Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Entity Registrant Name | 'ChemoCentryx, Inc. | ' |
Entity Central Index Key | '0001340652 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 43,335,756 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $13,107 | $10,258 |
Short-term investments | 86,799 | 123,055 |
Accounts receivable from related party | 0 | 393 |
Prepaid expenses and other current assets | 893 | 596 |
Total current assets | 100,799 | 134,302 |
Property and equipment, net | 1,241 | 1,399 |
Long-term investments | 33,324 | 16,561 |
Other assets | 182 | 160 |
Total assets | 135,546 | 152,422 |
Current liabilities: | ' | ' |
Accounts payable | 690 | 909 |
Accrued liabilities | 7,130 | 5,649 |
Current portion of equipment financing obligations | 105 | 314 |
Total current liabilities | 7,925 | 6,872 |
Noncurrent equipment financing obligations | 0 | 16 |
Other non-current liabilities | 192 | 226 |
Total liabilities | 8,117 | 7,114 |
Stockholders' equity: | ' | ' |
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding; | 0 | 0 |
Common stock, $0.001 par value, 200,000,000 shares authorized at June 30, 2014 and December 31, 2013; 43,335,756 shares and 42,888,168 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively. | 43 | 43 |
Additional paid-in capital | 324,040 | 318,103 |
Note receivable | -16 | -16 |
Accumulated other comprehensive income | 22 | 40 |
Accumulated deficit | -196,660 | -172,862 |
Total stockholders' equity | 127,429 | 145,308 |
Total liabilities and stockholders' equity | $135,546 | $152,422 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 43,335,756 | 42,888,168 |
Common stock, shares outstanding | 43,335,756 | 42,888,168 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenues: | ' | ' | ' | ' |
Collaborative research and development revenue from related party | $0 | $1,886 | $0 | $3,813 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 9,002 | 8,676 | 17,151 | 17,931 |
General and administrative | 3,382 | 2,809 | 6,905 | 5,773 |
Total operating expenses | 12,384 | 11,485 | 24,056 | 23,704 |
Loss from operations | -12,384 | -9,599 | -24,056 | -19,891 |
Other income (expense): | ' | ' | ' | ' |
Interest income | 129 | 110 | 275 | 226 |
Interest expense | -6 | -15 | -17 | -32 |
Total other income, net | 123 | 95 | 258 | 194 |
Net loss | ($12,261) | ($9,504) | ($23,798) | ($19,697) |
Basic and diluted net loss per common share | ($0.28) | ($0.23) | ($0.55) | ($0.51) |
Shares used to compute basic and diluted net loss per common share | 43,274 | 41,337 | 43,191 | 38,974 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statement of Comprehensive Loss (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net loss | ($12,261) | ($9,504) | ($23,798) | ($19,697) |
Unrealized loss on available-for-sale securities | -36 | -157 | -18 | -166 |
Comprehensive loss | ($12,297) | ($9,661) | ($23,816) | ($19,863) |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities | ' | ' |
Net loss | ($23,798) | ($19,697) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation of property and equipment | 285 | 283 |
Stock-based compensation | 4,289 | 3,094 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable due from related party | 393 | 254 |
Prepaids and other current assets | -297 | -364 |
Other assets | -22 | 0 |
Accounts payable | -219 | 448 |
Other liabilities | 1,494 | -798 |
Deferred revenue from related party | 0 | -2,257 |
Noncash interest and amortization of premium on investments, net | 1,442 | 757 |
Net cash used in operating activities | -16,433 | -18,280 |
Investing activities | ' | ' |
Purchases of property and equipment, net | -127 | -82 |
Purchases of investments | -62,641 | -92,045 |
Maturities of investments | 80,627 | 85,532 |
Net cash provided by (used in) investing activities | 17,859 | -6,595 |
Financing activities | ' | ' |
Proceeds from issuance of common stock | 0 | 64,365 |
Proceeds from exercise of stock options and employee stock purchase plan | 1,648 | 2,299 |
Proceeds from exercise of warrants | 0 | 312 |
Payments on equipment financing obligations | -225 | -283 |
Net cash provided by financing activities | 1,423 | 66,693 |
Net increase in cash and cash equivalents | 2,849 | 41,818 |
Cash and cash equivalents at beginning of period | 10,258 | 8,460 |
Cash and cash equivalents at end of period | 13,107 | 50,278 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid for interest | $64 | $16 |
Description_of_Business
Description of Business | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Description of Business | ' | |
1 | Description of Business | |
ChemoCentryx, Inc. (the Company) commenced operations in 1997. The Company is a clinical-stage biopharmaceutical company focused on discovering, developing and commercializing orally administered chemoattractant receptor-based therapeutics to treat autoimmune diseases, inflammatory disorders and cancer. The Company’s principal operations are in the United States and it operates in one segment. | ||
Unaudited Interim Financial Information | ||
The financial information filed is unaudited. The Condensed Consolidated Financial Statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair statement of the results of operations for the interim periods covered and of the financial condition of the Company at the date of the interim balance sheet. The December 31, 2013 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (GAAP). The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission on March 14, 2014. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Summary of Significant Accounting Policies | ' | ||||||||
2 | Summary of Significant Accounting Policies | ||||||||
Use of Estimates | |||||||||
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |||||||||
Reclassifications | |||||||||
Certain items in the notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current fiscal year’s format. | |||||||||
Net Loss Per Share | |||||||||
Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. | |||||||||
Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon the exercise of outstanding stock options and warrants, vesting of restricted stock units (RSUs), and the purchase from contributions to the 2012 Employee Stock Purchase Plan (the ESPP), (calculated based on the treasury stock method), are only included in the calculation of diluted net loss per share when their effect is dilutive. | |||||||||
For the six months ended June 30, 2014 and 2013, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | |||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Options to purchase common stock, including ESPP | 7,065,850 | 4,873,522 | |||||||
Restricted stock units | 135,135 | — | |||||||
Warrants to purchase common stock | 150,000 | 151,672 | |||||||
7,350,985 | 5,025,194 | ||||||||
Comprehensive Income (Loss) | |||||||||
Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented other comprehensive income (loss) consists solely of unrealized gains and losses on the Company’s available-for-sale securities. For the periods presented there were no reclassification differences or income tax effects related to the unrealized gains or losses on the Company’s available-for-sale securities. | |||||||||
Recent Accounting Pronouncements | |||||||||
In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board issued new converged accounting guidance on revenue recognition in contracts with customers. This new standard impacts the determination of identifying performance obligations in the contract, and estimating the amount of variable consideration to include in the transaction price. Additionally, it modifies the manner in which the transaction price is allocated to each separate performance obligation. This new standard is effective for the Company beginning in the first quarter of 2017. Early adoption is not permitted. The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements. |
Cash_Equivalents_and_Investmen
Cash Equivalents and Investments | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||
Cash Equivalents and Investments | ' | ||||||||||||||||
3 | Cash Equivalents and Investments | ||||||||||||||||
The amortized cost and fair value of cash equivalents and investments at June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Money market fund | $ | 11,259 | $ | — | $ | — | $ | 11,259 | |||||||||
U.S. treasury securities | 15,081 | 15 | (2 | ) | 15,094 | ||||||||||||
Government-sponsored agencies | 18,003 | 7 | (10 | ) | 18,000 | ||||||||||||
Commercial paper | 19,985 | — | — | 19,985 | |||||||||||||
Corporate debt securities | 67,031 | 28 | (15 | ) | 67,044 | ||||||||||||
Total available-for-sale securities | $ | 131,359 | $ | 50 | $ | (27 | ) | $ | 131,382 | ||||||||
Classified as: | |||||||||||||||||
Cash equivalents | $ | 11,259 | |||||||||||||||
Short-term investments | 86,799 | ||||||||||||||||
Long-term investments | 33,324 | ||||||||||||||||
Total available-for-sale securities | $ | 131,382 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Money market fund | $ | 8,212 | $ | — | $ | — | $ | 8,212 | |||||||||
Certificate of deposits | 6,025 | — | — | 6,025 | |||||||||||||
U.S. treasury securities | 2,001 | 3 | — | 2,004 | |||||||||||||
Government-sponsored agencies | 9,825 | 7 | (2 | ) | 9,830 | ||||||||||||
Commercial paper | 12,192 | — | — | 12,192 | |||||||||||||
Corporate debt securities | 109,533 | 56 | (24 | ) | 109,565 | ||||||||||||
Total available-for-sale securities | $ | 147,788 | $ | 66 | $ | (26 | ) | $ | 147,828 | ||||||||
Classified as: | |||||||||||||||||
Cash equivalents | $ | 8,212 | |||||||||||||||
Short-term investments | 123,055 | ||||||||||||||||
Long-term investments | 16,561 | ||||||||||||||||
Total available-for-sale securities | $ | 147,828 | |||||||||||||||
Cash equivalents in the tables above exclude cash of $1.8 million and $2.0 million as of June 30, 2014 and December 31, 2013, respectively. All available-for-sale securities held as of June 30, 2014 had contractual maturities of less than two years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. No available-for-sale securities held as of June 30, 2014 have been in a continuous unrealized loss position for more than 12 months. As of June 30, 2014, unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. The Company believes it has no other-than-temporary impairments on its securities because it does not intend to sell these securities and it believes it is not more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. | |||||||||||||||||
During the three and six months ended June 30, 2014 and 2013, there were no sales of investments, and therefore there were no reclassification adjustments of accumulated other comprehensive income to net income resulting from realized gains or losses on the sale of securities. |
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
4 | Fair Value Measurements | ||||||||||||||||
The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: | |||||||||||||||||
Level 1—Inputs which include quoted prices in active markets for identical assets and liabilities. | |||||||||||||||||
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market fund | $ | 11,259 | $ | — | $ | — | $ | 11,259 | |||||||||
U.S. treasury securities | — | 15,094 | — | 15,094 | |||||||||||||
Government-sponsored agencies | — | 18,000 | — | 18,000 | |||||||||||||
Commercial paper | — | 19,985 | — | 19,985 | |||||||||||||
Corporate debt securities | — | 67,044 | — | 67,044 | |||||||||||||
Total assets | $ | 11,259 | $ | 120,123 | $ | — | $ | 131,382 | |||||||||
31-Dec-13 | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market fund | $ | 8,212 | $ | — | $ | — | $ | 8,212 | |||||||||
Certificate of deposits | 6,025 | — | — | 6,025 | |||||||||||||
U.S. treasury securities | — | 2,004 | — | 2,004 | |||||||||||||
Government-sponsored agencies | — | 9,830 | — | 9,830 | |||||||||||||
Commercial paper | — | 12,192 | — | 12,192 | |||||||||||||
Corporate debt securities | — | 109,565 | — | 109,565 | |||||||||||||
Total assets | $ | 14,237 | $ | 133,591 | $ | — | $ | 147,828 | |||||||||
During the three and six months ended June 30, 2014, there were no transfers between Level 1 and Level 2 financial assets. When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings. |
Accrued_Liabilities
Accrued Liabilities | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
5 | Accrued Liabilities | ||||||||
Accrued liabilities consist of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Research and development related | $ | 5,089 | $ | 3,337 | |||||
Compensation related | 1,342 | 1,589 | |||||||
Consulting and professional services | 422 | 399 | |||||||
Other | 277 | 324 | |||||||
$ | 7,130 | $ | 5,649 | ||||||
RelatedParty_Transactions
Related-Party Transactions | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Related-Party Transactions | ' | ||||||||||||||||
6 | Related-Party Transactions | ||||||||||||||||
Glaxo Group Limited | |||||||||||||||||
In August 2006, the Company entered into a product development and commercialization agreement with Glaxo Group Limited (GSK), an affiliate of GlaxoSmithKline, which ended in November 2013. The Company recognized the following revenues from GSK during the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
GSK | |||||||||||||||||
Contract revenue | $ | — | $ | 758 | — | $ | 1,557 | ||||||||||
Recognition of up-front payments | — | 1,128 | — | 2,256 | |||||||||||||
Total revenues | $ | — | $ | 1,886 | — | $ | 3,813 | ||||||||||
At June 30, 2014 and December 31, 2013, the Company had an accounts receivable balance due from GSK of $0 and $0.4 million, respectively. At June 30, 2014 and December 31, 2013, the Company had an investment of $0 and $3.0 million in corporate bonds issued by GlaxoSmithKline Capital, Inc., a subsidiary of GlaxoSmithKline. | |||||||||||||||||
Techne | |||||||||||||||||
In September 2011, the Company entered into a convertible note loan agreement with Techne Corporation (Techne), one of its principal stockholders, pursuant to which the Company issued a convertible note to Techne with a principal amount of $10.0 million and bearing interest at a rate of 5.0% per annum and a maturity date in September 2021. In February 2012, the Company completed its initial public offering (IPO), and as such, all outstanding principal and accrued and unpaid interest automatically converted into 1,021,490 shares of common stock at a conversion price equal to the IPO price of $10.00 per share. Upon the conversion of the note in connection with the IPO, Techne received a warrant with a ten-year term to purchase 150,000 shares of the Company’s common stock at an exercise price per share equal to $20.00 per share, or 200% of the IPO price of its common stock. In addition, pursuant to the terms of the convertible note loan agreement, concurrent with the IPO, Techne purchased $5.0 million of the Company’s common stock in a private placement at $10.00 per share. |
Shareholders_Equity
Shareholders' Equity | 6 Months Ended | |
Jun. 30, 2014 | ||
Equity [Abstract] | ' | |
Shareholders' Equity | ' | |
7 | Shareholders’ Equity | |
Initial Public Offering | ||
In February 2012, the Company completed its IPO pursuant to which the Company issued 5,175,000 shares of common stock, including the exercise of the underwriters’ over-allotment option and received (a) net proceeds of $45.0 million, after underwriting discounts, commissions and offering expenses; and (b) gross proceeds of $12.0 million in concurrent private placements of 1,200,000 shares of common stock at the IPO price of $10.00 per share. In addition, in connection with the completion of the Company’s IPO, all convertible preferred stock converted into 24,332,186 shares of common stock. As discussed in Note 6, all outstanding principal and accrued and unpaid interest under the convertible note loan agreement with Techne also converted into common stock upon the completion of the Company’s IPO. | ||
Follow-On Public Offering | ||
In April 2013, the Company completed an underwritten public offering of 5,750,000 shares of its common stock at $12.00 per share. The Company received net proceeds of $64.4 million, after deducting underwriting discounts, commissions and offering expenses. | ||
Warrants | ||
In February 2012, in connection with the IPO, the Company’s outstanding warrants to purchase Series B convertible preferred stock converted into warrants to purchase 159,500 shares of common stock at $5.20 per share, with expiration dates from 2012 through 2014. As discussed in Note 6, upon the completion of the Company’s IPO in February 2012, Techne received a warrant with a ten-year term to purchase 150,000 shares of the Company’s common stock at $20.00 per share. During the three and six months ended June 30, 2014, no warrants were exercised. As of June 30, 2014 and December 31, 2013, warrants to purchase 150,000 shares of common stock were outstanding with a weighted-average exercise price of $20.00. All other warrants were either expired or exercised. |
Equity_Incentive_Plans
Equity Incentive Plans | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Equity Incentive Plans | ' | ||||||||||||||||||||
8 | Equity Incentive Plans | ||||||||||||||||||||
During the three months ended June 30, 2014, the Company began issuing RSUs to its non-employee directors pursuant to the Company’s Non-Employee Director Compensation Policy (Directors Policy) under its 2012 Equity Incentive Award Plan (Plan). RSUs are independent of stock option grants and cannot be transferred, and they are subject to forfeiture if recipients terminate their service to the Company prior to the release of the vesting restrictions. The RSUs awarded under the Directors Policy vest on earlier of the first anniversary of the grant date or the occurrence of a change in control. The RSUs are valued at the closing price of the Company’s common stock on the date of grant. The Company will recognize the expense of these RSUs over the expected life of the award, with no adjustment in future periods based upon the Company’s actual stock price over the vesting period. For the three months ended June 30, 2014, the Company granted 135,135 RSUs, none of which has vested as of June 30, 2014. | |||||||||||||||||||||
During the six months ended June 30, 2014, the Company had the following option activities under its equity incentive plans : | |||||||||||||||||||||
Outstanding Options | |||||||||||||||||||||
Available for | Shares | Weighted Average | Weighted | Aggregate | |||||||||||||||||
Grant | Exercise Price | Average | Intrinsic Value | ||||||||||||||||||
Remaining | |||||||||||||||||||||
Contractual | |||||||||||||||||||||
Term | |||||||||||||||||||||
Balance at December 31, 2013 | 2,383,920 | 5,301,622 | $ | 8.71 | |||||||||||||||||
Shares authorized | 1,700,000 | ||||||||||||||||||||
Granted (1) | (2,414,935 | ) | 2,279,800 | 6.63 | |||||||||||||||||
Exercised | — | (372,890 | ) | 3.6 | |||||||||||||||||
Forfeited | 163,277 | (163,277 | ) | 8.55 | |||||||||||||||||
Balance at June 30, 2014 | 1,832,262 | 7,045,255 | $ | 8.31 | 7.36 | $ | 1,977,347 | ||||||||||||||
-1 | The difference between the number of shares available for grant and shares outstanding represents the RSUs granted for the period. | ||||||||||||||||||||
Stock-based Compensation | |||||||||||||||||||||
Total stock-based compensation expense was $2.2 million and $4.3 million during the three and six months ended June 30, 2014, respectively, and $1.6 million and $3.1 million during the same periods ended June 30, 2013. As of June 30, 2014, $18.0 million of total unrecognized compensation expense related to employee stock options, net of estimated forfeitures, was expected to be recognized over a weighted-average period of 3.05 years. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |
Reclassifications | ' |
Reclassifications | |
Certain items in the notes to Condensed Consolidated Financial Statements have been reclassified to conform to the current fiscal year’s format. | |
Net Loss Per Share | ' |
Net Loss Per Share | |
Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. | |
Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon the exercise of outstanding stock options and warrants, vesting of restricted stock units (RSUs), and the purchase from contributions to the 2012 Employee Stock Purchase Plan (the ESPP), (calculated based on the treasury stock method), are only included in the calculation of diluted net loss per share when their effect is dilutive. | |
Comprehensive Income (Loss) | ' |
Comprehensive Income (Loss) | |
Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented other comprehensive income (loss) consists solely of unrealized gains and losses on the Company’s available-for-sale securities. For the periods presented there were no reclassification differences or income tax effects related to the unrealized gains or losses on the Company’s available-for-sale securities. | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board and the International Accounting Standards Board issued new converged accounting guidance on revenue recognition in contracts with customers. This new standard impacts the determination of identifying performance obligations in the contract, and estimating the amount of variable consideration to include in the transaction price. Additionally, it modifies the manner in which the transaction price is allocated to each separate performance obligation. This new standard is effective for the Company beginning in the first quarter of 2017. Early adoption is not permitted. The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements. | |
Fair Value of Financial Assets and Liabilities | ' |
The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: | |
Level 1—Inputs which include quoted prices in active markets for identical assets and liabilities. | |
Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |
Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |
Market Prices for Identical Securities | ' |
When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect | ' | ||||||||
For the six months ended June 30, 2014 and 2013, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | |||||||||
Six Months Ended | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Options to purchase common stock, including ESPP | 7,065,850 | 4,873,522 | |||||||
Restricted stock units | 135,135 | — | |||||||
Warrants to purchase common stock | 150,000 | 151,672 | |||||||
7,350,985 | 5,025,194 | ||||||||
Cash_Equivalents_and_Investmen1
Cash Equivalents and Investments (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||
Amortized Cost and Fair Value of Cash Equivalents and Investments | ' | ||||||||||||||||
The amortized cost and fair value of cash equivalents and investments at June 30, 2014 and December 31, 2013 were as follows (in thousands): | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Money market fund | $ | 11,259 | $ | — | $ | — | $ | 11,259 | |||||||||
U.S. treasury securities | 15,081 | 15 | (2 | ) | 15,094 | ||||||||||||
Government-sponsored agencies | 18,003 | 7 | (10 | ) | 18,000 | ||||||||||||
Commercial paper | 19,985 | — | — | 19,985 | |||||||||||||
Corporate debt securities | 67,031 | 28 | (15 | ) | 67,044 | ||||||||||||
Total available-for-sale securities | $ | 131,359 | $ | 50 | $ | (27 | ) | $ | 131,382 | ||||||||
Classified as: | |||||||||||||||||
Cash equivalents | $ | 11,259 | |||||||||||||||
Short-term investments | 86,799 | ||||||||||||||||
Long-term investments | 33,324 | ||||||||||||||||
Total available-for-sale securities | $ | 131,382 | |||||||||||||||
December 31, 2013 | |||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Money market fund | $ | 8,212 | $ | — | $ | — | $ | 8,212 | |||||||||
Certificate of deposits | 6,025 | — | — | 6,025 | |||||||||||||
U.S. treasury securities | 2,001 | 3 | — | 2,004 | |||||||||||||
Government-sponsored agencies | 9,825 | 7 | (2 | ) | 9,830 | ||||||||||||
Commercial paper | 12,192 | — | — | 12,192 | |||||||||||||
Corporate debt securities | 109,533 | 56 | (24 | ) | 109,565 | ||||||||||||
Total available-for-sale securities | $ | 147,788 | $ | 66 | $ | (26 | ) | $ | 147,828 | ||||||||
Classified as: | |||||||||||||||||
Cash equivalents | $ | 8,212 | |||||||||||||||
Short-term investments | 123,055 | ||||||||||||||||
Long-term investments | 16,561 | ||||||||||||||||
Total available-for-sale securities | $ | 147,828 | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements of Company's Financial Assets and Liabilities | ' | ||||||||||||||||
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows as of June 30, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
June 30, 2014 | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market fund | $ | 11,259 | $ | — | $ | — | $ | 11,259 | |||||||||
U.S. treasury securities | — | 15,094 | — | 15,094 | |||||||||||||
Government-sponsored agencies | — | 18,000 | — | 18,000 | |||||||||||||
Commercial paper | — | 19,985 | — | 19,985 | |||||||||||||
Corporate debt securities | — | 67,044 | — | 67,044 | |||||||||||||
Total assets | $ | 11,259 | $ | 120,123 | $ | — | $ | 131,382 | |||||||||
31-Dec-13 | |||||||||||||||||
Description | Level 1 | Level 2 | Level 3 | Total | |||||||||||||
Money market fund | $ | 8,212 | $ | — | $ | — | $ | 8,212 | |||||||||
Certificate of deposits | 6,025 | — | — | 6,025 | |||||||||||||
U.S. treasury securities | — | 2,004 | — | 2,004 | |||||||||||||
Government-sponsored agencies | — | 9,830 | — | 9,830 | |||||||||||||
Commercial paper | — | 12,192 | — | 12,192 | |||||||||||||
Corporate debt securities | — | 109,565 | — | 109,565 | |||||||||||||
Total assets | $ | 14,237 | $ | 133,591 | $ | — | $ | 147,828 | |||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities consist of the following (in thousands): | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Research and development related | $ | 5,089 | $ | 3,337 | |||||
Compensation related | 1,342 | 1,589 | |||||||
Consulting and professional services | 422 | 399 | |||||||
Other | 277 | 324 | |||||||
$ | 7,130 | $ | 5,649 | ||||||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Related Party Transactions [Abstract] | ' | ||||||||||||||||
Revenues from GSK | ' | ||||||||||||||||
The Company recognized the following revenues from GSK during the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
June 30, | June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
GSK | |||||||||||||||||
Contract revenue | $ | — | $ | 758 | — | $ | 1,557 | ||||||||||
Recognition of up-front payments | — | 1,128 | — | 2,256 | |||||||||||||
Total revenues | $ | — | $ | 1,886 | — | $ | 3,813 | ||||||||||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||
Option Activity under its Stock Plans | ' | ||||||||||||||||||||
During the six months ended June 30, 2014, the Company had the following option activities under its equity incentive plans : | |||||||||||||||||||||
Outstanding Options | |||||||||||||||||||||
Available for | Shares | Weighted Average | Weighted | Aggregate | |||||||||||||||||
Grant | Exercise Price | Average | Intrinsic Value | ||||||||||||||||||
Remaining | |||||||||||||||||||||
Contractual | |||||||||||||||||||||
Term | |||||||||||||||||||||
Balance at December 31, 2013 | 2,383,920 | 5,301,622 | $ | 8.71 | |||||||||||||||||
Shares authorized | 1,700,000 | ||||||||||||||||||||
Granted (1) | (2,414,935 | ) | 2,279,800 | 6.63 | |||||||||||||||||
Exercised | — | (372,890 | ) | 3.6 | |||||||||||||||||
Forfeited | 163,277 | (163,277 | ) | 8.55 | |||||||||||||||||
Balance at June 30, 2014 | 1,832,262 | 7,045,255 | $ | 8.31 | 7.36 | $ | 1,977,347 | ||||||||||||||
-1 | The difference between the number of shares available for grant and shares outstanding represents the RSUs granted for the period. |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Number of operating segment | 1 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Detail) | 6 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 7,350,985 | 5,025,194 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 135,135 | ' |
Options to Purchase Common Stock, Including ESPP [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 7,065,850 | 4,873,522 |
Warrants to Purchase Common Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 150,000 | 151,672 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Equity [Abstract] | ' | ' | ' | ' |
Reclassification differences or income tax effects related to the unrealized gains or losses | $0 | $0 | $0 | $0 |
Cash_Equivalents_and_Investmen2
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | $131,359 | $147,788 |
Gross Unrealized Gains | 50 | 66 |
Gross Unrealized Losses | -27 | -26 |
Available-for-sale Securities | 131,382 | 147,828 |
Money Market Fund [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 11,259 | 8,212 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Available-for-sale Securities | 11,259 | 8,212 |
Certificate of Deposits [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | ' | 6,025 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Available-for-sale Securities | ' | 6,025 |
U.S. Treasury Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 15,081 | 2,001 |
Gross Unrealized Gains | 15 | 3 |
Gross Unrealized Losses | -2 | ' |
Available-for-sale Securities | 15,094 | 2,004 |
Government-Sponsored Agencies [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 18,003 | 9,825 |
Gross Unrealized Gains | 7 | 7 |
Gross Unrealized Losses | -10 | -2 |
Available-for-sale Securities | 18,000 | 9,830 |
Commercial Paper [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 19,985 | 12,192 |
Gross Unrealized Gains | ' | ' |
Gross Unrealized Losses | ' | ' |
Available-for-sale Securities | 19,985 | 12,192 |
Corporate Debt Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized Cost | 67,031 | 109,533 |
Gross Unrealized Gains | 28 | 56 |
Gross Unrealized Losses | -15 | -24 |
Available-for-sale Securities | $67,044 | $109,565 |
Cash_Equivalents_and_Investmen3
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash And Cash Equivalents [Abstract] | ' | ' |
Cash equivalents | $11,259 | $8,212 |
Short-term investments | 86,799 | 123,055 |
Long-term investments | 33,324 | 16,561 |
Available-for-sale Securities | $131,382 | $147,828 |
Cash_Equivalents_and_Investmen4
Cash Equivalents and Investments - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Investment | Investment | ||||
Cash And Cash Equivalents [Abstract] | ' | ' | ' | ' | ' |
Maturity period available-for-sale securities | ' | ' | 'Less than two years | ' | ' |
Significant realized gains or losses on available-for-sale securities | $0 | ' | $0 | ' | ' |
Available-for-sale securities held | 0 | ' | 0 | ' | ' |
Cash | 1,800,000 | ' | 1,800,000 | ' | 2,000,000 |
Number of investment positions in available-for-sale investments | 0 | ' | 0 | ' | ' |
Sales of investments | 0 | 0 | 0 | 0 | ' |
Reclassification adjustments of accumulated other comprehensive income to net income | $0 | $0 | $0 | $0 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Measurements of Company's Financial Assets and Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $131,382 | $147,828 |
Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 11,259 | 8,212 |
U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 15,094 | 2,004 |
Government-Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 18,000 | 9,830 |
Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 19,985 | 12,192 |
Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 67,044 | 109,565 |
Certificate of Deposits [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | 6,025 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 11,259 | 14,237 |
Level 1 [Member] | Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 11,259 | 8,212 |
Level 1 [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 1 [Member] | Government-Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 1 [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 1 [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 1 [Member] | Certificate of Deposits [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | 6,025 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 120,123 | 133,591 |
Level 2 [Member] | Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 2 [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 15,094 | 2,004 |
Level 2 [Member] | Government-Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 18,000 | 9,830 |
Level 2 [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 19,985 | 12,192 |
Level 2 [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 67,044 | 109,565 |
Level 2 [Member] | Certificate of Deposits [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 3 [Member] | Money Market Fund [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 3 [Member] | U.S. Treasury Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 3 [Member] | Government-Sponsored Agencies [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 3 [Member] | Commercial paper [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 3 [Member] | Corporate Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 0 | ' |
Level 3 [Member] | Certificate of Deposits [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Jun. 30, 2014 |
Fair Value Disclosures [Abstract] | ' |
Transfers from Level 1 to Level 2 financial assets | $0 |
Transfers from Level 2 to Level 1 financial assets | $0 |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities - Accrued Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Research and development related | $5,089 | $3,337 |
Compensation related | 1,342 | 1,589 |
Consulting and professional services | 422 | 399 |
Other | 277 | 324 |
Accrued liabilities | $7,130 | $5,649 |
RelatedParty_Transactions_Reve
Related-Party Transactions - Revenues from GSK (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenue | $0 | $1,886 | $0 | $3,813 |
Contract revenue [Member] | Glaxo Group Limited [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenue | 0 | 758 | 0 | 1,557 |
Recognition of up-front payments [Member] | Glaxo Group Limited [Member] | ' | ' | ' | ' |
Related Party Transaction [Line Items] | ' | ' | ' | ' |
Revenue | $0 | $1,128 | $0 | $2,256 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 1 Months Ended | 1 Months Ended | ||||||||
Feb. 29, 2012 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Feb. 29, 2012 | Sep. 30, 2011 | Feb. 29, 2012 | Feb. 29, 2012 | |
Corporate Bonds [Member] | Corporate Bonds [Member] | GSK Agreement [Member] | GSK Agreement [Member] | Techne [Member] | Techne [Member] | Techne [Member] | Techne [Member] | ||||
Private Placements [Member] | Convertible Notes Payable [Member] | ||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | ' | $0 | $393,000 | ' | ' | $0 | $400,000 | ' | ' | ' | ' |
Investment in corporate bonds | ' | ' | ' | 0 | 3,000,000 | ' | ' | ' | ' | ' | ' |
Convertible loan, principal amount | ' | ' | ' | ' | ' | ' | ' | ' | 10,000,000 | ' | ' |
Convertible loan, interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' |
Convertible loan, maturity date | ' | ' | ' | ' | ' | ' | ' | ' | '2021-09 | ' | ' |
Outstanding, accrued, unpaid interest converted into common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,021,490 |
Conversion price of common stock | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' |
Warrant contractual term | '10 years | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' |
Purchase of warrant common stock | 150,000 | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' |
Warrant common stock exercise price | 20 | ' | ' | ' | ' | ' | ' | 20 | ' | ' | ' |
Warrant common stock exercise price rate | ' | ' | ' | ' | ' | ' | ' | 200.00% | ' | ' | ' |
Parties purchased common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5,000,000 | ' |
Techne purchased common stock per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2013 | Feb. 29, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Issuance of common stock | 5,750,000 | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | ' | 43,335,756 | 43,335,756 | ' | 42,888,168 |
Common stock offering price per share | $12 | ' | ' | ' | ' | ' |
Net proceeds after underwriting discounts, commissions and offering expenses | $64,400,000 | ' | ' | $0 | $64,365,000 | ' |
Warrant common stock exercise price | ' | 20 | ' | ' | ' | ' |
Warrant contractual term | ' | '10 years | ' | ' | ' | ' |
Purchase of warrant common stock | ' | 150,000 | ' | ' | ' | ' |
Warrants outstanding to purchase convertible stock | ' | ' | 150,000 | 150,000 | ' | 150,000 |
Weighted-average exercise price | ' | ' | $20 | $20 | ' | $20 |
Warrant to purchase common stock were exercised | ' | ' | 0 | 0 | ' | ' |
Series B Convertible Preferred Stock [Member] | ' | ' | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Warrant common stock exercise price | ' | $5.20 | ' | ' | ' | ' |
Purchase of warrant common stock | ' | 159,500 | ' | ' | ' | ' |
IPO [Member] | ' | ' | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Issuance of common stock | ' | 5,175,000 | ' | ' | ' | ' |
Net proceeds after underwriting discounts, commissions and offering expenses | ' | 45,000,000 | ' | ' | ' | ' |
Gross proceeds in concurrent private placements | ' | $12,000,000 | ' | ' | ' | ' |
Conversion of preferred stock to common stock | ' | 24,332,186 | ' | ' | ' | ' |
Private Placements [Member] | ' | ' | ' | ' | ' | ' |
Stockholders Equity [Line Items] | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 1,200,000 | ' | ' | ' | ' |
Common stock offering price per share | ' | $10 | ' | ' | ' | ' |
Equity_Incentive_Plans_Additio
Equity Incentive Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Stock-based compensation | $2,200,000 | $1,600,000 | $4,289,000 | $3,094,000 |
Unrecognized compensation expense related to employee stock options | $18,000,000 | ' | $18,000,000 | ' |
Total unrecognized compensation expense related to employee stock options weighted-average period | ' | ' | '3 years 18 days | ' |
Restricted Stock [Member] | ' | ' | ' | ' |
RSUs, Granted | 135,135 | ' | ' | ' |
RSUs, Vested | 0 | ' | ' | ' |
Equity_Incentive_Plans_Option_
Equity Incentive Plans - Option Activity under its Stock Plans (Detail) (USD $) | 6 Months Ended |
Jun. 30, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Shares Available for Grant, Beginning Balance | 2,383,920 |
Available for Grant, Shares Authorized | 1,700,000 |
Shares Available for Grant, Option Granted | -2,414,935 |
Shares Available for Grant, Exercised | 0 |
Shares Available for Grant, Option Forfeited | 163,277 |
Shares Available for Grant, Ending Balance | 1,832,262 |
Shares Options Outstanding, Beginning Balance | 5,301,622 |
Shares, Options Outstanding, Granted | 2,279,800 |
Shares, Options Outstanding, Exercised | -372,890 |
Shares, Options Outstanding, Forfeited | -163,277 |
Shares, Options Outstanding, Ending Balance | 7,045,255 |
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $8.71 |
Weighted Average Exercise Price, Granted | $6.63 |
Weighted Average Exercise Price, Exercised | $3.60 |
Weighted Average Exercise Price, Forfeited | $8.55 |
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $8.31 |
Options Outstanding and Exercisable, Weighted Average Remaining Contractual Term | '7 years 4 months 10 days |
Options Exercisable Aggregate Intrinsic Value | $1,977,347 |