue	884,000	231,000
Other liabilities	$ 577,000	$ 540,000
Stockholders’ equity:
Preferred stock, $.001 par value: 5,000 shares authorized; no shares issued and outstanding
Common stock, $.001 par value: 200,000 shares authorized; 58,177 and 52,289 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 58,000	$ 52,000
Additional paid-in capital	512,259,000	500,582,000
Accumulated other comprehensive income (loss)	1,000
Accumulated deficit	(488,440,000)	(480,028,000)
Total stockholders’ equity	23,878,000	20,606,000
Total liabilities and stockholders’ equity	$ 44,016,000	$ 70,662,000

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2015	Dec. 31, 2014
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	58,177,000	52,289,000
Common stock, shares outstanding	58,177,000	52,289,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Statement [Abstract]
Collaboration and licensing revenue	$ 15,158	$ 873	$ 15,426	$ 18,007
Operating expenses:
Research and development	4,466	8,485	9,002	29,552
General and administrative	2,225	5,084	8,367	15,485
Restructuring and lease exit		1,403	4,358	10,426
Operating Expenses, Total	6,691	14,972	21,727	55,463
Income (loss) from operations	8,467	(14,099)	(6,301)	(37,456)
Other income and expense:
Other (expense) income, net	(22)	98	(245)	103
Interest expense	(533)	(439)	(1,880)	(1,522)
Interest income	2	4	14	30
Other expense, net	(553)	(337)	(2,111)	(1,389)
Net income (loss)	$ 7,914	$ (14,436)	$ (8,412)	$ (38,845)
Basic net income (loss) per share
Net income (loss) per share	$ 0.14	$ (0.28)	$ (0.15)	$ (0.75)
Weighted average number of common shares outstanding	56,794	51,771	54,880	51,690
Dilutive net income (loss) per share
Net income (loss) per share	$ 0.14	$ (0.28)	$ (0.15)	$ (0.75)
Weighted average number of common shares and dilutive common share equivalents outstanding	57,016	51,771	54,880	51,690

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement Of Income And Comprehensive Income [Abstract]
Net income (loss)	$ 7,914	$ (14,436)	$ (8,412)	$ (38,845)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	1	(2)	1	2
Comprehensive income (loss)	$ 7,915	$ (14,438)	$ (8,411)	$ (38,843)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating activities
Net loss	$ (8,412,000)	$ (38,845,000)
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of property and equipment	232,000	7,600,000
Depreciation and amortization	9,561,000	2,764,000
Accretion	224,000
Loss (gain) on disposal of fixed assets	230,000	(122,000)
Stock-based compensation	1,180,000	2,578,000
Non-cash interest expense	344,000	139,000
Amortization of premium and discount on investments	33,000	218,000
Changes in operating assets and liabilities:
Restricted cash	135,000	598,000
Accounts receivable	7,000	(674,000)
Tenant improvement allowance receivable		5,637,000
Prepaid expenses and other current assets	120,000	(270,000)
Other noncurrent assets	75,000	244,000
Accounts payable	(2,958,000)	(2,585,000)
Accrued expenses	(3,848,000)	(4,263,000)
Deferred revenue	573,000	(18,007,000)
Lease exit obligation	(5,205,000)	7,798,000
Deferred rent	(10,569,000)	(6,033,000)
Other liabilities	37,000
Net cash used in operating activities	(18,241,000)	(43,223,000)
Investing activities
Purchases of marketable securities	(11,581,000)	(38,056,000)
Proceeds from maturities and sales of marketable securities	9,050,000	102,107,000
Purchases of property and equipment	(14,000)	(12,875,000)
Proceeds from sale of property and equipment	1,241,000	183,000
Net cash (used in) provided by investing activities	(1,304,000)	51,359,000
Financing activities
Proceeds from issuance of common stock, net of issuance costs	10,217,000
Proceeds from exercise of stock options and issuance of common and restricted stock	278,000	191,000
Loan proceeds		10,000,000
Loan issuance cost		(1,388,000)
Principal payments on loans payable	(8,517,000)	(7,785,000)
Net cash provided by financing activities	1,978,000	1,018,000
Net decrease in cash and cash equivalents	(17,567,000)	9,154,000
Cash and cash equivalents at beginning of period	52,306,000	50,826,000
Cash and cash equivalents at end of period	34,739,000	59,980,000
Supplemental cash flow information
Cash paid for interest	$ 1,619,000	1,447,000
Non-cash financing activity
Fair value of warrants issued in connection with loan payable		$ 413,000

Organization

Organization	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization	(1) Organization AVEO Pharmaceuticals, Inc. (the “Company”) is a biopharmaceutical company committed to developing targeted therapies through biomarker-driven insights to provide substantial improvements in patient outcomes where significant unmet medical needs exist. The Company’s proprietary platform has delivered unique insights into cancer and related diseases. The Company’s development programs, which seek to advance its clinical stage assets, are as follows: (i) Tivozanib: A potent, selective, long half-life vascular endothelial growth factor (“VEGF”) tyrosine kinase inhibitor (“TKI”) of VEGF receptors 1, 2 and 3. The Company is evaluating several potential paths for the development of tivozanib, including a second phase 3 trial of tivozanib in refractory renal cell carcinoma, or RCC, to support an application for U.S. regulatory approval; the filing of a Marketing Authorization Application to seek European regulatory approval for tivozanib in RCC on the basis of existing trial data; and a phase 2 study for tivozanib in the first line treatment of metastatic colorectal cancer, or CRC, in a subgroup of patients with low serum neuropilin-1 (below the median, representing 50% of the population), a cell surface protein that modulates blood vessel development. Furthermore, the Company has entered into agreements to allow it to monetize tivozanib in areas outside of the Company’s core strategic focus. The Company has granted Ophthotech Corporation an option to develop and commercialize tivozanib for use in non-oncologic ocular conditions, and the Company has sublicensed to a subsidiary of Pharmstandard OJCE exclusive rights to develop and commercialize tivozanib for all conditions (excluding non-oncologic ocular conditions) in Russia, Ukraine and the Commonwealth of Independent States (CIS). (ii) Ficlatuzumab: A potent hepatocyte growth factor inhibitory antibody. The Company has entered into a partnership with Biodesix, Inc. (“Biodesix”) to develop and commercialize ficlatuzumab with BDX004, a serum based diagnostic test. Pursuant to the Biodesix agreement, the Company has initiated a phase 2 confirmatory study of ficlatuzumab (the “FOCAL” study) in combination with erlotinib, an epidermal growth factor receptor (“EGFR”) TKI, in first line advanced non-small cell lung cancer patients who have an EGFR mutation and who are identified by the BDX004 test as being most likely to benefit from the addition of ficlatuzumab to erlotinib. (ii i ) AV-203: A potent anti-ErbB3 (also known as HER3) specific monoclonal antibody with high ErbB3 affinity. The Company has observed potent anti-tumor activity in mouse models. AV-203 selectively inhibits the activity of the ErbB3 receptor, and the Company’s preclinical studies suggest that neuregulin-1 (also known as heregulin), levels predict AV-203 anti-tumor activity in preclinical models. The Company has completed a phase 1 dose escalation study of AV-203. The Company is seeking to pursue further clinical development of AV-203 with a strategic partner. (iv ) AV-380: A potent humanized IgG1 inhibitory monoclonal antibody targeting growth differentiating factor-15, (“GDF15”), a divergent member of the TGF-ß family, for the potential treatment or prevention of cachexia, a serious and common complication of advanced cancer and a number of chronic diseases including chronic kidney disease, congestive heart failure and chronic obstructive pulmonary disease. The Company has established preclinical proof of concept for GDF15 as a key driver of cachexia. In August 2015, the Company granted Novartis International Pharmaceuticals Ltd. (“Novartis”) an exclusive worldwide license to develop and commercialize AV-380 and related AVEO antibodies that bind to GDF15. Novartis is responsible for all further activities and costs to develop and commercialize AV-380. As used throughout these condensed consolidated financial statements, the terms “AVEO,” and the “Company” refer to the business of AVEO Pharmaceuticals, Inc. and its subsidiaries, AVEO Pharma Limited and AVEO Securities Corporation, both of which are wholly-owned. The Company has devoted substantially all of its resources to its drug discovery efforts, comprising research and development, conducting clinical trials for its product candidates, protecting its intellectual property and the general and administrative functions relating to these operations. The Company has an accumulated deficit as of September 30, 2015 of approximately $488.4 million, and will require substantial additional capital for research and product development.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [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 for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Interim results for the three and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015 or any other future period. The information presented in the condensed consolidated financial statements and related footnotes at September 30, 2015, and for the three and nine months ended September 30, 2015 and 2014, is unaudited and the condensed consolidated balance sheet amounts and related footnotes as of December 31, 2014 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 for the fiscal year ended December 31, 2014, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on March 6, 2015.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2015
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 and clinical material. Payments to the Company under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. When evaluating multiple element arrangements, the Company considers whether the deliverables under the arrangement represent separate units of accounting. This evaluation requires subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. In determining the units of accounting, management evaluates certain criteria, including whether the deliverables have standalone value, based on the relevant facts and circumstances for each arrangement. The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units. The Company determines the estimated selling price for deliverables within each agreement using vendor-specific objective evidence (“VSOE”) of selling price, if available, third-party evidence (“TPE”) of selling price if VSOE is not available, or best estimate of selling price if neither VSOE nor TPE is available. Determining the best estimate of selling price for a deliverable requires significant judgment. The Company typically uses best estimate of selling price to estimate the selling price for licenses to the Company’s proprietary technology, since the Company often does not have VSOE or TPE of selling price for these deliverables. In those circumstances where the Company utilizes best estimate of selling price to determine the estimated selling price of a license to the Company’s proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements and internally developed models that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating the Company’s best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. The Company typically receives non-refundable, up-front payments when licensing its intellectual property in conjunction with a research and development agreement. When management believes the license to its intellectual property does not have stand-alone value from the other deliverables to be provided in the arrangement, the Company generally recognizes revenue attributed to the license on a straight-line basis over the Company’s contractual or estimated performance period, which is typically the term of the Company’s research and development obligations. If management cannot reasonably estimate when the Company’s performance obligation ends, then revenue is deferred until management can reasonably estimate when the performance obligation ends. When management believes the license to its intellectual property has stand-alone value, the Company generally recognizes revenue attributed to the license upon delivery. The periods over which revenue should be recognized are subject to estimates by management and may change over the course of the research and development agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Payments or reimbursements resulting from the Company’s research and development efforts for those arrangements where such efforts are considered as deliverables are recognized as the services are performed and are presented on a gross basis so long as there is persuasive evidence of an arrangement, the fee is fixed or determinable, and collection of the related receivable is reasonably assured. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. At the inception of each agreement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance, and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. The Company aggregates its milestones into four categories: (i) clinical and development milestones, (ii) regulatory milestones, (iii) commercial milestones, and (iv) patent-related milestones. Clinical and development milestones are typically achieved when a product candidate advances into a defined phase of clinical research or completes such phase. For example, a milestone payment may be due to the Company upon the initiation of a phase 3 clinical trial for a new indication, which is the last phase of clinical development and could eventually contribute to marketing approval by the U.S. Food and Drug Administration (“FDA”) or other global regulatory authorities. Regulatory milestones are typically achieved upon acceptance of the submission for marketing approval of a product candidate or upon approval to market the product candidate by the FDA or other global regulatory authorities. For example, a milestone payment may be due to the Company upon the FDA’s acceptance of a New Drug Application (“NDA”). Commercial milestones are typically achieved when an approved pharmaceutical product reaches certain defined levels of net sales by the licensee, such as when a product first achieves global sales or annual sales of a specified amount. Patent-related milestones are typically achieved when a patent application is filed or a patent is issued with respect to certain intellectual property related to the applicable collaboration. Revenues from clinical and development, regulatory, and patent-related milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, are recognized upon successful accomplishment of the milestones. The Company has concluded that the clinical and development, regulatory and patent-related milestones pursuant to its current research and development arrangements are substantive. Milestones that are not considered substantive are accounted for as license payments and recognized on a straight-line basis over the remaining period of performance. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. 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 personnel-related costs such as salaries and stock-based compensation, facilities, research-related overhead, clinical trial costs, manufacturing costs and costs of other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received. Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at September 30, 2015 consisted of money market funds, U.S. government agency securities, and corporate debt securities, including commercial paper, maintained by an investment manager totaling $27.7 million. Cash equivalents at December 31, 2014 consisted of money market funds, U.S. government agency securities and corporate debt securities, including commercial paper, maintained by an investment manager totaling $36.6 million. The carrying values of our cash equivalent securities approximate fair value due to their short term maturities. Marketable Securities Marketable securities at September 30, 2015 consisted of corporate debt securities maintained by an investment manager. The Company did not maintain any marketable securities at December 31, 2014. Credit risk is reduced as a result of the Company’s policy to limit the amount invested in any one issuance. 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 classifies these investments as available-for-sale. Unrealized gains and losses are included in other comprehensive income (loss) until realized. The cost of securities sold is based on the specific identification method. There were no realized gains or losses recognized on the sale or maturity of marketable securities during the three months ended September 30, 2015 and 2014. Available-for-sale securities at September 30, 2015 consist of the following: Amortized Unrealized Unrealized Fair (in thousands) September 30, 2015: Corporate debt securities (Due within 1 year) $2,499 1 — $2,500 There were no securities that were in an unrealized loss position at September 30, 2015. Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s credit risk related to marketable securities is reduced as a result of the Company’s policy to limit the amount invested in any one issuance. Fair Value Measurements The Company records cash equivalents and marketable securities at fair value. The accounting standards for fair value measurements establish a hierarchy that distinguishes between fair value measurements based on market data (observable inputs) and those based on the Company’s own assumptions (unobservable inputs). The hierarchy consists of three levels: · Level 1—Quoted market prices in active markets for identical assets or liabilities. Assets that are valued utilizing only Level 1 inputs include money market funds. · Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Assets that are valued utilizing Level 2 inputs include U.S. government agency securities and corporate bonds, including commercial paper. These investments have been initially valued at the transaction price and are subsequently valued, at the end of each reporting period, utilizing third party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events. The Company validates the prices provided by third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by pricing services as of September 30, 2015. · Level 3—Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use. The Company currently has no assets or liabilities measured at fair value on a recurring basis that utilize Level 3 inputs. The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014. Fair Value Measurements of Cash Equivalents and Marketable Securities as of September 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 15,202 $ 12,488 $ — $ 27,691 Marketable securities — 2,500 — 2,500 15,202 14,988 — 30,191 Fair Value Measurements of Cash Equivalents as of December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 28,777 $ 7,834 $ — $ 36,611 The fair value of the Company’s loans payable at September 30, 2015, computed pursuant to a discounted cash flow technique using a market interest rate, was $13.0 million 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 warrant issued in connection with the loan, loan issuance costs and the deferred financing charge. Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repair costs are charged to expense as incurred. During the quarter ended June 30, 2015, the Company transitioned to new office space and, as a result, revised the estimated useful life of its office furniture, resulting in an increase in depreciation expense of approximately $0.4 million during the nine months ended September 30, 2015. Long-lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever changes in business circumstances indicate that the carrying amount of the asset may not be fully recoverable. No impairment charges were recognized during the three months ended September 30, 2015 and September 30, 2014. The Company recognized $0.2 million and $7.6 million of impairment losses for the nine months ended September 30, 2015 and 2014, respectively, related to leasehold improvements. Basic and Diluted Earnings (Loss) per Common Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares and dilutive common share equivalents then outstanding which exclude unvested restricted stock. Potential common share equivalents consist of the incremental common shares issuable upon the exercise of stock options and warrants. After applying the treasury stock method for those instruments that were “in-the-money,” the dilutive effect of stock options and warrants resulted in an increase in the weighted-average number of dilutive common share equivalents outstanding of 222,000 used in calculating diluted earnings per common share for the three months ending September 30, 2015. For periods presented during which the Company had a net loss, the effect of all potentially dilutive securities is anti-dilutive. Accordingly, basic and diluted net loss per common share is the same for those periods. The following table sets forth the potential common shares excluded from the calculation of net loss per common share-diluted for the nine months ended September 30, 2015 and 2014 because their inclusion would have been anti-dilutive: Outstanding at September 30, 2015 2014 (in thousands) Options outstanding 5,826 5,825 Warrants outstanding 609 609 6,435 6,434 The following table sets forth the potential common shares excluded from the calculation of net income per common share—diluted for the three months ended September 30, 2015 and the calculation of net loss per common share—diluted for the three months ended September 30, 2014 because their inclusion would have been anti-dilutive: Outstanding at September 30, 2015 2014 (in thousands) Options outstanding 4,096 5,825 Warrants outstanding ─ 609 4,096 6,434 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 has also granted awards that vest upon the achievement of market conditions. Per Accounting Standards Codification (“ASC”) 718 Share-Based Payments, 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 as of each balance sheet date until the recipient’s services are complete. During the three and nine months ended September 30, 2015 and September 30, 2014, the Company recorded the following stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Research and development $ 50 $ 406 $ 238 $ 921 General and administrative 294 769 873 1,657 Restructuring ─ ─ 69 ─ $ 344 $ 1,175 $ 1,180 $ 2,578 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. Expenses recognized in connection with the modification of awards in connection with the Company’s strategic restructurings are allocated to restructuring expense. 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 to be sustained upon examination by a tax authority. Unrecognized tax benefits represent tax positions for which reserves have been established. As of September 30, 2015, the Company is forecasting a net loss for the year ended December 31, 2015. The Company maintains a full valuation allowance on all deferred tax assets and has recorded no income tax provision or benefit in the current quarter. 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 principally in the United States. As of September 30, 2015, the Company has $1.0 million of net assets located in the United Kingdom. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Recent Accounting Pronouncements For a discussion of recent accounting pronouncements adopted by the Company, please refer to Note 2, “Significant Accounting Policies,” included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC on March 6, 2015. The Company did not adopt any new accounting pronouncements during the nine months ended September 30, 2015 that had a material effect on the Company’s condensed consolidated financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under US GAAP. The standard was originally scheduled to be effective for public entities for annual and interim periods beginning after December 15, 2016. In July 2015, the standard was deferred and will now be effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted for annual and interim periods beginning after December 15, 2016. The Company is currently evaluating what effect, if any, this standard will have on its revenue recognition policies and its financial statements, including how the standard will be adopted. In August 2014, the 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. In April 2015, the FASB issued a standard that will require that debt issuance costs be presented in the balance sheet as a reduction of the carrying amount of the associated liability, consistent with debt discounts. The standard is effective for public entities for annual and interim periods beginning after December 15, 2015. The Company does not believe the adoption of this standard will have a material effect on its financial statements.

Collaborations and License Agre

Collaborations and License Agreements	9 Months Ended
	Sep. 30, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaborations and License Agreements	(4) Collaborations and License Agreements 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 and related AVEO antibodies that bind to Growth Differentiation Factor 15 (“GDF15”) for the treatment and prevention of diseases and other conditions in all indications in humans (the “Product”). Pursuant to the license agreement, Novartis made an upfront payment to the Company of $15.0 million within fifteen days of the effective date. Novartis also has the right for 90 days after the effective date to acquire the Company’s inventory of clinical quality, The term of the license agreement commenced in August 2015 and will continue on a country-by-country basis until the later to occur of the 10 th 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 Revenue Recognition—Multiple Element Arrangements The Company determined the delivered license and obligation to transfer technical knowledge and data have standalone value from the undelivered cooperation. The Company allocated up-front consideration of $15.0 million to the delivered license and technical knowledge. The relative selling price of the undelivered cooperation had de minimis The Company received cash payments of $15.0 million and recorded this $15.0 million upfront payment allocated to the delivered license and technical knowledge deliverables as revenue during the three months ended September 30, 2015. 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 has granted to Pharmstandard the exclusive, sublicensable right to develop, manufacture and commercialize tivozanib in the territories of Russia, Ukraine and the Commonwealth of Independent States (the “Licensed Territories”) for all diseases and conditions in humans, excluding non-oncologic ocular conditions. Under the license agreement, Pharmstandard is required to make an upfront payment to AVEO of $1.5 million, of which $1.0 million was paid during the three months ended September 30, 2015 and $0.5 million is payable within fifteen business days of the date the license agreement is registered with the Federal Service for Intellectual Property of the Russian Federation. The Company is also eligible to receive $7.5 million in connection with the first marketing authorization of tivozanib in Russia. If Russian regulatory authorities require additional studies to be conducted by Pharmstandard prior to approval, this amount would be reduced to $3.0 million. In addition, the Company is eligible to receive $3.0 million for each additional approved indication of tivozanib, if Pharmstandard elects to seek any such approvals, as well as a high single-digit royalty on net sales in the Licensed Territories. Pharmstandard is obligated to use commercially reasonable efforts to develop and commercialize tivozanib throughout the Licensed Territories, and Pharmstandard has responsibility for all activities and costs associated with the further development, manufacture, regulatory filings and commercialization of tivozanib in the Licensed Territories. Pharmstandard is obligated to file an application for marketing authorization in Russia for tivozanib for the treatment of renal cell carcinoma no later than the first anniversary of the effective date, unless Russian regulatory authorities require Pharmstandard to conduct an additional clinical trial prior to approval and Pharmstandard is actively performing such trial. The term of the license agreement commenced in August 2015 and will continue on a product-by-product and country-by-country basis until the later to occur of (a) the expiration of the last valid patent claim for such product in such country, (b) the expiration of the last marketing authorization for such product in such country or (c) the 10 th Activities under the agreement with Pharmstandard were evaluated under ASC 605-25 to determine whether such activities represented a multiple element revenue arrangement. The agreement with Pharmstandard includes the following non-contingent deliverables: (i) the Company’s grant of an exclusive license to develop and commercialize tivozanib in the Licensed Territories, (ii) the Company’s obligation to provide access , upon request, to all clinical data, regulatory filings, safety data and manufacturing data to Pharmstandard for use in the development and commercialization of tivozanib in the Licensed Territories The Company determined the delivered license does not have standalone value from the undelivered items and that the arrangement should be treated as a single unit of accounting. The Company allocated the upfront payment of $1.0 million to the bundled unit of accounting and is amortizing it over the Company’s performance period through April 2022, the remaining patent life of tivozanib. The Company recognized approximately $23,000 as revenue during the three and nine months ended September 30, 2015. The Company believes the regulatory milestones that may be achieved under the Pharmstandard agreement are consistent with the definition of a milestone included in ASU 2010-17, Revenue Recognition—Milestone Method , and, accordingly, the Company will recognize payments related to the achievement of such milestones, if any, when such milestone is achieved. Factors considered in this determination included scientific and regulatory risks that must be overcome to achieve each milestone, the level of effort and investment required to achieve each milestone, and the monetary value attributed to each milestone. A percentage of all upfront, milestone and royalty payments received by AVEO are due to KHK as a sublicensing fee under the License Agreement between AVEO and KHK dated as of December 21, 2006. The Company incurred $0.3 million of R&D expense associated with sublicensing fees payable to KHK during the three months ended September 30, 2015. Ophthotech Corporation In November 2014 the Company entered into a Research and Exclusive Option Agreement (the “Option Agreement”) with Ophthotech Corporation (“Ophthotech”). Under the Option Agreement, the Company granted Ophthotech an option to exclusively license the right to develop and commercialize tivozanib in all territories outside of Asia for the potential diagnosis, prevention and treatment of non-oncologic diseases or conditions of the eye in humans. Pursuant to this Option Agreement, the Company granted to Ophthotech an exclusive, royalty free license or sublicense, as applicable, under intellectual property rights controlled by the Company solely to perform the research and development activities related to the use of tivozanib for the specific purposes outlined in the agreement during the option period (as defined below). These activities include formulation work for ocular administration, preclinical research and the conduct of a phase 1/2a, proof of concept clinical trial of a product containing tivozanib in patients with wet age-related macular degeneration (the “POC Study”). Ophthotech paid the Company $500,000 in consideration for the grant of the option. Such amount is non-refundable and not creditable against any other amounts due under the agreement. The Company is obligated to make available to Ophthotech, at no cost to Ophthotech, certain quantities of tivozanib hydrochloride solely for conducting its option period research including manufacturing additional quantities of tivozanib in the event stability data indicates that the current supply will expire prior to the end of February 2017. During the option period, if Ophthotech elects to continue the development of tivozanib for non-oncologic diseases of the eye, the Company is entitled to receive a one-time milestone payment of $2.0 million upon acceptance of the first Investigational New Drug application for the purpose of conducting a human clinical study of tivozanib in ocular diseases (the “IND Submission Milestone Payment”). The Company is also entitled to receive a one-time milestone payment of $6.0 million (the “Clinical Efficacy Milestone Payment”) on the earlier of (a) December 31, 2016 and (b) the later to occur of: (i) the achievement of a clinical milestone in the POC Study (the “Clinical Efficacy Milestone”) and (ii) the earlier of (A) the date twelve (12) months after the Company and Ophthotech’s agreement as to the form and substance of the KHK Amendment (as defined below) or (B) the date ninety (90) days after the entry into the KHK Amendment, subject to the Company’s right to terminate the Option Agreement on 90 days’ written notice (the date on which such payment is due, referred to as the “Clinical Efficacy Milestone Payment Trigger Date”). If the option is exercised, the resulting license agreement would entitle the Company to receive (i) $10.0 million assuming certain efficacy and safety endpoints in phase 2 clinical trials that would enable the commencement of a phase 3 clinical trial are met, (ii) $20.0 million upon marketing approval in the United States, (iii) $20.0 million upon marketing approval in the UK, Germany, Spain, Italy and France and (iv) up to $45.0 million in sales-based milestone payments. Ophthotech would also be required to pay tiered, double digit royalties, up to the mid-teens, on net sales of tivozanib or products containing tivozanib. Activities under the agreement with Ophthotech were evaluated under ASC 605-25 to determine whether such activities represented a multiple element revenue arrangement. The agreement with Ophthotech includes the following non-contingent deliverables: (i) the Company’s obligation to grant an exclusive option to Ophthotech to enter into a license agreement to develop and commercialize products incorporating tivozanib for treatment of AMD and other diseases of the eye outside of Asia during the option period (the “Option Grant Deliverable”); (ii) the Company’s obligation to enter into an amendment with KHK to modify the terms of the existing KHK agreement to negotiate a mutually acceptable form of license agreement; and (iii) the Company’s obligation to transfer research-grade tivozanib active pharmaceutical ingredient (“API”) for Ophthotech to conduct the option period research. The Company determined that the delivered Option Grant Deliverable did not have stand-alone value from the remaining deliverables since Ophthotech could not obtain the intended benefit of the option without the remaining deliverables. Similarly, the remaining deliverables have no stand-alone value without the Option Grant Deliverable. The Company is accounting for the deliverables as one unit of accounting. Under the 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 estimated to be through December 2016. The Company recorded approximately $58,000 and $0.2 million of revenue during the three and nine months ended September 30, 2015, respectively. Biodesix In April 2014, the Company entered into a worldwide agreement with Biodesix to develop and commercialize its hepatocyte growth factor (“HGF”) inhibitory antibody ficlatuzumab, with BDX004, a proprietary companion diagnostic test developed by Biodesix and derived from VeriStrat ® Pending marketing approval of ficlatuzumab and subject to a commercialization agreement to be entered into after receipt of results from the NSCLC POC Trial, each party would share equally in commercialization profits and losses, subject to the Company’s right to be the lead commercialization party. Biodesix is solely responsible for the BDX004 development costs, as well as BDX004 sales and marketing costs. Subject to and following the approval of the BDX004 test as a companion diagnostic for ficlatuzumab, Biodesix has agreed to make the BDX004 test available and use commercially reasonable efforts to seek reimbursement in all geographies where ficlatuzumab is approved. The Company has agreed to reimburse Biodesix a pre-specified amount, under certain circumstances for BDX004 tests performed. Prior to the first commercial sale of ficlatuzumab and after the earlier of (i) the Cap being reached or (ii) the completion of the NSCLC POC Trial, 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”. If either AVEO or Biodesix elects to Opt-Out, with such party referred to as the “Opting-Out Party”, then the Opting-Out Party shall not be responsible for any future costs associated with developing and commercializing ficlatuzumab other than any ongoing clinical trials. After election of an Opt-Out, the non-opting out party shall have sole decision-making authority with respect to further development and commercialization of ficlatuzumab. Additionally, the Opting-Out Party shall be entitled to receive, if ficlatuzumab is successfully developed and commercialized, a royalty equal to 10% of net sales of ficlatuzumab throughout the world, if any, subject to offsets under certain circumstances. If Biodesix elects to Opt-Out, it will continue to be responsible for its development and commercialization obligations with respect to BDX004. If AVEO elects to Opt-Out, it will continue to make the existing supply of ficlatuzumab available to Biodesix for the purposes of enabling Biodesix to complete the development of ficlatuzumab, and Biodesix will have the right to commercialize ficlatuzumab. Prior to any Opt-Out, the parties shall share equally in any payments received from a third party licensee; provided, however, after any Opt-Out, the Opting-Out Party shall be entitled to receive only a reduced portion of such third party payments. The agreement will remain in effect until the expiration of all payment obligations between the parties related to development and commercialization of ficlatuzumab, unless earlier terminated. Activities under the agreement with Biodesix were evaluated under ASC 605-25, to determine whether such activities represented a multiple element revenue arrangement. The agreement with Biodesix includes the following non-contingent deliverables: (i) perpetual, non-exclusive rights to certain intellectual property including clinical and biomarker data related to ficlatuzumab for use in developing and commercializing BDX004; (ii) the Company’s obligation to deliver technology improvements and data developed during the NSCLC POC Trial to Biodesix; (iii) the Company’s obligation to participate in the joint steering committee during the NSCLC POC Trial; (iv) the Company’s obligation to perform certain development activities associated with the NSCLC POC Trial; (v) the Company’s obligation to supply clinical material for use in conducting the NSCLC POC Trial; (vi) and the Company’s obligation to deliver clinical specimens and data during the NSCLC POC Trial. The Company concluded that any deliverables that would be delivered after the NSCLC POC Trial is complete are contingent deliverables because these services are contingent upon the results of the NSCLC POC Trial. As these deliverables are contingent, and are not at an 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 September 30, 2015, no contingent deliverables had been provided by the Company. The Company determined that the delivered item, or the perpetual, non-exclusive rights to certain intellectual property for use in developing and commercializing BDX004 did not have stand-alone value from the remaining deliverables since Biodesix could not obtain the intended benefit of the license without the remaining deliverables. Since the remaining deliverables will be performed over the same period of performance there is no difference in accounting for the deliverables as one unit or multiple units of accounting, and therefore, the Company is accounting for the deliverables as one unit of accounting. The Company records the consideration earned while conducting the NSCLC POC Trial, which consists of reimbursements from Biodesix for expenses related to the trial under the Cap, as a reduction to research and development expense using the proportional performance method over the respective period of performance. As a result of the cost sharing provisions in the agreement, the Company reduced research and development expenses by approximately $0.8 million and $2.7 million during the three and nine months ended September 30, 2015, respectively. The Company reduced research and development expenses by approximately $0.6 million and $0.9 million during the three and nine months ended September 30, 2014, respectively. The amount due to the Company from Biodesix pursuant to the cost-sharing provision was $1.8 million at September 30, 2015. The Company received cash payments related to cost reimbursements of $2.7 million during the nine months ended September 30, 2015. St. Vincent’s In July 2012, the Company entered into a license agreement with St. Vincent’s Hospital Sydney Limited (“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, which is also referred to as GDF15. Under the agreement, the Company has the right to grant sublicenses subject to certain restrictions. Under the license agreement, St. Vincent’s also granted the Company non-exclusive rights for certain related diagnostic products and research tools. In order to sublicense certain necessary intellectual property rights to Novartis in August 2015, the Company entered into an amendment (the “Amended St. Vincent’s Agreement”) to the license agreement with St. Vincent’s. Under the Amended St. Vincent’s Agreement, the Company was required to make an upfront payment to St. Vincent’s of $1.5 million. This payment was recorded as R&D expense during the three months ended September 30, 2015. St. Vincent’s is also eligible to receive up to approximately $18.9 million in connection with development and regulatory milestones 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. Biogen Idec International GmbH In March 2009, the Company entered into an exclusive option and license agreement with Biogen Idec International GmbH, a subsidiary of Biogen Idec Inc., (collectively “Biogen Idec”) regarding the development and commercialization of the Company’s discovery-stage ErbB3-targeted antibodies for the potential treatment and diagnosis of cancer and other diseases outside of North America. Under the agreement, the Company is 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 Idec 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, AVEO is obligated to use reasonable efforts to seek a collaboration partner for the purpose of funding further development and commercialization of ErbB3 targeted antibodies. AVEO 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, up to cumulative maximum amount of $50 million. Under the terms of the original agreement, Biogen Idec made up-front and milestone-based cash payments totaling $20.0 million. Of the $20.0 million received, $10.0 million was associated with milestones that were considered substantive and these amounts were included in revenue when they were earned. The remaining $10.0 million was amortized as additional license revenue over the Company’s period of substantial involvement. The Company concluded that the Amendment materially modified the terms of the agreement and, as a result, required 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 stand-alone 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 amended arrangement. 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 or 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 is being recognized on a straight-line basis over the expected period of performance, or through December 2015, based upon the Company’s historical experience with marketing its product candidates to potential partners. The best estimate of selling price was based upon a cost approach pursuant to which the Company estimated the costs expected to be incurred in executing a partnership agreement and then applied a reasonable markup. The Company estimated future cash outflows for several possible outcomes, including the execution of a partnership at different times within a reasonable range and partnerships of differing complexity. The Company estimated its cash outflows for each scenario based upon the expected costs associated with the relevant employees and the expected level of effort to be expended to seek and execute a partnership. The Company’s analysis also considered the legal charges that it anticipates it will incur. Changes to the Company’s assumptions within the reasonable range of possible values would not have a material impact on the amounts recorded in current or future periods. Under the agreement, the Company recorded revenue of $0.1 million and $0.2 million during the three and nine months ended September 30, 2015, respectively. The Company also recorded revenue of $0.1 million and $14.4 million of revenue during the three and nine month periods ended September 30, 2014, respectively. Astellas Pharma In February 2011, the Company, together with its wholly-owned subsidiary AVEO Pharma Limited, entered into a Collaboration and License Agreement with Astellas Pharma Inc. and certain of its indirect wholly-owned subsidiaries (collectively, “Astellas”), pursuant to which the Company and Astellas intended to develop and commercialize tivozanib for the treatment of a broad range of cancers (the “Astellas Agreement”). Astellas elected to terminate the Astellas 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, are shared equally. There are no refund provisions in the Astellas Agreement. 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. Payments from Astellas with respect to Astellas’ share of tivozanib development and commercialization costs incurred by the Company pursuant to the joint development plan are recorded as a reduction to research and development expense and general and administrative expense in the accompanying condensed consolidated financial statements due to the joint risk-sharing nature of the activities in North America and Europe. Similarly, payments from the Company to Astellas with respect to the Company’s share of tivozanib development and commercialization costs incurred by Astellas pursuant to the joint development plan are recorded as a component of research and development expense and general and administrative expense in the accompanying condensed consolidated financial statements. As a result of the cost-sharing provisions in the Astellas Agreement, the Company decreased research and development expense by $0.5 million and $0.9 million during the three months ended September 30, 2015 and 2014, respectively, and by $0.7 million and $3.0 million during the nine months ended September 30, 2015 and 2014, respectively. The net amount due to the Company from Astellas pursuant to the cost-sharing provisions was $0.5 million and $0.9 million at September 30, 2015 and 2014, respectively. Under the agreement, the Company received cash payments related to cost reimbursements of $0.4 million and $1.0 million during each of the three months ended September 30, 2015 and 2014, respectively, and $1.0 million and $3.2 million during each of the nine months ended September 30, 2015 and 2014, respectively.

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
Accrued Expenses	(5) Accrued Expenses Accrued expenses consisted of the following as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 (in thousands) Clinical expenses $ 2,378 $ 2,312 Salaries and benefits 922 1,744 Restructuring 605 — Professional fees 440 685 Manufacturing and distribution 136 3,216 Other 972 1,344 $ 5,453 $ 9,301

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Loans Payable	(6) Loans Payable On May 28, 2010, the Company entered into a 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”), pursuant to which the Company received a loan in the aggregate principal amount of $25.0 million. The Company was required to repay the aggregate principal balance under the Loan Agreement in 30 equal monthly installments of principal starting on January 1, 2012. On March 31, 2012, the Company entered into an amendment to the Loan Agreement, pursuant to which the Company increased the principal amount under the Loan Agreement to $26.5 million. Under the amendment to the Loan Agreement, the date on which the Company was required to begin repaying the aggregate principal balance was extended to April 1, 2013, at which point the Company began repaying such balance in 30 equal monthly installments. On September 24, 2014, the Company further amended the Loan Agreement with Hercules (the “Amended Loan Agreement”). Pursuant to the Amended Loan Agreement, the Company received a new loan in the aggregate principal amount of $10.0 million and amended the terms of the Loan Agreement with an outstanding principal balance of $11.6 million. The Company is not required to pay principal on the original loan until January 1, 2015, at which time the Company is required to commence making 12 principal and interest payments ending December 1, 2015. Pursuant to the Amended Loan Agreement, the Company is not required to pay principal on the new loan of $10.0 million for a period of time until May 1, 2016. The period during which the Company is not required to pay principal was extended six months from November 1, 2015 to May 1, 2016 upon executing the Company’s license agreement with Novartis and may be further extended if the Company continues to achieve certain performance milestones, after which time, the Company is required to make monthly principal and interest payments with the entire loan due and payable on January 1, 2018. The Amended Loan Agreement has an end-of-term payment of approximately $0.5 million due on January 1, 2018 or on such earlier date as the new loan is prepaid. The Company accounted for the Amended Loan Agreement as a loan modification in accordance with ASC 470-50, Debt—Modifications and Extinguishments. The Company must make interest payments on both loans each month they remain outstanding. Per annum interest is payable on the principal balance of both loans at the greater of 11.9% and an amount equal to 11.9% plus the prime rate of interest minus 4.75% as determined daily, provided however, that the per annum interest shall not exceed 15.0% (11.9% as of September 30, 2015). With respect to the new loan of $10.0 million, the unpaid principal balance and all accrued but unpaid interest will be due and payable on January 1, 2018, and with respect to the original loan with a principal balance of $11.6 million, the unpaid principal balance and all accrued but unpaid interest will be due and payable on January 1, 2016. In addition to the obligations and covenants currently existing under the Loan Agreement, the Amended Loan Agreement contains a financial covenant, whereby the Company has agreed to maintain, with respect to the new loan of $10.0 million, a liquidity ratio equal to or greater than 1.25 to 1.00 or the equivalent of $12.5 million in unrestricted and unencumbered cash and cash equivalents. The financial covenant shall not apply after such time that the Company receives favorable data both with respect to its phase 2 clinical trial of ficlatuzumab and a phase 1 clinical trial of AV-380. The Company was in compliance with this and all other financial covenants at September 30, 2015 that are included in the Loan Agreement and Amended Loan Agreement. The Loan Agreement required a deferred financing charge of $1.3 million which was paid in May 2012 related to the amendment of the Loan Agreement. The Loan Agreement also included an additional deferred financing charge of $1.2 million which was paid in June 2014, and was recorded as a loan discount and is being amortized to interest expense over the term of the loan borrowed under the Loan Agreement using the effective interest rate method. The Company had recorded a liability for the full amount of the charge since the payment of such amount was not contingent on any future event. The Company incurred approximately $0.2 million in loan issuance costs paid directly to Hercules under the Loan Agreement, which were offset against the loan proceeds and are accounted for as a loan discount. As part of the Loan Agreement, on June 2, 2010, the Company issued warrants to the lenders to purchase up to 156,641 shares of the Company’s common stock at an exercise price equal to $7.98 per share. The Company recorded the relative fair value of the warrants of approximately $0.8 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. On July 21, 2011, Hercules exercised these warrants and they are no longer outstanding. As part of the Amended Loan Agreement, on September 24, 2014, 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 relative 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 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. As of September 30, 2015, the aggregate principal balance outstanding was $13.0 million. The Amended 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 under and in accordance with the terms of the Amended Loan Agreement, 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. 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 September 30, 2015 are as follows (amounts in thousands): Years Ending December 31: 2015 (3 months remaining) $ 3,458 2016 3,499 2017 4,644 2018 4,269 15,870 Less amount representing interest (2,236 ) Less discount (617 ) Less deferred charges (540 ) Less current portion (4,217 ) Loans payable, net of current portion and discount $ 8,260

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2015
Equity [Abstract]
Common Stock	(7) Common Stock In February 2015, the Company entered into an at-the-market issuance sales agreement with MLV & Co. LLC (“MLV”), pursuant to which the Company could issue and sell shares of its common stock from time to time up to an aggregate amount of $17.9 million, at the Company’s option, through MLV as its sales agent. Sales of common stock through MLV may be made by any method that is deemed an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended, including by means of ordinary brokers’ transactions at market prices, in block transactions or as otherwise agreed by the Company and MLV. Subject to the terms and conditions of the sales agreement between the Company and MLV (the “Sales Agreement”), MLV 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. The Company will pay MLV a commission of up to 3% of the gross proceeds. The Sales Agreement may be terminated by the Company at any time. On May 7, 2015, the Company filed a shelf registration statement on Form S-3 with the SEC, which covers the offering, issuance and sale by the Company of up to $100.0 million of its common stock, preferred stock, debt securities, warrants and/or units (the “2015 Shelf”). The 2015 Shelf was filed to replace the Company’s existing $250.0 million shelf registration statement (the “2012 Shelf”). On May 7, 2015, the Company amended its Sales Agreement with MLV to provide for the offering, issuance and sale by the Company of up to $15.0 million of its common stock under the 2015 Shelf, which replaced the Company’s existing $17.9 million offering that expired along with the expired 2012 Shelf. As of September 30, 2015, the Company has sold approximately 5.9 million shares pursuant to the Sales Agreement, resulting in proceeds of approximately $10.2 million, net of commissions and issuance costs. Approximately $9.1 million remains available for sale under the Sales Agreement.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	(8) Stock-based Compensation Stock Plans The Company issued stock options and had restricted stock awards outstanding during the nine months ended September 30, 2015. A summary of the status of the Company’s stock option activity at September 30, 2015 and changes during the nine months then ended is presented in the table and narrative below. Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2014 5,817,313 $ 4.45 Granted 3,159,134 $ 1.11 Exercised (163,305 ) $ 1.46 Forfeited (2,987,202 ) $ 3.02 Outstanding at September 30, 2015 5,825,940 $ 3.45 7.91 $ 511,535 Vested or expected to vest at September 30, 2015 3,018,136 $ 5.37 6.84 $ 236,889 Exercisable at September 30, 2015 2,079,625 $ 7.06 5.75 $ 74,899 Stock options to purchase 1,281,500 shares of common stock contain market conditions which were not deemed probable of vesting at September 30, 2015. 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 September 30, 2015 2014 Volatility factor 74.53%-74.54% 69.38-72.16% Expected term (in years) 6.25 5.50-6.25 Risk-free interest rates 1.56% 2.00% Dividend yield — — Nine Months Ended September 30, 2015 2014 Volatility factor 73.04%-78.70% 69.38-73.98% Expected term (in years) 5.50-6.25 5.50-6.25 Risk-free interest rates 1.54-1.85% 1.88-2.02% Dividend yield — — The risk-free interest rate is determined based upon the United States Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the options being valued. The Company does not expect to pay dividends in the foreseeable future. The Company does not have sufficient history to support a calculation of volatility and expected term using only its historical data. As such, the Company has 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 option status. Due to lack of available option activity data, the Company elected to use the “simplified” method for “plain vanilla” options to estimate the expected term of the stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. Based upon these assumptions, the weighted-average grant date fair value of stock options granted to employees during the nine months ended September 30, 2015 and 2014 was $0.75 per share and $0.83 per share, respectively. The Company is required to include an estimate of the value of the awards that will be forfeited in calculating compensation costs, which the Company estimates based upon actual historical forfeitures. The forfeiture estimates are recognized over the requisite service period of the awards on a straight-line basis. The Company estimated its forfeiture rate to be approximately 70% and 52% as of September 30, 2015 and 2014, respectively. As of September 30, 2015, there was $1.0 million of total unrecognized stock-based compensation expense related to stock options granted to employees under the Company’s 2002 Stock Incentive Plan and 2010 Stock Incentive Plan (collectively, the “Plans”). The expense is expected to be recognized over a weighted-average period of 3.0 years. The intrinsic value of options exercised during the nine months ended September 30, 2015 was $57,000. No options were exercised during the three months ended September 30, 2015, and three and nine months ended September 30, 2014. The restricted stock activity for the nine months ended September 30, 2015 is as follows: Number Weighted- Average Fair-Value Unvested at December 31, 2014 477,600 $ 1.81 Granted — — Cancelled (201,180 ) 1.87 Vested/Released (233,670 ) 1.80 Unvested at September 30, 2015 42,750 $ 1.61 As of September 30, 2015, there was approximately $19,000 of total unrecognized stock-based compensation expense related to restricted stock awards granted under the Plans. The expense is expected to be recognized over a weighted-average period of 0.4 years.

Strategic Restructuring

Strategic Restructuring	9 Months Ended
	Sep. 30, 2015
Restructuring And Related Activities [Abstract]
Strategic Restructuring	(9) Strategic Restructuring On January 6, 2015, the Board of the Company approved a strategic restructuring of the Company that eliminated the Company’s internal research function and aligned the Company’s resources with the Company’s future strategic plans. As part of this restructuring, the Company eliminated approximately two-thirds of the Company’s workforce, or 40 positions across the organization. The Company substantially completed the restructuring during the quarter-ended March 31, 2015. The following table summarizes the components of the Company’s restructuring activity recorded in operating expenses and in current liabilities: Restructuring amounts accrued at December 31, 2014 Restructuring expense incurred during the nine months ended September 30, 2015 Restructuring amounts paid during the nine months ended September 30, 2015 Restructuring amounts accrued at September 30, 2015 (in thousands) Employee severance, benefits and related costs $ — 3,560 $ (2,955 ) 605 The Company is obligated to continue to pay the remaining amounts accrued through the first quarter of 2016. The table above excludes non-cash stock-based compensation costs of approximately $0.1 million incurred as part of the restructuring during the nine months ended September 30, 2015.

Facility Lease Exit

Facility Lease Exit	9 Months Ended
	Sep. 30, 2015
Facility Lease Exit [Abstract]
Facility Lease Exit	(10) Facility Lease Exit In September 2014, the Company entered into the Lease Termination Agreement pursuant to which the Company immediately surrendered leased space that it had previously ceased using earlier in 2014. In connection with the Lease Termination Agreement, the Company agreed to pay the landlord a termination fee totaling $15.6 million of which approximately $5.0 remained due as of December 31, 2014. The Company also agreed to surrender its remaining leased space upon 90 days written notice prior to September 24, 2015. In February 2015, the Company provided notice that it would surrender the remaining space on May 29, 2015. Accordingly, the Company revised the estimated useful life of its leasehold improvements related to this office space and amortized such assets through May 2015, resulting in an additional $2.9 million of depreciation expense during the nine months ended September 30, 2015. Similarly, the Company accelerated the amortization of its deferred rent and leasehold improvement allowance associated with this office space through May 2015, resulting in an additional $3.5 million of amortization during the nine months ended September 30, 2015. Upon the surrender of the remaining space, the Company had no further rights or obligations with respect to the lease. The Company has secured office space appropriate for its current needs under a cancellable arrangement that began in May 2015. The following table summarizes the components of the Company’s lease exit activity recorded in current liabilities: Amounts accrued at December 31, Accretion Expense incurred during the nine months ended September 30, 2015 Amounts paid during the nine months ended September 30, 2015 Additional expense incurred during the nine months ended September 30, Amounts recorded at September 30, (in thousands) Lease exit costs $ 4,981 $ 224 $ (5,477 ) $ 272 $ − In addition to the $0.5 million of expense for the nine months ended September 30, 2015 included in the table above, lease exit expenses also include the write-off of $0.2 million of leasehold improvements.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2015
Commitments And Contingencies Disclosure [Abstract]
Legal Proceedings	(11) Legal Proceedings Two purported shareholder class action lawsuits have been filed in the United States District Court for the District of Massachusetts against the Company and certain of its former officers and directors (Tuan Ha-Ngoc, David N. Johnston, William Slichenmyer and Ronald DePinho). The cases were consolidated as In re AVEO Pharmaceuticals, Inc. Securities Litigation , No. 1:13-cv-11157-DJC, and in an amended complaint filed on February 3, 2014 the lead plaintiffs alleged that the Company made false and/or misleading statements concerning the development of the drug tivozanib and its prospects for FDA approval. The lawsuit seeks unspecified damages, interest, attorneys’ fees, and other costs. The Company moved to dismiss the amended complaint, and after briefing and oral argument, on March 20, 2015, the Court granted its motion and dismissed the case without prejudice. The lead plaintiffs were allowed to amend and refile their complaint, and they filed a second amended complaint bringing similar allegations. The Company filed a new motion to dismiss this new complaint on July 17, 2015, the plaintiffs filed an opposition to that motion on July 31, 2015, and the Company filed a reply brief on August 14, 2015. The Company intends to continue to deny any allegations of wrongdoing and to vigorously defend against this lawsuit. However, there is no assurance that the Company will be successful in its defense or that insurance will be available or adequate to fund any settlement or judgment or the litigation costs of the action. Moreover, the Company unable to predict the outcome or reasonably estimate a range of possible loss at this time. On April 4, 2014, a different purported purchaser of the Company’s stock filed a derivative complaint allegedly on behalf of the Company in the United States District Court for the District of Massachusetts, captioned Van Ingen v. Ha-Ngoc, et al. On July 3, 2013, the staff (“SEC Staff”) of the United States Securities and Exchange Commission (“Commission”) served a subpoena on the Company for documents and information concerning tivozanib, including related communications with the FDA, investors and others. The Company has fully cooperated with the inquiry, which the Company believes is nearly complete. In September 2015, the SEC Staff invited the Company to discuss the settlement of potential claims that the SEC Staff may recommend that the Commission bring against the Company asserting that the Company violated federal securities laws by omitting to disclose to investors the recommendation made to the Company by the staff of the U.S. Food and Drug Administration, on May 11, 2012, that the Company conduct an additional clinical trial with respect to tivozanib. The Company has commenced such discussions, but there can be no assurance that a settlement on terms agreeable to the Company will be achieved. If settlement discussions conclude without a settlement proposal that is acceptable to the SEC Staff, the SEC Staff may request that the Commission authorize the SEC Staff to bring claims against the Company. In the ordinary course, before the Commission makes a decision about such a request, the Company would be permitted to make a submission to the Commission explaining why no claim should be brought against the Company, or why the Commission should enter into a settlement on terms acceptable to the Company. If settlement discussions with the SEC Staff do not result in a settlement, the Company intends to make such a submission. The Company cannot predict the outcome of its discussions with the SEC Staff or reasonably estimate a range of possible loss at this time, and there can be no assurance that the Company will be able to resolve any potential claims of the Commission or that any settlement will not have a material adverse impact on its ability to execute on its proposed plans or on its financial position or results of operations. The Company intends to defend any claim brought against it by the Commission. The SEC Staff has also invited three of the Company’s former officers to discuss the settlement of potential claims that the SEC Staff may recommend that the Commission bring against them. The Company is not a party to any discussions between the Staff and the former officers.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2015
Subsequent Events [Abstract]
Subsequent Events

Significant Accounting Polici19

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2015
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 and clinical material. Payments to the Company under these arrangements typically include one or more of the following: non-refundable, up-front license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. When evaluating multiple element arrangements, the Company considers whether the deliverables under the arrangement represent separate units of accounting. This evaluation requires subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. In determining the units of accounting, management evaluates certain criteria, including whether the deliverables have standalone value, based on the relevant facts and circumstances for each arrangement. The consideration received is allocated among the separate units of accounting using the relative selling price method, and the applicable revenue recognition criteria are applied to each of the separate units. The Company determines the estimated selling price for deliverables within each agreement using vendor-specific objective evidence (“VSOE”) of selling price, if available, third-party evidence (“TPE”) of selling price if VSOE is not available, or best estimate of selling price if neither VSOE nor TPE is available. Determining the best estimate of selling price for a deliverable requires significant judgment. The Company typically uses best estimate of selling price to estimate the selling price for licenses to the Company’s proprietary technology, since the Company often does not have VSOE or TPE of selling price for these deliverables. In those circumstances where the Company utilizes best estimate of selling price to determine the estimated selling price of a license to the Company’s proprietary technology, the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements and internally developed models that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. In validating the Company’s best estimate of selling price, the Company evaluates whether changes in the key assumptions used to determine the best estimate of selling price will have a significant effect on the allocation of arrangement consideration among multiple deliverables. The Company typically receives non-refundable, up-front payments when licensing its intellectual property in conjunction with a research and development agreement. When management believes the license to its intellectual property does not have stand-alone value from the other deliverables to be provided in the arrangement, the Company generally recognizes revenue attributed to the license on a straight-line basis over the Company’s contractual or estimated performance period, which is typically the term of the Company’s research and development obligations. If management cannot reasonably estimate when the Company’s performance obligation ends, then revenue is deferred until management can reasonably estimate when the performance obligation ends. When management believes the license to its intellectual property has stand-alone value, the Company generally recognizes revenue attributed to the license upon delivery. The periods over which revenue should be recognized are subject to estimates by management and may change over the course of the research and development agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Payments or reimbursements resulting from the Company’s research and development efforts for those arrangements where such efforts are considered as deliverables are recognized as the services are performed and are presented on a gross basis so long as there is persuasive evidence of an arrangement, the fee is fixed or determinable, and collection of the related receivable is reasonably assured. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. At the inception of each agreement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the entity’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity’s performance to achieve the milestone, (b) the consideration relates solely to past performance, and (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. The Company aggregates its milestones into four categories: (i) clinical and development milestones, (ii) regulatory milestones, (iii) commercial milestones, and (iv) patent-related milestones. Clinical and development milestones are typically achieved when a product candidate advances into a defined phase of clinical research or completes such phase. For example, a milestone payment may be due to the Company upon the initiation of a phase 3 clinical trial for a new indication, which is the last phase of clinical development and could eventually contribute to marketing approval by the U.S. Food and Drug Administration (“FDA”) or other global regulatory authorities. Regulatory milestones are typically achieved upon acceptance of the submission for marketing approval of a product candidate or upon approval to market the product candidate by the FDA or other global regulatory authorities. For example, a milestone payment may be due to the Company upon the FDA’s acceptance of a New Drug Application (“NDA”). Commercial milestones are typically achieved when an approved pharmaceutical product reaches certain defined levels of net sales by the licensee, such as when a product first achieves global sales or annual sales of a specified amount. Patent-related milestones are typically achieved when a patent application is filed or a patent is issued with respect to certain intellectual property related to the applicable collaboration. Revenues from clinical and development, regulatory, and patent-related milestone payments, if the milestones are deemed substantive and the milestone payments are nonrefundable, are recognized upon successful accomplishment of the milestones. The Company has concluded that the clinical and development, regulatory and patent-related milestones pursuant to its current research and development arrangements are substantive. Milestones that are not considered substantive are accounted for as license payments and recognized on a straight-line basis over the remaining period of performance. Revenues from commercial milestone payments are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met.
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 personnel-related costs such as salaries and stock-based compensation, facilities, research-related overhead, clinical trial costs, manufacturing costs and costs of other contracted services, license fees, and other external costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents at September 30, 2015 consisted of money market funds, U.S. government agency securities, and corporate debt securities, including commercial paper, maintained by an investment manager totaling $27.7 million. Cash equivalents at December 31, 2014 consisted of money market funds, U.S. government agency securities and corporate debt securities, including commercial paper, maintained by an investment manager totaling $36.6 million. The carrying values of our cash equivalent securities approximate fair value due to their short term maturities.
Marketable Securities	Marketable Securities Marketable securities at September 30, 2015 consisted of corporate debt securities maintained by an investment manager. The Company did not maintain any marketable securities at December 31, 2014. Credit risk is reduced as a result of the Company’s policy to limit the amount invested in any one issuance. 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 classifies these investments as available-for-sale. Unrealized gains and losses are included in other comprehensive income (loss) until realized. The cost of securities sold is based on the specific identification method. There were no realized gains or losses recognized on the sale or maturity of marketable securities during the three months ended September 30, 2015 and 2014. Available-for-sale securities at September 30, 2015 consist of the following: Amortized Unrealized Unrealized Fair (in thousands) September 30, 2015: Corporate debt securities (Due within 1 year) $2,499 1 — $2,500 There were no securities that were in an unrealized loss position at September 30, 2015.
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. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. The Company’s credit risk related to marketable securities is reduced as a result of the Company’s policy to limit the amount invested in any one issuance.
Fair Value Measurements	Fair Value Measurements The Company records cash equivalents and marketable securities at fair value. The accounting standards for fair value measurements establish a hierarchy that distinguishes between fair value measurements based on market data (observable inputs) and those based on the Company’s own assumptions (unobservable inputs). The hierarchy consists of three levels: · Level 1—Quoted market prices in active markets for identical assets or liabilities. Assets that are valued utilizing only Level 1 inputs include money market funds. · Level 2—Inputs other than Level 1 inputs that are either directly or indirectly observable, such as quoted market prices, interest rates and yield curves. Assets that are valued utilizing Level 2 inputs include U.S. government agency securities and corporate bonds, including commercial paper. These investments have been initially valued at the transaction price and are subsequently valued, at the end of each reporting period, utilizing third party pricing services or other observable market data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates, and other industry and economic events. The Company validates the prices provided by third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by pricing services as of September 30, 2015. · Level 3—Unobservable inputs developed using estimates and assumptions developed by the Company, which reflect those that a market participant would use. The Company currently has no assets or liabilities measured at fair value on a recurring basis that utilize Level 3 inputs. The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014. Fair Value Measurements of Cash Equivalents and Marketable Securities as of September 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 15,202 $ 12,488 $ — $ 27,691 Marketable securities — 2,500 — 2,500 15,202 14,988 — 30,191 Fair Value Measurements of Cash Equivalents as of December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 28,777 $ 7,834 $ — $ 36,611 The fair value of the Company’s loans payable at September 30, 2015, computed pursuant to a discounted cash flow technique using a market interest rate, was $13.0 million 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 warrant issued in connection with the loan, loan issuance costs and the deferred financing charge.
Property and Equipment	Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the respective assets. Maintenance and repair costs are charged to expense as incurred. During the quarter ended June 30, 2015, the Company transitioned to new office space and, as a result, revised the estimated useful life of its office furniture, resulting in an increase in depreciation expense of approximately $0.4 million during the nine months ended September 30, 2015.
Long-lived Assets	Long-lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever changes in business circumstances indicate that the carrying amount of the asset may not be fully recoverable. No impairment charges were recognized during the three months ended September 30, 2015 and September 30, 2014. The Company recognized $0.2 million and $7.6 million of impairment losses for the nine months ended September 30, 2015 and 2014, respectively, related to leasehold improvements.
Basic and Diluted Loss per Common Share	Basic and Diluted Earnings (Loss) per Common Share Basic earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted earnings (loss) per share is computed by dividing net income (loss) available to common stockholders by the weighted-average number of common shares and dilutive common share equivalents then outstanding which exclude unvested restricted stock. Potential common share equivalents consist of the incremental common shares issuable upon the exercise of stock options and warrants. After applying the treasury stock method for those instruments that were “in-the-money,” the dilutive effect of stock options and warrants resulted in an increase in the weighted-average number of dilutive common share equivalents outstanding of 222,000 used in calculating diluted earnings per common share for the three months ending September 30, 2015. For periods presented during which the Company had a net loss, the effect of all potentially dilutive securities is anti-dilutive. Accordingly, basic and diluted net loss per common share is the same for those periods.
Stock-Based Compensation	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 has also granted awards that vest upon the achievement of market conditions. Per Accounting Standards Codification (“ASC”) 718 Share-Based Payments, 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 as of each balance sheet date until the recipient’s services are complete. During the three and nine months ended September 30, 2015 and September 30, 2014, the Company recorded the following stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Research and development $ 50 $ 406 $ 238 $ 921 General and administrative 294 769 873 1,657 Restructuring ─ ─ 69 ─ $ 344 $ 1,175 $ 1,180 $ 2,578 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. Expenses recognized in connection with the modification of awards in connection with the Company’s strategic restructurings are allocated to restructuring expense. 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 to be sustained upon examination by a tax authority. Unrecognized tax benefits represent tax positions for which reserves have been established. As of September 30, 2015, the Company is forecasting a net loss for the year ended December 31, 2015. The Company maintains a full valuation allowance on all deferred tax assets and has recorded no income tax provision or benefit in the current quarter.
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 principally in the United States. As of September 30, 2015, the Company has $1.0 million of net assets located in the United Kingdom.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements For a discussion of recent accounting pronouncements adopted by the Company, please refer to Note 2, “Significant Accounting Policies,” included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, filed with the SEC on March 6, 2015. The Company did not adopt any new accounting pronouncements during the nine months ended September 30, 2015 that had a material effect on the Company’s condensed consolidated financial statements. In May 2014, the Financial Accounting Standards Board (“FASB”) issued a comprehensive new revenue recognition standard that will supersede nearly all existing revenue recognition guidance under US GAAP. The standard was originally scheduled to be effective for public entities for annual and interim periods beginning after December 15, 2016. In July 2015, the standard was deferred and will now be effective for annual and interim periods beginning after December 15, 2017. Early adoption is permitted for annual and interim periods beginning after December 15, 2016. The Company is currently evaluating what effect, if any, this standard will have on its revenue recognition policies and its financial statements, including how the standard will be adopted. In August 2014, the 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. In April 2015, the FASB issued a standard that will require that debt issuance costs be presented in the balance sheet as a reduction of the carrying amount of the associated liability, consistent with debt discounts. The standard is effective for public entities for annual and interim periods beginning after December 15, 2015. The Company does not believe the adoption of this standard will have a material effect on its financial statements.

Significant Accounting Polici20

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2015
Accounting Policies [Abstract]
Available-For-Sale Securities	Available-for-sale securities at September 30, 2015 consist of the following: Amortized Unrealized Unrealized Fair (in thousands) September 30, 2015: Corporate debt securities (Due within 1 year) $2,499 1 — $2,500
Summary of Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis	The following tables summarize the cash equivalents and marketable securities measured at fair value on a recurring basis in the accompanying condensed consolidated balance sheets as of September 30, 2015 and December 31, 2014. Fair Value Measurements of Cash Equivalents and Marketable Securities as of September 30, 2015 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 15,202 $ 12,488 $ — $ 27,691 Marketable securities — 2,500 — 2,500 15,202 14,988 — 30,191 Fair Value Measurements of Cash Equivalents as of December 31, 2014 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 28,777 $ 7,834 $ — $ 36,611
Potential Common Shares Excluded from Calculation of Net Income (Loss) Per Common Share	The following table sets forth the potential common shares excluded from the calculation of net loss per common share-diluted for the nine months ended September 30, 2015 and 2014 because their inclusion would have been anti-dilutive: Outstanding at September 30, 2015 2014 (in thousands) Options outstanding 5,826 5,825 Warrants outstanding 609 609 6,435 6,434 The following table sets forth the potential common shares excluded from the calculation of net income per common share—diluted for the three months ended September 30, 2015 and the calculation of net loss per common share—diluted for the three months ended September 30, 2014 because their inclusion would have been anti-dilutive: Outstanding at September 30, 2015 2014 (in thousands) Options outstanding 4,096 5,825 Warrants outstanding ─ 609 4,096 6,434
Stock-Based Compensation Expense	During the three and nine months ended September 30, 2015 and September 30, 2014, the Company recorded the following stock-based compensation expense: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 (in thousands) Research and development $ 50 $ 406 $ 238 $ 921 General and administrative 294 769 873 1,657 Restructuring ─ ─ 69 ─ $ 344 $ 1,175 $ 1,180 $ 2,578

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2015
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following as of September 30, 2015 and December 31, 2014: September 30, 2015 December 31, 2014 (in thousands) Clinical expenses $ 2,378 $ 2,312 Salaries and benefits 922 1,744 Restructuring 605 — Professional fees 440 685 Manufacturing and distribution 136 3,216 Other 972 1,344 $ 5,453 $ 9,301

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Future Minimum Payments Under Loans Payable	Future minimum payments under the loans payable outstanding as of September 30, 2015 are as follows (amounts in thousands): Years Ending December 31: 2015 (3 months remaining) $ 3,458 2016 3,499 2017 4,644 2018 4,269 15,870 Less amount representing interest (2,236 ) Less discount (617 ) Less deferred charges (540 ) Less current portion (4,217 ) Loans payable, net of current portion and discount $ 8,260

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Activity	The Company issued stock options and had restricted stock awards outstanding during the nine months ended September 30, 2015. A summary of the status of the Company’s stock option activity at September 30, 2015 and changes during the nine months then ended is presented in the table and narrative below. Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at December 31, 2014 5,817,313 $ 4.45 Granted 3,159,134 $ 1.11 Exercised (163,305 ) $ 1.46 Forfeited (2,987,202 ) $ 3.02 Outstanding at September 30, 2015 5,825,940 $ 3.45 7.91 $ 511,535 Vested or expected to vest at September 30, 2015 3,018,136 $ 5.37 6.84 $ 236,889 Exercisable at September 30, 2015 2,079,625 $ 7.06 5.75 $ 74,899
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 September 30, 2015 2014 Volatility factor 74.53%-74.54% 69.38-72.16% Expected term (in years) 6.25 5.50-6.25 Risk-free interest rates 1.56% 2.00% Dividend yield — — Nine Months Ended September 30, 2015 2014 Volatility factor 73.04%-78.70% 69.38-73.98% Expected term (in years) 5.50-6.25 5.50-6.25 Risk-free interest rates 1.54-1.85% 1.88-2.02% Dividend yield — —
Restricted Stock Activity	The restricted stock activity for the nine months ended September 30, 2015 is as follows: Number Weighted- Average Fair-Value Unvested at December 31, 2014 477,600 $ 1.81 Granted — — Cancelled (201,180 ) 1.87 Vested/Released (233,670 ) 1.80 Unvested at September 30, 2015 42,750 $ 1.61

Strategic Restructuring (Tables

Strategic Restructuring (Tables)	9 Months Ended
	Sep. 30, 2015
Restructuring And Related Activities [Abstract]
Restructuring Activity Recorded in Operating Expenses and in Current Liabilities	The following table summarizes the components of the Company’s restructuring activity recorded in operating expenses and in current liabilities: Restructuring amounts accrued at December 31, 2014 Restructuring expense incurred during the nine months ended September 30, 2015 Restructuring amounts paid during the nine months ended September 30, 2015 Restructuring amounts accrued at September 30, 2015 (in thousands) Employee severance, benefits and related costs $ — 3,560 $ (2,955 ) 605

Facility Lease Exit (Tables)

Facility Lease Exit (Tables)	9 Months Ended
	Sep. 30, 2015
Facility Lease Exit [Abstract]
Components of Lease Exit Activity Recorded in Current Liabilities	The following table summarizes the components of the Company’s lease exit activity recorded in current liabilities: Amounts accrued at December 31, Accretion Expense incurred during the nine months ended September 30, 2015 Amounts paid during the nine months ended September 30, 2015 Additional expense incurred during the nine months ended September 30, Amounts recorded at September 30, (in thousands) Lease exit costs $ 4,981 $ 224 $ (5,477 ) $ 272 $ −

Organization - Additional Infor

Organization - Additional Information (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ (488,440)	$ (480,028)

Significant Accounting Polici27

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)Securityshares	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)SecuritySegment	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Significant Accounting Policies [Line Items]
Cash equivalents	$ 27,700,000		$ 27,700,000		$ 36,611,000
Marketable securities	2,500,000		$ 2,500,000		$ 0
Realized gain (loss) recognized on sale of marketable securities	$ 0	$ 0
Number of securities with a unrealized loss position | Security	0		0
Assets measured at level 3 on recurring basis			$ 0
Liabilities measured at level 3 on recurring basis			0
Impairment losses	$ 0	$ 0	232,000	$ 7,600,000
Common share equivalents outstanding used in calculating diluted earnings per common share | shares	222,000
Tax benefits of the stock based compensation expenses recognized			0
Income tax provision or expense			$ 0
Number of operating segments | Segment			1
United Kingdom
Significant Accounting Policies [Line Items]
Net assets located in the United Kingdom	$ 1,000,000		$ 1,000,000
Furniture and Fixtures
Significant Accounting Policies [Line Items]
Additional charge to depreciation expense due to revision of estimated useful life			400,000
Level 3
Significant Accounting Policies [Line Items]
Fair value of loan payable	$ 13,000,000		$ 13,000,000
Minimum
Significant Accounting Policies [Line Items]
Marketable securities maturity term			3 months
Maximum
Significant Accounting Policies [Line Items]
Marketable securities maturity term			24 months

Available for Sale Securities (

Available for Sale Securities (Detail) - Corporate debt securities - Due within 1 year $ in Thousands	Sep. 30, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 2,499
Unrealized Gains	1
Fair Value	$ 2,500

Summary of Cash Equivalents and

Summary of Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis (Detail) - Fair Value Measurements Recurring - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 27,691	$ 36,611
Marketable securities	2,500
Cash Equivalents, and Marketable Securities Fair Value Disclosure, Total	30,191
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	15,202	28,777
Cash Equivalents, and Marketable Securities Fair Value Disclosure, Total	15,202
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	12,488	$ 7,834
Marketable securities	2,500
Cash Equivalents, and Marketable Securities Fair Value Disclosure, Total	$ 14,988

Potential Common Shares Exclude

Potential Common Shares Excluded from Calculation of Net Income (Loss) Per Common Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	4,096	6,434	6,435	6,434
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	4,096	5,825	5,826	5,825
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding		609	609	609

Stock Based Compensation Expens

Stock Based Compensation Expense for Equity-Classified Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 344	$ 1,175	$ 1,180	$ 2,578
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	50	406	238	921
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 294	$ 769	873	$ 1,657
Restructuring
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense			$ 69

Collaborations and License Ag32

Collaborations and License Agreements - Additional Information (Detail) - USD ($)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Aug. 31, 2015

Nov. 30, 2014

Mar. 31, 2014

Mar. 31, 2009

Sep. 30, 2015

Sep. 30, 2014

Jun. 30, 2011

Mar. 31, 2010

Sep. 30, 2015

Sep. 30, 2014

Dec. 31, 2014

Apr. 30, 2014

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

$ 15,158,000

$ 873,000

$ 15,426,000

$ 18,007,000

Amounts due from pursuant to the cost-sharing provisions

2,334,000

$ 2,334,000

$ 2,341,000

Pharmstandard

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 1,500,000

Period for payment of license fees

15 days

Upfront license payment

1,000,000

Allocation of upfront payment

$ 1,000,000

Collaboration revenue

23,000

23,000

Pharmstandard | Receivable within fifteen business days of the date the license agreement is registered with the Federal Service for Intellectual Property of the Russian Federation

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License fees receivable

500,000

500,000

Pharmstandard | Receivable With First Marketing Authorization

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License fees receivable

7,500,000

Pharmstandard | Receivable If Additional Regulatory Studies Required Prior To Approval

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License fees receivable

3,000,000

Pharmstandard | Receivable For Each Additional Approval

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License fees receivable

3,000,000

Clinical Efficacy Milestone | Option and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 6,000,000

Novartis

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

15,000,000

Period for payment of license fees

15 days

Reimbursable inventory

$ 3,500,000

License and service revenue

15,000,000

Upfront license payment

15,000,000

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

53,000,000

Novartis | Regulatory Milestone Events

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

105,000,000

Kyowa Hakko Kirin

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Expense associated with sublicensing fees payable

300,000

Ophthotech Corporation | Option and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront license payment

$ 500,000

License expiration period

2017-02

Collaborations and license agreements, payment received

$ 500,000

Collaborations and license agreements, revenue recognized

58,000

200,000

Ophthotech Corporation | Sales Based Milestone Payments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment received

45,000,000

Ophthotech Corporation | Phase Two Clinical Trials

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment received

10,000,000

Ophthotech Corporation | Marketing Approval in the United States

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment received

20,000,000

Ophthotech Corporation | Marketing Approval in the UK, Germany, Spain, Italy and France

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment received

$ 20,000,000

Ophthotech Corporation | Clinical Efficacy Milestone

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, written notice period for termination

90 days

Ophthotech Corporation | Ind Submission Milestone Payment | Option and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 2,000,000

Biodesix | NSCLC POC Trial

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Responsible percentage of development and regulatory costs after cap reached

50.00%

Royalty rate to net sales of ficlatuzumab

10.00%

Amounts due from pursuant to the cost-sharing provisions

1,800,000

1,800,000

Cash received related to cost reimbursements

2,700,000

Biodesix | NSCLC POC 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

800,000

600,000

$ 2,700,000

900,000

Biodesix | NSCLC POC Trial | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Funding

$ 15,000,000

St. Vincent’s Hospital Sydney Limited

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amendment agreement date

2015-08

Upfront license payment

1,500,000

License fees payable

18,900,000

$ 18,900,000

Biogen Idec International GmbH

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, revenue recognized

$ 14,100,000

Collaborations and license agreements, deferred revenue

14,700,000

Collaborations and license agreements, relative selling price of the deliverable

$ 600,000

Biogen Idec International GmbH | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Royalty payments

50,000,000

Biogen Idec International GmbH | Option and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment received

$ 10,000,000

$ 10,000,000

Collaborations and license agreements, payment received

$ 20,000,000

Collaborations and license agreements, revenue recognized

100,000

100,000

200,000

14,400,000

Amortization of deferred revenue

10,000,000

Astellas Pharma Inc.

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amounts due from pursuant to the cost-sharing provisions

500,000

900,000

500,000

900,000

Astellas Pharma Inc. | 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

500,000

900,000

700,000

3,000,000

Astellas Pharma Inc. | Collaboration and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Cash received related to cost reimbursements

$ 400,000

$ 1,000,000

$ 1,000,000

$ 3,200,000

Accrued Expenses (Detail)

Accrued Expenses (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Clinical expenses	$ 2,378	$ 2,312
Salaries and benefits	922	1,744
Restructuring	605
Professional fees	440	685
Manufacturing and distribution	136	3,216
Other	972	1,344
Accrued expenses	$ 5,453	$ 9,301

Loans Payable - Additional Info

Loans Payable - Additional Information (Detail)	Sep. 24, 2014USD ($)$ / sharesshares	Mar. 31, 2012USD ($)	Jun. 02, 2010USD ($)$ / sharesshares	May. 28, 2010USD ($)	Sep. 30, 2015USD ($)Installment	Jun. 30, 2014USD ($)	May. 31, 2012USD ($)
Debt Instrument [Line Items]
Loan outstanding	$ 11,600,000				$ 13,000,000
Loan payable, end-of-term payment due					540,000
Deferred financing charge						$ 1,200,000	$ 1,300,000
Warrants issued to lenders as part of new loan agreement, shares of common stock to purchase | shares	608,696		156,641
Warrants issued to lenders as part of new loan agreement, exercise price | $ / shares	$ 1.15		$ 7.98
Warrants issued to lenders as part of new loan agreement, fair value	$ 400,000		$ 800,000
Maximum amount of debt conversion					$ 2,000,000
Loans Payable | Security Agreement Hercules
Debt Instrument [Line Items]
Loan payable, aggregate principal amount		$ 26,500,000		$ 25,000,000
Loan payable, start date of first principal payment		Apr. 1, 2013
Loan payable, Commencement date				Jan. 1, 2012
Loan payable, number of installments of principal and interest | Installment					30
Loan payable, frequency of installments of principal and interest					30 equal monthly installments
Loan payable, due date					Jan. 1, 2016
Loan payable, description of interest rate terms					Per annum interest is payable on the principal balance of both loans at the greater of 11.9% and an amount equal to 11.9% plus the prime rate of interest minus 4.75% as determined daily, provided however, that the per annum interest shall not exceed 15.0% (11.9% as of September 30, 2015).
Loan payable, interest rate, base rate					11.90%
Loan payable, interest rate, additional rate deducted from base rate					4.75%
Loan payable, maximum per annum interest rate					15.00%
Loan payable, interest rate					11.90%
Loan issuance costs paid				$ 200,000
Debt instrument convertible beneficial conversion feature					$ 0
Loans Payable | Security Agreement Hercules | Minimum
Debt Instrument [Line Items]
Loan payable, interest rate					11.90%
Option to purchase equity, net cash proceeds of equity securities					$ 10,000,000
Loans Payable | Hercules Amended Loan Agreement
Debt Instrument [Line Items]
Loan payable, aggregate principal amount	$ 10,000,000
Loan payable, Commencement date	Jan. 1, 2015
Loan payable, number of installments of principal and interest | Installment					12
Loan payable, frequency of installments of principal and interest					12 principal and interest payments
Loan payable, due date					Jan. 1, 2018
Loan payable, end-of-term payment due					$ 500,000
Liquidity ratio					125.00%
Option to purchase equity, description					The Company has agreed to maintain, with respect to the new loan of $10.0 million, a liquidity ratio equal to or greater than 1.25 to 1.00 or the equivalent of $12.5 million in unrestricted and unencumbered cash and cash equivalents.
Loans Payable | Hercules Amended Loan Agreement | Financial covenant
Debt Instrument [Line Items]
Unrestricted and unencumbered cash and cash equivalents					$ 12,500,000

Future Minimum Payments Under L

Future Minimum Payments Under Loans Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2015 (3 months remaining)	$ 3,458
2,016	3,499
2,017	4,644
2,018	4,269
Long-term Debt, Gross, Total	15,870
Less amount representing interest	(2,236)
Less discount	(617)
Less deferred charges	(540)
Less current portion Loans Payable Current	(4,217)	$ (11,722)
Loans payable, net of current portion and discount	$ 8,260	$ 8,930

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($)	9 Months Ended
	Sep. 30, 2015	May. 07, 2015	Mar. 31, 2015	Feb. 28, 2015	Dec. 31, 2014
Class Of Stock [Line Items]
Common stock sales agreement, aggregate offering amount	$ 58,000				$ 52,000
Offering, issuance and sale of stocks and securities, shelf registration			$ 250,000,000
Common stock shares sold	58,177,000				52,289,000
MLV & Co. LLC
Class Of Stock [Line Items]
Common stock shares sold	5,900,000
proceeds from sale of shares	$ 10,200,000
Common stock available for sale under sales agreement	$ 9,100,000
Maximum
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%
Offering, issuance and sale of stocks and securities, shelf registration		$ 100,000,000

Stock Option Activity (Detail)

Stock Option Activity (Detail)	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Options
Outstanding at beginning of period | shares	5,817,313
Granted | shares	3,159,134
Exercised | shares	(163,305)
Forfeited | shares	(2,987,202)
Outstanding at end of period | shares	5,825,940
Vested or expected to vest at September 30, 2015 | shares	3,018,136
Exercisable at September 30, 2015 | shares	2,079,625
Weighted-Average Exercise Price
Outstanding at beginning of period	$ 4.45
Granted	1.11
Exercised	1.46
Forfeited	3.02
Outstanding at end of period	3.45
Vested or expected to vest at September 30, 2015	5.37
Exercisable at September 30, 2015	$ 7.06
Weighted-Average Remaining Contractual Term
Outstanding at September 30, 2015	7 years 10 months 28 days
Vested or expected to vest at September 30, 2015	6 years 10 months 2 days
Exercisable at September 30, 2015	5 years 9 months
Aggregate Intrinsic Value
Outstanding at end of year | $	$ 511,535
Vested or expected to vest at end of year | $	236,889
Exercisable at end of year | $	$ 74,899

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued to purchase common stock	5,825,940		5,825,940		5,817,313
Total unrecognized stock-based compensation expense related to stock options granted	$ 1,000,000		$ 1,000,000
Total unrecognized stock-based compensation expense related to restricted stock awards granted	$ 19,000		$ 19,000
Awards With Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued to purchase common stock	1,281,500		1,281,500
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted-average grant date fair value of stock options granted			$ 0.75	$ 0.83
Share based payment award forfeiture rates	70.00%	52.00%	70.00%	52.00%
Total unrecognized stock-based compensation expense, weighted-average period Recognition			3 years
Intrinsic value of options exercised	$ 0	$ 0	$ 57,000	$ 0
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense, weighted-average period Recognition			4 months 24 days

Assumptions Used in Black Schol

Assumptions Used in Black Scholes Pricing Model for New Grants (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years 3 months
Risk-free interest rates	1.56%	2.00%
Volatility factor, minimum	74.53%	69.38%	73.04%	69.38%
Volatility factor, maximum	74.54%	72.16%	78.70%	73.98%
Risk-free interest rates, minimum			1.54%	1.88%
Risk-free interest rates, maximum			1.85%	2.02%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		5 years 6 months	5 years 6 months	5 years 6 months
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)		6 years 3 months	6 years 3 months	6 years 3 months

Restricted Stock Activity (Deta

Restricted Stock Activity (Detail)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Number of Shares
Unvested at beginning of period | shares	477,600
Cancelled | shares	(201,180)
Vested/Released | shares	(233,670)
Unvested at end of period | shares	42,750
Weighted-Average Grant-Date Fair Value
Unvested at beginning of period	$ 1.81
Cancelled	1.87
Vested/Released	1.80
Unvested at end of period	$ 1.61

Strategic Restructuring - Addit

Strategic Restructuring - Additional Information (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)Position	Sep. 30, 2014USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring plan, completion date	Mar. 31, 2015
Restructuring plan, percentage of number of positions eliminated	66.67%
Restructuring plan, number of positions eliminated | Position	40
Non cash share based compensation cost	$ 1,180	$ 2,578
Employee Severance
Restructuring Cost and Reserve [Line Items]
Non cash share based compensation cost	$ 100

Restructuring Activity Recorded

Restructuring Activity Recorded in Operating Expenses and Accrued Expenses (Detail) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring amounts accrued, ending balance	$ 605
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring expense incurred	3,560
Restructuring amounts paid	(2,955)
Restructuring amounts accrued, ending balance	$ 605

Facility Lease Exit - Additiona

Facility Lease Exit - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Dec. 31, 2014
Facility Lease Exit Disclosure [Line Items]
Amounts accrued		$ 5,453	$ 9,301
Notice period to surrender remaining leased space		90 days
3rd Amendment, Lease exit costs associated with 650 E. Kendall
Facility Lease Exit Disclosure [Line Items]
Lease exit expense incurred	$ 15,600	$ 500
Amounts accrued			$ 4,981
Increase in amortization expense due to accelerated amortization of deferred rent and leasehold improvement		$ 3,500
Leased space surrendering date		May 29, 2015
Write-off of leasehold improvements		$ 200
3rd Amendment, Lease exit costs associated with 650 E. Kendall | Leasehold Improvements
Facility Lease Exit Disclosure [Line Items]
Additional charge to depreciation expense due to revision of estimated useful life		$ 2,900

Components of Lease Exit Activi

Components of Lease Exit Activity Recorded in Current Liabilities (Detail) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Facility Lease Exit Disclosure [Line Items]
Amounts accrued	$ 5,453	$ 9,301
Accretion Expense incurred	224
Lease exit costs
Facility Lease Exit Disclosure [Line Items]
Amounts accrued		$ 4,981
Accretion Expense incurred	224
Restructuring amounts paid	(5,477)
Additional expense incurred	$ 272

Legal Proceedings -Additional I

Legal Proceedings -Additional Information (Detail)	Sep. 30, 2015LegalMatter
Commitments And Contingencies Disclosure [Abstract]
Class action lawsuits	2