Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Oct. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | 48,766,664 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 17,961 | $ 12,024 |
Short-term investments | 102,603 | 105,740 |
Accounts receivable | 530 | 30,205 |
Prepaid expenses and other current assets | 1,299 | 722 |
Total current assets | 122,393 | 148,691 |
Property and equipment, net | 970 | 905 |
Long-term investments | 4,204 | 5,997 |
Other assets | 381 | 279 |
Total assets | 127,948 | 155,872 |
Current liabilities: | ||
Accounts payable | 1,353 | 671 |
Accrued liabilities | 8,185 | 8,645 |
Deferred revenue | 34,872 | 29,019 |
Total current liabilities | 44,410 | 38,335 |
Deferred revenue | 46,027 | 67,547 |
Other non-current liabilities | 214 | 101 |
Total liabilities | 90,651 | 105,983 |
Stockholders' equity: | ||
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; 48,772,716 shares and 48,057,920 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 49 | 48 |
Additional paid-in capital | 366,187 | 356,966 |
Note receivable | (16) | (16) |
Accumulated other comprehensive loss | (68) | (50) |
Accumulated deficit | (328,855) | (307,059) |
Total stockholders' equity | 37,297 | 49,889 |
Total liabilities and stockholders' equity | $ 127,948 | $ 155,872 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Sep. 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 | 48,772,716 | 48,057,920 |
Common stock, shares outstanding | 48,772,716 | 48,057,920 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Revenue: | ||||
Collaboration and license revenue | $ 9,029 | $ 4,131 | $ 26,196 | $ 6,751 |
Grant revenue | 0 | 120 | 0 | 295 |
Total revenue | 9,029 | 4,251 | 26,196 | 7,046 |
Operating expenses: | ||||
Research and development | 12,315 | 8,389 | 36,614 | 28,696 |
General and administrative | 3,624 | 3,193 | 12,381 | 11,154 |
Total operating expenses | 15,939 | 11,582 | 48,995 | 39,850 |
Loss from operations | (6,910) | (7,331) | (22,799) | (32,804) |
Other income: | ||||
Interest income | 350 | 259 | 1,003 | 506 |
Total other income, net | 350 | 259 | 1,003 | 506 |
Net loss | $ (6,560) | $ (7,072) | $ (21,796) | $ (32,298) |
Basic and diluted net loss per common share | $ (0.13) | $ (0.15) | $ (0.45) | $ (0.70) |
Shares used to compute basic and diluted net loss per common share | 48,602 | 47,763 | 48,314 | 45,942 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (6,560) | $ (7,072) | $ (21,796) | $ (32,298) |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on available-for-sale securities | 45 | (84) | (18) | 36 |
Comprehensive loss | $ (6,515) | $ (7,156) | $ (21,814) | $ (32,262) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Operating activities | ||
Net loss | $ (21,796) | $ (32,298) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation of property and equipment | 311 | 260 |
Stock-based compensation | 6,841 | 6,488 |
Noncash interest expense, net | 63 | 142 |
Changes in assets and liabilities: | ||
Accounts receivable | 29,675 | (120) |
Prepaids and other current assets | (577) | (196) |
Other assets | (102) | (125) |
Accounts payable | 682 | 165 |
Other liabilities | (347) | 2,331 |
Deferred revenue | (15,667) | 71,249 |
Net cash provided by (used in) operating activities | (917) | 47,896 |
Investing activities | ||
Purchases of property and equipment, net | (376) | (89) |
Purchases of investments | (104,201) | (116,958) |
Maturities of investments | 109,050 | 62,574 |
Net cash provided by (used in) investing activities | 4,473 | (54,473) |
Financing activities | ||
Proceeds from issuance of common stock | 7,000 | |
Proceeds from exercise of stock options and employee stock purchase plan | 2,678 | 621 |
Employees' tax withheld and paid for restricted stock units | (297) | |
Net cash provided by financing activities | 2,381 | 7,621 |
Net increase in cash and cash equivalents | 5,937 | 1,044 |
Cash and cash equivalents at beginning of period | 12,024 | 12,823 |
Cash and cash equivalents at end of period | $ 17,961 | $ 13,867 |
Description of Business
Description of Business | 9 Months Ended |
Sep. 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. 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 | 9 Months Ended |
Sep. 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 generally accepted accounting principles in the United States of America (U.S. 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): September 30, 2017 December 31, 2016 Vifor (International) Ltd. (1) $ 530 $ 30,000 U.S. Food and Drug Administration — 205 $ 530 $ 30,205 (1) As of September 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. As of December 31, 2016, accounts receivable excluded the $20.0 million cash commitment which is due from Vifor in December 2017 in connection with the CCX140 Agreement. 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 nine months ended September 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: Nine Months Ended September 30, 2017 2016 Options to purchase common stock, including purchases from contributions to ESPP 10,131,143 9,363,696 Restricted stock units 456,346 340,344 Restricted stock awards 95,866 — Warrants to purchase common stock 150,000 150,000 10,833,355 9,854,040 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 Accounting Standards Update (ASU) No. 2014-09, 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 the Company’s accumulated deficit on January 1, 2018. The Company is currently analyzing its collaboration agreements to determine the differences in the accounting treatment under ASU No. 2014-09 No. 2014-09 In February 2016, the FASB issued ASU No. 2016-12, In March 2016, the FASB issued ASU No. 2016-09, paid-in No. 2016-09 |
Cash Equivalents and Investment
Cash Equivalents and Investments | 9 Months Ended |
Sep. 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 September 30, 2017 and December 31, 2016 were as follows (in thousands): September 30, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 17,098 $ — $ — $ 17,098 U.S. treasury securities 46,687 — (50 ) 46,637 Commercial paper 32,066 — — 32,066 Corporate debt securities 28,122 — (18 ) 28,104 Total available-for-sale $ 123,973 $ — $ (68 ) $ 123,905 Classified as: Cash equivalents $ 17,098 Short-term investments 102,603 Long-term investments 4,204 Total available-for-sale $ 123,905 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 $0.9 million and $2.3 million as of September 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 | 9 Months Ended |
Sep. 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 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 September 30, 2017 and December 31, 2016: September 30, 2017 Description Level 1 Level 2 Level 3 Total Money market fund $ 17,098 $ — $ — $ 17,098 U.S. treasury securities — 46,637 — 46,637 Commercial paper — 32,066 — 32,066 Corporate debt securities — 28,104 — 28,104 Total assets $ 17,098 $ 106,807 $ — $ 123,905 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 nine months ended September 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 | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued liabilities consist of the following (in thousands): September 30, December 31, 2017 2016 Research and development related $ 5,285 $ 5,482 Compensation related 1,990 2,460 Consulting and professional services 529 421 Other 381 282 $ 8,185 $ 8,645 |
Related-Party Transactions
Related-Party Transactions | 9 Months Ended |
Sep. 30, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 6. Related-Party Transactions 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 |
Collaboration and License Agree
Collaboration and License Agreements | 9 Months Ended |
Sep. 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 September 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 nine months ended September 30, 2017, the Company recognized $6.2 million and $18.2 million, respectively, of collaboration and license revenue under the Avacopan Agreement and the Avacopan Amendment, compared to $4.1 million and $6.8 million in the same periods ended September 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 nine months ended September 30, 2017, the Company recognized $2.8 million and $8.0 million of collaboration and license revenue under the CCX140 Agreement, respectively, of which $2.5 million and $7.5 million were associated with the recognition of upfront commitment. The remaining amounts 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 September 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 | 9 Months Ended |
Sep. 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 September 30, 2017. The term of the grant expired in May 2017. During the three and nine months ended September 30, 2017, the Company did not recognize any grant revenue. During the three and nine months ended September 30, 2016, the Company recognized $120,000 and $295,000, respectively, of grant revenue. |
Equity Incentive Plans
Equity Incentive Plans | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | 9. Equity Incentive Plans Stock Options During the nine months ended September 30, 2017, the Company had the following option activities under its equity incentive plans: Outstanding Options Available for Shares Weighted Average Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at December 31, 2016 1,655,524 9,345,515 $ 7.72 Shares authorized 1,900,000 Granted (1) (1,914,238 ) 1,634,500 6.95 Exercised (2) 40,208 (405,912 ) 5.85 Forfeited and expired (3) 489,862 (476,528 ) 6.47 Balance at September 30, 2017 2,171,356 10,097,575 $ 7.73 6.35 $ 10,544 (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. (3) The difference between shares forfeited and expired in the number of shares available for grant and outstanding options represents the RSUs canceled for the period. Restricted Stock During the nine months ended September 30, 2017, the activity for restricted stock is summarized as follows: Weighted Average Grant-Date Shares Fair Value Balance at December 31, 2016 471,650 $ 4.60 Granted 279,738 6.72 Vested (185,842 ) 4.26 Canceled (13,334 ) 3.57 Unvested at September 30, 2017 552,212 $ 5.81 Stock-based Compensation Total stock-based compensation expense was $1.9 million and $6.8 million during the three and nine months ended September 30, 2017, respectively, and $1.8 million and $6.5 million, respectively, during the same periods ended September 30, 2016. As of September 30, 2017, $9.6 million, $2.0 million, and $23,000 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 2.52, 1.72, and 0.12 years, respectively. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America (U.S. 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): September 30, 2017 December 31, 2016 Vifor (International) Ltd. (1) $ 530 $ 30,000 U.S. Food and Drug Administration — 205 $ 530 $ 30,205 (1) As of September 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. As of December 31, 2016, accounts receivable excluded the $20.0 million cash commitment which is due from Vifor in December 2017 in connection with the CCX140 Agreement. 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 nine months ended September 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: Nine Months Ended September 30, 2017 2016 Options to purchase common stock, including purchases from contributions to ESPP 10,131,143 9,363,696 Restricted stock units 456,346 340,344 Restricted stock awards 95,866 — Warrants to purchase common stock 150,000 150,000 10,833,355 9,854,040 |
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 Accounting Standards Update (ASU) No. 2014-09, 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 the Company’s accumulated deficit on January 1, 2018. The Company is currently analyzing its collaboration agreements to determine the differences in the accounting treatment under ASU No. 2014-09 No. 2014-09 In February 2016, the FASB issued ASU No. 2016-12, In March 2016, the FASB issued ASU No. 2016-09, paid-in No. 2016-09 |
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) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Summary of Accounts Receivable | Accounts receivable consists of the following (in thousands): September 30, 2017 December 31, 2016 Vifor (International) Ltd. (1) $ 530 $ 30,000 U.S. Food and Drug Administration — 205 $ 530 $ 30,205 (1) As of September 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. |
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss per Share Due to Anti-Dilutive Effect | For the nine months ended September 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: Nine Months Ended September 30, 2017 2016 Options to purchase common stock, including purchases from contributions to ESPP 10,131,143 9,363,696 Restricted stock units 456,346 340,344 Restricted stock awards 95,866 — Warrants to purchase common stock 150,000 150,000 10,833,355 9,854,040 |
Cash Equivalents and Investme18
Cash Equivalents and Investments (Tables) | 9 Months Ended |
Sep. 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 September 30, 2017 and December 31, 2016 were as follows (in thousands): September 30, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 17,098 $ — $ — $ 17,098 U.S. treasury securities 46,687 — (50 ) 46,637 Commercial paper 32,066 — — 32,066 Corporate debt securities 28,122 — (18 ) 28,104 Total available-for-sale $ 123,973 $ — $ (68 ) $ 123,905 Classified as: Cash equivalents $ 17,098 Short-term investments 102,603 Long-term investments 4,204 Total available-for-sale $ 123,905 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) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements of Company's Financial Assets | The Company’s financial assets 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 September 30, 2017 and December 31, 2016: September 30, 2017 Description Level 1 Level 2 Level 3 Total Money market fund $ 17,098 $ — $ — $ 17,098 U.S. treasury securities — 46,637 — 46,637 Commercial paper — 32,066 — 32,066 Corporate debt securities — 28,104 — 28,104 Total assets $ 17,098 $ 106,807 $ — $ 123,905 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) | 9 Months Ended |
Sep. 30, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): September 30, December 31, 2017 2016 Research and development related $ 5,285 $ 5,482 Compensation related 1,990 2,460 Consulting and professional services 529 421 Other 381 282 $ 8,185 $ 8,645 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Option Activities under Its Equity Incentive Plans | During the nine months ended September 30, 2017, the Company had the following option activities under its equity incentive plans: Outstanding Options Available for Shares Weighted Average Weighted Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at December 31, 2016 1,655,524 9,345,515 $ 7.72 Shares authorized 1,900,000 Granted (1) (1,914,238 ) 1,634,500 6.95 Exercised (2) 40,208 (405,912 ) 5.85 Forfeited and expired (3) 489,862 (476,528 ) 6.47 Balance at September 30, 2017 2,171,356 10,097,575 $ 7.73 6.35 $ 10,544 (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. (3) The difference between shares forfeited and expired in the number of shares available for grant and outstanding options represents the RSUs canceled for the period. |
Restricted Stock Activity | During the nine months ended September 30, 2017, the activity for restricted stock is summarized as follows: Weighted Average Grant-Date Shares Fair Value Balance at December 31, 2016 471,650 $ 4.60 Granted 279,738 6.72 Vested (185,842 ) 4.26 Canceled (13,334 ) 3.57 Unvested at September 30, 2017 552,212 $ 5.81 |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 9 Months Ended |
Sep. 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 530 | $ 30,205 |
Vifor (International) Ltd [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 530 | 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 | Sep. 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 | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share | 10,833,355 | 9,854,040 |
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 | 10,131,143 | 9,363,696 |
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 | 456,346 | 340,344 |
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 ($) | Jan. 01, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 |
Significant Accounting Policies [Line Items] | |||||
Reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities | $ 0 | $ 0 | $ 0 | $ 0 | |
ASU No. 2016-09 [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Recognized 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 123,973 | $ 121,533 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (68) | (51) |
Available-for-sale Securities | 123,905 | 121,483 |
Money Market Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 17,098 | 9,746 |
Available-for-sale Securities | 17,098 | 9,746 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 46,687 | 49,693 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (50) | (22) |
Available-for-sale Securities | 46,637 | 49,672 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 32,066 | 16,183 |
Available-for-sale Securities | 32,066 | 16,183 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 28,122 | 45,911 |
Gross Unrealized Losses | (18) | (29) |
Available-for-sale Securities | $ 28,104 | $ 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $ 17,098 | $ 9,746 |
Short-term investments | 102,603 | 105,740 |
Long-term investments | 4,204 | 5,997 |
Total available-for-salesecurities | $ 123,905 | $ 121,483 |
Cash Equivalents and Investme29
Cash Equivalents and Investments - Additional Information (Detail) | 9 Months Ended | |
Sep. 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 | $ 900,000 | $ 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 (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 123,905 | $ 121,483 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 123,905 | 121,483 |
Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 17,098 | 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 | 17,098 | 9,746 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 46,637 | 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 | 46,637 | 49,672 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 32,066 | 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 | 32,066 | 16,183 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 28,104 | 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 | 28,104 | 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 | 17,098 | 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 | 17,098 | 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 | 106,807 | 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 | 46,637 | 49,672 |
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 | 32,066 | 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 | $ 28,104 | $ 45,882 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Sep. 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 | Sep. 30, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Research and development related | $ 5,285 | $ 5,482 |
Compensation related | 1,990 | 2,460 |
Consulting and professional services | 529 | 421 |
Other | 381 | 282 |
Accrued liabilities | $ 8,185 | $ 8,645 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | ||
Feb. 29, 2012 | Sep. 30, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Accounts payable balance | $ 1,353,000 | $ 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 | $ 1,000 | $ 25,000 |
Collaboration and License Agr34
Collaboration and License Agreements - Additional Information (Detail) - USD ($) | Jan. 31, 2017 | May 09, 2016 | Feb. 28, 2017 | May 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Oct. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Collaboration and license revenue | $ 9,029,000 | $ 4,131,000 | $ 26,196,000 | $ 6,751,000 | ||||||
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 | $ 4,100,000 | 18,200,000 | $ 6,800,000 | ||||||
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 | 2,800,000 | 8,000,000 | ||||||||
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 | 7,500,000 | ||||||||
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 | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Government Grants [Abstract] | ||||
Orphan products development grant | $ 500,000 | |||
Grant revenue | $ 0 | $ 120,000 | $ 0 | $ 295,000 |
Equity Incentive Plans - Option
Equity Incentive Plans - Option Activities under Its Equity Incentive Plans (Detail) | 9 Months Ended |
Sep. 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 | (1,914,238) |
Shares Available for Grant, Exercised | 40,208 |
Shares Available for Grant, Forfeited and expired | 489,862 |
Shares Available for Grant, Outstanding Ending Balance | 2,171,356 |
Shares, Options Outstanding, Beginning Balance | 9,345,515 |
Shares, Options Outstanding, authorized | 0 |
Shares, Options Outstanding, Granted | 1,634,500 |
Shares, Options Outstanding, Exercised | (405,912) |
Shares, Options Outstanding, Forfeited and expired | (476,528) |
Shares, Options Outstanding, Ending Balance | 10,097,575 |
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 | 6.95 |
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares | 5.85 |
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares | 6.47 |
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares | $ 7.73 |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 6 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 10,544 |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock Activity (Detail) - Restricted Stocks [Member] | 9 Months Ended |
Sep. 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 | (185,842) |
Shares, Canceled | shares | (13,334) |
Shares, Unvested, Ending Balance | shares | 552,212 |
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 | 4.26 |
Weighted Average Grant-Date Fair Value, Canceled | $ / shares | 3.57 |
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ / shares | $ 5.81 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Options - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 1,900,000 | $ 1,800,000 | $ 6,841,000 | $ 6,488,000 |
ESPP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | 23,000 | $ 23,000 | ||
Total unrecognized compensation expenses, weighted-average period | 1 month 13 days | |||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | 9,600,000 | $ 9,600,000 | ||
Total unrecognized compensation expenses, weighted-average period | 2 years 6 months 7 days | |||
Unvested Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expenses | $ 2,000,000 | $ 2,000,000 | ||
Total unrecognized compensation expenses, weighted-average period | 1 year 8 months 19 days |