Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2018 | Nov. 08, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | LIFE | |
Entity Registrant Name | aTYR PHARMA INC | |
Entity Central Index Key | 1,339,970 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Common Stock, Shares Outstanding | 30,023,543 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 31,547 | $ 21,091 |
Available-for-sale investments, short-term | 24,414 | 64,028 |
Prepaid expenses and other assets | 1,684 | 1,866 |
Total current assets | 57,645 | 86,985 |
Property and equipment, net | 2,039 | 2,280 |
Other assets | 90 | 90 |
Total assets | 59,774 | 89,355 |
Current liabilities: | ||
Accounts payable | 599 | 2,276 |
Accrued expenses | 2,382 | 3,103 |
Current portion of long-term debt, net of issuance costs and discount | 7,742 | 5,012 |
Total current liabilities | 10,723 | 10,391 |
Long-term debt, net of current portion and issuance costs and discount | 10,065 | 14,719 |
Commitments and contingencies (Note 3) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; undesignated authorized shares – 5,000,000 at September 30, 2018 and December 31 2017; Class X Convertible Preferred Stock issued and outstanding shares – 2,285,952 as of September 30, 2018 and December 31, 2017 | 2 | 2 |
Common stock, $0.001 par value; authorized shares – 150,000,000 as of September 30, 2018 and December 31, 2017; issued and outstanding shares – 29,865,509 and 29,789,162 as of September 30, 2018 and December 31, 2017, respectively | 30 | 30 |
Additional paid-in capital | 331,390 | 328,519 |
Accumulated other comprehensive loss | (57) | (120) |
Accumulated deficit | (292,379) | (264,186) |
Total stockholders’ equity | 38,986 | 64,245 |
Total liabilities and stockholders’ equity | $ 59,774 | $ 89,355 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 30, 2018 | Dec. 31, 2017 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 29,865,509 | 29,789,162 |
Common stock, shares outstanding | 29,865,509 | 29,789,162 |
Class X Convertible Preferred Stock [Member] | ||
Preferred stock, shares issued | 2,285,952 | 2,285,952 |
Preferred stock, shares outstanding | 2,285,952 | 2,285,952 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Operating expenses: | ||||
Research and development | $ 4,202 | $ 7,133 | $ 16,836 | $ 24,757 |
General and administrative | 2,475 | 3,694 | 10,021 | 11,188 |
Total operating expenses | 6,677 | 10,827 | 26,857 | 35,945 |
Loss from operations | (6,677) | (10,827) | (26,857) | (35,945) |
Total other expense, net | (437) | (363) | (1,336) | (788) |
Net loss | $ (7,114) | $ (11,190) | $ (28,193) | $ (36,733) |
Net loss per share attributable to common stock holders, basic and diluted | $ (0.24) | $ (0.43) | $ (0.95) | $ (1.50) |
Weighted average common stock shares outstanding, basic and diluted | 29,858,393 | 25,818,008 | 29,832,424 | 24,462,835 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (7,114) | $ (11,190) | $ (28,193) | $ (36,733) |
Other comprehensive gain (loss): | ||||
Change in unrealized gain (loss) on available for sale investments | 28 | (6) | 63 | 13 |
Comprehensive loss | $ (7,086) | $ (11,196) | $ (28,130) | $ (36,720) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2018 | Sep. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (28,193) | $ (36,733) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 567 | 552 |
Stock-based compensation | 2,829 | 3,649 |
Debt discount accretion and non-cash interest expense | 743 | 414 |
Amortization (accretion) of premium (discount) of available-for-sale investment securities | (213) | 113 |
Deferred rent | (130) | |
Changes in operating assets and liabilities | ||
Prepaid expenses and other assets | 182 | 802 |
Accounts payable and accrued expenses | (2,139) | (725) |
Net cash used in operating activities | (26,224) | (32,058) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (585) | (1,152) |
Purchases of available-for-sale investment securities | (23,375) | (65,302) |
Maturities of available-for-sale investment securities | 63,265 | 42,347 |
Net cash provided by (used in) investing activities | 39,305 | (24,107) |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock through option exercises | 14 | 37 |
Proceeds from issuance of common stock through employee purchase plan | 28 | 88 |
Proceeds from borrowing, net | 4,930 | |
Repayment on borrowing | (2,667) | |
Proceeds from issuance of securities in the Private Placement, net of issuance cost | 42,487 | |
Net cash (used in) provided by financing activities | (2,625) | 47,542 |
Net change in cash and cash equivalents | 10,456 | (8,623) |
Cash and cash equivalents at beginning of period | 21,091 | 38,388 |
Cash and cash equivalents at the end of period | $ 31,547 | $ 29,765 |
Organization, Business, Basis o
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2018 | |
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. (we, us, and our) was incorporated in the state of Delaware on September 8, 2005. We are focused on the discovery and development of innovative medicines based on novel immunological pathways. In May 2018, we implemented a corporate restructuring and program prioritization plan (Restructuring Plan) to streamline our operations and concentrate development efforts on the advancement of our therapeutic candidate, ATYR1923. In connection with the Restructuring Plan, we reduced our workforce by approximately 30% to 42 full-time employees. We completed the workforce reduction in June 2018. We recorded charges of approximately $0.9 million for employee severance and other related termination benefits and approximately $0.4 million in one-time, non-cash stock-based compensation charges due to the acceleration of time-based vesting provisions of outstanding equity awards in according with our Executive Severance and Change in Control Policy. Principles of Consolidation Our condensed consolidated financial statements include our accounts and our 98% majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma). All intercompany transactions and balances are eliminated in consolidation. 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. 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 our financial position and our results of operations and cash flows for periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2017, contained in our Annual Report on Form 10-K filed with the SEC on March 20, 2018. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. Liquidity and Financial Condition We have incurred losses and negative cash flows from operations since our inception. As of September 30, 2018, we had an accumulated deficit of $292.4 million and we expect to continue to incur net losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale investments, of $56.0 million as of September 30, 2018 will be sufficient to meet our anticipated cash requirements for a period of one year from the filing date of this Quarterly Report. We do not expect to generate any revenues from product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years at a minimum. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we will need to raise substantial additional capital to fund our operations. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our preclinical and clinical development efforts and the timing and nature of the regulatory approval process for our product candidates. We anticipate that we will seek to fund our operations through public or private equity or debt financings, collaborations, strategic partnerships or other sources. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. Our inability to raise capital or enter into such other arrangements when needed would have a negative impact on our financial condition and ability to develop our product candidates. Use of Estimates Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements and accompanying notes. The most significant estimates in our condensed 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 our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications were not material to the condensed consolidated financial statements. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss 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. For the three months and nine months ended September 30, 2017, we have excluded 175 shares and 4,607 shares, respectively, subject to repurchase from the weighted average number of common shares outstanding. Diluted net loss per share is calculated by dividing the net loss 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 convertible preferred stock, warrants for common stock, options and restricted stock units outstanding under our stock option plan and estimated shares to be purchased under our employee stock purchase plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our 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): Three and Nine Months Ended September 30, 2018 2017 Class X Convertible Preferred Stock (if-converted) 11,429,760 11,429,760 Warrants for common stock 6,682,708 6,642,332 Common stock options and restricted stock units 5,618,490 4,745,715 Employee stock purchase plan 27,196 38,862 23,758,154 22,856,669 Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) n entity to apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) inancing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements Amendments to Subtopic 718-40, Compensation–Stock Compensation–Income Taxes, This includes deductions that are taken on the entity’s tax return in a different period from when the event that gives rise to the tax deduction occurs and the uncertainty about whether (1) the entity will receive a tax deduction and (2) the amount of the tax deduction is resolved. Some of the amendments in ASU No. 2018-09 do not require transition guidance and are effective immediately and others have transition guidance with effective dates for annual periods beginning after December 15, 2018 for public business entities. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements The carrying amounts of cash equivalents, prepaid expenses 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 us for loans with similar terms, which is considered a Level 2 input, we believe that the carrying value of our Term Loans approximates their fair value. Investment securities are recorded at fair value. 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 we 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 our investments in corporate debt securities and commercial paper. We have no financial liabilities measured at fair value on a recurring basis. None of our non-financial assets and liabilities is recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented. Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using Total Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2018: Assets: Current: Cash equivalents $ 21,475 $ 21,475 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 3,744 — 3,744 — Commercial paper 5,787 — 5,787 — Corporate debt securities 7,894 — 7,894 — United States Treasury securities 6,989 6,989 — — Sub-total short-term investments 24,414 6,989 17,425 — Total assets measured at fair value $ 45,889 $ 28,464 $ 17,425 $ — As of December 31, 2017: Assets: Current: Cash equivalents $ 9,070 $ 9,070 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 6,497 — 6,497 — Commercial paper 21,943 — 21,943 — Corporate debt securities 18,260 — 18,260 — United States Treasury securities 17,328 17,328 — — Sub-total short-term investments 64,028 17,328 46,700 — Total assets measured at fair value $ 73,098 $ 26,398 $ 46,700 $ — As of September 30, 2018 and December 31, 2017 available-for-sale investments are detailed as follows (in thousands): September 30, 2018 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 3,745 $ — $ (1 ) $ 3,744 Commercial paper 5,787 — — 5,787 Corporate debt securities 7,896 — (2 ) 7,894 United States Treasury securities 6,993 — (4 ) 6,989 $ 24,421 $ — $ (7 ) $ 24,414 December 31, 2017 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 6,501 $ — $ (4 ) $ 6,497 Commercial paper 21,943 — — 21,943 Corporate debt securities 18,286 — (26 ) 18,260 United States Treasury securities 17,368 — (40 ) 17,328 $ 64,098 $ — $ (70 ) $ 64,028 As of September 30, 2018, all of our available-for-sale investments have a variety of effective maturity dates of less than one year. As of September 30, 2018, there are 11 available-for-sale investments in gross unrealized loss position, all of which had been in such position for less than twelve months. At each reporting date, we perform an evaluation of impairment to determine if the unrealized losses are other-than-temporary. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition of the issuer, and our intent and ability to hold the investment until recovery of its amortized cost basis. We intend, and have the ability, to hold our investments in unrealized loss positions until their amortized cost basis has been recovered. Based on our evaluation, we determined that the unrealized losses were not other-than-temporary as of September 30, 2018. |
Debt, Commitments and Contingen
Debt, Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instruments [Abstract] | |
Debt, Commitments and Contingencies | 3. Debt, Commitments and Contingencies Term Loans In November 2016, we entered into a loan and security agreement and subsequently entered amendments (collectively, the Loan Agreement), for term loans with Silicon Valley Bank (SVB) and Solar Capital Ltd. (Solar), to borrow up to $20.0 million issuable in three separate tranches (the Term Loans), $10.0 million of which was funded in November 2016, $5.0 million of which was funded in June 2017 and $5.0 million of which was funded in December 2017. Under the Loan Agreement, we are obligated to make interest only payments through June 1, 2018, followed by consecutive equal monthly payments of principal and interest in arrears through the maturity date of November 18, 2020. Accordingly, we started paying the Term Loans in June 2018. The Term Loans bear interest at the prime rate, as reported in The Wall Street Journal on the last date of the month preceding the month in which interest will accrue, plus 4.10%. A final payment equal to 8.75% of the funded amounts is payable when the Term Loans become due or upon the prepayment of the respective outstanding balance. We have the option to prepay the outstanding balance of the loan in full, subject to a prepayment fee ranging from 1.0% to 3.0% depending upon when the prepayment occurs, including any non-usage fees. The obligations under the Term Loans are secured by liens on our tangible personal property and we agreed to not encumber any of our intellectual property. The Term Loans include a material adverse change clause, which enables the Lenders to require immediate repayment of the outstanding debt. The material adverse change clause covers a material impairment in the perfection or priority of the lenders’ lien in the underlying collateral or in the value of such collateral, material adverse change in business operations or condition or material impairment of our prospects for repayment of any portion of the remaining debt obligation. As of September 30, 2018, the carrying value of our Term Loans consists of $17.3 million principal outstanding less the remaining debt issuance costs of $0.4 million. The debt issuance costs have been recorded as a debt discount that are being accreted to interest expense over the life of the Term Loans. The final maturity payment of $1.8 million is accruing over the life of the Term Loans through interest expense. In connection with the first tranche, we issued warrants to each of SVB and Solar to purchase an aggregate of 47,771 shares of our common stock with an exercise price of $3.14 per share. In connection with the second tranche, we issued warrants to each of SVB and Solar to purchase an aggregate of 20,833 shares of our common stock with an exercise price of $3.60 per share. In connection with the third tranche, we issued warrants to each of SVB and Solar to purchase an aggregate of 20,188 shares of our common stock with an exercise price of $3.72 per share. The warrants are immediately exercisable and have a maximum contractual term of seven years. The aggregate fair value of the warrants was determined to be $0.5 million using the Black-Scholes option pricing model and was recorded as debt discount which are being accreted to interest expense over the life of Term Loans. Term loans and unamortized discount balances are as follows (in thousands): September 30, December 31, 2018 2017 Debt balance $ 17,333 $ 20,000 Less debt issuance costs and discount (163 ) (345 ) Long-term debt, net of issuance costs and discount 17,170 19,655 Less current portion of long-term debt (8,000 ) (5,333 ) Add accrual of final payment 895 397 Long-term debt, net of current portion and issuance costs and discount $ 10,065 $ 14,719 Current portion of long-term debt $ 8,000 $ 5,333 Less current portion of debt issuance costs and discount (258 ) (321 ) Current portion of long-term debt, net of issuance costs and discount $ 7,742 $ 5,012 Future principal payments for the Term Loans are as follows (in thousands): September 30, 2018 2018 $ 2,000 2019 8,000 2020 7,333 $ 17,333 Facility Lease We have 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 originally expired in May 2019. In July 2018, we entered into a lease amendment to our facility lease. The amendment reduced the space we lease from 24,494 square feet to 20,508 square feet and extended the lease term to May 2023. Rent expense for the three months ended September 30, 2018 and 2017 was $0.3 million and $0.3 million, respectively. Rent expense for the nine months ended September 30, 2018 and 2017 was $0.8 million and $0.7 million, respectively. Future minimum payments under the non-cancelable operating lease as of September 30, 2018 are as follows (in thousands): Operating Lease 2018 $ 240 2019 812 2020 1,002 2021 1,031 2022 1,062 Thereafter 403 $ 4,550 Related Party Transactions Research Agreements and Funding Obligations We provide funding to The Scripps Research Institute (TSRI) pursuant to a research funding and option agreement to conduct certain research activities. We have entered into additional amendments to our research funding and option agreement to provide additional funding to TSRI. For the three months ended September 30, 2018 and 2017, we recognized expense under the agreement in the amount of $0.5 million and $0.4 million, respectively. For the nine months ended September 30, 2018 and 2017, we recognized expense under the agreement in the amount of $1.5 million and $1.2 million, respectively. Paul Schimmel, Ph.D., a member of our board of directors, is a board and faculty member at TSRI and such payments fund a portion of his research activities conducted at TSRI. Strategic Advisor Agreement In November 2017, John D. Mendlein, Ph.D., a member of our Board of Directors since July 2010 and our Chief Executive Officer from September 2011 to November 2017, began serving as a strategic advisor to us pursuant to the terms of a strategic advisor agreement entered with Dr. Mendlein on November 1, 2017 (Strategic Advisor Agreement). Pursuant to the terms of the Strategic Advisor Agreement, we agreed to, among other things, pay Dr. Mendlein as a strategic advisor to us for a period of up to four years, at a monthly rate of $42,500 for the first year and $7,500 per month for the rest of the term. Either party may terminate the Strategic Advisor Agreement after the first year, provided that payments under the Strategic Advisor Agreement and continued vesting of outstanding employee stock options are guaranteed through the second year of the Strategic Advisor Agreement in the event the Board terminates the Strategic Advisor Agreement for convenience or Dr. Mendlein terminates for our material breach of the Strategic Advisor Agreement. For the three months and nine months ended September 30, 2018, we recognized expenses under the Strategic Advisor Agreement in the amounts of |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 4. Stockholders’ Equity Private Placement of Common Stock, Convertible Preferred Shares and Common Stock Warrants On August 27, 2017, we entered into a Securities Purchase Agreement (Securities Purchase Agreement) for a private placement (Private Placement) with a select group of institutional investors, including Viking Global Opportunities Illiquid Investments Sub-Master, LP (VGO Fund) and other accredited investors, certain of whom are affiliated with our directors and officers (collectively, the Purchasers). Pursuant to the Securities Purchase Agreement, (i) VGO Fund purchased 1,777,784 shares of our common stock, par value $0.001 per share (the Common Shares), at a price of $2.65 per share, 2,285,952 shares of our Class X Convertible Preferred Stock (the Preferred Shares or Preferred Stock, and together with the Common Shares, the Shares), par value $0.001 per share, at a price of $13.25 per share, and warrants to purchase up to that number of additional shares of Common Stock equal to thirty seven and one half percent (37.5%) of the number of Shares purchased by VGO Fund on an if-converted to common stock basis (rounded up to the nearest whole share), and (ii) the remaining Purchasers purchased an aggregate of 4,094,336 shares of our Common Shares, at a price of $2.65 per share, and warrants to purchase up to that number of additional shares of Common Stock equal to thirty-seven and one half percent (37.5%) of the number of Common Shares purchased by such Purchaser (rounded up to the nearest whole share). The Private Placement closed on August 31, 2017 for gross proceeds of $45.8 million, and after giving effect to costs related to the Private Placement, net proceeds of $42.5 million. Each share of Preferred Stock is convertible into five shares of our common stock. VGO Fund will be prohibited from converting the Preferred Stock into shares of our common stock if, as a result of such conversion, VGO Fund, together with its affiliates, would own more than 9.50% of the shares of our common stock then issued and outstanding, which percentage may change at VGO Fund’s election upon 61 days’ notice to us to (i) any other number less than or equal to 19.99% or (ii) subject to approval of our stockholders to the extent required in accordance with the NASDAQ Global Market rules, any number in excess of 19.99%. Holders of outstanding Preferred Stock are entitled to receive a dividend (on an if-converted to common stock basis), if we at any time pay a stock dividend equal to and in the same form as a dividend paid to holders of Common Shares. In the event of our liquidation, dissolution or winding up, holders of Preferred Stock will participate in any distribution of proceeds, pro rata based on the number of shares held by each such holder on an if-converted basis. The Preferred Shares have no voting rights. We evaluated the Preferred Stock for liability or equity classification under ASC 480, Distinguishing Liabilities from Equity , We also evaluated the Preferred Stock in accordance with the provisions of ASC 815, Derivatives and Hedging The issuance of convertible preferred stock could generate a beneficial conversion feature (BCF), which arises when a debt or equity security is issued with an embedded conversion option that is beneficial to the investor (or in-the-money) at inception because the conversion option has an effective strike price that is less than the market price of the underlying stock on the commitment date. The fair value of our common stock was $2.37 on August 31, 2017, the commitment date, using the Black-Scholes valuation model. After the proceeds allocation, the Preferred Stock had an effective conversion price of $2.37 per common share, which was equal to the fair value of our common stock on the commitment date. Therefore, no BCF is present. The warrants are exercisable at an exercise price of $4.64 per share, subject to adjustments as provided under the terms of the warrants. The warrants are immediately exercisable and expire on December 31, 2019. We also entered into a registration rights agreement (Registration Rights Agreement) with certain of the Purchasers, excluding those Purchasers affiliated with our directors and officers, requiring us to register the resale of the relevant securities. We registered all of the relevant securities issued in the Private Placement for resale on a Form S-3 filed with the SEC, as required under the Registration Rights Agreement, and the registration statement was declared effective on September 27, 2017. We evaluated the warrants for liability or equity classification under ASC 815, Derivative and Hedging Common Stock Reserved for Future Issuance Pursuant to the automatic increase provisions of our 2015 Stock Option and Incentive Plan (2015 Plan) and 2015 Employee Stock Purchase Plan (2015 ESPP), 1,191,566 additional shares were reserved for future issuance under the 2015 Plan on January 1, 2018 and 297,891 additional shares were reserved for future issuances under the 2015 ESPP on January 1, 2018. Common stock reserved for future issuance is as follows: September 30, 2018 Class X Preferred Stock (if-converted to common stock) 11,429,760 Common stock warrants 6,682,708 Common stock options and awards outstanding 5,618,490 Shares available under the 2015 Plan 1,153,420 Shares available under the 2015 ESPP 856,805 25,741,183 The following table summarizes our stock option activity under all equity incentive plans for the nine months ended September 30, 2018: Number of Outstanding Options Weighted Average Exercise Price Outstanding as of December 31, 2017 4,617,059 $ 5.52 Granted 2,029,061 $ 2.40 Exercised (12,141 ) $ 1.10 Canceled/forfeited/expired (1,252,089 ) $ 4.92 Outstanding as of September 30, 2018 5,381,890 $ 4.49 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Expected term (in years) 6.02 – 6.08 6.06 5.50 – 6.08 5.50 – 6.08 Risk-free interest rate 2.9% 2.1% 2.3% – 3.0% 1.9% – 2.1% Expected volatility 88.4% – 88.9% 105.9% 88.4% – 98.4% 104.0% – 124.4% Expected dividend yield 0.0% 0.0% 0.0% 0.0% The following table summarizes our restricted stock unit activity under all equity incentive plans for the nine months ended September 30, 2018: Number of Outstanding Restricted Stock Units Weighted Average Grant Date Fair Value Balance as of December 31, 2017 49,300 $ 4.28 Granted 270,300 $ 0.85 Released (39,301 ) $ 4.53 Forfeited (43,699 ) $ 1.41 Balance as of September 30, 2018 236,600 $ 0.85 Stock-based Compensation The allocation of stock-based compensation for all stock options and awards, including the adjustments to stock-based compensation expense associated with our May 2018 Restructuring Plan (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Research and development $ 204 $ 368 $ 1,064 $ 1,235 General and administrative 486 821 1,765 2,414 $ 690 $ 1,189 $ 2,829 $ 3,649 In connection with the Restructuring Plan, stock-based compensation expense for the nine months ended September 30, 2018 included approximately $0.3 million and $0.1 million, respectively, in research and development expenses and in general and administrative expenses, due to the acceleration of time-based vesting provisions of outstanding equity awards in accordance with our Executive Severance and Change in Control Policy. |
Organization, Business, Basis_2
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2018 | |
Accounting Policies [Abstract] | |
Organization and Business | Organization and Business aTyr Pharma, Inc. (we, us, and our) was incorporated in the state of Delaware on September 8, 2005. We are focused on the discovery and development of innovative medicines based on novel immunological pathways. In May 2018, we implemented a corporate restructuring and program prioritization plan (Restructuring Plan) to streamline our operations and concentrate development efforts on the advancement of our therapeutic candidate, ATYR1923. In connection with the Restructuring Plan, we reduced our workforce by approximately 30% to 42 full-time employees. We completed the workforce reduction in June 2018. We recorded charges of approximately $0.9 million for employee severance and other related termination benefits and approximately $0.4 million in one-time, non-cash stock-based compensation charges due to the acceleration of time-based vesting provisions of outstanding equity awards in according with our Executive Severance and Change in Control Policy. |
Principles of Consolidation | Principles of Consolidation Our condensed consolidated financial statements include our accounts and our 98% majority-owned subsidiary in Hong Kong, Pangu BioPharma Limited (Pangu BioPharma). All intercompany transactions and balances are eliminated in consolidation. |
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. 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 our financial position and our results of operations and cash flows for periods presented. These statements do not include all disclosures required by GAAP and should be read in conjunction with our financial statements and accompanying notes for the fiscal year ended December 31, 2017, contained in our Annual Report on Form 10-K filed with the SEC on March 20, 2018. The results of the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period or any future year or period. |
Liquidity and Financial Condition | Liquidity and Financial Condition We have incurred losses and negative cash flows from operations since our inception. As of September 30, 2018, we had an accumulated deficit of $292.4 million and we expect to continue to incur net losses for the foreseeable future. We believe that our existing cash, cash equivalents and available-for-sale investments, of $56.0 million as of September 30, 2018 will be sufficient to meet our anticipated cash requirements for a period of one year from the filing date of this Quarterly Report. We do not expect to generate any revenues from product sales unless and until we successfully complete development and obtain regulatory approval for one or more of our product candidates, which we expect will take a number of years at a minimum. If we obtain regulatory approval for any of our product candidates, we expect to incur significant commercialization expenses related to product sales, marketing, manufacturing and distribution. Accordingly, we will need to raise substantial additional capital to fund our operations. The amount and timing of our future funding requirements will depend on many factors, including the pace and results of our preclinical and clinical development efforts and the timing and nature of the regulatory approval process for our product candidates. We anticipate that we will seek to fund our operations through public or private equity or debt financings, collaborations, strategic partnerships or other sources. However, we may be unable to raise additional capital or enter into such other arrangements when needed on favorable terms or at all. Our inability to raise capital or enter into such other arrangements when needed would have a negative impact on our financial condition and ability to develop our product candidates. |
Use of Estimates | Use of Estimates Our condensed consolidated financial statements are prepared in accordance with GAAP. The preparation of our condensed consolidated financial statements requires us to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in our condensed consolidated financial statements and accompanying notes. The most significant estimates in our condensed 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 our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ materially from these estimates and assumptions. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior year amounts to conform to the current year presentation. The reclassifications were not material to the condensed consolidated financial statements. |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss 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. For the three months and nine months ended September 30, 2017, we have excluded 175 shares and 4,607 shares, respectively, subject to repurchase from the weighted average number of common shares outstanding. Diluted net loss per share is calculated by dividing the net loss 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 convertible preferred stock, warrants for common stock, options and restricted stock units outstanding under our stock option plan and estimated shares to be purchased under our employee stock purchase plan. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to our 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): Three and Nine Months Ended September 30, 2018 2017 Class X Convertible Preferred Stock (if-converted) 11,429,760 11,429,760 Warrants for common stock 6,682,708 6,642,332 Common stock options and restricted stock units 5,618,490 4,745,715 Employee stock purchase plan 27,196 38,862 23,758,154 22,856,669 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In June 2018, the FASB issued ASU No. 2018-07, Compensation – Stock Compensation (Topic 718) n entity to apply the requirements of Topic 718 to nonemployee awards except for specific guidance on inputs to an option pricing model and the attribution of cost (that is, the period of time over which share-based payment awards vest and the pattern of cost recognition over that period). The amendments specify that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. The amendments also clarify that Topic 718 does not apply to share-based payments used to effectively provide (1) inancing to the issuer or (2) awards granted in conjunction with selling goods or services to customers as part of a contract accounted for under Topic 606, Revenue from Contracts with Customers. In July 2018, the FASB issued ASU No. 2018-09, Codification Improvements Amendments to Subtopic 718-40, Compensation–Stock Compensation–Income Taxes, This includes deductions that are taken on the entity’s tax return in a different period from when the event that gives rise to the tax deduction occurs and the uncertainty about whether (1) the entity will receive a tax deduction and (2) the amount of the tax deduction is resolved. Some of the amendments in ASU No. 2018-09 do not require transition guidance and are effective immediately and others have transition guidance with effective dates for annual periods beginning after December 15, 2018 for public business entities. |
Organization, Business, Basis_3
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
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): Three and Nine Months Ended September 30, 2018 2017 Class X Convertible Preferred Stock (if-converted) 11,429,760 11,429,760 Warrants for common stock 6,682,708 6,642,332 Common stock options and restricted stock units 5,618,490 4,745,715 Employee stock purchase plan 27,196 38,862 23,758,154 22,856,669 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis are as follows (in thousands): Fair Value Measurements Using Total Quoted Active for Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) As of September 30, 2018: Assets: Current: Cash equivalents $ 21,475 $ 21,475 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 3,744 — 3,744 — Commercial paper 5,787 — 5,787 — Corporate debt securities 7,894 — 7,894 — United States Treasury securities 6,989 6,989 — — Sub-total short-term investments 24,414 6,989 17,425 — Total assets measured at fair value $ 45,889 $ 28,464 $ 17,425 $ — As of December 31, 2017: Assets: Current: Cash equivalents $ 9,070 $ 9,070 $ — $ — Available-for-sale investments, short-term: Asset-backed securities 6,497 — 6,497 — Commercial paper 21,943 — 21,943 — Corporate debt securities 18,260 — 18,260 — United States Treasury securities 17,328 17,328 — — Sub-total short-term investments 64,028 17,328 46,700 — Total assets measured at fair value $ 73,098 $ 26,398 $ 46,700 $ — |
Schedule of Available-for-sale Investments | As of September 30, 2018 and December 31, 2017 available-for-sale investments are detailed as follows (in thousands): September 30, 2018 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 3,745 $ — $ (1 ) $ 3,744 Commercial paper 5,787 — — 5,787 Corporate debt securities 7,896 — (2 ) 7,894 United States Treasury securities 6,993 — (4 ) 6,989 $ 24,421 $ — $ (7 ) $ 24,414 December 31, 2017 Gross Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Market Value Available-for-sale investments, short-term: Asset-backed securities $ 6,501 $ — $ (4 ) $ 6,497 Commercial paper 21,943 — — 21,943 Corporate debt securities 18,286 — (26 ) 18,260 United States Treasury securities 17,368 — (40 ) 17,328 $ 64,098 $ — $ (70 ) $ 64,028 |
Debt, Commitments and Conting_2
Debt, Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Debt Instruments [Abstract] | |
Schedule of Term Loans and Unamortized Discount Balances | Term loans and unamortized discount balances are as follows (in thousands): September 30, December 31, 2018 2017 Debt balance $ 17,333 $ 20,000 Less debt issuance costs and discount (163 ) (345 ) Long-term debt, net of issuance costs and discount 17,170 19,655 Less current portion of long-term debt (8,000 ) (5,333 ) Add accrual of final payment 895 397 Long-term debt, net of current portion and issuance costs and discount $ 10,065 $ 14,719 Current portion of long-term debt $ 8,000 $ 5,333 Less current portion of debt issuance costs and discount (258 ) (321 ) Current portion of long-term debt, net of issuance costs and discount $ 7,742 $ 5,012 |
Schedule of Future Principal Payments for Term Loans | Future principal payments for the Term Loans are as follows (in thousands): September 30, 2018 2018 $ 2,000 2019 8,000 2020 7,333 $ 17,333 |
Schedule of Future Minimum Payments under Non-cancelable Operating Lease | Future minimum payments under the non-cancelable operating lease as of September 30, 2018 are as follows (in thousands): Operating Lease 2018 $ 240 2019 812 2020 1,002 2021 1,031 2022 1,062 Thereafter 403 $ 4,550 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2018 | |
Summary of Common Stock Reserved for Future Issuance | Common stock reserved for future issuance is as follows: September 30, 2018 Class X Preferred Stock (if-converted to common stock) 11,429,760 Common stock warrants 6,682,708 Common stock options and awards outstanding 5,618,490 Shares available under the 2015 Plan 1,153,420 Shares available under the 2015 ESPP 856,805 25,741,183 |
Summary of Stock Option Activity | The following table summarizes our stock option activity under all equity incentive plans for the nine months ended September 30, 2018: Number of Outstanding Options Weighted Average Exercise Price Outstanding as of December 31, 2017 4,617,059 $ 5.52 Granted 2,029,061 $ 2.40 Exercised (12,141 ) $ 1.10 Canceled/forfeited/expired (1,252,089 ) $ 4.92 Outstanding as of September 30, 2018 5,381,890 $ 4.49 |
Schedule of Restricted Stock Unit Activity | The following table summarizes our restricted stock unit activity under all equity incentive plans for the nine months ended September 30, 2018: Number of Outstanding Restricted Stock Units Weighted Average Grant Date Fair Value Balance as of December 31, 2017 49,300 $ 4.28 Granted 270,300 $ 0.85 Released (39,301 ) $ 4.53 Forfeited (43,699 ) $ 1.41 Balance as of September 30, 2018 236,600 $ 0.85 |
Schedule of Allocation of Stock-Based Compensation for All Stock Options and Awards, Including Adjustments to Stock-Based Compensation Expense Associated with May 2018 Restructuring Plan | The allocation of stock-based compensation for all stock options and awards, including the adjustments to stock-based compensation expense associated with our May 2018 Restructuring Plan (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Research and development $ 204 $ 368 $ 1,064 $ 1,235 General and administrative 486 821 1,765 2,414 $ 690 $ 1,189 $ 2,829 $ 3,649 In connection with the Restructuring Plan, stock-based compensation expense for the nine months ended September 30, 2018 included approximately $0.3 million and $0.1 million, respectively, in research and development expenses and in general and administrative expenses, due to the acceleration of time-based vesting provisions of outstanding equity awards in accordance with our Executive Severance and Change in Control Policy. |
Employee Stock Option [Member] | |
Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants and Performance Options with Market Condition | 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Expected term (in years) 6.02 – 6.08 6.06 5.50 – 6.08 5.50 – 6.08 Risk-free interest rate 2.9% 2.1% 2.3% – 3.0% 1.9% – 2.1% Expected volatility 88.4% – 88.9% 105.9% 88.4% – 98.4% 104.0% – 124.4% Expected dividend yield 0.0% 0.0% 0.0% 0.0% |
Organization, Business, Basis_4
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2018USD ($)Employee | Sep. 30, 2017shares | Sep. 30, 2017shares | Sep. 30, 2018USD ($) | Dec. 31, 2017USD ($) | |
Significant Accounting Policies [Line Items] | |||||
Accumulated deficit | $ 292,379 | $ 264,186 | |||
Cash, cash equivalents and available-for-sale investments | $ 56,000 | ||||
Weighted average shares subject to repurchase | shares | 175 | 4,607 | |||
Pangu BioPharma [Member] | Hong Kong [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Majority-owned subsidiary percentage | 98.00% | ||||
ATYR1923 Manufacturer [Member] | Restructuring Plan [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restructuring plan, percentage of reduction in total workforce | 30.00% | ||||
Restructuring plan, description | In May 2018, we implemented a corporate restructuring and program prioritization plan (Restructuring Plan) to streamline our operations and concentrate development efforts on the advancement of our therapeutic candidate, ATYR1923. In connection with the Restructuring Plan, we reduced our workforce by approximately 30% to 42 full-time employees. We completed the workforce reduction in June 2018. | ||||
Number of full-time employees | Employee | 42 | ||||
ATYR1923 Manufacturer [Member] | Restructuring Plan [Member] | Employee Severance and Other Related Termination Benefits [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Restructuring charges | $ 900 | ||||
ATYR1923 Manufacturer [Member] | Restructuring Plan [Member] | One-time Termination Benefits [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Non-cash stock-based compensation charges | $ 400 |
Organization, Business, Basis_5
Organization, Business, Basis of Presentation and Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Not Included in Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Anti-dilutive securities not included in calculation of diluted net loss per share | 23,758,154 | 22,856,669 | 23,758,154 | 22,856,669 |
Class X Convertible Preferred Stock (if-converted) [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 | 11,429,760 | 11,429,760 | 11,429,760 | 11,429,760 |
Warrants for Common Stock [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 | 6,682,708 | 6,642,332 | 6,682,708 | 6,642,332 |
Common Stock Options And Restricted Stock Units [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 | 5,618,490 | 4,745,715 | 5,618,490 | 4,745,715 |
Employee Stock Purchase Plan [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 | 27,196 | 38,862 | 27,196 | 38,862 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 21,475 | $ 9,070 |
Total assets measured at fair value | 45,889 | 73,098 |
Available-for-sale [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 24,414 | 64,028 |
Available-for-sale [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 5,787 | 21,943 |
Available-for-sale [Member] | Short-term Investments [Member] | United States Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 6,989 | 17,328 |
Available-for-sale [Member] | Short-term Investments [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 7,894 | 18,260 |
Available-for-sale [Member] | Short-term Investments [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 3,744 | 6,497 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 21,475 | 9,070 |
Total assets measured at fair value | 28,464 | 26,398 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 6,989 | 17,328 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | United States Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 6,989 | 17,328 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 17,425 | 46,700 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 17,425 | 46,700 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 5,787 | 21,943 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | 7,894 | 18,260 |
Significant Other Observable Inputs (Level 2) [Member] | Available-for-sale [Member] | Short-term Investments [Member] | Asset-backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, fair value | $ 3,744 | $ 6,497 |
Fair Value Measurements - Sch_2
Fair Value Measurements - Schedule of Available-for-sale Investments (Detail) - Short-term Investments [Member] - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | $ 24,421 | $ 64,098 |
Gross Unrealized Losses | (7) | (70) |
Market Value | 24,414 | 64,028 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 5,787 | 21,943 |
Market Value | 5,787 | 21,943 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 7,896 | 18,286 |
Gross Unrealized Losses | (2) | (26) |
Market Value | 7,894 | 18,260 |
United States Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 6,993 | 17,368 |
Gross Unrealized Losses | (4) | (40) |
Market Value | 6,989 | 17,328 |
Asset-backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Gross Amortized Cost | 3,745 | 6,501 |
Gross Unrealized Losses | (1) | (4) |
Market Value | $ 3,744 | $ 6,497 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2018Security | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale investments in gross unrealized loss position | 11 |
Available-for-sale investments in gross unrealized loss position | 12 months |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Available-for-sale investments effective maturity period | 1 year |
Debt, Commitments and Conting_3
Debt, Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||||||
Jul. 30, 2018ft² | Dec. 31, 2017USD ($)$ / sharesshares | Nov. 30, 2017USD ($) | Jun. 30, 2017USD ($)$ / sharesshares | Nov. 30, 2016USD ($)Tranche$ / sharesshares | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($) | Sep. 30, 2017USD ($) | Apr. 30, 2017ft² | |
Debt Instrument [Line Items] | ||||||||||
Loan and security agreement, payment term | Issuable in three separate tranches (the Term Loans), $10.0 million of which was funded in November 2016, $5.0 million of which was funded in June 2017 and $5.0 million of which was funded in December 2017. | |||||||||
Noncancelable operating lease term of expiration | 2019-05 | |||||||||
Rent expense | $ 300,000 | $ 300,000 | $ 800,000 | $ 700,000 | ||||||
Lease facility | ft² | 20,508 | 24,494 | ||||||||
Noncancelable operating leases termination term | 2023-05 | |||||||||
Research and development expenses | 4,202,000 | 7,133,000 | 16,836,000 | 24,757,000 | ||||||
Strategic Advisor Agreement [Member] | John D. Mendlein [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Strategic advisor agreement period, maximum | 4 years | |||||||||
Strategic advisor fee monthly rate for first year | $ 42,500 | |||||||||
Strategic advisor fee monthly rate for rest of term | $ 7,500 | |||||||||
Strategic advisor agreement expenses | 100,000 | $ 400,000 | ||||||||
The Scripps Research Institute [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Termination of research funding and option agreement effective date | Nov. 10, 2018 | |||||||||
Research Funding and Option Agreement [Member] | The Scripps Research Institute [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Research and development expenses | 500,000 | $ 400,000 | $ 1,500,000 | $ 1,200,000 | ||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Available credit under loan and security agreement | $ 20,000,000 | |||||||||
Number of tranches | Tranche | 3 | |||||||||
Term loans, principal outstanding before deducting debt issuance cost | 17,300,000 | 17,300,000 | ||||||||
Term loans, remaining debt issuance costs | 400,000 | 400,000 | ||||||||
Final maturity payment accrued over life of term loans through interest expense | $ 1,800,000 | $ 1,800,000 | ||||||||
Warrants expiration year | 7 years | |||||||||
Aggregate fair value of warrants using black scholes option pricing model | $ 500,000 | |||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche One [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Available credit under loan and security agreement | $ 10,000,000 | |||||||||
Loan and security agreement funded date | Nov. 30, 2016 | |||||||||
Exercise price of warrant per share | $ / shares | $ 3.14 | |||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche One [Member] | Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants to purchase number of common stock, shares | shares | 47,771 | |||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Two [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Available credit under loan and security agreement | $ 5,000,000 | |||||||||
Loan and security agreement funded date | Jun. 30, 2017 | |||||||||
Exercise price of warrant per share | $ / shares | $ 3.60 | |||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Two [Member] | Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants to purchase number of common stock, shares | shares | 20,833 | |||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Three [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Available credit under loan and security agreement | $ 5,000,000 | |||||||||
Loan and security agreement funded date | Dec. 31, 2017 | |||||||||
Exercise price of warrant per share | $ / shares | $ 3.72 | |||||||||
Silicon Valley Bank and Solar Capital, Ltd. [Member] | Term Loans Tranche Three [Member] | Common Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Warrants to purchase number of common stock, shares | shares | 20,188 | |||||||||
Loan Amendment Agreement with SVB and Solar [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Loan and security agreement, payment term | Under the Loan Agreement, we are obligated to make interest only payments through June 1, 2018, followed by consecutive equal monthly payments of principal and interest in arrears through the maturity date of November 18, 2020. | |||||||||
Maturity date | Nov. 18, 2020 | |||||||||
Percentage of funded amounts for final payment | 8.75% | |||||||||
Loan Amendment Agreement with SVB and Solar [Member] | Prime Rate [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate spread on variable rate | 4.10% | |||||||||
Loan Amendment Agreement with SVB and Solar [Member] | Minimum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Prepayment fee percentage | 1.00% | |||||||||
Loan Amendment Agreement with SVB and Solar [Member] | Maximum [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Prepayment fee percentage | 3.00% |
Debt, Commitments and Conting_4
Debt, Commitments and Contingencies - Schedule of Term Loans and Unamortized Discount Balances (Detail) - USD ($) $ in Thousands | Sep. 30, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Long-term debt, net of current portion and issuance costs and discount | $ 10,065 | $ 14,719 |
Current portion of long-term debt, net of issuance costs and discount | 7,742 | 5,012 |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Debt balance | 17,333 | 20,000 |
Less debt issuance costs and discount | (163) | (345) |
Long-term debt, net of issuance costs and discount | 17,170 | 19,655 |
Less current portion of long-term debt | (8,000) | (5,333) |
Add accrual of final payment | 895 | 397 |
Long-term debt, net of current portion and issuance costs and discount | 10,065 | 14,719 |
Current portion of long-term debt | 8,000 | 5,333 |
Less current portion of debt issuance costs and discount | (258) | (321) |
Current portion of long-term debt, net of issuance costs and discount | $ 7,742 | $ 5,012 |
Debt, Commitments and Conting_5
Debt, Commitments and Contingencies - Schedule of Future Principal Payments for Term Loans (Detail) - Silicon Valley Bank and Solar Capital, Ltd. [Member] $ in Thousands | Sep. 30, 2018USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 2,000 |
2,019 | 8,000 |
2,020 | 7,333 |
Long-term debt, net of issuance costs and discount | $ 17,333 |
Debt, Commitments and Conting_6
Debt, Commitments and Contingencies - Schedule of Future Minimum Payments under Non-cancelable Operating Lease (Detail) $ in Thousands | Sep. 30, 2018USD ($) |
Leases Operating [Abstract] | |
2,018 | $ 240 |
2,019 | 812 |
2,020 | 1,002 |
2,021 | 1,031 |
2,022 | 1,062 |
Thereafter | 403 |
Operating Lease, total | $ 4,550 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 31, 2017USD ($)$ / shares | Aug. 27, 2017Day$ / sharesshares | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Sep. 30, 2018USD ($)$ / sharesshares | Sep. 30, 2017USD ($) | Jan. 01, 2018shares | Dec. 31, 2017$ / sharesshares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Common stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Preferred stock, par value | $ 0.001 | $ 0.001 | $ 0.001 | |||||
Net proceeds from transaction, after giving effect to cost related to placement | $ | $ 42,487 | |||||||
Stock-based compensation expense | $ | $ 690 | $ 1,189 | $ 2,829 | 3,649 | ||||
Research and Development Expenses [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ | 204 | 368 | 1,064 | 1,235 | ||||
General and Administrative Expenses [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ | $ 486 | $ 821 | 1,765 | $ 2,414 | ||||
Restructuring Plan [Member] | Research and Development Expenses [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ | 300 | |||||||
Restructuring Plan [Member] | General and Administrative Expenses [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Stock-based compensation expense | $ | $ 100 | |||||||
2015 Stock Option and Incentive Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional number of common stock shares reserved for issuance | shares | 1,191,566 | |||||||
2015 Employee Stock Purchase Plan [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Additional number of common stock shares reserved for issuance | shares | 297,891 | |||||||
Class X Convertible Preferred Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Preferred stock, shares issued | shares | 2,285,952 | 2,285,952 | 2,285,952 | |||||
Securities Purchase Agreement [Member] | Private Placement [Member] | Common Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Fair value of common stock price per share | $ 2.37 | |||||||
Preferred stock conversion price per share | $ 2.37 | |||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | Warrants [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Exercise price of warrant per share | $ 4.64 | |||||||
Warrants expiration date | Dec. 31, 2019 | |||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | VGO Fund [Member] | Common Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued during the period | shares | 1,777,784 | |||||||
Shares issued, price per share | $ 2.65 | |||||||
Common stock, par value | $ 0.001 | |||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | VGO Fund [Member] | Warrants [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of number of shares purchased on as-converted basis | 37.50% | |||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | VGO Fund [Member] | Class X Convertible Preferred Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued, price per share | $ 13.25 | |||||||
Preferred stock, shares issued | shares | 2,285,952 | |||||||
Preferred stock, par value | $ 0.001 | |||||||
Convertible preferred stock, terms of conversion | Each share of Preferred Stock is convertible into five shares of our common stock. VGO Fund will be prohibited from converting the Preferred Stock into shares of our common stock if, as a result of such conversion, VGO Fund, together with its affiliates, would own more than 9.50% of the shares of our common stock then issued and outstanding, which percentage may change at VGO Fund’s election upon 61 days’ notice to us to (i) any other number less than or equal to 19.99% or (ii) subject to approval of our stockholders to the extent required in accordance with the NASDAQ Global Market rules, any number in excess of 19.99%. | |||||||
Convertible preferred stock, common stock issued upon conversion | shares | 5 | |||||||
Maximum ownership percentage prohibiting conversion | 9.50% | |||||||
Number of days of notice | Day | 61 | |||||||
Maximum ownership percentage upon conversion, as per NASDAQ Global Market rules | 19.99% | |||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | Remaining Purchasers [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Gross proceeds from transaction | $ | $ 45,800 | |||||||
Net proceeds from transaction, after giving effect to cost related to placement | $ | $ 42,500 | |||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | Remaining Purchasers [Member] | Common Stock [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Shares issued during the period | shares | 4,094,336 | |||||||
Shares issued, price per share | $ 2.65 | |||||||
Securities Purchase Agreement [Member] | Private Placement [Member] | Remaining Purchasers [Member] | Warrants [Member] | ||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||||
Percentage of number of shares purchased on as-converted basis | 37.50% |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Common Stock Reserved for Future Issuance (Detail) | Sep. 30, 2018shares |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 25,741,183 |
Class X Preferred Stock (if-Converted to Common Stock) [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 11,429,760 |
Common Stock Warrants [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 6,682,708 |
Common Stock Options and Awards Outstanding [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 5,618,490 |
Shares Available Under the 2015 Plan [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 1,153,420 |
Shares Available Under the 2015 ESPP [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock reserved for future issuance | 856,805 |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Stock Option Activity (Detail) | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Number of Outstanding Options, Beginning Balance | shares | 4,617,059 |
Number of Outstanding Options, Granted | shares | 2,029,061 |
Number of Outstanding Options, Exercised | shares | (12,141) |
Number of Outstanding Options, Canceled/forfeited/expired | shares | (1,252,089) |
Number of Outstanding Options, Ending Balance | shares | 5,381,890 |
Weighted Average Exercise Price, Beginning Balance | $ / shares | $ 5.52 |
Weighted Average Exercise Price, Granted | $ / shares | 2.40 |
Weighted Average Exercise Price, Exercised | $ / shares | 1.10 |
Weighted Average Exercise Price, Canceled/forfeited/expired | $ / shares | 4.92 |
Weighted Average Exercise Price, Ending Balance | $ / shares | $ 4.49 |
Stockholders' Equity - Summar_3
Stockholders' Equity - Summary of Assumptions Used to Determine Fair Value of Employee Stock Option Grants, Employee Stock Purchase Plan and Performance Options with Market Condition (Detail) - Employee Stock Option [Member] | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 21 days | |||
Risk-free interest rate | 2.90% | 2.10% | ||
Risk-free interest rate, minimum | 2.30% | 1.90% | ||
Risk-free interest rate, maximum | 3.00% | 2.10% | ||
Expected volatility | 105.90% | |||
Expected volatility, minimum | 88.40% | 88.40% | 104.00% | |
Expected volatility, maximum | 88.90% | 98.40% | 124.40% | |
Expected dividend yield | 0.00% | 0.00% | 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 | 5 years 6 months | 5 years 6 months | |
Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Expected term (in years) | 6 years 29 days | 6 years 29 days | 6 years 29 days |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Restricted Stock Unit Activity (Detail) - Restricted Stock Unit [Member] | 9 Months Ended |
Sep. 30, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |
Number of Outstanding Restricted Stock Units, Beginning Balance | shares | 49,300 |
Number of Outstanding Restricted Stock Units, Granted | shares | 270,300 |
Number of Outstanding Restricted Stock Units, Released | shares | (39,301) |
Number of Outstanding Restricted Stock Units, Forfeited | shares | (43,699) |
Number of Outstanding Restricted Stock Units, Ending Balance | shares | 236,600 |
Weighted Average Grant Date Fair Value, Beginning Balance | $ / shares | $ 4.28 |
Weighted Average Grant Date Fair Value, Granted | $ / shares | 0.85 |
Weighted Average Grant Date Fair Value, Released | $ / shares | 4.53 |
Weighted Average Grant Date Fair Value, Forfeited | $ / shares | 1.41 |
Weighted Average Grant Date Fair Value, Ending Balance | $ / shares | $ 0.85 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Allocation of Stock-Based Compensation for All Stock Options and Awards, Including Adjustments to Stock-Based Compensation Expense Associated with May 2018 Restructuring Plan (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2018 | Sep. 30, 2017 | Sep. 30, 2018 | Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 690 | $ 1,189 | $ 2,829 | $ 3,649 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | 204 | 368 | 1,064 | 1,235 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock-based compensation expense | $ 486 | $ 821 | $ 1,765 | $ 2,414 |