Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 06, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CCXI | ||
Entity Registrant Name | ChemoCentryx, Inc. | ||
Entity Central Index Key | 1340652 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,537,104 | ||
Entity Public Float | $68.50 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $16,075 | $10,258 |
Short-term investments | 57,282 | 123,055 |
Accounts receivable from related party | 393 | |
Prepaid expenses and other current assets | 972 | 596 |
Total current assets | 74,329 | 134,302 |
Property and equipment, net | 1,208 | 1,399 |
Long-term investments | 41,263 | 16,561 |
Other assets | 181 | 160 |
Total assets | 116,981 | 152,422 |
Current liabilities: | ||
Accounts payable | 748 | 909 |
Accrued liabilities | 7,442 | 5,649 |
Current portion of equipment financing obligations | 314 | |
Total current liabilities | 8,190 | 6,872 |
Noncurrent equipment financing obligations | 16 | |
Other non-current liabilities | 185 | 226 |
Total liabilities | 8,375 | 7,114 |
Preferred stock: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; no shares issued and outstanding; | ||
Common stock, $0.001 par value, 200,000,000 shares authorized at December 31, 2014 and December 31, 2013; 43,446,096 shares and 42,888,168 shares issued and outstanding at December 31, 2014 and December 31, 2013, respectively. | 43 | 43 |
Additional paid-in capital | 328,440 | 318,103 |
Note receivable | -16 | -16 |
Accumulated other comprehensive income | -70 | 40 |
Accumulated deficit | -219,791 | -172,862 |
Total stockholders' equity | 108,606 | 145,308 |
Total liabilities and stockholders' equity | $116,981 | $152,422 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 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 | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 43,446,096 | 42,888,168 |
Common stock, shares outstanding | 43,446,096 | 42,888,168 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Collaborative research and development revenue from related party | $6,060 | $5,419 | |
Operating expenses: | |||
Research and development | 33,815 | 33,541 | 34,569 |
General and administrative | 13,584 | 11,634 | 10,480 |
Total operating expenses | 47,399 | 45,175 | 45,049 |
Loss from operations | -47,399 | -39,115 | -39,630 |
Other income (expense): | |||
Interest income | 494 | 501 | 533 |
Interest expense | -24 | -59 | -794 |
Total other income (expense), net | 470 | 442 | -261 |
Net loss | ($46,929) | ($38,673) | ($39,891) |
Basic and diluted net loss per common share | ($1.08) | ($0.95) | ($1.13) |
Shares used to compute basic and diluted net loss per common share | 43,275 | 40,916 | 35,407 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net loss | ($46,929) | ($38,673) | ($39,891) |
Unrealized (loss) gain on available-for-sale securities | -110 | 38 | 33 |
Comprehensive loss | ($47,039) | ($38,635) | ($39,858) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Note Receivable [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Follow-On Offering [Member] | Follow-On Offering [Member] | Follow-On Offering [Member] | Convertible Preferred Stock [Member] |
In Thousands, except Share data | Common Stock [Member] | Additional Paid-In Capital [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | Common Stock [Member] | Additional Paid-In Capital [Member] | ||||||||||
Beginning Balance at Dec. 31, 2011 | $75,997 | $4 | $170,289 | ($16) | ($31) | ($94,298) | $49 | |||||||||
Beginning Balance, shares at Dec. 31, 2011 | 4,385,439 | 48,664,392 | ||||||||||||||
Net loss | -39,891 | -39,891 | ||||||||||||||
Unrealized gain / (loss) on investments | 33 | 33 | ||||||||||||||
Conversion of preferred stock to common stock | 24 | 25 | -49 | |||||||||||||
Issuance of common stock, net of issuance costs | 45,017 | 6 | 45,011 | 12,000 | 1 | 11,999 | ||||||||||
Conversion of preferred stock to common stock, shares | 24,332,186 | -48,664,392 | ||||||||||||||
Issuance of common stock, net of issuance costs, shares | 5,175,000 | 1,200,000 | ||||||||||||||
Issuance of common stock upon conversion of convertible note from related party | 10,214 | 1 | 10,213 | |||||||||||||
Issuance of common stock upon conversion of convertible note from related party, shares | 1,021,490 | |||||||||||||||
Reclassification of warrant liability to additional paid-in capital upon conversion of convertible note upon initial public offering | 1,052 | 1,052 | ||||||||||||||
Issuance of common stock upon net exercise of warrant, shares | 4,197 | |||||||||||||||
Issuance of common stock upon exercise of stock options and under employee stock purchase plan | 971 | 971 | ||||||||||||||
Issuance of common stock upon exercise of stock options and under employee stock purchase plan, shares | 236,235 | |||||||||||||||
Employee stock-based compensation | 4,812 | 4,812 | ||||||||||||||
Compensation expense related to options granted to consultants | 141 | 141 | ||||||||||||||
Ending Balance at Dec. 31, 2012 | 110,346 | 36 | 244,513 | -16 | 2 | -134,189 | ||||||||||
Ending Balance, shares at Dec. 31, 2012 | 36,354,547 | |||||||||||||||
Net loss | -38,673 | -38,673 | ||||||||||||||
Unrealized gain / (loss) on investments | 38 | 38 | ||||||||||||||
Issuance of common stock, net of issuance costs | 64,365 | 6 | 64,359 | |||||||||||||
Issuance of common stock, net of issuance costs, shares | 5,750,000 | |||||||||||||||
Issuance of common stock upon exercise of warrant | 312 | 312 | ||||||||||||||
Issuance of common stock upon exercise of warrant, shares | 60,000 | |||||||||||||||
Issuance of common stock upon net exercise of warrant, shares | 48,611 | |||||||||||||||
Issuance of common stock upon exercise of stock options and under employee stock purchase plan | 2,678 | 1 | 2,677 | |||||||||||||
Issuance of common stock upon exercise of stock options and under employee stock purchase plan, shares | 675,010 | |||||||||||||||
Employee stock-based compensation | 6,092 | 6,092 | ||||||||||||||
Compensation expense related to options granted to consultants | 150 | 150 | ||||||||||||||
Ending Balance at Dec. 31, 2013 | 145,308 | 43 | 318,103 | -16 | 40 | -172,862 | ||||||||||
Ending Balance, shares at Dec. 31, 2013 | 42,888,168 | |||||||||||||||
Net loss | -46,929 | -46,929 | ||||||||||||||
Unrealized gain / (loss) on investments | -110 | -110 | ||||||||||||||
Issuance of common stock upon exercise of stock options and under employee stock purchase plan | 2,123 | 2,123 | ||||||||||||||
Issuance of common stock upon exercise of stock options and under employee stock purchase plan, shares | 557,928 | |||||||||||||||
Employee stock-based compensation | 7,960 | 7,960 | ||||||||||||||
Compensation expense related to options granted to consultants | 254 | 254 | ||||||||||||||
Ending Balance at Dec. 31, 2014 | $108,606 | $43 | $328,440 | ($16) | ($70) | ($219,791) | ||||||||||
Ending Balance, shares at Dec. 31, 2014 | 43,446,096 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating activities | |||
Net loss | ($46,929) | ($38,673) | ($39,891) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Depreciation of property and equipment | 543 | 576 | 592 |
Stock-based compensation | 8,214 | 6,242 | 4,953 |
Noncash interest expense, net | 2,157 | 2,065 | 2,571 |
Changes in assets and liabilities: | |||
Accounts receivable due from related party | 393 | 763 | -649 |
Prepaids and other current assets | -376 | 34 | 692 |
Other assets | -21 | 1,935 | |
Accounts payable | -161 | 159 | 214 |
Other liabilities | 1,865 | -723 | 1,758 |
Deferred revenue from related party | -3,761 | -4,402 | |
Net cash used in operating activities | -34,315 | -33,318 | -32,227 |
Investing activities | |||
Purchases of property and equipment, net | -352 | -554 | -472 |
Purchases of investments | -100,837 | -136,600 | -177,566 |
Sales of investments | 5,142 | 5,582 | |
Maturities of investments | 139,528 | 100,344 | 115,552 |
Net cash provided by (used in) investing activities | 38,339 | -31,668 | -56,904 |
Financing activities | |||
Proceeds from issuance of common stock | 64,365 | 57,017 | |
Proceeds from exercise of stock options and employee stock purchase plan | 2,123 | 2,678 | 966 |
Proceeds from exercise of warrants | 312 | ||
Payments on equipment financing obligations | -330 | -571 | -547 |
Net cash provided by financing activities | 1,793 | 66,784 | 57,436 |
Net increase (decrease) in cash and cash equivalents | 5,817 | 1,798 | -31,695 |
Cash and cash equivalents at beginning of period | 10,258 | 8,460 | 40,155 |
Cash and cash equivalents at end of period | 16,075 | 10,258 | 8,460 |
Supplemental disclosures of cash flow information | |||
Cash paid for interest | 137 | 26 | 50 |
Non-cash financing activity: | |||
Issuance of common stock for settlement of convertible debt, including accrued interest | $10,215 |
Description_of_Business
Description of Business | 12 Months Ended | ||
Dec. 31, 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 chemokine-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. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Summary of Significant Accounting Policies | 2 | Summary of Significant Accounting Policies | |||||||||||
Consolidation | |||||||||||||
The consolidated financial statements include the Company’s accounts and those of its wholly owned subsidiary, ChemoCentryx Limited. All intercompany amounts have been eliminated in consolidation. | |||||||||||||
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. | |||||||||||||
Basis of Presentation | |||||||||||||
The financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP). The Company has made estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Cash Equivalents and Investments | |||||||||||||
The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company limits its concentration of risk by diversifying its investments among a variety of issuers. All investments are classified as available for sale and are recorded at fair value based on quoted prices in active markets or based upon other observable inputs, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses and declines in fair value that are deemed to be other than temporary are reflected in the statement of operations. The cost of securities sold is based on the specific-identification method. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts receivable from related party and accounts payable, approximate their fair value due to their short maturities. Based on the borrowing rate available to the Company for loans with similar terms and average maturities, the carrying value of the Company’s equipment financing obligation (debt) approximates its fair value as of December 31, 2013. There was no outstanding equipment financing obligation as of December 31, 2014. | |||||||||||||
Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. The valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | |||||||||||||
Concentration of Credit Risk | |||||||||||||
The Company invests in a variety of financial instruments and, by its policy, limits the amount of credit exposure with any one issuer, industry or geographic area. | |||||||||||||
Accounts receivable are typically unsecured and are concentrated in the pharmaceutical industry. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies. At December 31, 2014 and 2013, the Company had an accounts receivable balance of $0 and $0.4 million, respectively, which solely consisted of amounts due from Glaxo Group Limited (GSK) under its former collaboration agreement. The Company believes that the credit risks associated with GSK are not significant. During the three years ending December 31, 2014, the Company has not written off any accounts receivable, and accordingly, does not have an allowance for doubtful accounts as of December 31, 2014 and 2013. During the years ended December 31, 2013 and 2012, 100% of the Company’s total revenues were derived from contract revenue, up-front payments and development milestone payments earned under the Company’s former collaboration with GSK. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. Tenant improvements are depreciated over the lesser of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. | |||||||||||||
Impairment of Long-Lived Assets | |||||||||||||
The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its respective fair value. To date, the Company has not recorded any impairment losses. | |||||||||||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue in accordance with the criteria outlined in the Securities and Exchange Commission’s (the SEC) Topic 13 and Accounting Standards Codification (ASC) 605-25. The Company generates revenue from collaborative research and development agreements with pharmaceutical companies. Collaboration agreements may include nonrefundable up-front fees, research and development funding, milestone payments for the achievement of defined collaboration objectives, license fees and royalties on potential sales of commercialized products. In multiple arrangements, the Company evaluates the selling price used for each deliverable based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. For multiple element arrangements entered into prior to January 1, 2011, the Company determined whether the elements had value on a stand-alone basis and whether there was objective and reliable evidence of fair value. When the delivered element did not have stand-alone value or there was insufficient evidence of fair value for the undelivered element(s), the Company recognized the consideration for the combined unit of accounting in the same manner as the revenue was recognized for the final deliverable, which was generally ratably over the longest period of involvement. For example, up-front payments received upon execution of collaborative agreements are recorded as deferred revenue and recognized as collaborative research and development revenue based on a straight-line basis over the period of the Company’s continuing involvement with the third-party collaborator pursuant to the applicable agreement. Such period generally represents the longer of the estimated research and development period or other continuing obligation period defined in the respective agreements between the Company and its third-party collaborators. The Company periodically reviews the estimated performance periods of its contracts based on the progress of the related programs. | |||||||||||||
Research and development funding related to collaborative research and development efforts is recognized as revenue as the related services are performed or delivered, in accordance with contract terms. Such payments generally are made based on the number of full-time equivalent researchers assigned to the collaboration project and the related research and development expenses incurred, or as other deliverables under the contracts are fulfilled. | |||||||||||||
In addition to up-front payments and research and development funding, the Company may also be entitled to milestone or option payments that are contingent upon achieving a predefined objective. The Company follows the milestone method of recognizing revenue from milestones and milestone payments are recorded as revenue in full upon achievement of the milestone if there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, the event is based on the vendor’s performance, and the amount of the payment was negotiated as part of the collaboration agreement. | |||||||||||||
Research and Development Expenses | |||||||||||||
All research and development expenses, including those funded by third parties, are expensed as incurred. Research and development expenses include, but not limited to, salaries and related benefits, including stock-based compensation, third-party contract costs relating to research, formulation, manufacturing, preclinical study and clinical trial activities, laboratory consumables, allocated facility costs. | |||||||||||||
Research and development expenses under collaborative agreements approximated the revenue recognized, excluding milestone, up-front and option fees. | |||||||||||||
Clinical Trial Accruals | |||||||||||||
Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. | |||||||||||||
Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed. | |||||||||||||
Income Taxes | |||||||||||||
The Company uses the liability method for income taxes, whereby deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization for the deferred tax assets does not meet the more-likely-than-not criteria. | |||||||||||||
The Company accounts for uncertain tax positions in the financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. | |||||||||||||
Comprehensive 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. | |||||||||||||
Stock-Based Compensation | |||||||||||||
The Company accounts for employee stock-based compensation using a fair-value-based method, which measures stock-based compensation cost at the grant date based on the fair value of the award, and recognizes as an expense over the award’s vesting periods on a straight-line basis. Because stock compensation expense is based on awards ultimately expected to vest, it has been reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||
The Company accounts for stock-based compensation arrangements with nonemployees using a fair-value approach. For stock options granted to nonemployees, the fair value of the stock options is estimated using the Black-Scholes valuation model. This model utilizes the estimated fair value of common stock and requires that, at the date of grant, assumptions are made with respect to the remaining contractual term of the option, the volatility of the fair value of its common stock, the risk-free interest rates and the expected dividend yields of its common stock. The measurement of nonemployee stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. | |||||||||||||
The Company accounts for restricted stock compensation arrangement with nonemployee directors using a fair-value approach. For restricted stock units (RSUs) granted to nonemployee directors, the fair value of a RSU is valued at the closing price of the Company’s common stock on the date of the grant. The Company recognizes stock-based compensation expense associated with these RSUs over the requisite service period, with no adjustment in future periods based on the Company’s actual stock price over the vesting period. | |||||||||||||
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 stock holders 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 (i) the exercise of outstanding stock options and warrants, (ii) vesting of RSUs, and (iii) 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. | |||||||||||||
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options to purchase common stock, including purchases from contributions to ESPP | 6,849,607 | 5,324,876 | 5,292,738 | ||||||||||
Restricted stock units | 135,135 | — | — | ||||||||||
Warrants to purchase common stock | 150,000 | 150,000 | 301,672 | ||||||||||
7,134,742 | 5,474,876 | 5,594,410 | |||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers, which will supersede virtually all revenue recognition guidance in U.S. GAAP, including the Company’s as aforementioned. 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 new guidance allows for either “full retrospective” adoption, where the standard is applied to all of the periods presented, which in the Company’s case would be 2015, 2016, and 2017, or “modified retrospective” adoption, where the standard is applied only to the most current period presented in the financial statements, which in the Company’s case would be 2017. The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements and has not made a determination as to which method will be adopted at this time. | |||||||||||||
In June 2014, the FASB issued an accounting standards update that requires a performance target that affects vesting of a share-based payment award and that could be achieved after the requisite service period to be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized over the required service period, if it is probable that the performance target will be achieved. This guidance will be effective for fiscal years beginning after December 15, 2015, which will be the Company’s fiscal year 2016, with early adoption permitted. The Company does not expect the adoption of the guidance will have a material impact on the Company’s financial statements. | |||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and provide related disclosures. This guidance is effective for annual periods ending after December 15, 2016, and, as such, will be applicable to the Company in 2017. Early adoption is permitted. The Company does not expect this standard to have a material impact on its financial statements. |
Cash_Equivalents_and_Investmen
Cash Equivalents and Investments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Cash Equivalents and Investments | 3 | Cash Equivalents and Investments | |||||||||||||||
The amortized cost and fair value of cash equivalents and investments at December 31, 2014 were as follows (in thousands): | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Money market fund | $ | 15,922 | $ | — | $ | — | $ | 15,922 | |||||||||
U.S. treasury securities | 19,117 | 5 | (2 | ) | 19,120 | ||||||||||||
Government-sponsored agencies | 29,772 | 4 | (13 | ) | 29,763 | ||||||||||||
Commercial paper | 1,500 | — | — | 1,500 | |||||||||||||
Corporate debt securities | 48,226 | 4 | (68 | ) | 48,162 | ||||||||||||
Total available-for-sale securities | $ | 114,537 | $ | 13 | $ | (83 | ) | $ | 114,467 | ||||||||
Classified as: | |||||||||||||||||
Cash equivalents | $ | 15,922 | |||||||||||||||
Short-term investments | 57,282 | ||||||||||||||||
Long-term investments | 41,263 | ||||||||||||||||
Total available-for-sale securities | $ | 114,467 | |||||||||||||||
The amortized cost and fair value of cash equivalents and investments, with gross unrealized gains and losses, at December 31, 2013 were as follows (in thousands): | |||||||||||||||||
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 and cash equivalents in the tables above exclude cash of $0.2 million and $2.0 million as of December 31, 2014 and 2013, respectively. All available-for-sale securities held as of December 31, 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 December 31, 2014, have been in a continuous unrealized loss position for more than 12 months. | |||||||||||||||||
As of December 31, 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. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 (in thousands): | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Description | |||||||||||||||||
Money market fund | $ | 15,922 | $ | — | $ | — | $ | 15,922 | |||||||||
U.S. treasury securities | — | 19,120 | — | 19,120 | |||||||||||||
Government-sponsored agencies | — | 29,763 | — | 29,763 | |||||||||||||
Commercial paper | — | 1,500 | — | 1,500 | |||||||||||||
Corporate debt securities | — | 48,162 | — | 48,162 | |||||||||||||
Total assets | $ | 15,922 | $ | 98,545 | $ | — | $ | 114,467 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Description | |||||||||||||||||
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 year ended December 31, 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. |
Property_and_Equipment
Property and Equipment | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | 5 | Property and Equipment | |||||||
Property and equipment consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Lab equipment | $ | 5,744 | $ | 5,573 | |||||
Computer equipment and software | 1,481 | 1,435 | |||||||
Furniture and fixtures | 524 | 505 | |||||||
Tenant improvements | 783 | 752 | |||||||
8,532 | 8,265 | ||||||||
Less: accumulated depreciation | (7,324 | ) | (6,866 | ) | |||||
$ | 1,208 | $ | 1,399 | ||||||
Accrued_Liabilities
Accrued Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | 6 | Accrued Liabilities | |||||||
Accrued liabilities consist of the following (in thousands): | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Research and development related | $ | 4,982 | $ | 3,337 | |||||
Compensation related | 1,956 | 1,589 | |||||||
Consulting and professional services | 254 | 399 | |||||||
Other | 250 | 324 | |||||||
$ | 7,442 | $ | 5,649 | ||||||
Debt
Debt | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Debt | 7 | Debt | |||||||||||
Equipment Financing Obligations | |||||||||||||
In April 2010, the Company entered into an amendment to its credit facility to provide for up to $4.0 million to finance equipment purchases and other related expenses, with borrowing thereunder secured by certain fixed assets of the Company and repayable over 48 months. Until the credit facility expired in March 2011, the Company utilized $2.2 million of the credit facility, which bore interest on a weighted average basis of 6.7%. As of December 31, 2013, in aggregate, $0.3 million was outstanding and secured by certain fixed assets which had a remaining net book value of $0.4 million. As of December 31, 2014, the loans under the credit facility were fully repaid. | |||||||||||||
Convertible Debt from Related Party | |||||||||||||
In September 2011, the Company entered into a convertible note loan agreement with Bio-Techne Corporation, formerly Techne Corporation (Bio-Techne), one of its principal stockholders, pursuant to which the Company issued a convertible note to Bio-Techne with a principal amount of $10 million and bearing interest at a rate of 5.0% per annum and a maturity date in September 2021. The Company accounted for the note at fair value, under a fair value option available under generally accepted accounting principles. The note was remeasured to fair value every reporting period while outstanding. In February 2012, the Company completed its initial public offering, and as such, all outstanding principal and accrued and unpaid interest automatically converted into shares of common stock at a conversion price equal to the initial public offering price of $10.00. | |||||||||||||
Interest expense for the years ended December 31, 2014 and 2013 represents interest expense from equipment financing obligations. The following table summarizes interest expense in the consolidated statement of operations for the year ended December 31, 2014, 2013 and 2012 (in thousands): | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | |||||||||||||
Interest expense from convertible debt from related party | $ | — | $ | — | $ | 711 | |||||||
Other | 24 | 59 | 83 | ||||||||||
Total interest expense | $ | 24 | $ | 59 | $ | 794 | |||||||
Commitments
Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments | 8 | Commitments | |||
Operating Leases | |||||
In May 2004, the Company entered into a noncancelable operating lease for its current office and primary research facility located in Mountain View, California. The Company received a discounted lease rate during the first year of the agreement. In August 2012, the Company entered into an amendment to the lease agreement for the same facility to extend the term through April 2019. The total rent obligation is being expensed ratably over the term of the agreement, as amended. Rental expenses for the years ended December 31, 2014, 2013, and 2012 were $993,700, $942,000, and $872,000, respectively. | |||||
Future minimum lease payments under all noncancelable operating leases as of December 31, 2014, are as follows (in thousands): | |||||
Year ending December 31: | |||||
2015 | $ | 872 | |||
2016 | 894 | ||||
2017 | 915 | ||||
2018 | 937 | ||||
2019 | 315 | ||||
Total minimum lease payments | $ | 3,933 | |||
Convertible_Preferred_Stock
Convertible Preferred Stock | 12 Months Ended | ||
Dec. 31, 2014 | |||
Equity [Abstract] | |||
Convertible Preferred Stock | 9 | Convertible Preferred Stock | |
The Company previously recorded its convertible preferred stock at fair value on the date of issuance, net of issuance costs. In connection with the completion of the Company’s initial public offering in February 2012, all convertible preferred stock was automatically converted into common stock. |
Common_Stock_and_Warrants
Common Stock and Warrants | 12 Months Ended | ||
Dec. 31, 2014 | |||
Equity [Abstract] | |||
Common Stock and Warrants | 10 | Common Stock and Warrants | |
Initial Public Offering | |||
In February 2012, the Company completed its initial public offering (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 7, all outstanding principal and accrued and unpaid interest under the convertible note loan agreement with Bio-Techne also converted into common stock in connection with 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 2001, in conjunction with the private placement of the Company’s Series B convertible preferred stock, the Company issued warrants to purchase 407,077 shares of Series B convertible preferred stock to the placement agency, in connection with the private placement of the Company’s Series B convertible preferred stock. The warrants were immediately exercisable at $2.60 per share and were exercised in February 2011 for gross proceeds of approximately $1.1 million. | |||
In December 2002 and 2003, the Company issued warrants to purchase 15,656 and 3,344 shares of Series B convertible preferred stock, respectively, in conjunction with obtaining equipment financing. The warrants were immediately exercisable at $2.60 per share. The warrants issued in 2002 were automatically exercised in December 2012. The warrants issued in 2003 expired on December 23, 2013. | |||
In February 2012, in connection with the IPO, the warrants to purchase Series B convertible preferred stock converted into 159,500 warrants to purchase common stock at $5.20 per share, with expiration dates from 2012 through 2014. Upon the completion of the Company’s IPO in February 2012, Bio-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. As of December 31, 2014 and 2013, 150,000 warrants to purchase common stock were outstanding with a weighted-average exercise price of $20.00. |
RelatedParty_Transactions
Related-Party Transactions | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Related-Party Transactions | 11 | Related-Party Transactions | |||||||||||
Glaxo Group Limited | |||||||||||||
In August 2006, the Company entered into a product development and commercialization agreement with GSK. Concurrent with the collaboration agreement (the GSK Agreement), the Company issued 6,493,506 shares of Series D convertible preferred stock at $3.85 per share, for gross proceeds of $25.0 million. Under the terms of the agreement, the Company received an initial nonrefundable up-front fee of $38.5 million, which was recognized as revenue over the estimated research and development term during which GSK might exercise its right to license certain drug candidates under the agreement. Under the agreement, the Company delivered intellectual property rights and had an obligation to perform research and development services. | |||||||||||||
The GSK Agreement provided GSK with an option to license certain drug candidates on an exclusive, worldwide basis. Upon exercise of a product option by GSK, the Company would grant GSK an exclusive license to the specific product compounds, and GSK would bear all future costs and responsibility associated with furthering the development of the drug candidate. If these programs were successfully advanced through development by GSK, the Company would be entitled to receive regulatory and commercial milestone payments based on performance and royalties of future product sales, if any. In addition, for certain licensed product compounds, the Company might receive greater royalty payments on future product sales, if it elected to co-develop and co-promote such potential drug candidates for certain indications by paying a certain portion of the costs to further develop the product compound. The GSK Agreement provided for research funding for the initial three-year term as reimbursement for collaborative research efforts of the Company as well as development milestones for advancing selected drug candidates toward and into the clinic. In February 2010, the GSK Agreement was further amended to provide for funding of up to $1.6 million to conduct certain non-clinical activities for CCX168. | |||||||||||||
In February 2012, the Company and GSK determined not to further advance the development of CCX832 or its two designated back-up compounds and revised the estimated research and development term to seven years and two months. The Company recognized the remaining unamortized portion of the up-front payment over the revised expected remaining research term which ended in October 2013. | |||||||||||||
In September 2013, GSK elected to revert all rights to vercirnon to the Company after vercirnon did not achieve the primary endpoint in the SHIELD-1 study of improvement in clinical response and the key secondary endpoint of clinical remission. In November 2013, GSK declined its last option to the C5aR program and returned all rights to CCX354 and its two identified back-up compounds to the Company, leaving no active research programs under the GSK Agreement, and thus ending the GSK Agreement. As such, no revenue associated with GSK was recorded in 2014. | |||||||||||||
The Company recognized the following revenues from GSK during the years ended December 31, 2014, 2013, and 2012 (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Contract revenue | $ | — | $ | 2,299 | $ | 1,017 | |||||||
Recognition of up-front payments | — | 3,761 | 4,402 | ||||||||||
Total revenues | $ | — | $ | 6,060 | $ | 5,419 | |||||||
In the event the Company elects to continue to develop and commercialize vercirnon, CCX168, or CCX832, the Company would be subject to the following future royalties to GSK: (i) with respect to vercirnon, the Company would be subject to a reverse royalty to GSK of 3% on annual worldwide net sales only if a regulatory agency were to deem one of GSK’s SHIELD trials to be a pivotal Phase III clinical trial and (ii) with respect to CCX168 and CCX832, the Company would be subject to reverse royalties to GSK of 3% on annual worldwide net sales not to exceed $50.0 million in royalties for each. | |||||||||||||
For the years ended December 31, 2013 and 2012, the research and development costs under the GSK Agreement were partially offset by contract revenue. At December 31, 2014 and 2013, the Company had an accounts receivable balance due from GSK of $0 million and $0.4 million, respectively. At December 31, 2013, the Company had an investment of $3.0 million in corporate bonds issued by GlaxoSmithKline Capital, Inc., a subsidiary of GSK. | |||||||||||||
Bio-Techne | |||||||||||||
As of December 31, 2014, Bio-Techne held 6,385,056 shares of the Company’s common stock. For the years ended December 31, 2014, 2013, and 2012, the Company paid Bio-Techne $93,000, $95,000, and $45,000, respectively, for research materials. As of December 31, 2014 and 2013, the Company had an accounts payable balance due to Bio-Techne for the purchase of research materials of $1,150 and $3,600, respectively. As described in Note 7, in September 2011, the Company entered into a convertible note loan agreement with Bio-Techne, pursuant to which the Company issued a convertible note to Bio-Techne with a principal amount of $10 million. Following the completion of the Company’s IPO, all outstanding principal and accrued interest automatically converted into 1,021,490 shares of common stock. In addition, pursuant to the terms of the convertible note loan agreement, Bio-Techne purchased $5.0 million of the Company’s common stock in a private placement concurrent with the offering at $10.00 per share. |
Equity_Incentive_Plans
Equity Incentive Plans | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Equity Incentive Plans | 12 | Equity Incentive Plans | |||||||||||||||||||
In May 2002, the stockholders approved the Amended and Restated 1997 Stock Option/Stock Issuance Plan (the 1997 Plan) and in September 2002, the stockholders approved the 2002 Equity Incentive Plan (the 2002 Plan). | |||||||||||||||||||||
In February 2012, the stockholders approved the 2012 Equity Incentive Award Plan (the 2012 Plan). A total of 3,000,000 shares of the Company’s common stock were initially reserved for issuance under the 2012 Plan. In addition, the number of shares available for issuance under the 2012 Plan will be annually increased by an amount equal to the lesser of: 2,000,000 shares; 4% of the outstanding shares of the Company’s common stock as of the last day of the Company’s immediately preceding fiscal year; or an amount determined by the Company’s Board of Directors. In November 2012, the Board of Directors approved an increase to the number of shares reserved for issuance under the 2012 Plan by 1,450,000 shares effective January 1, 2013. In November 2013, the Board of Directors approved an increase to the number of shares reserved for issuance under the 2012 Plan by 1,700,000 shares effective January 1, 2014. In October 2014, the Board of Directors approved an increase to the number of shares reserved for issuance under the 2012 Plan by 1,700,000 shares effective January 1, 2015. Collectively, the 1997 Plan, the 2002 Plan and the 2012 Plan are known as the Stock Plans. | |||||||||||||||||||||
Restricted Stock Units | |||||||||||||||||||||
In 2014, the Company began issuing RSUs to its nonemployee directors pursuant to the Company’s Non-Employee Director Compensation Policy (Directors Plan) under its 2012 Plan. RSUs are independent of stock option grants and are not transferrable, and 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 Plan vest on the earlier of the first anniversary of the grant date or upon a change in control. The RSUs are valued at the closing price of the Company’s common stock on the date of grant. | |||||||||||||||||||||
For the year ended December 31, 2014, the Company granted 135,135 RSUs, none of which were vested at December 31, 2014. The weighted-average grant date fair value of RSUs granted during 2014 was $4.81 per share. As of December 31, 2014, there was $0.3 million of unrecognized compensation expense associated with unvested RSUs, which is expected to be recognized over a weighted-average period of 0.39 years. | |||||||||||||||||||||
Stock Options | |||||||||||||||||||||
Under the Stock Plans, incentive stock options may be granted by the Board of Directors to employees at exercise prices of not less than 100% of the fair value at the date of grant. Nonstatutory options may be granted by the Board of Directors to employees, officers, and directors of the Company or consultants at exercise prices of not less than 85% of the fair value of the common stock on the date of grant. The fair value at the date of grant is determined by the Board of Directors. Under the Stock Plans, options may be granted with different vesting terms from time to time, but not to exceed 10 years from the date of grant. Outstanding options generally vest over four years, with 25% of the total grant vesting on the first anniversary of the option grant date and 1/36th of the remaining grant vesting each month thereafter. | |||||||||||||||||||||
The following table summarizes stock option activity and related information under the Company’s Stock Plans: | |||||||||||||||||||||
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) | (2,622,135 | ) | 2,487,000 | 6.51 | |||||||||||||||||
Exercised | — | (408,140 | ) | 3.69 | |||||||||||||||||
Forfeited and expired | 548,950 | (548,950 | ) | 7.69 | |||||||||||||||||
Outstanding at December 31, 2014 | 2,010,735 | 6,831,532 | 8.29 | 6.73 years | $ | 4,765,642 | |||||||||||||||
Vested at December 31, 2014 | 3,842,220 | 7.92 | 5.33 years | 3,867,834 | |||||||||||||||||
Exercisable at December 31, 2014 | 3,878,010 | 7.91 | 5.34 years | 3,870,863 | |||||||||||||||||
Vested and expected to vest, net of estimated forfeiture at December 31, 2014 | 6,647,893 | 8.28 | 6.67 years | 4,698,749 | |||||||||||||||||
-1 | The difference between the number of shares available for grant and shares outstanding represents the RSUs granted for the period. | ||||||||||||||||||||
The aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. Total intrinsic value of options exercised was $1.1 million, $5.6 million, and $1.6 million during 2014, 2013, and 2012, respectively. As of December 31, 2014, there was $13.1 million of unrecognized compensation expense, net of estimated forfeitures, associated with outstanding stock options, which is expected to be recognized over an estimated weighted-average period of 2.56 years. | |||||||||||||||||||||
Early Exercise of Stock Options | |||||||||||||||||||||
Certain equity incentive plans allow for the granting of options that may be exercised before the options have vested. The difference between the number of shares vested and exercisable as of December 31, 2014 in the table above represents such shares that are exercisable before they are vested. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment or services, at the price paid by the purchaser. | |||||||||||||||||||||
For the years ended December 31, 2014 and 2013, there were no shares of common stock issued related to the early exercise of stock options subject to repurchase by the Company. | |||||||||||||||||||||
As of December 31, 2014, stock options outstanding were as follows: | |||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||
Exercise Price Range | Shares | Weighted-Average | |||||||||||||||||||
Contractual Life | |||||||||||||||||||||
$0.60-$5.07 | 685,553 | 3.34 | |||||||||||||||||||
$5.15-$5.94 | 36,200 | 9.54 | |||||||||||||||||||
$6.00 | 1,229,625 | 4.14 | |||||||||||||||||||
$6.08 | 865,387 | 8.98 | |||||||||||||||||||
$6.30-$6.90 | 915,209 | 5.34 | |||||||||||||||||||
$7.10 | 989,300 | 9.13 | |||||||||||||||||||
$7.60-$14.28 | 1,108,219 | 8.13 | |||||||||||||||||||
$14.31 | 927,039 | 7.54 | |||||||||||||||||||
$14.42 | 50,000 | 7.47 | |||||||||||||||||||
$15.90 | 25,000 | 7.32 | |||||||||||||||||||
6,831,532 | 6.73 | ||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||
In February 2012, the stockholders approved the ESPP. A total of 300,000 shares of the Company’s common stock were initially reserved for issuance under the ESPP. In addition, the number of shares available for issuance under the ESPP may be annually increased on the first day of each fiscal year during the term of the ESPP, beginning with the 2012 fiscal year, by an amount equal to the lesser of: 300,000 shares; 1% of outstanding shares of the Company’s common stock; or an amount determined by the Company’s Board of Directors. The ESPP provides for an aggregate limit of 3,000,000 shares of common stock that may be issued under the ESPP during the term of the ESPP. In November 2013, the Board of Directors approved an increase to the number of shares reserved for issuance under the ESPP by 200,000 shares effective January 1, 2014. The Company issued 149,788 shares and 49,912 shares under the ESPP in 2014 and 2013, respectively. | |||||||||||||||||||||
As of December 31, 2014, a total of 500,000 shares of common stock have been authorized for issuance under the ESPP. As of December 31, 2014, there was $0.1million of unrecognized compensation expense, net of estimated forfeitures, associated with the ESPP, which is expected to be recognized over an estimated weighted-average period of 0.4 years. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation | 13 | Stock-Based Compensation | |||||||||||||||||||||||
Stock Options Granted To Employees | |||||||||||||||||||||||||
Employee stock-based compensation expense recognized is calculated based on awards ultimately expected to vest and reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||||||||||||
Total employee stock-based compensation expense recognized associated with RSUs, stock options, and the ESPP, was as follows (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Research and development | $ | 2,756 | $ | 1,832 | $ | 1,565 | |||||||||||||||||||
General and administrative | 5,204 | 4,260 | 3,247 | ||||||||||||||||||||||
Total | $ | 7,960 | $ | 6,092 | $ | 4,812 | |||||||||||||||||||
Valuation Assumptions | |||||||||||||||||||||||||
Fair value of options granted under the 1997 and 2002 Plans and purchases under the Company’s ESPP were estimated at grant or purchase dates using a Black-Scholes option valuation model. The Black-Scholes valuation model requires that assumptions are made with respect to various factors, including the expected volatility of the fair value of the Company’s common stock. The Company has based its expected volatility on the average historical volatilities of public entities having similar characteristics including: industry, stage of life cycle, size, and financial leverage. The fair values of the employee stock options granted under the Company’s Stock Plans and the option component of the shares purchased under the ESPP during 2014, 2013, and 2012 were estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: | |||||||||||||||||||||||||
Employee Stock Options | Employee Stock Purchase Plan | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
Volatility | 74.1 | % | 77.8 | % | 76 | % | 55.5 | % | 67.3 | % | 76.2 | % | |||||||||||||
Weighted-average expected life (in years) | 6 | 5.9 | 6 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||
Risk-free interest rate | 1.96 | % | 1.54 | % | 0.84 | % | 0.06 | % | 0.11 | % | 0.1 | % | |||||||||||||
Weighted average grant date fair value | $ | 4.29 | $ | 9.41 | $ | 8.83 | $ | 1.49 | $ | 1.71 | $ | 4.33 | |||||||||||||
Stock Options Granted to Nonemployees | |||||||||||||||||||||||||
During 2014, 2013, and 2012, the Company granted to consultants options to purchase 150,000, 85,000, and zero shares of common stock, respectively. The stock-based compensation expense related to nonemployees will fluctuate as the fair value of the Company’s common stock fluctuates. In connection with grants of stock options to nonemployees, the Company recorded stock-based compensation expense as follows (in thousands): | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Research and development | $ | 254 | $ | 150 | $ | 119 | |||||||||||||||||||
General and administrative | — | — | 22 | ||||||||||||||||||||||
Total | $ | 254 | $ | 150 | $ | 141 | |||||||||||||||||||
Valuation Assumptions | |||||||||||||||||||||||||
Stock-based compensation expense associated with stock options granted to nonemployees is recognized as the stock options vest. The estimated fair values of the stock options granted are calculated at each reporting date using the Black-Scholes option-pricing model, with the following assumptions: | |||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Volatility | 68-76 | % | 77-79 | % | 76-77 | % | |||||||||||||||||||
Weighted-average expected life (in years) | 6.6-9.8 | 7.6-9.9 | 6.1-9.3 | ||||||||||||||||||||||
Risk-free interest rate | 2.0-2.7 | % | 1.5-2.9 | % | 0.9-2.0 | % | |||||||||||||||||||
401k_Plan
401(k) Plan | 12 Months Ended | ||
Dec. 31, 2014 | |||
Postemployment Benefits [Abstract] | |||
401(k) Plan | 14 | 401(k) Plan | |
In October 1997, the Company established the ChemoCentryx 401(k) Plan and Trust (the 401(k) Plan). Employees may contribute, up to the percentage limit imposed by the Internal Revenue Code of 1986, as amended, an amount of their salary each calendar year until termination of their employment with the Company. The Company may elect to make matching contributions, as per the Plan; however, no matching contributions were made in the years ended December 31, 2014, 2013, and 2012. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 15 | Income Taxes | |||||||||||
The Company’s loss before tax is only attributable to U.S. operations. A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory income tax rate | (34.0 | %) | (34.0 | %) | (34.0 | %) | |||||||
State income taxes, net of federal benefit | (5.80 | ) | (5.80 | ) | (5.83 | ) | |||||||
Permanent items | 2.6 | 1.1 | 1.37 | ||||||||||
Research and development credits | (1.80 | ) | (3.90 | ) | (0.69 | ) | |||||||
Change in valuation allowance | 39 | 43.1 | 39.48 | ||||||||||
Other | — | (0.50 | ) | (0.33 | ) | ||||||||
(Benefit from) provisions for income taxes | — | % | — | % | — | % | |||||||
The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating loss carryforwards | $ | 74,699 | $ | 59,592 | |||||||||
Research and development credit | 6,712 | 5,864 | |||||||||||
Amortization of deferred stock compensation - non-qualified | 6,041 | 4,226 | |||||||||||
Reserves and accruals | 1,419 | 882 | |||||||||||
Depreciation and amortization | 408 | 400 | |||||||||||
Net deferred tax asset | 89,279 | 70,964 | |||||||||||
Less: valuation allowance | (89,279 | ) | (70,964 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
The Company has concluded that its deferred tax assets are not more likely than not to be realized. Accordingly, the total deferred tax assets have been fully offset by a valuation allowance. The Company’s valuation allowance increased by approximately $18.3 million, $16.7 million, and $15.7 million during 2014, 2013, and 2012 respectively. | |||||||||||||
At December 31, 2014, the Company had federal and state net operating loss carryforwards of approximately $191.8 million and $191.3 million, respectively. The federal net operating loss carryforwards begin to expire in 2025 and the state net operating loss carryforwards begin to expire in 2016, if not utilized. | |||||||||||||
The Company has federal and state research and development credit carryforwards of $7.9 million and $5.1 million, respectively. The federal research and development credits will begin to expire in 2019, if not utilized. California research and development credits can be carried forward indefinitely. The American Taxpayer Relief Act of 2012, which was enacted on January 2, 2013, extends the Federal research tax credit retroactively for two years from January 1, 2012 through December 31, 2013. The tax benefit from the extension of the Federal research tax credit has been reflected in the income tax provision for the year ended December 31, 2014 with an offsetting increase in valuation allowance. | |||||||||||||
Utilization of the net operating loss and credit carryforwards may be subject to annual limitation due to historical or future ownership percentage change rules provided by the Internal Revenue Code of 1986, as amended, and similar state provisions. The annual limitation may result in the expiration of certain net operating loss and credit carryforwards before their utilization. | |||||||||||||
The deferred tax asset balances as of December 31, 2014 and 2013 did not include excess tax benefits from stock option exercises. The amount excluded at December 31, 2014 and 2013 was $4.2 million and $3.8 million respectively. The use of tax benefits associated with the stock option related deductions will be credited directly to stockholders’ equity upon ultimate realization. | |||||||||||||
A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2014, 2013, and 2012, is as follows (in thousands): | |||||||||||||
Unrecognized | |||||||||||||
Income Tax | |||||||||||||
Benefits | |||||||||||||
Balance as of December 31, 2012 | $ | 4,592 | |||||||||||
Additions for current tax positions | 881 | ||||||||||||
Decreases for prior tax positions | (517 | ) | |||||||||||
Balance as of December 31, 2013 | 4,956 | ||||||||||||
Additions for current tax positions | 434 | ||||||||||||
Balance as of December 31, 2014 | $ | 5,390 | |||||||||||
As of December 31, 2014 and 2013, the Company had approximately $5.4 million and $5.0 million, respectively, of unrecognized tax benefits, none of which would currently affect the Company’s effective tax rate if recognized due to the Company’s deferred tax assets being fully offset by a valuation allowance. The Company is not aware of any items that will significantly increase or decrease its unrecognized tax benefits in the next 12 months. | |||||||||||||
For U.S. federal and California income tax purposes, the statute of limitations remains open for the years beginning 2011 and 2008, respectively, except for the carryforward of net operating losses and research and development credits generated in prior years. | |||||||||||||
If applicable, the Company would classify interest and penalties related to uncertain tax positions in income tax expense. Through December 31, 2014, there has been no interest expense or penalties related to unrecognized tax benefits. | |||||||||||||
The IRS has completed its audit for the years ended December 31, 2007 and 2008, and there have been no adjustments to the Company’s attributes carryforwards; however, the research and development credit may be subject to re-examination. | |||||||||||||
The Company is currently under examination by the California Franchise Tax Board for the years ended December 31, 2008 and 2009. The Company is not currently under examination in any other jurisdictions. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Data | 16 | Selected Quarterly Financial Data (unaudited) | |||||||||||||||
Selected quarterly results from operations for the years ended December 31, 2014 and 2013 are as follows (in thousands except per share amounts): | |||||||||||||||||
2014 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | |||||||||
Net loss | (11,537 | ) | (12,261 | ) | (10,941 | ) | (12,190 | ) | |||||||||
Basic and diluted net loss per share | (0.27 | ) | (0.28 | ) | (0.25 | ) | (0.28 | ) | |||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue | $ | 1,927 | $ | 1,886 | $ | 1,522 | $ | 725 | |||||||||
Net loss | (10,193 | ) | (9,504 | ) | (9,433 | ) | (9,543 | ) | |||||||||
Basic and diluted net loss per share | (0.28 | ) | (0.23 | ) | (0.22 | ) | (0.22 | ) |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation |
The consolidated financial statements include the Company’s accounts and those of its wholly owned subsidiary, ChemoCentryx Limited. All intercompany amounts have been eliminated in consolidation. | |
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. | |
Basis of Presentation | Basis of Presentation |
The financial statements are prepared in conformity with U.S. generally accepted accounting principles (GAAP). The Company has made estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |
Cash Equivalents and Investments | Cash Equivalents and Investments |
The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company limits its concentration of risk by diversifying its investments among a variety of issuers. All investments are classified as available for sale and are recorded at fair value based on quoted prices in active markets or based upon other observable inputs, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses and declines in fair value that are deemed to be other than temporary are reflected in the statement of operations. The cost of securities sold is based on the specific-identification method. | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments |
The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts receivable from related party and accounts payable, approximate their fair value due to their short maturities. Based on the borrowing rate available to the Company for loans with similar terms and average maturities, the carrying value of the Company’s equipment financing obligation (debt) approximates its fair value as of December 31, 2013. There was no outstanding equipment financing obligation as of December 31, 2014. | |
Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. The valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. | |
Concentration of Credit Risk | Concentration of Credit Risk |
The Company invests in a variety of financial instruments and, by its policy, limits the amount of credit exposure with any one issuer, industry or geographic area. | |
Accounts receivable are typically unsecured and are concentrated in the pharmaceutical industry. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies. At December 31, 2014 and 2013, the Company had an accounts receivable balance of $0 and $0.4 million, respectively, which solely consisted of amounts due from Glaxo Group Limited (GSK) under its former collaboration agreement. The Company believes that the credit risks associated with GSK are not significant. During the three years ending December 31, 2014, the Company has not written off any accounts receivable, and accordingly, does not have an allowance for doubtful accounts as of December 31, 2014 and 2013. During the years ended December 31, 2013 and 2012, 100% of the Company’s total revenues were derived from contract revenue, up-front payments and development milestone payments earned under the Company’s former collaboration with GSK. | |
Property and Equipment | Property and Equipment |
Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. Tenant improvements are depreciated over the lesser of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. | |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets |
The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its respective fair value. To date, the Company has not recorded any impairment losses. | |
Revenue Recognition | Revenue Recognition |
The Company recognizes revenue in accordance with the criteria outlined in the Securities and Exchange Commission’s (the SEC) Topic 13 and Accounting Standards Codification (ASC) 605-25. The Company generates revenue from collaborative research and development agreements with pharmaceutical companies. Collaboration agreements may include nonrefundable up-front fees, research and development funding, milestone payments for the achievement of defined collaboration objectives, license fees and royalties on potential sales of commercialized products. In multiple arrangements, the Company evaluates the selling price used for each deliverable based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. For multiple element arrangements entered into prior to January 1, 2011, the Company determined whether the elements had value on a stand-alone basis and whether there was objective and reliable evidence of fair value. When the delivered element did not have stand-alone value or there was insufficient evidence of fair value for the undelivered element(s), the Company recognized the consideration for the combined unit of accounting in the same manner as the revenue was recognized for the final deliverable, which was generally ratably over the longest period of involvement. For example, up-front payments received upon execution of collaborative agreements are recorded as deferred revenue and recognized as collaborative research and development revenue based on a straight-line basis over the period of the Company’s continuing involvement with the third-party collaborator pursuant to the applicable agreement. Such period generally represents the longer of the estimated research and development period or other continuing obligation period defined in the respective agreements between the Company and its third-party collaborators. The Company periodically reviews the estimated performance periods of its contracts based on the progress of the related programs. | |
Research and development funding related to collaborative research and development efforts is recognized as revenue as the related services are performed or delivered, in accordance with contract terms. Such payments generally are made based on the number of full-time equivalent researchers assigned to the collaboration project and the related research and development expenses incurred, or as other deliverables under the contracts are fulfilled. | |
In addition to up-front payments and research and development funding, the Company may also be entitled to milestone or option payments that are contingent upon achieving a predefined objective. The Company follows the milestone method of recognizing revenue from milestones and milestone payments are recorded as revenue in full upon achievement of the milestone if there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, the event is based on the vendor’s performance, and the amount of the payment was negotiated as part of the collaboration agreement. | |
Research and Development Expenses | Research and Development Expenses |
All research and development expenses, including those funded by third parties, are expensed as incurred. Research and development expenses include, but not limited to, salaries and related benefits, including stock-based compensation, third-party contract costs relating to research, formulation, manufacturing, preclinical study and clinical trial activities, laboratory consumables, allocated facility costs. | |
Research and development expenses under collaborative agreements approximated the revenue recognized, excluding milestone, up-front and option fees. | |
Clinical Trial Accruals | Clinical Trial Accruals |
Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. | |
Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed. | |
Income Taxes | Income Taxes |
The Company uses the liability method for income taxes, whereby deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization for the deferred tax assets does not meet the more-likely-than-not criteria. | |
The Company accounts for uncertain tax positions in the financial statements when it is more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. | |
Comprehensive Loss | Comprehensive 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. | |
Stock-Based Compensation | Stock-Based Compensation |
The Company accounts for employee stock-based compensation using a fair-value-based method, which measures stock-based compensation cost at the grant date based on the fair value of the award, and recognizes as an expense over the award’s vesting periods on a straight-line basis. Because stock compensation expense is based on awards ultimately expected to vest, it has been reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |
The Company accounts for stock-based compensation arrangements with nonemployees using a fair-value approach. For stock options granted to nonemployees, the fair value of the stock options is estimated using the Black-Scholes valuation model. This model utilizes the estimated fair value of common stock and requires that, at the date of grant, assumptions are made with respect to the remaining contractual term of the option, the volatility of the fair value of its common stock, the risk-free interest rates and the expected dividend yields of its common stock. The measurement of nonemployee stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. | |
The Company accounts for restricted stock compensation arrangement with nonemployee directors using a fair-value approach. For restricted stock units (RSUs) granted to nonemployee directors, the fair value of a RSU is valued at the closing price of the Company’s common stock on the date of the grant. The Company recognizes stock-based compensation expense associated with these RSUs over the requisite service period, with no adjustment in future periods based on the Company’s actual stock price over the vesting period. | |
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 stock holders 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 (i) the exercise of outstanding stock options and warrants, (ii) vesting of RSUs, and (iii) 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. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (FASB) and the International Accounting Standards Board issued Accounting Standards Update (ASU) No. 2014-09 Revenue from Contracts with Customers, which will supersede virtually all revenue recognition guidance in U.S. GAAP, including the Company’s as aforementioned. 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 new guidance allows for either “full retrospective” adoption, where the standard is applied to all of the periods presented, which in the Company’s case would be 2015, 2016, and 2017, or “modified retrospective” adoption, where the standard is applied only to the most current period presented in the financial statements, which in the Company’s case would be 2017. The Company is in the process of evaluating the impact of the new standard on its consolidated financial statements and has not made a determination as to which method will be adopted at this time. | |
In June 2014, the FASB issued an accounting standards update that requires a performance target that affects vesting of a share-based payment award and that could be achieved after the requisite service period to be treated as a performance condition. As such, the performance target should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized over the required service period, if it is probable that the performance target will be achieved. This guidance will be effective for fiscal years beginning after December 15, 2015, which will be the Company’s fiscal year 2016, with early adoption permitted. The Company does not expect the adoption of the guidance will have a material impact on the Company’s financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to evaluate, in connection with preparing financial statements for each annual and interim reporting period, whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date that the financial statements are issued and provide related disclosures. This guidance is effective for annual periods ending after December 15, 2016, and, as such, will be applicable to the Company in 2017. Early adoption is permitted. The Company does not expect this standard to have a material impact on its 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) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options to purchase common stock, including purchases from contributions to ESPP | 6,849,607 | 5,324,876 | 5,292,738 | ||||||||||
Restricted stock units | 135,135 | — | — | ||||||||||
Warrants to purchase common stock | 150,000 | 150,000 | 301,672 | ||||||||||
7,134,742 | 5,474,876 | 5,594,410 | |||||||||||
Cash_Equivalents_and_Investmen1
Cash Equivalents and Investments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Amortized Cost and Fair Value of Cash Equivalents and Investments | The amortized cost and fair value of cash equivalents and investments at December 31, 2014 were as follows (in thousands): | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Amortized | Gross Unrealized | Fair | |||||||||||||||
Cost | Gains | Losses | Value | ||||||||||||||
Money market fund | $ | 15,922 | $ | — | $ | — | $ | 15,922 | |||||||||
U.S. treasury securities | 19,117 | 5 | (2 | ) | 19,120 | ||||||||||||
Government-sponsored agencies | 29,772 | 4 | (13 | ) | 29,763 | ||||||||||||
Commercial paper | 1,500 | — | — | 1,500 | |||||||||||||
Corporate debt securities | 48,226 | 4 | (68 | ) | 48,162 | ||||||||||||
Total available-for-sale securities | $ | 114,537 | $ | 13 | $ | (83 | ) | $ | 114,467 | ||||||||
Classified as: | |||||||||||||||||
Cash equivalents | $ | 15,922 | |||||||||||||||
Short-term investments | 57,282 | ||||||||||||||||
Long-term investments | 41,263 | ||||||||||||||||
Total available-for-sale securities | $ | 114,467 | |||||||||||||||
The amortized cost and fair value of cash equivalents and investments, with gross unrealized gains and losses, at December 31, 2013 were as follows (in thousands): | |||||||||||||||||
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) | 12 Months Ended | ||||||||||||||||
Dec. 31, 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 December 31, 2014 and 2013 (in thousands): | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Description | |||||||||||||||||
Money market fund | $ | 15,922 | $ | — | $ | — | $ | 15,922 | |||||||||
U.S. treasury securities | — | 19,120 | — | 19,120 | |||||||||||||
Government-sponsored agencies | — | 29,763 | — | 29,763 | |||||||||||||
Commercial paper | — | 1,500 | — | 1,500 | |||||||||||||
Corporate debt securities | — | 48,162 | — | 48,162 | |||||||||||||
Total assets | $ | 15,922 | $ | 98,545 | $ | — | $ | 114,467 | |||||||||
31-Dec-13 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Description | |||||||||||||||||
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 | |||||||||
Property_and_Equipment_Tables
Property and Equipment (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment | Property and equipment consist of the following (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Lab equipment | $ | 5,744 | $ | 5,573 | |||||
Computer equipment and software | 1,481 | 1,435 | |||||||
Furniture and fixtures | 524 | 505 | |||||||
Tenant improvements | 783 | 752 | |||||||
8,532 | 8,265 | ||||||||
Less: accumulated depreciation | (7,324 | ) | (6,866 | ) | |||||
$ | 1,208 | $ | 1,399 | ||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Research and development related | $ | 4,982 | $ | 3,337 | |||||
Compensation related | 1,956 | 1,589 | |||||||
Consulting and professional services | 254 | 399 | |||||||
Other | 250 | 324 | |||||||
$ | 7,442 | $ | 5,649 | ||||||
Debt_Tables
Debt (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Interest Expense | The following table summarizes interest expense in the consolidated statement of operations for the year ended December 31, 2014, 2013 and 2012 (in thousands): | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Interest expense | |||||||||||||
Interest expense from convertible debt from related party | $ | — | $ | — | $ | 711 | |||||||
Other | 24 | 59 | 83 | ||||||||||
Total interest expense | $ | 24 | $ | 59 | $ | 794 | |||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Future Minimum Lease Payments under Noncancelable Operating Leases | Future minimum lease payments under all noncancelable operating leases as of December 31, 2014, are as follows (in thousands): | ||||
Year ending December 31: | |||||
2015 | $ | 872 | |||
2016 | 894 | ||||
2017 | 915 | ||||
2018 | 937 | ||||
2019 | 315 | ||||
Total minimum lease payments | $ | 3,933 | |||
RelatedParty_Transactions_Tabl
Related-Party Transactions (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Related Party Transactions [Abstract] | |||||||||||||
Revenues from GSK | The Company recognized the following revenues from GSK during the years ended December 31, 2014, 2013, and 2012 (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Contract revenue | $ | — | $ | 2,299 | $ | 1,017 | |||||||
Recognition of up-front payments | — | 3,761 | 4,402 | ||||||||||
Total revenues | $ | — | $ | 6,060 | $ | 5,419 |
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||
Summary of Stock Option Activity under its Stock Plans | The following table summarizes stock option activity and related information under the Company’s Stock Plans: | ||||||||||||||||||||
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) | (2,622,135 | ) | 2,487,000 | 6.51 | |||||||||||||||||
Exercised | — | (408,140 | ) | 3.69 | |||||||||||||||||
Forfeited and expired | 548,950 | (548,950 | ) | 7.69 | |||||||||||||||||
Outstanding at December 31, 2014 | 2,010,735 | 6,831,532 | 8.29 | 6.73 years | $ | 4,765,642 | |||||||||||||||
Vested at December 31, 2014 | 3,842,220 | 7.92 | 5.33 years | 3,867,834 | |||||||||||||||||
Exercisable at December 31, 2014 | 3,878,010 | 7.91 | 5.34 years | 3,870,863 | |||||||||||||||||
Vested and expected to vest, net of estimated forfeiture at December 31, 2014 | 6,647,893 | 8.28 | 6.67 years | 4,698,749 | |||||||||||||||||
-1 | The difference between the number of shares available for grant and shares outstanding represents the RSUs granted for the period. | ||||||||||||||||||||
Stock Options Outstanding | As of December 31, 2014, stock options outstanding were as follows: | ||||||||||||||||||||
Options Outstanding | |||||||||||||||||||||
Exercise Price Range | Shares | Weighted-Average Contractual Life | |||||||||||||||||||
$0.60-$5.07 | 685,553 | 3.34 | |||||||||||||||||||
$5.15-$5.94 | 36,200 | 9.54 | |||||||||||||||||||
$6.00 | 1,229,625 | 4.14 | |||||||||||||||||||
$6.08 | 865,387 | 8.98 | |||||||||||||||||||
$6.30-$6.90 | 915,209 | 5.34 | |||||||||||||||||||
$7.10 | 989,300 | 9.13 | |||||||||||||||||||
$7.60-$14.28 | 1,108,219 | 8.13 | |||||||||||||||||||
$14.31 | 927,039 | 7.54 | |||||||||||||||||||
$14.42 | 50,000 | 7.47 | |||||||||||||||||||
$15.90 | 25,000 | 7.32 | |||||||||||||||||||
6,831,532 | 6.73 | ||||||||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Employee Stock-based Compensation Expense Recognized | Total employee stock-based compensation expense recognized associated with RSUs, stock options, and the ESPP, was as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Research and development | $ | 2,756 | $ | 1,832 | $ | 1,565 | |||||||||||||||||||
General and administrative | 5,204 | 4,260 | 3,247 | ||||||||||||||||||||||
Total | $ | 7,960 | $ | 6,092 | $ | 4,812 | |||||||||||||||||||
Assumptions for Fair Values of Employee Stock Options Granted under Company's Stock Plans | The fair values of the employee stock options granted under the Company’s Stock Plans and the option component of the shares purchased under the ESPP during 2014, 2013, and 2012 were estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: | ||||||||||||||||||||||||
Employee Stock Options | Employee Stock Purchase Plan | ||||||||||||||||||||||||
2014 | 2013 | 2012 | 2014 | 2013 | 2012 | ||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
Volatility | 74.1 | % | 77.8 | % | 76 | % | 55.5 | % | 67.3 | % | 76.2 | % | |||||||||||||
Weighted-average expected life (in years) | 6 | 5.9 | 6 | 0.5 | 0.5 | 0.5 | |||||||||||||||||||
Risk-free interest rate | 1.96 | % | 1.54 | % | 0.84 | % | 0.06 | % | 0.11 | % | 0.1 | % | |||||||||||||
Weighted average grant date fair value | $ | 4.29 | $ | 9.41 | $ | 8.83 | $ | 1.49 | $ | 1.71 | $ | 4.33 | |||||||||||||
Stock-based Compensation Expense in Connection with Grants of Stock Options to Nonemployees | In connection with grants of stock options to nonemployees, the Company recorded stock-based compensation expense as follows (in thousands): | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Research and development | $ | 254 | $ | 150 | $ | 119 | |||||||||||||||||||
General and administrative | — | — | 22 | ||||||||||||||||||||||
Total | $ | 254 | $ | 150 | $ | 141 | |||||||||||||||||||
Assumptions for Fair Values of Stock Options Granted are Calculated Related to Stock Options Granted to Nonemployees | The estimated fair values of the stock options granted are calculated at each reporting date using the Black-Scholes option-pricing model, with the following assumptions: | ||||||||||||||||||||||||
Year Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||||||||||
Volatility | 68-76 | % | 77-79 | % | 76-77 | % | |||||||||||||||||||
Weighted-average expected life (in years) | 6.6-9.8 | 7.6-9.9 | 6.1-9.3 | ||||||||||||||||||||||
Risk-free interest rate | 2.0-2.7 | % | 1.5-2.9 | % | 0.9-2.0 | % | |||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory income tax rate | (34.0 | %) | (34.0 | %) | (34.0 | %) | |||||||
State income taxes, net of federal benefit | (5.80 | ) | (5.80 | ) | (5.83 | ) | |||||||
Permanent items | 2.6 | 1.1 | 1.37 | ||||||||||
Research and development credits | (1.80 | ) | (3.90 | ) | (0.69 | ) | |||||||
Change in valuation allowance | 39 | 43.1 | 39.48 | ||||||||||
Other | — | (0.50 | ) | (0.33 | ) | ||||||||
(Benefit from) provisions for income taxes | — | % | — | % | — | % | |||||||
Tax Effects of Temporary Differences and Carryforwards that Give Rise to Significant Portions of the Deferred Tax Assets | The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): | ||||||||||||
2014 | 2013 | ||||||||||||
Net operating loss carryforwards | $ | 74,699 | $ | 59,592 | |||||||||
Research and development credit | 6,712 | 5,864 | |||||||||||
Amortization of deferred stock compensation - non-qualified | 6,041 | 4,226 | |||||||||||
Reserves and accruals | 1,419 | 882 | |||||||||||
Depreciation and amortization | 408 | 400 | |||||||||||
Net deferred tax asset | 89,279 | 70,964 | |||||||||||
Less: valuation allowance | (89,279 | ) | (70,964 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
Reconciliation of the Company's Unrecognized Tax Benefits | A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2014, 2013, and 2012, is as follows (in thousands): | ||||||||||||
Unrecognized | |||||||||||||
Income Tax | |||||||||||||
Benefits | |||||||||||||
Balance as of December 31, 2012 | $ | 4,592 | |||||||||||
Additions for current tax positions | 881 | ||||||||||||
Decreases for prior tax positions | (517 | ) | |||||||||||
Balance as of December 31, 2013 | 4,956 | ||||||||||||
Additions for current tax positions | 434 | ||||||||||||
Balance as of December 31, 2014 | $ | 5,390 | |||||||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Results from Operations | Selected quarterly results from operations for the years ended December 31, 2014 and 2013 are as follows (in thousands except per share amounts): | ||||||||||||||||
2014 Quarter Ended | |||||||||||||||||
March 31 | June 30 | September 30 | December 31 | ||||||||||||||
Revenue | $ | — | $ | — | $ | — | $ | — | |||||||||
Net loss | (11,537 | ) | (12,261 | ) | (10,941 | ) | (12,190 | ) | |||||||||
Basic and diluted net loss per share | (0.27 | ) | (0.28 | ) | (0.25 | ) | (0.28 | ) | |||||||||
2013 Quarter Ended | |||||||||||||||||
31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||||
Revenue | $ | 1,927 | $ | 1,886 | $ | 1,522 | $ | 725 | |||||||||
Net loss | (10,193 | ) | (9,504 | ) | (9,433 | ) | (9,543 | ) | |||||||||
Basic and diluted net loss per share | (0.28 | ) | (0.23 | ) | (0.22 | ) | (0.22 | ) |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Significant Accounting Policies [Line Items] | |||
Equipment financing obligation, outstanding | $0 | ||
Accounts receivable | 393,000 | ||
Percentage of contract revenue as total revenues | 100.00% | 100.00% | |
Impairment loss on long lived assets | 0 | ||
Minimum likelihood of tax benefit realized upon settlement | 50.00% | ||
Reclassification differences or income tax effects related to the unrealized gains or losses | 0 | ||
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 5 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Estimated useful lives of assets | 7 years | ||
GSK Agreement [Member] | |||
Significant Accounting Policies [Line Items] | |||
Accounts receivable | 0 | 400,000 | |
Allowance for doubtful accounts | $0 | $0 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 7,134,742 | 5,474,876 | 5,594,410 |
Options to Purchase Common Stock, Including Purchases from Contributions to ESPP [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 6,849,607 | 5,324,876 | 5,292,738 |
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 | ||
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 | 150,000 | 301,672 |
Cash_Equivalents_and_Investmen2
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $114,537 | $147,788 |
Gross Unrealized Gains | 13 | 66 |
Gross Unrealized Losses | -83 | -26 |
Available-for-sale Securities | 114,467 | 147,828 |
Money Market Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 15,922 | 8,212 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Available-for-sale Securities | 15,922 | 8,212 |
Certificate of Deposits [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,025 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Available-for-sale Securities | 6,025 | |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 19,117 | 2,001 |
Gross Unrealized Gains | 5 | 3 |
Gross Unrealized Losses | -2 | 0 |
Available-for-sale Securities | 19,120 | 2,004 |
Government-Sponsored Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,772 | 9,825 |
Gross Unrealized Gains | 4 | 7 |
Gross Unrealized Losses | -13 | -2 |
Available-for-sale Securities | 29,763 | 9,830 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,500 | 12,192 |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | 0 | |
Available-for-sale Securities | 1,500 | 12,192 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 48,226 | 109,533 |
Gross Unrealized Gains | 4 | 56 |
Gross Unrealized Losses | -68 | -24 |
Available-for-sale Securities | $48,162 | $109,565 |
Cash_Equivalents_and_Investmen3
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $15,922 | $8,212 |
Short-term investments | 57,282 | 123,055 |
Long-term investments | 41,263 | 16,561 |
Available-for-sale Securities | $114,467 | $147,828 |
Cash_Equivalents_and_Investmen4
Cash Equivalents and Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
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 | |
Available-for-sale securities held | 0 | |
Cash | $200,000 | $2,000,000 |
Number of investment positions in available-for-sale investments | 0 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Measurements of Company's Financial Assets and Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $114,467 | $147,828 |
Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 15,922 | 8,212 |
Certificate of Deposits [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 6,025 | |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,120 | 2,004 |
Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 29,763 | 9,830 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,500 | 12,192 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 48,162 | 109,565 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 15,922 | 14,237 |
Level 1 [Member] | Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 15,922 | 8,212 |
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 1 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 1 [Member] | Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 1 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 98,545 | 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 | 0 |
Level 2 [Member] | Certificate of Deposits [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 | 19,120 | 2,004 |
Level 2 [Member] | Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 29,763 | 9,830 |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 1,500 | 12,192 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 48,162 | 109,565 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 [Member] | Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 [Member] | Certificate of Deposits [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 | 0 |
Level 3 [Member] | Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $0 | $0 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | Dec. 31, 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 |
Property_and_Equipment_Propert
Property and Equipment - Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $8,532 | $8,265 |
Less: accumulated depreciation | -7,324 | -6,866 |
Net Property and equipment | 1,208 | 1,399 |
Lab equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 5,744 | 5,573 |
Computer equipment and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,481 | 1,435 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 524 | 505 |
Tenant improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $783 | $752 |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities - Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Research and development related | $4,982 | $3,337 |
Compensation related | 1,956 | 1,589 |
Consulting and professional services | 254 | 399 |
Other | 250 | 324 |
Accrued liabilities | $7,442 | $5,649 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Apr. 30, 2010 | Dec. 31, 2013 | Feb. 29, 2012 | Sep. 30, 2011 |
Line of Credit Facility [Line Items] | |||||
Credit facility to finance equipment purchases and other related expenses | 4 | ||||
Credit facility expiry date | 31-Mar-11 | ||||
Credit facility utilized | 2.2 | ||||
Credit facility, interest rate | 6.70% | ||||
Credit facility outstanding | 0.3 | ||||
Fixed assets secured | 0.4 | ||||
Bio-Techne [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Convertible loan, principal amount | $10 | ||||
Convertible note, conversion price | $10 | ||||
Bio-Techne [Member] | Convertible Debt [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Convertible loan, interest rate | 5.00% | ||||
Convertible loan, maturity date | 2021-09 | ||||
Maximum [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Credit facility repayment period | 48 months |
Debt_Summary_of_Interest_Expen
Debt - Summary of Interest Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Disclosure [Abstract] | |||
Interest expense from convertible debt from related party | $711 | ||
Other | 24 | 59 | 83 |
Total interest expense | $24 | $59 | $794 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Expiration date | 2019-04 | ||
Discounted lease | The Company received a discounted lease rate during the first year of the agreement. | ||
Total rental expenses | $993,700 | $942,000 | $872,000 |
Commitments_Future_Minimum_Lea
Commitments - Future Minimum Lease Payments under Noncancelable Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $872 |
2016 | 894 |
2017 | 915 |
2018 | 937 |
2019 | 315 |
Total minimum lease payments | $3,933 |
Convertible_Preferred_Stock_Ad
Convertible Preferred Stock - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Initial public offering period | 2012-02 |
Common_Stock_and_Warrants_Addi
Common Stock and Warrants - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | |||||
Feb. 29, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2011 | Dec. 31, 2014 | Apr. 30, 2013 | Feb. 28, 2012 | Dec. 31, 2003 | Dec. 31, 2002 | Feb. 28, 2001 | |
Stockholders Equity [Line Items] | ||||||||||
Net proceeds after underwriting discounts, commissions and offering expenses | $64,365,000 | $57,017,000 | ||||||||
Purchase of warrant common stock | 150,000 | |||||||||
Warrant exercise price | $20 | |||||||||
Warrant contractual term | 10 years | |||||||||
Warrants outstanding to purchase common stock | 150,000 | 150,000 | ||||||||
Weighted-average exercise price | $20 | 20 | ||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||
Stockholders Equity [Line Items] | ||||||||||
Purchase of warrant common stock | 159,500 | 3,344 | 15,656 | 407,077 | ||||||
Warrant exercise price | $2.60 | $2.60 | $2.60 | |||||||
Gross proceeds from issuance of warrants | 1,100,000 | |||||||||
Warrant expiration period | 23-Dec-13 | |||||||||
Warrant common stock exercise price | $5.20 | |||||||||
Follow-On Public Offering [Member] | ||||||||||
Stockholders Equity [Line Items] | ||||||||||
Common stock, shares issued | 5,750,000 | |||||||||
Common stock offering price per share | $12 | |||||||||
Net proceeds after underwriting discounts, commissions and offering expenses | 64,400,000 | |||||||||
IPO [Member] | ||||||||||
Stockholders Equity [Line Items] | ||||||||||
Common stock, shares issued | 5,175,000 | |||||||||
Net proceeds after underwriting discounts, commissions and offering expenses | 45,000,000 | |||||||||
Conversion of preferred stock to common stock | 24,332,186 | |||||||||
Private Placement [Member] | ||||||||||
Stockholders Equity [Line Items] | ||||||||||
Common stock, shares issued | 1,200,000 | |||||||||
Gross proceeds in concurrent private placements | $12,000,000 | |||||||||
Common stock offering price per share | $10 |
RelatedParty_Transactions_Addi
Related-Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Feb. 29, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2011 | Feb. 28, 2010 | Aug. 31, 2006 | |
Related Party Transaction [Line Items] | |||||||||||
Shares issued of Series D convertible preferred stock | 0 | 0 | 0 | ||||||||
Convertible preferred stock price per share | $0.00 | $0.00 | $0.00 | ||||||||
Changed in estimate of research and development term | 7 years 2 months | ||||||||||
Revenue | $725,000 | $1,522,000 | $1,886,000 | $1,927,000 | $6,060,000 | $5,419,000 | |||||
Accounts receivable | 393,000 | 393,000 | |||||||||
Convertible preferred stock held by stockholders | 0 | 0 | 0 | ||||||||
Research materials expense | 33,815,000 | 33,541,000 | 34,569,000 | ||||||||
Accounts payable balance | 909,000 | 748,000 | 909,000 | ||||||||
GSK Agreement [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Revised research up-front payment period | 2013-10 | ||||||||||
Revenue | 0 | 2,299,000 | 1,017,000 | ||||||||
Royalty percentage of annual worldwide net sales | 3.00% | ||||||||||
Capped annual worldwide royalty amount for either of two compounds | 50,000,000 | ||||||||||
Accounts receivable | 400,000 | 0 | 400,000 | ||||||||
GSK Agreement [Member] | Up-front payments [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Initial nonrefundable fee received | 38,500,000 | ||||||||||
Bio-Techne [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Convertible preferred stock held by stockholders | 6,385,056 | ||||||||||
Research materials expense | 93,000 | 95,000 | 45,000 | ||||||||
Accounts payable balance | 3,600 | 1,150 | 3,600 | ||||||||
Convertible loan, principal amount | 10,000,000 | ||||||||||
Bio-Techne [Member] | Private Placement [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Parties purchased common stock | 5,000,000 | ||||||||||
Common stock purchased, price per share | 10 | ||||||||||
Bio-Techne [Member] | Convertible Notes Payable [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Outstanding, accrued, unpaid interest converted into common stock | 1,021,490 | ||||||||||
Maximum [Member] | GSK Agreement [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Research and development funding | 1,600,000 | ||||||||||
Series D convertible preferred stock [Member] | GSK Agreement [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Shares issued of Series D convertible preferred stock | 6,493,506 | ||||||||||
Convertible preferred stock price per share | $3.85 | ||||||||||
Convertible preferred stock for gross proceeds | 25,000,000 | ||||||||||
Corporate Bonds [Member] | |||||||||||
Related Party Transaction [Line Items] | |||||||||||
Investment in corporate bonds | $3,000,000 | $3,000,000 |
RelatedParty_Transactions_Reve
Related-Party Transactions - Revenues from GSK (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | |||||||
Contract revenue | $725 | $1,522 | $1,886 | $1,927 | $6,060 | $5,419 | |
GSK Agreement [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Contract revenue | 2,299 | 1,017 | 0 | ||||
Recognition of up-front payments | $3,761 | $4,402 |
Equity_Incentive_Plans_Stock_O
Equity Incentive Plans - Stock Options - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 31, 2014 | Nov. 30, 2013 | Nov. 30, 2012 | Feb. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total intrinsic value of options exercised | $1.10 | $5.60 | $1.60 | ||||
Employee Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Unrecognized compensation expenses | $13.10 | ||||||
Unrecognized compensation expense weighted-average period | 2 years 6 months 22 days | ||||||
2012 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock initially reserved for issuance | 3,000,000 | ||||||
Shares available for issuance under plan annual increase rate | 4.00% | ||||||
Company's incremental common stock shares reserved for issuance | 1,700,000 | 1,700,000 | 1,450,000 | ||||
2012 Plan [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Shares available for issuance under Plan annual increase | 2,000,000 | ||||||
Stock Plans [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Maximum vesting term granted with different vesting terms date of grant | 10 years | ||||||
Outstanding options vest | 4 years | ||||||
Stock Plans [Member] | First Anniversary [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total grant vesting | 25.00% | ||||||
Stock Plans [Member] | Monthly After First Anniversary [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Total grant vesting | 2.78% | ||||||
Stock Plans [Member] | Minimum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Exercise prices date of grant fair value rate | 100.00% | ||||||
Nonstatutory options granted exercise price | 85.00% |
Equity_Incentive_Plans_Restric
Equity Incentive Plans - Restricted Stock Units - Additional Information (Detail) (Restricted Stock [Member], USD $) | 12 Months Ended |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
RSUs, granted | 135,135 |
RSUs, vested | 0 |
Weighted-average grant date fair values of stock options granted | $4.81 |
Unrecognized compensation expenses | $0.30 |
Unrecognized compensation expense, weighted-average period | 4 months 21 days |
Equity_Incentive_Plans_Summary
Equity Incentive Plans - Summary of Stock Option Activity under its Stock Plans (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares Available for Grant, Outstanding Beginning Balance | 2,383,920 |
Available for Grant, Shares authorized | 1,700,000 |
Shares Available for Grant, Granted | -2,622,135 |
Shares Available for Grant, Exercised | 0 |
Shares Available for Grant, Forfeited and expired | 548,950 |
Shares Available for Grant, Outstanding Ending Balance | 2,010,735 |
Shares Outstanding, Beginning Balance | 5,301,622 |
Shares, authorized | 0 |
Shares, Granted | 2,487,000 |
Shares, Exercised | -408,140 |
Shares, Forfeited and expired | -548,950 |
Shares Outstanding, Ending Balance | 6,831,532 |
Shares, Vested at December 31, 2014 | 3,842,220 |
Shares, Exercisable at December 31, 2014 | 3,878,010 |
Shares, Vested and expected to vest, net of estimated forfeiture at December 31, 2014 | 6,647,893 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $8.71 |
Weighted Average Exercise Price, Shares authorized | $0 |
Weighted Average Exercise Price, Granted | $6.51 |
Weighted Average Exercise Price, Exercised | $3.69 |
Weighted Average Exercise Price, Forfeited and expired | $7.69 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $8.29 |
Weighted Average Exercise Price, Vested at December 31, 2014 | $7.92 |
Weighted Average Exercise Price, Exercisable at December 31, 2014 | $7.91 |
Weighted Average Exercise Price, Vested and expected to vest, net of estimated forfeiture at December 31, 2014 | $8.28 |
Weighted Average Remaining Contractual Term, Outstanding at December 31, 2014 | 6 years 8 months 23 days |
Weighted Average Remaining Contractual Term, Vested at December 31, 2014 | 5 years 3 months 29 days |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2014 | 5 years 4 months 2 days |
Weighted Average Remaining Contractual Term, Vested and expected to vest, net of estimated forfeiture at December 31, 2014 | 6 years 8 months 1 day |
Aggregate Intrinsic Value, Outstanding at December 31, 2014 | $4,765,642 |
Aggregate Intrinsic Value, Vested at December 31, 2014 | 3,867,834 |
Aggregate Intrinsic Value, Exercisable at December 31, 2014 | 3,870,863 |
Aggregate Intrinsic Value, Vested and expected to vest, net of estimated forfeiture at December 31, 2014 | $4,698,749 |
Equity_Incentive_Plans_Early_E
Equity Incentive Plans - Early Exercise of Stock Options - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Common stock issued related to early exercise of stock options | 0 | 0 |
Equity_Incentive_Plans_Stock_O1
Equity Incentive Plans - Stock Options Outstanding (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Weighted Average Contractual Term, Outstanding | 6 years 8 months 23 days | |
Options Outstanding and Exercisable, Shares | 6,831,532 | 5,301,622 |
Range 1 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 0.6 | |
Exercise Price Range, Upper | 5.07 | |
Weighted Average Contractual Term, Outstanding | 3 years 4 months 2 days | |
Options Outstanding and Exercisable, Shares | 685,553 | |
Range 2 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 5.15 | |
Exercise Price Range, Upper | 5.94 | |
Weighted Average Contractual Term, Outstanding | 9 years 6 months 15 days | |
Options Outstanding and Exercisable, Shares | 36,200 | |
Range 3 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 6 | |
Exercise Price Range, Upper | 6 | |
Weighted Average Contractual Term, Outstanding | 4 years 1 month 21 days | |
Options Outstanding and Exercisable, Shares | 1,229,625 | |
Range 4 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 6.08 | |
Exercise Price Range, Upper | 6.08 | |
Weighted Average Contractual Term, Outstanding | 8 years 11 months 23 days | |
Options Outstanding and Exercisable, Shares | 865,387 | |
Range 5 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 6.3 | |
Exercise Price Range, Upper | 6.9 | |
Weighted Average Contractual Term, Outstanding | 5 years 4 months 2 days | |
Options Outstanding and Exercisable, Shares | 915,209 | |
Range 6 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 7.1 | |
Exercise Price Range, Upper | 7.1 | |
Weighted Average Contractual Term, Outstanding | 9 years 1 month 17 days | |
Options Outstanding and Exercisable, Shares | 989,300 | |
Range 7 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 7.6 | |
Exercise Price Range, Upper | 14.28 | |
Weighted Average Contractual Term, Outstanding | 8 years 1 month 17 days | |
Options Outstanding and Exercisable, Shares | 1,108,219 | |
Range 8 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 14.31 | |
Exercise Price Range, Upper | 14.31 | |
Weighted Average Contractual Term, Outstanding | 7 years 6 months 15 days | |
Options Outstanding and Exercisable, Shares | 927,039 | |
Range 9 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 14.42 | |
Exercise Price Range, Upper | 14.42 | |
Weighted Average Contractual Term, Outstanding | 7 years 5 months 19 days | |
Options Outstanding and Exercisable, Shares | 50,000 | |
Range 10 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | 15.9 | |
Exercise Price Range, Upper | 15.9 | |
Weighted Average Contractual Term, Outstanding | 7 years 3 months 26 days | |
Options Outstanding and Exercisable, Shares | 25,000 |
Equity_Incentive_Plans_Employe
Equity Incentive Plans - Employee Stock Purchase Plan - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Nov. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 29, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate limit of common stock | 200,000,000 | 200,000,000 | ||
Shares available for issuance under the Plan | 1,700,000 | |||
Employee Stock Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock initially reserved for issuance | 300,000 | |||
Shares available for issuance under plan annual increase rate | 1.00% | |||
Company's incremental common stock shares reserved for issuance | 200,000 | |||
Common stock issued to employees | 149,788 | 49,912 | ||
Shares available for issuance under the Plan | 500,000 | |||
Unrecognized compensation expenses | $0.10 | |||
Unrecognized compensation expense, weighted-average period | 4 months 24 days | |||
Employee Stock Purchase Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for issuance under Plan annual increase | 300,000 | |||
Aggregate limit of common stock | 3,000,000 |
StockBased_Compensation_Employ
Stock-Based Compensation - Employee Stock-based Compensation Expense Recognized (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total | $7,960 | $6,092 | $4,812 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total | 2,756 | 1,832 | 1,565 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total | $5,204 | $4,260 | $3,247 |
StockBased_Compensation_Assump
Stock-Based Compensation - Assumptions for Fair Values of Employee Stock Options Granted under Company's Stock Plans (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 55.50% | 67.30% | 76.20% |
Weighted-average expected life (in years) | 6 months | 6 months | 6 months |
Risk-free interest rate | 0.06% | 0.11% | 0.10% |
Weighted average grant date fair value | $1.49 | $1.71 | $4.33 |
Employee Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 74.10% | 77.80% | 76.00% |
Weighted-average expected life (in years) | 6 years | 5 years 10 months 24 days | 6 years |
Risk-free interest rate | 1.96% | 1.54% | 0.84% |
Weighted average grant date fair value | $4.29 | $9.41 | $8.83 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Stock options grant shares approved for issuance | 150,000 | 85,000 | 0 |
StockBased_Compensation_Stockb
Stock-Based Compensation - Stock-based Compensation Expense in Connection with Grants of Stock Options to Nonemployees (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Unrecognized compensation expense related to employee stock options | $254 | $150 | $141 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Unrecognized compensation expense related to employee stock options | 254 | 150 | 119 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Unrecognized compensation expense related to employee stock options | $22 |
StockBased_Compensation_Assump1
Stock-Based Compensation - Assumptions for Fair Values of Stock Options Granted are Calculated Related to Stock Options Granted to Nonemployees (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 68.00% | 77.00% | 76.00% |
Weighted-average expected life (in years) | 6 years 7 months 6 days | 7 years 7 months 6 days | 6 years 1 month 6 days |
Risk-free interest rate | 2.00% | 1.50% | 0.90% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 76.00% | 79.00% | 77.00% |
Weighted-average expected life (in years) | 9 years 9 months 18 days | 9 years 10 months 24 days | 9 years 3 months 18 days |
Risk-free interest rate | 2.70% | 2.90% | 2.00% |
401_k_Plan_Additional_Informat
401 (k) Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Postemployment Benefits [Abstract] | |||
Matching contributions by employer | $0 | $0 | $0 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | -34.00% | -34.00% | -34.00% |
State income taxes, net of federal benefit | -5.80% | -5.80% | -5.83% |
Permanent items | 2.60% | 1.10% | 1.37% |
Research and development credits | -1.80% | -3.90% | -0.69% |
Change in valuation allowance | 39.00% | 43.10% | 39.48% |
Other | -0.50% | -0.33% | |
(Benefit from) provisions for income taxes | 0.00% |
Income_Taxes_Tax_Effects_of_Te
Income Taxes - Tax Effects of Temporary Differences and Carryforwards that Give Rise to Significant Portions of the Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $74,699 | $59,592 |
Research and development credit | 6,712 | 5,864 |
Amortization of deferred stock compensation-non-qualified | 6,041 | 4,226 |
Reserves and accruals | 1,419 | 882 |
Depreciation and amortization | 408 | 400 |
Net deferred tax asset | 89,279 | 70,964 |
Less: valuation allowance | -89,279 | -70,964 |
Net deferred tax assets | $0 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Increased in valuation allowance | $18,300,000 | $16,700,000 | $15,700,000 |
Federal operating loss carryforwards net | 191,800,000 | ||
State operating loss carryforwards net | 191,300,000 | ||
Federal operating loss carryforwards expiry (if not utilized) | 2025 | ||
State operating loss carryforwards expiry (if not utilized) | 2016 | ||
Income tax credit carryforwards | 6,712,000 | 5,864,000 | |
Federal research and development credits will begin to expire | 2019 | ||
Federal research tax credit extended period | 2 years | ||
Deferred tax asset, excess tax benefits | 4,200,000 | 3,800,000 | |
Unrecognized tax benefits | 5,390,000 | 4,956,000 | 4,592,000 |
Income tax penalties and interest expense, unrecognized tax benefits | 0 | ||
Federal [Member] | |||
Income Taxes [Line Items] | |||
Income tax credit carryforwards | 7,900,000 | ||
State and Local [Member] | |||
Income Taxes [Line Items] | |||
Income tax credit carryforwards | $5,100,000 |
Income_Taxes_Reconciliation_of1
Income Taxes - Reconciliation of the Company's Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $4,956 | $4,592 |
Additions for current tax positions | 434 | 881 |
Decreases for prior tax positions | -517 | |
Ending Balance | $5,390 | $4,956 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Selected Quarterly Results from Operations (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $725 | $1,522 | $1,886 | $1,927 | $6,060 | $5,419 | |||||
Net loss | ($12,190) | ($10,941) | ($12,261) | ($11,537) | ($9,543) | ($9,433) | ($9,504) | ($10,193) | ($46,929) | ($38,673) | ($39,891) |
Basic and diluted net loss per share | ($0.28) | ($0.25) | ($0.28) | ($0.27) | ($0.22) | ($0.22) | ($0.23) | ($0.28) | ($1.08) | ($0.95) | ($1.13) |