ChemoCentryx (CCXI) 10-Q 7 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Aug. 03, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CCXI
Entity Registrant Name	ChemoCentryx, Inc.
Entity Central Index Key	1,340,652
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		44,073,659

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 11,570	$ 16,075
Short-term investments	58,877	57,282
Prepaid expenses and other current assets	912	972
Total current assets	71,359	74,329
Property and equipment, net	1,067	1,208
Long-term investments	23,724	41,263
Other assets	169	181
Total assets	96,319	116,981
Current liabilities:
Accounts payable	1,028	748
Accrued liabilities	4,213	7,442
Total current liabilities	5,241	8,190
Other non-current liabilities	173	185
Total liabilities	$ 5,414	$ 8,375
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 June 30, 2015 and December 31, 2014; 44,046,059 shares and 43,446,096 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively.	$ 44	$ 43
Additional paid-in capital	334,741	328,440
Note receivable	(16)	(16)
Accumulated other comprehensive income (loss)	11	(70)
Accumulated deficit	(243,875)	(219,791)
Total stockholders' equity	90,905	108,606
Total liabilities and stockholders' equity	$ 96,319	$ 116,981

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
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	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	44,046,059	43,446,096
Common stock, shares outstanding	44,046,059	43,446,096

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Operating expenses:
Research and development	$ 8,602	$ 9,002	$ 17,022	$ 17,151
General and administrative	3,576	3,382	7,265	6,905
Total operating expenses	12,178	12,384	24,287	24,056
Loss from operations	(12,178)	(12,384)	(24,287)	(24,056)
Other income (expense):
Interest income	100	129	203	275
Interest expense		(6)		(17)
Total other income, net	100	123	203	258
Net loss	$ (12,078)	$ (12,261)	$ (24,084)	$ (23,798)
Basic and diluted net loss per common share	$ (0.28)	$ (0.28)	$ (0.55)	$ (0.55)
Shares used to compute basic and diluted net loss per common share	43,842	43,274	43,672	43,191

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net loss	$ (12,078)	$ (12,261)	$ (24,084)	$ (23,798)
Unrealized gain (loss) on available-for-sale securities	3	(36)	81	(18)
Comprehensive loss	$ (12,075)	$ (12,297)	$ (24,003)	$ (23,816)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net loss	$ (24,084)	$ (23,798)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	259	285
Stock-based compensation	4,752	4,289
Noncash interest expense, net	625	1,442
Changes in assets and liabilities:
Accounts receivable due from related party		393
Prepaids and other current assets	72	(297)
Other assets		(22)
Accounts payable	280	(219)
Other liabilities	(3,241)	1,494
Net cash used in operating activities	(21,337)	(16,433)
Investing activities
Purchases of property and equipment, net	(118)	(127)
Purchases of investments	(18,351)	(62,641)
Sales of investments	4,051	0
Maturities of investments	29,700	80,627
Net cash provided by investing activities	15,282	17,859
Financing activities
Proceeds from exercise of stock options and employee stock purchase plan	1,550	1,648
Payments on equipment financing obligations		(225)
Net cash provided by financing activities	1,550	1,423
Net increase (decrease) in cash and cash equivalents	(4,505)	2,849
Cash and cash equivalents at beginning of period	16,075	10,258
Cash and cash equivalents at end of period	$ 11,570	13,107
Supplemental disclosures of cash flow information
Cash paid for interest		$ 64

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [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 therapeutics to treat autoimmune diseases, inflammatory disorders and cancer. The Company’s principal operations are in the United States and it operates in one segment. Unaudited Interim Financial Information The financial information filed is unaudited. The Condensed Consolidated Financial Statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair statement of the results of operations for the interim periods covered and of the financial condition of the Company at the date of the interim balance sheet. The December 31, 2014 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (GAAP). The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission on March 13, 2015.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP 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. Net Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options and warrants, (ii) vesting of restricted stock units (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. For the six months ended June 30, 2015 and 2014, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Six Months Ended June 30, 2015 2014 Options to purchase common stock, including purchases from contributions to ESPP 7,954,304 7,065,850 Restricted stock units 58,975 135,135 Warrants to purchase common stock 150,000 150,000 8,163,279 7,350,985 Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented other comprehensive income (loss) consists of unrealized gains and losses on the Company’s available-for-sale securities. For the three and six months ended June 30, 2015, amounts reclassified from accumulated other income to net income for unrealized gains (losses) on available-for-sale securities were not significant, and were recorded as part of other income (expense), net in the Condensed Consolidated Statements of Operations. For the same periods ended June 30, 2014, there were no sales of investments, and therefore there were no reclassifications. Recent Accounting Pronouncements In May 2015, the Financial Accounting Standards Boards (FASB) issued a comprehensive new standard on revenue from contracts with customers. The standard’s core principle is that a reporting entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted to delay the effective date of the new standard by one year. The standard would become effective for the Company beginning in the first quarter of 2018. Early application would be permitted in 2017. Entities would have the option of using either a full retrospective or a modified retrospective approach to adopt this new guidance. The Company is currently evaluating the impact of our adoption of this standard on its Condensed Consolidated Financial Statements.

Cash Equivalents and Investment

Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 9,613 $ — $ — $ 9,613 U.S. treasury securities 17,071 20 — 17,091 Government-sponsored agencies 31,035 19 (1 ) 31,053 Corporate debt securities 34,484 1 (28 ) 34,457 Total available-for-sale securities $ 92,203 $ 40 $ (29 ) $ 92,214 Classified as: Cash equivalents $ 9,613 Short-term investments 58,877 Long-term investments 23,724 Total available-for-sale securities $ 92,214 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 Cash equivalents in the tables above exclude cash of $2.0 million and $0.2 million as of June 30, 2015 and December 31, 2014, respectively. All available-for-sale securities held as of June 30, 2015 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 significant available-for-sale securities held as of June 30, 2015 have been in a continuous unrealized loss position for more than 12 months. As of June 30, 2015, 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	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	4. Fair Value Measurements The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: Level 1—Inputs which include quoted prices in active markets for identical assets and liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Description Level 1 Level 2 Level 3 Total Money market fund $ 9,613 $ — $ — $ 9,613 U.S. treasury securities — 17,091 — 17,091 Government-sponsored agencies — 31,053 — 31,053 Corporate debt securities — 34,457 — 34,457 Total assets $ 9,613 $ 82,601 $ — $ 92,214 December 31, 2014 Description Level 1 Level 2 Level 3 Total 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 During the six months ended June 30, 2015, there were no transfers between Level 1 and Level 2 financial assets. When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings.

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	5. Accrued Liabilities Accrued liabilities consist of the following (in thousands): June 30, December 31, Research and development related $ 2,343 $ 4,982 Compensation related 1,301 1,956 Consulting and Professional Services 330 254 Other 239 250 $ 4,213 $ 7,442

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related-Party Transactions	6. Related-Party Transactions Bio-Techne 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 $10.0 million and bearing interest at a rate of 5.0% per annum and a maturity date in September 2021. In February 2012, the Company completed its initial public offering (IPO), and as such, all outstanding principal and accrued and unpaid interest automatically converted into 1,021,490 shares of common stock at a conversion price equal to the IPO price of $10.00 per share. Upon the conversion of the note in connection with the IPO, 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 per share, or 200% of the IPO price of its common stock. In addition, pursuant to the terms of the convertible note loan agreement, concurrent with the IPO, Bio-Techne purchased $5.0 million of the Company’s common stock in a private placement at $10.00 per share. As of June 30, 2015 and December 31, 2014, the Company had an accounts payable balance due to Bio-Techne for the purchases of research materials of $0 and $1,150, respectively.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stockholders' Equity	7. Stockholders’ Equity Initial Public Offering In February 2012, the Company completed its IPO pursuant to which the Company issued 5,175,000 shares of common stock, including the exercise of the underwriters’ over-allotment option and received (a) net proceeds of $45.0 million, after underwriting discounts, commissions and offering expenses; and (b) gross proceeds of $12.0 million in concurrent private placements of 1,200,000 shares of common stock at the IPO price of $10.00 per share. In addition, in connection with the completion of the IPO, all outstanding convertible preferred stock converted into 24,332,186 shares of common stock. As discussed in Note 6, all outstanding principal and accrued and unpaid interest under the convertible note loan agreement with Bio-Techne also converted into common stock upon the completion of the IPO. Follow-On Public Offering In April 2013, the Company completed an underwritten public offering of 5,750,000 shares of its common stock at $12.00 per share. The Company received net proceeds of $64.4 million, after deducting underwriting discounts, commissions and offering expenses. Warrants In February 2012, in connection with the IPO, the Company’s outstanding warrants to purchase Series B convertible preferred stock converted into warrants to purchase 159,500 shares of common stock at $5.20 per share, with expiration dates from 2012 through 2014. As discussed in Note 6, upon the completion of the Company’s IPO in February 2012, Bio-Techne received a warrant with a ten-year term to purchase 150,000 shares of the Company’s common stock at $20.00 per share. During the three and six months ended June 30, 2015, no warrants were exercised. As of June 30, 2015 and December 31, 2014, warrants to purchase 150,000 shares of common stock were outstanding with a weighted-average exercise price of $20.00. All other warrants were either expired or exercised.

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Equity Incentive Plans	8. Equity Incentive Plans Stock Options During the six months ended June 30, 2015, the Company had the following option activities under its equity incentive plans: Outstanding Options Available Shares Weighted Average Weighted Aggregate Balance at December 31, 2014 2,010,735 6,831,532 $ 8.29 Shares authorized 1,700,000 Granted (1,676,275 ) 1,617,300 8.19 Exercised — (383,493 ) 3.19 Forfeited and expired 125,110 (125,110 ) 8.43 Balance at June 30, 2015 2,159,570 7,940,229 $ 8.51 7.16 $ 9,088,718 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs granted for the period. Stock-based Compensation Total stock-based compensation expense was $2.4 million and $4.8 million during the three and six months ended June 30, 2015, respectively, and $2.2 million and $4.3 million during the same period ended June 30, 2014. As of June 30, 2015, $16.1 million, $0.4 million, and $0.1 million of total unrecognized compensation expenses associated with outstanding stock options, unvested RSUs, and the ESPP, net of estimated forfeitures, were expected to be recognized over a weighted-average period of 2.74, 0.89, and 0.37 years, respectively.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP 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.
Net Loss Per Share	Net Loss Per Share Basic net loss per common share is computed by dividing net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss attributable to common stockholders by the sum of the weighted-average number of common shares outstanding and dilutive common stock equivalent shares outstanding for the period. The Company’s potentially dilutive common stock equivalent shares, which include incremental common shares issuable upon (i) the exercise of outstanding stock options and warrants, (ii) vesting of restricted stock units (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.
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented other comprehensive income (loss) consists of unrealized gains and losses on the Company’s available-for-sale securities. For the three and six months ended June 30, 2015, amounts reclassified from accumulated other income to net income for unrealized gains (losses) on available-for-sale securities were not significant, and were recorded as part of other income (expense), net in the Condensed Consolidated Statements of Operations. For the same periods ended June 30, 2014, there were no sales of investments, and therefore there were no reclassifications.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2015, the Financial Accounting Standards Boards (FASB) issued a comprehensive new standard on revenue from contracts with customers. The standard’s core principle is that a reporting entity will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. On July 9, 2015, the FASB voted to delay the effective date of the new standard by one year. The standard would become effective for the Company beginning in the first quarter of 2018. Early application would be permitted in 2017. Entities would have the option of using either a full retrospective or a modified retrospective approach to adopt this new guidance. The Company is currently evaluating the impact of our adoption of this standard on its Condensed Consolidated Financial Statements.
Fair Value of Financial Assets and Liabilities	The Company determines the fair value of financial assets and liabilities using three levels of inputs as follows: Level 1—Inputs which include quoted prices in active markets for identical assets and liabilities. Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
Market Prices for Identical Securities	When the Company uses observable market prices for identical securities that are traded in less active markets, the Company classifies its marketable debt instruments as Level 2. When observable market prices for identical securities are not available, the Company prices its marketable debt instruments using non-binding market consensus prices that are corroborated with observable market data; quoted market prices for similar instruments; or pricing models, such as a discounted cash flow model, with all significant inputs derived from or corroborated with observable market data. Non-binding market consensus prices are based on the proprietary valuation models of pricing providers or brokers. These valuation models incorporate a number of inputs, including non-binding and binding broker quotes; observable market prices for identical or similar securities; and the internal assumptions of pricing providers or brokers that use observable market inputs and, to a lesser degree, unobservable market inputs. The Company corroborates non-binding market consensus prices with observable market data using statistical models when observable market data exists. The discounted cash flow model uses observable market inputs, such as LIBOR-based yield curves, currency spot and forward rates, and credit ratings.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect	For the six months ended June 30, 2015 and 2014, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Six Months Ended June 30, 2015 2014 Options to purchase common stock, including purchases from contributions to ESPP 7,954,304 7,065,850 Restricted stock units 58,975 135,135 Warrants to purchase common stock 150,000 150,000 8,163,279 7,350,985

Cash Equivalents and Investme17

Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 and December 31, 2014 were as follows (in thousands): June 30, 2015 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 9,613 $ — $ — $ 9,613 U.S. treasury securities 17,071 20 — 17,091 Government-sponsored agencies 31,035 19 (1 ) 31,053 Corporate debt securities 34,484 1 (28 ) 34,457 Total available-for-sale securities $ 92,203 $ 40 $ (29 ) $ 92,214 Classified as: Cash equivalents $ 9,613 Short-term investments 58,877 Long-term investments 23,724 Total available-for-sale securities $ 92,214 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

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements of Company's Financial Assets and Liabilities	The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements are as follows as of June 30, 2015 and December 31, 2014 (in thousands): June 30, 2015 Description Level 1 Level 2 Level 3 Total Money market fund $ 9,613 $ — $ — $ 9,613 U.S. treasury securities — 17,091 — 17,091 Government-sponsored agencies — 31,053 — 31,053 Corporate debt securities — 34,457 — 34,457 Total assets $ 9,613 $ 82,601 $ — $ 92,214 December 31, 2014 Description Level 1 Level 2 Level 3 Total 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

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, Research and development related $ 2,343 $ 4,982 Compensation related 1,301 1,956 Consulting and Professional Services 330 254 Other 239 250 $ 4,213 $ 7,442

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Option Activities under Its Equity Incentive Plans	During the six months ended June 30, 2015, the Company had the following option activities under its equity incentive plans: Outstanding Options Available Shares Weighted Average Weighted Aggregate Balance at December 31, 2014 2,010,735 6,831,532 $ 8.29 Shares authorized 1,700,000 Granted (1,676,275 ) 1,617,300 8.19 Exercised — (383,493 ) 3.19 Forfeited and expired 125,110 (125,110 ) 8.43 Balance at June 30, 2015 2,159,570 7,940,229 $ 8.51 7.16 $ 9,088,718 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs granted for the period.

Description of Business - Addit

Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segment	1

Summary of Significant Accoun22

Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Detail) - shares	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	8,163,279	7,350,985
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	7,954,304	7,065,850
Unvested 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	58,975	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

Summary of Significant Accoun23

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Accounting Policies [Abstract]
Reclassification differences or income tax effects related to the unrealized gains or losses		$ 0
Sales of investments	$ 4,051,000	$ 0

Cash Equivalents and Investme24

Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 92,203	$ 114,537
Gross Unrealized Gains	40	13
Gross Unrealized Losses	(29)	(83)
Available-for-sale Securities	92,214	114,467
Money Market Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	9,613	15,922
Available-for-sale Securities	9,613	15,922
U.S. Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	17,071	19,117
Gross Unrealized Gains	20	5
Gross Unrealized Losses		(2)
Available-for-sale Securities	17,091	19,120
Government-Sponsored Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	31,035	29,772
Gross Unrealized Gains	19	4
Gross Unrealized Losses	(1)	(13)
Available-for-sale Securities	31,053	29,763
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost		1,500
Available-for-sale Securities		1,500
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	34,484	48,226
Gross Unrealized Gains	1	4
Gross Unrealized Losses	(28)	(68)
Available-for-sale Securities	$ 34,457	$ 48,162

Cash Equivalents and Investme25

Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Cash equivalents	$ 9,613	$ 15,922
Short-term investments	58,877	57,282
Long-term investments	23,724	41,263
Available-for-sale Securities	$ 92,214	$ 114,467

Cash Equivalents and Investme26

Cash Equivalents and Investments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015USD ($)Investment	Dec. 31, 2014USD ($)
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	$ 2,000,000	$ 200,000
Number of investment positions in available-for-sale investments | Investment	0

Fair Value Measurements - Fair

Fair Value Measurements - Fair Value Measurements of Company's Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 92,214	$ 114,467
Money Market Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	9,613	15,922
U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	17,091	19,120
Government-Sponsored Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	31,053	29,763
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		1,500
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	34,457	48,162
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	9,613	15,922
Level 1 [Member] | Money Market Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	9,613	15,922
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	82,601	98,545
Level 2 [Member] | U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	17,091	19,120
Level 2 [Member] | Government-Sponsored Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	31,053	29,763
Level 2 [Member] | Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets		1,500
Level 2 [Member] | Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 34,457	$ 48,162

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2015USD ($)
Fair Value Disclosures [Abstract]
Transfers from Level 1 to Level 2 financial assets	$ 0
Transfers from Level 2 to Level 1 financial assets	$ 0

Accrued Liabilities - Accrued L

Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Research and development related	$ 2,343	$ 4,982
Compensation related	1,301	1,956
Consulting and Professional Services	330	254
Other	239	250
Accrued liabilities	$ 4,213	$ 7,442

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended
	Feb. 29, 2012	Sep. 30, 2011	Jun. 30, 2015	Dec. 31, 2014
Related Party Transaction [Line Items]
Warrant contractual term	10 years
Purchase of warrant common stock	150,000
Warrants to purchase common stock, exercise price	$ 20
Accounts payable balance			$ 1,028,000	$ 748,000
Bio-Techne [Member]
Related Party Transaction [Line Items]
Convertible loan, principal amount		$ 10,000,000
Convertible loan, interest rate		5.00%
Convertible loan, maturity date		2021-09
Conversion price of common stock	$ 10
Warrant contractual term	10 years
Purchase of warrant common stock	150,000
Warrants to purchase common stock, exercise price	$ 20
Warrant common stock exercise price rate	200.00%
Accounts payable balance			$ 0	$ 1,150
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

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Apr. 30, 2013	Feb. 29, 2012	Jun. 30, 2015	Jun. 30, 2015	Dec. 31, 2014
Class of Stock [Line Items]
Gross proceeds in concurrent private placements		$ 12
Warrants to purchase common stock, exercise price		$ 20
Warrant contractual term		10 years
Purchase of warrant common stock		150,000
Warrants outstanding to purchase common stock			150,000	150,000	150,000
Weighted-average exercise price			$ 20	$ 20	$ 20
Warrant to purchase common stock were exercised			0	0
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Warrant common stock exercise price		$ 5.20
Purchase of warrant common stock		159,500
Follow-On Public Offering [Member]
Class of Stock [Line Items]
Issuance of common stock	5,750,000
Common stock offering price per share	$ 12
Net proceeds after underwriting discounts, commissions and offering expenses	$ 64.4
IPO [Member]
Class of Stock [Line Items]
Issuance of common stock		5,175,000
Net proceeds after underwriting discounts, commissions and offering expenses		$ 45
Conversion of outstanding preferred stock to common stock		24,332,186
Private Placement [Member]
Class of Stock [Line Items]
Issuance of common stock		1,200,000
Common stock offering price per share		$ 10

Equity Incentive Plans - Option

Equity Incentive Plans - Option Activities under Its Equity Incentive Plans (Detail) - Jun. 30, 2015 - USD ($)	Total
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares Available for Grant, Outstanding Beginning Balance	2,010,735
Available for Grant, Shares authorized	1,700,000
Shares Available for Grant, Granted	(1,676,275)
Shares Available for Grant, Exercised	0
Shares Available for Grant, Forfeited and expired	125,110
Shares Available for Grant, Outstanding Ending Balance	2,159,570
Shares, Options Outstanding, Beginning Balance	6,831,532
Shares, Options Outstanding, Granted	1,617,300
Shares, Options Outstanding, Exercised	(383,493)
Shares, Options Outstanding, Forfeited and expired	(125,110)
Shares, Options Outstanding, Ending Balance	7,940,229
Weighted Average Exercise Price, Options Outstanding, Beginning Balance	$ 8.29
Weighted Average Exercise Price, Options Outstanding, Shares authorized	0
Weighted Average Exercise Price, Options Outstanding, Granted	8.19
Weighted Average Exercise Price, Options Outstanding, Exercised	3.19
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired	8.43
Weighted Average Exercise Price, Options Outstanding, Ending Balance	$ 8.51
Options Outstanding, Weighted Average Remaining Contractual Term	7 years 1 month 28 days
Options Outstanding, Aggregate Intrinsic Value	$ 9,088,718

Equity Incentive Plans - Additi

Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,400	$ 2,200	$ 4,752	$ 4,289
Unrecognized compensation expenses associated with outstanding stock options/ESPP	16,100		$ 16,100
Total unrecognized compensation expenses associated with outstanding stock options, unvested RSU's and ESPP, weighted-average period			2 years 8 months 27 days
ESPP [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses associated with outstanding stock options/ESPP	100		$ 100
Total unrecognized compensation expenses associated with outstanding stock options, unvested RSU's and ESPP, weighted-average period			4 months 13 days
Unvested Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses associated with unvested RSU's	$ 400		$ 400
Total unrecognized compensation expenses associated with outstanding stock options, unvested RSU's and ESPP, weighted-average period			10 months 21 days