Document and Entity Information
Document and Entity Information Document - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Entity Information [Line Items] | ||
Entity Registrant Name | Bellicum Pharmaceuticals, Inc. | |
Entity Central Index Key | 1,358,403 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 33,103,306 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 96,640 | $ 33,140 |
Investment securities, available for sale - short-term | 50,924 | 70,632 |
Accounts receivable, interest and other receivables | 284 | 334 |
Prepaid expenses and other current assets | 2,449 | 1,504 |
Total current assets | 150,297 | 105,610 |
Investment securities, available for sale - long-term | 9,702 | 0 |
Property and equipment, net | 21,031 | 16,504 |
Restricted cash | 7,371 | 9,640 |
Other assets | 358 | 283 |
TOTAL ASSETS | 188,759 | 132,037 |
Current liabilities: | ||
Accounts payable | 2,527 | 3,623 |
Accrued expenses and other current liabilities | 10,569 | 9,363 |
Current maturity of long-term debt | 0 | 1,787 |
Current portion of capital lease obligations | 23 | 21 |
Current portion of deferred rent | 364 | 319 |
Total current liabilities | 13,483 | 15,113 |
Commitments and contingencies | 0 | 0 |
Long-term liabilities: | ||
Long-term debt | 30,312 | 18,436 |
Capital lease obligation | 135 | 141 |
Deferred rent | 1,705 | 1,773 |
TOTAL LIABILITIES | 45,635 | 35,463 |
Stockholders’ equity: | ||
Preferred stock: $0.01 par value; 10,000,000 shares authorized: no shares issued and outstanding | 0 | 0 |
Common stock, $0.01 par value; 200,000,000 shares authorized at March 31, 2017 and December 31, 2016, 33,755,552 shares issued and 33,078,089 shares outstanding at March 31, 2017; 27,833,028 shares issued and 27,155,565 shares outstanding at December 31, 2016 | 338 | 278 |
Treasury stock: 677,463 shares held at March 31, 2017 and December 31, 2016 | 5,056 | 5,056 |
Additional paid-in capital | 400,538 | 332,068 |
Accumulated other comprehensive income (loss) | 10 | 17 |
Accumulated deficit | (252,706) | (230,733) |
Total stockholders’ equity | 143,124 | 96,574 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 188,759 | $ 132,037 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, Value, Issued | $ 0.01 | $ 0.01 |
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 (usd per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (shares) | 200,000,000 | 200,000,000 |
Common stock, issued (shares) | 33,755,552 | 33,078,089 |
Common stock, outstanding (shares) | 27,155,565 | 27,155,565 |
Treasury Stock, shares (shares) | 677,463 | 677,463 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Grants | $ 128 | $ 92 |
Total revenues | 128 | 92 |
Operating Expenses [Abstract] | ||
Research and development | 15,295 | 10,858 |
License fees | 355 | 130 |
General and administrative | 5,927 | 4,284 |
Total operating expenses | 21,577 | 15,272 |
Loss from operations | (21,449) | (15,180) |
OTHER INCOME (EXPENSE): | ||
Interest income | 197 | 227 |
Interest expense | (721) | (122) |
Total other income (expense) | (524) | 105 |
NET LOSS | $ (21,973) | $ (15,075) |
Net loss per common share attributable to common shareholders, basic and diluted | $ (0.80) | $ (0.56) |
Weighted-average shares outstanding, basic and diluted | 27,295,842 | 26,882,526 |
Unrealized gain (loss) on investment securities | $ (7) | $ 246 |
Comprehensive loss | $ (21,980) | $ (14,829) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (21,973) | $ (15,075) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation | 3,364 | 3,065 |
Depreciation expense | 782 | 463 |
Amortization of premium on investment securities, net | 61 | 184 |
Amortization of lease liability | (23) | (43) |
Amortization of deferred financing costs | 164 | 28 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 50 | 79 |
Prepaid expenses and other assets | (1,020) | 105 |
Accounts payable | (1,193) | (332) |
Accrued liabilities and other | (2,664) | 289 |
NET CASH USED IN OPERATING ACTIVITIES | (22,452) | (11,237) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of investment securities | (11,487) | (21,015) |
Proceeds from sale of investment securities | 21,425 | 11,183 |
Purchases of property and equipment | (1,593) | (2,293) |
CASH PROVIDED BY (USED IN) INVESTING ACTIVITIES | 8,345 | (12,125) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from stock offering, net of offering costs | 64,860 | |
Payment of common stock issuance costs | 28 | 0 |
Proceeds from exercise of stock options | 585 | 113 |
Proceeds from notes payable | 10,000 | 15,000 |
Payment of debt issuance costs | (75) | (199) |
Payment on capital lease obligation | (4) | (3) |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 75,338 | 14,911 |
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 61,231 | (8,451) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 42,780 | 70,241 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | 104,011 | 61,790 |
NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Purchases of equipment in accounts payables and accrued liabilities | 3,716 | 560 |
Accrued debt issuance costs | 695 | 1,216 |
Accrued issuance costs for public offering | 251 | 0 |
Capital lease obligations incurred for equipment | $ 0 | $ 19 |
Organization and Business Descr
Organization and Business Description | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Business Description | ORGANIZATION AND BUSINESS DESCRIPTION Bellicum Pharmaceuticals, Inc., or Bellicum, was incorporated in Delaware in July 2004 and is based in Houston, Texas. Bellicum is a clinical stage biopharmaceutical company focused on discovering and developing novel cellular immunotherapies for various forms of cancer, including both hematological cancers and solid tumors, as well as orphan inherited blood disorders. Bellicum is devoting substantially all of its present efforts to developing next-generation product candidates in some of the most important areas of cellular immunotherapy, including, hematopoietic stem cell transplantation, CAR T and TCR cell therapy. In January 2017, Bellicum formed a wholly-owned subsidiary, Bellicum Pharma Limited, a private limited company organized under the laws of the United Kingdom for the purpose of developing product candidates in Europe. Bellicum and Bellicum Pharma Limited are collectively referred to herein as the Company. |
Basis of Presentation and Manag
Basis of Presentation and Management Plans | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Management Plans | BASIS OF PRESENTATION AND MANAGEMENT PLANS The accompanying interim consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and follow the requirements of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been omitted. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. All such adjustments are normal and recurring in nature. These statements should be read in conjunction with the Company's Annual Report on Form 10-K filed for the fiscal year ended December 31, 2016 (the Annual Report). A copy of the Annual Report is available on the SEC’s website, www.sec.gov , under the Company’s ticker symbol “BLCM” or on Bellicum’s website, www.bellicum.com . The results for the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. Any reference in these footnotes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The Company has not generated any revenue from product sales to date and, if the Company does not successfully commercialize any of the Company's product candidates, the Company will not be able to generate product revenue or achieve profitability. As of March 31, 2017 , the Company had an accumulated deficit of $252.7 million . The Company is subject to risks common to companies in the biotechnology industry and the future success of the Company is dependent on its ability to successfully complete the development of, and obtain regulatory approval for, its product candidates, manage the growth of the organization, obtain additional financing necessary in order to develop, launch and commercialize its product candidates, and compete successfully with other companies in its industry. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make certain estimates and judgments that affect the reported amounts of assets, liabilities, and expenses. Actual results could differ from those estimates. Consolidation All financial information presented includes the accounts of the Company and its wholly-owned subsidiary, for which there has been no activity to date. All significant intercompany balances and transactions have been eliminated in consolidation. Revenue Recognition The Company has not yet generated any revenue from product sales. The Company’s source of revenue for 2017 and 2016 has been grant revenue related to a $1.3 million research grant from the National Institutes of Health covering the period from April 2013 to March 2017. The Company accrues revenue as work is performed and qualifying costs are incurred. Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with maturity of three months or less from the date of purchase to be cash equivalents. Net Loss and Net Loss per Share of Common Stock Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period without consideration for common stock equivalents. The following outstanding shares of common stock equivalents were excluded from the computations of diluted net loss per share of common stock attributable to common stockholders for the periods presented, as the effect of including such securities would be anti-dilutive. As of March 31, 2017 2016 Common Stock Equivalents: Number of shares Options to purchase common stock 4,999,835 4,467,412 Unvested shares of restricted stock units 81,250 — Unvested shares of restricted stock 58,825 88,236 Total common stock equivalents 5,139,910 4,555,648 Investment Securities Consistent with its investment policy, the Company invests its cash allocated to fund its short-term liquidity requirements with prominent financial institutions in bank depository accounts and institutional money market funds. The Company invests the remainder of its cash in corporate debt securities and municipal bonds rated at least A quality or equivalent, U.S. Treasury notes and bonds and U.S. and state government agency-backed securities. The Company determines the appropriate classification of investment securities based on whether they represent the investment of funds available for current operations, as defined in ASC 210-10-45-1 and ASC 210-10-45-2. The Company reevaluates its classification as of each balance sheet date. All investment securities owned are classified as available-for-sale. The cost of securities sold is based on the specific identification method. Investment securities are recorded as of each balance sheet date at fair value, with unrealized gains and, to the extent deemed temporary, unrealized losses reported as accumulated other comprehensive gain (loss), a separate component of stockholders' equity. Interest and dividend income on investment securities, accretion of discounts and amortization of premiums and realized gains and losses are included in interest income in the statements of operations and comprehensive income (loss). An investment security is considered to be impaired when a decline in fair value below its cost basis is determined to be other than temporary. The Company evaluates whether a decline in fair value of an investment security is below its cost basis is other than temporary using available evidence. In the event that the cost basis of the investment security exceeds its fair value, the Company evaluates, among other factors, the amount and duration of the period that the fair value is less than the cost basis, the financial health of and business outlook for the issuer, including industry and sector performance, and operational and financing cash flow factors, overall market conditions and trends, the Company’s intent to sell the investment security and whether it is more likely than not the Company would be required to sell the investment security before its anticipated recovery. If a decline in fair value is determined to be other than temporary, the Company records an impairment charge in the statement of operations and comprehensive loss and establishes a new cost basis in the investment. Property and Equipment Furniture, equipment and software are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the related assets, which range from three to five years. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. Debt Issuance Costs Costs related to debt issuance are presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts and are amortized using the effective interest method. Amortization of debt issuance costs are included in interest expense. Deferred Rent and Rent The Company recognizes rent expense for leases with increasing annual rents on a straight-line basis over the term of the lease. The amount of rent expense in excess of cash payments is classified as accrued rent. Any lease incentives received are deferred and amortized over the term of the lease. Equity Issuance Costs Equity issuance costs represent costs paid to third parties in order to obtain equity financing. These costs have been netted against the proceeds of the equity issuances. Licenses and Patents Licenses and patent costs for technologies that are utilized in research and development and have no alternative future use are expensed as incurred. Costs related to the license of patents from third parties and internally developed patents are classified as research and development expenses. Legal costs related to patent applications and maintenance are classified as general and administrative expenses. Clinical Trials The Company estimates its clinical trial expense accrual for a given period based on the number of patients enrolled at each site, estimated cost per patient, and the length of time each patient has been in the trial, less amounts previously billed. These accruals are recorded in accrued expenses and other current liabilities, and the related expense is recorded in research and development expense. Research and Development Research and development expenses consist of expenses incurred in performing research and development activities, including compensation and benefits for research and development employees and consultants, facilities expenses, overhead expenses, cost of laboratory supplies, manufacturing expenses, fees paid to third parties and other outside expenses. Research and development costs are expensed as incurred. Clinical trial and other development costs incurred by third parties are expensed as the contracted work is performed. The Company accrues for costs incurred as the services are being provided by monitoring the status of the clinical trial or project and the invoices received from its external service providers. The Company estimates depend on the timeliness and accuracy of the data provided by the vendors regarding the status of each project and total project spending. The Company adjusts its accrual as actual costs become known. Where contingent milestone payments are due to third parties under research and development arrangements, the milestone payment obligations are expensed when the milestone events are achieved. Collaboration Agreements The Company enters into collaboration agreements that include varying arrangements regarding which parties perform and bear the costs of research and development activities. The Company may share the costs of research and development activities with a collaborator, or the Company may be reimbursed for all or a significant portion of the costs of the Company's research and development activities. The Company records its internal and third-party development costs associated with these collaborations as research and development expenses. When the Company is entitled to reimbursement of all or a portion of the research and development expenses that it incurs under a collaboration, the Company records those reimbursable amounts as a deduction to the research and development expenses. If the collaboration is a cost-sharing arrangement in which both the Company and its collaborator perform development work and share costs. The Company also recognizes, as research and development expenses in the period when its collaborator incurs development expenses, the portion of the collaborator's development expenses that the Company is obligated to reimburse. Contract Manufacturing Services Contract manufacturing services are expensed as incurred. Prepaid expenses are capitalized and amortized as services are performed. Share-Based Compensation The Company accounts for its share-based compensation in accordance with ASC 718, Compensation - Stock Compensation , which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors to be recognized in the financial statements, based on their fair value. The Company measures share-based compensation to consultants in accordance with ASC 505-50, Equity-Based Payments to Non-Employees , and recognizes the fair value of the award over the period the services are rendered. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock option awards. The fair value is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award on a straight-line basis. Application of New Accounting Standards During the first quarter of 2017, the Company adopted ASU No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ”, which is intended to simplify the financial reporting of the income tax impacts of share-based compensation arrangements. The classification guidance under ASU No. 2016-09 requires the recognition of excess tax benefits from share-based compensation arrangements as a discrete item within income tax benefit rather than additional paid-in capital and the classification guidance requiring presentation of excess tax benefits from share-based compensation arrangements as an operating activity on the statement of cash flows, rather than as a financing activity. The adoption of ASU No 2016-09 had no immediate impact on our financial statements and related disclosures because we do not currently recognize a tax benefit related to share-based compensation expense as we maintain net operating loss carryforwards and have established a valuation allowance against the entire net deferred tax asset as of March 31, 2017. Further, we have elected to continue to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as the occur. In August 2016, the FASB issued ASU 2016-15, “ Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on the classification of certain cash receipts and payments in the statement of cash flows. The pronouncement is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Earlier application is permitted in any interim or annual period. The Company adopted this standard in 2017. New Accounting Requirements and Disclosures In January 2016, the FASB issued ASU No. 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities .” ASU 2016-01 requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. The pronouncement also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. The Company does not believe that the adoption of this pronouncement will have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which requires companies that lease assets to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The pronouncement will also require additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of this pronouncement on the Company's consolidated financial statements. |
Cash and Cash Equivalents and R
Cash and Cash Equivalents and Restricted Cash | 3 Months Ended |
Mar. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Restricted Cash | CASH, CASH EQUIVALENTS AND RESTRICTED CASH As of March 31, 2017 and December 31, 2016, respectively, the Company maintained $7.4 million and $9.6 million as restricted cash. The funds are being held with an escrow agent to cover the construction costs related to the Company's facility lease. This amount is subject to the terms of the escrow agreement in the lease and the requirements specified therein. This amount will decrease as the Company and its landlord authorize completion of certain aspects of the building improvements. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows. March 31, 2017 December 31, 2016 (in thousands) Cash and cash equivalents (1) $ 96,640 $ 33,140 Restricted cash, noncurrent 7,371 9,640 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 104,011 $ 42,780 (1) As of March 31, 2017 and December 31, 2016, the Company invested approximately $88.7 million and $23.5 million , respectively, in cash equivalent instruments. |
Fair Value Measurements and Inv
Fair Value Measurements and Investment Securities | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | FAI R VALU E MEASUREMENTS AND INVESTMENT SECURITIES Fair Value Measurement The Company follows ASC, Topic 820, Fair Value Measurements and Disclosures , or ASC 820, for application to financial assets. ASC 820 defines fair value, provides a consistent framework for measuring fair value under GAAP and requires fair value financial statement disclosures. ASC 820 applies only to the measurement and disclosure of financial assets that are required or permitted to be measured and reported at fair value under other ASC topics (except for standards that relate to share-based payments such as ASC Topic 718, Compensation - Stock Compensation ). The valuation techniques required by ASC 820 may be based on either observable or unobservable inputs. Observable inputs reflect readily obtainable data from independent sources, and unobservable inputs reflect the Company’s market assumptions. These inputs are classified into the following hierarchy: Level 1 Inputs - quoted prices (unadjusted) in active markets for identical assets that the reporting entity has the ability to access at the measurement date; Level 2 Inputs - inputs other than quoted prices included within Level 1 that are observable for the asset, either directly or indirectly; and Level 3 Inputs - unobservable inputs for the assets. The following tables present the Company’s investment securities (including, if applicable, those classified on the Company’s balance sheet as cash equivalents) that are measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , respectively: Fair Value Measurements at Reporting Date Balance at Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Cash Equivalents: Money market funds $ 88,715 $ 88,715 $ — $ — Total Cash Equivalents $ 88,715 $ 88,715 $ — $ — Investment Securities: U.S. government agency-backed securities $ 21,671 $ — $ 21,671 $ — Corporate debt securities 36,292 — 36,292 — Municipal bonds 2,663 — 2,663 — Total Investment Securities $ 60,626 $ — $ 60,626 $ — Fair Value Measurements at Reporting Date Balance at Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Cash Equivalents: Money market funds $ 23,459 $ 23,459 $ — $ — Total Cash Equivalents $ 23,459 $ 23,459 $ — $ — Investment Securities: U.S. government agency-backed securities $ 25,908 $ — $ 25,908 $ — Corporate debt securities 42,053 — 42,053 — Municipal bonds 2,671 — 2,671 — Total Investment Securities $ 70,632 $ — $ 70,632 $ — U.S. Treasury, U.S. government agency-backed securities, corporate debt securities and municipal bonds are valued based on various observable inputs such as benchmark yields, reported trades, broker/dealer quotes, benchmark securities and bids. Investment securities, all classified as available-for-sale, consisted of the following as of March 31, 2017 and December 31, 2016: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Estimated Fair Value March 31, 2017 (in thousands) Investment Securities: U.S. government agency-backed securities $ 21,684 $ 3 $ (16 ) $ 21,671 Corporate debt securities 36,270 43 (21 ) 36,292 Municipal bonds 2,662 1 — 2,663 Total Investment Securities $ 60,616 $ 47 $ (37 ) $ 60,626 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Estimated Fair Value December 31, 2016 (in thousands) U.S. government agency-backed securities $ 25,906 $ 7 $ (5 ) $ 25,908 Corporate debt securities 42,040 41 (28 ) 42,053 Municipal bonds 2,669 2 — 2,671 Total $ 70,615 $ 50 $ (33 ) $ 70,632 The Company's investment securities as of March 31, 2017 , will reach maturity between April 2017 and January 2019 , with a weighted-average maturity date in November 2017 . At December 31, 2016, the Company classified all of its available-for-sale investment securities, including those with maturities beyond one year, as current assets on the accompanying balance sheets based on the highly liquid nature of the investment securities and because these investment securities were considered available for use in current operations. However, as of March 31, 2017, the Company reclassified the investment securities with maturity dates beyond one year as non-current assets as the Company does not intend to utilize them to fund current operations. |
(Notes)
(Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following: March 31, 2017 December 31, 2016 (in thousands) Leasehold improvements $ 16,442 $ 12,131 Lab equipment 5,530 5,397 Office furniture 1,599 1,560 Manufacturing equipment 1,761 1,275 Computer and office equipment 955 623 Equipment held under capital leases 181 181 Software 93 85 Total 26,561 21,252 Less: accumulated depreciation (5,530 ) (4,748 ) Property and equipment, net $ 21,031 $ 16,504 PROPERT Y AN D EQUIPMENT Property and equipment consists of the following: March 31, 2017 December 31, 2016 (in thousands) Leasehold improvements $ 16,442 $ 12,131 Lab equipment 5,530 5,397 Office furniture 1,599 1,560 Manufacturing equipment 1,761 1,275 Computer and office equipment 955 623 Equipment held under capital leases 181 181 Software 93 85 Total 26,561 21,252 Less: accumulated depreciation (5,530 ) (4,748 ) Property and equipment, net $ 21,031 $ 16,504 During the three months ended March 31, 2017 and 2016, the Company recorded $0.8 million and $0.5 million of depreciation expense, respectively. Leasehold improvements as of March 31, 2017 includes $2.5 million related to costs incurred by the landlord. |
Accrued Expenses And Other Curr
Accrued Expenses And Other Current Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Expenses [Abstract] | |
Accrued Expenses And Other Current Liabilities | ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses and other liabilities consist of the following: March 31, 2017 December 31, 2016 (in thousands) Accrued construction costs $ 3,452 3,120 Accrued manufacturing costs 2,003 1,704 Accrued payroll 1,504 1,568 Accrued patient treatment costs 870 1,006 Accrued other 2,740 1,965 Total accrued expenses and other current liabilities $ 10,569 $ 9,363 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt [Abstract] | |
Debt | DEBT On March 10, 2016, (the Closing Date), the Company, entered into a Loan and Security Agreement (the Loan Agreement) with Hercules Capital, Inc. Hercules Technology II, L.P., and Hercules Technology III, L.P., or collectively, Hercules, as a lender, under which the Company borrowed $15.0 million on the Closing Date. The Company borrowed an additional $5.0 million and $10.0 million on September 15, 2016 and March 8, 2017, respectively. The total debt is secured by a lien covering substantially all of the Company's assets, excluding intellectual property, but including proceeds from the sale, license, or disposition of our intellectual property. The interest rate will be calculated at a rate equal to the greater of either (i) 9.35% plus the prime rate as reported in The Wall Street Journal minus 3.50% , or (ii) 9.35% . The interest rate was 9.35% and 9.85% at December 31, 2016 and March 31, 2017, respectively. As a result of the additional borrowing on March 8, 2017, the interest only period was extended for an additional six months through March 2018. Beginning in April 2018, equal monthly payments of principal and interest are due over a 24 month period through the maturity date of March 1, 2020, upon which the remaining principal balance and the final facility charge of $2.1 million will be due and payable. The Company paid expenses related to the Loan Agreement of $0.2 million , which, along with the final facility charge of $2.1 million , have been recorded as deferred financing costs, which offset long-term debt on the Company's balance sheet. The deferred financing costs are being amortized over the term of the loan as interest expense. During the three months ended March 31, 2017 and March 31, 2016, interest expense included $164,000 and $28,000 , respectively, of amortized deferred financing costs. Management believes that the carrying value of the debt facility approximates its fair value, as the Company's debt facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics. The fair value of the Company's debt facility is determined under Level 2 in the fair value hierarchy. |
Stockholders' Equity (Notes)
Stockholders' Equity (Notes) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity | STOCKHOLDERS' EQUITY On March 29, 2017, the Company completed an underwritten public offering of 5,750,000 shares of its common stock at a price of $12.00 per share, for an aggregate offering size of $69.0 million , pursuant to a registration statement on Form S-3 (File No. 333-209012) that was declared effective by the SEC on February 1, 2016. The net proceeds to the Company, after deducting underwriting discounts, and commissions and offering expenses was approximately $64.6 million . These costs have been recorded as a reduction of the proceeds received from the offering. |
Share-Based Compensation Plans
Share-Based Compensation Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation Plans | SHARE-BASED COMPENSATION PLANS At March 31, 2017 , the Company had share-based awards outstanding under four share-based compensation plans, as follows: 2006 Stock Option Plan The 2006 Stock Option Plan (the 2006 Plan) provided for the issuance of non-qualified stock options to employees, including officers, non-employee directors and consultants to the Company. As of March 31, 2017, there were 146,210 shares of common stock reserved for issuance pursuant to outstanding options previously granted under the 2006 Plan. The 2006 Plan was terminated by the Board in October 2014. 2011 Stock Option Plan The 2011 Stock Option Plan (the 2011 Plan) provided for the issuance of incentive and non-qualified stock options to employees, including officers, non-employee directors and consultants to the Company. As of March 31, 2017, there were 1,808,117 shares of common stock reserved for issuance pursuant to outstanding options previously granted under the 2011 Plan. The 2011 Plan terminated upon the effectiveness of the 2014 Plan described below. 2014 Equity Incentive Plan The 2014 Equity Incentive Plan (the 2014 Plan) became effective in December 2014, upon the closing of the Company's initial public offering. The 2014 Plan provides for the issuance of equity awards, including incentive and non-qualified stock options and restricted stock awards to employees, including officers, non-employee directors and consultants to the Company or its affiliates. The 2014 Plan also provides for the grant of performance cash awards and performance-based stock awards. The aggregate number of shares of common stock that are authorized for issuance under the 2014 Plan is 2,990,354 shares, plus any shares subject to outstanding options that were granted under the 2011 Plan or 2006 Plan that are forfeited, terminated, expired or are otherwise not issued. As of March 31, 2017, there were 339,422 shares available for issuance in the 2014 Plan. 2014 Employee Stock Purchase Plan The 2014 Employee Stock Purchase Plan (the ESPP) provides for eligible Company employees, as defined by the ESPP, to be given an opportunity to purchase the Company's common stock at a discount, through payroll deductions, with stock purchases being made upon defined purchase dates. The ESPP authorizes the issuance of up to 550,000 shares of common stock to participating employees, and allows eligible employees to purchase shares of common stock at a 15% discount from the grant date fair market value. No shares were purchased during the quarter ended March 31, 2017 or 2016. As of March 31, 2017, there were 494,681 shares available for issuance under the ESPP. A summary of activity within the ESPP follows: Three months ended March 31, 2017 2016 (amounts in thousands) Deductions from employees $ 109 $ 98 Share-based compensation expense recognized $ 71 $ 65 Remaining share-based compensation expense $ 341 $ 180 Share-Based Compensation Expense The valuation of the share-based compensation awards is a significant accounting estimate that requires the use of judgments and assumptions that are likely to have a material impact on the financial statements. The fair value of option grants is determined using the Black-Scholes option-pricing model. Expected volatilities utilized in the model are based on implied volatilities from traded stocks of peer companies. Similarly, the dividend yield is based on historical experience and the estimate of future dividend yields. The risk-free interest rate is derived from the U.S. Treasury yield curve in effect at the time of grant. The expected term of the options is based on the average period the stock options are expected to remain outstanding. As the Company does not have sufficient historical information to develop reasonable expectations about future exercise patterns and post-vesting employment termination behavior, the expected term is calculated as the midpoint between the weighted-average vesting term and the contractual expiration period also known as the simplified method. The fair value of the option grants have been estimated, with the following weighted-average assumptions: Three months ended March 31, 2017 2016 Risk-free interest rate 2.11 % 1.87 % Volatility 71.6 % 72.1 % Expected life (years) 6.08 6.08 Expected dividend yield — % — % At March 31, 2017 , total compensation cost not yet recognized was $29.2 million and the weighted-average period over which this amount is expected to be recognized is 2.5 years. During the three months ended March 31, 2017, the Company received cash proceeds from the exercise of stock options of approximately $0.6 million . The aggregate intrinsic value of options exercised during the three months ended March 31, 2017 was $1.5 million . Share-based compensation expense by classification for the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, 2017 2016 (in thousands) Research and development $ 1,584 $ 1,386 General and administrative 1,780 1,679 Total $ 3,364 $ 3,065 The following table summarizes the stock option and stock award activity for all stock plans during the three months ended March 31: Options and Inducement awards Weighted- (in years) Weighted- (in thousands) Aggregate Intrinsic Value (1) December 31, 2016 (2) 4,590,945 $ 12.21 7.59 $ 21,254 Granted (3) 896,850 $ 11.35 Exercised (172,524 ) $ 3.39 Forfeited (175,361 ) $ 14.09 Outstanding at March 31, 2017 5,139,910 $ 12.30 8.97 $ 17,470 Exercisable at March 31, 2017 2,532,252 $ 9.96 6.77 $ 13,661 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at March 31, 2017. (2) At March 31, 2017 and December 31, 2016, there were 58,825 shares of unvested restricted common stock outstanding. (3) Includes 500,000 of inducement option awards and 87,500 of restricted stock units granted in the first quarter of 2017. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Litigation None. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENTS On April 26, 2017, the Compensation Committee of the Company’s Board of Directors approved, subject to stockholder approval, an amendment to the 2014 Plan to, among other things, increase the number of shares of common stock authorized for issuance under the 2014 Plan by 3,100,000 shares and eliminate the current provision in the 2014 Plan that permits the Company’s Board of Directors to reprice stock options without stockholder approval. |
Basis of Presentation and Man18
Basis of Presentation and Management Plans (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | The accompanying interim consolidated financial statements are unaudited. These unaudited interim financial statements have been prepared in accordance with U.S. generally accepted accounting principles (GAAP) and follow the requirements of the U.S. Securities and Exchange Commission (SEC) for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been omitted. In management’s opinion, the unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited financial statements and include all adjustments necessary for the fair presentation of the Company’s financial position and its results of operations and its cash flows for the periods presented. All such adjustments are normal and recurring in nature. These statements should be read in conjunction with the Company's Annual Report on Form 10-K filed for the fiscal year ended December 31, 2016 (the Annual Report). A copy of the Annual Report is available on the SEC’s website, www.sec.gov , under the Company’s ticker symbol “BLCM” or on Bellicum’s website, www.bellicum.com . The results for the interim periods are not necessarily indicative of the results expected for the full fiscal year or any other interim period. Any reference in these footnotes to applicable guidance is meant to refer to GAAP as found in the Accounting Standards Codification (ASC) and Accounting Standards Update (ASU) of the Financial Accounting Standards Board (FASB). The Company has not generated any revenue from product sales to date and, if the Company does not successfully commercialize any of the Company's product candidates, the Company will not be able to generate product revenue or achieve profitability. As of March 31, 2017 , the Company had an accumulated deficit of $252.7 million . The Company is subject to risks common to companies in the biotechnology industry and the future success of the Company is dependent on its ability to successfully complete the development of, and obtain regulatory approval for, its product candidates, manage the growth of the organization, obtain additional financing necessary in order to develop, launch and commercialize its product candidates, and compete successfully with other companies in its industry. |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of the consolidated financial statements in accordance with GAAP requires management to make certain estimates and judgments that affect the reported amounts of assets, liabilities, and expenses. Actual results could differ from those estimates. |
Consolidation | Consolidation All financial information presented includes the accounts of the Company and its wholly-owned subsidiary, for which there has been no activity to date. All significant intercompany balances and transactions have been eliminated in consolidation. |
Revenue Recognition | Revenue Recognition The Company has not yet generated any revenue from product sales. The Company’s source of revenue for 2017 and 2016 has been grant revenue related to a $1.3 million research grant from the National Institutes of Health covering the period from April 2013 to March 2017. The Company accrues revenue as work is performed and qualifying costs are incurred. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all short-term, highly liquid investments with maturity of three months or less from the date of purchase to be cash equivalents. |
Net Loss and Net Loss per Share of Common Stock Attributable to Common Stockholders | Net Loss and Net Loss per Share of Common Stock Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period without consideration for common stock equivalents. |
Investment Securities | Investment Securities Consistent with its investment policy, the Company invests its cash allocated to fund its short-term liquidity requirements with prominent financial institutions in bank depository accounts and institutional money market funds. The Company invests the remainder of its cash in corporate debt securities and municipal bonds rated at least A quality or equivalent, U.S. Treasury notes and bonds and U.S. and state government agency-backed securities. The Company determines the appropriate classification of investment securities based on whether they represent the investment of funds available for current operations, as defined in ASC 210-10-45-1 and ASC 210-10-45-2. The Company reevaluates its classification as of each balance sheet date. All investment securities owned are classified as available-for-sale. The cost of securities sold is based on the specific identification method. Investment securities are recorded as of each balance sheet date at fair value, with unrealized gains and, to the extent deemed temporary, unrealized losses reported as accumulated other comprehensive gain (loss), a separate component of stockholders' equity. Interest and dividend income on investment securities, accretion of discounts and amortization of premiums and realized gains and losses are included in interest income in the statements of operations and comprehensive income (loss). An investment security is considered to be impaired when a decline in fair value below its cost basis is determined to be other than temporary. The Company evaluates whether a decline in fair value of an investment security is below its cost basis is other than temporary using available evidence. In the event that the cost basis of the investment security exceeds its fair value, the Company evaluates, among other factors, the amount and duration of the period that the fair value is less than the cost basis, the financial health of and business outlook for the issuer, including industry and sector performance, and operational and financing cash flow factors, overall market conditions and trends, the Company’s intent to sell the investment security and whether it is more likely than not the Company would be required to sell the investment security before its anticipated recovery. If a decline in fair value is determined to be other than temporary, the Company records an impairment charge in the statement of operations and comprehensive loss and establishes a new cost basis in the investment. |
Property and Equipment | Property and Equipment Furniture, equipment and software are recorded at cost and are depreciated using the straight-line method over the estimated useful lives of the related assets, which range from three to five years. Leasehold improvements are amortized over the shorter of the estimated useful life or the remaining lease term. |
Debt Issuance Costs | Debt Issuance Costs Costs related to debt issuance are presented in the balance sheet as a direct deduction from the carrying amount of the debt liability, consistent with debt discounts and are amortized using the effective interest method. Amortization of debt issuance costs are included in interest expense. |
Deferred Rent and Rent | Deferred Rent and Rent The Company recognizes rent expense for leases with increasing annual rents on a straight-line basis over the term of the lease. The amount of rent expense in excess of cash payments is classified as accrued rent. Any lease incentives received are deferred and amortized over the term of the lease. |
Build-to-Suit Lease Accounting | Deferred Rent and Rent The Company recognizes rent expense for leases with increasing annual rents on a straight-line basis over the term of the lease. The amount of rent expense in excess of cash payments is classified as accrued rent. Any lease incentives received are deferred and amortized over the term of the lease. |
Equity Issuance Costs | Equity Issuance Costs Equity issuance costs represent costs paid to third parties in order to obtain equity financing. These costs have been netted against the proceeds of the equity issuances. |
Licenses and Patents | Licenses and Patents Licenses and patent costs for technologies that are utilized in research and development and have no alternative future use are expensed as incurred. Costs related to the license of patents from third parties and internally developed patents are classified as research and development expenses. Legal costs related to patent applications and maintenance are classified as general and administrative expenses. |
Clinical Trials | Clinical Trials The Company estimates its clinical trial expense accrual for a given period based on the number of patients enrolled at each site, estimated cost per patient, and the length of time each patient has been in the trial, less amounts previously billed. These accruals are recorded in accrued expenses and other current liabilities, and the related expense is recorded in research and development expense. |
Research and Development | Research and Development Research and development expenses consist of expenses incurred in performing research and development activities, including compensation and benefits for research and development employees and consultants, facilities expenses, overhead expenses, cost of laboratory supplies, manufacturing expenses, fees paid to third parties and other outside expenses. Research and development costs are expensed as incurred. Clinical trial and other development costs incurred by third parties are expensed as the contracted work is performed. The Company accrues for costs incurred as the services are being provided by monitoring the status of the clinical trial or project and the invoices received from its external service providers. The Company estimates depend on the timeliness and accuracy of the data provided by the vendors regarding the status of each project and total project spending. The Company adjusts its accrual as actual costs become known. Where contingent milestone payments are due to third parties under research and development arrangements, the milestone payment obligations are expensed when the milestone events are achieved. |
Collaboration Agreements | Collaboration Agreements The Company enters into collaboration agreements that include varying arrangements regarding which parties perform and bear the costs of research and development activities. The Company may share the costs of research and development activities with a collaborator, or the Company may be reimbursed for all or a significant portion of the costs of the Company's research and development activities. The Company records its internal and third-party development costs associated with these collaborations as research and development expenses. When the Company is entitled to reimbursement of all or a portion of the research and development expenses that it incurs under a collaboration, the Company records those reimbursable amounts as a deduction to the research and development expenses. If the collaboration is a cost-sharing arrangement in which both the Company and its collaborator perform development work and share costs. The Company also recognizes, as research and development expenses in the period when its collaborator incurs development expenses, the portion of the collaborator's development expenses that the Company is obligated to reimburse. |
Contract Manufacturing Services | Contract Manufacturing Services Contract manufacturing services are expensed as incurred. Prepaid expenses are capitalized and amortized as services are performed. |
Share-Based Compensation | Share-Based Compensation The Company accounts for its share-based compensation in accordance with ASC 718, Compensation - Stock Compensation , which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors to be recognized in the financial statements, based on their fair value. The Company measures share-based compensation to consultants in accordance with ASC 505-50, Equity-Based Payments to Non-Employees , and recognizes the fair value of the award over the period the services are rendered. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock option awards. The fair value is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award on a straight-line basis. |
New Accounting Requirements and Disclosures | Application of New Accounting Standards During the first quarter of 2017, the Company adopted ASU No. 2016-09, “ Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting ”, which is intended to simplify the financial reporting of the income tax impacts of share-based compensation arrangements. The classification guidance under ASU No. 2016-09 requires the recognition of excess tax benefits from share-based compensation arrangements as a discrete item within income tax benefit rather than additional paid-in capital and the classification guidance requiring presentation of excess tax benefits from share-based compensation arrangements as an operating activity on the statement of cash flows, rather than as a financing activity. The adoption of ASU No 2016-09 had no immediate impact on our financial statements and related disclosures because we do not currently recognize a tax benefit related to share-based compensation expense as we maintain net operating loss carryforwards and have established a valuation allowance against the entire net deferred tax asset as of March 31, 2017. Further, we have elected to continue to estimate the number of stock-based awards expected to vest, as permitted by ASU 2016-09, rather than electing to account for forfeitures as the occur. In August 2016, the FASB issued ASU 2016-15, “ Classification of Certain Cash Receipts and Cash Payments, ” which provides guidance on the classification of certain cash receipts and payments in the statement of cash flows. The pronouncement is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods. Earlier application is permitted in any interim or annual period. The Company adopted this standard in 2017. New Accounting Requirements and Disclosures In January 2016, the FASB issued ASU No. 2016-01, “ Recognition and Measurement of Financial Assets and Financial Liabilities .” ASU 2016-01 requires that most equity investments be measured at fair value, with subsequent changes in fair value recognized in net income. The pronouncement also impacts financial liabilities under the fair value option and the presentation and disclosure requirements for financial instruments. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017, and early adoption is not permitted. The Company does not believe that the adoption of this pronouncement will have a material impact on the Company’s consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases,” which requires companies that lease assets to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, in its balance sheet. The pronouncement will also require additional disclosures about the amount, timing and uncertainty of cash flows arising from leases. This pronouncement is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. The Company is currently evaluating the impact of this pronouncement on the Company's consolidated financial statements. |
Significant Accounting Polici20
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Earnings Per Share, Potentially Dilutive Securities | The following outstanding shares of common stock equivalents were excluded from the computations of diluted net loss per share of common stock attributable to common stockholders for the periods presented, as the effect of including such securities would be anti-dilutive. As of March 31, 2017 2016 Common Stock Equivalents: Number of shares Options to purchase common stock 4,999,835 4,467,412 Unvested shares of restricted stock units 81,250 — Unvested shares of restricted stock 58,825 88,236 Total common stock equivalents 5,139,910 4,555,648 |
Cash and Cash Equivalents and21
Cash and Cash Equivalents and Restricted Cash (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the balance sheets that sum to the total of the same such amounts shown in the statements of cash flows. March 31, 2017 December 31, 2016 (in thousands) Cash and cash equivalents (1) $ 96,640 $ 33,140 Restricted cash, noncurrent 7,371 9,640 Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 104,011 $ 42,780 (1) As of March 31, 2017 and December 31, 2016, the Company invested approximately $88.7 million and $23.5 million , respectively, in cash equivalent instruments. |
Fair Value Measurements and I22
Fair Value Measurements and Investment Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, Assets Measured on Recurring Basis | The following tables present the Company’s investment securities (including, if applicable, those classified on the Company’s balance sheet as cash equivalents) that are measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016 , respectively: Fair Value Measurements at Reporting Date Balance at Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Cash Equivalents: Money market funds $ 88,715 $ 88,715 $ — $ — Total Cash Equivalents $ 88,715 $ 88,715 $ — $ — Investment Securities: U.S. government agency-backed securities $ 21,671 $ — $ 21,671 $ — Corporate debt securities 36,292 — 36,292 — Municipal bonds 2,663 — 2,663 — Total Investment Securities $ 60,626 $ — $ 60,626 $ — Fair Value Measurements at Reporting Date Balance at Quoted prices in active markets for identical assets (Level 1) Significant other observable inputs (Level 2) Significant unobservable inputs (Level 3) (in thousands) Cash Equivalents: Money market funds $ 23,459 $ 23,459 $ — $ — Total Cash Equivalents $ 23,459 $ 23,459 $ — $ — Investment Securities: U.S. government agency-backed securities $ 25,908 $ — $ 25,908 $ — Corporate debt securities 42,053 — 42,053 — Municipal bonds 2,671 — 2,671 — Total Investment Securities $ 70,632 $ — $ 70,632 $ — |
Available-for-sale Securities | Investment securities, all classified as available-for-sale, consisted of the following as of March 31, 2017 and December 31, 2016: Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Aggregate Estimated Fair Value March 31, 2017 (in thousands) Investment Securities: U.S. government agency-backed securities $ 21,684 $ 3 $ (16 ) $ 21,671 Corporate debt securities 36,270 43 (21 ) 36,292 Municipal bonds 2,662 1 — 2,663 Total Investment Securities $ 60,616 $ 47 $ (37 ) $ 60,626 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consists of the following: March 31, 2017 December 31, 2016 (in thousands) Leasehold improvements $ 16,442 $ 12,131 Lab equipment 5,530 5,397 Office furniture 1,599 1,560 Manufacturing equipment 1,761 1,275 Computer and office equipment 955 623 Equipment held under capital leases 181 181 Software 93 85 Total 26,561 21,252 Less: accumulated depreciation (5,530 ) (4,748 ) Property and equipment, net $ 21,031 $ 16,504 PROPERT Y AN D EQUIPMENT Property and equipment consists of the following: March 31, 2017 December 31, 2016 (in thousands) Leasehold improvements $ 16,442 $ 12,131 Lab equipment 5,530 5,397 Office furniture 1,599 1,560 Manufacturing equipment 1,761 1,275 Computer and office equipment 955 623 Equipment held under capital leases 181 181 Software 93 85 Total 26,561 21,252 Less: accumulated depreciation (5,530 ) (4,748 ) Property and equipment, net $ 21,031 $ 16,504 During the three months ended March 31, 2017 and 2016, the Company recorded $0.8 million and $0.5 million of depreciation expense, respectively. Leasehold improvements as of March 31, 2017 includes $2.5 million related to costs incurred by the landlord. |
Accrued Expenses And Other Cu24
Accrued Expenses And Other Current Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accrued Expenses [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other liabilities consist of the following: March 31, 2017 December 31, 2016 (in thousands) Accrued construction costs $ 3,452 3,120 Accrued manufacturing costs 2,003 1,704 Accrued payroll 1,504 1,568 Accrued patient treatment costs 870 1,006 Accrued other 2,740 1,965 Total accrued expenses and other current liabilities $ 10,569 $ 9,363 |
Share-Based Compensation Plans
Share-Based Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | A summary of activity within the ESPP follows: Three months ended March 31, 2017 2016 (amounts in thousands) Deductions from employees $ 109 $ 98 Share-based compensation expense recognized $ 71 $ 65 Remaining share-based compensation expense $ 341 $ 180 |
Valuation Assumptions | The fair value of the option grants have been estimated, with the following weighted-average assumptions: Three months ended March 31, 2017 2016 Risk-free interest rate 2.11 % 1.87 % Volatility 71.6 % 72.1 % Expected life (years) 6.08 6.08 Expected dividend yield — % — % |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Share-based compensation expense by classification for the three months ended March 31, 2017 and 2016 are as follows: Three Months Ended March 31, 2017 2016 (in thousands) Research and development $ 1,584 $ 1,386 General and administrative 1,780 1,679 Total $ 3,364 $ 3,065 |
Schedule of Share-based Compensation, Stock Options, Activity | The following table summarizes the stock option and stock award activity for all stock plans during the three months ended March 31: Options and Inducement awards Weighted- (in years) Weighted- (in thousands) Aggregate Intrinsic Value (1) December 31, 2016 (2) 4,590,945 $ 12.21 7.59 $ 21,254 Granted (3) 896,850 $ 11.35 Exercised (172,524 ) $ 3.39 Forfeited (175,361 ) $ 14.09 Outstanding at March 31, 2017 5,139,910 $ 12.30 8.97 $ 17,470 Exercisable at March 31, 2017 2,532,252 $ 9.96 6.77 $ 13,661 (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the underlying options and the estimated fair value of the common stock for the options that were in the money at March 31, 2017. |
Basis of Presentation and Man26
Basis of Presentation and Management Plans - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ (252,706) | $ (230,733) |
Significant Accounting Polici27
Significant Accounting Policies - Common Stock Equivalents (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 5,139,910 | 4,555,648 |
Equity Option | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 4,999,835 | 4,467,412 |
Restricted Stock Units (RSUs) | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 81,250 | 0 |
Restricted Stock | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 58,825 | 88,236 |
Significant Accounting Polici28
Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Revenue from grants | $ 128 | $ 92 |
National Institutes of Health Grant | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Revenue from grants | $ 1,300 |
Cash and Cash Equivalents and29
Cash and Cash Equivalents and Restricted Cash - Narrative (Details) - USD ($) $ in Millions | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Restricted cash | $ 7.4 | $ 9.6 |
Cash equivalent instruments | $ 88.7 | $ 23.5 |
Cash and Cash Equivalents and30
Cash and Cash Equivalents and Restricted Cash - Schedule of Cash, Cash Equivalents & Restricted Cash (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Abstract] | ||
Cash and cash equivalents | $ 96,640 | $ 33,140 |
Restricted cash | 7,371 | 9,640 |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 104,011 | $ 42,780 |
Fair Value Measurements and I31
Fair Value Measurements and Investment Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | $ 60,626 | $ 70,632 |
Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 88,715 | 23,459 |
Total Investment Securities | 60,626 | 70,632 |
Fair Value, Measurements, Recurring | U.S. government agency-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 21,671 | |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 36,292 | |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 2,663 | |
Fair Value, Measurements, Recurring | Money market funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 88,715 | 23,459 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 88,715 | 23,459 |
Total Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | U.S. government agency-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Municipal bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | Money market funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 88,715 | 23,459 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 0 | 0 |
Total Investment Securities | 60,626 | 70,632 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | U.S. government agency-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 21,671 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 36,292 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Municipal bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 2,663 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | Money market funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 0 | 0 |
Total Investment Securities | 0 | 0 |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | U.S. government agency-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Municipal bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | Money market funds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Cash Equivalents | 0 | 0 |
U.S. government agency-backed securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 21,671 | 25,908 |
U.S. government agency-backed securities | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 25,908 | |
U.S. government agency-backed securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
U.S. government agency-backed securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 25,908 | |
U.S. government agency-backed securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Corporate debt securities | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 36,292 | 42,053 |
Corporate debt securities | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 42,053 | |
Corporate debt securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Corporate debt securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 42,053 | |
Corporate debt securities | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Municipal bonds | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | $ 2,663 | 2,671 |
Municipal bonds | Fair Value, Measurements, Recurring | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 2,671 | |
Municipal bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 0 | |
Municipal bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | 2,671 | |
Municipal bonds | Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Total Investment Securities | $ 0 |
Fair Value Measurements and I32
Fair Value Measurements and Investment Securities - Fair Value (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 60,616 | $ 70,615 |
Gross Unrealized Gains | 47 | 50 |
Gross Unrealized Losses | (37) | (33) |
Aggregate Estimated Fair Value | 60,626 | 70,632 |
U.S. government agency-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,684 | 25,906 |
Gross Unrealized Gains | 3 | 7 |
Gross Unrealized Losses | (16) | (5) |
Aggregate Estimated Fair Value | 21,671 | 25,908 |
Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 36,270 | 42,040 |
Gross Unrealized Gains | 43 | 41 |
Gross Unrealized Losses | (21) | (28) |
Aggregate Estimated Fair Value | 36,292 | 42,053 |
Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 2,662 | 2,669 |
Gross Unrealized Gains | 1 | 2 |
Gross Unrealized Losses | 0 | 0 |
Aggregate Estimated Fair Value | 2,663 | 2,671 |
Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | 60,626 | 70,632 |
Total Cash Equivalents | 88,715 | 23,459 |
Fair Value, Measurements, Recurring | U.S. government agency-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | 25,908 | |
Fair Value, Measurements, Recurring | Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | 42,053 | |
Fair Value, Measurements, Recurring | Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | 2,671 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | 0 | 0 |
Total Cash Equivalents | $ 88,715 | 23,459 |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | U.S. government agency-backed securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Corporate debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | 0 | |
Fair Value, Inputs, Level 1 | Fair Value, Measurements, Recurring | Municipal bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Aggregate Estimated Fair Value | $ 0 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 26,561 | $ 21,252 |
Less: accumulated depreciation | (5,530) | (4,748) |
Property and equipment, net | 21,031 | 16,504 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 16,442 | 12,131 |
Laboratory equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 5,530 | 5,397 |
Office furniture | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,599 | 1,560 |
Manufacturing equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 1,761 | 1,275 |
Computer and office equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 955 | 623 |
Equipment under capital lease | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 181 | 181 |
Software | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 93 | $ 85 |
Property and Equipment - Narrat
Property and Equipment - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization expense | $ 0.8 | $ 0.5 |
Leasehold improvements | $ 2.5 |
Accrued Expenses And Other Cu35
Accrued Expenses And Other Current Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Expenses [Abstract] | ||
Accrued construction costs | $ 3,452 | $ 3,120 |
Accrued manufacturing costs | 2,003 | 1,704 |
Accrued payroll | 1,504 | 1,568 |
Accrued patient treatment costs | 870 | 1,006 |
Accrued other | 2,740 | 1,965 |
Total accrued expenses and other current liabilities | $ 10,569 | $ 9,363 |
Debt - Narrative (Details)
Debt - Narrative (Details) - USD ($) $ in Thousands | Mar. 10, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Mar. 08, 2017 | Dec. 31, 2016 | Sep. 15, 2016 |
Line of Credit Facility [Line Items] | ||||||
Long-term debt | $ 30,312 | $ 18,436 | ||||
Payments of debt issuance costs | $ 75 | $ 199 | ||||
Line of Credit | Loan Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Long-term debt | $ 15,000 | $ 10,000 | $ 5,000 | |||
Percentage bearing fixed interest, percentage rate | 9.852% | 9.35% | ||||
Payment terms, principal and interest payments, period 2 | 24 months | |||||
Periodic payment, final payment amount, additional amount, scenario 2 | $ 2,100 | |||||
Debt instrument, aggregate payment amount on final facility charge | $ 2,100 | |||||
Payments of debt issuance costs | 200 | |||||
Amortization of financing costs and discounts | $ 164 | $ 28 | ||||
Scenario One | Line of Credit | Loan Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage bearing fixed interest, percentage rate | 9.35% | |||||
Scenario One | Line of Credit | Loan Agreement | Prime Rate | ||||||
Line of Credit Facility [Line Items] | ||||||
Basis spread on variable rate | 3.50% | |||||
Scenario Two | Line of Credit | Loan Agreement | ||||||
Line of Credit Facility [Line Items] | ||||||
Percentage bearing fixed interest, percentage rate | 9.35% |
Stockholders' Equity - Narrativ
Stockholders' Equity - Narrative (Details) - Follow-Up Offering $ / shares in Units, $ in Millions | Mar. 29, 2017USD ($)$ / sharesshares |
Subsidiary, Sale of Stock [Line Items] | |
Sale of stock, number of shares issued in transaction | shares | 5,750,000 |
Sale of stock, price per share (in usd per share) | $ / shares | $ 12 |
Proceeds from follow-up offering | $ 69 |
Proceeds from follow-up offering, net | $ 64.6 |
Share-Based Compensation Plan38
Share-Based Compensation Plans - Narrative (Details) $ in Millions | 3 Months Ended | ||
Mar. 31, 2017USD ($)planshares | Dec. 31, 2016shares | Dec. 31, 2014shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of share-based compensation plans | plan | 4 | ||
Compensation cost not yet recognized | $ | $ 29.2 | ||
Period for recognition | 2 years 6 months | ||
Cash received from exercise of stock options | $ | $ 0.6 | ||
Intrinsic value of options, exercises in period | $ | $ 1.5 | ||
Equity instruments other than options, nonvested | 58,825 | 58,825 | |
2006 Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 146,210 | ||
2011 Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 1,808,117 | ||
2014 Stock Option Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares authorized | 2,990,354 | ||
Capital shares reserved for future issuance | 339,422 | ||
2014 Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Capital shares reserved for future issuance | 494,681 | ||
Number of shares available for grant | 550,000 |
Share-Based Compensation Plan39
Share-Based Compensation Plans - Employee Stock Purchase Plan (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 3,364 | $ 3,065 |
2014 Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Deductions from employees | 109 | 98 |
Share-based compensation expense recognized | 71 | 65 |
Share-based compensation | $ 341 | $ 180 |
Share-Based Compensation Plan40
Share-Based Compensation Plans - Valuation Assumptions (Details) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 2.11% | 1.87% |
Volatility | 71.60% | 72.10% |
Expected life (years) | 6 years 29 days | 6 years 29 days |
Expected dividend yield | 0.00% | 0.00% |
Share-Based Compensation Plan41
Share-Based Compensation Plans - Schedule of Compensation Cost for Share-Based Payment Arrangements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 3,364 | $ 3,065 |
Research and Development Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | 1,584 | 1,386 |
General and Administrative Expense | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation | $ 1,780 | $ 1,679 |
Share-Based Compensation Plan42
Share-Based Compensation Plans - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Options and Inducement awards | ||
December 31, 2016 (shares) | 4,590,945 | |
Granted (shares) | 896,850 | |
Exercised (shares) | (172,524) | |
Forfeited (shares) | (175,361) | |
Outstanding at March 31, 2017 (shares) | 5,139,910 | 4,590,945 |
Exercisable December 31, 2016 (shares) | 2,532,252 | |
Weighted- Average Exercise Price Per Share | ||
December 31, 2016 (usd per share) | $ 12.21 | |
Granted (usd per share) | 11.35 | |
Exercised (usd per share) | 3.39 | |
Forfeited (usd per share) | 14.09 | |
Outstanding at March 31, 2017 (usd per share) | 12.30 | $ 12.21 |
Exercisable at March 31, 2017 (usd per share) | $ 9.96 | |
Additional Disclosures [Abstract] | ||
Weighted Average Remaining Contractual Term, Outstanding | 8 years 11 months 19 days | 7 years 7 months 2 days |
Weighted Average Remaining Contractual Term, Exercisable | 6 years 9 months 7 days | |
Aggregate Intrinsic Value, Outstanding | $ 17,470 | $ 21,254 |
Aggregate Intrinsic Value, Exercisable | $ 13,661 | |
Stock options | ||
Options and Inducement awards | ||
Granted (shares) | 500,000 | |
Restricted Stock Units (RSUs) | ||
Options and Inducement awards | ||
Granted (shares) | 87,500 |
Subsequent Events (Details)
Subsequent Events (Details) - 2014 Stock Option Plan - shares | Apr. 26, 2017 | Mar. 31, 2017 |
Subsequent Event [Line Items] | ||
Number of shares authorized | 2,990,354 | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Number of shares authorized | 3,100,000 |