Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Jun. 10, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | LIFE | |
Entity Registrant Name | ATYR PHARMA INC | |
Entity Central Index Key | 1339970 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 23,634,531 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $54,512 | $13,899 |
Investment securities | 0 | 1,954 |
Prepaid expenses and other assets | 657 | 656 |
Total current assets | 55,169 | 16,509 |
Property and equipment, net | 1,839 | 1,925 |
Other assets | 2,897 | 2,210 |
Total assets | 59,905 | 20,644 |
Current liabilities: | ||
Accounts payable | 3,168 | 1,433 |
Accrued expenses | 2,645 | 2,932 |
Current portion of deferred rent | 300 | 295 |
Current portion of commercial bank debt | 3,190 | 3,134 |
Convertible promissory note | 2,000 | 2,000 |
Preferred stock warrant liabilities | 242 | 319 |
Total current liabilities | 11,545 | 10,113 |
Deferred rent, net of current portion | 369 | 445 |
Commercial bank debt, net of current portion | 4,322 | 5,142 |
Other long-term liabilities | 380 | 335 |
Commitments and contingencies (Note 3) | ||
Redeemable convertible preferred stock, $0.001 par value; authorized shares - 143,939,765 at March 31, 2015 and 75,772,871 at December 31, 2014; issued and outstanding shares - 141,654,309 at March 31, 2015 and 73,487,415 at December 31, 2014; liquidation preference of $171,898 at March 31, 2015 and $95,619 at December 31, 2014 | 141,295 | 95,619 |
Stockholders' deficit: | ||
Common stock, $0.001 par value; authorized shares - 185,000,000 at March 31, 2015 and 95,500,000 at December 31, 2014; issued and outstanding shares - 1,029,731 at March 31, 2015 and 909,880 at December 31, 2014 | 1 | 1 |
Additional paid-in capital | 21,215 | 19,209 |
Stockholder note receivable | -69 | |
Accumulated deficit | -119,222 | -110,151 |
Total stockholders' deficit | -98,006 | -91,010 |
Total liabilities, redeemable convertible preferred stock and stockholders' deficit | $59,905 | $20,644 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Redeemable convertible preferred stock, par value | $0.00 | $0.00 |
Redeemable convertible preferred stock, shares authorized | 143,939,765 | 75,772,871 |
Redeemable convertible preferred stock, shares issued | 141,654,309 | 73,487,415 |
Redeemable convertible preferred stock, shares outstanding | 141,654,309 | 73,487,415 |
Redeemable convertible preferred stock, liquidation preference | $171,898 | $95,619 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 185,000,000 | 95,500,000 |
Common stock, shares issued | 1,029,731 | 909,880 |
Common stock, shares outstanding | 1,029,731 | 909,880 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses: | ||
Research and development | $6,593 | $4,388 |
General and administrative | 2,329 | 1,542 |
Total operating expenses | 8,922 | 5,930 |
Loss from operations | -8,922 | -5,930 |
Other income (expense), net | -149 | -163 |
Net loss | -9,071 | -6,093 |
Accretion to redemption value of redeemable convertible preferred stock | -138 | |
Net loss attributable to common stockholders | ($9,071) | ($6,231) |
Net loss per share attributable to common stockholders, basic and diluted | ($9.39) | ($7.87) |
Weighted average shares outstanding, basic and diluted | 966,322 | 791,283 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net loss | ($9,071) | ($6,093) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 209 | 203 |
Issuance of common stock for technology | 1,411 | |
Stock-based compensation | 603 | 146 |
Amortization of debt discount | 128 | 70 |
Change in fair value of preferred stock warrant liability | -77 | 30 |
Amortization of investment premium (discount) | 4 | 3 |
Deferred rent | -71 | -66 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | -187 | 94 |
Accounts payable and accrued expenses | 765 | -732 |
Net cash used in operating activities | -6,286 | -6,345 |
Cash flows from investing activities | ||
Purchase of property and equipment | -123 | -211 |
Purchases of investment securities | -5,397 | |
Maturities of investment securities | 1,950 | |
Net cash provided by (used in) investing activities | 1,827 | -5,608 |
Cash flows from financing activities | ||
Issuance of preferred stock for cash, net of issuance costs | 46,299 | |
Proceeds from issuance of common stock | 69 | 13 |
Repayment of commercial bank debt | -795 | |
Costs paid in connection with initial public offering | -501 | |
Net cash provided by financing activities | 45,072 | 13 |
Net change in cash and cash equivalents | 40,613 | -11,940 |
Cash and cash equivalents at beginning of the period | 13,899 | 36,457 |
Cash and cash equivalents at end of the period | 54,512 | 24,517 |
Supplemental schedule of noncash investing and financing activities | ||
Deferred initial public offering costs included in accounts payable and accrued expenses | $1,233 |
Organization_Business_Basis_of
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | 1. Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | ||||||||
Organization and Business | |||||||||
aTyr Pharma, Inc. (the Company) was incorporated in the state of Delaware on September 8, 2005. The Company is focused on the discovery and clinical development of innovative medicines for patients suffering from severe rare diseases. | |||||||||
Principles of Consolidation | |||||||||
The consolidated financial statements include the accounts of aTyr Pharma, Inc., its 98% majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma), and six variable interest entities (Affiliates), in which aTyr Pharma, Inc. was considered to be the primary beneficiary. The Affiliates were dissolved in the fourth quarter of 2014 and the Company continued the operating activities of the Affiliates. All intercompany transactions and balances are eliminated in consolidation. On May 12, 2015, the Company completed its initial public offering (IPO) of 6,164,000 shares of common stock at $14.00 per share, resulting in gross proceeds of approximately $86.3 million. | |||||||||
Reverse Stock Split | |||||||||
On May 5, 2015, the Company filed an amendment to its amended and restated certificate of incorporation to effect a one-for-7.95413 reverse stock split of the Company’s common stock (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock and the conversion ratio of the redeemable convertible preferred stock have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. | |||||||||
Unaudited Interim Financial Information | |||||||||
The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) and following the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2014, contained in the Company’s final prospectus dated May 6, 2015 filed by the Company with the SEC on May 7, 2015 pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the Securities Act), in connection with the Company’s IPO. The results for the three months ended March 31, 2015 are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. | |||||||||
Use of Estimates | |||||||||
The Company’s consolidated financial statements are prepared in accordance with GAAP. The preparation of the Company’s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to the fair value of equity issuances and awards, and clinical trials and research and development expense accruals. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. | |||||||||
Other Assets | |||||||||
Other assets primarily consist of legal, accounting and other direct costs related to the Company’s IPO. Upon the completion of the IPO on May 12, 2015, these costs were reclassified to additional paid-in capital as a reduction of the IPO proceeds (see Note 5). As of March 31, 2015, other assets consisted of $2.7 million of deferred IPO costs and $0.2 million of other long-term assets. | |||||||||
Net Loss Per Share | |||||||||
Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents and adjusted for the weighted average number of common shares outstanding that are subject to repurchase. The Company has excluded 39,439 and 67,878 shares subject to repurchase from the weighted average number of common shares outstanding for the three months ended March 31, 2015 and 2014, respectively. Diluted net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of redeemable convertible preferred stock, redeemable convertible preferred stock issuable upon conversion of convertible promissory note, warrants for the purchase of redeemable convertible preferred stock and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. | |||||||||
Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common share equivalents): | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Redeemable convertible preferred stock outstanding | 17,808,867 | 9,238,868 | |||||||
Redeemable convertible preferred stock issuable upon conversion of convertible promissory note | 94,455 | 94,455 | |||||||
Warrants for redeemable convertible preferred stock | 25,970 | 18,514 | |||||||
Common stock options | 1,799,392 | 1,132,670 | |||||||
19,728,684 | 10,484,507 | ||||||||
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 2. Fair Value Measurements | ||||||||||||||||
The carrying amounts of cash equivalents, prepaid and other assets, accounts payable and accrued liabilities are considered to be representative of their respective fair values because of the short-term nature of those instruments. Based on the borrowing rates currently available to the Company for loans with similar terms, which is considered a Level 2 input, the Company believes that the fair value of its commercial bank debt and convertible promissory notes approximate their carrying values. Investment securities and preferred stock warrant liabilities are recorded at fair value. As of March 31, 2015, the Company held no investment securities. | |||||||||||||||||
The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | |||||||||||||||||
Level 1: Observable inputs such as quoted prices in active markets. | |||||||||||||||||
Level 2: Inputs, other than the quoted prices in active markets that are observable either directly or indirectly. | |||||||||||||||||
Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. | |||||||||||||||||
Financial assets measured at fair value on a recurring basis consist of investment securities. Investment securities are recorded at fair value, defined as the exit price in the principal market in which the Company would transact, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Level 2 securities are valued using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data, or discounted cash flow techniques and include the Company’s investments in corporate debt securities and commercial paper. Financial liabilities measured at fair value on a recurring basis include the Company’s preferred stock warrant liabilities. None of the Company’s non-financial assets and liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. | |||||||||||||||||
Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
As of March 31, 2015: | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred stock warrant liabilities | $ | 242 | $ | — | $ | — | $ | 242 | |||||||||
As of December 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Corporate debt securities | $ | 1,954 | $ | — | $ | 1,954 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Preferred stock warrant liabilities | $ | 319 | $ | — | $ | — | $ | 319 | |||||||||
All warrant liabilities are recorded at fair value utilizing the Black-Scholes option pricing model using significant unobservable inputs consistent with the inputs used for the Company’s stock-based compensation expense adjusted for the warrants’ expected life. | |||||||||||||||||
The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands): | |||||||||||||||||
Warrant | |||||||||||||||||
Liabilities | |||||||||||||||||
Balance at December 31, 2014 | $ | 319 | |||||||||||||||
Change in fair value | (77 | ) | |||||||||||||||
Balance at March 31, 2015 | $ | 242 | |||||||||||||||
Debt_Commitments_and_Contingen
Debt, Commitments and Contingencies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Debt, Commitments and Contingencies | 3. Debt, Commitments and Contingencies | ||||||||
Commercial Bank Debt | |||||||||
Commercial bank debt and unamortized discount balances are as follows (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Commercial bank debt | $ | 7,645 | $ | 8,439 | |||||
Less debt discount, net of current portion | (42 | ) | (60 | ) | |||||
Commercial bank debt, net of debt discount | 7,603 | 8,379 | |||||||
Less current portion of commercial bank debt | (3,281 | ) | (3,237 | ) | |||||
Commercial bank debt, net of current portion | $ | 4,322 | $ | 5,142 | |||||
Current portion of commercial bank debt | $ | 3,281 | $ | 3,237 | |||||
Current portion of debt discount | (91 | ) | (103 | ) | |||||
Current portion of commercial bank debt | $ | 3,190 | $ | 3,134 | |||||
Future minimum principal and interest payments under the Company’s loan and security agreement with Silicon Valley Bank, including the final payment, are as follows (in thousands): | |||||||||
As of March 31, | |||||||||
2015 | |||||||||
2015 | $ | 2,716 | |||||||
2016 | 3,622 | ||||||||
2017 | 2,310 | ||||||||
8,648 | |||||||||
Less interest and final payment | (1,003 | ) | |||||||
Commercial bank debt | $ | 7,645 | |||||||
Facility Lease | |||||||||
In December 2011, the Company entered into a noncancelable operating lease that included certain tenant improvement allowances and is subject to base lease payments, which escalate over the term of the lease, additional charges for common area maintenance and other costs. The lease expires in May 2017 and the Company has an option to extend the lease for a period of five years. Rent expense for the three months ended March 31, 2015 and 2014 was $0.1 million. | |||||||||
In conjunction with this lease, the Company borrowed $2.0 million under a subordinated unsecured convertible promissory note issued to the venture arm of its landlord. The convertible promissory note carried an annual interest rate of 8.0% and matured at the earlier of (i) May 2015, (ii) a liquidation event, or (iii) the closing of an initial firm commitment underwritten public offering of the Company’s common stock pursuant to a registration statement under the Act, at which time all outstanding principal and accrued interest amounts would be due, unless previously converted. As of March 31, 2015 and December 31, 2014, the outstanding principal balance of the convertible promissory note was $2.0 million. As of March 31, 2015 and December 31, 2014, the accrued interest on the convertible promissory note was $0.5 million. The convertible note and accrued interest was repaid in full on May 13, 2015 in connection with the Company’s IPO (see Note 5). | |||||||||
Future minimum payments under the non-cancelable operating lease as of March 31, 2015 were as follows (in thousands): | |||||||||
Operating | |||||||||
Lease | |||||||||
2015 | $ | 446 | |||||||
2016 | 610 | ||||||||
2017 | 231 | ||||||||
$ | 1,287 | ||||||||
Research Agreements and Funding Obligations | |||||||||
In October 2007, the Company entered into a research funding and option agreement for certain technologies from The Scripps Research Institute (TSRI). Under the agreement, the Company provides funding to TSRI to conduct certain research activities. The agreement renews automatically for successive 12 month periods starting on May 31st of each year unless the Company provides 30 days’ prior written notice to terminate the agreement. TSRI has the right to terminate the agreement if the Company fails to make any payment under the agreement or for breach or insolvency. Under the research funding and option agreement, TSRI has granted the Company options to enter into license agreements to acquire rights and exclusive licenses to develop, make, have made, use, have used, import, have imported, offer to sell, sell, and have sold certain licensed products, processes and services based on certain technology arising from the sponsored research activities. Pursuant to the terms of these license agreements, TSRI is entitled to receive tiered royalties as a percentage of net sales and a percentage of nonroyalty revenue the Company may receive from its sublicensees or partners, with the amount owed decreasing if it enters into the applicable sublicense or partnering agreement after meeting a specified clinical milestone. In addition, the Company is obligated to pay TSRI up to an aggregate of $2.75 million under each license agreement upon the achievement of specific clinical and regulatory milestone events. In January 2015, the Company and TSRI entered into an amended and restated research funding and option agreement pursuant to which the Company agreed to issue 119,840 shares of its common stock to TSRI in consideration for the adjustment of sublicense payments and the assignment of certain intellectual property rights by TSRI to the Company. The $1.4 million fair value of the common stock issued to TSRI was recorded to research and development expense. The Company issued the shares of common stock to TSRI on March 31, 2015. | |||||||||
During the three months ended March 31, 2015 and 2014, excluding the fair value of the common stock issued to TSRI described above, the Company recognized expense under the agreement in the amount of $0.2 million. A member of the Company’s board of directors is a faculty member at TSRI and such payments fund a portion of his research activities conducted at TSRI. | |||||||||
During the three months ended March 31, 2015 and 2014, the Company provided charitable donations to the National Foundation for Cancer Research of $0.1 million. The Company has requested that the donations be restricted to certain basic research in cancer biology and therapeutics, a portion of which fund research activities conducted at TSRI in the laboratory of a member of the Company’s board of directors. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) | 4. Redeemable Convertible Preferred Stock and Stockholders’ Deficit | ||||||||||||||||||||
The authorized, issued and outstanding shares of redeemable convertible preferred stock by series were as follows (in thousands, except share and per share amounts): | |||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||
Shares | Shares | Liquidation | Liquidation | Carrying | |||||||||||||||||
Authorized | Outstanding | Preference | Preference | Value | |||||||||||||||||
Per Share | and | ||||||||||||||||||||
Redemption | |||||||||||||||||||||
Value | |||||||||||||||||||||
Series A | 2,925,000 | 2,925,000 | $ | 0.25 | $ | 731 | $ | 731 | |||||||||||||
Series B | 12,672,000 | 12,600,000 | 0.8333 | 10,500 | 10,500 | ||||||||||||||||
Series B-2 | 14,686,583 | 14,686,583 | 0.8333 | 12,238 | 12,238 | ||||||||||||||||
Series C | 25,015,959 | 25,000,002 | 0.94 | 23,500 | 23,500 | ||||||||||||||||
Series D | 20,473,329 | 18,275,830 | 2.662 | 48,650 | 48,650 | ||||||||||||||||
Series E | 68,166,894 | 68,166,894 | 1.119 | 76,279 | 45,676 | ||||||||||||||||
143,939,765 | 141,654,309 | $ | 171,898 | $ | 141,295 | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Shares | Shares | Liquidation | Liquidation | Carrying | |||||||||||||||||
Authorized | Outstanding | Preference | Preference | Value | |||||||||||||||||
Per Share | and | ||||||||||||||||||||
Redemption | |||||||||||||||||||||
Value | |||||||||||||||||||||
Series A | 2,925,000 | 2,925,000 | $ | 0.25 | $ | 731 | $ | 731 | |||||||||||||
Series B | 12,672,000 | 12,600,000 | 0.8333 | 10,500 | 10,500 | ||||||||||||||||
Series B-2 | 14,686,583 | 14,686,583 | 0.8333 | 12,238 | 12,238 | ||||||||||||||||
Series C | 25,015,959 | 25,000,002 | 0.94 | 23,500 | 23,500 | ||||||||||||||||
Series D | 20,473,329 | 18,275,830 | 2.662 | 48,650 | 48,650 | ||||||||||||||||
75,772,871 | 73,487,415 | $ | 95,619 | $ | 95,619 | ||||||||||||||||
Sale of Series E Redeemable Convertible Preferred Stock | |||||||||||||||||||||
On March 31, 2015, pursuant to a Series E stock purchase agreement, the Company issued an aggregate of 68,166,894 shares of its Series E redeemable convertible preferred stock at a purchase price of $1.119 per share, for aggregate cash consideration of $76.3 million, of which $46.3 million was received in March 2015 and $30.0 million in April 2015, and incurred $0.6 million of issuance costs. The Series E shares were considered issued and outstanding as of March 31, 2015 with a liquidation preference of $76.3 million. Each share of Series E redeemable convertible preferred stock was convertible into 0.12572 shares of the Company’s common stock. The purchase agreement also included an automatic conversion into approximately 0.10329 shares of common stock for each share of Series E redeemable convertible preferred stock upon completion of a qualified public offering on or before March 1, 2016. A qualified public offering must result in listing on a U.S. national securities exchange and at least $50.0 million of gross proceeds at a per share price of not less than $13.00. On May 12, 2015, all outstanding shares of the Company’s redeemable convertible preferred stock converted into 7,040,991 shares of the Company’s common stock in connection with the Company’s IPO (see Note 5). | |||||||||||||||||||||
2014 Stock Plan | |||||||||||||||||||||
On January 1, 2015, the number of shares of common stock reserved for issuance under the 2014 Stock Plan (the 2014 Plan) increased from 2,039,066 shares to 2,445,019 shares as a result of the evergreen provisions of the plan. On March 31, 2015, the Company’s board of directors and stockholders approved an increase in the number of shares of common stock reserved for issuance under the 2014 Plan from 2,445,019 shares to 3,480,079 shares. Upon the effectiveness of its IPO on May 6, 2015, the Company no longer grants awards under the 2014 Plan (see Note 5). | |||||||||||||||||||||
Stock option activity under the 2014 Plan is summarized as follows: | |||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||
Options | Average | ||||||||||||||||||||
Price | |||||||||||||||||||||
Balance at December 31, 2014 | 1,514,471 | $ | 4.6 | ||||||||||||||||||
Granted | 287,708 | $ | 9.15 | ||||||||||||||||||
Canceled | (2,776 | ) | $ | 4.26 | |||||||||||||||||
Exercised | (11 | ) | $ | 17.74 | |||||||||||||||||
Balance at March 31, 2015 | 1,799,392 | $ | 5.33 | ||||||||||||||||||
The allocation of stock-based compensation for all options and restricted stock awards is as follows (in thousands): | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Research and development | $ | 355 | $ | 43 | |||||||||||||||||
General and administrative | 248 | 103 | |||||||||||||||||||
$ | 603 | $ | 146 | ||||||||||||||||||
The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: | |||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Expected term (in years) | 6.02 – 6.08 | 6.52 – 6.56 | |||||||||||||||||||
Risk-free interest rate | 1.53 | % | 2.14 | % | |||||||||||||||||
Expected volatility | 100.9 | % | 111.1 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||
Common Stock Reserved for Future Issuance | |||||||||||||||||||||
Common stock reserved for future issuance is as follows: | |||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Conversion of redeemable convertible preferred stock | 17,808,867 | 9,238,868 | |||||||||||||||||||
Conversion of redeemable convertible preferred stock issuable upon conversion of promissory note | 94,455 | 94,455 | |||||||||||||||||||
Redeemable convertible preferred stock warrants | 25,970 | 25,970 | |||||||||||||||||||
Common stock options granted and outstanding | 1,799,392 | 1,514,471 | |||||||||||||||||||
Awards available under the 2014 Plan | 1,336,271 | 180,190 | |||||||||||||||||||
21,064,955 | 11,053,954 | ||||||||||||||||||||
Subsequent_Events
Subsequent Events | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Subsequent Events [Abstract] | |||||
Subsequent Events | 5. Subsequent Events | ||||
Stock Option Grants | |||||
On April 2, 2015 and April 17, 2015, the Company granted options to purchase an aggregate of 295,440 shares of common stock to members of the Company’s executive team and board of directors at an exercise price of $9.15 per share. On April 25, 2015, the Company granted options to purchase an aggregate of 56,471 shares of common stock to employees and consultants at an exercise price of $9.15 per share. In addition, the Company’s board of directors approved grants of options to purchase an aggregate of 377,158 shares of common stock to members of the Company’s executive team at an exercise price equal to the IPO price that were contingent upon the effectiveness of a registration statement on Form S-1 relating to an IPO, which occurred on May 6, 2015. | |||||
Approval of 2015 Plan | |||||
On April 25, 2015, the Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2015 Stock Option and Incentive Plan (the 2015 Plan). The 2015 Plan became effective on May 6, 2015. A total of 1,574,566 shares of the Company’s common stock were initially reserved for issuance under the 2015 Plan. In addition, the number of shares reserved and available for issuance under the 2015 Plan will automatically increase each January 1, beginning on January 1, 2016 and thereafter until January 1, 2019, by the lesser of (i) 1,840,000 shares, (ii) 4% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or (iii) an amount determined by the Company’s board of directors. Shares underlying any awards under the 2015 Plan and any awards granted under the 2014 Plan prior to the Company’s IPO that are forfeited, canceled, reacquired by us prior to vesting, satisfied without the issuance of stock or otherwise terminated (other than by exercise) will be added to shares available for issuance under the 2015 Plan. | |||||
Approval of the Employee Stock Purchase Plan | |||||
On April 25, 2015, the Company’s board of directors adopted, and the Company’s stockholders approved, the Company’s 2015 Employee Stock Purchase Plan (the 2015 ESPP). The 2015 ESPP became effective on May 6, 2015. A total of 227,623 shares of the Company’s common stock were initially reserved for issuance under the 2015 ESPP. In addition, the number of shares reserved and available for purchase under the 2015 ESPP will automatically increase each January 1, beginning on January 1, 2016 and thereafter until January 1, 2019, by 1% of the outstanding number of shares of the Company’s common stock on the immediately preceding December 31 or such lesser number of shares as determined by the administrator of the 2015 ESPP. | |||||
Initial Public Offering and Related Transactions | |||||
On May 12, 2015, the Company completed its IPO whereby it sold 6,164,000 shares of common stock at a public offering price of $14.00 per share. Estimated net proceeds from the IPO were determined as follows (in thousands): | |||||
Gross proceeds (including over-allotment) | $ | 86,296 | |||
Underwriting discounts and commissions | (6,041 | ) | |||
Estimated total offering costs (including costs paid as of March 31, 2015) | (3,400 | ) | |||
Offering costs paid as of March 31, 2015 | 1,500 | ||||
Estimated net proceeds to be received subsequent to March 31, 2015 | 78,355 | ||||
Repayment of convertible promissory note and accrued interest subsequent to March 31, 2015 | (2,542 | ) | |||
Estimated net cash impact of IPO and related transactions | $ | 75,813 | |||
In addition, each of the following occurred in connection with the completion of the Company’s IPO: | |||||
• | the conversion of all outstanding shares of redeemable convertible preferred stock into 16,279,859 shares of the Company’s common stock and the resultant reclassification of the Company’s redeemable convertible preferred stock to stockholders’ deficit; | ||||
• | the conversion of warrants to purchase 206,581 shares of redeemable convertible preferred stock into warrants to purchase 25,970 shares of the Company’s common stock and the resultant reclassification of the warrant liabilities to additional paid-in capital; and | ||||
• | the filing of an amended and restated certificate of incorporation on May 12, 2015, authorizing 150,000,000 shares of common stock and 7,285,456 shares of preferred stock, 5,000,000 of which is undesignated preferred stock. | ||||
FUJIFILM Diosynth Biotechnologies U.S.A., Inc. Agreement | |||||
On June 16, 2015, the Company entered into a Master Services Agreement (the MSA) with FUJIFILM Diosynth Biotechnologies U.S.A., Inc. (Fujifilm) to complete the development of the manufacturing process for, and for the production of, the active pharmaceutical ingredient for Resolaris. Pursuant to the MSA, Fujifilm will be engaged to provide the active ingredient for Resolaris to support future clinical trials, including potential pivotal trials. Under the initial scope of work executed pursuant to the MSA, Fujifilm will conduct process optimization, scale-up and demonstration, and cGMP manufacturing of the active pharmaceutical ingredient of Resolaris, and the Company is required to pay Fujifilm based on development and production milestones. As of March 31, 2015, the Company incurred no costs under the MSA. |
Organization_Business_Basis_of1
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Organization and Business | Organization and Business | ||||||||
aTyr Pharma, Inc. (the Company) was incorporated in the state of Delaware on September 8, 2005. The Company is focused on the discovery and clinical development of innovative medicines for patients suffering from severe rare diseases. | |||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||
The consolidated financial statements include the accounts of aTyr Pharma, Inc., its 98% majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma), and six variable interest entities (Affiliates), in which aTyr Pharma, Inc. was considered to be the primary beneficiary. The Affiliates were dissolved in the fourth quarter of 2014 and the Company continued the operating activities of the Affiliates. All intercompany transactions and balances are eliminated in consolidation. On May 12, 2015, the Company completed its initial public offering (IPO) of 6,164,000 shares of common stock at $14.00 per share, resulting in gross proceeds of approximately $86.3 million. | |||||||||
Reverse Stock Split | Reverse Stock Split | ||||||||
On May 5, 2015, the Company filed an amendment to its amended and restated certificate of incorporation to effect a one-for-7.95413 reverse stock split of the Company’s common stock (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. All issued and outstanding common stock and the conversion ratio of the redeemable convertible preferred stock have been retroactively adjusted to reflect this Reverse Stock Split for all periods presented. | |||||||||
Unaudited Interim Financial Information | Unaudited Interim Financial Information | ||||||||
The accompanying interim condensed consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with United States generally accepted accounting principles (GAAP) and following the requirements of the United States Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP can be condensed or omitted. In management’s opinion, the unaudited interim financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, which include only normal recurring adjustments, necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with the Company’s financial statements and accompanying notes for the fiscal year ended December 31, 2014, contained in the Company’s final prospectus dated May 6, 2015 filed by the Company with the SEC on May 7, 2015 pursuant to Rule 424(b) under the Securities Act of 1933, as amended (the Securities Act), in connection with the Company’s IPO. The results for the three months ended March 31, 2015 are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. | |||||||||
Use of Estimates | Use of Estimates | ||||||||
The Company’s consolidated financial statements are prepared in accordance with GAAP. The preparation of the Company’s consolidated financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s consolidated financial statements and accompanying notes. The most significant estimates in the Company’s consolidated financial statements relate to the fair value of equity issuances and awards, and clinical trials and research and development expense accruals. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. | |||||||||
Other Assets | Other Assets | ||||||||
Other assets primarily consist of legal, accounting and other direct costs related to the Company’s IPO. Upon the completion of the IPO on May 12, 2015, these costs were reclassified to additional paid-in capital as a reduction of the IPO proceeds (see Note 5). As of March 31, 2015, other assets consisted of $2.7 million of deferred IPO costs and $0.2 million of other long-term assets. | |||||||||
Net Loss Per Share | Net Loss Per Share | ||||||||
Basic net loss per share is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents and adjusted for the weighted average number of common shares outstanding that are subject to repurchase. The Company has excluded 39,439 and 67,878 shares subject to repurchase from the weighted average number of common shares outstanding for the three months ended March 31, 2015 and 2014, respectively. Diluted net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of common stock equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of redeemable convertible preferred stock, redeemable convertible preferred stock issuable upon conversion of convertible promissory note, warrants for the purchase of redeemable convertible preferred stock and options outstanding under the Company’s stock option plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the Company’s net loss position. | |||||||||
Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common share equivalents): | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Redeemable convertible preferred stock outstanding | 17,808,867 | 9,238,868 | |||||||
Redeemable convertible preferred stock issuable upon conversion of convertible promissory note | 94,455 | 94,455 | |||||||
Warrants for redeemable convertible preferred stock | 25,970 | 18,514 | |||||||
Common stock options | 1,799,392 | 1,132,670 | |||||||
19,728,684 | 10,484,507 | ||||||||
Organization_Business_Basis_of2
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share | Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive are as follows (in common share equivalents): | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Redeemable convertible preferred stock outstanding | 17,808,867 | 9,238,868 | |||||||
Redeemable convertible preferred stock issuable upon conversion of convertible promissory note | 94,455 | 94,455 | |||||||
Warrants for redeemable convertible preferred stock | 25,970 | 18,514 | |||||||
Common stock options | 1,799,392 | 1,132,670 | |||||||
19,728,684 | 10,484,507 | ||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands): | ||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Quoted Prices in | Significant | Significant | |||||||||||||||
Active Markets | Other | Unobservable | |||||||||||||||
for Identical | Observable | Inputs | |||||||||||||||
Assets | Inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
As of March 31, 2015: | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred stock warrant liabilities | $ | 242 | $ | — | $ | — | $ | 242 | |||||||||
As of December 31, 2014: | |||||||||||||||||
Assets: | |||||||||||||||||
Corporate debt securities | $ | 1,954 | $ | — | $ | 1,954 | $ | — | |||||||||
Liabilities: | |||||||||||||||||
Preferred stock warrant liabilities | $ | 319 | $ | — | $ | — | $ | 319 | |||||||||
Schedule of Reconciliation of All Liabilities Measured at Fair Value Using Level 3 Significant Unobservable Inputs | The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands): | ||||||||||||||||
Warrant | |||||||||||||||||
Liabilities | |||||||||||||||||
Balance at December 31, 2014 | $ | 319 | |||||||||||||||
Change in fair value | (77 | ) | |||||||||||||||
Balance at March 31, 2015 | $ | 242 | |||||||||||||||
Debt_Commitments_and_Contingen1
Debt, Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Commercial Bank Debt and Unamortized Discount | Commercial bank debt and unamortized discount balances are as follows (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Commercial bank debt | $ | 7,645 | $ | 8,439 | |||||
Less debt discount, net of current portion | (42 | ) | (60 | ) | |||||
Commercial bank debt, net of debt discount | 7,603 | 8,379 | |||||||
Less current portion of commercial bank debt | (3,281 | ) | (3,237 | ) | |||||
Commercial bank debt, net of current portion | $ | 4,322 | $ | 5,142 | |||||
Current portion of commercial bank debt | $ | 3,281 | $ | 3,237 | |||||
Current portion of debt discount | (91 | ) | (103 | ) | |||||
Current portion of commercial bank debt | $ | 3,190 | $ | 3,134 | |||||
Schedule of Future Minimum Principal and Interest Payments under Loan and Security Agreement Silicon Valley Bank Including Final Payment | Future minimum principal and interest payments under the Company’s loan and security agreement with Silicon Valley Bank, including the final payment, are as follows (in thousands): | ||||||||
As of March 31, | |||||||||
2015 | |||||||||
2015 | $ | 2,716 | |||||||
2016 | 3,622 | ||||||||
2017 | 2,310 | ||||||||
8,648 | |||||||||
Less interest and final payment | (1,003 | ) | |||||||
Commercial bank debt | $ | 7,645 | |||||||
Schedule of Future Minimum Payments under Non-cancelable Operating Lease | Future minimum payments under the non-cancelable operating lease as of March 31, 2015 were as follows (in thousands): | ||||||||
Operating | |||||||||
Lease | |||||||||
2015 | $ | 446 | |||||||
2016 | 610 | ||||||||
2017 | 231 | ||||||||
$ | 1,287 | ||||||||
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Summary of Authorized, Issued and Outstanding Shares of Redeemable Convertible Preferred Stock | The authorized, issued and outstanding shares of redeemable convertible preferred stock by series were as follows (in thousands, except share and per share amounts): | ||||||||||||||||||||
As of March 31, 2015: | |||||||||||||||||||||
Shares | Shares | Liquidation | Liquidation | Carrying | |||||||||||||||||
Authorized | Outstanding | Preference | Preference | Value | |||||||||||||||||
Per Share | and | ||||||||||||||||||||
Redemption | |||||||||||||||||||||
Value | |||||||||||||||||||||
Series A | 2,925,000 | 2,925,000 | $ | 0.25 | $ | 731 | $ | 731 | |||||||||||||
Series B | 12,672,000 | 12,600,000 | 0.8333 | 10,500 | 10,500 | ||||||||||||||||
Series B-2 | 14,686,583 | 14,686,583 | 0.8333 | 12,238 | 12,238 | ||||||||||||||||
Series C | 25,015,959 | 25,000,002 | 0.94 | 23,500 | 23,500 | ||||||||||||||||
Series D | 20,473,329 | 18,275,830 | 2.662 | 48,650 | 48,650 | ||||||||||||||||
Series E | 68,166,894 | 68,166,894 | 1.119 | 76,279 | 45,676 | ||||||||||||||||
143,939,765 | 141,654,309 | $ | 171,898 | $ | 141,295 | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||||||
Shares | Shares | Liquidation | Liquidation | Carrying | |||||||||||||||||
Authorized | Outstanding | Preference | Preference | Value | |||||||||||||||||
Per Share | and | ||||||||||||||||||||
Redemption | |||||||||||||||||||||
Value | |||||||||||||||||||||
Series A | 2,925,000 | 2,925,000 | $ | 0.25 | $ | 731 | $ | 731 | |||||||||||||
Series B | 12,672,000 | 12,600,000 | 0.8333 | 10,500 | 10,500 | ||||||||||||||||
Series B-2 | 14,686,583 | 14,686,583 | 0.8333 | 12,238 | 12,238 | ||||||||||||||||
Series C | 25,015,959 | 25,000,002 | 0.94 | 23,500 | 23,500 | ||||||||||||||||
Series D | 20,473,329 | 18,275,830 | 2.662 | 48,650 | 48,650 | ||||||||||||||||
75,772,871 | 73,487,415 | $ | 95,619 | $ | 95,619 | ||||||||||||||||
Summary of Stock Option Activity | Stock option activity under the 2014 Plan is summarized as follows: | ||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||
Options | Average | ||||||||||||||||||||
Price | |||||||||||||||||||||
Balance at December 31, 2014 | 1,514,471 | $ | 4.6 | ||||||||||||||||||
Granted | 287,708 | $ | 9.15 | ||||||||||||||||||
Canceled | (2,776 | ) | $ | 4.26 | |||||||||||||||||
Exercised | (11 | ) | $ | 17.74 | |||||||||||||||||
Balance at March 31, 2015 | 1,799,392 | $ | 5.33 | ||||||||||||||||||
Schedule of Allocation of Stock-Based Compensation for All Options and Restricted Stock Awards | The allocation of stock-based compensation for all options and restricted stock awards is as follows (in thousands): | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Research and development | $ | 355 | $ | 43 | |||||||||||||||||
General and administrative | 248 | 103 | |||||||||||||||||||
$ | 603 | $ | 146 | ||||||||||||||||||
Summary of Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Employee Stock Option Grants | The assumptions used in the Black-Scholes option pricing model to determine the fair value of the employee stock option grants were as follows: | ||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||
March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Expected term (in years) | 6.02 – 6.08 | 6.52 – 6.56 | |||||||||||||||||||
Risk-free interest rate | 1.53 | % | 2.14 | % | |||||||||||||||||
Expected volatility | 100.9 | % | 111.1 | % | |||||||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||||||
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance is as follows: | ||||||||||||||||||||
March 31, | December 31, | ||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Conversion of redeemable convertible preferred stock | 17,808,867 | 9,238,868 | |||||||||||||||||||
Conversion of redeemable convertible preferred stock issuable upon conversion of promissory note | 94,455 | 94,455 | |||||||||||||||||||
Redeemable convertible preferred stock warrants | 25,970 | 25,970 | |||||||||||||||||||
Common stock options granted and outstanding | 1,799,392 | 1,514,471 | |||||||||||||||||||
Awards available under the 2014 Plan | 1,336,271 | 180,190 | |||||||||||||||||||
21,064,955 | 11,053,954 | ||||||||||||||||||||
Subsequent_Events_Tables
Subsequent Events (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Subsequent Events [Abstract] | |||||
Schedule of Estimated Net Proceeds From IPO | Estimated net proceeds from the IPO were determined as follows (in thousands): | ||||
Gross proceeds (including over-allotment) | $ | 86,296 | |||
Underwriting discounts and commissions | (6,041 | ) | |||
Estimated total offering costs (including costs paid as of March 31, 2015) | (3,400 | ) | |||
Offering costs paid as of March 31, 2015 | 1,500 | ||||
Estimated net proceeds to be received subsequent to March 31, 2015 | 78,355 | ||||
Repayment of convertible promissory note and accrued interest subsequent to March 31, 2015 | (2,542 | ) | |||
Estimated net cash impact of IPO and related transactions | $ | 75,813 | |||
Organization_Business_Basis_of3
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 0 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | 12-May-15 | Dec. 31, 2014 | |
Entity | ||||
Description Of Business [Line Items] | ||||
Number of variable interest entities | 6 | |||
Common stock, Initial Public Offering price per share | $0.00 | $0.00 | ||
Reverse stock split of company's common stock | On May 5, 2015, the Company filed an amendment to its amended and restated certificate of incorporation to effect a one-for-7.95413 reverse stock split of the Company's common stock (the Reverse Stock Split). The par value and the authorized shares of the common and convertible preferred stock were not adjusted as a result of the Reverse Stock Split. | |||
Ratio of reverse stock split of company's common stock | 7.95413 | |||
Other long-term assets | $200,000 | |||
Weighted average shares subject to repurchase | 39,439 | 67,878 | ||
IPO [Member] | ||||
Description Of Business [Line Items] | ||||
Deferred IPO costs | 2,700,000 | |||
Pangu BioPharma [Member] | Hong Kong [Member] | ||||
Description Of Business [Line Items] | ||||
Majority-owned subsidiary percentage | 98.00% | |||
Subsequent Event [Member] | IPO [Member] | ||||
Description Of Business [Line Items] | ||||
Issuance of common stock (shares) | 6,164,000 | |||
Common stock, Initial Public Offering price per share | $14 | |||
Gross proceeds (including over-allotment) | $86,296,000 |
Organization_Business_Basis_of4
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Schudule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 19,728,684 | 10,484,507 |
Common Stock Options Granted and Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 1,799,392 | 1,132,670 |
Redeemable Convertible Preferred Stock Outstanding [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 17,808,867 | 9,238,868 |
Redeemable Convertible Preferred Stock Issuable upon Conversion of Convertible Promissory Note [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 94,455 | 94,455 |
Redeemable Convertible Preferred Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted net loss per share | 25,970 | 18,514 |
Fair_value_Measurements_Additi
Fair value Measurements - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | ||
Investment securities | $0 | $1,954 |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Preferred Stock Warrant Liabilities [Member] | ||
Liabilities: | ||
Total liabilities measured at fair value | $242 | $319 |
Preferred Stock Warrant Liabilities [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Total liabilities measured at fair value | 242 | 319 |
Corporate Debt Securities [Member] | ||
Assets: | ||
Total assets measured at fair value | 1,954 | |
Corporate Debt Securities [Member] | Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Total assets measured at fair value | $1,954 |
Fair_Value_Measurements_Schedu1
Fair Value Measurements - Schedule of Reconciliation of All Liabilities Measured at Fair Value Using Level 3 Significant Unobservable Inputs (Detail) (Warrant Liabilities [Member], USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Warrant Liabilities [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $319 |
Change in fair value | -77 |
Ending balance | $242 |
Debt_Commitments_and_Contingen2
Debt, Commitments and Contingencies - Schedule of Commercial Bank Debt and Unamortized Discount (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Commercial bank debt, net of current portion | $4,322 | $5,142 |
Current portion of commercial bank debt | 3,190 | 3,134 |
Commercial Bank Debt [Member] | ||
Debt Instrument [Line Items] | ||
Commercial bank debt | 7,645 | 8,439 |
Less debt discount, net of current portion | -42 | -60 |
Commercial bank debt, net of debt discount | 7,603 | 8,379 |
Current portion of commercial bank debt | -3,281 | -3,237 |
Commercial bank debt, net of current portion | 4,322 | 5,142 |
Commercial bank debt, net of debt discount | 7,603 | 8,379 |
Current portion of commercial bank debt | 3,281 | 3,237 |
Current portion of debt discount | -91 | -103 |
Current portion of commercial bank debt | $3,190 | $3,134 |
Debt_Commitments_and_Contingen3
Debt, Commitments and Contingencies - Schedule of Future Minimum Principal and Interest Payments under Loan and Security Agreement Silicon Valley Bank Including Final Payment (Detail) (Silicon Valley Bank [Member], USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Silicon Valley Bank [Member] | |
Debt Instrument [Line Items] | |
2015 | $2,716 |
2016 | 3,622 |
2017 | 2,310 |
Commercial bank debt, net of debt discount | 8,648 |
Future minimum principal payments, total | 8,648 |
Less interest and final payment | -1,003 |
Commercial bank debt | $7,645 |
Debt_Commitments_and_Contingen4
Debt, Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||
Dec. 31, 2011 | Mar. 31, 2015 | Mar. 31, 2014 | Jan. 31, 2015 | Oct. 31, 2007 | Dec. 31, 2014 | |
Debt Instrument [Line Items] | ||||||
Noncancellable operating lease expiration period | 2017-05 | |||||
Extended term of lease | 5 years | |||||
Rent expense | $100,000 | $100,000 | ||||
Convertible promissory note | 2,000,000 | 2,000,000 | ||||
Accrued interest on convertible promissory note | 500,000 | 500,000 | ||||
Convertible note and accrued interest repayment date | 13-May-15 | |||||
Research and development expenses | 6,593,000 | 4,388,000 | ||||
The Scripps Research Institute [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Obligation to pay an aggregate amount under agreement | 2,750,000 | |||||
Research Funding and Option Agreement [Member] | The Scripps Research Institute [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Agreement renewal period | 12 months | |||||
Written notice period to terminate the agreement | 30 days | |||||
Issue of common stock, shares in consideration for adjustment of sublicense payments | 119,840 | |||||
Fair value of common stock issued | 1,400,000 | |||||
Research and development expenses | 200,000 | 200,000 | ||||
Research Funding and Option Agreement [Member] | National Foundation for Cancer Research [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Charitable donations | 100,000 | 100,000 | ||||
Subordinated Unsecured Convertible Promissory Note [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Convertible promissory note borrowed | 2,000,000 | |||||
Interest rate on convertible promissory note | 8.00% | |||||
Convertible promissory note, description | The convertible promissory note carried an annual interest rate of 8.0% and matured at the earlier of (i) May 2015, (ii) a liquidation event, or (iii) the closing of an initial firm commitment underwritten public offering of the Company's common stock pursuant to a registration statement under the Act, at which time all outstanding principal and accrued interest amounts would be due, unless previously converted. |
Debt_Commitments_and_Contingen5
Debt, Commitments and Contingencies - Schedule of Future Minimum Payments under Non-cancelable Operating Lease (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Leases, Operating [Abstract] | |
2015 | $446 |
2016 | 610 |
2017 | 231 |
Operating Lease , total | $1,287 |
Redeemable_Convertible_Preferr2
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Authorized, Issued and Outstanding Shares of Reedemable Convertible Preferred Stock (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 143,939,765 | 75,772,871 |
Shares Outstanding | 141,654,309 | 73,487,415 |
Liquidation Preference and Redemption Value | $171,898 | $95,619 |
Carrying Value | 141,295 | 95,619 |
Series A Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 2,925,000 | 2,925,000 |
Shares Outstanding | 2,925,000 | 2,925,000 |
Liquidation Preference Per Share | $0.25 | $0.25 |
Liquidation Preference and Redemption Value | 731 | 731 |
Carrying Value | 731 | 731 |
Series B Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 12,672,000 | 12,672,000 |
Shares Outstanding | 12,600,000 | 12,600,000 |
Liquidation Preference Per Share | $0.83 | $0.83 |
Liquidation Preference and Redemption Value | 10,500 | 10,500 |
Carrying Value | 10,500 | 10,500 |
Series B-2 Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 14,686,583 | 14,686,583 |
Shares Outstanding | 14,686,583 | 14,686,583 |
Liquidation Preference Per Share | $0.83 | $0.83 |
Liquidation Preference and Redemption Value | 12,238 | 12,238 |
Carrying Value | 12,238 | 12,238 |
Series C Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 25,015,959 | 25,015,959 |
Shares Outstanding | 25,000,002 | 25,000,002 |
Liquidation Preference Per Share | $0.94 | $0.94 |
Liquidation Preference and Redemption Value | 23,500 | 23,500 |
Carrying Value | 23,500 | 23,500 |
Series D Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 20,473,329 | 20,473,329 |
Shares Outstanding | 18,275,830 | 18,275,830 |
Liquidation Preference Per Share | $2.66 | $2.66 |
Liquidation Preference and Redemption Value | 48,650 | 48,650 |
Carrying Value | 48,650 | 48,650 |
Series E Preferred Stock [Member] | ||
Temporary Equity [Line Items] | ||
Shares Authorized | 68,166,894 | |
Shares Outstanding | 68,166,894 | |
Liquidation Preference Per Share | $1.12 | |
Liquidation Preference and Redemption Value | 76,279 | |
Carrying Value | $45,676 |
Redeemable_Convertible_Preferr3
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | 0 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2015 | Apr. 30, 2015 | 12-May-15 | Dec. 31, 2014 | Jan. 01, 2015 | |
Class of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued | 141,654,309 | 141,654,309 | 73,487,415 | |||
Convertible preferred stock, Issuance costs | $501,000 | |||||
Redeemable convertible preferred stock, liquidation preference | 171,898,000 | 171,898,000 | 95,619,000 | |||
Number of common stock shares reserved for issuance | 21,064,955 | 21,064,955 | 11,053,954 | |||
2014 Stock Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of common stock shares reserved for issuance | 1,336,271 | 1,336,271 | 180,190 | |||
IPO [Member] | 2014 Stock Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of common stock shares reserved for issuance | 2,039,066 | 2,445,019 | ||||
January 1, 2015 [Member] | IPO [Member] | 2014 Stock Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of common stock shares reserved for issuance | 2,445,019 | 2,445,019 | ||||
March 31, 2015 [Member] | IPO [Member] | 2014 Stock Plan [Member] | ||||||
Class of Stock [Line Items] | ||||||
Number of common stock shares reserved for issuance | 3,480,079 | 3,480,079 | ||||
Series E redeemable convertible preferred stock [Member] | IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Convertible preferred stock, shares issued | 68,166,894 | 68,166,894 | ||||
Convertible preferred stock, purchase price | $1.12 | $1.12 | ||||
Convertible preferred stock, total cash consideration | 76,300,000 | 76,300,000 | ||||
Convertible preferred stock, cash consideration received | 46,300,000 | |||||
Convertible preferred stock, Issuance costs | 600,000 | |||||
Conversion of convertible preferred stock to common stock | 0.12572 | |||||
Redeemable convertible preferred stock, liquidation preference | 76,300,000 | 76,300,000 | ||||
Series E redeemable convertible preferred stock [Member] | IPO [Member] | Qualified Public Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Conversion of convertible preferred stock to common stock | 0.10329 | |||||
Series E redeemable convertible preferred stock [Member] | Minimum [Member] | IPO [Member] | Qualified Public Offering [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of public offering | 50,000,000 | |||||
Sale of stock, price per share | $13 | $13 | ||||
Subsequent [Member] | Series E redeemable convertible preferred stock [Member] | IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Convertible preferred stock, cash consideration received | 30,000,000 | |||||
Subsequent Event [Member] | IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds from issuance of public offering | $86,296,000 | |||||
Subsequent Event [Member] | Series E redeemable convertible preferred stock [Member] | IPO [Member] | ||||||
Class of Stock [Line Items] | ||||||
Conversion of redeemable convertible preferred stock into common stock | 7,040,991 |
Redeemable_Convertible_Preferr4
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Stock Option Activity (Detail) (2014 Stock Plan [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
2014 Stock Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Options, Beginning Balance | 1,514,471 |
Number of Options, Granted | 287,708 |
Number of Options, Canceled | -2,776 |
Number of Options, Exercised | -11 |
Number of Options, Ending Balance | 1,799,392 |
Weighted Average Price, Beginning Balance | $4.60 |
Weighted Average Price, Granted | $9.15 |
Weighted Average Price, Canceled | $4.26 |
Weighted Average Price, Exercised | $17.74 |
Weighted Average Price, Ending Balance | $5.33 |
Redeemable_Convertible_Preferr5
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Schedule of Allocation of Stock-Based Compensation for All Options and Restricted Stock Awards (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $603 | $146 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 355 | 43 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $248 | $103 |
Redeemable_Convertible_Preferr6
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Assumptions Used in Black-Scholes Option Pricing Model to Determine Fair Value of Employee Stock Option Grants (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.53% | 2.14% |
Expected volatility | 100.90% | 111.10% |
Expected dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 7 days | 6 years 6 months 7 days |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 29 days | 6 years 6 months 22 days |
Redeemable_Convertible_Preferr7
Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) - Summary of Common Stock Reserved for Future Issuance (Detail) | Mar. 31, 2015 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 21,064,955 | 11,053,954 |
Redeemable Convertible Preferred Stock Outstanding [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 17,808,867 | 9,238,868 |
Conversion of Redeemable Convertible Preferred Stock Issuable upon Conversion of Promissory Note [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 94,455 | 94,455 |
Redeemable Convertible Preferred Stock Warrants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 25,970 | 25,970 |
Common Stock Options Granted and Outstanding [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 1,799,392 | 1,514,471 |
2014 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for future issuance | 1,336,271 | 180,190 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | ||||
Apr. 25, 2015 | 12-May-15 | Apr. 17, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | |
Subsequent Event [Line Items] | |||||
Number of common stock shares reserved for issuance | 21,064,955 | 11,053,954 | |||
Common stock, Initial Public Offering price per share | $0.00 | $0.00 | |||
Common stock, shares authorized | 185,000,000 | 95,500,000 | |||
Redeemable Convertible Preferred Stock Outstanding [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of common stock shares reserved for issuance | 17,808,867 | 9,238,868 | |||
Scenario Forecast [Member] | 2015 Stock Option and Incentive Plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage threshold of outstanding shares as of December 31 of each year for calculation of annual increase in authorized shares under the plan | 4.00% | ||||
Scenario Forecast [Member] | 2015 Stock Option and Incentive Plan [Member] | Maximum [Member] | |||||
Subsequent Event [Line Items] | |||||
Annual increase in shares authorized under plan, shares threshold | 1,840,000 | ||||
Scenario Forecast [Member] | 2015 Employee Stock Purchase Plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Percentage threshold of outstanding shares as of December 31 of each year for calculation of annual increase in authorized shares under the plan | 1.00% | ||||
Subsequent Event [Member] | IPO [Member] | |||||
Subsequent Event [Line Items] | |||||
Issuance of common stock (shares) | 6,164,000 | ||||
Common stock, Initial Public Offering price per share | $14 | ||||
Subsequent Event [Member] | IPO [Member] | Redeemable Convertible Preferred Stock Outstanding [Member] | |||||
Subsequent Event [Line Items] | |||||
Shares issued upon conversion | 16,279,859 | ||||
Subsequent Event [Member] | Warrant Equity [Member] | IPO [Member] | Redeemable Convertible Preferred Stock Outstanding [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants issued upon conversion | 206,581 | ||||
Subsequent Event [Member] | Common Stock [Member] | Warrant Equity [Member] | IPO [Member] | Warrant Liabilities [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrants issued upon conversion | 25,970 | ||||
Subsequent Event [Member] | 2015 Stock Option and Incentive Plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of common stock shares reserved for issuance | 1,574,566 | ||||
Subsequent Event [Member] | 2015 Employee Stock Purchase Plan [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of common stock shares reserved for issuance | 227,623 | ||||
Subsequent Event [Member] | Amended and Restated Certificate of Incorporation [Member] | IPO [Member] | |||||
Subsequent Event [Line Items] | |||||
Common stock, shares authorized | 150,000,000 | ||||
Preferred stock, shares authorized | 7,285,456 | ||||
Subsequent Event [Member] | Amended and Restated Certificate of Incorporation [Member] | IPO [Member] | Undesignated Preferred Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Preferred stock, shares authorized | 5,000,000 | ||||
Subsequent Event [Member] | Executive Team and Board of Directors [Member] | |||||
Subsequent Event [Line Items] | |||||
Options granted to purchase aggregate shares | 377,158 | ||||
Subsequent Event [Member] | Executive Team and Board of Directors [Member] | Common Stock [Member] | |||||
Subsequent Event [Line Items] | |||||
Options granted to purchase aggregate shares | 56,471 | 295,440 | |||
Exercise price, per share | 9.15 | $9.15 |
Subsequent_Events_Schedule_of_
Subsequent Events - Schedule of Estimated Net Proceeds From IPO (Detail) (Subsequent Event [Member], IPO [Member], USD $) | 0 Months Ended |
12-May-15 | |
Subsequent Event [Line Items] | |
Gross proceeds (including over-allotment) | $86,296,000 |
Underwriting discounts and commissions | -6,041,000 |
Estimated total offering costs (including costs paid as of March 31, 2015) | -3,400,000 |
Offering costs paid as of March 31, 2015 | 1,500,000 |
Estimated net proceeds to be received subsequent to March 31, 2015 | 78,355,000 |
Estimated net cash impact of IPO and related transactions | 75,813,000 |
Convertible Promissory Note [Member] | |
Subsequent Event [Line Items] | |
Repayment of convertible promissory note and accrued interest subsequent to March 31, 2015 | ($2,542,000) |