ChemoCentryx (CCXI) 10-Q 8 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 31, 2017
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2017
Document Fiscal Year Focus	2,017
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		48,706,809

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 21,500	$ 12,024
Short-term investments	100,145	105,740
Accounts receivable	218	30,205
Prepaid expenses and other current assets	2,304	722
Total current assets	124,167	148,691
Property and equipment, net	1,010	905
Long-term investments	14,999	5,997
Other assets	351	279
Total assets	140,527	155,872
Current liabilities:
Accounts payable	1,375	671
Accrued liabilities	8,444	8,645
Deferred revenue	34,872	29,019
Total current liabilities	44,691	38,335
Deferred revenue	54,745	67,547
Other non-current liabilities	176	101
Total liabilities	99,612	105,983
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, 2017 and December 31, 2016; 48,574,985 shares and 48,057,920 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively.	48	48
Additional paid-in capital	363,291	356,966
Note receivable	(16)	(16)
Accumulated other comprehensive loss	(113)	(50)
Accumulated deficit	(322,295)	(307,059)
Total stockholders' equity	40,915	49,889
Total liabilities and stockholders' equity	$ 140,527	$ 155,872

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2017	Dec. 31, 2016
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	48,574,985	48,057,920
Common stock, shares outstanding	48,574,985	48,057,920

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenue:
Collaboration and license revenue	$ 8,937	$ 2,620	$ 17,167	$ 2,620
Grant revenue	0	175	0	175
Total revenue	8,937	2,795	17,167	2,795
Operating expenses:
Research and development	14,329	9,062	24,299	20,307
General and administrative	4,184	3,877	8,757	7,961
Total operating expenses	18,513	12,939	33,056	28,268
Loss from operations	(9,576)	(10,144)	(15,889)	(25,473)
Other income:
Interest income	336	161	653	247
Total other income, net	336	161	653	247
Net loss	$ (9,240)	$ (9,983)	$ (15,236)	$ (25,226)
Basic and diluted net loss per common share	$ (0.19)	$ (0.22)	$ (0.32)	$ (0.56)
Shares used to compute basic and diluted net loss per common share	48,224	45,785	48,169	45,031

Condensed Consolidated Stateme5

Condensed Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net loss	$ (9,240)	$ (9,983)	$ (15,236)	$ (25,226)
Unrealized gain (loss) on available-for-sale securities	(29)	64	(63)	120
Comprehensive loss	$ (9,269)	$ (9,919)	$ (15,299)	$ (25,106)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net loss	$ (15,236)	$ (25,226)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation of property and equipment	203	173
Stock-based compensation	4,853	4,641
Noncash interest income (expense), net	206	(124)
Changes in assets and liabilities:
Accounts receivable	29,987	(175)
Prepaids and other current assets	(1,582)	(400)
Other assets	(72)	(70)
Accounts payable	704	(162)
Other liabilities	(126)	1,878
Deferred revenue	(6,949)	75,380
Net cash provided by operating activities	11,988	55,915
Investing activities
Purchases of property and equipment, net	(308)	(82)
Purchases of investments	(76,926)	(95,907)
Maturities of investments	73,250	41,688
Net cash used in investing activities	(3,984)	(54,301)
Financing activities
Proceeds from issuance of common stock		7,000
Proceeds from exercise of stock options and employee stock purchase plan	1,769	488
Employees' tax withheld and paid for restricted stock units	(297)
Net cash provided by financing activities	1,472	7,488
Net increase in cash and cash equivalents	9,476	9,102
Cash and cash equivalents at beginning of period	12,024	12,823
Cash and cash equivalents at end of period	$ 21,500	$ 21,925

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2017
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 developing new medications targeted at inflammatory disorders, autoimmune diseases 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, 2016 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

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
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. 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 due to concentration of credit risk. Accounts receivable consists of the following (in thousands): June 30, December 31, Vifor (International) Ltd. (1) $ 218 $ 30,000 U.S. Food and Drug Administration — 205 $ 218 $ 30,205 (1) As of December 31, 2016, accounts receivable excluded the additional $20.0 million cash commitment which is due from Vifor in December 2017 in connection with the CCX140 Agreement. As of June 30, 2017, accounts receivable excluded the remaining $30.0 million cash commitments due from Vifor, $20.0 million of which is due in December 2017 in connection with the CCX140 Agreement and $10.0 million of which is due in February 2018 in connection with the Avacopan Amendment. See Note 7, “Collaboration and License Agreements” for a detailed discussion. 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 restricted stock awards (RSAs), 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, 2017 and 2016, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Six Months Ended June 30, 2017 2016 Options to purchase common stock, including purchases from contributions to ESPP 10,435,490 9,352,432 Restricted stock units 476,447 347,111 Restricted stock awards 95,866 — Warrants to purchase common stock 150,000 150,000 11,157,803 9,849,543 Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented other comprehensive income (loss) consists of unrealized gains and losses on the Company’s available-for-sale Recent Accounting Pronouncements In May 2014, the Financial Accounting Standard Board (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. In 2016, the FASB updated the guidance for reporting revenue gross versus net to improve the implementation guidance on principal versus agent considerations, and for identifying performance obligations and the accounting of intellectual property licenses. In addition, the FASB introduced practical expedients and made narrow scope improvements to the new accounting guidance. The Company currently plans to adopt the accounting standard update on January 1, 2018, using the modified retrospective approach. The cumulative effect of adopting the accounting standard update will be recorded to retained earnings on January 1, 2018. The Company is currently at the early stages of analyzing its collaboration agreements to determine the differences in the accounting treatment under Accounting Standards Update (ASU) No.2014-09 No. 2014-09 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 the adoption of this standard on its financial statements. However, the Company expects the adoption of this accounting guidance to result in an increase in lease assets and a corresponding increase in lease liabilities on its balance sheets. In March 2016, the FASB issued ASU No. 2016-09—Improvements No. 2016-09 paid-in

Cash Equivalents and Investment

Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2017
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, 2017 and December 31, 2016 were as follows (in thousands): June 30, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 13,546 $ — $ — $ 13,546 U.S. treasury securities 60,657 — (91 ) 60,566 Government-sponsored agencies 2,992 — — 2,992 Commercial paper 33,094 — — 33,094 Corporate debt securities 24,854 — (22 ) 24,832 Total available-for-sale $ 135,143 $ — $ (113 ) $ 135,030 Classified as: Cash equivalents $ 19,886 Short-term investments 100,145 Long-term investments 14,999 Total available-for-sale $ 135,030 December 31, 2016 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 9,746 $ — $ — $ 9,746 U.S. treasury securities 49,693 1 (22 ) 49,672 Commercial paper 16,183 — — 16,183 Corporate debt securities 45,911 — (29 ) 45,882 Total available-for-sale $ 121,533 $ 1 $ (51 ) $ 121,483 Classified as: Cash equivalents $ 9,746 Short-term investments 105,740 Long-term investments 5,997 Total available-for-sale $ 121,483 Cash equivalents in the tables above exclude cash of $1.6 million and $2.3 million as of June 30, 2017 and December 31, 2016, respectively. All available-for-sale available-for-sale available-for-sale available-for-sale more-likely-than-not

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
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 (in thousands) as of June 30, 2017 and December 31, 2016: June 30, 2017 Description Level 1 Level 2 Level 3 Total Money market fund $ 13,546 $ — $ — 13,546 U.S. treasury securities — 60,566 — 60,566 Government-sponsored agencies — 2,992 — 2,992 Commercial paper — 33,094 — 33,094 Corporate debt securities — 24,832 — 24,832 Total assets $ 13,546 $ 121,484 $ — $ 135,030 December 31, 2016 Description Level 1 Level 2 Level 3 Total Money market fund $ 9,746 $ — $ — $ 9,746 U.S. treasury securities — 49,672 — 49,672 Commercial paper — 16,183 — 16,183 Corporate debt securities — 45,882 — 45,882 Total assets $ 9,746 $ 111,737 $ — $ 121,483 During the six months ended June 30, 2017, 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 Non-binding non-binding non-binding

Accrued Liabilities

Accrued Liabilities	6 Months Ended
	Jun. 30, 2017
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 $ 5,951 $ 5,482 Compensation related 1,622 2,460 Consulting and professional services 496 421 Other 375 282 $ 8,444 $ 8,645

Related-Party Transactions

Related-Party Transactions	6 Months Ended
	Jun. 30, 2017
Related Party Transactions [Abstract]
Related-Party Transactions	6. Related-Party Transactions Bio-Techne Bio-Techne Bio-Techne ten-year Bio-Techne

Collaboration and License Agree

Collaboration and License Agreements	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and License Agreements	7. Collaboration and License Agreements 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 avacopan in Europe and certain other markets (the Avacopan Agreement). Avacopan 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 retains control of ongoing and future development of avacopan (other than country-specific development in the licensed territories) and all commercialization rights to avacopan in the United States and China. The Avacopan Agreement also provided 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 Avacopan Agreement, the Company received a non-refundable • $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 was creditable against an upfront fee payable by Vifor, should the parties enter into a worldwide license agreement for CCX140. The amount creditable decreased ratably into the fourth quarter of 2016. In October 2016, the amount creditable expired and was reclassified to the amortizable portion of deferred revenue as discussed below. • The remaining upfront consideration of $65.5 million will be recognized over the estimated period of performance under the Avacopan Agreement, which approximates 4.2 years, ending in June 2020. The deliverables under the Avacopan 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. Following the October 2016 expiration of the $12.5 million potentially creditable towards a CCX140 license agreement, such amount was reclassified to the amortizable portion of deferred revenue, which continues to be recognized over the estimated period of performance under the Avacopan Agreement ending in June 2020. In February 2017, Vifor and the Company expanded the Vifor territories under the Avacopan Agreement to include all markets outside the United States and China (the Avacopan Amendment). The Company retains control of ongoing and future development of avacopan (other than country-specific development in the licensed territories), and all commercialization rights to avacopan in the United States and China. In connection with this arrangement, the Company received a $20.0 million upfront cash commitment for the expanded rights, $10.0 million of which was received in February 2017. The remaining $10.0 million is due in February 2018 and is not reflected in accounts receivable as of June 30, 2017. The February 2017 Avacopan Amendment and the original May 2016 Avacopan Agreement are accounted for as a combined agreement. The February 2017 Avacopan Amendment did not represent a material modification given among other factors, there were no changes to the Company’s deliverables under the arrangement. As such, the additional upfront commitment of $20.0 million under the Avacopan Amendment will be recognized over the remaining estimated period of performance ending in June 2020. For the three and six months ended June 30, 2017, the Company recognized $6.2 million and $11.9 million, respectively, of collaboration and license revenue under the Avacopan Agreement and the Avacopan Amendment, compared to $2.6 million and $2.6 million in the same periods ended June 30, 2016. Upon achievement of certain regulatory and commercial milestones with avacopan, the Company will receive additional payments of up to $510.0 million under the Avacopan Agreement. In addition, the Company will receive royalties, with rates ranging from the low teens to the mid-twenties, In December 2016, the Company entered into a second collaboration and license agreement with Vifor pursuant to which the Company granted Vifor exclusive rights to commercialize CCX140 (the CCX140 Agreement) in markets outside the U.S. and China,. CCX140 is an orally-administered inhibitor of the chemokine receptor known as CCR2. The Company retains marketing rights in the U.S. and China, while Vifor has commercialization rights in the rest of the world. Pursuant to the CCX140 Agreement, the Company will be responsible for the clinical development of CCX140 in rare renal diseases and will be reimbursed for Vifor’s equal share of such development cost. Vifor retains an option to solely develop and commercialize CCX140 in more prevalent forms of chronic kidney disease (CKD). Should Vifor later exercise the CKD option, ChemoCentryx would receive co-promotion Under the terms of the CCX140 Agreement, the Company received a non-refundable For the three and six months ended June 30, 2017, the Company recognized $2.7 million and $5.2 million of collaboration and license revenue under the CCX140 Agreement, respectively, of which $2.5 million and $5.0 million were associated with the recognition of upfront commitment. The remaining $0.2 million represented collaboration revenue derived from funding of CCX140 development services from Vifor. Upon achievement of certain regulatory and commercial milestones with CCX140, the Company will receive additional payments of up to $625.0 million under the CCX140 Agreement. In addition, the Company will receive tiered royalties, with rates ranging from ten to the mid-twenties, Under the Avacopan Agreement and the CCX140 Agreement, 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, 2017, the Company had not received any milestone payments under the Avacopan Agreement or the CCX140 Agreement. The Company expects to recognize royalty revenue in the period of sale of the related product, based on the underlying contract terms. The Avacopan Agreement and the CCX140 Agreement are accounted for as separate arrangements.

Government Grant

Government Grant	6 Months Ended
	Jun. 30, 2017
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 to support the clinical development of avacopan in the amount of $500,000, which was fully recognized and received as of June 30, 2017. The term of the grant expired in May 2017. During the three and six months ended June 30, 2017, the Company did not recognize any grant revenue. During the three and six months ended June 30, 2016, the Company recognized grant revenue of $175,000.

Equity Incentive Plans

Equity Incentive Plans	6 Months Ended
	Jun. 30, 2017
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, 2017, 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, 2016 1,655,524 9,345,515 $ 7.72 Shares authorized 1,900,000 Granted (1) (1,826,538 ) 1,546,800 6.86 Exercised (2) 40,208 (264,948 ) 5.53 Forfeited and expired 203,247 (203,247 ) 6.53 Balance at June 30, 2017 1,972,441 10,424,120 $ 7.68 6.64 $ 26,079,637 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period. (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs. Restricted Stock During the six months ended June 30, 2017, the activity for restricted stock is summarized as follows: Shares Weighted Average Fair Value Balance at December 31, 2016 471,650 $ 4.60 Granted 279,738 6.72 Vested (179,075 ) 4.09 Canceled — — Unvested at June 30, 2017 572,313 $ 5.79 Stock-based Compensation Total stock-based compensation expense was $2.5 million and $4.9 million during the three and six months ended June 30, 2017, respectively, and $2.3 million and $4.6 million, respectively, during the same periods ended June 30, 2016. As of June 30, 2017, $11.6 million, $2.5 million, and $0.1 million of total unrecognized compensation expenses associated with outstanding employee stock options, unvested restricted stock, and the ESPP, net of estimated forfeitures, were expected to be recognized over a weighted-average period of 2.59, 1.94, and 0.38 years, respectively.

Summary of Significant Accoun16

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
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.
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 due to concentration of credit risk. Accounts receivable consists of the following (in thousands): June 30, December 31, Vifor (International) Ltd. (1) $ 218 $ 30,000 U.S. Food and Drug Administration — 205 $ 218 $ 30,205 (1) As of December 31, 2016, accounts receivable excluded the additional $20.0 million cash commitment which is due from Vifor in December 2017 in connection with the CCX140 Agreement. As of June 30, 2017, accounts receivable excluded the remaining $30.0 million cash commitments due from Vifor, $20.0 million of which is due in December 2017 in connection with the CCX140 Agreement and $10.0 million of which is due in February 2018 in connection with the Avacopan Amendment. See Note 7, “Collaboration and License Agreements” for a detailed discussion.
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 restricted stock awards (RSAs), 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, 2017 and 2016, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Six Months Ended June 30, 2017 2016 Options to purchase common stock, including purchases from contributions to ESPP 10,435,490 9,352,432 Restricted stock units 476,447 347,111 Restricted stock awards 95,866 — Warrants to purchase common stock 150,000 150,000 11,157,803 9,849,543
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other comprehensive income (loss). For the periods presented other comprehensive income (loss) consists of unrealized gains and losses on the Company’s available-for-sale
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standard Board (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. In 2016, the FASB updated the guidance for reporting revenue gross versus net to improve the implementation guidance on principal versus agent considerations, and for identifying performance obligations and the accounting of intellectual property licenses. In addition, the FASB introduced practical expedients and made narrow scope improvements to the new accounting guidance. The Company currently plans to adopt the accounting standard update on January 1, 2018, using the modified retrospective approach. The cumulative effect of adopting the accounting standard update will be recorded to retained earnings on January 1, 2018. The Company is currently at the early stages of analyzing its collaboration agreements to determine the differences in the accounting treatment under Accounting Standards Update (ASU) No.2014-09 No. 2014-09 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 the adoption of this standard on its financial statements. However, the Company expects the adoption of this accounting guidance to result in an increase in lease assets and a corresponding increase in lease liabilities on its balance sheets. In March 2016, the FASB issued ASU No. 2016-09—Improvements No. 2016-09 paid-in
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. 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 Non-binding non-binding non-binding

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Accounts Receivable	Accounts receivable consists of the following (in thousands): June 30, December 31, Vifor (International) Ltd. (1) $ 218 $ 30,000 U.S. Food and Drug Administration — 205 $ 218 $ 30,205 (1) As of December 31, 2016, accounts receivable excluded the additional $20.0 million cash commitment which is due from Vifor in December 2017 in connection with the CCX140 Agreement.
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect	For the six months ended June 30, 2017 and 2016, the following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Six Months Ended June 30, 2017 2016 Options to purchase common stock, including purchases from contributions to ESPP 10,435,490 9,352,432 Restricted stock units 476,447 347,111 Restricted stock awards 95,866 — Warrants to purchase common stock 150,000 150,000 11,157,803 9,849,543

Cash Equivalents and Investme18

Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017 and December 31, 2016 were as follows (in thousands): June 30, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 13,546 $ — $ — $ 13,546 U.S. treasury securities 60,657 — (91 ) 60,566 Government-sponsored agencies 2,992 — — 2,992 Commercial paper 33,094 — — 33,094 Corporate debt securities 24,854 — (22 ) 24,832 Total available-for-sale $ 135,143 $ — $ (113 ) $ 135,030 Classified as: Cash equivalents $ 19,886 Short-term investments 100,145 Long-term investments 14,999 Total available-for-sale $ 135,030 December 31, 2016 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 9,746 $ — $ — $ 9,746 U.S. treasury securities 49,693 1 (22 ) 49,672 Commercial paper 16,183 — — 16,183 Corporate debt securities 45,911 — (29 ) 45,882 Total available-for-sale $ 121,533 $ 1 $ (51 ) $ 121,483 Classified as: Cash equivalents $ 9,746 Short-term investments 105,740 Long-term investments 5,997 Total available-for-sale $ 121,483

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
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 (in thousands) as of June 30, 2017 and December 31, 2016: June 30, 2017 Description Level 1 Level 2 Level 3 Total Money market fund $ 13,546 $ — $ — 13,546 U.S. treasury securities — 60,566 — 60,566 Government-sponsored agencies — 2,992 — 2,992 Commercial paper — 33,094 — 33,094 Corporate debt securities — 24,832 — 24,832 Total assets $ 13,546 $ 121,484 $ — $ 135,030 December 31, 2016 Description Level 1 Level 2 Level 3 Total Money market fund $ 9,746 $ — $ — $ 9,746 U.S. treasury securities — 49,672 — 49,672 Commercial paper — 16,183 — 16,183 Corporate debt securities — 45,882 — 45,882 Total assets $ 9,746 $ 111,737 $ — $ 121,483

Accrued Liabilities (Tables)

Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2017
Payables and Accruals [Abstract]
Accrued Liabilities	Accrued liabilities consist of the following (in thousands): June 30, December 31, Research and development related $ 5,951 $ 5,482 Compensation related 1,622 2,460 Consulting and professional services 496 421 Other 375 282 $ 8,444 $ 8,645

Equity Incentive Plans (Tables)

Equity Incentive Plans (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Option Activities under Its Equity Incentive Plans	During the six months ended June 30, 2017, 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, 2016 1,655,524 9,345,515 $ 7.72 Shares authorized 1,900,000 Granted (1) (1,826,538 ) 1,546,800 6.86 Exercised (2) 40,208 (264,948 ) 5.53 Forfeited and expired 203,247 (203,247 ) 6.53 Balance at June 30, 2017 1,972,441 10,424,120 $ 7.68 6.64 $ 26,079,637 (1) The difference between shares granted in the number of shares available for grant and outstanding options represents the RSUs and RSAs granted for the period. (2) Shares presented as available for grant represents shares repurchased for tax withholding upon vesting of RSUs.
Restricted Stock Activity	During the six months ended June 30, 2017, the activity for restricted stock is summarized as follows: Shares Weighted Average Fair Value Balance at December 31, 2016 471,650 $ 4.60 Granted 279,738 6.72 Vested (179,075 ) 4.09 Canceled — — Unvested at June 30, 2017 572,313 $ 5.79

Description of Business - Addit

Description of Business - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017Segment
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of operating segment	1

Summary of Significant Accoun23

Summary of Significant Accounting Policies - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 218	$ 30,205
Vifor (International) Ltd [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable	$ 218	30,000
US Food and Drug Administration [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Accounts receivable		$ 205

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Summary of Accounts Receivable (Parenthetical) (Detail) - Vifor (International) Ltd [Member] - USD ($) $ in Millions	Jun. 30, 2017	Dec. 31, 2016
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash commitment	$ 30
CCX140 Agreement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash commitment	20	$ 20
Avacopan Agreement [Member]
Accounts, Notes, Loans and Financing Receivable [Line Items]
Cash commitment	$ 10

Summary of Significant Accoun25

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, 2017	Jun. 30, 2016
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	11,157,803	9,849,543
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	10,435,490	9,352,432
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	476,447	347,111
Restricted Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	95,866
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 Accoun26

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Jan. 01, 2017
Accounting Policies [Abstract]
Reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities	$ 0	$ 0	$ 0	$ 0
Unrecognized excess tax benefit					$ 2,100,000

Cash Equivalents and Investme27

Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	$ 135,143	$ 121,533
Gross Unrealized Gains		1
Gross Unrealized Losses	(113)	(51)
Available-for-sale Securities	135,030	121,483
Money Market Fund [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	13,546	9,746
Available-for-sale Securities	13,546	9,746
U.S. Treasury Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	60,657	49,693
Gross Unrealized Gains		1
Gross Unrealized Losses	(91)	(22)
Available-for-sale Securities	60,566	49,672
Government-Sponsored Agencies [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	2,992
Available-for-sale Securities	2,992
Commercial Paper [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	33,094	16,183
Available-for-sale Securities	33,094	16,183
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Amortized Cost	24,854	45,911
Gross Unrealized Losses	(22)	(29)
Available-for-sale Securities	$ 24,832	$ 45,882

Cash Equivalents and Investme28

Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Cash and Cash Equivalents [Abstract]
Cash equivalents	$ 19,886	$ 9,746
Short-term investments	100,145	105,740
Long-term investments	14,999	5,997
Available-for-sale Securities	$ 135,030	$ 121,483

Cash Equivalents and Investme29

Cash Equivalents and Investments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)Investment	Dec. 31, 2016USD ($)
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	$ 1,600,000	$ 2,300,000
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, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	$ 135,030	$ 121,483
Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	135,030	121,483
Money Market Fund [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	13,546	9,746
Money Market Fund [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	13,546	9,746
U.S. Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	60,566	49,672
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	60,566	49,672
Government-Sponsored Agencies [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,992
Government-Sponsored Agencies [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	2,992
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	33,094	16,183
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	33,094	16,183
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	24,832	45,882
Corporate Debt Securities [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	24,832	45,882
Level 1 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	13,546	9,746
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	13,546	9,746
Level 2 [Member] | Fair Value, Measurements, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets	121,484	111,737
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	60,566	49,672
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	2,992
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	33,094	16,183
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	$ 24,832	$ 45,882

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2017USD ($)
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, 2017	Dec. 31, 2016
Payables and Accruals [Abstract]
Research and development related	$ 5,951	$ 5,482
Compensation related	1,622	2,460
Consulting and professional services	496	421
Other	375	282
Accrued liabilities	$ 8,444	$ 8,645

Related-Party Transactions - Ad

Related-Party Transactions - Additional Information (Detail) - USD ($)	1 Months Ended
	Feb. 29, 2012	Jun. 30, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Accounts payable balance		$ 1,375,000	$ 671,000
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		$ 853	$ 24,885

Collaboration and License Agr34

Collaboration and License Agreements - Additional Information (Detail) - USD ($)	Jan. 31, 2017	May 09, 2016	Feb. 28, 2017	May 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Oct. 31, 2016
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue					$ 8,937,000	$ 2,620,000	$ 17,167,000	$ 2,620,000
Avacopan Agreement [Member]
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
Amount of upfront fee expired									$ 12,500,000
Upfront cash commitment			$ 20,000,000
Upfront cash commitment received			$ 10,000,000
Non refundable upfront payment not reflected in accounts receivable					10,000,000
Additional Upfront cash commitment					20,000,000
Collaboration and license revenue					6,200,000	$ 2,600,000	11,900,000	$ 2,600,000
Milestone payments received							$ 0
CCX140 Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Estimated period of performance							5 years
Upfront cash commitment received	$ 30,000,000
Non refundable upfront payment not reflected in accounts receivable							$ 20,000,000
Collaboration and license revenue					2,700,000		5,200,000
Non refundable upfront commitment							50,000,000
CCX140 Agreement [Member] | Up-front Payment Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue					2,500,000		5,000,000
CCX140 Agreement [Member] | Development Service Funding [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Collaboration and license revenue					$ 200,000		200,000
Maximum [Member] | Avacopan Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential milestone payments receivable							510,000,000
Maximum [Member] | CCX140 Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Potential milestone payments receivable							$ 625,000,000

Government Grant - Additional I

Government Grant - Additional Information (Detail) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Government Grants [Abstract]
Orphan products development grant			$ 500,000
Grant revenue	$ 0	$ 175,000	$ 0	$ 175,000

Equity Incentive Plans - Option

Equity Incentive Plans - Option Activities under Its Equity Incentive Plans (Detail)	6 Months Ended
	Jun. 30, 2017USD ($)$ / sharesshares
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shares Available for Grant, Outstanding Beginning Balance	1,655,524
Available for Grant, Shares authorized	1,900,000
Shares Available for Grant, Granted	(1,826,538)
Shares Available for Grant, Exercised	40,208
Shares Available for Grant, Forfeited and expired	203,247
Shares Available for Grant, Outstanding Ending Balance	1,972,441
Shares, Options Outstanding, Beginning Balance	9,345,515
Shares, Options Outstanding, authorized	0
Shares, Options Outstanding, Granted	1,546,800
Shares, Options Outstanding, Exercised	(264,948)
Shares, Options Outstanding, Forfeited and expired	(203,247)
Shares, Options Outstanding, Ending Balance	10,424,120
Weighted Average Exercise Price, Options Outstanding, Beginning Balance | $ / shares	$ 7.72
Weighted Average Exercise Price, Options Outstanding, Shares authorized | $ / shares	0
Weighted Average Exercise Price, Options Outstanding, Granted | $ / shares	6.86
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares	5.53
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares	6.53
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares	$ 7.68
Options Outstanding, Weighted Average Remaining Contractual Term	6 years 7 months 21 days
Aggregate Intrinsic Value, Outstanding | $	$ 26,079,637

Equity Incentive Plans - Restri

Equity Incentive Plans - Restricted Stock Activity (Detail) - Restricted Stocks [Member]	6 Months Ended
	Jun. 30, 2017$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares, Unvested, Beginning Balance | shares	471,650
Shares, Granted | shares	279,738
Shares, Vested | shares	(179,075)
Shares, Canceled | shares	0
Shares, Unvested, Ending Balance | shares	572,313
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance | $ / shares	$ 4.60
Weighted Average Grant-Date Fair Value, Granted | $ / shares	6.72
Weighted Average Grant-Date Fair Value, Vested | $ / shares	4.09
Weighted Average Grant-Date Fair Value, Canceled | $ / shares	0
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ / shares	$ 5.79

Equity Incentive Plans - Stock

Equity Incentive Plans - Stock Options - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation	$ 2,500	$ 2,300	$ 4,853	$ 4,641
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	11,600		$ 11,600
Total unrecognized compensation expenses, weighted-average period			2 years 7 months 2 days
Unvested Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expenses	$ 2,500		$ 2,500
Total unrecognized compensation expenses, weighted-average period			1 year 11 months 8 days