Aveo Pharmaceuticals (AVEO) 10-Q 7 Nov 17 2017 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2017	Nov. 03, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Trading Symbol	AVEO
Entity Registrant Name	AVEO PHARMACEUTICALS INC
Entity Central Index Key	1,325,879
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		118,321,361

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 16,354	$ 15,096
Marketable securities	21,055	8,252
Accounts receivable	2,375	1,027
Clinical trial retainers	1,274	1,702
Other prepaid expenses and other current assets	470	238
Total current assets	41,528	26,315
Clinical trial retainers	165	940
Other assets	18	30
Total assets	41,711	27,285
Current liabilities:
Accounts payable	1,941	2,186
Accrued clinical trial costs and contract research	7,496	3,998
Other accrued liabilities	1,621	1,531
Loans payable, net of discount	4,920	2,124
Deferred revenue	395	510
Deferred research and development reimbursements	935
Other liabilities	540
Total current liabilities	17,848	10,349
Loans payable, net of current portion and discount	14,324	11,879
Deferred revenue	1,401	1,697
Deferred research and development reimbursements	459
Warrant liability (Note 7)	51,953	4,593
Other liabilities	300	690
Total liabilities	86,285	29,208
Stockholders’ deficit:
Preferred stock, $.001 par value: 5,000 shares authorized at September 30, 2017 and December 31, 2016; no shares issued and outstanding as of September 30, 2017 and December 31, 2016
Common stock, $.001 par value: 250,000 shares authorized and 118,321 shares issued and outstanding at September 30, 2017; and 200,000 shares authorized and 75,863 shares issued and outstanding at December 31, 2016	118	76
Additional paid-in capital	545,774	519,911
Accumulated other comprehensive income (loss)	2	6
Accumulated deficit	(590,468)	(521,916)
Total stockholders’ deficit	(44,574)	(1,923)
Total liabilities and stockholders’ deficit	$ 41,711	$ 27,285

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Sep. 30, 2017	Dec. 31, 2016
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	250,000,000	200,000,000
Common stock, shares issued	118,321,000	75,863,000
Common stock, shares outstanding	118,321,000	75,863,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Income Statement [Abstract]
Collaboration and licensing revenue	$ 4,614	$ 992	$ 7,497	$ 2,388
Operating expenses:
Research and development	4,666	4,444	19,503	16,020
General and administrative	2,101	2,141	6,734	6,344
Operating Expenses, Total	6,767	6,585	26,237	22,364
Loss from operations	(2,153)	(5,593)	(18,740)	(19,976)
Other expense, net:
Interest expense, net	(655)	(551)	(1,736)	(1,388)
Change in fair value of warrant liability	(23,538)	1,178	(47,947)	182
Other expense, net	(24,193)	627	(49,683)	(1,206)
Loss before provision for income taxes	(26,346)	(4,966)	(68,423)	(21,182)
Provision for income taxes	(51)		(101)	(100)
Net loss	$ (26,397)	$ (4,966)	$ (68,524)	$ (21,282)
Net loss per share — basic and diluted	$ (0.22)	$ (0.07)	$ (0.67)	$ (0.32)
Weighted average number of common shares outstanding	118,006	75,861	101,754	67,046

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (26,397)	$ (4,966)	$ (68,524)	$ (21,282)
Other comprehensive income (loss):
Unrealized gain (loss) on available-for-sale securities	4	18	(4)	31
Comprehensive loss	$ (26,393)	$ (4,948)	$ (68,528)	$ (21,251)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016
Operating activities
Net loss	$ (68,524)	$ (21,282)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		7
Stock-based compensation	774	829
Non-cash interest expense	391	331
Non-cash change in fair value of warrant liability	47,947	(182)
Amortization of premium and discount on investments	36	6
Changes in operating assets and liabilities:
Accounts receivable	(1,348)	3,651
Prepaid expenses and other current assets	196	(603)
Other noncurrent assets	787	(928)
Accounts payable	(245)	(246)
Accrued contract research	3,498	858
Other accrued liabilities	90	(615)
Settlement liability		(4,000)
Deferred revenue	(411)	(1,361)
Other liabilities		(78)
Deferred research and development reimbursements	1,394
Net cash used in operating activities	(15,415)	(23,613)
Investing activities
Purchases of marketable securities	(27,793)	(28,671)
Proceeds from maturities and sales of marketable securities	14,950	17,736
Purchases of property and equipment		(7)
Net cash used in investing activities	(12,843)	(10,942)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	21,294	14,846
Proceeds from issuance of common stock to related parties	3,210	525
Proceeds from issuance of stock for stock-based compensation arrangements	12	35
Proceeds from issuance of loan payable	5,000
Proceeds from issuance of loan payable and warrants		5,000
Debt issuance costs		(115)
Net cash provided by financing activities	29,516	20,291
Net increase (decrease) in cash and cash equivalents	1,258	(14,264)
Cash and cash equivalents at beginning of period	15,096	26,634
Cash and cash equivalents at end of period	16,354	12,370
Supplemental cash flow information
Cash paid for interest	$ 1,468	1,088
Non-cash financing activity
Fair value of warrants issued in connection with long-term debt		667
Fair value of warrants issued in connection with private placement		$ 9,344

Organization

Organization	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Organization	(1) Organization AVEO Pharmaceuticals, Inc. (the “Company”) is a biopharmaceutical company dedicated to advancing a broad portfolio of targeted medicines for oncology and other areas of unmet medical need. The Company is working to develop and commercialize its lead candidate tivozanib in North America as a treatment for renal cell carcinoma (“RCC”). Tivozanib (FOTIVDA ® As used throughout these condensed consolidated financial statements, the terms “AVEO,” and the “Company” refer to the business of AVEO Pharmaceuticals, Inc. and its two wholly-owned subsidiaries, AVEO Pharma Limited and AVEO Securities Corporation. Liquidity and Going Concern The Company has financed its operations to date primarily through private placements and public offerings of its common stock and preferred stock, license fees, milestone payments and research and development funding from strategic partners, and loan proceeds. The Company has devoted substantially all of its resources to its drug development efforts, comprising research and development, manufacturing, conducting clinical trials for its product candidates, protecting its intellectual property and general and administrative functions relating to these operations. The future success of the Company is dependent on its ability to develop its product candidates and ultimately upon its ability to attain profitable operations. As of September 30, 2017, the Company had cash, cash equivalents and marketable securities totaling approximately $37.4 million, working capital of $23.7 million and an accumulated deficit of $590.5 million. The Company is subject to a number of risks, including the need for substantial additional capital for clinical research and product development and the risk that it is unable to maintain compliance with its financial covenant pursuant to its loan and security agreement (the “Loan Agreement”) with Hercules Technology II, L.P. and Hercules Technology III, L.P., affiliates of Hercules Technology Growth (collectively, “Hercules”), which requires the Company to maintain unrestricted cash (defined as cash and liquid cash, including marketable securities) greater than or equal to $10.0 million through the date of completion of the Company’s phase 3 trial of tivozanib in the third-line treatment of patients with refractory RCC (the “TIVO-3 trial”), with results that are satisfactory to Hercules. Non-compliance with the financial covenant would be considered an event of default that could result in Hercules, at its option, accelerating and demanding payment of all outstanding obligations together with a prepayment charge. Refer to Note 6 “Loans Payable” for a further description of the Company’s Loan Agreement. During the nine months ended September 30, 2017, the Company raised approximately $29.5 million in net cash proceeds, including $15.4 million from an underwritten public offering of 34.5 million shares of its common stock in March 2017, $8.8 million from sales of 6.5 million shares of its common stock under an at-the-market issuance sales agreement (the “Sales Agreement”) with FBR & Co. and MLV & Co. LLC (together “FBR”) and $5.0 million in additional borrowings under its Loan Agreement with Hercules in June 2017, and $0.3 million in July 2017 from the issuance of 0.3 million shares of its common stock upon the exercise of 0.3 million warrants issued in connection with the May 2016 private placement (the “PIPE Warrants”). Refer to Notes 6 and 7. Based upon the Company’s approximate $37.4 million in existing cash, cash equivalents and marketable securities as of September 30, 2017, along with the $2.0 million research and development reimbursement payment received from EUSA Pharma (UK) Limited (“EUSA”) in October 2017 for its election to opt-in to co-develop the Company’s combination trial in RCC with Opdivo ® (the “TiNivo trial”), the Company believes it has sufficient cash on hand to support operations for at least the next twelve months from the date of filing this Quarterly Report on Form 10-Q. However, in order to maintain compliance with the financial covenant under its Loan Agreement with Hercules, the Company will need to maintain $10.0 million in unrestricted cash until the completion of the TIVO-3 trial, with results that are satisfactory to Hercules. If the results from the TIVO-3 trial are not satisfactory to Hercules, the Company will need additional capital to maintain compliance with this financial covenant for at least the next twelve months from the date of filing this Quarterly Report on Form 10-Q. This condition raises substantial doubt about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. If the results from the TIVO-3 trial are not satisfactory to Hercules, management’s plans to alleviate this condition that raises substantial doubt regarding the Company’s ability to continue as a going concern include pursuing one or more of the following options to secure additional funding, none of which can be guaranteed or are entirely within the Company’s control: • Earn milestone payments pursuant to the collaboration and license agreements described in Note 4 or restructure / monetize existing potential milestone and/or royalty payments under those collaboration and license agreements. • Raise funding through the possible additional sales of the Company’s common stock, including public or private equity financings. • Partner AV-353 to secure potential additional non-dilutive funds and advance development of the AV-353 platform for the potential treatment of PAH. There can be no assurance, however, that the Company will obtain results from the TIVO-3 trial that are satisfactory to Hercules or receive cash proceeds from any of these potential resources or, to the extent cash proceeds are received, those proceeds would be sufficient to maintain compliance with the financial covenant with Hercules for at least the next twelve months from the date of filing this Quarterly Report on Form 10-Q. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. Under the new accounting standard, the future receipt of potential funding from the Company’s collaborators and other resources cannot be considered probable at this time because none of the Company’s current plans have been finalized at the time of filing this Quarterly Report on Form 10-Q and the implementation of any such plan is not probable of being effectively implemented as none of the plans are entirely within the Company’s control. Accordingly, substantial doubt is deemed to exist about the Company’s ability to continue as a going concern within one year after the date these financial statements are issued. The Company believes that its approximate $37.4 million in cash, cash equivalents and marketable securities at September 30, 2017, along with the $2.0 million research and development reimbursement payment received in October 2017 from EUSA for its election to opt-in to co-develop the Company’s TiNivo trial, would allow it to fund its planned operations into the fourth quarter of 2018. This estimate assumes no receipt of milestone or royalty payments from its partners or related payment of potential licensing milestones to third parties, no additional funding from new partnership agreements, no additional equity financings, no debt financings and no further sales of equity under its Sales Agreement with FBR or through the exercise of its PIPE Warrants. This estimate also assumes no acceleration in repayment of the Company’s term loan with Hercules that could result due to an event of default for non-compliance with the $10.0 million financial covenant. Accordingly, the timing and nature of activities contemplated for the remainder of 2017 and thereafter will be conducted subject to the availability of sufficient financial resources. If the Company is unable to obtain sufficient capital to continue to advance its programs and to maintain compliance with the financial covenant in the Loan Agreement, the Company would be forced to delay, reduce or eliminate its research and development programs and any future commercialization efforts. The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business. The financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Basis of Presentation	(2) Basis of Presentation These condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, AVEO Pharma Limited and AVEO Securities Corporation. The Company has eliminated all significant intercompany accounts and transactions in consolidation. The accompanying condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Interim results for the three months and nine months ended September 30, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2017 or any other future period. The information presented in the condensed consolidated financial statements and related footnotes at September 30, 2017, and for the three months and nine months ended September 30, 2017 and 2016, is unaudited, and the condensed consolidated balance sheet amounts and related footnotes as of December 31, 2016 have been derived from the Company’s audited financial statements. For further information, refer to the consolidated financial statements and accompanying footnotes included in the Company’s annual report on Form 10-K for the fiscal year ended December 31, 2016, which was filed with the U.S. Securities and Exchange Commission (“SEC”) on March 22, 2017. Certain reclassifications have been made to prior periods to conform to current period presentation. Reclassification of prior year amounts have been made to separately present clinical trial retainers from other prepaid expenses and other current assets, and other non-current assets, and accrued clinical trial costs and contract research from other accrued liabilities on the consolidated balance sheets and to present interest expense net of interest income on the consolidated statements of operations. There was no impact on total assets, total liabilities, total other expenses or net income (loss) resulting from these reclassifications. The Company’s significant accounting policies related to revenue recognition and stock-based compensation are fully described in Note 3, “Significant Accounting Policies”, in the 2016 annual report on Form 10-K.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Significant Accounting Policies	(3) Significant Accounting Policies Revenue Recognition The Company’s revenues are generated primarily through collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) licenses, or options to obtain licenses, to the Company’s technology, (ii) research and development activities to be performed on behalf of the collaborative partner, and (iii) in certain cases, services in connection with the manufacturing of preclinical and clinical material. Payments to the Company under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. Refer to Note 4 Collaborations and License Agreements Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including internal costs for salaries, bonuses, benefits, stock-based compensation, facilities, and research-related overhead, and external costs for clinical trials, drug manufacturing and distribution, license fees, consultants and other contracted services. Warrants Issued in Connection with Private Placement In May 2016, the Company issued warrants to purchase an aggregate of 17,642,482 shares of common stock in connection with a private placement financing and recorded the warrants as a liability (the “PIPE Warrants”). The Company accounts for warrant instruments that either conditionally or unconditionally obligate the issuer to transfer assets as liabilities regardless of the timing of the redemption feature or price, even though the underlying shares may be classified as permanent or temporary equity. As of September 30, 2017, PIPE Warrants exercisable for 259,067 shares of common stock had been exercised and PIPE Warrants exercisable for 17,383,415 shares of common stock were outstanding. Refer to Note 7, “Common Stock—Private Placement / PIPE Warrants” for further discussion of the private placement financing. The PIPE Warrants contain a provision giving the warrant holder the option to receive cash, equal to the fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the three months and nine months ended September 30, 2017 (in thousands): Fair value at January 1, 2017 $ 4,593 Increase in fair value 484 Fair value at March 31, 2017 $ 5,077 Increase in fair value 23,925 Fair value at June 30, 2017 $ 29,002 Increase in fair value 23,538 Reduction in warrant liability for PIPE Warrant exercises (587 ) Fair value at September 30, 2017 $ 51,953 The key assumptions used to value the PIPE Warrants were as follows: Issuance December 2016 March 31, 2017 June 30, 2017 September 30, 2017 Expected price volatility 76.25 % 78.18 % 79.01 % 79.30 % 83.55 % Expected term (in years) 5.00 4.50 4.25 4.00 3.75 Risk-free interest rates 1.22 % 1.93 % 1.72 % 1.72 % 1.72 % Stock price $ 0.89 $ 0.54 $ 0.59 $ 2.22 $ 3.65 Dividend yield — — — — — Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. Changes in the balance of cash and cash equivalents may be affected by changes in investment portfolio maturities, as well as actual cash disbursements to fund operations. The Company’s cash is deposited in highly-rated financial institutions in the United States. The Company invests in U.S. government money market funds, high-grade, short-term commercial paper, corporate bonds and other U.S. government agency securities, which management believes are subject to minimal credit and market risk. The carrying values of the Company’s cash and cash equivalents approximate fair value due to their short term maturities. Marketable Securities Marketable securities consist primarily of investments which have expected average maturity dates in excess of three months, but not longer than 24 months. The Company invests in high-grade corporate obligations, including commercial paper, and U. S. government and government agency obligations that are classified as available-for-sale. Since these securities are available to fund current operations they are classified as current assets on the consolidated balance sheets. Marketable securities are stated at fair value, including accrued interest, with their unrealized gains and losses included as a component of accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. The fair value of these securities is based on quoted prices and observable inputs on a recurring basis. The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, with such amortization and accretion recorded as a component of interest expense, net. Realized gains and losses are determined on the specific identification method. Unrealized gains and losses are included in other comprehensive loss until realized, at which point they would be recorded as a component of interest expense, net. Below is a summary of cash, cash equivalents and marketable securities at September 30, 2017 and December 31, 2016 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 Cash and cash equivalents: Cash and money market funds $ 14,515 $ — $ — $ 14,515 Corporate debt securities 1,839 — — 1,839 Total cash and cash equivalents 16,354 — — 16,354 Marketable securities: Corporate debt securities due within 1 year $ 17,560 $ 3 $ (2 ) $ 17,561 Government agency securities due within 1 year 3,493 1 — 3,494 Total marketable securities 21,053 4 (2 ) 21,055 Total cash, cash equivalents and marketable securities $ 37,407 $ 4 $ (2 ) $ 37,409 December 31, 2016: Cash and cash equivalents: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities 1,005 — — 1,005 Total cash and cash equivalents 15,096 — — 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,246 $ 6 $ — $ 8,252 Total marketable securities 8,246 6 — 8,252 Total cash, cash equivalents and marketable securities $ 23,342 $ 6 $ — $ 23,348 Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains deposits in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the high credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company’s accounts receivable primarily consists of amounts due to the Company from licensees and collaborators. The Company has not experienced any material losses related to accounts receivable from individual licensees or collaborators. Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects the Company’s estimate of amounts that it would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its marketable securities by taking into consideration valuations obtained from third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker-dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. As of September 30, 2017, the Company’s financial assets valued based on Level 1 inputs consisted of cash and cash equivalents in a U.S. government money market fund and its financial assets valued based on Level 2 inputs consisted of high-grade corporate debt securities, including commercial paper, and U.S. government agency securities. During the three months and nine months ended September 30, 2017, the Company did not have any transfers of financial assets between Levels 1 and 2. As of September 30, 2017, the Company’s financial liabilities that were recorded at fair value consisted of a warrant liability. The fair value of the Company’s loans payable at September 30, 2017 approximates its carrying value, computed pursuant to a discounted cash flow technique using a market interest rate and is considered a Level 3 fair value measurement. The effective interest rate, which reflects the current market rate, considers the fair value of the warrants issued in connection with the loan, loan issuance costs and the deferred financing charge. The following table summarizes the assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 (in thousands): Fair Value Measurements as of September 30, 2017 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,515 $ — $ — $ 14,515 Corporate debt securities — 1,839 — 1,839 Total cash and cash equivalents $ 14,515 $ 1,839 $ — $ 16,354 Marketable securities: Corporate debt securities due within 1 year $ — $ 17,561 $ — $ 17,561 U.S. government agency securities due within 1 year — 3,494 — 3,494 Total marketable securities $ — $ 21,055 $ — $ 21,055 Total cash, cash equivalents and marketable securities $ 14,515 $ 22,894 $ — $ 37,409 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 51,953 $ 51,953 Total warrant liability $ — $ — $ 51,953 $ 51,953 Fair Value Measurements as of December 31, 2016 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities — 1,005 — 1,005 Total cash and cash equivalents $ 14,091 $ 1,005 $ — $ 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,252 $ 8,252 Total marketable securities $ — $ 8,252 $ — $ 8,252 Total cash, cash equivalents and marketable securities $ 14,091 $ 9,257 $ — $ 23,348 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 4,593 $ 4,593 Total warrant liability $ — $ — $ 4,593 $ 4,593 Basic and Diluted Loss per Common Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is computed using the weighted average number of common shares outstanding and the weighted average dilutive potential common shares outstanding using the treasury stock method. However, for the three months and nine months ended September 30, 2017 and 2016, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of unvested restricted common stock and common stock issuable upon the exercise of stock options and warrants would be anti-dilutive. The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive for the three months and nine months ended September 30, 2017 and 2016, respectively (in thousands): Outstanding at September 30, 2017 2016 Options outstanding 6,970 5,811 Warrants outstanding 17,383 19,453 24,353 25,264 Stock-Based Compensation Under the Company’s stock-based compensation programs, the Company periodically grants stock options and restricted stock to employees, directors and nonemployee consultants. The Company also issues shares under an employee stock purchase plan. The fair value of all awards is recognized in the Company’s statements of operations over the requisite service period for each award. Awards that vest as the recipient provides service are expensed on a straight-line basis over the requisite service period. Other awards, such as performance-based awards that vest upon the achievement of specified goals, are expensed using the accelerated attribution method if achievement of the specified goals is considered probable. The Company uses the Black-Scholes option pricing model to value its stock option awards without market conditions, which requires the Company to make certain assumptions regarding the expected volatility of its common stock price, the expected term of the option grants, the risk-free interest rate and the dividend yield with respect to its common stock. Refer to Note 8 “Stock Based-Compensation” for further discussion. The fair value of equity-classified awards to employees and directors are measured at fair value on the date the awards are granted. Awards to nonemployee consultants are recorded at their fair values and are re-measured as of each balance sheet date until the recipient’s services are complete. During the three months and nine months ended September 30, 2017 and 2016, the Company recorded the following stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 69 $ 56 $ 192 $ 238 General and administrative 222 149 582 591 $ 291 $ 205 $ 774 $ 829 Stock-based compensation expense is allocated to research and development and general and administrative expense based upon the department of the employee to whom each award was granted. No related tax benefits of the stock-based compensation expense have been recognized. Income Taxes The Company provides for income taxes using the asset-liability method. Under this method, deferred tax assets and liabilities are recognized based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company calculates its provision for income taxes on ordinary income based on its projected annual tax rate for the year. Uncertain tax positions are recognized if the position is more-likely-than-not to be sustained upon examination by a tax authority. Unrecognized tax benefits represent tax positions for which reserves have been established. As of September 30, 2017, the Company is forecasting a net loss for the year ended December 31, 2017. The Company maintains a full valuation allowance on all deferred tax assets. For the nine months ended September 30, 2017, the Company recorded a $0.1 million provision for income taxes related to withholding taxes incurred in a foreign jurisdiction. Segment and Geographic Information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment in the United States. As of September 30, 2017, the Company has no net assets located outside of the United States. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, contract research accruals, measurement of the warrant liability and measurement of stock-based compensation. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) During the fourth quarter of 2017, the Company plans to finalize its assessment over the impact that these standards may have on its results of operations, financial position and disclosures, as well as identifying any appropriate changes to its revenue recognition policies and internal controls. Under ASU 2014-09, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASU 2014-09, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. To date, the Company has identified the following differences in accounting treatment for its collaboration agreements under ASU 2014-09: • The Company expects the accounting for contingent milestone payments under its collaboration agreements to change under ASU 2014-09. Under ASC 605, the Company generally considers non-refundable preclinical research and development, clinical development and regulatory milestones that the Company expects to be achieved as a result of the Company’s efforts during the period of the Company’s performance obligations under its collaboration and license agreements to be substantive and recognizes them as revenue upon the achievement of the milestone, assuming all other revenue recognition criteria are met. ASU 2014-09 does not contain guidance specific to milestone payments, thereby requiring contingent milestone payments to be considered in accordance with the overall model of ASU 2014-09. Revenue from contingent milestone payments may be recognized earlier under ASU 2014-09 than under ASC 605, based on an assessment of the probability of achievement of the milestone event and the likelihood of a significant reversal of such milestone revenue at each reporting date. This assessment may result in the recognition of revenue related to a contingent milestone payment before the milestone event has been achieved. • ASU 2014-09 requires more robust disclosures than required by previous guidance, including disclosures related to disaggregation of revenue into appropriate categories, performance obligations, the judgments made in revenue recognition determinations, adjustments to revenue which relate to activities from previous quarters or years, any significant reversals of revenue, and costs to obtain or fulfill contracts. Expected impacts from the adoption of this standard could differ upon the final adoption and implementation of the standard. In connection with the adoption of these standards, the Company is implementing several new internal controls, including controls to monitor the probability of achievement of contingent milestone payments. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Collaborations and License Agre

Collaborations and License Agreements	9 Months Ended
	Sep. 30, 2017
Text Block [Abstract]
Collaborations and License Arrangements	(4) Collaborations and License Agreements Out-License Agreements CANbridge In March 2016, the Company entered into a collaboration and license agreement (the “CANbridge Agreement”) with CANbridge Life Sciences Ltd. (“CANbridge”). Under the terms of the CANbridge Agreement, the Company granted CANbridge the exclusive right to develop, manufacture and commercialize AV-203, the Company’s proprietary ErbB3 (HER3) inhibitory antibody, for the diagnosis, treatment and prevention of disease in humans and animals in all countries other than the United States, Canada and Mexico (the “CANbridge Licensed Territory”). The effective date of the CANbridge Agreement is March 16, 2016 (the “Effective Date”). Pursuant to the CANbridge Agreement, CANbridge made an upfront payment to the Company of $1.0 million in April 2016, net of $0.1 million of withholding taxes. CANbridge has agreed to reimburse the Company $1.0 million for certain manufacturing costs and expenses incurred by the Company prior to the Effective Date with respect to AV-203. CANbridge paid this manufacturing reimbursement in two installments of $0.5 million each, including one in March 2017 and one in September 2017, net of foreign withholding taxes. The Company is also eligible to receive up to $42.0 million in potential development and regulatory milestone payments and up to $90.0 million in potential sales based milestone payments based on annual net sales of licensed products. Upon commercialization, the Company is eligible to receive a tiered royalty, with a percentage range in the low double-digits, on net sales of approved licensed products. CANbridge’s obligation to pay royalties for each licensed product expires on a country-by-country basis on the later of the expiration of patent rights covering such licensed product in such country, the expiration of regulatory data exclusivity in such country and ten years after the first commercial sale of such licensed product in such country. No development and regulatory milestone payments have been earned as of September 30, 2017. CANbridge is obligated to use commercially reasonable efforts to develop and commercialize AV-203 in each of China, Japan, the United Kingdom, France, Italy, Spain, and Germany. CANbridge has responsibility for all activities and costs associated with the further development, manufacture, regulatory filings and commercialization of AV-203 in the CANbridge Licensed Territory. A percentage of any milestone and royalty payments received by the Company, excluding upfront and reimbursement payments, are due to Biogen Idec International GmbH (“Biogen”) as a sublicensing fee under the option and license agreement between the Company and Biogen dated March 18, 2009, as amended. Activities under the CANbridge Agreement were evaluated under ASC 605-25 Revenue Recognition—Multiple Element Arrangements de minimis The Company believes the development and regulatory milestones that may be achieved under the CANbridge Agreement are consistent with the definition of a milestone included in ASC 605-28, Revenue Recognition—Milestone Method The Company recognized the two $0.5 million payments by CANbridge for the reimbursement of manufacturing development activities conducted by the Company prior to the Effective Date as revenue during each of the three months ended March 31, 2017 and September 30, 2017, respectively, as the amounts were fixed and determinable and non-refundable. In addition, the Company has no further performance obligations. EUSA In December 2015, the Company entered into a license agreement with EUSA Pharma (UK) Limited (“EUSA”) under which the Company granted to EUSA the exclusive, sublicensable right to develop, manufacture and commercialize tivozanib in the territories of Europe (excluding Russia, Ukraine and the Commonwealth of Independent States), Latin America (excluding Mexico), Africa, Australasia and New Zealand (the “EUSA Licensed Territories”) for all diseases and conditions in humans, excluding non-oncologic diseases or conditions of the eye. Under the license agreement, EUSA made research and development reimbursement payments to the Company of $2.5 million upon the execution of the license agreement during the year ended December 31, 2015 and $4.0 million in September 2017 upon its receipt of marketing approval from the European Medicines Agency (the “EMA”) for tivozanib (fotivda®) for the treatment of RCC. In September 2017, EUSA elected to opt-in to co-develop the ongoing TiNivo trial. As a result of exercising its opt-in right, EUSA made an additional research and development reimbursement payment to the Company of $2.0 million. This $2.0 million payment was received in October 2017, in advance of the completion of the TiNivo trial, and represents EUSA’s approximate 50% share of the total estimated costs of the TiNivo trial. The Company is also eligible to receive an additional research and development reimbursement payment from EUSA of fifty percent (50%) of the total costs for the Company’s TIVO-3 phase 3 study in third-line RCC, up to $20.0 million, if EUSA elects to opt-in to that study. The Company will be entitled to receive milestone payments of $2.0 million per country upon reimbursement approval for RCC, if any, in each of France, Germany, Italy, Spain and the United Kingdom, and an additional $2.0 million for the grant of marketing approval, if any, in three of the five following countries: Argentina, Australia, Brazil, South Africa and Venezuela. The Company is also eligible to receive a payment of $2.0 million in connection with a filing by EUSA with the EMA for marketing approval, if any, for tivozanib for the treatment of each of up to three additional indications and $5.0 million per indication in connection with the EMA’s grant of marketing approval for each of up to three additional indications, as well as potentially up to $335.0 million upon EUSA’s achievement of certain sales thresholds. The Company is also eligible to receive tiered double-digit royalties on net sales, if any, of licensed products in the EUSA Licensed Territories ranging from a low double digit up to mid-twenty percent depending on the level of annual net sales. A percentage of any non-research and development milestone and royalty payments received by the Company is due to Kyowa Hakko Kirin Co., Ltd. (formerly Kirin Brewery Co., Ltd.) (“KHK”) as a sublicensing fee. The research and development reimbursement payments under the EUSA license agreement are not subject to sublicensing payment to KHK, subject to certain limitations. EUSA is obligated to use commercially reasonable efforts to seek regulatory approval for and commercialize tivozanib throughout the EUSA Licensed Territories in RCC. With the exception of certain support provided by the Company in connection with the application for marketing approval by the EMA, EUSA has responsibility for all activities and costs associated with the further development, manufacture, regulatory filings and commercialization of tivozanib in the EUSA Licensed Territories. Activities under the agreement were evaluated under ASC 605-25 to determine whether such activities represented a multiple element revenue arrangement. The agreement with EUSA includes the following non-contingent deliverables: (i) the Company’s grant of an exclusive license to develop and commercialize tivozanib in the EUSA 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 EUSA 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 EUSA 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 the upfront consideration of $2.5 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 $0.1 million and $0.3 million as revenue during each of the three months and nine months ended September 30, 2017 and 2016, respectively, related to the previously deferred upfront consideration. The Company believes the regulatory milestones that may be achieved under the EUSA agreement are consistent with the definition of a milestone included in ASC 605-28, Revenue Recognition—Milestone Method In August 2017, the European Commission (“EC”) approved tivozanib (fotivda®) for the treatment of adult patients with advanced RCC, as described above. Accordingly, the Company earned a $4.0 million research and development reimbursement payment upon the EMA approval in RCC that was paid by EUSA in September 2017. In the three months ended September 30, 2017, in accordance with ASC 605-28, Revenue Recognition—Milestone Method , the Company recognized the $4.0 million received from EUSA upon achievement of EMA approval as revenue as the underlying milestone was considered to be substantive. In September 2017, EUSA elected to opt-in to co-develop the TiNivo trial. As a result of EUSA’s exercise of its opt-in right, it became an active participant in the ongoing conduct of the TiNivo trial and is able to utilize the resulting data from the TiNivo trial for regulatory and commercial purposes in its Licensed Territories. Upon exercise of its opt-in right, EUSA became responsible for funding 50% of the total estimated costs of the TiNivo trial, up to $2.0 million. EUSA’s opt-in rights were identified as a contingent deliverable at the inception of the arrangement and, because they did not contain a significant increment discount, were not considered as a deliverable in connection with the Company’s initial accounting for the EUSA arrangement. Accordingly, the Company evaluated EUSA’s exercise of its opt-in rights as a separate arrangement. The Company is accounting for the joint development activities relative to the TiNivo trial as a joint risk-sharing collaboration in accordance with ASC 808, Collaborative Arrangements because EUSA is an active participant in the ongoing TiNivo trial and is exposed to significant risk and rewards in connection with the activity. Payments from EUSA with respect to its share of TiNivo trial development costs incurred by the Company pursuant to a joint development plan are recorded as a reduction in research and development expenses due to the joint risk-sharing nature of the activities. In September 2017, the Company recognized an approximate $0.6 million reduction in research and development expenses related to EUSA’s approximate 50% share of the cumulative study-to-date costs incurred as of September 30, 2017 a s the TiNivo trial was ongoing at the time EUSA made its opt-in election and EUSA paid the $2.0 million maximum amount of cost sharing per the license agreement in advance. The remaining $1.4 million in prepaid cost sharing was classified as deferred research and development reimbursements as of September 30, 2017 and will continue to be recognized as a reduction in research and development expenses as the related TiNivo trial costs are incurred over the duration of the trial. Novartis In August 2015, the Company entered into a license agreement with Novartis. Under the license agreement, the Company 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 in September 2015. Novartis also 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. As of September 30, 2017, the Company is eligible to receive up to $51.2 million in potential clinical and development milestone payments, 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 up to $150.0 million in potential commercial milestone payments based on annual net sales of such products. If the product is commercialized, the Company would be eligible to receive tiered royalties on net sales of approved products ranging from the high single digits to the low double-digits. Certain milestones achieved by Novartis or timelines associated with the development plan would trigger milestone payment obligations from the Company to St. Vincent’s Hospital Sydney Limited (“St. Vincent’s”) under the Company’s amended and restated license agreement with St. Vincent’s. In addition, specified royalties on approved products, if any, will be payable to St. Vincent’s, and the Company and Novartis will share that obligation equally. Novartis has responsibility under the license agreement for the development, manufacture and commercialization of the Company’s antibodies and any resulting approved therapeutic products. The Company has agreed that it will not directly or indirectly develop, manufacture or commercialize any GDF15 modulator as a human therapeutic during the term of the license agreement. Activities under the agreement with Novartis were evaluated under ASC 605-25 to determine whether such activities represented a multiple element revenue arrangement. The agreement with Novartis includes the following non-contingent deliverables: (i) the Company’s grant of an exclusive, worldwide license to develop and commercialize the Product; (ii) the Company’s obligation to transfer all technical knowledge and data useful in the development and manufacture of the Product; and (iii) the Company’s obligation to cooperate with Novartis’ requests for transition assistance during a 90-day period. The Company determined that the option to purchase the Company’s existing inventory was a contingent deliverable. The Company determined the delivered license and obligation to transfer technical knowledge and data have standalone value from the undelivered cooperation. The Company allocated the upfront consideration of $15.0 million to the delivered license and technical knowledge and recognized this amount as revenue during the year ended December 31, 2015. The relative selling price of the undelivered cooperation had de minimis The Company received a cash payment of $3.5 million related to the delivery of its inventory of clinical quality drug substance to Novartis during the three months ended March 31, 2016. In February 2017, Novartis agreed to pay the Company $1.8 million out of its future payment obligations to the Company under the license agreement. The funds were provided in order to satisfy a $1.8 million time-based milestone obligation that the Company owed to St. Vincent’s in March 2017. Novartis will reduce any subsequent payment obligations to the Company by $1.8 million plus accrued interest. The Company recognized the $1.8 million of consideration as revenue during the three months ended March 31, 2017, as the amount was fixed and determinable and non-refundable, and the Company does not have any further performance obligations to Novartis in connection with the license agreement. This payment reduces the aggregate future amounts potentially payable by Novartis to the Company under the license agreement by the $1.8 million plus accumulated interest, but does not amend any other terms of the Novartis license agreement. No milestone payments have been earned as of September 30, 2017. Pharmstandard In August 2015, the Company entered into a license agreement with JSC “Pharmstandard-Ufimskiy Vitamin Plant,” a company registered under the laws of the Russian Federation (“Pharmstandard”). Pharmstandard is a subsidiary of Pharmstandard OJSC. Under the license agreement, the Company granted to Pharmstandard the right to develop, manufacture and commercialize tivozanib in the territories of Russia, Ukraine and the Commonwealth of Independent States for all diseases and conditions in humans, excluding non-oncologic ocular conditions. In June 2016, following unsuccessful efforts to renegotiate certain terms of the Pharmstandard license agreement, Pharmstandard notified the Company that due to economic and market changes in Russia it was exercising its right to terminate the license agreement effective September 9, 2016. Upon the effective date of the termination, the remaining deferred revenue of approximately $0.9 million was recognized. The Company recognized revenue of approximately $0.9 million in each of the three months and nine months ended September 30, 2016, respectively. Ophthotech In November 2014, the Company entered into a research and exclusive option agreement (the “Option Agreement”), with Ophthotech Corporation (“Ophthotech”) pursuant to which the Company provided Ophthotech an exclusive option to enter into a definitive license agreement whereby the Company would grant Ophthotech the right to develop and commercialize tivozanib outside of Asia and the Middle East for the potential diagnosis, prevention and treatment of non-oncologic diseases or conditions of the eye in humans. Ophthotech paid the Company $0.5 million in consideration for the grant of the option. In January 2017, Ophthotech formally notified the Company that it would not be able to develop tivozanib and exercised its right to terminate the Option Agreement effective April 3, 2017. Under the Option Agreement, the Company received a cash payment of $0.5 million during the year ended December 31, 2014. The Company deferred the payment and was recording the deferred revenue over the Company’s period of performance, which was estimated to be through December 2017. Upon the effective date of the termination, the remaining deferred revenue of approximately $0.1 million was recognized. The Company recorded approximately $29 thousand and $87 thousand of revenue during the three months and nine months ended September 30, 2016, respectively, and $0 thousand and $115 thousand during the three months and nine months ended September 30, 2017, respectively. Biodesix In April 2014, the Company entered into a worldwide co-development and collaboration agreement with Biodesix (the “Biodesix Agreement”) to develop and commercialize ficlatuzumab, the Company’s HGF inhibitory antibody. Under the Biodesix Agreement, the Company granted Biodesix perpetual, non-exclusive rights to certain intellectual property, including all clinical and biomarker data related to ficlatuzumab, to develop and commercialize VeriStrat ® ® Under the Biodesix Agreement, with the exception of the costs incurred for the FOCAL trial, the Company and Biodesix are each required to contribute 50% of all clinical, regulatory, manufacturing and other costs to develop ficlatuzumab. Pursuant to the Biodesix Agreement, Biodesix was obligated to fund all costs of the FOCAL trial up to a cap of $15 million, following which all costs of the FOCAL trial would be shared equally. In connection with the discontinuation of the FOCAL trial on October 14, 2016, the Company and Biodesix amended the Biodesix Agreement. Under the amendment, the Company agreed to share 50% of the shutdown costs for the FOCAL trial after August 1, 2016. In return for bearing these shutdown costs, the Company will be entitled to recover an agreed multiple of the additional costs borne by the Company out of any income Biodesix receives from the partnership in connection with the licensing or commercialization of ficlatuzumab. Following such recovery, the payment structure under the original Biodesix Agreement, which generally provides that the parties share equally in any costs and revenue, will resume without such modification. In addition, the Company and Biodesix are funding investigator-sponsored clinical trials, including ficlatuzumab in combination with ERBITUX ® Pending marketing approval or the sublicense of ficlatuzumab, and subject to the negotiation of a commercialization agreement, each party would share equally in commercialization profits and losses, subject to the Company’s right to be the lead commercialization party. Prior to the first commercial sale of ficlatuzumab, each party has the right to elect to discontinue participating in further development or commercialization efforts with respect to ficlatuzumab, which is referred to as an “Opt-Out”. 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. 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. 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. 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 Biodesix Agreement were evaluated under ASC 605-25 to determine whether such activities represented a multiple element revenue arrangement. The Biodesix Agreement includes the following non-contingent deliverables: (i) the Company’s obligation to deliver perpetual, non-exclusive rights to certain intellectual property including clinical and biomarker data related to ficlatuzumab for use in developing and commercializing VeriStrat; (ii) the Company’s obligation to participate in the joint steering committee; and (iii) the Company’s obligation to provide its existing supply of ficlatuzumab for development purposes. The Company concluded that any deliverables that would be delivered after the FOCAL trial is complete were contingent deliverables because these services are contingent upon the results of the FOCAL trial. As these deliverables were contingent, and are not at an incremental discount, they are not evaluated as deliverables at the inception of the arrangement. These contingent deliverables will be evaluated and accounted for separately as each related contingency is resolved. As of September 30, 2017, no contingent deliverables had been provided by the Company. The Company determined that the perpetual, non-exclusive rights to certain intellectual property for use in developing and commercializing VeriStrat 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 in connection with the FOCAL trial and investigator-sponsored trials and drug manufacturing, which consists of reimbursements from Biodesix for expenses related to these trials and drug manufacturing, as a reduction to research and development expense during the period that reimbursable expenses are incurred. As a result of the cost sharing provisions in the Biodesix Agreement, the Company reduced research and development expenses by approximately $26 thousand and $0.4 million during the three months ended September 30, 2017 and 2016, respectively, and by approximately $0.2 million and $1.9 million during the nine months ended September 30, 2017 and 2016, respectively. The amount due to the Company from Biodesix pursuant to the cost-sharing provision was approximately $0.1 million as of September 30, 2017. Astellas Pharma In February 2011, the Company, together with its wholly-owned subsidiary AVEO Pharma Limited, entered into a collaboration and license agreement (the “Astellas Agreement”) with Astellas Pharma Inc. and certain of its subsidiaries (together, “Astellas”), pursuant to which the Company and Astellas intended to develop and commercialize tivozanib for the treatment of a broad range of cancers. Astellas elected to terminate the agreement effective on August 11, 2014, at which time the tivozanib rights were returned to the Company. In accordance with the Astellas Agreement, committed development costs, including the costs of completing certain tivozanib clinical development activities, continue to be shared equally. The Company accounted for the joint development and commercialization activities in North America and Europe as a joint risk-sharing collaboration in accordance with ASC 808, Collaborative Arrangements Biogen Idec International GmbH In March 2009, the Company entered into an exclusive option and license agreement with Biogen regarding the development and commercialization of the Company’s discovery-stage ErbB3-targeted antibodies, AV-203, for the potential treatment and diagnosis of cancer and other diseases outside of North America. Under the agreement, the Company was responsible for developing ErbB3 antibodies through completion of the first phase 2 clinical trial designed in a manner that, if successful, will generate data sufficient to support advancement to a phase 3 clinical trial. In March 2014, the Company and Biogen amended the exclusive option and license agreement (the “Amendment”). Pursuant to the Amendment, Biogen agreed to the termination of its rights and obligations under the agreement, including Biogen’s option to (i) obtain a co-exclusive (with AVEO) worldwide license to develop and manufacture ErbB3 targeted antibodies and (ii) obtain exclusive commercialization rights to ErbB3 products in countries in the world other than North America. As a result, AVEO has worldwide rights to AV-203. Pursuant to the Amendment, the Company was obligated to use reasonable efforts to seek a collaboration partner for the purpose of funding further development and commercialization of ErbB3 targeted antibodies. The Company is also obligated to pay Biogen a percentage of milestone payments received by AVEO from future partnerships after March 28, 2016 and single digit royalty payments on net sales related to the sale of ErbB3 products, if any. The Company concluded that the Amendment materially modified the terms of the agreement and, as a result, required the application of ASC 605-25. Based upon the terms of the Amendment, the remaining deliverables included the Company’s obligation to seek a collaboration partner to fund further development of the program and the Company’s obligation to continue development and commercialization of the licensed products if a collaboration partner was secured (“Development Deliverable”). The Company concluded that its obligation to use best efforts to seek a collaboration partner did not have standalone value from the Development Deliverable upon delivery and thus the deliverables were 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 under the agreement, as amended. The Company allocated a portion of the remaining deferred revenue to the undelivered unit of accounting based upon the Company’s best estimate of the selling price, as the Company determined that neither vendor-specific objective evidence (“VSOE”) nor third-party evidence (“TPE”) were available. The Company determined the best estimate of the selling price to be approximately $0.6 million and recognized the remaining $14.1 million as collaboration revenue in March 2014. The deferred revenue associated with the undelivered unit of accounting was recognized on a straight-line basis over the period of performance, or through March 2016, when the Company executed its agreement with CANbridge. The Company recorded the final $38 thousand of revenue in the three months ended March 31, 2016. In March 2016, the Company entered into a collaboration and license agreement for AV-203 with CANbridge. See “—CANbridge” herein for a further description of that arrangement. In-License Agreements St. Vincent’s In July 2012, the Company entered into a license agreement with St. Vincent’s, under which the Company obtained an exclusive, worldwide license to research, develop, manufacture and commercialize products for human therapeutic, preventative and palliative applications that benefit from inhibition or decreased expression or activity of GDF15, which is also referred to as MIC-1. Under the agreement, the Company has the right to grant sublicenses subject to certain restrictions. Under the license agreement, St. Vincent’s also granted the Company non-exclusive rights for certain related diagnostic products and research tools. In order to sublicense certain necessary intellectual property rights to Novartis in August 2015, the Company and St. Vincent’s amended and restated the license agreement (the “Amended St. Vincent’s Agreement”). Under the Amended St. Vincent’s Agreement, the Company was required to make an upfront payment to St. Vincent’s of $1.5 million. St. Vincent’s is also eligible to receive up to approximately $16.7 million in connection with development and regulatory milestones and /or defined timelines under the Amended St. Vincent’s Agreement. Royalties for approved products resulting from the Amended St. Vincent’s Agreement will also be payable to St. Vincent’s, and the Company and Novartis will share that obligation equally. Under the license agreement with Novartis, the Company is required to maintain the Amended St. Vincent’s Agreement in effect, and not enter into any amendment that would adversely affect Novartis’ rights during the term of the license agreement with Novartis. During the three months ended March 31, 2016, the Company recognized approximately $0.4 million in research and development expense in connection with a milestone obligation due to St. Vincent’s related to the selection of a development candidate. During the three months ended March 31, 2017, the Company recognized $1.8 million in research and development expense in connection with a time-based milestone obligation due to St. Vincent’s. Kyowa Hakko Kirin (KHK) In December 2006, the Company entered into a license agreement with KHK under which it obtained an exclusive license, with the right to grant sublicenses subject to certain restrictions, to research, develop, manufacture and commercialize tivozanib, pharmaceutical compositions thereof and associated biomarkers in all potential indications. Its exclusive license covers all territories in the world except for Asia and the Middle East, where KHK has retained the rights to tivozanib. Under the license agreement, the Company obtained exclusive rights in its territory under certain KHK patents, patent applications and know-how related to tivozanib, to research, develop, make, have made, use, import, offer for sale, and sell tivozanib for the diagnosis, prevention and treatment of any and all human diseases and conditions. The Company and KHK each have access to and can benefit from the other party’s clinical data and regulatory filings with respect to tivozanib and biomarkers identified in the conduct of activities under the license agreement. Under the license agreement, the Company is obligated to use commercially reasonable efforts to develop

Other Accrued Liabilities

Other Accrued Liabilities	9 Months Ended
	Sep. 30, 2017
Payables And Accruals [Abstract]
Other Accrued Liabilities	(5) Other Accrued Liabilities Other accrued expenses consisted of the following (in thousands): September 30, 2017 December 31, 2016 Professional fees $ 518 $ 464 Compensation and benefits 882 891 Other 221 176 Total $ 1,621 $ 1,531

Loans Payable

Loans Payable	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Loans Payable	(6) Loans Payable On May 28, 2010, the Company entered into the Loan Agreement with Hercules. The Loan Agreement was subsequently amended in March 2012 (the “2012 Amendment”), September 2014 (the “2014 Amendment”) and May 2016 (the “2016 Amendment”). Amounts borrowed under the 2012 Amendment were repaid in full in 2015. Pursuant to the 2014 Amendment, the Company received additional loan proceeds from Hercules in the amount of $10.0 million and was not required to commence principal payments until May 1, 2016, with the last principal payment due on January 1, 2018. An end-of-term payment of approximately $0.5 million continues to be due on January 1, 2018 or on such earlier date if the loan is prepaid. The Company incurred approximately $0.2 million in loan issuance costs paid directly to Hercules, which were offset against the loan proceeds and are accounted for as a loan discount. The 2014 Amendment was accounted for as a loan modification in accordance with ASC 470-50, Debt—Modifications and Extinguishments . In connection with the 2014 Amendment, the Company issued warrants to the lenders to purchase up to 608,696 shares of the Company’s common stock at an exercise price equal to $1.15 per share. The Company recorded the fair value of the warrants of approximately $0.4 million as stockholders’ equity and as a discount to the related loan outstanding and is amortizing the value of the discount to interest expense over the term of the loan using the effective interest method. In July 2017, Hercules exercised all 608,696 warrants. Pursuant to the terms of the warrant, Hercules, at their election, exercised the warrants via a non-cash “net share issuance.” The Company issued Hercules 369,297 shares of its common stock and did not receive any cash proceeds in connection with the warrant exercise. In May 2016, pursuant to the 2016 Amendment, the Company received additional loan proceeds from Hercules in the amount of $5.0 million, which increased the aggregate outstanding principal balance under the Loan Agreement to $15.0 million. The Company was not required to commence principal payments on the $15 million loan until July 1, 2017, at which time the Company would have been required to make 30 equal monthly payments of principal and interest through December 2019. An end-of-term payment of approximately $0.2 million is due on December 1, 2019. The Company incurred approximately $0.1 million in loan issuance costs paid directly to Hercules, which were offset against the loan proceeds and are accounted for as a loan discount. The 2016 Amendment was accounted for as a loan modification in accordance with ASC 470-50 . Under the 2016 Amendment, from March 1, 2017 through June 30, 2017, the Company could draw down an additional $5.0 million in funding upon confirmation by Hercules, in its reasonable discretion, that the Company had achieved the following conditions: (i) satisfactory developmental progression on a minimum of two (2) clinical programs (other than the TIVO-3 trial) that are either managed directly by the Company or funded, in whole or in part, by the Company and (ii) having an unrestricted cash position greater than or equal to $25.0 million on the date of the draw down request. If the Company drew down the additional $5.0 million in funding, the commencement of principal payments on the aggregate $20.0 million loan balance would be deferred by six months from July 1, 2017 until January 1, 2018. In June 2017, pursuant to the 2016 Amendment, the Company received the additional $5.0 million in loan proceeds from Hercules, which increased the aggregate outstanding principal balance under the Loan Agreement to $20.0 million and resulted in a six-month deferral in the commencement of principal payments. There was no change in the loan maturity date of December 2019. The Company is not required to commence principal payments on the $20.0 million loan until January 1, 2018, at which time the Company will be required to make 23 equal monthly payments of principal and interest, in the approximate amount of $0.8 million, through November 2019 and an approximate $5.3 million payment of principal and interest in December 2019, which represents approximately 26% of the entire $20.0 million loan. An additional end-of-term payment of approximately $0.1 million is due on December 1, 2019, which increases the total end-of-term payments under the 2016 Amendment to $0.3 million. In connection with the 2016 Amendment, the Company issued warrants to Hercules to purchase up to 1,202,117 shares of the Company’s common stock at an exercise price equal to $0.87 per share. The Company recorded the fair value of the warrants of approximately $0.7 million as a component of stockholders’ equity and as a discount to the related loan outstanding and is amortizing the value of the discount to interest expense over the term of the loan using the effective interest method. In July 2017, Hercules exercised all 1,202,117 warrants. Pursuant to the terms of the warrant, Hercules, at their election, exercised the warrants via a non-cash “net share issuance.” The Company issued Hercules 846,496 shares of its common stock and did not receive any cash proceeds in connection with the warrant exercise. The unamortized discount to be recognized over the remainder of the loan period was approximately $0.8 million and $1.0 million as of September 30, 2017 and December 31, 2016, respectively. The Company must make interest payments on the loan balance each month it remains outstanding. Per annum interest is payable on the principal balance of the loan each month it remains outstanding at the greater of 11.9% and an amount equal to 11.9% plus the prime rate minus 4.75% as determined daily, provided however, that the per annum interest rate shall not exceed 15.0% (11.9% as of September 30, 2017). As part of the Loan Agreement, Hercules also received an option, subject to the Company’s written consent, not to be unreasonably withheld, to purchase, either with cash or through conversion of outstanding principal under the loan, up to $2.0 million of equity of the Company sold in any sale by the Company to third parties of equity securities resulting in at least $10.0 million in net cash proceeds to the Company, subject to certain exceptions. The Company has evaluated the embedded conversion option, and has concluded that it does not need to be bifurcated and separately accounted for. No amount will be recognized for the conversion feature until such time as the conversion feature is exercised and it can be determined whether a beneficial conversion feature exists. In connection with the Company’s May 2016 private placement (refer to Note 7), Hercules purchased 259,067 units for cash proceeds of $0.2 million to the Company. This purchase was separate from the $2.0 million equity purchase option under the Loan Agreement. Each unit in the May 2016 private placement included one share of the Company’s common stock and a PIPE Warrant to purchase one share of the Company’s common stock at an exercise price of $1.00 per share. In July 2017, Hercules exercised its PIPE Warrants with respect to all 259,067 shares of common stock underlying such PIPE Warrants. The Company issued Hercules 259,067 shares of its common stock and received approximately $0.3 million in cash proceeds. The loans are secured by a lien on all the Company’s personal property (other than intellectual property), whether owned or acquired after the date of the Loan Agreement. The Loan Agreement defines events of default, including the occurrence of an event that results in a material adverse effect upon the Company’s business operations, properties, assets or condition (financial or otherwise), its ability to perform its obligations or upon the ability of the lenders to enforce any of their rights or remedies with respect to such obligations, or upon the collateral under the Loan Agreement, the related liens or the priority thereof. As of September 30, 2017, the Company was in compliance with all loan covenants, Hercules has not asserted any events of default and the Company does not believe that there has been a material adverse change as defined in the Loan Agreement. The Company has determined that the risk of subjective acceleration under the material adverse events clause is remote and therefore has classified the outstanding principal in current and long-term liabilities based on the timing of scheduled principal payments. Future minimum payments under the loans payable outstanding as of September 30, 2017 are as follows (amounts in thousands): Year Ending December 31: 2017 (remaining 3 months) $ 602 2018 9,828 2019 14,123 24,553 Less amount representing interest (3,713 ) Less unamortized discount (756 ) Less deferred charges (840 ) Less loans payable current, net of discount (4,920 ) Loans payable, net of current portion and discount $ 14,324

Common Stock

Common Stock	9 Months Ended
	Sep. 30, 2017
Equity [Abstract]
Common Stock	(7) Common Stock In June 2017, the Company amended its certificate of incorporation, which increased the number of authorized shares of common stock, $0.001 par value, by 50,000,000 from 200,000,000 shares to 250,000,000 shares. The amendment was adopted by the Board of Directors in April 2017 and approved by stockholders at the Annual Meeting of Stockholders held on June 21, 2017. Public Offering On March 31, 2017, the Company closed an underwritten public offering of 34,500,000 shares of its common stock, including the exercise in full by the underwriter of its option to purchase 4,500,000 shares, at the public offering price of $0.50 per share for gross proceeds of approximately $17.3 million. Certain of the Company’s executive officers and a director purchased an aggregate of 420,000 shares and an entity affiliated with New Enterprise Associates, a greater than 5% stockholder of the Company, purchased 6,000,000 shares in this offering at the same public offering price per share as the other investors. The net offering proceeds to the Company were approximately $15.4 million after deducting underwriting discounts and estimated offering expenses payable by the Company. The Company sold these shares pursuant to the 2015 Shelf (as defined below). Private Placement / PIPE Warrants In May 2016, the Company entered into a securities purchase agreement with a select group of qualified institutional buyers, institutional accredited investors and accredited investors pursuant to which the Company sold 17,642,482 units, at a price of $0.965 per unit, for gross proceeds of approximately $17.0 million. Each unit consisted of one share of the Company’s common stock and a warrant to purchase one share of the Company’s common stock (the “PIPE Warrants”). The PIPE Warrants have an exercise price of $1.00 per share and are exercisable for a period of five years from the date of issuance. Certain of the Company’s directors and executive officers purchased an aggregate of 544,039 units in this offering at the same price as the other investors. The net offering proceeds to the Company were approximately $15.4 million after deducting placement agent fees and other offering expenses payable by the Company. In July 2017, Hercules exercised its PIPE Warrants with respect to all 259,067 shares of common stock underlying such PIPE Warrants, and the Company issued Hercules 259,067 shares of its common stock and received approximately $0.3 million in cash proceeds. As of September 30, 2017, there were PIPE Warrants outstanding and exercisable for 17,383,415 shares of common stock. ATM Sales Agreement In February 2015, the Company entered into an at-the-market issuance sales agreement (the “Sales Agreement”) with FBR & Co. and MLV & Co. (together “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, with any sales of common stock through FBR being 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, pursuant to an effective shelf registration statement on Form S-3. The Company agreed to pay FBR a commission of up to 3% of the gross proceeds of any sales of common stock pursuant to the Sales Agreement. 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 also 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. Through August 2015, the Company sold approximately 5.9 million shares pursuant to the Sales Agreement, as amended, resulting in proceeds of approximately $10.2 million, net of commissions and issuance costs. In June 2017, the Company sold approximately 6.5 million shares pursuant to the Sales Agreement, as amended, resulting in proceeds of approximately $8.8 million, net of commissions and issuance costs. No shares were sold between August 2015 and June 2017, and between July 2017 and September 2017 under the Sales Agreement.

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock-based Compensation	(8) Stock-based Compensation Stock Incentive Plan The Company maintains the 2010 Stock Incentive Plan (the “Plan”) for employees, consultants, advisors, and directors, as amended in March 2013, June 2014 and June 2017. The Plan provides for the grant of equity awards such as stock options and restricted stock. In June 2017, the Company amended the Plan to increase the total number of shares reserved under the Plan by 3,500,000 from 8,500,000 shares to 12,000,000 shares. The amendment was adopted by the Board of Directors in February 2017 and approved by stockholders at the Annual Meeting of Stockholders held on June 21, 2017. The Plan provides that the exercise price of incentive stock options cannot be less than 100% of the fair market value of the common stock on the date of the award for participants who own less than 10% of the total combined voting power of stock of the Company and not less than 110% for participants who own more than 10% of the total combined voting power of the stock of the Company. Options and restricted stock granted under the Plan vest over periods as determined by the Board, which generally are equal to four years. Options generally expire ten years from the date of grant. As of September 30, 2017, there were 4,121,855 shares of common stock available for future issuance under the Plan. The following table summarizes stock option activity during the nine months ended September 30, 2017: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 4,858,678 $ 2.31 Granted 2,728,135 $ 0.93 Exercised (13,541 ) $ 0.90 Forfeited (603,477 ) $ 1.01 Outstanding at September 30, 2017 6,969,795 $ 1.88 7.51 $ 16,620,000 Exercisable at September 30, 2017 3,280,003 $ 2.85 6.13 $ 6,881,000 Stock options to purchase 220,774 shares of common stock contain performance-based milestone conditions, which were not deemed probable of vesting at September 30, 2017. The aggregate intrinsic value is based upon the Company’s closing stock price of $3.65 on September 30, 2017. The fair value of stock options subject only to service or performance conditions that are granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table: Three Months Ended September 30, 2017 2016 Volatility factor 79.03 % 73.60% - 73.94% Expected term (in years) 6.25 6.25 Risk-free interest rates 2.06 % 1.07% - 1.22% Dividend yield — — Nine Months Ended September 30, 2017 2016 Volatility factor 71.82% - 79.03% 73.26% - 74.47% Expected term (in years) 5.50 - 6.25 5.50 - 6.25 Risk-free interest rates 1.84% - 2.10% 0.94% - 1.38% Dividend yield — — The risk-free interest rate is determined based upon the United States Treasury’s rates for U.S. Treasury zero-coupon 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. In July 2016, the Company began calculating volatility using its historical data. Previously, the Company did not have sufficient history to support a calculation of volatility using only its historical data. As such, prior to July 2016, the Company used a weighted-average volatility considering the Company’s own volatility since March 2010 and the volatilities of several peer companies. For purposes of identifying similar entities, the Company considered characteristics such as industry, length of trading history, similar vesting terms and in-the-money option status. Due to lack of available option activity data, the Company elected to use the “simplified” method for “plain vanilla” options to estimate the expected term of the stock option grants. Under this approach, the weighted-average expected life is presumed to be the average of the vesting term and the contractual term of the option. Based upon these assumptions, the weighted-average grant date fair value of stock options granted during the nine months ended September 30, 2017 and 2016 was $0.63 and $0.67, respectively. On January 1, 2017, the Company adopted ASU No. 2016-09, Compensation–Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting As of September 30, 2017, there was $2.1 million of total unrecognized stock-based compensation expense related to stock options granted to employees under the Plan. The expense is expected to be recognized over a weighted-average period of 2.5 years.

Legal Proceedings

Legal Proceedings	9 Months Ended
	Sep. 30, 2017
Commitments And Contingencies Disclosure [Abstract]
Legal Proceedings	(9) Legal Proceedings Two class action lawsuits have been filed against the Company and certain of its former officers and 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 On July 3, 2013, the staff, or SEC Staff, of the United States Securities and Exchange Commission (the “Commission”) served a subpoena on the Company for documents and information concerning tivozanib, including related communications with the FDA, investors and others. In September 2015, the SEC Staff invited the Company to discuss the settlement of potential claims asserting that the Company violated federal securities laws by omitting to disclose to investors the recommendation by the staff of the FDA on May 11, 2012, that the Company conduct an additional clinical trial with respect to tivozanib. On March 29, 2016, the Commission filed a complaint against the Company and three of its former officers in the U.S. District Court for the District of Massachusetts alleging that the Company misled investors about its efforts to obtain FDA approval for tivozanib. Without admitting or denying the allegations in the Commission’s complaint, the Company consented to the entry of a final judgment pursuant to which the Company paid the Commission a $4.0 million civil penalty to settle the Commission’s claims against it. On March 31, 2016, the District Court entered a final judgment which (i) approved the settlement; (ii) permanently enjoined the Company from violating Section 17(a) of the Securities Act of 1933, as amended, Sections 10(b) and 13(a) of the Securities Exchange Act of 1934, as amended, and rules 10b-5, 12b-20, 13a-1, 13a-11 and 13a-13 promulgated thereunder; and (iii) ordered the Company to pay the agreed-to civil penalty. The Commission’s action against the Company’s three former officers is still pending. The Company is not a party to the litigation between the SEC Staff and the former officers, and the Company can make no assurance regarding the outcome of that action or the Commission’s claims against those individuals.

Significant Accounting Polici16

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Revenue Recognition	Revenue Recognition The Company’s revenues are generated primarily through collaborative research, development and commercialization agreements. The terms of these agreements generally contain multiple elements, or deliverables, which may include (i) licenses, or options to obtain licenses, to the Company’s technology, (ii) research and development activities to be performed on behalf of the collaborative partner, and (iii) in certain cases, services in connection with the manufacturing of preclinical and clinical material. Payments to the Company under these arrangements typically include one or more of the following: non-refundable, upfront license fees; option exercise fees; funding of research and/or development efforts; milestone payments; and royalties on future product sales. Refer to Note 4 Collaborations and License Agreements
Research and Development Expenses	Research and Development Expenses Research and development expenses are charged to expense as incurred. Research and development expenses consist of costs incurred in performing research and development activities, including internal costs for salaries, bonuses, benefits, stock-based compensation, facilities, and research-related overhead, and external costs for clinical trials, drug manufacturing and distribution, license fees, consultants and other contracted services.
Warrants Issued in Connection with Private Placement	Warrants Issued in Connection with Private Placement In May 2016, the Company issued warrants to purchase an aggregate of 17,642,482 shares of common stock in connection with a private placement financing and recorded the warrants as a liability (the “PIPE Warrants”). The Company accounts for warrant instruments that either conditionally or unconditionally obligate the issuer to transfer assets as liabilities regardless of the timing of the redemption feature or price, even though the underlying shares may be classified as permanent or temporary equity. As of September 30, 2017, PIPE Warrants exercisable for 259,067 shares of common stock had been exercised and PIPE Warrants exercisable for 17,383,415 shares of common stock were outstanding. Refer to Note 7, “Common Stock—Private Placement / PIPE Warrants” for further discussion of the private placement financing. The PIPE Warrants contain a provision giving the warrant holder the option to receive cash, equal to the fair value of the remaining unexercised portion of the warrant, as cash settlement in the event that there is a fundamental transaction (contractually defined to include various merger, acquisition or stock transfer activities). Due to this provision, ASC 480, Distinguishing Liabilities from Equity The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the three months and nine months ended September 30, 2017 (in thousands): Fair value at January 1, 2017 $ 4,593 Increase in fair value 484 Fair value at March 31, 2017 $ 5,077 Increase in fair value 23,925 Fair value at June 30, 2017 $ 29,002 Increase in fair value 23,538 Reduction in warrant liability for PIPE Warrant exercises (587 ) Fair value at September 30, 2017 $ 51,953 The key assumptions used to value the PIPE Warrants were as follows: Issuance December 2016 March 31, 2017 June 30, 2017 September 30, 2017 Expected price volatility 76.25 % 78.18 % 79.01 % 79.30 % 83.55 % Expected term (in years) 5.00 4.50 4.25 4.00 3.75 Risk-free interest rates 1.22 % 1.93 % 1.72 % 1.72 % 1.72 % Stock price $ 0.89 $ 0.54 $ 0.59 $ 2.22 $ 3.65 Dividend yield — — — — —
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at the date of purchase and an investment in a U.S. government money market fund to be cash equivalents. Changes in the balance of cash and cash equivalents may be affected by changes in investment portfolio maturities, as well as actual cash disbursements to fund operations. The Company’s cash is deposited in highly-rated financial institutions in the United States. The Company invests in U.S. government money market funds, high-grade, short-term commercial paper, corporate bonds and other U.S. government agency securities, which management believes are subject to minimal credit and market risk. The carrying values of the Company’s cash and cash equivalents approximate fair value due to their short term maturities.
Marketable Securities	Marketable Securities Marketable securities consist primarily of investments which have expected average maturity dates in excess of three months, but not longer than 24 months. The Company invests in high-grade corporate obligations, including commercial paper, and U. S. government and government agency obligations that are classified as available-for-sale. Since these securities are available to fund current operations they are classified as current assets on the consolidated balance sheets. Marketable securities are stated at fair value, including accrued interest, with their unrealized gains and losses included as a component of accumulated other comprehensive income or loss, which is a separate component of stockholders’ equity. The fair value of these securities is based on quoted prices and observable inputs on a recurring basis. The cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity, with such amortization and accretion recorded as a component of interest expense, net. Realized gains and losses are determined on the specific identification method. Unrealized gains and losses are included in other comprehensive loss until realized, at which point they would be recorded as a component of interest expense, net. Below is a summary of cash, cash equivalents and marketable securities at September 30, 2017 and December 31, 2016 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 Cash and cash equivalents: Cash and money market funds $ 14,515 $ — $ — $ 14,515 Corporate debt securities 1,839 — — 1,839 Total cash and cash equivalents 16,354 — — 16,354 Marketable securities: Corporate debt securities due within 1 year $ 17,560 $ 3 $ (2 ) $ 17,561 Government agency securities due within 1 year 3,493 1 — 3,494 Total marketable securities 21,053 4 (2 ) 21,055 Total cash, cash equivalents and marketable securities $ 37,407 $ 4 $ (2 ) $ 37,409 December 31, 2016: Cash and cash equivalents: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities 1,005 — — 1,005 Total cash and cash equivalents 15,096 — — 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,246 $ 6 $ — $ 8,252 Total marketable securities 8,246 6 — 8,252 Total cash, cash equivalents and marketable securities $ 23,342 $ 6 $ — $ 23,348
Concentrations of Credit Risk	Concentrations of Credit Risk Financial instruments that potentially subject the Company to credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. The Company maintains deposits in highly-rated, federally-insured financial institutions in excess of federally insured limits. The Company’s investment strategy is focused on capital preservation. The Company invests in instruments that meet the high credit quality standards outlined in the Company’s investment policy. This policy also limits the amount of credit exposure to any one issue or type of instrument. The Company’s accounts receivable primarily consists of amounts due to the Company from licensees and collaborators. The Company has not experienced any material losses related to accounts receivable from individual licensees or collaborators.
Fair Value Measurements	Fair Value Measurements The fair value of the Company’s financial assets and liabilities reflects the Company’s estimate of amounts that it would have received in connection with the sale of the assets or paid in connection with the transfer of the liabilities in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of its assets and liabilities, the Company seeks to maximize the use of observable inputs (market data obtained from sources independent from the Company) and to minimize the use of unobservable inputs (the Company’s assumptions about how market participants would price assets and liabilities). The following fair value hierarchy is used to classify assets and liabilities based on the observable inputs and unobservable inputs used in order to value the assets and liabilities: Level 1: Quoted prices in active markets for identical assets or liabilities. An active market for an asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Level 2: Observable inputs other than Level 1 inputs. Examples of Level 2 inputs include quoted prices in active markets for similar assets or liabilities and quoted prices for identical assets or liabilities in markets that are not active. Level 3: Unobservable inputs based on the Company’s assessment of the assumptions that market participants would use in pricing the asset or liability. Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of its marketable securities by taking into consideration valuations obtained from third-party pricing sources. The pricing services utilize industry standard valuation models, including both income and market based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker-dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs. As of September 30, 2017, the Company’s financial assets valued based on Level 1 inputs consisted of cash and cash equivalents in a U.S. government money market fund and its financial assets valued based on Level 2 inputs consisted of high-grade corporate debt securities, including commercial paper, and U.S. government agency securities. During the three months and nine months ended September 30, 2017, the Company did not have any transfers of financial assets between Levels 1 and 2. As of September 30, 2017, the Company’s financial liabilities that were recorded at fair value consisted of a warrant liability. The fair value of the Company’s loans payable at September 30, 2017 approximates its carrying value, computed pursuant to a discounted cash flow technique using a market interest rate and is considered a Level 3 fair value measurement. The effective interest rate, which reflects the current market rate, considers the fair value of the warrants issued in connection with the loan, loan issuance costs and the deferred financing charge. The following table summarizes the assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 (in thousands): Fair Value Measurements as of September 30, 2017 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,515 $ — $ — $ 14,515 Corporate debt securities — 1,839 — 1,839 Total cash and cash equivalents $ 14,515 $ 1,839 $ — $ 16,354 Marketable securities: Corporate debt securities due within 1 year $ — $ 17,561 $ — $ 17,561 U.S. government agency securities due within 1 year — 3,494 — 3,494 Total marketable securities $ — $ 21,055 $ — $ 21,055 Total cash, cash equivalents and marketable securities $ 14,515 $ 22,894 $ — $ 37,409 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 51,953 $ 51,953 Total warrant liability $ — $ — $ 51,953 $ 51,953 Fair Value Measurements as of December 31, 2016 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities — 1,005 — 1,005 Total cash and cash equivalents $ 14,091 $ 1,005 $ — $ 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,252 $ 8,252 Total marketable securities $ — $ 8,252 $ — $ 8,252 Total cash, cash equivalents and marketable securities $ 14,091 $ 9,257 $ — $ 23,348 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 4,593 $ 4,593 Total warrant liability $ — $ — $ 4,593 $ 4,593
Basic and Diluted Loss per Common Share	Basic and Diluted Loss per Common Share Basic net loss per share is computed using the weighted average number of common shares outstanding during the period, excluding restricted stock that has been issued but is not yet vested. Diluted net loss per common share is computed using the weighted average number of common shares outstanding and the weighted average dilutive potential common shares outstanding using the treasury stock method. However, for the three months and nine months ended September 30, 2017 and 2016, diluted net loss per share is the same as basic net loss per share as the inclusion of weighted average shares of unvested restricted common stock and common stock issuable upon the exercise of stock options and warrants would be anti-dilutive. The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive for the three months and nine months ended September 30, 2017 and 2016, respectively (in thousands): Outstanding at September 30, 2017 2016 Options outstanding 6,970 5,811 Warrants outstanding 17,383 19,453 24,353 25,264
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 uses the Black-Scholes option pricing model to value its stock option awards without market conditions, which requires the Company to make certain assumptions regarding the expected volatility of its common stock price, the expected term of the option grants, the risk-free interest rate and the dividend yield with respect to its common stock. Refer to Note 8 “Stock Based-Compensation” for further discussion. The fair value of equity-classified awards to employees and directors are measured at fair value on the date the awards are granted. Awards to nonemployee consultants are recorded at their fair values and are re-measured as of each balance sheet date until the recipient’s services are complete. During the three months and nine months ended September 30, 2017 and 2016, the Company recorded the following stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 69 $ 56 $ 192 $ 238 General and administrative 222 149 582 591 $ 291 $ 205 $ 774 $ 829 Stock-based compensation expense is allocated to research and development and general and administrative expense based upon the department of the employee to whom each award was granted. No related tax benefits of the stock-based compensation expense have been recognized.
Income Taxes	Income Taxes The Company provides for income taxes using the asset-liability method. Under this method, deferred tax assets and liabilities are recognized based on differences between financial reporting and tax bases of assets and liabilities, and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company calculates its provision for income taxes on ordinary income based on its projected annual tax rate for the year. Uncertain tax positions are recognized if the position is more-likely-than-not to be sustained upon examination by a tax authority. Unrecognized tax benefits represent tax positions for which reserves have been established. As of September 30, 2017, the Company is forecasting a net loss for the year ended December 31, 2017. The Company maintains a full valuation allowance on all deferred tax assets. For the nine months ended September 30, 2017, the Company recorded a $0.1 million provision for income taxes related to withholding taxes incurred in a foreign jurisdiction.
Segment and Geographic Information	Segment and Geographic Information Operating segments are defined as components of an enterprise engaging in business activities for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment in the United States. As of September 30, 2017, the Company has no net assets located outside of the United States.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant items subject to such estimates and assumptions include revenue recognition, contract research accruals, measurement of the warrant liability and measurement of stock-based compensation. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances. Changes in estimates are recorded in the period in which they become known. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) During the fourth quarter of 2017, the Company plans to finalize its assessment over the impact that these standards may have on its results of operations, financial position and disclosures, as well as identifying any appropriate changes to its revenue recognition policies and internal controls. Under ASU 2014-09, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration which the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of ASU 2014-09, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. ASU 2014-09 also impacts certain other areas, such as the accounting for costs to obtain or fulfill a contract. The standard also requires disclosure of the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. To date, the Company has identified the following differences in accounting treatment for its collaboration agreements under ASU 2014-09: • The Company expects the accounting for contingent milestone payments under its collaboration agreements to change under ASU 2014-09. Under ASC 605, the Company generally considers non-refundable preclinical research and development, clinical development and regulatory milestones that the Company expects to be achieved as a result of the Company’s efforts during the period of the Company’s performance obligations under its collaboration and license agreements to be substantive and recognizes them as revenue upon the achievement of the milestone, assuming all other revenue recognition criteria are met. ASU 2014-09 does not contain guidance specific to milestone payments, thereby requiring contingent milestone payments to be considered in accordance with the overall model of ASU 2014-09. Revenue from contingent milestone payments may be recognized earlier under ASU 2014-09 than under ASC 605, based on an assessment of the probability of achievement of the milestone event and the likelihood of a significant reversal of such milestone revenue at each reporting date. This assessment may result in the recognition of revenue related to a contingent milestone payment before the milestone event has been achieved. • ASU 2014-09 requires more robust disclosures than required by previous guidance, including disclosures related to disaggregation of revenue into appropriate categories, performance obligations, the judgments made in revenue recognition determinations, adjustments to revenue which relate to activities from previous quarters or years, any significant reversals of revenue, and costs to obtain or fulfill contracts. Expected impacts from the adoption of this standard could differ upon the final adoption and implementation of the standard. In connection with the adoption of these standards, the Company is implementing several new internal controls, including controls to monitor the probability of achievement of contingent milestone payments. In March 2016, the FASB issued ASU No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting

Significant Accounting Polici17

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2017
Accounting Policies [Abstract]
Summary of Fair Value of Company's Warrant Liability	The following table rolls forward the fair value of the Company’s warrant liability, the fair value of which is determined by Level 3 inputs for the three months and nine months ended September 30, 2017 (in thousands): Fair value at January 1, 2017 $ 4,593 Increase in fair value 484 Fair value at March 31, 2017 $ 5,077 Increase in fair value 23,925 Fair value at June 30, 2017 $ 29,002 Increase in fair value 23,538 Reduction in warrant liability for PIPE Warrant exercises (587 ) Fair value at September 30, 2017 $ 51,953
Key Assumptions Used to Value the PIPE Warrants	The key assumptions used to value the PIPE Warrants were as follows: Issuance December 2016 March 31, 2017 June 30, 2017 September 30, 2017 Expected price volatility 76.25 % 78.18 % 79.01 % 79.30 % 83.55 % Expected term (in years) 5.00 4.50 4.25 4.00 3.75 Risk-free interest rates 1.22 % 1.93 % 1.72 % 1.72 % 1.72 % Stock price $ 0.89 $ 0.54 $ 0.59 $ 2.22 $ 3.65 Dividend yield — — — — —
Summary of Cash, Cash Equivalents and Marketable Securities	Below is a summary of cash, cash equivalents and marketable securities at September 30, 2017 and December 31, 2016 (in thousands): Amortized Cost Unrealized Gains Unrealized Losses Fair Value September 30, 2017 Cash and cash equivalents: Cash and money market funds $ 14,515 $ — $ — $ 14,515 Corporate debt securities 1,839 — — 1,839 Total cash and cash equivalents 16,354 — — 16,354 Marketable securities: Corporate debt securities due within 1 year $ 17,560 $ 3 $ (2 ) $ 17,561 Government agency securities due within 1 year 3,493 1 — 3,494 Total marketable securities 21,053 4 (2 ) 21,055 Total cash, cash equivalents and marketable securities $ 37,407 $ 4 $ (2 ) $ 37,409 December 31, 2016: Cash and cash equivalents: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities 1,005 — — 1,005 Total cash and cash equivalents 15,096 — — 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,246 $ 6 $ — $ 8,252 Total marketable securities 8,246 6 — 8,252 Total cash, cash equivalents and marketable securities $ 23,342 $ 6 $ — $ 23,348
Summary of Assets And Liabilities Measured at Fair Value on Recurring Basis	The following table summarizes the assets and liabilities measured at fair value on a recurring basis at September 30, 2017 and December 31, 2016 (in thousands): Fair Value Measurements as of September 30, 2017 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,515 $ — $ — $ 14,515 Corporate debt securities — 1,839 — 1,839 Total cash and cash equivalents $ 14,515 $ 1,839 $ — $ 16,354 Marketable securities: Corporate debt securities due within 1 year $ — $ 17,561 $ — $ 17,561 U.S. government agency securities due within 1 year — 3,494 — 3,494 Total marketable securities $ — $ 21,055 $ — $ 21,055 Total cash, cash equivalents and marketable securities $ 14,515 $ 22,894 $ — $ 37,409 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 51,953 $ 51,953 Total warrant liability $ — $ — $ 51,953 $ 51,953 Fair Value Measurements as of December 31, 2016 Level 1 Level 2 Level 3 Total Financial assets carried at fair value: Cash and money market funds $ 14,091 $ — $ — $ 14,091 Corporate debt securities — 1,005 — 1,005 Total cash and cash equivalents $ 14,091 $ 1,005 $ — $ 15,096 Marketable securities: Corporate debt securities due within 1 year $ 8,252 $ 8,252 Total marketable securities $ — $ 8,252 $ — $ 8,252 Total cash, cash equivalents and marketable securities $ 14,091 $ 9,257 $ — $ 23,348 Financial liabilities carried at fair value: Warrant liability $ — $ — $ 4,593 $ 4,593 Total warrant liability $ — $ — $ 4,593 $ 4,593
Summary of Outstanding Securities Not Included in Computation of Diluted Net Loss Per Common Share	The following table summarizes outstanding securities not included in the computation of diluted net loss per common share as their inclusion would be anti-dilutive for the three months and nine months ended September 30, 2017 and 2016, respectively (in thousands): Outstanding at September 30, 2017 2016 Options outstanding 6,970 5,811 Warrants outstanding 17,383 19,453 24,353 25,264
Stock-Based Compensation Expense	During the three months and nine months ended September 30, 2017 and 2016, the Company recorded the following stock-based compensation expense (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2017 2016 2017 2016 Research and development $ 69 $ 56 $ 192 $ 238 General and administrative 222 149 582 591 $ 291 $ 205 $ 774 $ 829

Other Accrued Liabilities (Tabl

Other Accrued Liabilities (Tables)	9 Months Ended
	Sep. 30, 2017
Payables And Accruals [Abstract]
Other Accrued Liabilities	Other accrued expenses consisted of the following (in thousands): September 30, 2017 December 31, 2016 Professional fees $ 518 $ 464 Compensation and benefits 882 891 Other 221 176 Total $ 1,621 $ 1,531

Loans Payable (Tables)

Loans Payable (Tables)	9 Months Ended
	Sep. 30, 2017
Debt Disclosure [Abstract]
Future Minimum Payments Under Loans Payable	Future minimum payments under the loans payable outstanding as of September 30, 2017 are as follows (amounts in thousands): Year Ending December 31: 2017 (remaining 3 months) $ 602 2018 9,828 2019 14,123 24,553 Less amount representing interest (3,713 ) Less unamortized discount (756 ) Less deferred charges (840 ) Less loans payable current, net of discount (4,920 ) Loans payable, net of current portion and discount $ 14,324

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2017
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Activity	The following table summarizes stock option activity during the nine months ended September 30, 2017: Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term Aggregate Intrinsic Value Outstanding at January 1, 2017 4,858,678 $ 2.31 Granted 2,728,135 $ 0.93 Exercised (13,541 ) $ 0.90 Forfeited (603,477 ) $ 1.01 Outstanding at September 30, 2017 6,969,795 $ 1.88 7.51 $ 16,620,000 Exercisable at September 30, 2017 3,280,003 $ 2.85 6.13 $ 6,881,000
Assumptions used in Black-Scholes Pricing Model for New Grants	The fair value of stock options subject only to service or performance conditions that are granted to employees is estimated on the date of grant using the Black-Scholes option-pricing model using the assumptions noted in the following table: Three Months Ended September 30, 2017 2016 Volatility factor 79.03 % 73.60% - 73.94% Expected term (in years) 6.25 6.25 Risk-free interest rates 2.06 % 1.07% - 1.22% Dividend yield — — Nine Months Ended September 30, 2017 2016 Volatility factor 71.82% - 79.03% 73.26% - 74.47% Expected term (in years) 5.50 - 6.25 5.50 - 6.25 Risk-free interest rates 1.84% - 2.10% 0.94% - 1.38% Dividend yield — —

Organization - Additional Infor

Organization - Additional Information (Detail)	1 Months Ended						9 Months Ended
	Oct. 31, 2017USD ($)	Jul. 31, 2017USD ($)shares	Jun. 30, 2017USD ($)shares	Mar. 31, 2017USD ($)shares	May 31, 2016USD ($)shares	Aug. 31, 2015USD ($)shares	Sep. 30, 2017USD ($)Subsidiaryshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)shares
Organization [Line Items]
Number of subsidiaries | Subsidiary							2
Cash, cash equivalents and marketable securities							$ 37,400,000
Working capital							23,700,000
Accumulated deficit							590,468,000		$ 521,916,000
Net proceeds from public offering							$ 29,500,000
Common stock, shares issued | shares							118,321,000		75,863,000
Proceeds from additional borrowing capacity							$ 5,000,000
Cash proceeds							3,210,000	$ 525,000
EUSA
Organization [Line Items]
Research and development reimbursement payment received							2,500,000
EUSA | Subsequent Event | TiNivo trial
Organization [Line Items]
Research and development reimbursement payment received	$ 2,000,000
F B R Co
Organization [Line Items]
Proceeds from additional borrowing capacity			$ 8,800,000			$ 10,200,000	$ 8,800,000
Common stock, shares issued | shares			6,500,000			5,900,000	6,500,000
Underwritten Public Offering
Organization [Line Items]
Net proceeds from public offering				$ 15,400,000			$ 15,400,000
Common stock, shares issued | shares							34,500,000
Common stock, shares issued | shares				34,500,000
Private Placement | PIPE Warrants
Organization [Line Items]
Common stock, shares issued | shares		259,067			17,642,482
Cash proceeds		$ 300,000
Number of warrants exercised | shares		259,067
Loans Payable | Financial covenant
Organization [Line Items]
Unrestricted and unencumbered cash and cash equivalents							$ 10,000,000
Loans Payable | Hercules May 2016 Loan Agreement
Organization [Line Items]
Unrestricted and unencumbered cash and cash equivalents			$ 25,000,000
Proceeds from additional borrowing capacity			$ 5,000,000		$ 5,000,000
Loans Payable | Hercules May 2016 Loan Agreement | Financial covenant | Minimum
Organization [Line Items]
Unrestricted and unencumbered cash and cash equivalents					$ 10,000,000		$ 10,000,000

Significant Accounting Polici22

Significant Accounting Policies - Additional Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2017USD ($)shares	Sep. 30, 2016USD ($)	Sep. 30, 2017USD ($)Segmentshares	Sep. 30, 2016USD ($)	Jul. 31, 2017shares	Dec. 31, 2016shares	May 31, 2016shares
Significant Accounting Policies [Line Items]
Common stock, shares issued | shares	118,321,000		118,321,000			75,863,000
Increase (decrease) in the fair value of warrant liability	$ 23,500,000	$ (1,200,000)	$ 47,900,000	$ (200,000)
Transfers of financial assets from Level 1 to Level 2	0		0
Transfers of financial assets from Level 2 to Level 1	0		0
Income tax provision or expense	51,000		$ 101,000	$ 100,000
Number of operating segments | Segment			1
Minimum
Significant Accounting Policies [Line Items]
Marketable securities maturity term			3 months
Maximum
Significant Accounting Policies [Line Items]
Marketable securities maturity term			24 months
PIPE Warrants
Significant Accounting Policies [Line Items]
Warrant liability	9,300,000		$ 9,300,000
Increase (decrease) in the fair value of warrant liability	$ (600,000)		$ (600,000)
PIPE Warrants | Private Placement
Significant Accounting Policies [Line Items]
Common stock, shares issued | shares					259,067		17,642,482
Warrants exercisable shares of common stock exercised | shares	259,067		259,067		259,067
Warrants exercisable shares of common stock outstanding | shares	17,383,415		17,383,415

Summary of Fair Value of Compan

Summary of Fair Value of Company's Warrant Liability (Detail) - USD ($) $ in Thousands	3 Months Ended
	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 29,002	$ 5,077	$ 4,593
Increase in fair value	23,538	23,925	484
Reduction in warrant liability for PIPE Warrant exercises	(587)
Fair value, end of period	$ 51,953	$ 29,002	$ 5,077

Key Assumptions Used to Value t

Key Assumptions Used to Value the PIPE Warrants (Detail) - $ / shares	1 Months Ended	3 Months Ended	6 Months Ended	9 Months Ended	12 Months Ended
	May 31, 2016	Mar. 31, 2017	Jun. 30, 2017	Sep. 30, 2017	Dec. 31, 2016
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Stock price				$ 3.65
PIPE Warrants
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items]
Expected price volatility	76.25%	79.01%	79.30%	83.55%	78.18%
Expected term (in years)	5 years	4 years 2 months 30 days	4 years	3 years 9 months	4 years 6 months
Risk-free interest rates	1.22%	1.72%	1.72%	1.72%	1.93%
Stock price	$ 0.89	$ 0.59	$ 2.22	$ 3.65	$ 0.54
Dividend yield	0.00%	0.00%	0.00%	0.00%	0.00%

Summary of Cash, Cash Equivalen

Summary of Cash, Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 37,407	$ 23,342
Unrealized Gains	4	6
Unrealized Losses	(2)
Fair Value	37,409	23,348
Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	14,515	14,091
Fair Value	14,515	14,091
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	1,839	1,005
Fair Value	1,839	1,005
Government agency securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	3,493
Unrealized Gains	1
Fair Value	3,494
Marketable securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	21,053	8,246
Unrealized Gains	4	6
Unrealized Losses	(2)
Fair Value	21,055	8,252
Level 2 | Due within 1 year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	17,560
Unrealized Gains	3
Unrealized Losses	(2)
Fair Value	17,561
Level 2 | Corporate debt securities | Due within 1 year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost		8,246
Unrealized Gains		6
Fair Value		8,252
Cash and Cash Equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	16,354	15,096
Fair Value	$ 16,354	$ 15,096

Summary of Assets And Liabiliti

Summary of Assets And Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	$ 21,055	$ 8,252
Fair Value Measurements Recurring
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	16,354	15,096
Marketable securities	21,055	8,252
Total cash, cash equivalents and marketable securities	37,409	23,348
Warrant liability	51,953	4,593
Total warrant liability	51,953	4,593
Fair Value Measurements Recurring | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,839	1,005
Fair Value Measurements Recurring | Corporate debt securities | Due within 1 year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	17,561	8,252
Fair Value Measurements Recurring | Government agency securities | Due within 1 year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,494
Fair Value Measurements Recurring | Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	14,515	14,091
Fair Value Measurements Recurring | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	14,515	14,091
Total cash, cash equivalents and marketable securities	14,515	14,091
Fair Value Measurements Recurring | Level 1 | Cash and money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	14,515	14,091
Fair Value Measurements Recurring | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,839	1,005
Marketable securities	21,055	8,252
Total cash, cash equivalents and marketable securities	22,894	9,257
Fair Value Measurements Recurring | Level 2 | Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,839	1,005
Fair Value Measurements Recurring | Level 2 | Corporate debt securities | Due within 1 year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	17,561	8,252
Fair Value Measurements Recurring | Level 2 | Government agency securities | Due within 1 year
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Marketable securities	3,494
Fair Value Measurements Recurring | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liability	51,953	4,593
Total warrant liability	$ 51,953	$ 4,593

Summary of Outstanding Securiti

Summary of Outstanding Securities Not Included in Computation of Diluted Net Loss Per Common Share (Detail) - shares shares in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	24,353	25,264	24,353	25,264
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	6,970	5,811	6,970	5,811
Warrant
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share amount, outstanding	17,383	19,453	17,383	19,453

Stock Based Compensation Expens

Stock Based Compensation Expense for Equity-Classified Awards (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 291	$ 205	$ 774	$ 829
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	69	56	192	238
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 222	$ 149	$ 582	$ 591

Collaborations and License Ag29

Collaborations and License Agreements - Additional Information (Detail)

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Oct. 31, 2017USD ($)

Sep. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Apr. 30, 2016USD ($)

Sep. 30, 2015USD ($)

Aug. 31, 2015USD ($)

Mar. 31, 2014USD ($)

Dec. 31, 2012USD ($)

Mar. 31, 2010USD ($)

Dec. 31, 2006USD ($)

Sep. 30, 2017USD ($)

Mar. 31, 2017USD ($)

Sep. 30, 2016USD ($)

Mar. 31, 2016USD ($)

Sep. 30, 2017USD ($)InstallmentIndication

Sep. 30, 2016USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Oct. 14, 2016

Apr. 30, 2014USD ($)

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

$ 4,614,000

$ 992,000

$ 7,497,000

$ 2,388,000

Amounts due from pursuant to the cost-sharing provisions

$ 2,375,000

2,375,000

2,375,000

$ 1,027,000

Research and development

4,666,000

4,444,000

$ 19,503,000

16,020,000

CANbridge

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

License agreement date

Mar. 16, 2016

Revenue recognized from reimbursement of manufacturing development activities

500,000

$ 500,000

CANbridge | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 1,000,000

Upfront payment, withholding taxes

$ 100,000

Reimbursable amount for manufacturing costs and expenses

$ 1,000,000

Number of installments paid | Installment

2

Revenue recognized from reimbursement of manufacturing development activities

500,000

$ 500,000

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

10 years

Description of royalty percentage receivable on net sales

Upon commercialization, the Company is eligible to receive a tiered royalty, with a percentage range in the low double-digits, on net sales of approved licensed products.

Allocation of upfront payment

1,000,000

Collaboration revenue

$ 1,000,000

CANbridge | Licensing Agreements | Sales Based Milestone Payments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 90,000,000

CANbridge | Licensing Agreements | Development and Regulatory Milestone Events

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

42,000,000

Collaborations and license agreements, expected milestone receivable

0

EUSA

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

100,000

100,000

$ 300,000

300,000

Description of royalty percentage receivable on net sales

The Company is also eligible to receive tiered double-digit royalties on net sales, if any, of licensed products in the EUSA Licensed Territories ranging from a low double digit up to mid-twenty percent depending on the level of annual net sales.

Research and development reimbursement received

4,000,000

$ 2,500,000

Percentage of additional proceeds from research and development funding

50.00%

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

Research and development funding received

2,500,000

EUSA | Opt-in to Planned Phase Three Study

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Milestone payment to be received

20,000,000

20,000,000

20,000,000

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

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

2,000,000

EUSA | Research and Development Reimbursement Milestone Payment

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

4,000,000

EUSA | TiNivo trial

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, deferred research and development reimbursements

1,400,000

1,400,000

1,400,000

EUSA | TiNivo 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

(600,000)

EUSA | TiNivo trial | Subsequent Event

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research and development reimbursement received

$ 2,000,000

Research and development funding received

$ 2,000,000

Novartis

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 15,000,000

Collaborations and license agreements, expected milestone receivable

$ 0

Description of royalty percentage receivable on net sales

If the product is commercialized, the Company would be eligible to receive tiered royalties on net sales of approved products ranging from the high single digits to the low double-digits.

Collaboration revenue

1,800,000

Reimbursable inventory

$ 3,500,000

License and service revenue

$ 3,500,000

Research and development

$ 1,800,000

Novartis | Sales Based Milestone Payments

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

$ 150,000,000

Novartis | Clinical Efficacy Milestone

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

51,200,000

Novartis | Regulatory Milestone Events

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, expected milestone receivable

105,000,000

Novartis | License and Technical Knowledge

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

$ 15,000,000

Pharmstandard

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaboration revenue

900,000

900,000

Collaborations and license agreements, deferred revenue

900,000

900,000

Ophthotech Corporation

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Upfront license payment

500,000

Ophthotech Corporation | Option and License Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, payment received

$ 500,000

Remaining deferred revenue to be recognized

100,000

Collaborations and license agreements, revenue recognized

0

29,000

115,000

87,000

Biodesix

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amounts due from pursuant to the cost-sharing provisions

100,000

100,000

100,000

Biodesix | FOCAL study

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Contribution percentage of clinical, regulatory, manufacturing and other costs

50.00%

Percentage of closeout project cost

50.00%

Biodesix | FOCAL study | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Funding

$ 15,000,000

Biodesix | FOCAL trial

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, royalties payment on net sales

10.00%

Biodesix | FOCAL trial | Research and development

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

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

26,000

$ 400,000

200,000

$ 1,900,000

Astellas Pharma Inc. | Astellas Agreement

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amounts due from pursuant to the cost-sharing provisions

100,000

100,000

$ 100,000

Biogen Idec International GmbH

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, deferred revenue

$ 14,700,000

Collaborations and license agreements, revenue recognized

14,100,000

38,000

Collaborations and license agreements, relative selling price of the deliverable

$ 600,000

St Vincent's Hospital Sydney Limited

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Amendment agreement date

2015-08

License fees payable

$ 16,700,000

$ 16,700,000

$ 16,700,000

Collaborations and license agreements, milestone payment

$ 400,000

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

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, cash payment

1,500,000

Kyowa Hakko Kirin | Opt-in to Planned Phase Three Study | Maximum

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Research and development reimbursement payment not required to be paid

$ 20,000,000

Kyowa Hakko Kirin | Licensing Agreements

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, cash payment

$ 5,000,000

Collaborations and license agreements, milestone payment

$ 10,000,000

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

$ 18,000,000

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

30.00%

30.00%

30.00%

Term of royalty payment obligations

12 years

Kyowa Hakko Kirin | Licensing Agreements | FDA Marketing Approval

Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]

Collaborations and license agreements, milestone payment

$ 12,000,000

Other Accrued Liabilities (Deta

Other Accrued Liabilities (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Payables And Accruals [Abstract]
Professional fees	$ 518	$ 464
Compensation and benefits	882	891
Other	221	176
Total	$ 1,621	$ 1,531

Loans Payable - Additional Info

Loans Payable - Additional Information (Detail)	1 Months Ended				9 Months Ended
	Jul. 31, 2017USD ($)shares	Jun. 30, 2017USD ($)Installment	May 31, 2016USD ($)Installment$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2017USD ($)$ / sharesshares	Sep. 30, 2016USD ($)	Dec. 31, 2016USD ($)shares
Debt Instrument [Line Items]
Proceeds from additional borrowing capacity					$ 5,000,000
Loan payable, end-of-term payment due					$ 840,000
Warrants issued to lenders as part of new loan agreement, shares of common stock to purchase | shares			1,202,117,000	608,696
Warrants issued to lenders as part of new loan agreement, exercise price | $ / shares			$ 0.87	$ 1.15
Warrants issued to lenders as part of new loan agreement, fair value			$ 700,000	$ 400,000
Number of common stock shared issued | shares					118,321,000		75,863,000
Approximate payment of principle and interest					$ 14,123,000
Unamortized discount recognized					756,000		$ 1,000,000
Maximum amount of debt conversion					2,000,000
Cash proceeds					$ 3,210,000	$ 525,000
Private Placement | PIPE Warrants
Debt Instrument [Line Items]
Warrants issued to lenders as part of new loan agreement, shares of common stock to purchase | shares					259,067
Number of warrants exercised | shares	259,067
Number of common stock shared issued | shares	259,067		17,642,482
Cash proceeds from issue of units					$ 200,000
Exchange of unit to share | shares			1		1
Common stock warrant exercise price | $ / shares			$ 1		$ 1
Cash proceeds	$ 300,000
Private Placement | PIPE Warrants | Director and Executive Officer
Debt Instrument [Line Items]
Number of common stock shared issued | shares	259,067		544,039
Cash proceeds	$ 300,000
Loans Payable | Financial covenant
Debt Instrument [Line Items]
Unrestricted and unencumbered cash and cash equivalents					$ 10,000,000
Loans Payable | Minimum
Debt Instrument [Line Items]
Option to purchase equity, net cash proceeds of equity securities					$ 10,000,000
Hercules Amended Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Proceeds from additional borrowing capacity				$ 10,000,000
Loan payable, Commencement date				May 1, 2016
Loan payable, due date					Jan. 1, 2018
Loan payable, end-of-term payment due					$ 500,000
Loan issuance costs paid					$ 200,000
Loan payable, interest rate					11.90%
Loan payable, interest rate, base rate					11.90%
Loan payable, interest rate, additional rate deducted from base rate					4.75%
Loan payable, description of interest rate terms					Per annum interest is payable on the principal balance of the loan each month it remains outstanding at the greater of 11.9% and an amount equal to 11.9% plus the prime rate minus 4.75% as determined daily, provided however, that the per annum interest rate shall not exceed 15.0% (11.9% as of September 30, 2017)
Debt instrument convertible beneficial conversion feature					$ 0
Hercules Amended Loan Agreement | Loans Payable | Minimum
Debt Instrument [Line Items]
Loan payable, interest rate					11.90%
Hercules Amended Loan Agreement | Loans Payable | Maximum
Debt Instrument [Line Items]
Loan payable, interest rate					15.00%
Hercules September Two Thousand Fourteen Loan Agreement | Amendment One [Member]
Debt Instrument [Line Items]
Number of warrants exercised | shares	608,696
Number of common stock shared issued | shares				369,297
Cash proceeds in connection with warrants exercised				$ 0
Hercules May 2016 Loan Agreement | Loans Payable
Debt Instrument [Line Items]
Proceeds from additional borrowing capacity		$ 5,000,000	$ 5,000,000
Loan payable, Commencement date		Jan. 1, 2018			Jul. 1, 2017
Loan payable, due date		Dec. 1, 2019			Dec. 1, 2019
Loan payable, end-of-term payment due		$ 300,000	200,000
Loan issuance costs paid			100,000
Loan outstanding principal amount		$ 20,000,000	$ 15,000,000
Loan payable, number of installments of principal and interest | Installment		23	30
Loan payable, frequency of installments of principal and interest		Monthly payments of principal and interest	Monthly payments of principal and interest
Unrestricted and unencumbered cash and cash equivalents		$ 25,000,000
Debt instrument, covenant description					The Company had achieved the following conditions: (i) satisfactory developmental progression on a minimum of two (2) clinical programs (other than the TIVO-3 trial) that are either managed directly by the Company or funded, in whole or in part, by the Company and (ii) having an unrestricted cash position greater than or equal to $25.0 million on the date of the draw down request.
Additional borrowing capacity		5,000,000
Loan payable, Commencement date deferred by six months					Jan. 1, 2018
Additional, end-of-term payment		$ 100,000
Percentage of loan outstanding		26.00%
Hercules May 2016 Loan Agreement | Loans Payable | November 2019 [Member]
Debt Instrument [Line Items]
Approximate payment of principle and interest		$ 800,000
Hercules May 2016 Loan Agreement | Loans Payable | December 2019 [Member]
Debt Instrument [Line Items]
Approximate payment of principle and interest		$ 5,300,000
Hercules May 2016 Loan Agreement | Loans Payable | Minimum | Financial covenant
Debt Instrument [Line Items]
Unrestricted and unencumbered cash and cash equivalents			$ 10,000,000		$ 10,000,000
Hercules May 2016 Loan Agreement | Amendment Two [Member]
Debt Instrument [Line Items]
Number of warrants exercised | shares	1,202,117
Number of common stock shared issued | shares	846,496,000
Cash proceeds in connection with warrants exercised	$ 0

Future Minimum Payments Under L

Future Minimum Payments Under Loans Payable (Detail) - USD ($) $ in Thousands	Sep. 30, 2017	Dec. 31, 2016
Debt Disclosure [Abstract]
2017 (remaining 3 months)	$ 602
2,018	9,828
2,019	14,123
Long-term Debt, Gross, Total	24,553
Less amount representing interest	(3,713)
Less unamortized discount	(756)	$ (1,000)
Less deferred charges	(840)
Less loans payable current, net of discount	(4,920)	(2,124)
Loans payable, net of current portion and discount	$ 14,324	$ 11,879

Common Stock - Additional Infor

Common Stock - Additional Information (Detail) - USD ($)	1 Months Ended					3 Months Ended	9 Months Ended		23 Months Ended
	Jul. 31, 2017	Jun. 30, 2017	Mar. 31, 2017	May 31, 2016	Aug. 31, 2015	Sep. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Jun. 30, 2017	Dec. 31, 2016	May 07, 2015	Mar. 31, 2015	Feb. 28, 2015
Class of Stock [Line Items]
Common stock, par value		$ 0.001				$ 0.001	$ 0.001		$ 0.001	$ 0.001
Common stock, shares authorized		50,000,000							50,000,000
Common stock, shares authorized		250,000,000				250,000,000	250,000,000		250,000,000	200,000,000
Common stock, shares issued						118,321,000	118,321,000			75,863,000
Underwriters' option to purchase shares							13,541
Gross proceeds from public offering							$ 21,294,000	$ 14,846,000
Net proceeds from public offering							29,500,000
Cash proceeds							3,210,000	$ 525,000
Common stock sales agreement, aggregate offering amount						$ 118,000	118,000			$ 76,000
Offering, issuance and sale of stocks and securities, shelf registration												$ 250,000,000
Sale of stock						0			0
Underwritten Public Offering
Class of Stock [Line Items]
Common stock, shares issued			34,500,000
Underwriters' option to purchase shares			4,500,000
Gross proceeds from public offering			$ 17,300,000
Percentage of affiliates stock holders			5.00%
Net proceeds from public offering			$ 15,400,000				$ 15,400,000
Private Placement | PIPE Warrants
Class of Stock [Line Items]
Common stock, shares issued	259,067			17,642,482
Shares issued, price per share				$ 0.965
Gross proceeds from issuance of private placement				$ 17,000,000
Exchange of unit to share				1			1
Warrants exercise price				$ 1		$ 1	$ 1
Warrants exercisable period				5 years
Warrants exercisable shares of common stock outstanding						17,383,415	17,383,415
Warrants exercisable shares of common stock exercised	259,067					259,067	259,067
Cash proceeds	$ 300,000
Private Placement | PIPE Warrants | Director and Executive Officer
Class of Stock [Line Items]
Common stock, shares issued	259,067			544,039
Net offering proceeds to the company				$ 15,400,000
Cash proceeds	$ 300,000
New Enterprise Associates | Underwritten Public Offering
Class of Stock [Line Items]
Common stock, shares issued			420,000
Other Investors | Underwritten Public Offering
Class of Stock [Line Items]
Common stock, shares issued			6,000,000
F B R Co
Class of Stock [Line Items]
Common stock, shares issued		6,500,000			5,900,000	6,500,000	6,500,000		6,500,000
proceeds from sale of shares		$ 8,800,000			$ 10,200,000		$ 8,800,000
Minimum | Underwritten Public Offering
Class of Stock [Line Items]
Shares issued, price per share			$ 0.50
Maximum
Class of Stock [Line Items]
Offering, issuance and sale of stocks and securities, shelf registration											$ 100,000,000
Maximum | F B R Co
Class of Stock [Line Items]
Common stock sales agreement, aggregate offering amount											$ 15,000,000		$ 17,900,000
Common stock sales agreement commission, percentage													3.00%

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	9 Months Ended
	Jun. 30, 2017	Sep. 30, 2017	Sep. 30, 2016	Dec. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	3,500,000
Shares of common stock available for future issuance under the Plan		4,121,855
Stock options issued to purchase common stock		6,969,795		4,858,678
Stock price		$ 3.65
Total unrecognized stock-based compensation expense related to stock options granted		$ 2.1
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Awards, vesting period	4 years
Awards, Expiration period	10 years
Weighted-average grant date fair value of stock options granted		$ 0.63	$ 0.67
Share based payment award forfeiture rates			76.00%
Total unrecognized stock-based compensation expense, weighted-average period Recognition		2 years 6 months
Awards With Performance-Based Milestone Conditions
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock options issued to purchase common stock		220,774
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	8,500,000
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%
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	12,000,000

Stock Option Activity (Detail)

Stock Option Activity (Detail)	9 Months Ended
	Sep. 30, 2017USD ($)$ / sharesshares
Options
Outstanding at beginning of period | shares	4,858,678
Granted | shares	2,728,135
Exercised | shares	(13,541)
Forfeited | shares	(603,477)
Outstanding at end of period | shares	6,969,795
Exercisable at September 30, 2017 | shares	3,280,003
Weighted-Average Exercise Price
Outstanding at beginning of period | $ / shares	$ 2.31
Granted | $ / shares	0.93
Exercised | $ / shares	0.90
Forfeited | $ / shares	1.01
Outstanding at end of period | $ / shares	1.88
Exercisable at September 30, 2017 | $ / shares	$ 2.85
Weighted-Average Remaining Contractual Term
Outstanding at September 30, 2017	7 years 6 months 4 days
Exercisable at September 30, 2017	6 years 1 month 18 days
Aggregate Intrinsic Value
Outstanding at end of year | $	$ 16,620,000
Exercisable at end of year | $	$ 6,881,000

Assumptions Used in Black Schol

Assumptions Used in Black Scholes Pricing Model for New Grants (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2017	Sep. 30, 2016	Sep. 30, 2017	Sep. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Volatility factor	79.03%
Volatility factor, minimum		73.60%	71.82%	73.26%
Volatility factor, maximum		73.94%	79.03%	74.47%
Expected term (in years)	6 years 3 months	6 years 3 months
Risk-free interest rates	2.06%
Risk-free interest rates, minimum		1.07%	1.84%	0.94%
Risk-free interest rates, maximum		1.22%	2.10%	1.38%
Dividend yield	0.00%	0.00%	0.00%	0.00%
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)			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

Legal Proceedings -Additional I

Legal Proceedings -Additional Information (Detail) $ in Millions	Sep. 30, 2017LegalMatter	Mar. 29, 2016USD ($)
Commitments And Contingencies Disclosure [Abstract]
Class action lawsuits | LegalMatter	2
Reserve for settlement of fines | $		$ 4