Aveo Pharmaceuticals (AVEO) 10-K 15 Mar 16 2015 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2015	Mar. 09, 2016	Jun. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	FY
Trading Symbol	AVEO
Entity Registrant Name	AVEO PHARMACEUTICALS INC
Entity Central Index Key	1,325,879
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		58,181,715
Entity Public Float			$ 93,586,098

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 26,634,000	$ 52,306,000
Marketable securities	7,501,000	0
Accounts receivable	4,641,000	2,341,000
Restricted cash		2,997,000
Prepaid expenses and other current assets	1,600,000	1,484,000
Total current assets	40,376,000	59,128,000
Property and equipment, net	23,000	11,295,000
Other assets	143,000	239,000
Total assets	40,542,000	70,662,000
Current liabilities:
Accounts payable	1,425,000	3,245,000
Accrued expenses	4,106,000	9,301,000
Lease exit obligation		4,981,000
Loans payable, net of discount	2,053,000	11,722,000
Deferred revenue	814,000	537,000
Estimated settlement liability (Note 16)	4,000,000
Deferred rent		10,569,000
Total current liabilities	12,398,000	40,355,000
Loans payable, net of current portion and discount	7,418,000	8,930,000
Deferred revenue, net of current portion	2,881,000	231,000
Other liabilities	$ 618,000	$ 540,000
Commitments and contingencies (Note 8)
Stockholders’ equity:
Preferred stock, $.001 par value: 5,000 shares authorized; no shares issued and outstanding
Common stock, $.001 par value: 200,000 and 100,000 shares authorized at December 31, 2015 and 2014, respectively; 58,182 and 52,289 shares issued and outstanding at December 31, 2015 and 2014, respectively	$ 58,000	$ 52,000
Additional paid-in capital	512,201,000	500,582,000
Accumulated other comprehensive loss	(3,000)
Accumulated deficit	(495,029,000)	(480,028,000)
Total stockholders’ equity	17,227,000	20,606,000
Total liabilities and stockholders’ equity	$ 40,542,000	$ 70,662,000

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	100,000,000
Common stock, shares issued	58,181,715	52,289,000
Common stock, shares outstanding	58,181,715	52,289,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Statement [Abstract]
Collaboration revenue	$ 19,024	$ 18,123	$ 1,293
Operating expenses:
Research and development	12,875	38,254	68,468
General and administrative	14,217	18,589	28,712
Restructuring and lease exit	4,358	11,729	8,017
Operating Expenses, Total	31,450	68,572	105,197
Loss from operations	(12,426)	(50,449)	(103,904)
Other income and expense:
Other (expense) income, net	(289)	66	(123)
Interest expense	(2,307)	(2,388)	(3,127)
Interest income	21	32	125
Other expense, net	(2,575)	(2,290)	(3,125)
Net loss	$ (15,001)	$ (52,739)	$ (107,029)
Basic and diluted net loss per share:
Net loss per share	$ (0.27)	$ (1.01)	$ (2.10)
Weighted average number of common shares outstanding	55,701	52,289	50,928

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (15,001)	$ (52,739)	$ (107,029)
Other comprehensive (loss) income:
Unrealized (losses) gains on available-for-sale securities	(3)	2	(9)
Foreign currency translation adjustment			26
Comprehensive loss	$ (15,004)	$ (52,737)	$ (107,012)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	At-The-Market Sale Agreement	Common Shares	Common SharesAt-The-Market Sale Agreement	Additional Paid-in Capital	Additional Paid-in CapitalAt-The-Market Sale Agreement	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2012			43,780,000
Beginning Balance at Dec. 31, 2012	$ 118,938		$ 44		$ 439,173		$ (19)	$ (320,260)
Exercise of stock options (in shares)			185,000
Exercise of stock options	272		$ 1		271
Stock-based compensation expense related to equity-classified awards | Equity-classified awards	3,791				3,791
Issuance of common stock to settle liability-classified share awards granted to directors (in shares) | Liability Classified Awards			39,000
Issuance of common stock to settle liability-classified share awards granted to directors | Liability Classified Awards	119				119
Issuance of common stock under employee stock purchase plan (in shares)			110,000
Issuance of common stock under employee stock purchase plan	193				193
Issuance of common stock (in shares) | follow-on stock offering			7,667,000
Issuance of common stock | follow-on stock offering	53,637		$ 7		53,630
Issuance of restricted stock awards, net of forfeitures			28,000
Change in unrealized gain/loss on investments	(9)						(9)
Cumulative translation adjustment	26						26
Net loss	(107,029)							(107,029)
Ending Balance (in shares) at Dec. 31, 2013			51,809,000
Ending Balance at Dec. 31, 2013	69,938		$ 52		497,177		(2)	(427,289)
Stock-based compensation expense related to equity-classified awards | Equity-classified awards	2,750				2,750
Issuance of common stock to settle liability-classified share awards granted to directors (in shares) | Liability Classified Awards			31,000
Issuance of common stock to settle liability-classified share awards granted to directors | Liability Classified Awards	51				51
Issuance of common stock under employee stock purchase plan (in shares)			139,000
Issuance of common stock under employee stock purchase plan	191				191
Issuance of warrants in connection with loans payable	413				413
Issuance of restricted stock awards, net of forfeitures			310,000
Change in unrealized gain/loss on investments	2						2
Net loss	$ (52,739)							(52,739)
Ending Balance (in shares) at Dec. 31, 2014	52,289,000		52,289,000
Ending Balance at Dec. 31, 2014	$ 20,606		$ 52		500,582			(480,028)
Exercise of stock options (in shares)	165,805		166,000
Exercise of stock options	$ 241				241
Stock-based compensation expense related to equity-classified awards	1,132				1,132
Issuance of common stock to settle liability-classified share awards granted to directors (in shares) | Liability Classified Awards			8,000
Issuance of common stock to settle liability-classified share awards granted to directors | Liability Classified Awards	7				7
Issuance of common stock under employee stock purchase plan (in shares)			7,000
Issuance of common stock under employee stock purchase plan	27				27
Issuance of common stock (in shares)				5,913,000
Issuance of common stock		$ 10,218		$ 6		$ 10,212
Forfeiture of restricted stock awards (in shares)			(201,000)
Change in unrealized gain/loss on investments	(3)						(3)
Net loss	$ (15,001)							(15,001)
Ending Balance (in shares) at Dec. 31, 2015	58,181,715		58,181,715
Ending Balance at Dec. 31, 2015	$ 17,227		$ 58		$ 512,201		$ (3)	$ (495,029)

Consolidated Statements of Sto7

Consolidated Statements of Stockholders' Equity (Parenthetical) - Additional Paid-in Capital - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2013
follow-on stock offering
Issuance of common stock, issuance costs		$ 3,865
At-The-Market Sale Agreement
Issuance of common stock, issuance costs	$ 157

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Operating activities
Net loss	$ (15,001)	$ (52,739)	$ (107,029)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	9,567	6,219	3,775
Net loss (gain) on disposal of property and equipment	253	(127)	83
Impairment of property and equipment	232	7,600	65
Stock-based compensation	1,132	2,808	3,940
Non-cash interest expense	655	347	285
Amortization of premiums and discounts on investments	34	221	1,041
Changes in operating assets and liabilities:
Accounts receivable	(2,300)	(1,357)	19,665
Tenant improvement allowance receivable		5,833	(2,593)
Prepaid expenses and other current assets	(116)	1,503	3,179
Other noncurrent assets	96	50	31
Restricted cash	2,997	598	5
Accounts payable	(1,820)	(993)	(6,390)
Accrued expenses	(5,189)	(2,064)	(7,838)
Lease exit obligation	(5,206)	4,981
Deferred revenue	2,927	(17,623)	(1,293)
Other liabilities	78
Estimated settlement liability	4,000
Deferred rent	(10,569)	(9,505)	8,672
Net cash used in operating activities	(18,230)	(54,248)	(84,402)
Investing activities
Purchases of property and equipment	(22)	(12,942)	(3,668)
Purchases of marketable securities	(19,085)	(42,306)	(175,391)
Proceeds from maturities and sales of marketable securities	11,550	109,767	191,129
Proceeds from sale of property and equipment	1,241	191
Net cash (used in) provided by investing activities	(6,316)	54,710	12,070
Financing activities
Proceeds from issuance of common stock, net of issuance costs	10,218		53,637
Proceeds from issuance of stock for stock-based compensation arrangements	268	191	465
Proceeds from issuance of loans payable		10,000
Payments of debt issuance cost		(1,388)
Principal payments on loans payable	(11,612)	(7,785)	(7,104)
Net cash (used in) provided by financing activities	(1,126)	1,018	46,998
Net (decrease) increase in cash and cash equivalents	(25,672)	1,480	(25,334)
Effect of exchange rate changes on cash and cash equivalents			26
Cash and cash equivalents at beginning of period	52,306	50,826	76,134
Cash and cash equivalents at end of period	26,634	52,306	50,826
Supplemental cash flow and noncash investing and financing activities
Cash paid for interest	$ 1,983	2,018	$ 2,916
Non-cash financing activity
Fair value of warrants issued in connection with long-term debt		$ 413

Nature of Business and Organiza

Nature of Business and Organization	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Nature of Business and Organization	1. Nature of Business and Organization AVEO Pharmaceuticals, Inc. (the “Company”) is a biopharmaceutical company committed to developing targeted therapies through biomarker insights to provide substantial improvements in patient outcomes where significant unmet medical needs exist. AVEO’s proprietary platform has delivered unique insights into cancer and related disease. AVEO’s strategy for building value is to leverage these biomarker insights and partner resources to advance the development of its clinical pipeline. The Company’s pipeline of product candidates includes tivozanib, a potent, selective long half-life vascular endothelial growth factor tyrosine kinase inhibitor of all three vascular endothelial growth factors, or VEGF TKI, for which the Company previously demonstrated tivozanib’s safety and efficacy in first and second line RCC. However, the U.S. Food and Drug Administration issued a complete response letter denying AVEO’s application for approval of the use of tivozanib in first line advanced RCC. The Company is planning to conduct a phase 3 trial of tivozanib in the third-line treatment of patients with refractory RCC to support a request for regulatory approval of tivozanib as a third-line treatment and to address the overall survival concerns presented in the June 2013 complete response letter from the FDA. The Company also has a pipeline of monoclonal antibodies, including: (i) Ficlatuzumab, a potent anti-HFG antibody that inhibits the activity of the HGF/c-Met pathway for which the Company has completed a phase 2 clinical trial, and has entered into a partnership with Biodesix, Inc. (“Biodesix”) to advance clinical development, (ii) AV-203, a potent, high affinity inhibitor of ErbB3 function that has demonstrated anti-tumor activity in multiple preclinical models for which the Company has completed a phase 1 dose escalation trial, (iii) AV-380, a potent humanized IgG1 inhibitory monoclonal antibody targeting growth differentiating factor-15, or GDF15, a divergent member of the TGF-ß family, for the potential treatment or prevention of cachexia, which the Company has licensed to Novartis. As used throughout these 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 an accumulated deficit as of December 31, 2015 of approximately $495.0 million, and will require substantial additional capital for research and product development. The Company believes that its existing cash and cash equivalents are sufficient to fund its operations through at least twelve months from the balance sheet date.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	2. Significant Accounting Policies Revenue Recognition The Company’s revenues have been 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. Principles of Consolidation The Company’s consolidated financial statements include the Company’s accounts and the accounts of the Company’s wholly-owned subsidiaries, AVEO Pharma Limited and AVEO Securities Corporation. All intercompany transactions have been eliminated. 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 December 31, 2015 consisted of money market funds, U.S. government agency securities, and corporate debt securities, including commercial paper, maintained by an investment manager totaling $16.3 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 December 31, 2015 consisted of municipal bonds, asset-backed securities, and corporate debt securities, including commercial paper, maintained by an investment manager. There were no marketable securities held by the Company at December 31, 2014. Credit risk is reduced as a result of the Company’s policy to limit the amount invested in any one issue. 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 (loss) income 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 securities during the years ended December 31, 2015 and 2014. Available-for-sale securities at December 31, 2015 consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Corporate debt securities (Due within 1 year) $ 6,504 $ — $ (3 ) $ 6,501 Government agency securities (Due within 1 year) 1,000 — — 1,000 $ 7,504 $ — $ (3 ) $ 7,501 The aggregate fair value of securities in an unrealized loss position for less than 12 months at December 31, 2015 was $5.1 million, representing 6 securities. There were no securities in an unrealized loss position for greater than 12 months at December 31, 2015. The unrealized loss was caused by a temporary change in the market for these securities primarily caused by changes in markets interest rates. There was no change in the credit risk of the securities. To determine whether an other-than-temporary impairment exists, the Company performs an analysis to assess whether it intends to sell, or whether it would more likely than not be required to sell, the security before the expected recovery of the amortized cost basis. Where the Company intends to sell a security, or may be required to do so, the security’s decline in fair value is deemed to be other-than-temporary and the full amount of the unrealized loss is recorded in the statement of operations as an other-than-temporary impairment charge. When this is not the case, the Company performs additional analyses on all securities with unrealized losses to evaluate losses associated with the creditworthiness of the security. Credit losses are identified where the Company does not expect to receive cash flows, based on using a single best estimate, sufficient to recover the amortized cost basis of a security and these are recognized in other income (expense), net. Marketable securities in an unrealized loss position at December 31, 2015 consisted of the following: Aggregate Fair Value Unrealized Losses (in thousands) Corporate debt securities (Due within 1 year) $ 4,100 $ (3 ) Government agency securities (Due within 1 year) 1,000 — $ 5,100 $ (3 ) Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents and available-for-sale marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. 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 issue. The Company’s accounts receivable primarily consist of amounts due to the Company from licensees and collaborators. As of December 31, 2015, the Company had $4.6 million of receivables outstanding, including $3.5 million due from Novartis for the purchase of clinical material pursuant to our licensing arrangement for AV-380 (refer to Note 7) and $1.1 million due from Biodesix pursuant to our collaboration arrangement for AV-299 (refer to Note 7). The Company has not experienced any material losses related to receivables from individual licensees or collaborators. 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, asset-backed 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 December 31, 2015 or December 31, 2014. · 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 consolidated balance sheets as of December 31, 2015 and 2014. Fair Value Measurements of Cash Equivalents and Marketable Securities as of December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 11,462 $ 4,812 $ — $ 16,274 Marketable securities — 7,501 — 7,501 $ 11,462 $ 12,313 $ — $ 23,775 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 Company recorded a liability totaling $7.3 million associated with the exit of a portion of its leased facilities during the year ended December 31, 2014. The Company measured the fair value of the liability based on the present value of the remaining termination payments. The net cash outflows were discounted using a credit-risk adjusted rate. The Company has classified this lease liability as a Level 3 fair value measurement. The fair value of the Company’s loans payable at December 31, 2015 and 2014, computed pursuant to a discounted cash flow technique using the effective interest rate under the loan, was $10.0 million and $21.3 million, respectively. These fair values are considered a level 3 fair value measurement. The effective interest rate considers the fair value of the warrant issued in connection with the loan, loan issuance costs and a deferred charge, which approximates a market interest rate. 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. 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. The Company recognized $0.2 million, $7.6 million and $0.1 million of impairment losses for the years ended December 31, 2015, 2014 and 2013. The impairment charges incurred during these years primarily related to leasehold improvements. 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 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 years ended December 31, 2015, 2014 and 2013, the Company recorded the following stock-based compensation expense: Years Ended December 31, 2015 2014 2013 (in thousands) Research and development $ 298 $ 899 $ 1,991 General and administrative 765 1,909 1,949 Restructuring 69 — — Total stock-based compensation expense $ 1,132 $ 2,808 $ 3,940 Stock-based compensation expense is allocated to research and development and general and administrative expense based upon the department of the employee to whom each award was granted. No related tax benefits of the stock-based compensation expense have been recognized. Legal Contingencies The Company is involved in various legal proceedings and accrues anticipated costs of settlement, damages, and/or losses to the extent such amounts are probable and estimable. If the estimate of a probable loss is a range and no amount within the range is more likely, the Company accrues the minimum amount of the range. See Footnote 16 for discussion of our individual material legal proceedings. 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. 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. The Company maintains a full valuation allowance on all deferred tax assets. 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 December 31, 2015 and 2014, 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 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 the effect 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.

Loss Per Common Share

Loss Per Common Share	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Loss Per Common Share	3. Loss Per Common Share Basic loss per share is computed by dividing net loss by the weighted-average number of common shares outstanding during the period. Diluted loss per share is computed by dividing net loss by the weighted-average number of common shares and dilutive common share equivalents then outstanding. Potential common share equivalents consist of restricted stock awards and the incremental common shares issuable upon the exercise of stock options and warrants. Since the Company had a net loss for all periods presented, the effect of all potentially dilutive securities is anti-dilutive. Accordingly, basic and diluted net loss per common share is the same. The following table sets forth for the periods presented the potential common shares (prior to consideration of the treasury stock method) excluded from the calculation of net loss per common share because their inclusion would have been anti-dilutive: Outstanding at Years Ended December 31, 2015 2014 2013 (in thousands) Options outstanding 4,796 5,817 4,297 Warrants outstanding 609 609 — 5,405 6,426 4,297

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Property and Equipment	4. Property and Equipment Property and equipment consists of the following: Estimated Useful Life December 31, 2015 December 31, 2014 (in thousands) Laboratory equipment 5 years $ — $ 7,671 Computer equipment and software 3 years 187 3,913 Office furniture 5 years — 893 Leasehold improvements Shorter of asset’s useful life or remaining term of lease — 14,433 187 26,910 Less accumulated depreciation and amortization (164 ) (15,615 ) Property and equipment, net $ 23 $ 11,295 Depreciation expense for the years ended December 31, 2015, 2014 and 2013 was $9.6 million, $6.2 million and $3.8 million, respectively. In September 2014, the Company entered into a Lease Termination Agreement, pursuant to which the Company agreed to surrender the remaining 49,185 square feet of leased space no later than September 24, 2015. As a result, the Company revised the estimated useful life of its leasehold improvements related to this space, resulting in an increase in depreciation expense of approximately $2.4 million during the year ended December 31, 2014. In February 2015, the Company provided notice that it would surrender the remaining space on May 29, 2015. Accordingly, the Company again 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 year ended December 31, 2015.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Accrued Expenses	5. Accrued Expenses Accrued expenses consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Clinical expenses $ 1,793 $ 2,312 Salaries and benefits 938 1,744 Professional fees 573 685 Restructuring 357 — Manufacturing and distribution 173 3,216 Other 272 1,344 $ 4,106 $ 9,301

Loans Payable

Loans Payable	12 Months Ended
	Dec. 31, 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 original Loan Agreement with an outstanding principal balance of $11.6 million. The Company was not required to pay principal on the original loan until January 1, 2015, at which time the Company was required to commence making 12 principal and interest payments ending December 1, 2015. The original loan was fully paid as of December 31, 2015. Pursuant to the Amended Loan Agreement, the Company is not required to make principal payments on the new $10.0 million loan 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 last principal and interest payment due on Debt—Modifications and Extinguishments. Per annum interest is payable on 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%, provided however, that the per annum interest shall not exceed 15.0%. 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 of the then outstanding loan balance or the equivalent of $12.5 million in unrestricted and unencumbered cash and cash equivalents as of December 31, 2015 based upon a principal balance of $10.0 million. 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 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. These amounts were recorded as a loan discount and are being amortized to interest expense over the term of the loan borrowed under the Loan Agreement using the effective interest rate method. The Company 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 paid approximately $0.2 million in loan issuance costs 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 to Hercules. 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 original 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 to Hercules. 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. The relative fair value of the warrants was calculated using the Black-Scholes option-pricing model with the following assumptions: volatility of 71.81%, an expected term equal to the contractual life of the warrants (five years), a risk-free interest rate of 1.82% and no dividend yield. The resulting effective interest rate for the loans outstanding under the Amended Loan Agreement is approximately 16.14%. 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 December 31, 2015, the outstanding aggregate principal balance under the remaining loan was $10.0 million. The loans are secured by a lien on all of our personal property (other than intellectual property), whether owned as of, or acquired after, the date of the amended loan agreement. 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. As of December 31, 2015, Hercules has not asserted any events of default and the Company does not believe that there has been a material adverse change as defined in the loan agreement. The Company has determined that the risk of subjective acceleration under the material adverse events clause is remote and therefore has classified the outstanding principal in current and long-term liabilities based on the timing of scheduled principal payments. Future minimum payments under the loans payable outstanding as of December 31, 2015 are as follows (amounts in thousands): Years Ending December 31: 2016 $ 3,499 2017 4,645 2018 4,269 12,413 Less amount representing interest (1,872 ) Less discount (530 ) Less deferred charges (540 ) Less current portion (2,053 ) Loans payable, net of current portion and discount $ 7,418

Collaborations and License Agre

Collaborations and License Agreements	12 Months Ended
	Dec. 31, 2015
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Collaborations and License Agreements	7. Collaboration and License Agreements (a) Out-License Agreements EUSA In December 2015, the Company entered into a license agreement with EUSA under which the Company granted to EUSA the exclusive, sublicensable right to develop, manufacture and commercialize tivozanib in the territories of Europe (excluding Russia, Ukraine and the Commonwealth of Independent States), Latin America (excluding Mexico), Africa, Australasia and New Zealand (the “Licensed Territories”) for all diseases and conditions in humans, excluding non-oncologic diseases or conditions of the eye. Under the license agreement, EUSA made a research and development funding payment to the Company of $2.5 million during the year ended December 31, 2015 and is required to make a payment of $4.0 million upon the grant by the European Medicines Agency (“EMA”) of marketing approval for tivozanib for treatment of renal cell carcinoma. The Company is eligible to receive additional research funding from EUSA, including up to $20.0 million if EUSA elects to utilize data generated by the Company’s planned phase 3 study in third line renal cell carcinoma, and up to $2.0 million for a potential phase 1 combination study with a checkpoint inhibitor. The Company will be entitled to receive milestone payments of $2.0 million per country upon reimbursement approval for renal cell carcinoma in each of France, Germany, Italy, Spain and the United Kingdom, and an additional $2.0 million for the grant of marketing approval in three of the following five countries: Argentina, Australia, Brazil, South Africa and Venezuela. The Company will also be eligible to receive a payment of $2.0 million in connection with EUSA’s filing with the EMA for marketing approval for tivozanib for the treatment of each of up to three additional indications and $5.0 million per indication in connection with the EMA’s grant of marketing approval for each of up to three additional indications, as well as potentially up to $335.0 million upon EUSA’s achievement of certain sales thresholds. The Company will also be eligible to receive tiered double digit royalties on net sales, if any, of licensed products in the Licensed Territories ranging from a low double digit up to mid-twenty percent depending on the level of annual net sales. A percentage of any milestone and royalty payments received by AVEO are due to Kyowa Hakko Kirin Co., Ltd. (formerly Kirin Brewery Co., Ltd.) (“KHK”) as a sublicensing fee under the license agreement between AVEO and KHK dated as of December 21, 2006. EUSA is obligated to use commercially reasonable efforts to develop and commercialize tivozanib throughout the Licensed Territories. With the exception of certain support to be provided by the Company prior to the grant of marketing approval by the EMA, EUSA has responsibility for all activities and costs associated with the further development, manufacture, regulatory filings and commercialization of tivozanib in the Licensed Territories. EUSA is obligated to use commercially reasonable efforts to file an application with the EMA for approval of marketing authorization for tivozanib for the treatment of renal cell carcinoma, which EUSA filed in February 2016. The term of the license agreement commenced in December 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 market or regulatory data exclusivity for such product in such country or (c) the 10 th Activities under the agreement were evaluated under ASC 605-25 Revenue Recognition—Multiple Element Arrangements The agreement with EUSA includes the following non-contingent deliverables: (i) the Company’s grant of an exclusive license to develop and commercialize the tivozanib in the licensed territories; (ii) the Company’s obligation to transfer all technical knowledge and data useful in the development and manufacture of tivozanib; (iii) the Company’s obligation to cooperate with EUSA and support its efforts to file for marketing approval in the licensed territories, (iv) the Company’s obligation to provide access to certain regulatory information resulting from the Company’s ongoing development activities outside of the licensed territories and (v) the Company’s participation in a joint steering committee. The Company determined that the delivered license did not have stand-alone value from the undelivered elements and have accounted for these items as a single bundled deliverable. The Company allocated up-front consideration of $2.5 million to the bundled unit of accounting and is recognizing it over our performance period through April 2022, the remaining patent life of tivozanib. The Company recognized approximately $14,000 as revenue during the year ended December 31, 2015. The Company believes the regulatory milestones that may be achieved under the EUSA 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 each 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. 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 acquired the Company’s inventory of clinical quality, AV-380 biological drug substance and reimbursed the Company for approximately $3.5 million for such existing inventory. The Company will also be eligible to receive (a) up to $53.0 million in potential clinical and development milestone payments and up to $105.0 million in potential regulatory milestone payments tied to the commencement of clinical trials and to regulatory approvals of products developed under the license agreement in the United States, the European Union and Japan; and (b) up to $150.0 million in potential commercial milestone payments based on annual net sales of such products. Upon commercialization, the Company is eligible to receive tiered royalties on net sales of approved products ranging from the high single digits to the low double digits. Novartis has responsibility under the license agreement for the development, manufacture and commercialization of the Company’s antibodies and any resulting approved therapeutic products. The 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 during the year ended December 31, 2015. The Company recognized the $15.0 million upfront payment allocated to the delivered license and technical knowledge upon delivery. The Company recognized revenue of $3.5 million during 2015 related to the delivery of its inventory of clinical quality drug substance to Novartis pursuant to the terms of the agreement. The amount due to the Company from Novartis was $3.5 million as of December 31, 2015. Pharmstandard Group 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 filed an application for marketing authorization in Russia for tivozanib for the treatment of renal cell carcinoma in December 2015. 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 , 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 recognizing it over the Company’s performance period through April 2022, the remaining patent life of tivozanib. The Company recognized approximately $61,000 as revenue during the year ended December 31, 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 year ended December 31, 2015. Ophthotech Corporation In November 2014 the Company entered into a Research and Exclusive Option Agreement, or Option Agreement, with Ophthotech Corporation pursuant to which the Company provided Ophthotech an exclusive option to enter into a definitive license agreement whereby the Company would grant Ophthotech the right to develop and commercialize the Company’s VEGF factor tyrosine kinase inhibitor, tivozanib, 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 our 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”). Ophthotech may exercise the option at any time until the latest to occur of: (i) twelve (12) months after the achievement of the Clinical Efficacy Milestone, (ii) ninety (90) days after the Clinical Efficacy Milestone Payment Trigger Date, and (iii) thirty (30) days after the Company and Ophthotech agree as to the definitive form of license agreement, which the Company refers to as the option period. During the Option Period, the Company will not grant a license to any third party that would preclude the Company from being able to grant to Ophthotech the rights and licenses that are contemplated by the definitive license agreement, and the Company will not engage in any research, development or commercialization of tivozanib in the field covered by the contemplated definitive license agreement, except as specified in the Option Agreement. The terms of the Option Agreement are subject to the Company’s obligations to Kyowa Hakko Kirin Co., Ltd. (“KHK”), under a license agreement entered into by the Company with KHK in 2006, pursuant to which the Company acquired exclusive rights to develop and commercialize tivozanib for all human diseases outside of Asia (the “KHK License Agreement”). A percentage of all payments received by the Company under the Option Agreement and any definitive license agreement must be paid to KHK. The Company is required to maintain the KHK Agreement in effect, and not enter into any amendment or termination thereof that would adversely affect the Company’s rights, during the option period. During the option period, the Company and Ophthotech are obligated to negotiate in good faith the form and substance of a definitive license agreement, as well as the form and substance of an amendment to the Company’s license agreement with KHK (the “KHK Amendment”) to modify certain rights and obligations of the parties and sublicensees thereunder, particularly with respect to rights to improvements that are not specifically related to tivozanib, and regulatory affairs matters. Upon exercise of the option, Ophthotech is required to pay the Company a one-time option exercise fee of $2.0 million in addition to the IND Submission Milestone Payment if such payment has not then been previously paid. If upon exercise of the option, the Clinical Efficacy Milestone Payment Trigger Date has not yet occurred, the Company shall be entitled to the Clinical Efficacy Milestone Payment at such time that the Clinical Efficacy Milestone Payment Date does occur if the license agreement remains in effect as of such date. The license agreement, if entered into upon Ophthotech’s exercise of the Option, will provide for the Company to be entitled to receive (i) $10.0 million upon meeting certain efficacy and safety endpoints in phase 2 clinical trials that would enable the commencement of a phase 3 clinical trial, (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. Either party may terminate the Option Agreement in the event of an uncured material breach of the Option Agreement by the other party which remains uncured for a period of ninety (90) days (or thirty (30) days for a breach relating to non-payment), or upon bankruptcy or like proceedings relating to the other party. Ophthotech may terminate the Option Agreement at any time upon ninety (90) days’ prior written notice to us. In addition, the Company may terminate the Option Agreement upon thirty (30) days’ prior written notice to Ophthotech if Ophthotech challenges certain patents controlled by the Company related to tivozanib. Unless terminated as provided above, the Option Agreement will expire upon the expiration of the option or the entry into the definitive license agreement. 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: 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 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 the Company’s obligation to transfer research-grade tivozanib API for Ophthotech to conduct the Option Period research. The Company determined that the delivered Option Grant Deliverable, or 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, did not have standalone 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 standalone 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 $0.2 million and $38,000 of revenue during the years ended December 31, 2015 and 2014, 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: perpetual, non-exclusive rights to certain intellectual property including clinical and biomarker data related to ficlatuzumab for use in developing and commercializing BDX004; the Company’s obligation to deliver technology improvements and data developed during the NSCLC POC Trial to Biodesix; the Company’s obligation to participate in the joint steering committee during the NSCLC POC Trial; the Company’s obligation to perform certain development activities associated with the NSCLC POC Trial; and the Company’s obligation to supply clinical material for use in conducting the NSCLC POC Trial; 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 December 31, 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 standalone 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 $3.5 million and $2.7 million during the years ended December 31, 2015 and 2014. The amount due to the Company from Biodesix pursuant to the cost-sharing provision was $1.1 million and $1.8 million at December 31, 2015 and 2014, respectively. 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. The deliverables under the original arrangement included an option for a co-exclusive, worldwide license to develop and manufacture ErbB3 antibody products and an option for an exclusive license to commercialize ErbB3 antibody products in all countries in the world other than North America. The Company determined that these deliverables did not have standalone value due to the fact that the program was still in preclinical development and required the Company’s experience to advance development of the product candidates. As such, the Company determined that the original agreement should be accounted for as one unit of accounting. 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 the application of ASC 605-25. Based upon the terms of the Amendment, the remaining deliverables included the Company’s obligation to seek a collaboration partner to fund further development of the program and the Company’s obligation to continue development and commercialization of the licensed products if a collaboration partner is secured (“Development Deliverable”). The Company concluded that its obligation to use best efforts to seek a collaboration partner does not have standalone value from the Development Deliverable upon delivery and thus the deliverables should be treated as a single unit of accounting. Upon modifying the arrangement, the Company had $14.7 million of deferred revenue remaining to be amortized. The Company is not entitled to receive any further consideration from Biogen Idec under the 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 March 2016, 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 $0.3 million, $14.5 million and $0.9 million during the years ended December 31, 2015, 2014 and 2013, respectively. Astellas Pharma Inc. In February 2011, the Company, together with its wholly-owned subsidiary AVEO Pharma Limited, entered into a Collaboration and License Agreement with Astellas (the “Astellas Agreement”), pursuant to which the Company and Astellas intended to develop and comme

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Operating Leases The Company leases office and has leased lab space and equipment under various operating lease agreements. Rent expense under the operating leases amounted to ($9.1) million, $4.1 million and $9.4 million for the years ended December 31, 2015, 2014 and 2013, respectively. For the year ended December 31, 2014, $3.1 million of rent expense is included within lease exit costs on the Company’s statement of operations. The net rent credit for the year ended December 31, 2015 and the net rent credit for the years ended December 31, 2014 and 2013 were recorded within operating expenses and allocated to research and development and general and administrative expense based upon the use of the underlying facility space. In May 2015, the Company began leasing office space under a cancellable arrangement. The Company recognized rent expense of approximately $0.2 million related to this lease during the year ended December 31, 2015. On May 9, 2012, the Company entered into a lease agreement with BMR-650 E KENDALL B LLC (“BMR”), under which the Company agreed to lease 126,065 square feet of space located at 650 East Kendall Street, Cambridge, Massachusetts to be used for office, research and laboratory space. The initial term of the lease agreement was approximately twelve years and seven months (the “initial term”). The Company has determined that the lease should be classified as an operating lease. In order to make the space usable for the Company’s operations, substantial improvements were made to the space. These improvements were planned, managed and carried out by the Company and the improvements were tailored to the Company’s needs. BMR agreed to reimburse the Company for up to $14.9 million of the improvements, and the Company bore all risks associated with any cost overruns that may be incurred. As such, the Company determined it was the owner of the improvements and, as such, the Company accounted for tenant improvement reimbursements from BMR as a lease incentive. The Company recorded a deferred lease incentive (included as a component of the deferred rent balance in the accompanying consolidated balance sheets) and the incentive was amortized as an offset to rent expense over the term of the lease. Rent expense, inclusive of the escalating rent payments, was recognized on a straight-line basis over the initial term of the lease agreement. Refer to Footnote 14 for further discussion regarding the termination of this lease. The Company recognized rent expense of approximately ($9.5) million, $4.3 million and $6.7 million related to the lease during the years ended December 31, 2015, 2014 and 2013, respectively. The expense recognized during the years ended December 31, 2015 and 2014 include the recognition of deferred rent credits totaling $10.6 million and $3.8 million, respectively, following the termination of the lease agreement. Employment Agreements Certain key executives are covered by severance and change in control agreements. Under these agreements, if the executive’s employment is terminated without cause or if the executive terminates his employment for good reason, such executive will be entitled to receive severance equal to his base salary, benefits and prorated bonuses for a period of time equal to either 12 months or 18 months, depending on the terms of such executive’s individual agreement. In addition, in December 2007, the Company approved a key employee change in control severance benefits plan, which was amended in November 2009, and which provides for severance and other benefits under certain qualifying termination events upon a change in control for a period of time ranging from 6 months to 18 months, depending upon the position of the key employee. Refer to Footnote 16 for further discussion of legal contingencies.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company accounts for income taxes under the provisions of ASC 740. For the years ended December 31, 2015, 2014 and 2013, the Company did not have any federal, state, or foreign income tax expense as it generated taxable losses in all filing jurisdictions. A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2015, 2014 and 2013: December 31, 2015 December 31, 2014 December 31, 2013 Income tax computed at federal statutory tax rate 34.0 % 34.0 % 34.0 % State taxes, net of federal benefit 5.3 % 5.3 % 5.1 % Research and development credits 2.0 % 2.6 % 2.0 % Other permanent differences (2.0 )% (0.8 )% (0.9 )% Foreign rate differential (0.1 )% 0.0 % (0.2 )% Permanent difference – estimated settlement liability (9.1 )% 0.0 % 0.0 % Other (3.8 )% (5.7 )% (0.5 )% Change in valuation allowance (26.3 )% (35.4 )% (39.5 )% Total 0.0 % 0.0 % 0.0 % Prior to 2011, the Company had incurred net operating losses from inception. At December 31, 2015, the Company had domestic federal, state, and UK net operating loss carryforwards of approximately $444.5 million, $338.7 million, and $6.6 million respectively, available to reduce future taxable income. The federal net operating loss carryforwards expire beginning in 2024 through 2035 and the state loss carryforwards begin to expire in 2030 and continue through 2035. The foreign net operating loss carryforwards in the UK do not expire. The Company also had federal and state research and development tax credit carryforwards of approximately $10.1 million and $4.0 million, respectively, available to reduce future tax liabilities and which expire at various dates. The federal credits expire beginning in 2022 through 2035 and the state credits begin to expire in 2019. The net operating loss and research and development carryforwards are subject to review and possible adjustment by the Internal Revenue Service and may be limited in the event of certain changes in the ownership interest of significant stockholders. The Company’s net deferred tax assets as of December 31, 2015, 2014 and 2013 are as follows: December 31, 2015 December 31, 2014 December 31, 2013 NOL carryforwards $ 170,200 $ 162,248 $ 134,023 Research and development credits 12,721 12,721 11,357 Deferred revenue 1,451 302 7,224 Other temporary differences 5,935 11,135 15,158 Valuation allowance (190,307 ) (186,406 ) (167,762 ) Total — — — A full valuation allowance has been recorded in the accompanying consolidated financial statements to offset these deferred tax assets because the future realizability of such assets is uncertain. This determination is based primarily on the Company’s historical losses. Accordingly, future favorable adjustments to the valuation allowance may be required, if and when circumstances change. The valuation allowance increased by $3.9 million, $18.6 million and $42.3 million during the years ended December 31, 2015, 2014, and 2013, respectively, primarily due to the generation of net operating loss carryforwards. As of December 31, 2015, the Company had federal and state net operating losses of approximately $4.1 million related to excess tax deductions that have been excluded from the above table. The benefit of these net operating losses will be recognized as an increase in additional paid in capital when it results in a reduction of taxes payable. The Company applies FASB Interpretation No. 48, “ Accounting for Uncertainty in Income Taxes, an interpretation of FAS 109 Income Taxes The Company may from time to time be assessed interest or penalties by major tax jurisdictions. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. No interest and penalties have been recognized by the Company to date. The Company anticipates that the amount of unrecognized tax benefits recorded will not change in the next twelve months. The following is a reconciliation of the Company’s gross uncertain tax positions at December 31, 2015, 2014 and 2013: Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 (in thousands) Amount established upon adoption $ 1,200 $ 1,200 $ 1,200 Additions for current year tax positions — — — Additions for prior year tax positions — — — Reductions of prior year tax positions — — — Balance as of end of year $ 1,200 $ 1,200 $ 1,200

Common Stock and Warrants

Common Stock and Warrants	12 Months Ended
	Dec. 31, 2015
Equity [Abstract]
Common Stock and Warrants	10. Common Stock and Warrants As of December 31, 2015, the Company had 200,000,000 authorized shares of common stock, $0.001 par value, of which 58,181,715 shares were issued and outstanding. The number of authorized shares of common stock was increased from 100,000,000 at the Company’s 2015 annual shareholders meeting. As part of the Amended Loan Agreement with Hercules Technology II, L.P. and Hercules Technology III, L.P., affiliates of Hercules Technology Growth (collectively, “Hercules”), 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 to Hercules. All warrants issued during the year remain outstanding as of December 31, 2015. ATM Sales Agreement In February 2015, the Company entered into an at-the-market issuance sales agreement with FBR & Co. (formerly MLV & Co. LLC (“FBR”), 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 FBR as its sales agent. Sales of common stock through FBR 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 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 FBR 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 December 31, 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 $9.0 million remains available for sale under the Sales Agreement.

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-Based Compensation	11. Stock-Based Compensation Stock Incentive Plan—Overview The Company maintains the 2010 Stock Incentive Plan (the “Plan”) for employees, consultants, advisors, and directors. The Plan provides for the grant of equity awards such as stock options and restricted stock. The Plan has been amended at various times since its approval. In March 2013, the Company’s board of directors amended the Plan to increase the number of shares of common stock reserved for issuance to 7,875,000 shares, plus the number of shares of common stock subject to awards granted under the Company’s 2002 Incentive Plan which expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by us, up to a maximum of 625,000 shares. This amendment also adopted a fungible share pool whereby any award that is a full-value award (i.e. any restricted stock award, restricted stock unit award, or other stock-based award with a per share price or per unit purchase price lower than 100% of fair market value on the date of the grant) is counted against the share limits under the Plan as 1.5 shares for each one share of common stock subject to such full-value award. In June 2014, the Company’s stockholders approved an amendment to the Plan, which increased the annual per participant share limit under the Plan from 250,000 to 1,000,000 shares per fiscal year. No other amendments to the Plan were made. The Company has reserved 8,500,000 shares of common stock under the Plan, and at December 31, 2015, the Company has 3,413,353 shares available for future issuance under the Plan. Shares issued upon exercise of options are generally issued from new shares of the Company. The Plan provides that the exercise price of incentive stock options cannot be less than 100% of the fair market value of the common stock on the date of the award for participants who own less than 10% of the total combined voting power of stock of the Company and not less than 110% for participants who own more than 10% of the total combined voting power of the stock of the Company. Options and restricted stock granted under the Plan vest over periods as determined by the Board, which generally are equal to four years. Options generally expire ten years from the date of grant. Stock Incentive Plan—Employee Stock Options The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table: Years Ended December 31, 2015 2014 2013 Volatility 73.04%-78.7% 69.38%-77.92% 64.22%-72.65% Expected Term (in years) 5.50-6.25 5.50-6.25 5.50-6.25 Risk-Free Interest Rates 1.54%-1.93% 1.81%-2.02% 1.01%-2.10% 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. Additionally, 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. During the years ending December 31, 2015, 2014 and 2013 the Company estimated its forfeiture rates to be 71%, 62% and 49%, respectively. Based upon these assumptions, the weighted-average grant date fair value of stock options granted during the years ended December 31, 2015, 2014, and 2013 was $0.75, $1.15 and $4.32 per share, respectively. During the year ended December 31, 2014 the Company issued stock options to purchase 2,250,000 shares of common stock that contain market and performance –based vesting conditions. As of December 31, 2015, there were 381,500 shares remaining which were not deemed probable of vesting. As of December 31, 2015, there was $0.7 million of total unrecognized stock-based compensation expense related to stock options granted 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 2.9 years. The intrinsic value of options exercised was $58,000 for the years ended December 31, 2015. No options were exercised during the year ended December 31, 2014. The following table summarizes the activity of the Plans for the year ended December 31, 2015: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2014 5,817,313 $ 4.45 Granted 3,159,134 $ 1.11 Exercised (165,805 ) $ 1.45 Forfeited (2,964,938 ) $ 1.85 Expired (1,049,699 ) $ 5.27 Outstanding at December 31, 2015 4,796,005 $ 3.78 6.93 $ 596,660 Exercisable at December 31, 2015 3,153,440 $ 5.09 5.86 $ 325,107 Vested or expected to vest at December 31, 2015 2,276,447 $ 6.56 4.61 $ 115,704 Stock Incentive Plan—Nonemployee Stock Options There were no stock options granted to nonemployee consultants during 2015 or 2013. During 2014, the Company granted nonqualified options to purchase 225,000 shares of common stock to nonemployee consultants, with an average exercise price of $1.47 per share. The Company valued these options using the Black-Scholes option-pricing model and recognized expense related to these awards using the accelerated attribution method. The unvested options held by consultants have been revalued using the Company’s estimate of fair value at each reporting period over the vesting period. Stock-based compensation expense of approximately $0.1 million was recorded during the year ended December 31, 2014 relating to nonemployee stock option awards. Stock Incentive Plan—Restricted Stock The Company periodically grants awards of restricted stock to employees. These awards typically vest upon completion of the requisite service period or upon achievement of specified performance targets. The following table summarizes the restricted stock activity for the year ended December 31, 2015: Number of Shares Weighted- Average Price Unvested at December 31, 2014 477,600 $ 1.81 Granted — — Cancelled (201,180 ) 1.87 Expired — — Vested/Released (233,670 ) 1.80 Unvested at December 31, 2015 42,750 $ 1.61 The fair value of restricted stock awards that vested was $0.1 million, $0.2 million, and $0.5 million for the years ended December 31, 2015, 2014, and 2013, respectively. As of December 31, 2015, there was $6,000 of total unrecognized stock-based compensation expense related to restricted stock awards granted under the Plan. The expense is expected to be recognized over a weighted-average period of 0.1 years if all performance targets are met. Employee Stock Purchase Plan In February 2010, the Board of Directors adopted the 2010 Employee Stock Purchase Plan (the “ESPP”) pursuant to which the Company may sell up to an aggregate of 250,000 shares of Common Stock. The ESPP was approved by the Company’s stockholders in February 2010. The plan was amended in March 2013 to increase the total number of shares available under the ESPP for the Company to sell to 764,000. The ESPP allows eligible employees to purchase common stock at a price per share equal to 85% of the lower of the fair market value of the common stock at the beginning or end of each six month period during the term of the ESPP. The first offering period began on July 1, 2010. Pursuant to the ESPP, the Company sold a total of 7,138 shares of common stock during the year ended December 31, 2015 at purchase prices of $0.75 and $1.07, respectively, which represent 85% of the closing price of the Company’s common stock on June 30, 2015 and December 31, 2015, respectively. For the year ended December 31, 2014, the Company sold a total of 139,032 shares of common stock at purchase prices of $1.53 and $0.71, respectively, which represent 85% of the closing price of the Company’s common stock on June 30, 2014 and December 31, 2014, respectively. For the year ended December 31, 2013, the Company sold a total of 109,610 shares of common stock at purchase prices of $2.13 and $1.56, respectively, which represent 85% of the closing price of the Company’s common stock on June 28, 2013 and December 31, 2013, respectively. The total stock-based compensation expense recorded as a result of the ESPP was approximately $27,000, $0.2 million and $0.2 million during the years ended December 31, 2015, 2014 and 2013, respectively.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2015
Compensation And Retirement Disclosure [Abstract]
Employee Benefit Plan	12. Employee Benefit Plan In 2002, the Company established the AVEO Pharmaceuticals, Inc. 401(k) Plan (the “401(k) Plan”) for its employees, which is designed to be qualified under Section 401(k) of the Internal Revenue Code. Eligible employees are permitted to contribute to the 401(k) Plan within statutory and 401(k) Plan limits. The Company makes matching contributions of 50% of the first 5% of employee contributions. The Company made matching contributions of $0.1 million, $0.1 million, and $0.4 million for the years ended December 31, 2015, 2014 and 2013, respectively.

Strategic Restructuring

Strategic Restructuring	12 Months Ended
	Dec. 31, 2015
Restructuring And Related Activities [Abstract]
Strategic Restructuring	13. Strategic Restructuring In connection with the receipt of a complete response letter from the FDA informing the Company that the FDA would not approve the Company’s NDA for tivozanib for the treatment of patients with advanced RCC, the Company announced a strategic restructuring in June 2013 to refocus the Company’s efforts on the then on-going clinical development of tivozanib in colorectal and breast cancer and on the advancement of key pipeline and preclinical assets. This restructuring was completed as of December 31, 2013 and resulted in costs totaling $8.0 million, which included impairment charges of $0.3 million. On January 6, 2015, the Board of the Company approved a further 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 accrued expenses in the accompanying consolidated balance sheet: Restructuring amounts accrued at December 31, 2013 Restructuring expense incurred during the year ended December 31, 2014 Restructuring amounts paid during the year ended December 31, 2014 Restructuring amounts accrued at December 31, 2014 (in thousands) Employee severance, benefits and related costs. $ 587 — $ (587 ) — Restructuring amounts accrued at December 31, 2014 Restructuring expense incurred during the year ended December 31, 2015 Restructuring amounts paid during the year ended December 31, 2015 Restructuring amounts accrued at December 31, 2015 (in thousands) Employee severance, benefits and related costs. $ — $ 3,560 $ (3,203 ) $ 357 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 year ended December 31, 2015.

Facility Lease Exit

Facility Lease Exit	12 Months Ended
	Dec. 31, 2015
Facility Lease Exit [Abstract]
Facility Lease Exit	14. Facility Lease Exit In September 2014, the Company entered into the Lease Termination Agreement pursuant to which the Company immediately surrendered leased space at 650 East Kendall Street in Cambridge, Massachusetts 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. The Company also agreed to surrender its remaining leased space upon 90 days written notice prior to September 24, 2015. The Company previously recorded liabilities totaling $15.2 million for lease exit costs when it ceased using the leased spaces during the first and second quarters of 2014. The fair value of these liabilities was determined using the credit-adjusted risk-free rate to discount the estimated future net cash outflows associated with the space that met the cease use criteria. The estimate of future net cash outflows included the Company’s expected minimum rental payments and incremental operating, utility and tax payments to the landlord less the amount of sublease income that the Company estimates it could reasonably expect to obtain during the remainder of the lease period. Upon signing the Lease Termination Agreement during the quarter ended September 30, 2014, the Company recorded an additional $1.9 million of Lease Exit charges based on the fair value of the revised net cash outflows, resulting in total Lease Exit charges of $17.1 million for the year ended December 31, 2014. 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 year ended December 31, 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 year ended December 31, 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 tables summarize the components of the Company’s lease exit activity recorded in current liabilities: Lease Exit Expense incurred during the year ended December 31, 2014 Accretion Expense incurred during the year ended December 31, 2014 Amounts paid during the year ended December 31, 2014 Amounts offset against tenant receivable during the year ended December 31, 2014 Amounts accrued at December 31, 2014 (in thousands) Lease exit costs $ 17,142 $ 974 $ (5,313 ) $ (7,822 ) $ 4,981 In addition to the $17.1 million of expense included in the table above, lease exit expenses also include the write-off $14.0 million of deferred rent associated with the portions of the facility that met the cease use criteria under ASC 420-10 and leasehold improvements totaling $7.6 million during the year ended December 31, 2014 as the Company’s estimates of sublease income would not recover the value of the leasehold improvements. Amounts accrued at December 31, 2014 Accretion Expense incurred during the year ended December 31, 2015 Amounts paid during the year ended December 31, 2015 Additional expense incurred during the year ended December 31, 2015 Amounts accrued at December 31, 2015 (in thousands) Lease exit costs $ 4,981 $ 224 $ (5,477 ) $ 272 $ ─ In addition to the $0.5 million of expense for the year ended December 31, 2015 included in the table above, lease exit expenses also include the write-off of $0.2 million of leasehold improvements.

Quarterly Results (Unaudited)

Quarterly Results (Unaudited)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Quarterly Results (Unaudited)	15. Quarterly Results (Unaudited) Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 (in thousands, except per share data) (unaudited) Collaboration revenue $ 134 $ 134 $ 15,158 $ 3,598 Restructuring 4,333 25 ─ ─ Operating expenses 5,950 4,730 6,691 9,721 Loss from operations (10,149 ) (4,621 ) 8,467 (6,123 ) Other expense, net (725 ) (835 ) (553 ) (462 ) Net loss $ (10,874 ) $ (5,456 ) $ 7,914 $ (6,585 ) Net loss per share—basic and diluted $ (0.21 ) $ (0.10 ) $ 0.14 $ (0.11 ) Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 (in thousands, except per share data) (unaudited) Collaboration revenue $ 15,289 $ 1,846 $ 873 $ 115 Restructuring 3,859 5,165 1,403 1,302 Operating expenses 17,322 14,146 13,569 11,806 Loss from operations (5,892 ) (17,465 ) (14,099 ) (12,993 ) Other expense, net (558 ) (494 ) (337 ) (901 ) Net loss $ (6,450 ) $ (17,959 ) $ (14,436 ) $ (13,894 ) Net loss per share—basic and diluted $ (0.12 ) $ (0.35 ) $ (0.28 ) $ (0.27 )

Legal Actions

Legal Actions	12 Months Ended
	Dec. 31, 2015
Commitments And Contingencies Disclosure [Abstract]
Legal Actions	16. Legal Actions Two class action lawsuits have been filed against the Company and certain of its former officers and members of its board of directors, (Tuan Ha-Ngoc, David N. Johnston, William Slichenmyer and Ronald DePinho), in the United States District Court for the District of Massachusetts, one captioned Paul Sanders v. Aveo Pharmaceuticals, Inc., et al., No. 1:13-cv-11157-JLT, filed on May 9, 2013, and the other captioned Christine Krause v. AVEO Pharmaceuticals, Inc., et al., No. 1:13-cv-11320-JLT, filed on May 31, 2013. On December 4, 2013, the District Court consolidated the complaints as In re AVEO Pharmaceuticals, Inc. Securities Litigation et al., No. 1:13-cv-11157-DJC, and an amended complaint was filed on February 3, 2014. The amended complaint purported to be brought on behalf of shareholders who purchased the Company’s common stock between January 3, 2012 and May 1, 2013. The amended complaint generally alleged that the Company and certain of its present and former officers and directors violated Sections 10(b) and/or 20(a) of the Securities Exchange Act of 1934 and Rule 10b-5 promulgated thereunder by making allegedly false and/or misleading statements concerning the phase 3 trial design and results for the Company’s TIVO-1 study in an effort to lead investors to believe that the drug would receive approval from the FDA. The lawsuit seeks unspecified damages, interest, attorneys’ fees, and other costs. The consolidated amended complaint was dismissed without prejudice on March 20, 2015, and the lead plaintiffs then filed a second amended complaint bringing similar allegations. The Company moved to dismiss again, and after a second round of briefing and oral argument, the court ruled in the Company’s favor and dismissed the second amended complaint with prejudice on November 18, 2015. The lead plaintiffs have appealed the court’s decision to the United States Court of Appeals for the First Circuit. The Company denies any allegations of wrongdoing and intends to continue 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 is unable to predict the outcome or reasonably estimate a range of possible loss at this time. On April 4, 2014, Karen J. van Ingen, a purported purchaser of AVEO stock, filed a derivative complaint allegedly on behalf of AVEO in the United States District Court for the District of Massachusetts, Civil Action No. 1:14-cv-11672-DJC, naming AVEO, as a nominal defendant and also naming as defendants present and former members of the Company’s board of directors, including Tuan Ha-Ngoc, Henri A. Termeer, Kenneth M. Bate, Anthony B. Evnin, Robert Epstein, Raju Kucherlapati, Robert C. Young, and Kenneth E. Weg. The complaint alleged breach of fiduciary duty and abuse of control between January 2012 and May 2013 with respect to allegedly misleading statements and omissions regarding tivozanib. The lawsuit seeks, among other relief, unspecified damages, costs and expenses, including attorneys’ fees, an order requiring us to implement certain corporate governance reforms, restitution from the defendants and such other relief as the court might find just and proper. The Company filed a motion to dismiss the derivative complaint, and after briefing and oral argument, on March 18, 2015 the Court ruled in the Company’s favor and dismissed the case with prejudice. The plaintiff then filed a motion seeking to vacate the Court’s order of dismissal and permit filing of an amended complaint, which the Company opposed, and which the Court denied on June 30, 2015. The plaintiff has appealed the Court’s decision to the United States Court of Appeals for the First Circuit. The Company denies any allegations of wrongdoing and intends to continue to vigorously defend 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 this action. Moreover, the Company is unable to predict the outcome or reasonably estimate a range of possible loss at this time. On July 3, 2013, the staff (the “SEC Staff”) of the United States Securities and Exchange Commission (the “Commission”) served a subpoena on the Company for documents and information concerning tivozanib, including related communications with the FDA, investors and others. The Company fully cooperated with the inquiry. 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 it 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. Based on the progress in the settlement process thus far, the Company believes that it could potentially settle with the SEC for a total amount of $4,000,000 and, accordingly, the Company has accrued an estimated settlement liability, for accounting purposes, in that amount in its financial statements as of December 31, 2015. There can be no assurance, however, that a settlement will be approved by the Commission, or that any settlement on terms agreeable to the Company will be achieved, or that any settlement the Company enters into with the SEC will be within the estimated settlement liability accrued. If settlement discussions conclude without a settlement proposal that is acceptable to the Commission and the Company, the Commission may authorize the SEC Staff to pursue claims against the Company. 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 the Company’s ability to execute on its proposed plans or on its financial position or results of operations. The SEC Staff 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 SEC Staff and the former officers, and the Company can make no assurance regarding such potential claims.

Significant Accounting Polici25

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenues have been 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.
Principles of Consolidation	Principles of Consolidation The Company’s consolidated financial statements include the Company’s accounts and the accounts of the Company’s wholly-owned subsidiaries, AVEO Pharma Limited and AVEO Securities Corporation. All intercompany transactions have been eliminated.
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 December 31, 2015 consisted of money market funds, U.S. government agency securities, and corporate debt securities, including commercial paper, maintained by an investment manager totaling $16.3 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 December 31, 2015 consisted of municipal bonds, asset-backed securities, and corporate debt securities, including commercial paper, maintained by an investment manager. There were no marketable securities held by the Company at December 31, 2014. Credit risk is reduced as a result of the Company’s policy to limit the amount invested in any one issue. 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 (loss) income 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 securities during the years ended December 31, 2015 and 2014. Available-for-sale securities at December 31, 2015 consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Corporate debt securities (Due within 1 year) $ 6,504 $ — $ (3 ) $ 6,501 Government agency securities (Due within 1 year) 1,000 — — 1,000 $ 7,504 $ — $ (3 ) $ 7,501 The aggregate fair value of securities in an unrealized loss position for less than 12 months at December 31, 2015 was $5.1 million, representing 6 securities. There were no securities in an unrealized loss position for greater than 12 months at December 31, 2015. The unrealized loss was caused by a temporary change in the market for these securities primarily caused by changes in markets interest rates. There was no change in the credit risk of the securities. To determine whether an other-than-temporary impairment exists, the Company performs an analysis to assess whether it intends to sell, or whether it would more likely than not be required to sell, the security before the expected recovery of the amortized cost basis. Where the Company intends to sell a security, or may be required to do so, the security’s decline in fair value is deemed to be other-than-temporary and the full amount of the unrealized loss is recorded in the statement of operations as an other-than-temporary impairment charge. When this is not the case, the Company performs additional analyses on all securities with unrealized losses to evaluate losses associated with the creditworthiness of the security. Credit losses are identified where the Company does not expect to receive cash flows, based on using a single best estimate, sufficient to recover the amortized cost basis of a security and these are recognized in other income (expense), net. Marketable securities in an unrealized loss position at December 31, 2015 consisted of the following: Aggregate Fair Value Unrealized Losses (in thousands) Corporate debt securities (Due within 1 year) $ 4,100 $ (3 ) Government agency securities (Due within 1 year) 1,000 — $ 5,100 $ (3 )
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash, cash equivalents and available-for-sale marketable securities. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. 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 issue. The Company’s accounts receivable primarily consist of amounts due to the Company from licensees and collaborators. As of December 31, 2015, the Company had $4.6 million of receivables outstanding, including $3.5 million due from Novartis for the purchase of clinical material pursuant to our licensing arrangement for AV-380 (refer to Note 7) and $1.1 million due from Biodesix pursuant to our collaboration arrangement for AV-299 (refer to Note 7). The Company has not experienced any material losses related to receivables from individual licensees or collaborators.
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, asset-backed 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 December 31, 2015 or December 31, 2014. · 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 consolidated balance sheets as of December 31, 2015 and 2014. Fair Value Measurements of Cash Equivalents and Marketable Securities as of December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 11,462 $ 4,812 $ — $ 16,274 Marketable securities — 7,501 — 7,501 $ 11,462 $ 12,313 $ — $ 23,775 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 Company recorded a liability totaling $7.3 million associated with the exit of a portion of its leased facilities during the year ended December 31, 2014. The Company measured the fair value of the liability based on the present value of the remaining termination payments. The net cash outflows were discounted using a credit-risk adjusted rate. The Company has classified this lease liability as a Level 3 fair value measurement. The fair value of the Company’s loans payable at December 31, 2015 and 2014, computed pursuant to a discounted cash flow technique using the effective interest rate under the loan, was $10.0 million and $21.3 million, respectively. These fair values are considered a level 3 fair value measurement. The effective interest rate considers the fair value of the warrant issued in connection with the loan, loan issuance costs and a deferred charge, which approximates a market interest rate.
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.
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. The Company recognized $0.2 million, $7.6 million and $0.1 million of impairment losses for the years ended December 31, 2015, 2014 and 2013. The impairment charges incurred during these years primarily related to leasehold improvements.
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 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 years ended December 31, 2015, 2014 and 2013, the Company recorded the following stock-based compensation expense: Years Ended December 31, 2015 2014 2013 (in thousands) Research and development $ 298 $ 899 $ 1,991 General and administrative 765 1,909 1,949 Restructuring 69 — — Total stock-based compensation expense $ 1,132 $ 2,808 $ 3,940 Stock-based compensation expense is allocated to research and development and general and administrative expense based upon the department of the employee to whom each award was granted. No related tax benefits of the stock-based compensation expense have been recognized.
Legal Contingencies	Legal Contingencies The Company is involved in various legal proceedings and accrues anticipated costs of settlement, damages, and/or losses to the extent such amounts are probable and estimable. If the estimate of a probable loss is a range and no amount within the range is more likely, the Company accrues the minimum amount of the range. See Footnote 16 for discussion of our individual material legal proceedings.
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. 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. The Company maintains a full valuation allowance on all deferred tax assets.
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 December 31, 2015 and 2014, 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 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 the effect 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 Polici26

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Available-For-Sale Securities	Available-for-sale securities at December 31, 2015 consisted of the following: Amortized Cost Unrealized Gains Unrealized Losses Fair Value (in thousands) Corporate debt securities (Due within 1 year) $ 6,504 $ — $ (3 ) $ 6,501 Government agency securities (Due within 1 year) 1,000 — — 1,000 $ 7,504 $ — $ (3 ) $ 7,501
Marketable Securities in Unrealized Loss Position	Marketable securities in an unrealized loss position at December 31, 2015 consisted of the following: Aggregate Fair Value Unrealized Losses (in thousands) Corporate debt securities (Due within 1 year) $ 4,100 $ (3 ) Government agency securities (Due within 1 year) 1,000 — $ 5,100 $ (3 )
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 consolidated balance sheets as of December 31, 2015 and 2014. Fair Value Measurements of Cash Equivalents and Marketable Securities as of December 31, 2015 Level 1 Level 2 Level 3 Total (in thousands) Cash equivalents $ 11,462 $ 4,812 $ — $ 16,274 Marketable securities — 7,501 — 7,501 $ 11,462 $ 12,313 $ — $ 23,775 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
Stock-Based Compensation Expense	During the years ended December 31, 2015, 2014 and 2013, the Company recorded the following stock-based compensation expense: Years Ended December 31, 2015 2014 2013 (in thousands) Research and development $ 298 $ 899 $ 1,991 General and administrative 765 1,909 1,949 Restructuring 69 — — Total stock-based compensation expense $ 1,132 $ 2,808 $ 3,940

Loss Per Common Share (Tables)

Loss Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2015
Earnings Per Share [Abstract]
Potential Common Shares Excluded from Calculation of Net Loss Per Common Share	The following table sets forth for the periods presented the potential common shares (prior to consideration of the treasury stock method) excluded from the calculation of net loss per common share because their inclusion would have been anti-dilutive: Outstanding at Years Ended December 31, 2015 2014 2013 (in thousands) Options outstanding 4,796 5,817 4,297 Warrants outstanding 609 609 — 5,405 6,426 4,297

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2015
Property Plant And Equipment [Abstract]
Property and Equipment	Property and equipment consists of the following: Estimated Useful Life December 31, 2015 December 31, 2014 (in thousands) Laboratory equipment 5 years $ — $ 7,671 Computer equipment and software 3 years 187 3,913 Office furniture 5 years — 893 Leasehold improvements Shorter of asset’s useful life or remaining term of lease — 14,433 187 26,910 Less accumulated depreciation and amortization (164 ) (15,615 ) Property and equipment, net $ 23 $ 11,295

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Payables And Accruals [Abstract]
Accrued Expenses	Accrued expenses consisted of the following: December 31, 2015 December 31, 2014 (in thousands) Clinical expenses $ 1,793 $ 2,312 Salaries and benefits 938 1,744 Professional fees 573 685 Restructuring 357 — Manufacturing and distribution 173 3,216 Other 272 1,344 $ 4,106 $ 9,301

Loans Payable (Tables)

Loans Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Debt Disclosure [Abstract]
Future Minimum Payments Under Loans Payable	Future minimum payments under the loans payable outstanding as of December 31, 2015 are as follows (amounts in thousands): Years Ending December 31: 2016 $ 3,499 2017 4,645 2018 4,269 12,413 Less amount representing interest (1,872 ) Less discount (530 ) Less deferred charges (540 ) Less current portion (2,053 ) Loans payable, net of current portion and discount $ 7,418

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Reconciliation of Expected Income Tax Benefit	A reconciliation of the expected income tax benefit computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the years ended December 31, 2015, 2014 and 2013: December 31, 2015 December 31, 2014 December 31, 2013 Income tax computed at federal statutory tax rate 34.0 % 34.0 % 34.0 % State taxes, net of federal benefit 5.3 % 5.3 % 5.1 % Research and development credits 2.0 % 2.6 % 2.0 % Other permanent differences (2.0 )% (0.8 )% (0.9 )% Foreign rate differential (0.1 )% 0.0 % (0.2 )% Permanent difference – estimated settlement liability (9.1 )% 0.0 % 0.0 % Other (3.8 )% (5.7 )% (0.5 )% Change in valuation allowance (26.3 )% (35.4 )% (39.5 )% Total 0.0 % 0.0 % 0.0 %
Company Net Deferred Tax Assets	The Company’s net deferred tax assets as of December 31, 2015, 2014 and 2013 are as follows: December 31, 2015 December 31, 2014 December 31, 2013 NOL carryforwards $ 170,200 $ 162,248 $ 134,023 Research and development credits 12,721 12,721 11,357 Deferred revenue 1,451 302 7,224 Other temporary differences 5,935 11,135 15,158 Valuation allowance (190,307 ) (186,406 ) (167,762 ) Total — — —
Reconciliation of Gross Uncertain Tax Positions	The following is a reconciliation of the Company’s gross uncertain tax positions at December 31, 2015, 2014 and 2013: Year ended December 31, Year ended December 31, Year ended December 31, 2015 2014 2013 (in thousands) Amount established upon adoption $ 1,200 $ 1,200 $ 1,200 Additions for current year tax positions — — — Additions for prior year tax positions — — — Reductions of prior year tax positions — — — Balance as of end of year $ 1,200 $ 1,200 $ 1,200

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Assumptions used in Black-Scholes Pricing Model for New Grants	The fair value of each stock option granted is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table: Years Ended December 31, 2015 2014 2013 Volatility 73.04%-78.7% 69.38%-77.92% 64.22%-72.65% Expected Term (in years) 5.50-6.25 5.50-6.25 5.50-6.25 Risk-Free Interest Rates 1.54%-1.93% 1.81%-2.02% 1.01%-2.10% Dividend Yield — — —
Stock Option Activity	The following table summarizes the activity of the Plans for the year ended December 31, 2015: Number of Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Life (in years) Aggregate Intrinsic Value Outstanding at December 31, 2014 5,817,313 $ 4.45 Granted 3,159,134 $ 1.11 Exercised (165,805 ) $ 1.45 Forfeited (2,964,938 ) $ 1.85 Expired (1,049,699 ) $ 5.27 Outstanding at December 31, 2015 4,796,005 $ 3.78 6.93 $ 596,660 Exercisable at December 31, 2015 3,153,440 $ 5.09 5.86 $ 325,107 Vested or expected to vest at December 31, 2015 2,276,447 $ 6.56 4.61 $ 115,704
Restricted Stock Activity	The following table summarizes the restricted stock activity for the year ended December 31, 2015: Number of Shares Weighted- Average Price Unvested at December 31, 2014 477,600 $ 1.81 Granted — — Cancelled (201,180 ) 1.87 Expired — — Vested/Released (233,670 ) 1.80 Unvested at December 31, 2015 42,750 $ 1.61

Strategic Restructuring (Tables

Strategic Restructuring (Tables)	12 Months Ended
	Dec. 31, 2015
Restructuring And Related Activities [Abstract]
Restructuring Activity Recorded in Operating Expenses and in Accrued Expenses	The following table summarizes the components of the Company’s restructuring activity recorded in operating expenses and in accrued expenses in the accompanying consolidated balance sheet: Restructuring amounts accrued at December 31, 2013 Restructuring expense incurred during the year ended December 31, 2014 Restructuring amounts paid during the year ended December 31, 2014 Restructuring amounts accrued at December 31, 2014 (in thousands) Employee severance, benefits and related costs. $ 587 — $ (587 ) — Restructuring amounts accrued at December 31, 2014 Restructuring expense incurred during the year ended December 31, 2015 Restructuring amounts paid during the year ended December 31, 2015 Restructuring amounts accrued at December 31, 2015 (in thousands) Employee severance, benefits and related costs. $ — $ 3,560 $ (3,203 ) $ 357

Facility Lease Exit (Tables)

Facility Lease Exit (Tables)	12 Months Ended
	Dec. 31, 2015
Facility Lease Exit [Abstract]
Components of Lease Exit Activity Recorded in Current Liabilities	The following tables summarize the components of the Company’s lease exit activity recorded in current liabilities: Lease Exit Expense incurred during the year ended December 31, 2014 Accretion Expense incurred during the year ended December 31, 2014 Amounts paid during the year ended December 31, 2014 Amounts offset against tenant receivable during the year ended December 31, 2014 Amounts accrued at December 31, 2014 (in thousands) Lease exit costs $ 17,142 $ 974 $ (5,313 ) $ (7,822 ) $ 4,981 Amounts accrued at December 31, 2014 Accretion Expense incurred during the year ended December 31, 2015 Amounts paid during the year ended December 31, 2015 Additional expense incurred during the year ended December 31, 2015 Amounts accrued at December 31, 2015 (in thousands) Lease exit costs $ 4,981 $ 224 $ (5,477 ) $ 272 $ ─

Quarterly Results (Unaudited) (

Quarterly Results (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2015
Quarterly Financial Information Disclosure [Abstract]
Summary of Quarterly Results	Three Months Ended March 31, 2015 June 30, 2015 September 30, 2015 December 31, 2015 (in thousands, except per share data) (unaudited) Collaboration revenue $ 134 $ 134 $ 15,158 $ 3,598 Restructuring 4,333 25 ─ ─ Operating expenses 5,950 4,730 6,691 9,721 Loss from operations (10,149 ) (4,621 ) 8,467 (6,123 ) Other expense, net (725 ) (835 ) (553 ) (462 ) Net loss $ (10,874 ) $ (5,456 ) $ 7,914 $ (6,585 ) Net loss per share—basic and diluted $ (0.21 ) $ (0.10 ) $ 0.14 $ (0.11 ) Three Months Ended March 31, 2014 June 30, 2014 September 30, 2014 December 31, 2014 (in thousands, except per share data) (unaudited) Collaboration revenue $ 15,289 $ 1,846 $ 873 $ 115 Restructuring 3,859 5,165 1,403 1,302 Operating expenses 17,322 14,146 13,569 11,806 Loss from operations (5,892 ) (17,465 ) (14,099 ) (12,993 ) Other expense, net (558 ) (494 ) (337 ) (901 ) Net loss $ (6,450 ) $ (17,959 ) $ (14,436 ) $ (13,894 ) Net loss per share—basic and diluted $ (0.12 ) $ (0.35 ) $ (0.28 ) $ (0.27 )

Nature of Business and Organi36

Nature of Business and Organization - Additional Information (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Accumulated deficit	$ (495,029)	$ (480,028)

Significant Accounting Polici37

Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)SecuritySegment	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Significant Accounting Policies [Line Items]
Cash equivalents	$ 16,300,000	$ 36,600,000
Marketable securities	7,501,000	0
Realized gain (loss) recognized on sale of marketable securities	0	0
Aggregate fair value of securities in unrealized loss position less than twelve months	$ 5,100,000
Number of securities with a unrealized loss position less than twelve months | Security	6
Aggregate fair value of securities in unrealized loss position greater than twelve months	$ 0
Accounts receivable	4,641,000	2,341,000
Assets measured at level 3 on recurring basis	0
Liabilities measured at level 3 on recurring basis	0
Impairment losses	200,000	7,600,000	$ 100,000
Tax benefits of the stock based compensation expenses recognized	$ 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
Level 3
Significant Accounting Policies [Line Items]
Lease exit liability, fair value		7,300,000
Fair value of loan payable	10,000,000	21,300,000
Novartis
Significant Accounting Policies [Line Items]
Accounts receivable	3,500,000
Biodesix | N S C L C P O C Trial
Significant Accounting Policies [Line Items]
Accounts receivable	$ 1,100,000	$ 1,800,000
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) $ in Thousands	Dec. 31, 2015USD ($)
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 7,504
Unrealized Losses	(3)
Fair Value	7,501
Corporate debt securities | Due within 1 year
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	6,504
Unrealized Losses	(3)
Fair Value	6,501
Government agency securities | Due within 1 year
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	1,000
Fair Value	$ 1,000

Marketable Securities in Unreal

Marketable Securities in Unrealized Loss Position (Detail) $ in Thousands	Dec. 31, 2015USD ($)
Investments, Unrealized Loss Position [Line Items]
Aggregate Fair Value	$ 5,100
Unrealized Losses	(3)
Corporate debt securities | Due within 1 year
Investments, Unrealized Loss Position [Line Items]
Aggregate Fair Value	4,100
Unrealized Losses	(3)
Government agency securities | Due within 1 year
Investments, Unrealized Loss Position [Line Items]
Aggregate Fair Value	$ 1,000

Summary of Cash Equivalents and

Summary of Cash Equivalents and Marketable Securities Measured at Fair Value on Recurring Basis (Detail) - USD ($)	Dec. 31, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 7,501,000	$ 0
Fair Value Measurements Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	16,274,000	36,611,000
Marketable securities	7,501,000
Cash Equivalents, and Marketable Securities Fair Value Disclosure, Total	23,775,000
Fair Value Measurements Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	11,462,000	28,777,000
Cash Equivalents, and Marketable Securities Fair Value Disclosure, Total	11,462,000
Fair Value Measurements Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	4,812,000	$ 7,834,000
Marketable securities	7,501,000
Cash Equivalents, and Marketable Securities Fair Value Disclosure, Total	$ 12,313,000

Stock Based Compensation Expens

Stock Based Compensation Expense for Equity-Classified Awards (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 1,132	$ 2,808	$ 3,940
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	298	899	1,991
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	765	$ 1,909	$ 1,949
Restructuring
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 69

Potential Common Shares Exclude

Potential Common Shares Excluded from Calculation of Net Loss Per Common Share (Detail) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	5,405	6,426	4,297
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	4,796	5,817	4,297
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

Property and Equipment (Detail)

Property and Equipment (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Property, Plant, And Equipment, Gross	$ 187	$ 26,910
Less accumulated depreciation and amortization	(164)	(15,615)
Property and equipment, net	$ 23	11,295
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Property, Plant, And Equipment, Gross		7,671
Computers Equipment And Software
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	3 years
Property, Plant, And Equipment, Gross	$ 187	3,913
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, estimated useful life	5 years
Property, Plant, And Equipment, Gross		893
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Leasehold improvements	Shorter of asset’s useful life or remaining term of lease
Property, Plant, And Equipment, Gross		$ 14,433

Property and Equipment - Additi

Property and Equipment - Additional Information (Detail) $ in Thousands	Sep. 24, 2015ft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Property, Plant and Equipment [Line Items]
Depreciation expense		$ 9,567	$ 6,219	$ 3,775
3rd Amendment, Lease exit costs associated with 650 E. Kendall.
Property, Plant and Equipment [Line Items]
Leased space surrendering date		May 29, 2015
3rd Amendment, Lease exit costs associated with 650 E. Kendall. | Leasehold Improvements
Property, Plant and Equipment [Line Items]
Additional charge to depreciation expense due to revision of estimated useful life		$ 2,900
3rd Amendment, Lease exit costs associated with 650 E. Kendall. | upon ninety (90) days written notice
Property, Plant and Equipment [Line Items]
Lease agreement, square feet of property surrendered | ft²	49,185
3rd Amendment, Lease exit costs associated with 650 E. Kendall. | upon ninety (90) days written notice | Maximum
Property, Plant and Equipment [Line Items]
Leased space surrendering date	Sep. 24, 2015
3rd Amendment, Lease exit costs associated with 650 E. Kendall. | upon ninety (90) days written notice | Leasehold Improvements
Property, Plant and Equipment [Line Items]
Additional charge to depreciation expense due to revision of estimated useful life		$ 2,900	$ 2,400

Accrued Expenses (Detail)

Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Payables And Accruals [Abstract]
Clinical expenses	$ 1,793	$ 2,312
Salaries and benefits	938	1,744
Professional fees	573	685
Restructuring	357
Manufacturing and distribution	173	3,216
Other	272	1,344
Accrued expenses	$ 4,106	$ 9,301

Loans Payable - Additional Info

Loans Payable - Additional Information (Detail)	Sep. 24, 2014USD ($)$ / sharesshares	May. 28, 2012USD ($)	Mar. 31, 2012USD ($)	Jun. 02, 2010USD ($)$ / sharesshares	May. 28, 2010USD ($)	Dec. 31, 2015USD ($)Installment	Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)	May. 31, 2012USD ($)
Debt Instrument [Line Items]
Loan outstanding	$ 11,600,000					$ 10,000,000
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			$ 413,000
Assumptions used in the Black-Scholes pricing model for warrant, volatility	71.81%
Assumptions used in the Black-Scholes pricing model for warrant, expected term	5 years
Assumptions used in the Black-Scholes pricing model for warrant, risk-free interest rate	1.82%
Maximum amount of debt conversion						$ 2,000,000
Amended Loan Agreement
Debt Instrument [Line Items]
Loan payable, effective interest rate	16.14%
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 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%, provided however, that the per annum interest shall not exceed 15.0%.
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 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					$ 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						Monthly 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 of the then outstanding loan balance 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	Dec. 31, 2015	Dec. 31, 2014
Debt Disclosure [Abstract]
2,016	$ 3,499
2,017	4,645
2,018	4,269
Long-term Debt, Gross, Total	12,413
Less amount representing interest	(1,872)
Less discount	(530)
Less deferred charges	(540)
Less current portion Loans Payable Current	(2,053)	$ (11,722)
Loans payable, net of current portion and discount	$ 7,418	$ 8,930

Collaborations and License Ag48

Collaborations and License Agreements - Additional Information (Detail)

1 Months Ended

3 Months Ended

12 Months Ended

Aug. 31, 2015USD ($)

Nov. 30, 2014USD ($)

Mar. 31, 2014USD ($)

Dec. 31, 2012USD ($)

Jul. 31, 2012USD ($)

Feb. 28, 2011USD ($)

Mar. 31, 2010USD ($)

Mar. 31, 2009USD ($)

Dec. 31, 2006USD ($)

Dec. 31, 2015USD ($)

Sep. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Mar. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Sep. 30, 2014USD ($)

Jun. 30, 2014USD ($)

Mar. 31, 2014USD ($)

Jun. 30, 2011USD ($)

Mar. 31, 2011USD ($)

Mar. 31, 2010USD ($)

Dec. 31, 2015USD ($)Indication

Dec. 31, 2014USD ($)

Dec. 31, 2013USD ($)

Dec. 31, 2012USD ($)

Dec. 31, 2011USD ($)

Apr. 30, 2014USD ($)

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

$ 3,598,000

$ 15,158,000

$ 134,000

$ 134,000

$ 115,000

$ 873,000

$ 1,846,000

$ 15,289,000

$ 19,024,000

$ 18,123,000

$ 1,293,000

Amounts due from pursuant to the cost-sharing provisions

$ 4,641,000

2,341,000

4,641,000

2,341,000

Research and development

12,875,000

38,254,000

68,468,000

Credited against amounts due the Company for tenant improvements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Development and sales-based milestones payment

22,500,000

Will be paid in nine equal monthly installments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Development and sales-based milestones payment

5,500,000

Scenario 3

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Development and sales-based milestones payment

4,200,000

Other License Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research and development

25,000

License payment per product

1,000,000

License expense

$ 0

0

0

Other License Agreements | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, royalties payment on net sales

1.50%

1.50%

Other License Agreements | Minimum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, royalties payment on net sales

0.50%

0.50%

Option and License Agreement | Clinical Efficacy Milestone

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 6,000,000

EUSA

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research and development funding received

2,500,000

Collaborations and license agreements, expected milestone receivable

4,000,000

Payments received in connection with indications

$ 2,000,000

Eligible number of indications | Indication

3

Payments received in connection with additional indications

$ 5,000,000

Potential payments received in connection with additional indications

$ 335,000,000

License agreement date

Dec. 21, 2006

Collaborations and license agreements, written notice period for termination

30 days

Collaborations and license agreements, milestone payment received

$ 14,000

EUSA | Utilization of Data Generated by Planned Phase Three Study

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

$ 20,000,000

20,000,000

EUSA | Potential Phase One Combination Study

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

2,000,000

2,000,000

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

2,000,000

2,000,000

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

2,000,000

$ 2,000,000

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

Collaboration revenue

3,500,000

Amounts due from pursuant to the cost-sharing provisions

3,500,000

3,500,000

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

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

Collaboration revenue

$ 61,000

Allocation of upfront payment

1,000,000

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

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

Kyowa Hakko Kirin

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Expense associated with sublicensing fees payable

300,000

Ophthotech Corporation

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

One time option exercise fee

2,000,000

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 | 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

$ 200,000

38,000

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

2,000,000

Biodesix | N S C L C P O C Trial

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amounts due from pursuant to the cost-sharing provisions

1,100,000

1,800,000

1,100,000

1,800,000

Responsible percentage of development and regulatory costs after cap reached

50.00%

Collaborations and license agreements, royalties payment on net sales

10.00%

Biodesix | N S C L C P O C 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

3,500,000

2,700,000

Biodesix | N S C L C P O C Trial | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Funding

$ 15,000,000

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

$ 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

300,000

14,500,000

900,000

Amortization of deferred revenue

10,000,000

Astellas Pharma Inc. | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront license payment

$ 97,600,000

Amounts due from pursuant to the cost-sharing provisions

$ 100,000

$ 600,000

100,000

600,000

Collaborations and license agreements, payment received

125,000,000

Collaborations and license agreements, relative selling price of the deliverable

$ 125,000,000

Collaborations and license agreements, discount rate

15.00%

Astellas Pharma Inc. | Astellas Agreement | 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

700,000

3,500,000

15,800,000

Astellas Pharma Inc. | Astellas Agreement | General and administrative

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

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

100,000

100,000

2,800,000

Astellas Pharma Inc. | Collaboration and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, payment received

1,500,000

4,100,000

40,100,000

Collaborations and license agreements, revenue recognized

0

3,600,000

400,000

Astellas Pharma Inc. | Regulatory Milestone Events | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, payment received

$ 15,000,000

Astellas Pharma Inc. | Up-front Payment Arrangement | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, payment received

75,000,000

Astellas Pharma Inc. | research and development funding | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, payment received

$ 50,000,000

Astellas Pharma Inc. | License Deliverable | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, revenue recognized

$ 120,200,000

Collaborations and license agreements, relative selling price of the deliverable

120,200,000

Astellas Pharma Inc. | Royalty Territory Deliverable | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, revenue recognized

0

3,600,000

$ 400,000

Collaborations and license agreements, deferred revenue

$ 4,800,000

Collaborations and license agreements, relative selling price of the deliverable

$ 4,800,000

Collaborations and license agreements, revenue recognized

$ 3,100,000

Collaborations and license agreements, deferred revenue recognition period

through April 2022

Kirin Brewery Co. Ltd. | Collaboration and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment

$ 12,000,000

Reimbursement cost

$ 6,000,000

Kirin Brewery Co. Ltd. | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, cash payment

$ 5,000,000

Collaborations and license agreements, milestone payment

$ 10,000,000

Research and development

$ 22,500,000

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

30.00%

Kirin Brewery Co. Ltd. | FDA Marketing Approval | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

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

$ 18,000,000

St Vincent's Hospital Sydney Limited | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

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

$ 18,900,000

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

10 years

Termination period in case of breach of contract

4 months

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, cash payment

$ 700,000

$ 1,500,000

St Vincent's Hospital Sydney Limited | MIC-1 research and development programs | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, written notice period for termination

6 months

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	May. 09, 2012USD ($)ft²	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Commitment And Contingencies [Line Items]
Rent expense		$ (9,100,000)	$ 4,100,000	$ 9,400,000
Maximum
Commitment And Contingencies [Line Items]
Severance and bonus payment period		18 months
Severance and bonus payment period		18 months
Minimum
Commitment And Contingencies [Line Items]
Severance and bonus payment period		12 months
Severance and bonus payment period		6 months
BMR-650 E KENDALL B LLC
Commitment And Contingencies [Line Items]
Lease agreement, square feet of property leased | ft²	126,065
Lease agreement, initial term	12 years 7 months
Operating lease, maximum lease improvements reimbursement amount	$ 14,900,000
Operating lease, rent expense		$ (9,500,000)	4,300,000	$ 6,700,000
Recognition of deferred rent credits		10,600,000	3,800,000
Lease Cancellable Arrangement
Commitment And Contingencies [Line Items]
Rent expense		$ 200,000
Restructuring and lease exit
Commitment And Contingencies [Line Items]
Rent expense			$ 3,100,000

Reconciliation of Expected Inco

Reconciliation of Expected Income Tax Benefit (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income tax computed at federal statutory tax rate	34.00%	34.00%	34.00%
State taxes, net of federal benefit	5.30%	5.30%	5.10%
Research and development credits	2.00%	2.60%	2.00%
Other permanent differences	(2.00%)	(0.80%)	(0.90%)
Foreign rate differential	(0.10%)	0.00%	(0.20%)
Permanent difference – estimated settlement liability	(9.10%)	(0.00%)	(0.00%)
Other	(3.80%)	(5.70%)	(0.50%)
Change in valuation allowance	(26.30%)	(35.40%)	(39.50%)
Total	0.00%	0.00%	0.00%

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Operating loss carryforwards, net	$ 4.1
Increase in valuation allowance	3.9	$ 18.6	$ 42.3
Internal Revenue Service (IRS)
Income Taxes [Line Items]
Operating loss carryforwards, net	444.5
Research and development tax credit carryforwards	$ 10.1
Internal Revenue Service (IRS) | Minimum
Income Taxes [Line Items]
Operating loss carryforwards, expiration year	2,024
Research and development tax credit, expiration year	2,022
Internal Revenue Service (IRS) | Maximum
Income Taxes [Line Items]
Operating loss carryforwards, expiration year	2,035
Research and development tax credit, expiration year	2,035
United Kingdom
Income Taxes [Line Items]
Operating loss carryforwards, net	$ 6.6
State and Local Jurisdiction
Income Taxes [Line Items]
Operating loss carryforwards, net	338.7
Research and development tax credit carryforwards	$ 4
State and Local Jurisdiction | Minimum
Income Taxes [Line Items]
Operating loss carryforwards, expiration year	2,030
Research and development tax credit, expiration year	2,019
State and Local Jurisdiction | Maximum
Income Taxes [Line Items]
Operating loss carryforwards, expiration year	2,035

Company Net Deferred Tax Assets

Company Net Deferred Tax Assets (Detail) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
NOL carryforwards	$ 170,200	$ 162,248	$ 134,023
Research and development credits	12,721	12,721	11,357
Deferred revenue	1,451	302	7,224
Other temporary differences	5,935	11,135	15,158
Valuation allowance	(190,307)	(186,406)	(167,762)
Total	$ 0	$ 0	$ 0

Reconciliation of Gross Uncerta

Reconciliation of Gross Uncertain Tax Positions (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Amount established upon adoption	$ 1,200	$ 1,200	$ 1,200
Additions for current year tax positions	0	0	0
Additions for prior year tax positions	0	0	0
Reductions of prior year tax positions	0	0	0
Balance as of end of year	$ 1,200	$ 1,200	$ 1,200

Common Stock and Warrants - Add

Common Stock and Warrants - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2015	May. 07, 2015	Mar. 31, 2015	Feb. 28, 2015	Dec. 31, 2014	Sep. 24, 2014
Class of Warrant or Right [Line Items]
Common stock, shares authorized	200,000,000				100,000,000
Common stock, par value	$ 0.001				$ 0.001
Common stock, shares issued	58,181,715				52,289,000
Common stock, shares outstanding	58,181,715				52,289,000
Warrants issued to lenders as part of the new loan agreement, shares of common stock to purchase						608,696
Warrants issued to lenders as part of the new loan agreement, exercise price						$ 1.15
Common stock sales agreement, aggregate offering amount	$ 58,000				$ 52,000
Offering, issuance and sale of stocks and securities, shelf registration			$ 250,000,000
Maximum
Class of Warrant or Right [Line Items]
Offering, issuance and sale of stocks and securities, shelf registration		$ 100,000,000
F B R Co
Class of Warrant or Right [Line Items]
Common stock, shares issued	5,900,000
proceeds from sale of shares	$ 10,200,000
Common Stock Available For Sale Under Sales Agreement	$ 9,000,000
F B R Co | Maximum
Class of Warrant or Right [Line Items]
Common stock sales agreement, aggregate offering amount		$ 15,000,000		$ 17,900,000
Common stock sales agreement commission, percentage				3.00%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($)	Jun. 28, 2013	Mar. 31, 2013	Feb. 28, 2010	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, number of shares authorized to sell		7,875,000
Common stock reserved for issuance						8,500,000
Number of shares for each one share of common stock subject to full-value award		1.5
Shares available for future issuance under the Plan						3,413,353
Stock options issued to purchase common stock						4,796,005	5,817,313
Total unrecognized stock-based compensation expense related to stock options granted						$ 700,000
Shares of nonqualified common stock options granted to nonemployee consultants, average exercise price						$ 1.11
Stock-based compensation expense						$ 1,132,000	$ 2,808,000	$ 3,940,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards, vesting period						4 years
Awards, Expiration period						10 years
Share based payment award forfeiture rates						71.00%	62.00%	49.00%
Weighted-average grant date fair value of stock options granted						$ 0.75	$ 1.15	$ 4.32
Total unrecognized stock-based compensation expense, weighted-average period Recognition						2 years 10 months 24 days
Intrinsic value of options exercised						$ 58,000	$ 0
Stock Options | Non Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares of nonqualified common stock options granted to nonemployee consultants						0	225,000	0
Shares of nonqualified common stock options granted to nonemployee consultants, average exercise price							$ 1.47
Stock-based compensation expense							$ 100,000
Awards With Market Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued to purchase common stock						381,500	2,250,000
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total unrecognized stock-based compensation expense, weighted-average period Recognition						1 month 6 days
Fair value of restricted stock awards vested						$ 100,000	$ 200,000	$ 500,000
Total unrecognized stock-based compensation expense						6,000
Employee Stock Purchase Plan, 2010
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Employee stock purchase plan, number of shares authorized to sell		764,000	250,000		250,000			1,000,000
Stock-based compensation expense						$ 27,000	$ 200,000	$ 200,000
Common stock price per share percentage as of lower of fair market value of the common stock	85.00%		85.00%	85.00%	85.00%	85.00%	85.00%	85.00%
employee stock purchase plan, each offering period		6 months
Employee stock purchase plan, number of share sold						7,138	139,032	109,610
Price per share of shares sold to employees	$ 2.13			$ 0.75	$ 1.53	$ 1.07	$ 0.71	$ 1.56
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance		625,000
Stock-based award per share purchase price percentage to fair market value		100.00%
Minimum | Stock Options | Participants Who Own Less than 10% of Total Combined Voting Power
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of incentive stock options as percentage of fair market value of common stock on the date of the award						100.00%
Minimum | Stock Options | Participants Who Own More than 10% of Total Combined Voting Power
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price of incentive stock options as percentage of fair market value of common stock on the date of the award						110.00%

Assumptions Used in Black Schol

Assumptions Used in Black Scholes Pricing Model for New Grants (Detail)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility, minimum	73.04%	69.38%	64.22%
Volatility, maximum	78.70%	77.92%	72.65%
Risk-Free Interest Rates, minimum	1.54%	1.81%	1.01%
Risk-Free Interest Rates, maximum	1.93%	2.02%	2.10%
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

Stock Option Activity (Detail)

Stock Option Activity (Detail)	12 Months Ended
	Dec. 31, 2015USD ($)$ / sharesshares
Options
Outstanding at beginning of period | shares	5,817,313
Granted | shares	3,159,134
Exercised | shares	(165,805)
Forfeited | shares	(2,964,938)
Expired | shares	(1,049,699)
Outstanding at beginning of period | shares	4,796,005
Exercisable at December 31, 2015 | shares	3,153,440
Vested or expected to vest at December 31, 2015 | shares	2,276,447
Weighted-Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 4.45
Granted | $ / shares	1.11
Exercised | $ / shares	1.45
Forfeited | $ / shares	1.85
Expired | $ / shares	5.27
Outstanding at beginning of period | $ / shares	3.78
Exercisable at December 31, 2015 | $ / shares	5.09
Vested or expected to vest at December 31, 2015 | $ / shares	$ 6.56
Weighted-Average Remaining Contractual Term
Outstanding at December 31, 2015	6 years 11 months 5 days
Exercisable at December 31, 2015	5 years 10 months 10 days
Vested or expected to vest at December 31, 2015	4 years 7 months 10 days
Aggregate Intrinsic Value
Outstanding at end of year | $	$ 596,660
Exercisable at end of year | $	325,107
Vested or expected to vest at end of year | $	$ 115,704

Restricted Stock Activity (Deta

Restricted Stock Activity (Detail)	12 Months Ended
	Dec. 31, 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 | $ / shares	$ 1.81
Cancelled | $ / shares	1.87
Vested/Released | $ / shares	1.80
Unvested at end of period | $ / shares	$ 1.61

Employee Benefit Plan - Additio

Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Compensation And Retirement Disclosure [Abstract]
401(k) Plan, matching employer contribution percentage	50.00%
401(k) Plan, employee contributions percentage	5.00%
Contributions made under the plan	$ 0.1	$ 0.1	$ 0.4

Strategic Restructuring - Addit

Strategic Restructuring - Additional Information (Detail) $ in Thousands	12 Months Ended
	Dec. 31, 2015USD ($)Position	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring expense incurred			$ 7,756
Restructuring expense including impairment charges			300
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
Stock-based compensation	$ 1,132	$ 2,808	$ 3,940
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring expense incurred	3,560	$ 0
Stock-based compensation	$ 100

Restructuring Activity Recorded

Restructuring Activity Recorded in Operating Expenses and Accrued Expenses (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Restructuring Cost and Reserve [Line Items]
Restructuring expense incurred			$ 7,756
Restructuring amounts accrued, ending balance	$ 357
Employee Severance
Restructuring Cost and Reserve [Line Items]
Restructuring amounts accrued, beginning balance	0	$ 587
Restructuring expense incurred	3,560	0
Restructuring amounts paid	(3,203)	(587)
Restructuring amounts accrued, ending balance	$ 357	$ 0	$ 587

Facility Lease Exit - Additiona

Facility Lease Exit - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Facility Lease Exit Disclosure [Line Items]
Notice period to surrender remaining leased space					90 days
Write-off of leasehold improvements					$ 200	$ 7,600	$ 100
3rd Amendment, Lease exit costs associated with 650 E. Kendall.
Facility Lease Exit Disclosure [Line Items]
Lease exit expense incurred	$ 15,600
Leased space surrendering date					May 29, 2015
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
3rd Amendment, Lease exit costs associated with 650 E. Kendall. | Deferred Rent And Leasehold Improvement
Facility Lease Exit Disclosure [Line Items]
Additional charge to depreciation expense due to revision of estimated useful life					3,500
Lease exit costs associated with 650 E. Kendall.
Facility Lease Exit Disclosure [Line Items]
Lease exit expense incurred		$ 1,900	$ 15,200	$ 15,200	500	17,142
Write-off of leasehold improvements					$ 200	7,600
Lease exit costs associated with 650 E. Kendall. | Deferred rent
Facility Lease Exit Disclosure [Line Items]
Lease exit write-off cost						$ 14,000

Components of Lease Exit Activi

Components of Lease Exit Activity Recorded in Current Liabilities (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended	12 Months Ended
	Sep. 30, 2014	Mar. 31, 2014	Jun. 30, 2014	Dec. 31, 2015	Dec. 31, 2014
Facility Lease Exit Disclosure [Line Items]
Amounts accrued					$ 4,981
Lease exit costs
Facility Lease Exit Disclosure [Line Items]
Lease exit expense incurred	$ 1,900	$ 15,200	$ 15,200	$ 500	17,142
Accretion Expense incurred				224	974
Amounts paid				(5,477)	(5,313)
Amounts offset against tenant receivable					(7,822)
Amounts accrued					$ 4,981
Additional expense incurred				$ 272

Summary of Quarterly Results (D

Summary of Quarterly Results (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2014	Sep. 30, 2014	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Quarterly Financial Information Disclosure [Abstract]
Collaboration revenue	$ 3,598	$ 15,158	$ 134	$ 134	$ 115	$ 873	$ 1,846	$ 15,289	$ 19,024	$ 18,123	$ 1,293
Restructuring			25	4,333	1,302	1,403	5,165	3,859	4,358	11,729	8,017
Operating expenses	9,721	6,691	4,730	5,950	11,806	13,569	14,146	17,322
Loss from operations	(6,123)	8,467	(4,621)	(10,149)	(12,993)	(14,099)	(17,465)	(5,892)	(12,426)	(50,449)	(103,904)
Other expense, net	(462)	(553)	(835)	(725)	(901)	(337)	(494)	(558)	(2,575)	(2,290)	(3,125)
Net loss	$ (6,585)	$ 7,914	$ (5,456)	$ (10,874)	$ (13,894)	$ (14,436)	$ (17,959)	$ (6,450)	$ (15,001)	$ (52,739)	$ (107,029)
Net loss per share—basic and diluted	$ (0.11)	$ 0.14	$ (0.10)	$ (0.21)	$ (0.27)	$ (0.28)	$ (0.35)	$ (0.12)	$ (0.27)	$ (1.01)	$ (2.10)

Legal Actions - Additional Info

Legal Actions - Additional Information (Detail) $ in Thousands	Dec. 31, 2015USD ($)LegalMatter
Commitments And Contingencies Disclosure [Abstract]
Class action lawsuits | LegalMatter	2
Reserve for settlement of fines | $	$ 4,000