Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 29, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
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 | 47,762,362 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 21,925 | $ 12,823 |
Short-term investments | 103,784 | 58,455 |
Accounts receivable | 175 | |
Prepaid expenses and other current assets | 1,157 | 757 |
Total current assets | 127,041 | 72,035 |
Property and equipment, net | 858 | 949 |
Long-term investments | 14,145 | 5,011 |
Other assets | 230 | 160 |
Total assets | 142,274 | 78,155 |
Current liabilities: | ||
Accounts payable | 513 | 675 |
Accrued liabilities | 6,720 | 4,819 |
Deferred revenue | 15,720 | |
Total current liabilities | 22,953 | 5,494 |
Non-current deferred revenue | 59,660 | |
Other non-current liabilities | 131 | 154 |
Total liabilities | 82,744 | 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 June 30, 2016 and December 31, 2015; 47,755,595 shares and 44,185,506 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively. | 48 | 44 |
Additional paid-in capital | 351,740 | 339,615 |
Note receivable | (16) | (16) |
Accumulated other comprehensive income (loss) | 80 | (40) |
Accumulated deficit | (292,322) | (267,096) |
Total stockholders' equity | 59,530 | 72,507 |
Total liabilities and stockholders' equity | $ 142,274 | $ 78,155 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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 | 47,755,595 | 44,185,506 |
Common stock, shares outstanding | 47,755,595 | 44,185,506 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue: | ||||
Collaboration and license revenue | $ 2,620 | $ 2,620 | ||
Grant revenue | 175 | 175 | ||
Total revenue | 2,795 | 2,795 | ||
Operating expenses: | ||||
Research and development | 9,062 | $ 8,602 | 20,307 | $ 17,022 |
General and administrative | 3,877 | 3,576 | 7,961 | 7,265 |
Total operating expenses | 12,939 | 12,178 | 28,268 | 24,287 |
Loss from operations | (10,144) | (12,178) | (25,473) | (24,287) |
Other income (expense): | ||||
Interest income | 161 | 100 | 247 | 203 |
Total other income, net | 161 | 100 | 247 | 203 |
Net loss | $ (9,983) | $ (12,078) | $ (25,226) | $ (24,084) |
Basic and diluted net loss per common share | $ (0.22) | $ (0.28) | $ (0.56) | $ (0.55) |
Shares used to compute basic and diluted net loss per common share | 45,785 | 43,842 | 45,031 | 43,672 |
Condensed Consolidated Stateme5
Condensed Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (9,983) | $ (12,078) | $ (25,226) | $ (24,084) |
Unrealized gain on available-for-sale securities | 64 | 3 | 120 | 81 |
Comprehensive loss | $ (9,919) | $ (12,075) | $ (25,106) | $ (24,003) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Operating activities | ||
Net loss | $ (25,226) | $ (24,084) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property and equipment | 173 | 259 |
Stock-based compensation | 4,641 | 4,752 |
Noncash interest expense, net | (124) | 625 |
Changes in assets and liabilities: | ||
Accounts receivable | (175) | |
Prepaids and other current assets | (400) | 72 |
Other assets | (70) | |
Accounts payable | (162) | 280 |
Deferred revenue | 75,380 | |
Other liabilities | 1,878 | (3,241) |
Net cash provided by (used in) operating activities | 55,915 | (21,337) |
Investing activities | ||
Purchases of property and equipment, net | (82) | (118) |
Purchases of investments | (95,907) | (18,351) |
Maturities of investments | 41,688 | 29,700 |
Sales of investments | 0 | 4,051 |
Net cash provided by (used in) investing activities | (54,301) | 15,282 |
Financing activities | ||
Proceeds from issuance of common stock | 7,000 | |
Proceeds from exercise of stock options and employee stock purchase plan | 488 | 1,550 |
Net cash provided by financing activities | 7,488 | 1,550 |
Net increase (decrease) in cash and cash equivalents | 9,102 | (4,505) |
Cash and cash equivalents at beginning of period | 12,823 | 16,075 |
Cash and cash equivalents at end of period | $ 21,925 | $ 11,570 |
Description of Business
Description of Business | 6 Months Ended |
Jun. 30, 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 (SEC) on March 14, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to revenue recognition, the period of performance, identification of deliverables and evaluation of milestones with respect to collaborations. 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 and government sector. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies and government funded entities. The Company has not historically experienced any significant losses. At June 30, 2016, accounts receivable consisted of amounts due from the U.S. Food and Drug Administration under an Orphan Products Development grant and the Company believes that the associated credit risks are not significant. 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, 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: Six Months Ended 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 9,352,432 7,954,304 Restricted stock units 347,111 58,975 Warrants to purchase common stock 150,000 150,000 9,849,543 8,163,279 Revenue Recognition The Company enters into corporate collaborations under which the Company may obtain upfront license fees, research and development funding, contingent milestones and royalty payments. The Company’s deliverables under these arrangements typically consist of intellectual property rights and research and development services. The Company evaluates whether the delivered elements under these arrangements have value to the collaboration partners on a stand-alone basis and whether objective and reliable evidence of fair value of the undelivered item exists. If the Company determines that multiple deliverables exist, the consideration is allocated to one or more units of accounting based upon the best estimate of the selling price of each deliverable. The selling price used for each deliverable will be 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 or third-party evidence is available. A delivered item or items that do not qualify as a separate unit of accounting within the arrangement shall be combined with the other applicable undelivered items within the arrangement. The allocation of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. A delivered item or items that do not have stand-alone value to the Company’s collaboration partner shall be combined with the other applicable undelivered items within the arrangement. The allocation of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. For a combined unit of accounting, non-refundable upfront fees and milestones are recognized in a manner consistent with the final deliverable, which has generally been ratably over the period of performance obligation. Contingency payments (received upon the achievement of certain events by the Company’s collaborators) and milestone payments (received upon the achievement of certain events by the Company) are non-refundable and recognized as revenues over the period of the collaboration arrangement. This typically results in a portion of the payments being recognized at the date the contingency or milestone is achieved, which portion is equal to the applicable percentage of the performance period that has elapsed at the date of achievement, and the balance being recognized over the remaining performance period of the agreement. In certain situations, the Company may receive contingent payments after the end of the Company’s period of continued involvement. In such circumstances, the Company would recognize the full amount of the contingent revenues when the contingency is achieved. Contingency and milestones payments, when recognized as revenue, are classified as collaboration and license revenues in the Condensed Consolidated Statements of Operations. Revenue from government and private agency grants are recognized as the related research and development expenses are incurred and to the extent that funding is approved. 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 and six months ended June 30, 2016, there were no sales of investments, and therefore there were no reclassifications. For the same periods 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. Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Boards (FASB) issued Accounting Standards Updates (ASU) No. 2014-15 (Subtopic 205-40)—Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15) which provides guidance about management’s responsibility to evaluate whether or not there is substantial doubt about the Company’s ability to continue as a going concern and to provide related footnote disclosure. ASU 2014-15 is effective for the Company the year ending December 31, 2016. Early application is permitted. The adoption of this standard is not expected to have an impact on its financial statements. In May 2015, the 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 were as follows (in thousands): June 30, 2016 Amortized Cost Gross Unrealized Fair Value Gains Losses Money market fund $ 21,715 $ — $ — $ 21,715 U.S. treasury securities 21,133 59 — 21,192 Government-sponsored agencies 16,964 5 — 16,969 Commercial paper 20,323 — — 20,323 Corporate debt securities 59,429 22 (6 ) 59,445 Total available-for-sale securities $ 139,564 $ 86 $ (6 ) $ 139,644 Classified as: Cash equivalents $ 21,715 Short-term investments 103,784 Long-term investments 14,145 Total available-for-sale securities $ 139,644 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 $0.2 million and $1.5 million as of June 30, 2016 and December 31, 2015, respectively. All available-for-sale securities held as of June 30, 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 June 30, 2016 have been in a continuous unrealized loss position for more than 12 months. As of June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Description Level 1 Level 2 Level 3 Total Money market fund $ 21,715 $ — $ — 21,715 U.S. treasury securities — 21,192 — 21,192 Government-sponsored agencies — 16,969 — 16,969 Commercial paper — 20,323 — 20,323 Corporate debt securities — 59,445 — 59,445 Total assets $ 21,715 $ 117,929 $ — $ 139,644 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 six months ended June 30, 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 | 6 Months Ended |
Jun. 30, 2016 | |
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 $ 4,472 $ 2,223 Compensation related 1,491 1,908 Consulting and Professional Services 461 454 Other 296 234 $ 6,720 $ 4,819 |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 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 June 30, 2016. The Company had an accounts payable balance due to Bio-Techne for the purchases of research materials of $15,000 and zero as of June 30, 2016 and December 31, 2015, respectively. |
Collaboration and License Agree
Collaboration and License Agreement | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration and License Agreement | 7. Collaboration and License Agreement In May, 2016, the Company entered into an exclusive collaboration and license agreement with Vifor (International) Ltd., (Vifor) pursuant to which the Company granted Vifor exclusive rights to commercialize CCX168 in Europe and certain other markets (the CCX168 Agreement). CCX168 is the Company’s lead drug candidate for the treatment of patients with anti-neutrophil cytoplasmic auto-antibody associated vasculitis and other rare diseases. The Company retained control of 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. The CCX168 Agreement also provides Vifor with an exclusive option to negotiate during 2016 a worldwide license agreement for one of the Company’s other drug candidates, CCX140, an orally administered inhibitor of the chemokine receptor known as CCR2. In connection with the CCX168 Agreement, the Company received a non-refundable upfront payment of $85.0 million, comprising $60.0 million in cash and $25.0 million in the form of an equity investment to purchase 3,333,333 shares of the Company’s common stock at a price of $7.50 per share. The $85.0 million upfront consideration has been allocated as follows: • $7.0 million for the issuance of 3,333,333 shares of the Company’s common stock valued at $2.10 per share, the closing stock price on the effective date of the agreement, May 9, 2016. • $12.5 million, which may be credited against an upfront fee payable by Vifor, should the parties enter into a worldwide license agreement for CCX140. The amount creditable decreases ratably over time and will fully expire in the fourth quarter of 2016. As of June 30, 2016, the Company recorded the $12.5 million non-refundable, potential advance payment as noncurrent deferred revenue on the Company’s Condensed Consolidated Balance Sheets. • The remaining upfront consideration of $65.5 million will be recognized over the estimated period of performance under the CCX168 Agreement, which approximates 4.2 years. The deliverables under the CCX168 Agreement consist of intellectual property licenses, development and regulatory services for the submission of the Marketing Authorization Application (MAA). The Company considered the provisions of the revenue recognition multiple-element arrangement guidance and concluded that the license and the development and regulatory activities for the submission of the MAA do not have stand-alone value because the rights conveyed to do not permit Vifor to perform all efforts necessary to use the Company’s technology to bring the compound through development and, upon regulatory approval, commercialization of the compound. Accordingly, the Company combined these deliverables and allocated the remaining upfront consideration of $65.5 million into a single unit of accounting. For the three and six months ended June 30, 2016, the Company recognized $2.6 million under the CCX168 Agreement. Upon achievement of certain regulatory and commercial milestones with CCX168, the Company will receive additional payments of up to $510.0 million under the CCX168 Agreement. In addition, the Company will receive royalties, with rates ranging between the teens and mid-twenties, on future potential net sales of CCX168 by Vifor in the licensed territories. The Company determined that future contingent payments related to regulatory milestones meet the definition of a substantive milestone under the accounting guidance. Accordingly, revenue for the achievement of these milestones will be recognized in the period when the milestone is achieved. The Company will be eligible to receive contingent payments related to commercial milestones based on the performance of Vifor and these payments are not considered to be milestones under the accounting guidance. These contingent commercial milestone payments will be included in the allocation of arrangement consideration if and when achieved, resulting in an accounting treatment similar to the upfront payment. As of June 30, 2016, the Company has not received any milestone payments under the CCX168 Agreement. The Company expects to recognize royalty revenue in the period of sale of the related product, based on the underlying contract terms. |
Government Grant
Government Grant | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Government Grant | 8. Government Grant In April 2016, the Company was awarded an Orphan Products Development grant by the U.S. Food and Drug Administration in the amount of $500,000 to support the clinical development of CCX168. The term of the grant expires in May 2017. During the six months ended June 30, 2016, the Company recognized $175,000 of grant revenue and such amount was recorded as accounts receivable as of June 30, 2016. |
Equity Incentive Plans
Equity Incentive Plans | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | 9. Equity Incentive Plans Stock Options During the six months ended June 30, 2016, the Company had the following option activities under its equity incentive plans: Outstanding Options Available 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) (2,033,410 ) 1,706,600 3.42 Exercised — (107,500 ) 2.05 Forfeited and expired 114,225 (114,225 ) 7.51 Balance at June 30, 2016 1,988,456 9,332,324 $ 7.68 6.95 $ 1,853,141 (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 $4.6 million during the three and six months ended June 30, 2016, respectively, and $2.4 million and $4.8 million, respectively, during the same period ended June 30, 2015. As of June 30, 2016, $11.8 million, $1.1 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 2.57, 2.01, and 0.38 years, respectively. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 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. On an ongoing basis, management evaluates its estimates including, but not limited to, those related to revenue recognition, the period of performance, identification of deliverables and evaluation of milestones with respect to collaborations. |
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 and government sector. Accordingly, the Company may be exposed to credit risk generally associated with pharmaceutical companies and government funded entities. The Company has not historically experienced any significant losses. At June 30, 2016, accounts receivable consisted of amounts due from the U.S. Food and Drug Administration under an Orphan Products Development grant and the Company believes that the associated credit risks are not significant. |
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 six months ended June 30, 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: Six Months Ended 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 9,352,432 7,954,304 Restricted stock units 347,111 58,975 Warrants to purchase common stock 150,000 150,000 9,849,543 8,163,279 |
Revenue Recognition | Revenue Recognition The Company enters into corporate collaborations under which the Company may obtain upfront license fees, research and development funding, contingent milestones and royalty payments. The Company’s deliverables under these arrangements typically consist of intellectual property rights and research and development services. The Company evaluates whether the delivered elements under these arrangements have value to the collaboration partners on a stand-alone basis and whether objective and reliable evidence of fair value of the undelivered item exists. If the Company determines that multiple deliverables exist, the consideration is allocated to one or more units of accounting based upon the best estimate of the selling price of each deliverable. The selling price used for each deliverable will be 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 or third-party evidence is available. A delivered item or items that do not qualify as a separate unit of accounting within the arrangement shall be combined with the other applicable undelivered items within the arrangement. The allocation of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. A delivered item or items that do not have stand-alone value to the Company’s collaboration partner shall be combined with the other applicable undelivered items within the arrangement. The allocation of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. For a combined unit of accounting, non-refundable upfront fees and milestones are recognized in a manner consistent with the final deliverable, which has generally been ratably over the period of performance obligation. Contingency payments (received upon the achievement of certain events by the Company’s collaborators) and milestone payments (received upon the achievement of certain events by the Company) are non-refundable and recognized as revenues over the period of the collaboration arrangement. This typically results in a portion of the payments being recognized at the date the contingency or milestone is achieved, which portion is equal to the applicable percentage of the performance period that has elapsed at the date of achievement, and the balance being recognized over the remaining performance period of the agreement. In certain situations, the Company may receive contingent payments after the end of the Company’s period of continued involvement. In such circumstances, the Company would recognize the full amount of the contingent revenues when the contingency is achieved. Contingency and milestones payments, when recognized as revenue, are classified as collaboration and license revenues in the Condensed Consolidated Statements of Operations. Revenue from government and private agency grants are recognized as the related research and development expenses are incurred and to the extent that funding is approved. |
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 and six months ended June 30, 2016, there were no sales of investments, and therefore there were no reclassifications. For the same periods 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In August 2014, the Financial Accounting Standards Boards (FASB) issued Accounting Standards Updates (ASU) No. 2014-15 (Subtopic 205-40)—Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (ASU 2014-15) which provides guidance about management’s responsibility to evaluate whether or not there is substantial doubt about the Company’s ability to continue as a going concern and to provide related footnote disclosure. ASU 2014-15 is effective for the Company the year ending December 31, 2016. Early application is permitted. The adoption of this standard is not expected to have an impact on its financial statements. In May 2015, the 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) | 6 Months Ended |
Jun. 30, 2016 | |
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, 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: Six Months Ended 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 9,352,432 7,954,304 Restricted stock units 347,111 58,975 Warrants to purchase common stock 150,000 150,000 9,849,543 8,163,279 |
Cash Equivalents and Investme18
Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 were as follows (in thousands): June 30, 2016 Amortized Cost Gross Unrealized Fair Value Gains Losses Money market fund $ 21,715 $ — $ — $ 21,715 U.S. treasury securities 21,133 59 — 21,192 Government-sponsored agencies 16,964 5 — 16,969 Commercial paper 20,323 — — 20,323 Corporate debt securities 59,429 22 (6 ) 59,445 Total available-for-sale securities $ 139,564 $ 86 $ (6 ) $ 139,644 Classified as: Cash equivalents $ 21,715 Short-term investments 103,784 Long-term investments 14,145 Total available-for-sale securities $ 139,644 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) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 and December 31, 2015 (in thousands): June 30, 2016 Description Level 1 Level 2 Level 3 Total Money market fund $ 21,715 $ — $ — 21,715 U.S. treasury securities — 21,192 — 21,192 Government-sponsored agencies — 16,969 — 16,969 Commercial paper — 20,323 — 20,323 Corporate debt securities — 59,445 — 59,445 Total assets $ 21,715 $ 117,929 $ — $ 139,644 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) | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): June 30, December 31, Research and development related $ 4,472 $ 2,223 Compensation related 1,491 1,908 Consulting and Professional Services 461 454 Other 296 234 $ 6,720 $ 4,819 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Activities under Its Equity Incentive Plans | During the six months ended June 30, 2016, the Company had the following option activities under its equity incentive plans: Outstanding Options Available 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) (2,033,410 ) 1,706,600 3.42 Exercised — (107,500 ) 2.05 Forfeited and expired 114,225 (114,225 ) 7.51 Balance at June 30, 2016 1,988,456 9,332,324 $ 7.68 6.95 $ 1,853,141 (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, 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 | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 9,849,543 | 8,163,279 |
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 | 9,352,432 | 7,954,304 |
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 | 347,111 | 58,975 |
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 | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accounting Policies [Abstract] | |||
Amounts reclassified from accumulated other income to net income for unrealized gains (losses) on available-for-sale securities | $ 0 | $ 0 | |
Sales of investments | $ 0 | $ 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 139,564 | $ 74,846 |
Gross Unrealized Gains | 86 | 1 |
Gross Unrealized Losses | (6) | (41) |
Available-for-sale Securities | 139,644 | 74,806 |
Money Market Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,715 | 11,340 |
Available-for-sale Securities | 21,715 | 11,340 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,133 | 14,027 |
Gross Unrealized Gains | 59 | 1 |
Gross Unrealized Losses | (2) | |
Available-for-sale Securities | 21,192 | 14,026 |
Government-Sponsored Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,964 | 30,959 |
Gross Unrealized Gains | 5 | |
Gross Unrealized Losses | (25) | |
Available-for-sale Securities | 16,969 | 30,934 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,323 | 3,992 |
Available-for-sale Securities | 20,323 | 3,992 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 59,429 | 14,528 |
Gross Unrealized Gains | 22 | |
Gross Unrealized Losses | (6) | (14) |
Available-for-sale Securities | $ 59,445 | $ 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $ 21,715 | $ 11,340 |
Short-term investments | 103,784 | 58,455 |
Long-term investments | 14,145 | 5,011 |
Available-for-sale Securities | $ 139,644 | $ 74,806 |
Cash Equivalents and Investme27
Cash Equivalents and Investments - Additional Information (Detail) | 6 Months Ended | |
Jun. 30, 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 | $ 200,000 | $ 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 139,644 | $ 74,806 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 139,644 | 74,806 |
Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 21,715 | 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 | 21,715 | 11,340 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 21,192 | 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 | 21,192 | 14,026 |
Government-Sponsored Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 16,969 | 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 | 16,969 | 30,934 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,323 | 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 | 20,323 | 3,992 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 59,445 | 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 | 59,445 | 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 | 21,715 | 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 | 21,715 | 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 | 117,929 | 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 | 21,192 | 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 | 16,969 | 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 | 20,323 | 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 | $ 59,445 | $ 14,514 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Jun. 30, 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 | Jun. 30, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Research and development related | $ 4,472 | $ 2,223 |
Compensation related | 1,491 | 1,908 |
Consulting and Professional Services | 461 | 454 |
Other | 296 | 234 |
Accrued liabilities | $ 6,720 | $ 4,819 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Feb. 29, 2012 | Jun. 30, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Accounts payable balance | $ 513,000 | $ 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 | $ 15,000 | $ 0 |
Collaboration and License Agr32
Collaboration and License Agreement - Additional Information (Detail) - USD ($) | May 09, 2016 | May 31, 2016 | Jun. 30, 2016 | Jun. 30, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [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 | |||
Non refundable upfront payment received in equity investment, shares | 3,333,333 | |||
Non refundable upfront payments allocated for issuance of common stock | $ 7,000,000 | |||
Issuance of common stock, per share value | $ 2.10 | |||
Creditable upfront fee for CCX140 Agreement | $ 12,500,000 | |||
Non refundable upfront payments allocated for development and regulatory activities. | $ 65,500,000 | |||
Estimated period of performance | 4 years 2 months 12 days | |||
Collaboration and license revenue | $ 2,620,000 | $ 2,620,000 | ||
Milestone payments received | 0 | |||
Maximum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Potential milestone payments receivable | $ 510,000,000 |
Government Grant - Additional I
Government Grant - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended |
Apr. 30, 2016 | Jun. 30, 2016 | Jun. 30, 2016 | |
Government Grants [Abstract] | |||
Orphan products development grant | $ 500,000 | ||
Grant revenue | $ 175,000 | $ 175,000 | |
Amount of grant receivable | $ 175,000 | $ 175,000 |
Equity Incentive Plans - Option
Equity Incentive Plans - Option Activities under Its Equity Incentive Plans (Detail) | 6 Months Ended |
Jun. 30, 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 | (2,033,410) |
Shares Available for Grant, Exercised | 0 |
Shares Available for Grant, Forfeited and expired | 114,225 |
Shares Available for Grant, Outstanding Ending Balance | 1,988,456 |
Shares, Options Outstanding, Beginning Balance | 7,847,449 |
Shares, Options Outstanding, Granted | 1,706,600 |
Shares, Options Outstanding, Exercised | (107,500) |
Shares, Options Outstanding, Forfeited and expired | (114,225) |
Shares, Options Outstanding, Ending Balance | 9,332,324 |
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $ / shares | $ 8.52 |
Weighted Average Exercise Price, Options Outstanding, Granted | $ / shares | 3.42 |
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares | 2.05 |
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares | 7.51 |
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares | $ 7.68 |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 11 months 12 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 1,853,141 |
Equity Incentive Plans - Additi
Equity Incentive Plans - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 2,300 | $ 2,400 | $ 4,641 | $ 4,752 |
ESPP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | 100 | $ 100 | ||
Total unrecognized compensation expenses, weighted-average period | 4 months 17 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | $ 11,800 | $ 11,800 | ||
Total unrecognized compensation expenses, weighted-average period | 2 years 6 months 26 days | |||
Unvested Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total unrecognized compensation expenses, weighted-average period | 2 years 4 days | |||
Unrecognized compensation expenses | $ 1,100 | $ 1,100 |