Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Feb. 28, 2018 | Jun. 30, 2017 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CCXI | ||
Entity Registrant Name | ChemoCentryx, Inc. | ||
Entity Central Index Key | 1,340,652 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 48,920,715 | ||
Entity Public Float | $ 197.3 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 40,020 | $ 12,024 |
Short-term investments | 87,271 | 105,740 |
Accounts receivable | 51,090 | 30,205 |
Prepaid expenses and other current assets | 1,449 | 722 |
Total current assets | 179,830 | 148,691 |
Property and equipment, net | 1,210 | 905 |
Long-term investments | 7,929 | 5,997 |
Other assets | 359 | 279 |
Total assets | 189,328 | 155,872 |
Current liabilities: | ||
Accounts payable | 1,400 | 671 |
Accrued liabilities | 8,575 | 8,645 |
Deferred revenue | 22,962 | 29,019 |
Total current liabilities | 32,937 | 38,335 |
Long-term debt, net | 4,676 | |
Noncurrent deferred revenue | 72,197 | 67,547 |
Other non-current liabilities | 251 | 101 |
Total liabilities | 110,061 | 105,983 |
Commitments (Note 8) | ||
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; 48,837,060 shares and 48,057,920 shares issued and outstanding at December 31, 2017 and December 31, 2016, respectively | 49 | 48 |
Additional paid-in capital | 368,553 | 356,966 |
Note receivable | (16) | (16) |
Accumulated other comprehensive loss | (119) | (50) |
Accumulated deficit | (289,200) | (307,059) |
Total stockholders' equity | 79,267 | 49,889 |
Total liabilities and stockholders' equity | $ 189,328 | $ 155,872 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 48,837,060 | 48,057,920 |
Common stock, shares outstanding | 48,837,060 | 48,057,920 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue: | |||
Collaboration and license revenue | $ 82,497 | $ 11,435 | |
Grant revenue | 500 | ||
Total revenue | 82,497 | 11,935 | |
Operating expenses: | |||
Research and development | 49,495 | 37,945 | $ 33,183 |
General and administrative | 16,509 | 14,710 | 14,506 |
Total operating expenses | 66,004 | 52,655 | 47,689 |
Income (loss) from operations | 16,493 | (40,720) | (47,689) |
Other income (expense): | |||
Interest income | 1,370 | 757 | 384 |
Interest expense | (4) | ||
Total other income, net | 1,366 | 757 | 384 |
Net income (loss) | $ 17,859 | $ (39,963) | $ (47,305) |
Net income (loss) per common share | |||
Basic | $ 0.37 | $ (0.86) | $ (1.08) |
Diluted | $ 0.36 | $ (0.86) | $ (1.08) |
Shares used to compute net income (loss) per common share | |||
Basic | 48,413 | 46,432 | 43,890 |
Diluted | 49,615 | 46,432 | 43,890 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 17,859 | $ (39,963) | $ (47,305) |
Unrealized (loss) gain on available-for-sale securities | (69) | (10) | 30 |
Comprehensive income (loss) | $ 17,790 | $ (39,973) | $ (47,275) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Note Receivable [Member] | Accumulated Other Comprehensive Loss [Member] | Accumulated Deficit [Member] |
Beginning Balance at Dec. 31, 2014 | $ 108,606 | $ 43 | $ 328,440 | $ (16) | $ (70) | $ (219,791) |
Beginning Balance, shares at Dec. 31, 2014 | 43,446,096 | |||||
Net income (loss) | (47,305) | (47,305) | ||||
Unrealized gain / (loss) on investments | 30 | 30 | ||||
Issuance of common stock under equity incentive and employee stock purchase plans | 2,191 | $ 1 | 2,190 | |||
Issuance of common stock under equity incentive and employee stock purchase plans, shares | 739,410 | |||||
Employee stock-based compensation | 8,860 | 8,860 | ||||
Compensation expense related to options granted to consultants | 125 | 125 | ||||
Ending Balance at Dec. 31, 2015 | 72,507 | $ 44 | 339,615 | (16) | (40) | (267,096) |
Ending Balance, shares at Dec. 31, 2015 | 44,185,506 | |||||
Net income (loss) | (39,963) | (39,963) | ||||
Unrealized gain / (loss) on investments | (10) | (10) | ||||
Issuance of common stock pursuant to collaboration and licensing agreement | 7,000 | $ 3 | 6,997 | |||
Issuance of common stock pursuant to collaboration and licensing agreement, shares | 3,333,333 | |||||
Issuance of common stock under equity incentive and employee stock purchase plans | 1,820 | $ 1 | 1,819 | |||
Issuance of common stock under equity incentive and employee stock purchase plans, shares | 539,081 | |||||
Employee stock-based compensation | 8,222 | 8,222 | ||||
Compensation expense related to options granted to consultants | 313 | 313 | ||||
Ending Balance at Dec. 31, 2016 | $ 49,889 | $ 48 | 356,966 | (16) | (50) | (307,059) |
Ending Balance, shares at Dec. 31, 2016 | 48,057,920 | 48,057,920 | ||||
Net income (loss) | $ 17,859 | 17,859 | ||||
Unrealized gain / (loss) on investments | (69) | (69) | ||||
Issuance of common stock under equity incentive and employee stock purchase plans | 3,269 | $ 1 | 3,268 | |||
Issuance of common stock under equity incentive and employee stock purchase plans, shares | 838,107 | |||||
Repurchased shares upon vesting of restricted stock units for tax withholdings | (429) | (429) | ||||
Repurchased shares upon vesting of restricted stock units for tax withholdings, shares | (58,967) | |||||
Employee stock-based compensation | 8,119 | 8,119 | ||||
Compensation expense related to options granted to consultants | 629 | 629 | ||||
Ending Balance at Dec. 31, 2017 | $ 79,267 | $ 49 | $ 368,553 | $ (16) | $ (119) | $ (289,200) |
Ending Balance, shares at Dec. 31, 2017 | 48,837,060 | 48,837,060 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities | |||
Net income (loss) | $ 17,859 | $ (39,963) | $ (47,305) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation of property and equipment | 418 | 348 | 477 |
Stock-based compensation | 8,748 | 8,535 | 8,985 |
Noncash interest expense, net | 143 | 179 | 1,007 |
Changes in assets and liabilities: | |||
Accounts receivable | (20,885) | (30,205) | |
Prepaids and other current assets | (727) | 35 | 236 |
Other assets | (80) | (119) | |
Accounts payable | 729 | (4) | (73) |
Other liabilities | 80 | 3,773 | (2,654) |
Deferred revenue | (1,407) | 96,566 | |
Net cash provided by (used in) operating activities | 4,878 | 39,145 | (39,327) |
Investing activities | |||
Purchases of property and equipment, net | (723) | (304) | (218) |
Purchases of investments | (133,845) | (136,234) | (24,372) |
Sales of investments | 4,051 | ||
Maturities of investments | 150,170 | 87,774 | 54,423 |
Net cash provided by (used in) investing activities | 15,602 | (48,764) | 33,884 |
Financing activities | |||
Proceeds from issuance of common stock | 7,000 | ||
Proceeds from exercise of stock options and employee stock purchase plan | 3,269 | 1,820 | 2,191 |
Employees' tax withheld and paid for restricted stock units | (429) | ||
Borrowings under credit facility agreement, net of issuance costs | 4,676 | ||
Net cash provided by financing activities | 7,516 | 8,820 | 2,191 |
Net increase (decrease) in cash and cash equivalents | 27,996 | (799) | (3,252) |
Cash and cash equivalents at beginning of period | 12,024 | 12,823 | 16,075 |
Cash and cash equivalents at end of period | $ 40,020 | $ 12,024 | $ 12,823 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Consolidation The consolidated financial statements include the Company’s accounts and those of its wholly owned subsidiary, ChemoCentryx Limited. The operations of ChemoCentryx Limited have been immaterial to date. All intercompany amounts have been eliminated in consolidation. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (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. Basis of Presentation The financial statements are prepared in conformity with GAAP. The Company has made estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. Cash Equivalents and Investments The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company limits its concentration of risk by diversifying its investments among a variety of issuers. All investments are classified as available for sale and are recorded at fair value based on quoted prices in active markets or based upon other observable inputs, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses and unrealized declines in fair value that are deemed to be other than temporary are reflected in the statement of operations. The cost of securities sold is based on the specific-identification method. Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts receivable and accounts payable, approximate their fair value due to their short maturities. Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. The valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. 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. For the years ended December 31, 2017 and 2016, 100% and 96%, respectively, of the Company’s total revenue were derived from the Company’s collaboration with Vifor (International) Ltd., and/or its affiliates, or collectively, Vifor. The Company did not generate any revenue in 2015. 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): December 31, 2017 2016 Vifor (1) $ 51,090 $ 30,000 U.S. Food and Drug Administration — 205 $51,090 $30,205 (1) As of December 31, 2017, accounts receivable excluded the $10.0 million cash commitments due from Vifor in February 2018 in connection with the Avacopan Amendment. Accounts receivable at December 31, 2017 included $1.1 million of unbilled receivable related to development costs to be reimbursed by Vifor under the CCX140 Agreement. As of December 31, 2016, accounts receivable excluded the $20.0 million cash commitment due from Vifor in December 2017 in connection with the CCX140 Agreement. See “Note 10. Collaboration and License Agreements” for a detailed discussion. Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. Tenant improvements are depreciated over the lesser of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its respective fair value. To date, the Company has not recorded any impairment losses. Revenue Recognition The Company enters into corporate collaborations under which it may obtain upfront license fees, research and development funding and contingent milestones and royalty payments. The Company’s deliverables under these arrangements may include intellectual property rights, distribution rights, delivery of manufactured product, participation on joint steering committees and/or research and development services. In order to account for the multiple-element arrangements, the Company identifies the deliverables included within the arrangement and evaluate whether the delivered elements under these arrangements have value to its collaboration partner on a stand-alone basis and represent separate units of accounting. If the Company determines that multiple deliverables exist, the consideration is allocated to one or more units of accounting based upon the best estimate of the selling price of each deliverable. The selling price used for each deliverable will be based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. A delivered item or items that do not qualify as a separate unit of accounting within the arrangement shall be combined with the other applicable undelivered items within the arrangement. The allocation of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. For a combined unit of accounting, non-refundable The Company considers sales-based contingent payments to be royalty revenue which is generally recognized at the date the contingency is achieved. Research and development funding related to collaborative research and development efforts is recognized as revenue as the related services are performed or delivered, in accordance with contract terms. For certain contingent payments under collaboration and license arrangements, the Company recognizes revenue using the milestone method. Under the milestone method a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event: (i) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to the Company. Milestones are considered substantive when the consideration earned from the achievement of the milestone is: (i) commensurate with either the Company’s performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (ii) related solely to past performance and (iii) reasonable relative to all deliverables and payment terms in the arrangement. In making the determination as to whether a milestone is substantive or not, the Company considers all facts and circumstances relevant to the arrangement, including factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether any portion of the milestone consideration is related to future performance or deliverables. Contingency and milestones payments, when recognized as revenue, are classified as collaboration and license revenues in the Consolidated Statements of Operations. Revenue from government and private agency grants are recognized as the related research and development expenses are incurred and to the extent that funding is approved. Research and Development Expenses All research and development expenses are recognized as incurred. Research and development expenses include, but are not limited to, salaries and related benefits, including stock-based compensation, third-party contract costs relating to research, formulation, manufacturing, preclinical study and clinical trial activities, laboratory consumables and allocated facility costs. Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed. Income Taxes The Company uses the liability method for income taxes, whereby deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization for the deferred tax assets does not meet the more-likely-than-not The Company accounts for uncertain tax positions in the financial statements when it is not more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured at the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. Comprehensive Income (loss) Comprehensive income (loss) comprises net income (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 available-for-sale Stock-Based Compensation The Company accounts for employee stock-based compensation using a fair-value-based method, which measures stock-based compensation cost at the grant date based on the fair value of the award, and recognizes as an expense over the award’s vesting periods on a straight-line basis. Because stock compensation expense is based on awards ultimately expected to vest, it has been reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company accounts for stock-based compensation arrangements with nonemployees using a fair-value approach. For stock options granted to nonemployees, the fair value of the stock options is estimated using the Black-Scholes valuation model. This model utilizes the estimated fair value of common stock and requires that, at the date of grant, assumptions are made with respect to the remaining contractual term of the option, the volatility of the fair value of its common stock, the risk-free interest rates and the expected dividend yields of its common stock. The measurement of nonemployee stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. The Company accounts for restricted stock compensation arrangements with nonemployee directors using a fair-value approach. For restricted stock units (RSUs) and restricted stock awards (RSAs) granted to nonemployee directors, the fair value of a RSU or RSA is valued at the closing price of the Company’s common stock on the date of the grant. The Company recognizes stock-based compensation expense associated with these RSUs and RSAs over the requisite service period, with no adjustment in future periods based on the Company’s actual stock price over the vesting period. Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing net income (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 income (loss) per share is computed by dividing net income (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 RSUs and 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 income (loss) per share when their effect is dilutive. The following table is a reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share. Year Ended December 31, 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) $ 17,859 $ (39,963 ) $ (47,305 ) Denominator: Weighted average shares outstanding - basic 48,413 46,432 43,890 Dilutive stock options, RSUs and RSAs 1,202 — — Weighted average shares outstanding - diluted 49,615 46,432 43,890 Net income (loss) per common share Basic $ 0.37 $ (0.86 ) $ (1.08 ) Diluted $ 0.36 $ (0.86 ) $ (1.08 ) The following potentially dilutive securities were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect: Year Ended December 31, 2017 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 6,320,038 9,358,389 7,861,953 Restricted stock units — 440,344 67,481 Restricted stock awards — 31,306 — Warrants to purchase common stock 150,000 150,000 150,000 6,470,038 9,980,039 8,079,434 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, During 2016, the Company entered into two license and collaboration agreements. During 2017 and 2016, the Company primarily derived its revenue from license and collaboration agreements. The consideration the Company is eligible to receive under these agreements includes upfront payments, research and development funding, milestone payments, and royalties. The Company assessed each collaboration agreement under the five-step process under the new standard. The Company reviewed the guidance as it relates to the selection of a measure of progress on the complete satisfaction of performance obligation as this may impact the estimation of, and the determination of the timing of revenue recognition. ASC 606 notes the objective when measuring progress is to depict an entity’s performance in transferring control of goods or services promised to a customer. The Company recognized upfront fees straight-line under ASC 605 over the estimated performance period and recognized milestone when earned under the Milestone Method of accounting. Under ASC 606, the Company’s upfront fees and milestones will be recognized using an input method to measure its progress toward the completion of its performance obligations. The Company determined that external R&D costs are a reasonable measure of progress to measure the value that will be transferred to Vifor. These factors will yield the material changes in the Company’s revenue recognition between ASC 605 and 606. On January 1, 2018, the Company adopted the accounting standard update using the modified retrospective approach. Management is finalizing the measure of progress calculations related to the Company’s two license and collaboration agreements. Given the factors discussed above, the impact upon adoption is anticipated to increase accumulated deficit in a range of $45 million to $50 million. The actual, final quantitative effect of the adoption of Topic 606 will be completed in the first quarter of 2018. Finally, Topic 606 requires more robust disclosures than required by previous guidance, including disclosures related to disaggregation of revenue into appropriate categories, performance obligations, the judgments made in revenue recognition determinations, adjustments to revenue which relate to activities from previous quarters or years, any significant reversals of revenue, and costs to obtain or fulfill contracts. The Company plans to address these disclosure requirements in its Form 10-Q 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 The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the consolidated financial statements as a result of future adoption. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 were as follows (in thousands): December 31, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 29,848 $ — $ — $ 29,848 U.S. treasury securities 29,005 — (52 ) 28,953 Commercial paper 46,184 — — 46,184 Corporate debt securities 27,095 — (67 ) 27,028 Total available-for-sale $ 132,132 $ — $ (119 ) $ 132,013 Classified as: Cash equivalents $ 36,813 Short-term investments 87,271 Long-term investments 7,929 Total available-for-sale $ 132,013 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 $3.2 million and $2.3 million as of December 31, 2017 and 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 | 12 Months Ended |
Dec. 31, 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 as of December 31, 2017 and 2016 (in thousands): December 31, 2017 Level 1 Level 2 Level 3 Total Description Money market fund $ 29,848 $ — $ — $ 29,848 U.S. treasury securities — 28,953 — 28,953 Commercial paper — 46,184 — 46,184 Corporate debt securities — 27,028 — 27,028 Total assets $ 29,848 $ 102,165 $ — $ 132,013 December 31, 2016 Level 1 Level 2 Level 3 Total Description 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 year ended December 31, 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 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 5. Property and Equipment Property and equipment consist of the following (in thousands): December 31, 2017 2016 Lab equipment $ 5,897 $ 5,950 Computer equipment and software 1,688 1,511 Furniture and fixtures 551 528 Tenant improvements 893 866 9,029 8,855 Less: accumulated depreciation (7,819 ) (7,950 ) $ 1,210 $ 905 |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | 6. Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 2017 2016 Research and development related $ 4,962 $ 5,482 Compensation related 2,345 2,460 Consulting and professional services 1,012 421 Other 256 282 $ 8,575 $ 8,645 |
Long-term Debt
Long-term Debt | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-term Debt | 7. Long-term Debt On December 28, 2017 (the Closing Date), the Company entered into a Loan and Security Agreement (the Credit Agreement) with Hercules Capital, Inc. (Hercules) pursuant to which term loans in an aggregate principal amount of up to $50.0 million (the Credit Facility) are available to the Company in three tranches, subject to certain terms and conditions. Under the first tranche, the Company may borrow through June 2018 an amount up to $15.0 million, of which $5.0 million was advanced to the Company on the Closing Date. Upon satisfaction of certain terms and conditions, the second tranche is available under the Credit Facility, which would allow the Company to borrow an additional amount up to $10.0 million through December 15, 2018. The third tranche, which would allow the Company to borrow an additional $25.0 million, would be available upon Hercules’ approval through June 15, 2019. Advances under the Credit Facility will bear an interest rate equal to the greater of either (i) 8.05% plus the prime rate as reported from time to time in The Wall Street Journal minus 4.75%, and (ii) 8.05%. For advances under the first tranche, the Company will make interest-only payments through January 1, 2020, extended to July 1, 2020 upon satisfaction of certain milestones, and will then repay the principal balance and interest on the advances in equal monthly installments after the interest-only period and continuing through December 1, 2021. For advances made under the second and third tranches, the Company will make interest only payments in the first 24 months, extended to 30 months upon satisfaction of certain conditions, and will then repay the principal balance and interest on the advances in equal monthly installments after the interest only period with the entire term loan advances repaid 48 months after the advance under the applicable tranche is drawn. The Company may prepay advances under the Credit Agreement, in whole or in part, at any time, subject to a prepayment charge equal to: (a) 2.0% of amounts so prepaid, if such prepayment occurs during the first year following the Closing Date; (b) 1.5% of the amount so prepaid, if such prepayment occurs during the second year following the Closing Date; and (c) 1.0% of the amount so prepaid, if such prepayment occurs after the second year following the Closing Date. The Credit Facility is secured by substantially all of the Company’s assets, excluding intellectual property. In addition, Hercules has the right to participate, in an amount up to $2.0 million in any subsequent equity financing broadly marketed to multiple investors in an amount greater than $20.0 million. The Credit Facility also includes customary affirmative restrictions on the payment of dividends and negative covenants, and events of default, the occurrence and continuance of which provide Hercules with the right to demand immediate repayment of all principal and unpaid interest under the Credit Facility, and to exercise remedies against the Company and the collateral securing the Credit Facility. The Company was in compliance with all loan covenants as of December 31, 2017. The Company will pay an end-of-term In addition, the Company pays a commitment charge of 1% of the advances made under the Credit Facility, with a minimum charge of $162,500 paid on the Closing Date. Also, the Company reimbursed Hercules for costs incurred related to the Credit Agreement. These charges were recorded as discounts to the carrying value of the loan and are amortized over the term of the loan using the effective interest method. Amortization of the debt discounts were immaterial for the year ended December 31, 2017. As of December 31, 2017, the Company had outstanding borrowings under the Credit Agreement of $4.7 million, net of discounts of $0.3 million. Future minimum principal payments, which exclude the end of term charge, related to the Credit Agreement as of December 31, 2017 are as follows (in thousands): Amounts Year ending December 31: 2018 $ — 2019 — 2020 2,394 2021 2,606 Total minimum payments 5,000 Less current portion — Noncurrent portion $ 5,000 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments | 8. Commitments Operating Leases In May 2004, the Company entered into a noncancelable operating lease for its current office and primary research facility located in Mountain View, California. The Company received a discounted lease rate during the first year of the agreement. In August 2012, the Company entered into an amendment to the lease agreement for the same facility to extend the term through April 2019. In April 2017, the Company entered into a second amendment to the lease agreement for the same facility to extend the term of the lease through April 2020. The total rent obligation is being expensed ratably over the term of the agreement, as amended. Rental expenses for the years ended December 31, 2017, 2016, and 2015 were $1.3 million, $1.2 million and $1.1 million, respectively. Future minimum lease payments under all noncancelable operating leases as of December 31, 2017, are as follows (in thousands): Amounts Year ending December 31: 2018 $ 937 2019 1,316 2020 500 Total minimum lease payments $ 2,753 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 9. Related-Party Transactions Bio-Techne Bio-Techne Bio-Techne ten-year For the years ended December 31, 2017, 2016, and 2015, the Company paid Bio-Techne Bio-Techne |
Collaboration and License Agree
Collaboration and License Agreements | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaboration and License Agreements | 10. Collaboration and License Agreements Avacopan Agreements In May 2016, the Company entered into an exclusive collaboration and license agreement with 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 retained 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 was initially estimated to approximate 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 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. 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 December 31, 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 In the fourth quarter of 2017, the Company changed its estimated period of performance from 4.2 years to 5.4 years and is recognizing the remaining unamortized portion of the upfront payment over the revised expected remaining performance period, which is estimated to end in September 2021. For the years ended December 31, 2017 and 2016, the Company recognized $72.5 million and $11.4 million, respectively, of collaboration and license revenue under the Avacopan Agreement and the Avacopan Amendment. In December 2017, the Company recognized $50.0 million of revenue upon achievement of a regulatory milestone when the European Medicines Agency validated the Company’s Conditional MAA for avacopan for the treatment of anti-neutrophil cytoplasmic auto-antibody-associated vasculitis. This amount was recorded as accounts receivable as of December 31, 2017. Upon achievement of certain regulatory and commercial milestones with avacopan, the Company will receive additional payments of up to $460.0 million under the Avacopan Agreement. In addition, the Company will receive royalties, with rates ranging from the low teens to the mid-twenties, CCX140 Agreement 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 United States and China. CCX140 is an orally-administered inhibitor of the chemokine receptor known as CCR2. The Company retains marketing rights in the United States 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, the Company would receive co-promotion Under the terms of the CCX140 Agreement, the Company received a non-refundable For the year ended December 31, 2017, the Company recognized $10.0 million of collaboration and license revenue under the CCX140 Agreement, of which $9.0 million was associated with the recognition of upfront commitment. The remaining amount 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. 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 | 12 Months Ended |
Dec. 31, 2017 | |
Text Block [Abstract] | |
Government Grant | 11. 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 during the year ended December 31, 2016. The term of the grant expired in May 2017. |
Equity Incentive Plans
Equity Incentive Plans | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Incentive Plans | 12. Equity Incentive Plans In May 2002, the stockholders approved the Amended and Restated 1997 Stock Option/Stock Issuance Plan (the 1997 Plan) and in September 2002, the stockholders approved the 2002 Equity Incentive Plan (the 2002 Plan). In February 2012, the stockholders approved the 2012 Equity Incentive Award Plan (the 2012 Plan). As of December 31, 2017, a total of 11,500,000 shares of the Company’s common stock were reserved for issuance under the 2012 Plan. In addition, the number of shares available for issuance under the 2012 Plan will be annually increased by an amount equal to the lesser of: 2,000,000 shares; 4% of the outstanding shares of the Company’s common stock as of the last day of the Company’s immediately preceding fiscal year; or an amount determined by the Company’s Board of Directors. In October 2017, the Board of Directors approved an increase to the number of shares reserved for issuance under the 2012 Plan by 1,940,000 shares effective January 1, 2018. Collectively, the 1997 Plan, the 2002 Plan and the 2012 Plan are known as the Stock Plans. Restricted Stock Restricted Stock Awards (RSAs) and Restricted Stock Units (RSUs) are independent of stock option grants and are not transferrable, and are subject to forfeiture if recipients terminate their service to the Company prior to the release of the vesting restrictions. RSUs granted to employees generally vest over a period of three years. RSUs and RSAs granted to its nonemployee directors vest over a one-year Non-Employee The activity for restricted stock is summarized as follows: Shares Weighted Average Balance at December 31, 2016 471,650 $ 4.60 Granted 279,738 6.72 Vested (229,610 ) 4.60 Canceled (13,334 ) 3.57 Unvested at December 31, 2017 508,444 $ 5.79 As of December 31, 2017, there was $1.7 million of unrecognized compensation expense associated with unvested restricted stock, which is expected to be recognized over a weighted-average period of 1.4 years. Stock Options Under the Stock Plans, incentive stock options may be granted by the Board of Directors to employees at exercise prices of not less than 100% of the fair value at the date of grant. Nonstatutory options may be granted by the Board of Directors to employees, officers, and directors of the Company or consultants at exercise prices of not less than 85% of the fair value of the common stock on the date of grant. The fair value at the date of grant is determined by the Board of Directors. Under the Stock Plans, options may be granted with different vesting terms from time to time, but not to exceed 10 years from the date of grant. Outstanding options generally vest over four years, with 25% of the total grant vesting on the first anniversary of the option grant date and 1/36th of the remaining grant vesting each month thereafter. The following table summarizes stock option activity and related information under the Company’s Stock Plans: Available Shares Weighted Average Exercise Price Weighted Average Term (in years) Aggregate Balance at December 31, 2016 1,655,524 9,345,515 $ 7.72 Shares authorized 1,900,000 — Granted (1) (2,212,138 ) 1,932,400 6.80 Exercised (2) 58,967 (461,151 ) 5.84 Forfeited and expired (3) 626,527 (613,193 ) 7.03 Outstanding at December 31, 2017 2,028,880 10,203,571 $ 7.68 6.19 $ 3,773,137 Vested and expected to vest, net of estimated forfeiture at December 31, 2017 9,967,860 $ 7.72 6.13 $ 3,636,358 Exercisable at December 31, 2017 7,099,052 $ 8.37 5.10 $ 1,798,555 (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. The aggregate intrinsic value represents the value of the Company’s closing stock price on the last trading day of the period in excess of the weighted-average exercise price multiplied by the number of options outstanding or exercisable. Total intrinsic value of options exercised was $1.3 million, $0.7 million and $2.1 million during 2017, 2016, and 2015, respectively. As of December 31, 2017, there was $8.2 million of unrecognized compensation expense, net of estimated forfeitures, associated with outstanding stock options, which is expected to be recognized over an estimated weighted-average period of 2.5 years. As of December 31, 2017, stock options outstanding were as follows: Options Outstanding Exercise Price Range Shares Weighted-Average Contractual Life $2.10 - $3.29 214,050 8.32 $3.57 1,151,175 8.08 $3.72 - $5.95 486,090 8.52 $6.00 1,054,514 1.18 $6.08 - $6.30 1,134,724 4.61 $6.50 - $6.60 96,087 9.30 $6.62 1,175,900 9.10 $6.90 - $7.10 1,113,845 5.90 $7.12 - $7.85 418,100 8.87 $8.19 - $15.90 3,359,086 5.84 10,203,571 6.19 Employee Stock Purchase Plan In February 2012, the stockholders approved the ESPP. As of December 31, 2017, a total of 950,000 shares of the Company’s common stock were reserved for issuance under the ESPP. In addition, the number of shares available for issuance under the ESPP may be annually increased on the first day of each fiscal year during the term of the ESPP, beginning with the 2012 fiscal year, by an amount equal to the lesser of: 300,000 shares; 1% of outstanding shares of the Company’s common stock; or an amount determined by the Company’s Board of Directors. The ESPP provides for an aggregate limit of 3,000,000 shares of common stock that may be issued under the ESPP during the term of the ESPP. In October 2017, the Board of Directors approved an increase to the number of shares reserved for issuance under the ESPP by 150,000 shares effective January 1, 2018. The Company issued 93,221 shares, 157,893 shares and 134,579 shares under the ESPP in 2017, 2016 and 2015, respectively. As of December 31, 2017, 333,335 shares were available for issuance under the ESPP. As of December 31, 2017, there was $0.1 million of unrecognized compensation expense, net of estimated forfeitures, associated with the ESPP, which is expected to be recognized over an estimated weighted-average period of 0.4 years. Stock Awards Granted to Employees Employee stock-based compensation expense recognized is calculated based on awards ultimately expected to vest and reduced for estimated forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Total employee stock-based compensation expense recognized associated with restricted stock, stock options, and the ESPP, was as follows (in thousands): Year Ended December 31, 2017 2016 2015 Research and development $ 3,154 $ 3,245 $ 3,240 General and administrative 4,965 4,977 5,620 Total $ 8,119 $ 8,222 $ 8,860 Valuation Assumptions Fair value of options granted under the Stock Plans and purchases under the Company’s ESPP were estimated at grant or purchase dates using a Black-Scholes option valuation model. The Black-Scholes valuation model requires that assumptions are made with respect to various factors, including the expected volatility of the fair value of the Company’s common stock. The Company has based its expected volatility on the average historical volatilities of public entities having similar characteristics including: industry, stage of life cycle, size, and financial leverage. The weighted average expected term of options was calculated using the simplified method as prescribed by accounting guidance for stock-based compensation. This decision was based on the lack of relevant historical data due to the Company’s limited historical experience. The fair values of the employee stock options granted under the Company’s Stock Plans and the option component of the shares purchased under the ESPP during 2017, 2016, and 2015 were estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Employee Stock Options Employee Stock Purchase Plan 2017 2016 2015 2017 2016 2015 Dividend yield 0 % 0 % 0 % 0 % 0 % 0 % Volatility 68.3 % 65.6 % 67.6 % 52.9 % 99.7 % 60.1 % Weighted-average expected life (in years) 6.0 6.0 6.0 0.5 0.5 0.5 Risk-free interest rate 2.04 % 1.58 % 1.70 % 1.22 % 0.47 % 0.21 % Weighted average grant date fair value $ 4.30 $ 2.43 $ 5.00 $ 2.16 $ 2.29 $ 2.22 Stock Options Granted to Nonemployees During 2017, 2016 and 2015, the Company granted to consultants options to purchase 239,266, 15,000, and 90,300 shares of common stock, respectively. The stock-based compensation expense related to nonemployees will fluctuate as the fair value of the Company’s common stock fluctuates. In connection with grants of stock options to nonemployees, the Company recorded stock-based compensation expense as follows (in thousands): Year Ended December 31, 2017 2016 2015 Research and development $ 629 $ 313 $ 105 General and administrative — — 20 Total $ 629 $ 313 $ 125 Valuation Assumptions Stock-based compensation expense associated with stock options granted to nonemployees is recognized as the stock options vest. The estimated fair values of the stock options granted are calculated at each reporting date using the Black-Scholes option-pricing model, with the following assumptions: Year Ended December 31, 2017 2016 2015 Dividend yield 0 % 0 % 0 % Volatility 69-70 % 65-68 % 65-66 % Weighted-average expected life (in years) 5.5-10.0 6.1-9.9 5.6-9.9 Risk-free interest rate 1.9-2.5 % 1.3-2.4 % 1.7-2.4 % |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2017 | |
Postemployment Benefits [Abstract] | |
401(k) Plan | 13. 401(k) Plan In October 1997, the Company established the ChemoCentryx 401(k) Plan and Trust (the 401(k) Plan). Employees may contribute, up to the percentage limit imposed by the Internal Revenue Code of 1986, as amended, an amount of their salary each calendar year until termination of their employment with the Company. The Company may elect to make matching contributions, as per the Plan; however, no matching contributions were made in the years ended December 31, 2017, 2016, and 2015. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes The Company’s loss before tax is only attributable to U.S. operations. The components of the income tax (benefit) expense are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Current (benefit from) provision for income taxes: Federal $ — $ — $ — State — — — Total current (benefit from) provision for income taxes — — — Deferred (benefit from) provision for income taxes: — — — Federal — — — State — — — Total deferred tax (benefit from) provision for income taxes — — — (Benefit from) provision for income taxes $ — $ — $ — A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2017 2016 2015 Federal statutory income tax rate 34.0 % (34.0 %) (34.0 %) State income taxes, net of federal benefit — (5.8 ) (5.8 ) Permanent items 5.5 2.1 1.9 Excess tax benefit for stock-based compensation (2.0 ) — — Research and development credits (7.2 ) (2.8 ) (2.1 ) Change in valuation allowance (224.1 ) 38.1 40.0 Change in tax rate 193.8 — — Other — 2.4 — (Benefit from) provisions for income taxes — % — % — % The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): December 31, 2017 2016 Net operating loss carryforwards $ 55,569 $ 102,269 Research and development credit 10,470 8,719 Amortization of deferred stock compensation - non-qualified 6,385 10,567 Reserves and accruals 785 1,747 Deferred revenue 10,297 — Depreciation and amortization 231 445 Net deferred tax assets 83,737 123,747 Less: valuation allowance (83,737 ) (123,747 ) Net deferred tax assets $ — $ — On December 22, 2017, the Tax Cuts and Jobs Act (“the Act”) was enacted into law. The new tax legislation contains several key provisions including the reduction of the corporate income tax rate to 21%, effective January 1, 2018, as well as a variety of other changes including the limitation of the tax deductibility of interest expense, acceleration of expensing of certain business assets and reductions in the amount of executive pay that could qualify as a tax deduction. Additionally, the Act introduced a territorial-style system for taxing foreign source income of domestic multinational corporations. The Company has analyzed the potential impacts of the Act and due to the federal rate reduction it is expecting a reduction in its federal deferred tax assets by $36.0 million with an offset to the valuation allowance, which has been reflected in the financial statements for the tax year ended December 31, 2017. Accounting Standards Codification (ASC) 740, Income Taxes, requires companies to recognize the effect of the tax law changes in the period of enactment. Shortly after the enactment of the Act, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address the application of U.S. GAAP in situations when a registrant does not have the necessary information available, prepared, or analyzed (including computations) in reasonable detail to complete the accounting for certain income tax effects of the Act. The Company has adjusted its deferred tax assets and liabilities based on the reduction of the U.S. federal corporate tax rate from 34% to 21% and assessed the realizability of its deferred tax assets based on its current understanding of the provisions of the new law. The Company considers its accounting for the impacts of the new law to be provisional and the Company will continue to assess the impact of the recently enacted tax law (and expected further guidance from federal and state tax authorities as well as further guidance for the associated income tax accounting) on its business and consolidated financial statements over the next 12 months. The Company has concluded that it is more likely than not that its deferred tax assets will not be realized. Accordingly, the total deferred tax assets have been fully offset by a valuation allowance. The Company’s valuation allowance decreased by approximately $40.0 million in 2017 and increased by approximately $15.2 million and $19.3 million during 2016 and 2015 respectively. At December 31, 2017, the Company had federal and state net operating loss carryforwards of approximately $192.5 million and $247.9 million, respectively. The federal net operating loss carryforwards will begin to expire in 2031. The state net operating loss carryforwards will begin to expire in 2018. The Company has federal and state research and development credit carryforwards of $11.2 million and $6.1 million, respectively. The federal research and development credits will begin to expire in 2019, if not utilized. California research and development credits can be carried forward indefinitely. Utilization of the net operating loss and credit carryforwards may be subject to annual limitation due to historical or future ownership percentage change rules provided by the Internal Revenue Code of 1986, and similar state provisions. The annual limitation may result in the expiration of certain net operating loss and credit carryforwards before their utilization. A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2017, 2016, and 2015, is as follows (in thousands): Unrecognized Balance as of December 31, 2015 $ 4,872 Additions for current tax positions 558 Balance as of December 31, 2016 $ 5,430 Additions for current tax positions 603 Additions for prior tax positions 2,753 Balance as of December 31, 2017 $ 8,786 As of December 31, 2017 and 2016, the Company had approximately $8.8 million and $5.4 million, respectively, of unrecognized tax benefits, none of which would currently affect the Company’s effective tax rate if recognized due to the Company’s deferred tax assets being fully offset by a valuation allowance. The Company is not aware of any items that will significantly increase or decrease its unrecognized tax benefits in the next 12 months. For U.S. federal and California income tax purposes, the statute of limitations remains open for the years beginning 2014 and 2013, respectively, except for the carryforward of net operating losses and research and development credits generated in prior years. If applicable, the Company would classify interest and penalties related to uncertain tax positions in income tax expense. Through December 31, 2017, there has been no interest expense or penalties related to unrecognized tax benefits. |
Selected Quarterly Financial Da
Selected Quarterly Financial Data | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Data | 15. Selected Quarterly Financial Data (unaudited) Selected quarterly results from operations for the years ended December 31, 2017 and 2016 are as follows (in thousands except per share amounts): 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 8,230 $ 8,937 $ 9,029 $ 56,301 Net income (loss) $ (5,996 ) $ (9,240 ) $ (6,560 ) $ 39,655 Basic net income (loss) per share $ (0.12 ) $ (0.19 ) $ (0.13 ) $ 0.81 Diluted net income (loss) per share $ (0.12 ) $ (0.19 ) $ (0.13 ) $ 0.80 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ — $ 2,795 $ 4,251 $ 4,889 Net loss $ (15,243 ) $ (9,983 ) $ (7,072 ) $ (7,665 ) Basic net loss per share $ (0.34 ) $ (0.22 ) $ (0.15 ) $ (0.16 ) Diluted net loss per share $ (0.34 ) $ (0.22 ) $ (0.15 ) $ (0.16 ) The four quarters of net earnings per share may not add to the total year because of differences in the weighted average numbers of shares outstanding during the quarters and the year. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Consolidation | Consolidation The consolidated financial statements include the Company’s accounts and those of its wholly owned subsidiary, ChemoCentryx Limited. The operations of ChemoCentryx Limited have been immaterial to date. All intercompany amounts have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (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. |
Basis of Presentation | Basis of Presentation The financial statements are prepared in conformity with GAAP. The Company has made estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Cash Equivalents and Investments | Cash Equivalents and Investments The Company considers all highly liquid investments with an original maturity at the date of purchase of three months or less to be cash equivalents. The Company limits its concentration of risk by diversifying its investments among a variety of issuers. All investments are classified as available for sale and are recorded at fair value based on quoted prices in active markets or based upon other observable inputs, with unrealized gains and losses excluded from earnings and reported in other comprehensive income (loss). Purchase premiums and discounts are recognized in interest income using the interest method over the terms of the securities. Realized gains and losses and unrealized declines in fair value that are deemed to be other than temporary are reflected in the statement of operations. The cost of securities sold is based on the specific-identification method. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The carrying amounts of certain of the Company’s financial instruments, including cash and cash equivalents, short-term investments, accounts receivable and accounts payable, approximate their fair value due to their short maturities. Fair value is considered to be the price at which an asset could be exchanged or a liability transferred (an exit price) in an orderly transaction between knowledgeable, willing parties in the principal or most advantageous market for the asset or liability. Where available, fair value is based on or derived from observable market prices or other observable inputs. Where observable prices or inputs are not available, valuation models are applied. The valuation techniques involve management estimation and judgment, the degree of which is dependent on the price transparency for the instruments or market and the instruments’ complexity. |
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. For the years ended December 31, 2017 and 2016, 100% and 96%, respectively, of the Company’s total revenue were derived from the Company’s collaboration with Vifor (International) Ltd., and/or its affiliates, or collectively, Vifor. The Company did not generate any revenue in 2015. 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): December 31, 2017 2016 Vifor (1) $ 51,090 $ 30,000 U.S. Food and Drug Administration — 205 $51,090 $30,205 (1) As of December 31, 2017, accounts receivable excluded the $10.0 million cash commitments due from Vifor in February 2018 in connection with the Avacopan Amendment. Accounts receivable at December 31, 2017 included $1.1 million of unbilled receivable related to development costs to be reimbursed by Vifor under the CCX140 Agreement. As of December 31, 2016, accounts receivable excluded the $20.0 million cash commitment due from Vifor in December 2017 in connection with the CCX140 Agreement. See “Note 10. Collaboration and License Agreements” for a detailed discussion. |
Property and Equipment | Property and Equipment Property and equipment are stated at cost less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets, which range from five to seven years. Tenant improvements are depreciated over the lesser of the estimated useful life or the remaining life of the lease at the time the asset is placed into service. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company reviews long-lived assets, including property and equipment, for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its respective fair value. To date, the Company has not recorded any impairment losses. |
Revenue Recognition | Revenue Recognition The Company enters into corporate collaborations under which it may obtain upfront license fees, research and development funding and contingent milestones and royalty payments. The Company’s deliverables under these arrangements may include intellectual property rights, distribution rights, delivery of manufactured product, participation on joint steering committees and/or research and development services. In order to account for the multiple-element arrangements, the Company identifies the deliverables included within the arrangement and evaluate whether the delivered elements under these arrangements have value to its collaboration partner on a stand-alone basis and represent separate units of accounting. If the Company determines that multiple deliverables exist, the consideration is allocated to one or more units of accounting based upon the best estimate of the selling price of each deliverable. The selling price used for each deliverable will be based on vendor-specific objective evidence, if available, third-party evidence if vendor-specific objective evidence is not available, or estimated selling price if neither vendor-specific nor third-party evidence is available. A delivered item or items that do not qualify as a separate unit of accounting within the arrangement shall be combined with the other applicable undelivered items within the arrangement. The allocation of arrangement consideration and the recognition of revenue then shall be determined for those combined deliverables as a single unit of accounting. For a combined unit of accounting, non-refundable The Company considers sales-based contingent payments to be royalty revenue which is generally recognized at the date the contingency is achieved. Research and development funding related to collaborative research and development efforts is recognized as revenue as the related services are performed or delivered, in accordance with contract terms. For certain contingent payments under collaboration and license arrangements, the Company recognizes revenue using the milestone method. Under the milestone method a payment that is contingent upon the achievement of a substantive milestone is recognized in its entirety in the period in which the milestone is achieved. A milestone is an event: (i) that can be achieved based in whole or in part on either the Company’s performance or on the occurrence of a specific outcome resulting from the Company’s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved and (iii) that would result in additional payments being due to the Company. Milestones are considered substantive when the consideration earned from the achievement of the milestone is: (i) commensurate with either the Company’s performance to achieve the milestone or the enhancement of value of the item delivered as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (ii) related solely to past performance and (iii) reasonable relative to all deliverables and payment terms in the arrangement. In making the determination as to whether a milestone is substantive or not, the Company considers all facts and circumstances relevant to the arrangement, including factors such as the scientific, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether any portion of the milestone consideration is related to future performance or deliverables. Contingency and milestones payments, when recognized as revenue, are classified as collaboration and license revenues in the Consolidated Statements of Operations. Revenue from government and private agency grants are recognized as the related research and development expenses are incurred and to the extent that funding is approved. |
Research and Development Expenses | Research and Development Expenses All research and development expenses are recognized as incurred. Research and development expenses include, but are not limited to, salaries and related benefits, including stock-based compensation, third-party contract costs relating to research, formulation, manufacturing, preclinical study and clinical trial activities, laboratory consumables and allocated facility costs. |
Clinical Trial Accruals | Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon estimates of the percentage of work completed over the life of the individual study in accordance with agreements established with clinical research organizations and clinical trial sites. The Company determines the estimates through discussions with internal clinical personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed. |
Income Taxes | Income Taxes The Company uses the liability method for income taxes, whereby deferred tax assets and liabilities are determined based on the differences between the financial reporting and tax reporting bases of assets and liabilities and are measured using enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. Valuation allowances are provided when the expected realization for the deferred tax assets does not meet the more-likely-than-not The Company accounts for uncertain tax positions in the financial statements when it is not more likely than not that the position will be sustained upon examination by the tax authorities. Such tax positions must initially and subsequently be measured at the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon ultimate settlement with the tax authority assuming full knowledge of the position and relevant facts. The Company’s policy is to recognize any interest and penalties related to unrecognized tax benefits in income tax expense. |
Comprehensive Income (Loss) | Comprehensive Income (loss) Comprehensive income (loss) comprises net income (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 available-for-sale |
Stock-Based Compensation | Stock-Based Compensation The Company accounts for employee stock-based compensation using a fair-value-based method, which measures stock-based compensation cost at the grant date based on the fair value of the award, and recognizes as an expense over the award’s vesting periods on a straight-line basis. Because stock compensation expense is based on awards ultimately expected to vest, it has been reduced by an estimate for future forfeitures. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. The Company accounts for stock-based compensation arrangements with nonemployees using a fair-value approach. For stock options granted to nonemployees, the fair value of the stock options is estimated using the Black-Scholes valuation model. This model utilizes the estimated fair value of common stock and requires that, at the date of grant, assumptions are made with respect to the remaining contractual term of the option, the volatility of the fair value of its common stock, the risk-free interest rates and the expected dividend yields of its common stock. The measurement of nonemployee stock-based compensation is subject to periodic adjustment as the underlying equity instruments vest. The Company accounts for restricted stock compensation arrangements with nonemployee directors using a fair-value approach. For restricted stock units (RSUs) and restricted stock awards (RSAs) granted to nonemployee directors, the fair value of a RSU or RSA is valued at the closing price of the Company’s common stock on the date of the grant. The Company recognizes stock-based compensation expense associated with these RSUs and RSAs over the requisite service period, with no adjustment in future periods based on the Company’s actual stock price over the vesting period. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per common share is computed by dividing net income (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 income (loss) per share is computed by dividing net income (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 RSUs and 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 income (loss) per share when their effect is dilutive. The following table is a reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share. Year Ended December 31, 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) $ 17,859 $ (39,963 ) $ (47,305 ) Denominator: Weighted average shares outstanding - basic 48,413 46,432 43,890 Dilutive stock options, RSUs and RSAs 1,202 — — Weighted average shares outstanding - diluted 49,615 46,432 43,890 Net income (loss) per common share Basic $ 0.37 $ (0.86 ) $ (1.08 ) Diluted $ 0.36 $ (0.86 ) $ (1.08 ) The following potentially dilutive securities were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect: Year Ended December 31, 2017 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 6,320,038 9,358,389 7,861,953 Restricted stock units — 440,344 67,481 Restricted stock awards — 31,306 — Warrants to purchase common stock 150,000 150,000 150,000 6,470,038 9,980,039 8,079,434 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2014-09, During 2016, the Company entered into two license and collaboration agreements. During 2017 and 2016, the Company primarily derived its revenue from license and collaboration agreements. The consideration the Company is eligible to receive under these agreements includes upfront payments, research and development funding, milestone payments, and royalties. The Company assessed each collaboration agreement under the five-step process under the new standard. The Company reviewed the guidance as it relates to the selection of a measure of progress on the complete satisfaction of performance obligation as this may impact the estimation of, and the determination of the timing of revenue recognition. ASC 606 notes the objective when measuring progress is to depict an entity’s performance in transferring control of goods or services promised to a customer. The Company recognized upfront fees straight-line under ASC 605 over the estimated performance period and recognized milestone when earned under the Milestone Method of accounting. Under ASC 606, the Company’s upfront fees and milestones will be recognized using an input method to measure its progress toward the completion of its performance obligations. The Company determined that external R&D costs are a reasonable measure of progress to measure the value that will be transferred to Vifor. These factors will yield the material changes in the Company’s revenue recognition between ASC 605 and 606. On January 1, 2018, the Company adopted the accounting standard update using the modified retrospective approach. Management is finalizing the measure of progress calculations related to the Company’s two license and collaboration agreements. Given the factors discussed above, the impact upon adoption is anticipated to increase accumulated deficit in a range of $45 million to $50 million. The actual, final quantitative effect of the adoption of Topic 606 will be completed in the first quarter of 2018. Finally, Topic 606 requires more robust disclosures than required by previous guidance, including disclosures related to disaggregation of revenue into appropriate categories, performance obligations, the judgments made in revenue recognition determinations, adjustments to revenue which relate to activities from previous quarters or years, any significant reversals of revenue, and costs to obtain or fulfill contracts. The Company plans to address these disclosure requirements in its Form 10-Q 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 The Company has reviewed other recent accounting pronouncements and concluded they are either not applicable to the business or that no material effect is expected on the consolidated financial statements as a result of future adoption. |
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. |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Accounts Receivable | Accounts receivable consists of the following (in thousands): December 31, 2017 2016 Vifor (1) $ 51,090 $ 30,000 U.S. Food and Drug Administration — 205 $51,090 $30,205 (1) As of December 31, 2017, accounts receivable excluded the $10.0 million cash commitments due from Vifor in February 2018 in connection with the Avacopan Amendment. Accounts receivable at December 31, 2017 included $1.1 million of unbilled receivable related to development costs to be reimbursed by Vifor under the CCX140 Agreement. As of December 31, 2016, accounts receivable excluded the $20.0 million cash commitment due from Vifor in December 2017 in connection with the CCX140 Agreement. See “Note 10. Collaboration and License Agreements” for a detailed discussion. |
Summary of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income (Loss) Per Share | The following table is a reconciliation of the numerator and denominator used in the calculation of basic and diluted net income (loss) per share. Year Ended December 31, 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) $ 17,859 $ (39,963 ) $ (47,305 ) Denominator: Weighted average shares outstanding - basic 48,413 46,432 43,890 Dilutive stock options, RSUs and RSAs 1,202 — — Weighted average shares outstanding - diluted 49,615 46,432 43,890 Net income (loss) per common share Basic $ 0.37 $ (0.86 ) $ (1.08 ) Diluted $ 0.36 $ (0.86 ) $ (1.08 ) |
Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share Due to Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net income (loss) per share due to their anti-dilutive effect: Year Ended December 31, 2017 2016 2015 Options to purchase common stock, including purchases from contributions to ESPP 6,320,038 9,358,389 7,861,953 Restricted stock units — 440,344 67,481 Restricted stock awards — 31,306 — Warrants to purchase common stock 150,000 150,000 150,000 6,470,038 9,980,039 8,079,434 |
Cash Equivalents and Investme25
Cash Equivalents and Investments (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2017 and 2016 were as follows (in thousands): December 31, 2017 Amortized Gross Unrealized Fair Cost Gains Losses Value Money market fund $ 29,848 $ — $ — $ 29,848 U.S. treasury securities 29,005 — (52 ) 28,953 Commercial paper 46,184 — — 46,184 Corporate debt securities 27,095 — (67 ) 27,028 Total available-for-sale $ 132,132 $ — $ (119 ) $ 132,013 Classified as: Cash equivalents $ 36,813 Short-term investments 87,271 Long-term investments 7,929 Total available-for-sale $ 132,013 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) | 12 Months Ended |
Dec. 31, 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 as of December 31, 2017 and 2016 (in thousands): December 31, 2017 Level 1 Level 2 Level 3 Total Description Money market fund $ 29,848 $ — $ — $ 29,848 U.S. treasury securities — 28,953 — 28,953 Commercial paper — 46,184 — 46,184 Corporate debt securities — 27,028 — 27,028 Total assets $ 29,848 $ 102,165 $ — $ 132,013 December 31, 2016 Level 1 Level 2 Level 3 Total Description 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 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following (in thousands): December 31, 2017 2016 Lab equipment $ 5,897 $ 5,950 Computer equipment and software 1,688 1,511 Furniture and fixtures 551 528 Tenant improvements 893 866 9,029 8,855 Less: accumulated depreciation (7,819 ) (7,950 ) $ 1,210 $ 905 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities consist of the following (in thousands): December 31, 2017 2016 Research and development related $ 4,962 $ 5,482 Compensation related 2,345 2,460 Consulting and professional services 1,012 421 Other 256 282 $ 8,575 $ 8,645 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of Future Minimum Principal Payments Related to the Credit Agreement | Future minimum principal payments, which exclude the end of term charge, related to the Credit Agreement as of December 31, 2017 are as follows (in thousands): Amounts Year ending December 31: 2018 $ — 2019 — 2020 2,394 2021 2,606 Total minimum payments 5,000 Less current portion — Noncurrent portion $ 5,000 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments under Noncancelable Operating Leases | Future minimum lease payments under all noncancelable operating leases as of December 31, 2017, are as follows (in thousands): Amounts Year ending December 31: 2018 $ 937 2019 1,316 2020 500 Total minimum lease payments $ 2,753 |
Equity Incentive Plans (Tables)
Equity Incentive Plans (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Restricted Stock Activity | The activity for restricted stock is summarized as follows: Shares Weighted Average Balance at December 31, 2016 471,650 $ 4.60 Granted 279,738 6.72 Vested (229,610 ) 4.60 Canceled (13,334 ) 3.57 Unvested at December 31, 2017 508,444 $ 5.79 |
Summary of Stock Option Activity under its Stock Plans | The following table summarizes stock option activity and related information under the Company’s Stock Plans: Available Shares Weighted Average Exercise Price Weighted Average Term (in years) Aggregate Balance at December 31, 2016 1,655,524 9,345,515 $ 7.72 Shares authorized 1,900,000 — Granted (1) (2,212,138 ) 1,932,400 6.80 Exercised (2) 58,967 (461,151 ) 5.84 Forfeited and expired (3) 626,527 (613,193 ) 7.03 Outstanding at December 31, 2017 2,028,880 10,203,571 $ 7.68 6.19 $ 3,773,137 Vested and expected to vest, net of estimated forfeiture at December 31, 2017 9,967,860 $ 7.72 6.13 $ 3,636,358 Exercisable at December 31, 2017 7,099,052 $ 8.37 5.10 $ 1,798,555 (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. |
Stock Options Outstanding | As of December 31, 2017, stock options outstanding were as follows: Options Outstanding Exercise Price Range Shares Weighted-Average Contractual Life $2.10 - $3.29 214,050 8.32 $3.57 1,151,175 8.08 $3.72 - $5.95 486,090 8.52 $6.00 1,054,514 1.18 $6.08 - $6.30 1,134,724 4.61 $6.50 - $6.60 96,087 9.30 $6.62 1,175,900 9.10 $6.90 - $7.10 1,113,845 5.90 $7.12 - $7.85 418,100 8.87 $8.19 - $15.90 3,359,086 5.84 10,203,571 6.19 |
Employee Stock-based Compensation Expense Recognized | Total employee stock-based compensation expense recognized associated with restricted stock, stock options, and the ESPP, was as follows (in thousands): Year Ended December 31, 2017 2016 2015 Research and development $ 3,154 $ 3,245 $ 3,240 General and administrative 4,965 4,977 5,620 Total $ 8,119 $ 8,222 $ 8,860 |
Assumptions for Fair Values of Employee Stock Options Granted under Company's Stock Plans | The fair values of the employee stock options granted under the Company’s Stock Plans and the option component of the shares purchased under the ESPP during 2017, 2016, and 2015 were estimated at the date of grant using the Black-Scholes option-pricing model with the following assumptions: Employee Stock Options Employee Stock Purchase Plan 2017 2016 2015 2017 2016 2015 Dividend yield 0 % 0 % 0 % 0 % 0 % 0 % Volatility 68.3 % 65.6 % 67.6 % 52.9 % 99.7 % 60.1 % Weighted-average expected life (in years) 6.0 6.0 6.0 0.5 0.5 0.5 Risk-free interest rate 2.04 % 1.58 % 1.70 % 1.22 % 0.47 % 0.21 % Weighted average grant date fair value $ 4.30 $ 2.43 $ 5.00 $ 2.16 $ 2.29 $ 2.22 |
Stock-based Compensation Expense in Connection with Grants of Stock Options to Nonemployees | In connection with grants of stock options to nonemployees, the Company recorded stock-based compensation expense as follows (in thousands): Year Ended December 31, 2017 2016 2015 Research and development $ 629 $ 313 $ 105 General and administrative — — 20 Total $ 629 $ 313 $ 125 |
Assumptions for Fair Values of Stock Options Granted are Calculated Related to Stock Options Granted to Nonemployees | The estimated fair values of the stock options granted are calculated at each reporting date using the Black-Scholes option-pricing model, with the following assumptions: Year Ended December 31, 2017 2016 2015 Dividend yield 0 % 0 % 0 % Volatility 69-70 % 65-68 % 65-66 % Weighted-average expected life (in years) 5.5-10.0 6.1-9.9 5.6-9.9 Risk-free interest rate 1.9-2.5 % 1.3-2.4 % 1.7-2.4 % |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income Tax (Benefit) Expense | The Company’s loss before tax is only attributable to U.S. operations. The components of the income tax (benefit) expense are as follows (in thousands): Year Ended December 31, 2017 2016 2015 Current (benefit from) provision for income taxes: Federal $ — $ — $ — State — — — Total current (benefit from) provision for income taxes — — — Deferred (benefit from) provision for income taxes: — — — Federal — — — State — — — Total deferred tax (benefit from) provision for income taxes — — — (Benefit from) provision for income taxes $ — $ — $ — |
Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate | A reconciliation of the federal statutory income tax rate to the Company’s effective income tax rate is as follows: Year Ended December 31, 2017 2016 2015 Federal statutory income tax rate 34.0 % (34.0 %) (34.0 %) State income taxes, net of federal benefit — (5.8 ) (5.8 ) Permanent items 5.5 2.1 1.9 Excess tax benefit for stock-based compensation (2.0 ) — — Research and development credits (7.2 ) (2.8 ) (2.1 ) Change in valuation allowance (224.1 ) 38.1 40.0 Change in tax rate 193.8 — — Other — 2.4 — (Benefit from) provisions for income taxes — % — % — % |
Tax Effects of Temporary Differences and Carryforwards that Give Rise to Significant Portions of the Deferred Tax Assets | The tax effects of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets consist of the following (in thousands): December 31, 2017 2016 Net operating loss carryforwards $ 55,569 $ 102,269 Research and development credit 10,470 8,719 Amortization of deferred stock compensation - non-qualified 6,385 10,567 Reserves and accruals 785 1,747 Deferred revenue 10,297 — Depreciation and amortization 231 445 Net deferred tax assets 83,737 123,747 Less: valuation allowance (83,737 ) (123,747 ) Net deferred tax assets $ — $ — |
Reconciliation of the Company's Unrecognized Tax Benefits | A reconciliation of the Company’s unrecognized tax benefits for the years ended December 31, 2017, 2016, and 2015, is as follows (in thousands): Unrecognized Balance as of December 31, 2015 $ 4,872 Additions for current tax positions 558 Balance as of December 31, 2016 $ 5,430 Additions for current tax positions 603 Additions for prior tax positions 2,753 Balance as of December 31, 2017 $ 8,786 |
Selected Quarterly Financial 33
Selected Quarterly Financial Data (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Results from Operations | Selected quarterly results from operations for the years ended December 31, 2017 and 2016 are as follows (in thousands except per share amounts): 2017 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ 8,230 $ 8,937 $ 9,029 $ 56,301 Net income (loss) $ (5,996 ) $ (9,240 ) $ (6,560 ) $ 39,655 Basic net income (loss) per share $ (0.12 ) $ (0.19 ) $ (0.13 ) $ 0.81 Diluted net income (loss) per share $ (0.12 ) $ (0.19 ) $ (0.13 ) $ 0.80 2016 Quarter Ended March 31 June 30 September 30 December 31 Revenue $ — $ 2,795 $ 4,251 $ 4,889 Net loss $ (15,243 ) $ (9,983 ) $ (7,072 ) $ (7,665 ) Basic net loss per share $ (0.34 ) $ (0.22 ) $ (0.15 ) $ (0.16 ) Diluted net loss per share $ (0.34 ) $ (0.22 ) $ (0.15 ) $ (0.16 ) |
Description of Business - Addit
Description of Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2017Segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of operating segment | 1 |
Summary of Significant Accoun35
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Jan. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Significant Accounting Policies [Line Items] | ||||
Percentage of contract revenue as total revenue | 100.00% | 96.00% | ||
Impairment loss on long lived assets | $ 0 | |||
Reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities | 0 | $ 0 | ||
Recognized excess tax benefit | $ 0 | $ 0 | $ 0 | |
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 5 years | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 7 years | |||
ASU No. 2016-09 [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Recognized excess tax benefit | $ 2,100,000 | |||
Accounting Standards Update 2014-09 [Member] | Minimum [Member] | Accumulated Deficit [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated cumulative effect of adoption to accumulated deficit | $ 45,000,000 | |||
Accounting Standards Update 2014-09 [Member] | Maximum [Member] | Accumulated Deficit [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated cumulative effect of adoption to accumulated deficit | $ 50,000,000 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Summary of Accounts Receivable (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 51,090 | $ 30,205 |
Vifor [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 51,090 | 30,000 |
US Food and Drug Administration [Member] | ||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Accounts receivable | $ 205 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Summary of Accounts Receivable (Parenthetical) (Detail) - Vifor [Member] $ in Millions | Dec. 31, 2017USD ($) |
CCX140 Agreement [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Cash commitment | $ 20 |
Unbilled receivable related to development costs to be reimbursed | 1.1 |
Avacopan Agreement [Member] | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |
Cash commitment | $ 10 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Summary of Numerator and Denominator Used in Calculation of Basic and Diluted Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Numerator: | |||||||||||
Net income (loss) | $ 39,655 | $ (6,560) | $ (9,240) | $ (5,996) | $ (7,665) | $ (7,072) | $ (9,983) | $ (15,243) | $ 17,859 | $ (39,963) | $ (47,305) |
Denominator: | |||||||||||
Weighted average shares outstanding - basic | 48,413 | 46,432 | 43,890 | ||||||||
Dilutive stock options, RSUs and RSAs | 1,202 | ||||||||||
Weighted average shares outstanding - diluted | 49,615 | 46,432 | 43,890 | ||||||||
Basic | $ 0.81 | $ (0.13) | $ (0.19) | $ (0.12) | $ (0.16) | $ (0.15) | $ (0.22) | $ (0.34) | $ 0.37 | $ (0.86) | $ (1.08) |
Diluted | $ 0.80 | $ (0.13) | $ (0.19) | $ (0.12) | $ (0.16) | $ (0.15) | $ (0.22) | $ (0.34) | $ 0.36 | $ (0.86) | $ (1.08) |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Income (Loss) per Share Due to Anti-Dilutive Effect (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 6,470,038 | 9,980,039 | 8,079,434 |
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 | 6,320,038 | 9,358,389 | 7,861,953 |
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 | 440,344 | 67,481 | |
Restricted Stock Awards [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share | 31,306 | ||
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 | 150,000 |
Cash Equivalents and Investme40
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 132,132 | $ 121,533 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (119) | (51) |
Available-for-sale Securities | 132,013 | 121,483 |
Money Market Fund [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,848 | 9,746 |
Available-for-sale Securities | 29,848 | 9,746 |
U.S. Treasury Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,005 | 49,693 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | (52) | (22) |
Available-for-sale Securities | 28,953 | 49,672 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 46,184 | 16,183 |
Available-for-sale Securities | 46,184 | 16,183 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 27,095 | 45,911 |
Gross Unrealized Losses | (67) | (29) |
Available-for-sale Securities | $ 27,028 | $ 45,882 |
Cash Equivalents and Investme41
Cash Equivalents and Investments - Amortized Cost and Fair Value of Cash Equivalents and Investments 2 (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Cash equivalents | $ 36,813 | $ 9,746 |
Short-term investments | 87,271 | 105,740 |
Long-term investments | 7,929 | 5,997 |
Total available-for-sale securities | $ 132,013 | $ 121,483 |
Cash Equivalents and Investme42
Cash Equivalents and Investments - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 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 | $ 3,200,000 | $ 2,300,000 |
Number of available-for-sale securities in a continuous unrealized loss position for more than 12 months | Investment | 0 | |
Other-than-temporary impairment charges on available-for-sale securities | $ 0 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value Measurements of Company's Financial Assets and Liabilities (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 132,013 | $ 121,483 |
Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 29,848 | 9,746 |
U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 28,953 | 49,672 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 46,184 | 16,183 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 27,028 | 45,882 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 29,848 | 9,746 |
Level 1 [Member] | Money Market Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 29,848 | 9,746 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 102,165 | 111,737 |
Level 2 [Member] | U.S. Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 28,953 | 49,672 |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 46,184 | 16,183 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 27,028 | $ 45,882 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | Dec. 31, 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 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 9,029 | $ 8,855 |
Less: accumulated depreciation | (7,819) | (7,950) |
Net Property and equipment | 1,210 | 905 |
Lab Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 5,897 | 5,950 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,688 | 1,511 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 551 | 528 |
Tenant Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 893 | $ 866 |
Accrued Liabilities - Accrued L
Accrued Liabilities - Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Research and development related | $ 4,962 | $ 5,482 |
Compensation related | 2,345 | 2,460 |
Consulting and professional services | 1,012 | 421 |
Other | 256 | 282 |
Accrued liabilities | $ 8,575 | $ 8,645 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Detail) | Dec. 28, 2017USD ($)Tranches | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Debt Instrument [Line Items] | |||
Right to participate in equity offering | $ 7,000,000 | ||
Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 50,000,000 | ||
Line of credit facility, advance amount | $ 5,000,000 | ||
Number of tranches | Tranches | 3 | ||
Line of credit facility, interest rate | 8.05% | ||
Line of credit facility, interest rate description | Advances under the Term Loan Facility will bear an interest rate equal to the greater of either (i) 8.05% plus the prime rate as reported from time to time in The Wall Street Journal minus 4.75%, and (ii) 8.05%. For advances under the first tranche, the Company will make interest only payments through January 1, 2020, extended to July 1, 2020 upon satisfaction of certain milestones, and will then repay the principal balance and interest of the advances in equal monthly installments after the interest only period and continuing through December 1, 2021. For advances made under the second and third tranches, the Company will make interest only payments in the first 24 months, extended to 30 months upon satisfactions of certain conditions, and will then repay the principal balance and interest of the advances in equal monthly installments after the interest only period with the entire term loan advances repaid 48 months after the advance under the applicable tranche is drawn. | ||
Line of credit facility, interest rate and principal repayment period | 48 months | ||
Line of credit facility, prepayment description | The Company may prepay advances under the Loan Agreement, in whole or in part, at any time subject to a prepayment charge equal to: (a) 2.0% of amounts so prepaid, if such prepayment occurs during the first year following the Closing Date; (b) 1.5% of the amount so prepaid, if such prepayment occurs during the second year following the Closing Date; and (c) 1.0% of the amount so prepaid, if such prepayment occurs after the second year following the Closing Date. | ||
Loan commitment charge, percentage | 1.00% | ||
Borrowings outstanding | $ 4,700,000 | ||
Discount on borrowings | 300,000 | ||
Term Loan [Member] | Minimum [Member] | |||
Debt Instrument [Line Items] | |||
Aggregare proceeds to be received from equity offering | $ 20,000,000 | ||
Loan commitment charge | $ 162,500 | ||
Term Loan [Member] | Hercules Capital, Inc. [Member] | Maximum [Member] | |||
Debt Instrument [Line Items] | |||
Right to participate in equity offering | $ 2,000,000 | ||
Term Loan [Member] | First Year [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, prepayment interest rate | 2.00% | ||
Term Loan [Member] | Second Year [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, prepayment interest rate | 1.50% | ||
Term Loan [Member] | After Second Year [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, prepayment interest rate | 1.00% | ||
Tranche One [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 15,000,000 | ||
Line of credit facility, interest rate | 8.05% | ||
Line of credit facility, interest rate payment period | 24 months | ||
Line of credit facility, interest rate payment extension period | 30 months | ||
End of term charge for loan | The end of term charge is the greater of (a) 6.25% of the aggregate amount of the advances and (b) 6.25% of the aggregate amount of the advances plus 50% of the unfunded portion of the first tranche. | ||
End of term charge for loan, percentage | 6.25% | ||
Tranche Two [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 10,000,000 | ||
Line of credit facility, interest rate payment period | 24 months | ||
Line of credit facility, interest rate payment extension period | 30 months | ||
Tranche Three [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
Line of credit facility, current borrowing capacity | $ 25,000,000 | ||
Line of credit facility, interest rate payment period | 24 months | ||
Line of credit facility, interest rate payment extension period | 30 months | ||
Tranche Two and Three [Member] | Term Loan [Member] | |||
Debt Instrument [Line Items] | |||
End of term charge for loan | The charge is 6.25% of the aggregate amount of the advances applicable to such tranche. | ||
End of term charge for loan, percentage | 6.25% |
Long-term Debt - Schedule of Fu
Long-term Debt - Schedule of Future Minimum Principal Payments Related to the Credit Agreement (Detail) - Term Loan [Member] $ in Thousands | Dec. 31, 2017USD ($) |
Debt Instrument [Line Items] | |
2,018 | $ 0 |
2,019 | 0 |
2,020 | 2,394 |
2,021 | 2,606 |
Total minimum payments | 5,000 |
Less current portion | 0 |
Noncurrent portion | $ 5,000 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating Leased Assets [Line Items] | |||
Discounted lease | The Company received a discounted lease rate during the first year of the agreement. | ||
Total rental expenses | $ 1.3 | $ 1.2 | $ 1.1 |
First Amendment August 2012 [Member] | |||
Operating Leased Assets [Line Items] | |||
Expiration date | 2019-04 | ||
Second Amendment April 2017 [Member] | |||
Operating Leased Assets [Line Items] | |||
Expiration date | 2020-04 |
Commitments - Future Minimum Le
Commitments - Future Minimum Lease Payments under Noncancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2017USD ($) |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2,018 | $ 937 |
2,019 | 1,316 |
2,020 | 500 |
Total minimum lease payments | $ 2,753 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Feb. 29, 2012 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | ||||
Common stock, shares outstanding | 48,837,060 | 48,057,920 | ||
Accounts payable balance | $ 1,400,000 | $ 671,000 | ||
Research materials expense | $ 49,495,000 | 37,945,000 | $ 33,183,000 | |
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% | |||
Common stock, shares outstanding | 6,385,056 | |||
Accounts payable balance | $ 6,000 | 25,000 | ||
Research materials expense | $ 96,000 | $ 114,000 | $ 62,000 |
Collaboration and License Agr52
Collaboration and License Agreements - Additional Information (Detail) - USD ($) | May 09, 2016 | Dec. 31, 2017 | Feb. 28, 2017 | Dec. 31, 2016 | May 31, 2016 | Dec. 31, 2017 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Collaboration and license revenue | $ 82,497,000 | $ 11,435,000 | ||||||||
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 | 72,500,000 | $ 11,400,000 | ||||||||
Revenue recognized upon achievement of regulatory milestone | $ 50,000,000 | |||||||||
CCX140 Agreement [Member] | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Estimated period of performance | 5 years | 8 years | ||||||||
Collaboration and license revenue | 10,000,000 | |||||||||
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 | 9,000,000 | |||||||||
Maximum [Member] | Avacopan Agreement [Member] | ||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||
Estimated period of performance | 5 years 4 months 24 days | |||||||||
Potential milestone payments receivable | 460,000,000 | |||||||||
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) | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Government Grants [Abstract] | |
Orphan products development grant | $ 500,000 |
Equity Incentive Plans - Stock
Equity Incentive Plans - Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Company's incremental common stock shares reserved for issuance | 1,900,000 | ||||
Total intrinsic value of options exercised | $ 1.3 | $ 0.7 | $ 2.1 | ||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expenses | $ 8.2 | ||||
Unrecognized compensation expense, weighted-average period | 2 years 6 months | ||||
Restricted Stocks [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted Average Grant-Date Fair Value, Granted | $ 6.72 | $ 4.48 | $ 7.88 | ||
Total fair value of restricted stock vested | $ 1.7 | $ 0.2 | $ 1 | ||
Unrecognized compensation expenses | $ 1.7 | ||||
Unrecognized compensation expense, weighted-average period | 1 year 4 months 24 days | ||||
2012 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock reserved for future issuance | 11,500,000 | ||||
Shares available for issuance under plan annual increase rate | 4.00% | ||||
Company's incremental common stock shares reserved for issuance | 1,940,000 | ||||
2012 Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance under Plan annual increase | 2,000,000 | ||||
Stock Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum vesting term | 10 years | ||||
Outstanding options vest | 4 years | ||||
Stock Plans [Member] | First Anniversary [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total grant vesting | 25.00% | ||||
Stock Plans [Member] | Monthly After First Anniversary [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total grant vesting | 2.77778% | ||||
Stock Plans [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Exercise prices date of grant fair value rate | 100.00% | ||||
Nonstatutory options granted exercise price | 85.00% |
Equity Incentive Plans - Restri
Equity Incentive Plans - Restricted Stock Activity (Detail) - Restricted Stocks [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Unvested, Beginning Balance | 471,650 | ||
Shares, Granted | 279,738 | ||
Shares, Vested | (229,610) | ||
Shares, Canceled | (13,334) | ||
Shares, Unvested, Ending Balance | 508,444 | 471,650 | |
Weighted Average Grant-Date Fair Value, Unvested, Beginning Balance | $ 4.60 | ||
Weighted Average Grant-Date Fair Value, Granted | 6.72 | $ 4.48 | $ 7.88 |
Weighted Average Grant-Date Fair Value, Vested | 4.60 | ||
Weighted Average Grant-Date Fair Value, Canceled | 3.57 | ||
Weighted Average Grant-Date Fair Value, Unvested, Ending Balance | $ 5.79 | $ 4.60 |
Equity Incentive Plans - Summar
Equity Incentive Plans - Summary of Stock Option Activity under its Stock Plans (Detail) | 12 Months Ended |
Dec. 31, 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 | (2,212,138) |
Shares Available for Grant, Exercised | 58,967 |
Shares Available for Grant, Forfeited and expired | 626,527 |
Shares Available for Grant, Outstanding Ending Balance | 2,028,880 |
Shares, Options Outstanding, Beginning Balance | 9,345,515 |
Shares, Options Outstanding, authorized | 0 |
Shares, Options Outstanding, Granted | 1,932,400 |
Shares, Options Outstanding, Exercised | (461,151) |
Shares, Options Outstanding, Forfeited and expired | (613,193) |
Shares, Options Outstanding, Ending Balance | 10,203,571 |
Shares, Vested and expected to vest, net of estimated forfeiture at December 31, 2017 | 9,967,860 |
Shares, Exercisable at December 31, 2017 | 7,099,052 |
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 | 6.80 |
Weighted Average Exercise Price, Options Outstanding, Exercised | $ / shares | 5.84 |
Weighted Average Exercise Price, Options Outstanding, Forfeited and expired | $ / shares | 7.03 |
Weighted Average Exercise Price, Options Outstanding, Ending Balance | $ / shares | 7.68 |
Weighted Average Exercise Price, Vested and expected to vest, net of estimated forfeiture at December 31, 2017 | $ / shares | 7.72 |
Weighted Average Exercise Price, Exercisable at December 31, 2017 | $ / shares | $ 8.37 |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 2 months 8 days |
Weighted Average Remaining Contractual Term, Vested and expected to vest, net of estimated forfeiture at December 31, 2017 | 6 years 1 month 16 days |
Weighted Average Remaining Contractual Term, Exercisable at December 31, 2017 | 5 years 1 month 6 days |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 3,773,137 |
Aggregate Intrinsic Value, Vested and expected to vest, net of estimated forfeiture at December 31, 2017 | $ | 3,636,358 |
Aggregate Intrinsic Value, Exercisable at December 31, 2017 | $ | $ 1,798,555 |
Equity Incentive Plans - Stoc57
Equity Incentive Plans - Stock Options Outstanding (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Weighted Average Contractual Term, Outstanding | 6 years 2 months 8 days | |
Options Outstanding and Exercisable, Shares | 10,203,571 | 9,345,515 |
Range 1 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 2.10 | |
Exercise Price Range, Upper | $ 3.29 | |
Weighted Average Contractual Term, Outstanding | 8 years 3 months 26 days | |
Options Outstanding and Exercisable, Shares | 214,050 | |
Range 2 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 3.57 | |
Exercise Price Range, Upper | $ 3.57 | |
Weighted Average Contractual Term, Outstanding | 8 years 29 days | |
Options Outstanding and Exercisable, Shares | 1,151,175 | |
Range 3 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 3.72 | |
Exercise Price Range, Upper | $ 5.95 | |
Weighted Average Contractual Term, Outstanding | 8 years 6 months 7 days | |
Options Outstanding and Exercisable, Shares | 486,090 | |
Range 4 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 6 | |
Exercise Price Range, Upper | $ 6 | |
Weighted Average Contractual Term, Outstanding | 1 year 2 months 5 days | |
Options Outstanding and Exercisable, Shares | 1,054,514 | |
Range 5 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 6.08 | |
Exercise Price Range, Upper | $ 6.30 | |
Weighted Average Contractual Term, Outstanding | 4 years 7 months 10 days | |
Options Outstanding and Exercisable, Shares | 1,134,724 | |
Range 6 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 6.50 | |
Exercise Price Range, Upper | $ 6.60 | |
Weighted Average Contractual Term, Outstanding | 9 years 3 months 19 days | |
Options Outstanding and Exercisable, Shares | 96,087 | |
Range 7 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 6.62 | |
Exercise Price Range, Upper | $ 6.62 | |
Weighted Average Contractual Term, Outstanding | 9 years 1 month 6 days | |
Options Outstanding and Exercisable, Shares | 1,175,900 | |
Range 8 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 6.90 | |
Exercise Price Range, Upper | $ 7.10 | |
Weighted Average Contractual Term, Outstanding | 5 years 10 months 25 days | |
Options Outstanding and Exercisable, Shares | 1,113,845 | |
Range 9 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 7.12 | |
Exercise Price Range, Upper | $ 7.85 | |
Weighted Average Contractual Term, Outstanding | 8 years 10 months 14 days | |
Options Outstanding and Exercisable, Shares | 418,100 | |
Range 10 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise Price Range, Lower | $ 8.19 | |
Exercise Price Range, Upper | $ 15.90 | |
Weighted Average Contractual Term, Outstanding | 5 years 10 months 3 days | |
Options Outstanding and Exercisable, Shares | 3,359,086 |
Equity Incentive Plans - Employ
Equity Incentive Plans - Employee Stock Purchase Plan - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Feb. 29, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance under Plan | 2,028,880 | 1,655,524 | |||
Aggregate limit of common stock | 200,000,000 | 200,000,000 | |||
Company's incremental common stock shares reserved for issuance | 1,900,000 | ||||
Stock options grant shares approved for issuance-Non Employee | 239,266 | 15,000 | 90,300 | ||
ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance under Plan | 333,335 | ||||
Common stock initially reserved for issuance | 300,000 | ||||
Shares available for issuance under plan annual increase rate | 1.00% | ||||
Company's incremental common stock shares reserved for issuance | 150,000 | ||||
Common stock issued to employees | 93,221 | 157,893 | 134,579 | ||
Unrecognized compensation expenses | $ 0.1 | ||||
Unrecognized compensation expense, weighted-average period | 4 months 24 days | ||||
ESPP [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Shares available for issuance under Plan | 950,000 | ||||
Aggregate limit of common stock | 3,000,000 |
Equity Incentive Plans - Empl59
Equity Incentive Plans - Employee Stock-based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total | $ 8,119 | $ 8,222 | $ 8,860 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total | 3,154 | 3,245 | 3,240 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total | $ 4,965 | $ 4,977 | $ 5,620 |
Equity Incentive Plans - Assump
Equity Incentive Plans - Assumptions for Fair Values of Employee Stock Options Granted under Company's Stock Plans (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 68.30% | 65.60% | 67.60% |
Weighted-average expected life (in years) | 6 years | 6 years | 6 years |
Risk-free interest rate | 2.04% | 1.58% | 1.70% |
Weighted average grant date fair value | $ 4.30 | $ 2.43 | $ 5 |
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Volatility | 52.90% | 99.70% | 60.10% |
Weighted-average expected life (in years) | 6 months | 6 months | 6 months |
Risk-free interest rate | 1.22% | 0.47% | 0.21% |
Weighted average grant date fair value | $ 2.16 | $ 2.29 | $ 2.22 |
Equity Incentive Plans - Stock-
Equity Incentive Plans - Stock-based Compensation Expense in Connection with Grants of Stock Options to Nonemployees (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense associated with stock options granted to nonemployees | $ 629 | $ 313 | $ 125 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense associated with stock options granted to nonemployees | $ 629 | $ 313 | 105 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense associated with stock options granted to nonemployees | $ 20 |
Equity Incentive Plans - Assu62
Equity Incentive Plans - Assumptions for Fair Values of Stock Options Granted are Calculated Related to Stock Options Granted to Nonemployees (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 69.00% | 65.00% | 65.00% |
Weighted-average expected life (in years) | 5 years 6 months | 6 years 1 month 6 days | 5 years 7 months 6 days |
Risk-free interest rate | 1.90% | 1.30% | 1.70% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 70.00% | 68.00% | 66.00% |
Weighted-average expected life (in years) | 10 years | 9 years 10 months 25 days | 9 years 10 months 25 days |
Risk-free interest rate | 2.50% | 2.40% | 2.40% |
401 (k) Plan - Additional Infor
401 (k) Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |||
Matching contributions by employer | $ 0 | $ 0 | $ 0 |
Income Taxes - Components of In
Income Taxes - Components of Income Tax (Benefit) Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Current (benefit from) provision for income taxes: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 0 | 0 | 0 |
Total current (benefit from) provision for income taxes | 0 | 0 | 0 |
Deferred (benefit from) provision for income taxes: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Total deferred tax (benefit from) provision for income taxes | 0 | 0 | 0 |
(Benefit from) provision for income taxes | $ 0 | $ 0 | $ 0 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of the Federal Statutory Income Tax Rate to the Company's Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | 34.00% | 34.00% | 34.00% |
State income taxes, net of federal benefit | 5.80% | 5.80% | |
Permanent items | 5.50% | (2.10%) | (1.90%) |
Excess tax benefit for stock-based compensation | (2.00%) | ||
Research and development credits | (7.20%) | 2.80% | 2.10% |
Change in valuation allowance | (224.10%) | (38.10%) | (40.00%) |
Change in tax rate | 193.80% | ||
Other | (2.40%) | ||
(Benefit from) provisions for income taxes | 0.00% | 0.00% | 0.00% |
Income Taxes - Tax Effects of T
Income Taxes - Tax Effects of Temporary Differences and Carryforwards that Give Rise to Significant Portions of the Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $ 55,569 | $ 102,269 |
Research and development credit | 10,470 | 8,719 |
Amortization of deferred stock compensation - non-qualified | 6,385 | 10,567 |
Reserves and accruals | 785 | 1,747 |
Deferred revenue | 10,297 | |
Depreciation and amortization | 231 | 445 |
Net deferred tax assets | 83,737 | 123,747 |
Less: valuation allowance | (83,737) | (123,747) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
Change in tax rate deferred tax assets valuation allowance | $ 36,000,000 | |||
U.S. federal corporate tax rate | 34.00% | 34.00% | 34.00% | |
Increase (decrease) in valuation allowance | $ (40,000,000) | $ 15,200,000 | $ 19,300,000 | |
Federal operating loss carryforwards net | 192,500,000 | |||
State operating loss carryforwards net | $ 247,900,000 | |||
Federal operating loss carryforwards expiry | 2,031 | |||
State operating loss carryforwards expiry | 2,018 | |||
Research and development credit | $ 10,470,000 | 8,719,000 | ||
Federal research and development credits will begin to expire | 2,019 | |||
Unrecognized tax benefits | $ 8,786,000 | 5,430,000 | $ 4,872,000 | |
Unrecognized tax benefits that would affect the Company's effective tax rate | 0 | $ 0 | ||
Income tax penalties and interest expense, unrecognized tax benefits | 0 | |||
Scenario, Forecast [Member] | ||||
Income Taxes [Line Items] | ||||
U.S. federal corporate tax rate | 21.00% | |||
Federal [Member] | ||||
Income Taxes [Line Items] | ||||
Research and development credit | 11,200,000 | |||
State and Local [Member] | ||||
Income Taxes [Line Items] | ||||
Research and development credit | $ 6,100,000 |
Income Taxes - Reconciliation68
Income Taxes - Reconciliation of the Company's Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ 5,430 | $ 4,872 |
Additions for current tax positions | 603 | 558 |
Additions for prior tax positions | 2,753 | |
Ending Balance | $ 8,786 | $ 5,430 |
Selected Quarterly Financial 69
Selected Quarterly Financial Data - Selected Quarterly Results from Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2017 | Sep. 30, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 56,301 | $ 9,029 | $ 8,937 | $ 8,230 | $ 4,889 | $ 4,251 | $ 2,795 | $ 82,497 | $ 11,935 | ||
Net income (loss) | $ 39,655 | $ (6,560) | $ (9,240) | $ (5,996) | $ (7,665) | $ (7,072) | $ (9,983) | $ (15,243) | $ 17,859 | $ (39,963) | $ (47,305) |
Basic net income (loss) per share | $ 0.81 | $ (0.13) | $ (0.19) | $ (0.12) | $ (0.16) | $ (0.15) | $ (0.22) | $ (0.34) | $ 0.37 | $ (0.86) | $ (1.08) |
Diluted net income (loss) per share | $ 0.80 | $ (0.13) | $ (0.19) | $ (0.12) | $ (0.16) | $ (0.15) | $ (0.22) | $ (0.34) | $ 0.36 | $ (0.86) | $ (1.08) |