Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
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 | 44,290,506 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 13,420 | $ 12,823 |
Short-term investments | 50,769 | 58,455 |
Prepaid expenses and other current assets | 991 | 757 |
Total current assets | 65,180 | 72,035 |
Property and equipment, net | 925 | 949 |
Long-term investments | 1,100 | 5,011 |
Other assets | 160 | 160 |
Total assets | 67,365 | 78,155 |
Current liabilities: | ||
Accounts payable | 1,294 | 675 |
Accrued liabilities | 6,094 | 4,819 |
Total current liabilities | 7,388 | 5,494 |
Other non-current liabilities | 144 | 154 |
Total liabilities | $ 7,532 | $ 5,648 |
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 March 31, 2016 and December 31, 2015; 44,290,506 shares and 44,185,506 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively. | $ 44 | $ 44 |
Additional paid-in capital | 342,128 | 339,615 |
Note receivable | (16) | (16) |
Accumulated other comprehensive income (loss) | 16 | (40) |
Accumulated deficit | (282,339) | (267,096) |
Total stockholders' equity | 59,833 | 72,507 |
Total liabilities and stockholders' equity | $ 67,365 | $ 78,155 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
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 | 44,290,506 | 44,185,506 |
Common stock, shares outstanding | 44,290,506 | 44,185,506 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenues: | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 11,245 | 8,420 |
General and administrative | 4,084 | 3,689 |
Total operating expenses | 15,329 | 12,109 |
Loss from operations | (15,329) | (12,109) |
Other income (expense): | ||
Interest income | 86 | 103 |
Total other income, net | 86 | 103 |
Net loss | $ (15,243) | $ (12,006) |
Basic and diluted net loss per common share | $ (0.34) | $ (0.28) |
Shares used to compute basic and diluted net loss per common share | 44,277 | 43,502 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (15,243) | $ (12,006) |
Unrealized gain on available-for-sale securities | 56 | 78 |
Comprehensive loss | $ (15,187) | $ (11,928) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net loss | $ (15,243) | $ (12,006) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property and equipment | 86 | 133 |
Stock-based compensation | 2,303 | 2,400 |
Noncash interest expense, net | 89 | 471 |
Changes in assets and liabilities: | ||
Prepaids and other current assets | (234) | (233) |
Accounts payable | 619 | 61 |
Other liabilities | 1,265 | (509) |
Net cash used in operating activities | (11,115) | (9,683) |
Investing activities | ||
Purchases of property and equipment, net | (62) | (106) |
Purchases of investments | (12,714) | (8,532) |
Maturities of investments | 24,278 | 23,300 |
Sales of investments | 0 | 4,051 |
Net cash provided by investing activities | 11,502 | 18,713 |
Financing activities | ||
Proceeds from exercise of stock options | 210 | 331 |
Net cash provided by financing activities | 210 | 331 |
Net increase in cash and cash equivalents | 597 | 9,361 |
Cash and cash equivalents at beginning of period | 12,823 | 16,075 |
Cash and cash equivalents at end of period | $ 13,420 | $ 25,436 |
Description of Business
Description of Business | 3 Months Ended |
Mar. 31, 2016 | |
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 orphan and rare diseases, 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, 2015 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, 2015 filed with the Securities and Exchange Commission on March 14, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
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 three months ended March 31, 2016 and 2015, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 9,239,472 8,179,188 Restricted stock units 292,481 135,135 Warrants to purchase common stock 150,000 150,000 9,681,953 8,464,323 Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income. For the periods presented other comprehensive income consists of unrealized gains on the Company’s available-for-sale securities. For the three months ended March 31, 2016, there were no sales of investments, and therefore there were no reclassifications. For the three months ended March 31, 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. 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 its adoption of this standard on its financial statements. In February 2016, the FASB issued a new standard that requires all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of this standard on its financial statements. In March 2016, FASB issued guidance that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective in 2017 with early adoption permitted. The Company is currently evaluating the impact of this guidance on its financial statements. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, 2016 Amortized Cost Gross Unrealized Fair Value Gains Losses Money market fund $ 12,565 $ — $ — $ 12,565 U.S. treasury securities 10,035 3 — 10,038 Government-sponsored agencies 18,892 7 (1 ) 18,898 Commercial paper 7,982 — — 7,982 Corporate debt securities 14,944 9 (2 ) 14,951 Total available-for-sale securities $ 64,418 $ 19 $ (3 ) $ 64,434 Classified as: Cash equivalents $ 12,565 Short-term investments 50,769 Long-term investments 1,100 Total available-for-sale securities $ 64,434 December 31, 2015 Amortized Cost Gross Unrealized Fair Value Gains Losses Money market fund $ 11,340 — — $ 11,340 U.S. treasury securities 14,027 1 (2 ) 14,026 Government-sponsored agencies 30,959 — (25 ) 30,934 Commercial paper 3,992 — — 3,992 Corporate debt securities 14,528 — (14 ) 14,514 Total available-for-sale securities $ 74,846 $ 1 $ (41 ) $ 74,806 Classified as: Cash equivalents $ 11,340 Short-term investments 58,455 Long-term investments 5,011 Total available-for-sale securities $ 74,806 Cash equivalents in the tables above exclude cash of $0.9 million and $1.5 million as of March 31, 2016 and December 31, 2015, respectively. All available-for-sale securities held as of March 31, 2016 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 March 31, 2016 have been in a continuous unrealized loss position for more than 12 months. As of March 31, 2016, 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 | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Description Level 1 Level 2 Level 3 Total Money market fund $ 12,565 $ — $ — 12,565 U.S. treasury securities — 10,038 — 10,038 Government-sponsored agencies — 18,898 — 18,898 Commercial paper — 7,982 — 7,982 Corporate debt securities — 14,951 — 14,951 Total assets $ 12,565 $ 51,869 $ — $ 64,434 December 31, 2015 Description Level 1 Level 2 Level 3 Total Money market fund $ 11,340 $ — $ — $ 11,340 U.S. treasury securities — 14,026 — 14,026 Government-sponsored agencies — 30,934 — 30,934 Commercial paper — 3,992 — 3,992 Corporate debt securities — 14,514 — 14,514 Total assets $ 11,340 $ 63,466 $ — $ 74,806 During the three months ended March 31, 2016, 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 | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, December 31, Research and development related $ 4,161 $ 2,223 Compensation related 1,016 1,908 Consulting and Professional Services 471 454 Other 446 234 $ 6,094 $ 4,819 |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 6. Related-Party Transactions Bio-Techne Bio-Techne Corporation, formerly Techne Corporation, is one of the Company’s principal stockholders. In connection with the Company’s initial public offering (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 per share, or 200% of the IPO price of its common stock, which was outstanding as of March 31, 2016. The Company had an accounts payable balance due to Bio-Techne for the purchases of research materials of $300 and zero as of March 31, 2016 and December 31, 2015, respectively. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Warrants 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 months ended March 31, 2016, no warrants were exercised. As of March 31, 2016 and December 31, 2015, only Bio-Techne’s warrant to purchase 150,000 shares of common stock was outstanding. All other warrants were either expired or exercised. |
Equity Incentive Plans
Equity Incentive Plans | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | 8. Equity Incentive Plans Stock Options During the three months ended March 31, 2016, the Company had the following option activities under its equity incentive plans: Outstanding Options Available for Shares Weighted Average Weighted Aggregate Balance at December 31, 2015 2,157,641 7,847,449 $ 8.52 Shares authorized 1,750,000 Granted (1) (1,725,200 ) 1,500,200 3.56 Exercised — (105,000 ) 2.00 Forfeited and expired 47,591 (47,591 ) 7.71 Balance at March 31, 2016 2,230,032 9,195,058 $ 7.79 7.08 $ 10,063 (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 $2.3 million and $2.4 million during the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, $13.4 million, $0.8 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 2.66, 2.31, and 0.12 years, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 9. Subsequent Events In April 2016, the Company announced the award of an Orphan Products Development grant by the U.S. Food and Drug Administration of $500,000 to support the clinical development of CCX168, the Company’s lead drug candidate for the treatment of patients with anti-neutrophil cytoplasmic antibody associated vasculitis. In May 2016, the Company entered into an exclusive collaboration and license agreement with Vifor Pharma, Ltd. (Vifor Pharma) to commercialize the Company’s complement C5aR receptor, CCX168, in Europe and certain other markets. In connection with this agreement, the Company received a non-refundable upfront payment of $85 million, comprising $60 million in cash and $25 million in an equity investment to purchase the Company’s common stock at a price of $7.50 per share. The Company retains control of all ongoing and future development of CCX168, other than country-specific development in the licensed territories, and all commercialization rights to CCX168 in the United States and other countries not licensed to Vifor Pharma. Upon achievement of certain regulatory and sales based milestones with CCX168, the Company will receive additional payments under this agreement. In addition, the Company will receive tiered double digit royalties on future potential net sales of CCX168 by Vifor Pharma in the licensed territories. Lastly, this agreement also provides Vifor Pharma with an exclusive option to negotiate during 2016 a worldwide license agreement for an additional ChemoCentryx drug candidate, CCX140, an inhibitor of the chemokine receptor CCR2. The Company is currently evaluating the accounting treatment for this agreement. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
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. For the three months ended March 31, 2016 and 2015, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 9,239,472 8,179,188 Restricted stock units 292,481 135,135 Warrants to purchase common stock 150,000 150,000 9,681,953 8,464,323 |
Comprehensive Loss | Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income. For the periods presented other comprehensive income consists of unrealized gains on the Company’s available-for-sale securities. For the three months ended March 31, 2016, there were no sales of investments, and therefore there were no reclassifications. For the three months ended March 31, 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. |
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 its adoption of this standard on its financial statements. In February 2016, the FASB issued a new standard that requires all lessees recognize the assets and liabilities that arise from leases on the balance sheet and disclose qualitative and quantitative information about its leasing arrangements. The new standard will be effective for the Company on January 1, 2019. The Company is currently evaluating the impact of this standard on its financial statements. In March 2016, FASB issued guidance that changes the accounting for certain aspects of share-based payments to employees. The guidance requires the recognition of the income tax effects of awards in the income statement when the awards vest or are settled, thus eliminating additional paid in capital pools. The guidance also allows for the employer to repurchase more of an employee’s shares for tax withholding purposes without triggering liability accounting. In addition, the guidance allows for a policy election to account for forfeitures as they occur rather than on an estimated basis. The guidance is effective in 2017 with early adoption permitted. The Company is currently evaluating the impact of this guidance 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 Accoun17
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect | For the three months ended March 31, 2016 and 2015, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 9,239,472 8,179,188 Restricted stock units 292,481 135,135 Warrants to purchase common stock 150,000 150,000 9,681,953 8,464,323 |
Cash Equivalents and Investme18
Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 were as follows (in thousands): March 31, 2016 Amortized Cost Gross Unrealized Fair Value Gains Losses Money market fund $ 12,565 $ — $ — $ 12,565 U.S. treasury securities 10,035 3 — 10,038 Government-sponsored agencies 18,892 7 (1 ) 18,898 Commercial paper 7,982 — — 7,982 Corporate debt securities 14,944 9 (2 ) 14,951 Total available-for-sale securities $ 64,418 $ 19 $ (3 ) $ 64,434 Classified as: Cash equivalents $ 12,565 Short-term investments 50,769 Long-term investments 1,100 Total available-for-sale securities $ 64,434 December 31, 2015 Amortized Cost Gross Unrealized Fair Value Gains Losses Money market fund $ 11,340 — — $ 11,340 U.S. treasury securities 14,027 1 (2 ) 14,026 Government-sponsored agencies 30,959 — (25 ) 30,934 Commercial paper 3,992 — — 3,992 Corporate debt securities 14,528 — (14 ) 14,514 Total available-for-sale securities $ 74,846 $ 1 $ (41 ) $ 74,806 Classified as: Cash equivalents $ 11,340 Short-term investments 58,455 Long-term investments 5,011 Total available-for-sale securities $ 74,806 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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 March 31, 2016 and December 31, 2015 (in thousands): March 31, 2016 Description Level 1 Level 2 Level 3 Total Money market fund $ 12,565 $ — $ — 12,565 U.S. treasury securities — 10,038 — 10,038 Government-sponsored agencies — 18,898 — 18,898 Commercial paper — 7,982 — 7,982 Corporate debt securities — 14,951 — 14,951 Total assets $ 12,565 $ 51,869 $ — $ 64,434 December 31, 2015 Description Level 1 Level 2 Level 3 Total Money market fund $ 11,340 $ — $ — $ 11,340 U.S. treasury securities — 14,026 — 14,026 Government-sponsored agencies — 30,934 — 30,934 Commercial paper — 3,992 — 3,992 Corporate debt securities — 14,514 — 14,514 Total assets $ 11,340 $ 63,466 $ — $ 74,806 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, December 31, Research and development related $ 4,161 $ 2,223 Compensation related 1,016 1,908 Consulting and Professional Services 471 454 Other 446 234 $ 6,094 $ 4,819 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Activities under Its Equity Incentive Plans | During the three months ended March 31, 2016, the Company had the following option activities under its equity incentive plans: Outstanding Options Available for Shares Weighted Average Weighted Aggregate Balance at December 31, 2015 2,157,641 7,847,449 $ 8.52 Shares authorized 1,750,000 Granted (1) (1,725,200 ) 1,500,200 3.56 Exercised — (105,000 ) 2.00 Forfeited and expired 47,591 (47,591 ) 7.71 Balance at March 31, 2016 2,230,032 9,195,058 $ 7.79 7.08 $ 10,063 (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) | 3 Months Ended |
Mar. 31, 2016Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Summary of Significant Accoun23
Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 9,681,953 | 8,464,323 |
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 | 9,239,472 | 8,179,188 |
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 | 292,481 | 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 Accoun24
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Accounting Policies [Abstract] | ||
Reclassification differences or income tax effects related to the unrealized gains or losses | $ 0 | |
Sales of investments | $ 0 | $ 4,051,000 |
Cash Equivalents and Investme25
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 64,418 | $ 74,846 |
Gross Unrealized Gains | 19 | 1 |
Gross Unrealized Losses | (3) | (41) |
Available-for-sale Securities | 64,434 | 74,806 |
Money Market Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 12,565 | 11,340 |
Available-for-sale Securities | 12,565 | 11,340 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,035 | 14,027 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Losses | (2) | |
Available-for-sale Securities | 10,038 | 14,026 |
Government-Sponsored Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 18,892 | 30,959 |
Gross Unrealized Gains | 7 | |
Gross Unrealized Losses | (1) | (25) |
Available-for-sale Securities | 18,898 | 30,934 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,982 | 3,992 |
Available-for-sale Securities | 7,982 | 3,992 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 14,944 | 14,528 |
Gross Unrealized Gains | 9 | |
Gross Unrealized Losses | (2) | (14) |
Available-for-sale Securities | $ 14,951 | $ 14,514 |
Cash Equivalents and Investme26
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $ 12,565 | $ 11,340 |
Short-term investments | 50,769 | 58,455 |
Long-term investments | 1,100 | 5,011 |
Available-for-sale Securities | $ 64,434 | $ 74,806 |
Cash Equivalents and Investme27
Cash Equivalents and Investments - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016USD ($)Investment | Dec. 31, 2015USD ($) | |
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 | |
Cash | $ 900,000 | $ 1,500,000 |
Number of available-for-sale securities in a continuous unrealized loss position for more than 12 months | Investment | 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements of Company's Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 64,434 | $ 74,806 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 64,434 | 74,806 |
Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,565 | 11,340 |
Money Market Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,565 | 11,340 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 10,038 | 14,026 |
U.S. Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 10,038 | 14,026 |
Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 18,898 | 30,934 |
Government-Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 18,898 | 30,934 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 7,982 | 3,992 |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 7,982 | 3,992 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 14,951 | 14,514 |
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 14,951 | 14,514 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,565 | 11,340 |
Level 1 [Member] | Money Market Fund [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 12,565 | 11,340 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 51,869 | 63,466 |
Level 2 [Member] | U.S. Treasury Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 10,038 | 14,026 |
Level 2 [Member] | Government-Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 18,898 | 30,934 |
Level 2 [Member] | Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 7,982 | 3,992 |
Level 2 [Member] | Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 14,951 | $ 14,514 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Mar. 31, 2016USD ($) |
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 | Mar. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Research and development related | $ 4,161 | $ 2,223 |
Compensation related | 1,016 | 1,908 |
Consulting and Professional Services | 471 | 454 |
Other | 446 | 234 |
Accrued liabilities | $ 6,094 | $ 4,819 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Feb. 29, 2012 | Mar. 31, 2016 | Dec. 31, 2015 | |
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 | $ 1,294,000 | $ 675,000 | |
Bio-Techne Corporation [Member] | |||
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 | ||
Warrant common stock exercise price rate | 200.00% | ||
Accounts payable balance | $ 300 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2012 | Mar. 31, 2016 | Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |||
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 | |
Warrant to purchase common stock were exercised | 0 |
Equity Incentive Plans - Option
Equity Incentive Plans - Option Activities under Its Equity Incentive Plans (Detail) | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Shares Available for Grant, Outstanding Beginning Balance | 2,157,641 |
Available for Grant, Shares authorized | 1,750,000 |
Shares Available for Grant, Granted | (1,725,200) |
Shares Available for Grant, Exercised | 0 |
Shares Available for Grant, Forfeited and expired | 47,591 |
Shares Available for Grant, Outstanding Ending Balance | 2,230,032 |
Shares, Options Outstanding, Beginning Balance | 7,847,449 |
Shares, Options Outstanding, authorized | 0 |
Shares, Options Outstanding, Granted | 1,500,200 |
Shares, Options Outstanding, Exercised | (105,000) |
Shares, Options Outstanding, Forfeited and expired | (47,591) |
Shares, Options Outstanding, Ending Balance | 9,195,058 |
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $ / shares | $ 8.52 |
Weighted Average Exercise Price, Options Outstanding, Shares authorized | $ / shares | 0 |
Weighted Average Exercise Price, Options Outstanding, Granted | $ / shares | 3.56 |
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares | 2 |
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares | 7.71 |
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares | $ 7.79 |
Options Outstanding, Weighted Average Remaining Contractual Term | 7 years 29 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 10,063 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation | $ 2,303 | $ 2,400 |
ESPP [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expenses | $ 100 | |
Total unrecognized compensation expenses, weighted-average period | 1 month 13 days | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expenses | $ 13,400 | |
Total unrecognized compensation expenses, weighted-average period | 2 years 7 months 28 days | |
Unvested Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation expenses | $ 800 | |
Total unrecognized compensation expenses, weighted-average period | 2 years 3 months 22 days |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
May. 31, 2016 | Apr. 30, 2016 | |
Food and Drug Administration [Member] | CCX168 [Member] | ||
Subsequent Event [Line Items] | ||
Orphan Products Development grant | $ 500,000 | |
Vifor Pharma Ltd [Member] | ||
Subsequent Event [Line Items] | ||
Non refundable upfront payments received | $ 85,000,000 | |
Non refundable upfront payment received in cash | 60,000,000 | |
Non refundable upfront payment received in equity investment | $ 25,000,000 | |
Share price of common stock in equity investment | $ 7.50 |