Concert Pharmaceuticals (CNCE) 10-Q 5 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Trading Symbol	CNCE
Entity Registrant Name	CONCERT PHARMACEUTICALS, INC.
Entity Central Index Key	1,367,920
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		21,920,662

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 22,567	$ 13,396
Investments, available for sale	129,133	65,836
Interest receivable	281	262
Accounts receivable	93	1,021
Prepaid expenses and other current assets	1,323	1,205
Total current assets	153,397	81,720
Property and equipment, net	2,372	2,284
Restricted cash	400	400
Other assets	34	50
Total assets	156,203	84,454
Current liabilities:
Accounts payable	895	560
Accrued expenses and other liabilities	3,134	5,002
Income taxes payable	509
Deferred revenue, current portion	3,118	5,955
Loan payable, net of discount	2,929	7,101
Total current liabilities	10,585	18,618
Deferred revenue, net of current portion	8,905	9,866
Deferred lease incentive, net of current portion	731	888
Deferred rent, net of current portion	238	257
Total liabilities	$ 20,459	$ 29,629
Commitments
Stockholders' equity:
Preferred stock, $0.001 par value per share; 5,000,000 shares authorized, no shares issued and outstanding in 2015 and 2014, respectively
Common stock, $0.001 par value per share; 100,000,000 shares authorized, 21,859,879 and 18,234,068 shares issued and outstanding in 2015 and 2014, respectively	$ 22	$ 18
Additional paid-in capital	249,027	200,157
Accumulated other comprehensive income (loss)	(13)	(14)
Accumulated deficit	(113,292)	(145,336)
Total stockholders' equity	135,744	54,825
Total liabilities and stockholders' equity	$ 156,203	$ 84,454

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	21,859,879	18,234,068
Common stock, shares outstanding	21,859,879	18,234,068

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
License and research and development revenue	$ 3,254	$ 1,235	$ 4,560	$ 2,848
Other revenue (Note 8)	50,155		50,155
Total revenue	53,409	1,235	54,715	2,848
Operating expenses:
Research and development	8,420	6,243	15,364	11,837
General and administrative	3,299	2,718	6,532	5,256
Total operating expenses	11,719	8,961	21,896	17,093
Income (Loss) from operations	41,690	(7,726)	32,819	(14,245)
Investment income	26	16	43	20
Interest and other expense	(103)	(280)	(251)	(715)
Income (Loss) before income taxes	41,613	(7,990)	32,611	(14,940)
Provision for income taxes	567		567
Net income (loss)	41,046	(7,990)	32,044	(14,940)
Other comprehensive income (loss):
Unrealized gain (loss) on investments	(19)	15	1	7
Comprehensive income (loss)	41,027	(7,975)	32,045	(14,933)
Reconciliation of net income (loss) to net income (loss) applicable to common stockholders:
Net income (loss)	41,046	(7,990)	32,044	(14,940)
Accretion on redeemable convertible preferred stock				(55)
Net income (loss) applicable to common stockholders-basic and diluted	$ 41,046	$ (7,990)	$ 32,044	$ (14,995)
Net income (loss) per share applicable to common stockholders-basic	$ 1.89	$ (0.45)	$ 1.58	$ (1.11)
Net income (loss) per share applicable to common stockholders-diluted	$ 1.80	$ (0.45)	$ 1.50	$ (1.11)
Weighted-average number of common shares used in net income (loss) per share applicable to common stockholders-basic	21,762	17,937	20,252	13,495
Weighted-average number of common shares used in net income (loss) per share applicable to common stockholders-diluted	22,850	17,937	21,355	13,495

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Operating activities
Net income (loss)	$ 32,044	$ (14,940)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	368	650
Stock-based compensation expense	1,311	505
Accretion of premiums and discounts on investments	391	352
Amortization of discount on loan payable	49	48
Amortization of deferred financing costs	19	18
Re-measurement of warrant to purchase redeemable securities		117
Amortization of deferred lease incentive	(153)	(257)
Loss on disposal of asset	4
Changes in operating assets and liabilities:
Accounts receivable	928	74
Interest receivable	(19)	(244)
Prepaid expenses and other current assets	(137)	(1,116)
Other assets	16	107
Accounts payable	335	400
Accrued expenses and other liabilities	(1,893)	1,129
Income taxes payable	509
Deferred rent	(38)	(116)
Deferred revenue	(3,798)	(1,937)
Net cash provided by (used in) operating activities	29,936	(15,210)
Investing activities
Purchases of property and equipment	(420)	(188)
Purchases of investments	(107,087)	(74,889)
Maturities of investments	43,400	17,170
Net cash used in investing activities	(64,107)	(57,907)
Financing activities
Principal payments on loan payable	(4,221)	(3,873)
Repayment of leasehold improvement loan		(166)
Proceeds from sale of common stock, net of underwriting discounts and commissions	46,995	86,579
Proceeds from exercise of stock options	820	291
Income tax benefit from exercise of stock options	58
Payment of public offering costs	(310)	(1,436)
Net cash provided by financing activities	43,342	81,395
Net increase in cash and cash equivalents	9,171	8,278
Cash and cash equivalents at beginning of period	13,396	9,638
Cash and cash equivalents at end of period	22,567	17,916
Supplemental cash flow information:
Cash paid for interest	233	$ 580
Purchases of property and equipment unpaid at period end	$ 99

Nature of Business

Nature of Business	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business	1. Nature of Business Concert Pharmaceuticals, Inc., or Concert or the Company, was incorporated on April 12, 2006 as a Delaware corporation with operations based in Lexington, Massachusetts. The Company is a clinical stage biopharmaceutical company that applies its extensive knowledge of deuterium chemistry to discover and develop novel small molecule drugs. The Company’s approach starts with approved drugs, advanced clinical candidates or previously studied compounds that the Company believes can be improved with deuterium substitution to provide better pharmacokinetic or metabolic properties, enhancing clinical safety, tolerability or efficacy. The Company believes this approach may enable drug discovery and clinical development that is more efficient and less expensive than conventional small molecule drug research and development. The Company’s pipeline includes multiple clinical-stage candidates and a number of preclinical compounds that it is currently assessing. In March 2015, the Company sold 3,300,000 shares of common stock in a public offering at a price to the public of $15.15 per share, resulting in net proceeds to the Company of approximately $46.7 million after deducting underwriting discounts and commissions and offering expenses. In June 2015, the Company received a one-time change in control payment of $50.2 million from Auspex Pharmaceuticals, Inc. pursuant to a patent assignment agreement between Concert and Auspex. Concert became eligible to receive the payment due to a change of control of Auspex, which was acquired by Teva Pharmaceuticals Industries Ltd. in May 2015. The Company had cash and cash equivalents and investments of $151.7 million at June 30, 2015. The Company believes that its cash and cash equivalents and investments at June 30, 2015 will be sufficient to allow the Company to fund its current operating plan for at least the next twelve months. The Company may pursue additional cash resources through public or private financings and by establishing collaborations with or licensing its technology to other companies. Unless otherwise indicated, all amounts are in thousands except share and per share amounts.

Basis of Presentation and Signi

Basis of Presentation and Significant Accounting Policies	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation and Significant Accounting Policies	2. Basis of Presentation and Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Interim results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015 or any other future period. The accompanying condensed consolidated financial statements reflect the accounts of Concert and its subsidiary. All intercompany transactions between the Company and its subsidiary have been eliminated. Management has determined that the Company operates in one segment: the development of pharmaceutical products on its own behalf or in collaboration with others. The information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 2, 2015. Use of Estimates and Summary of Significant Accounting Policies The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that can affect the reported amounts of assets, liabilities, equity, revenue and expenses and the disclosure of contingent assets and liabilities. In preparing the condensed consolidated financial statements, management used estimates in the following areas, among others: revenue recognition for multiple-element revenue arrangements, stock-based compensation expense, accrued expenses and income taxes. Actual results could differ from those estimates. There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014. Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	3. Fair Value Measurements The Company measures certain financial assets and liabilities at fair value on a recurring basis (principally cash equivalents and investments) that have been classified as Level 1, 2 or 3 within the fair value hierarchy as described below. Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. Fair values determined by Level 2 inputs utilize data points that are observable, such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs utilize unobservable data points for the asset or liability. The Company’s investments in money market funds, U.S. treasury obligations and government agency securities have been classified as Level 1 because their fair values are based on quoted market prices. As of June 30, 2015 and December 31, 2014, the Company’s financial assets and liabilities recognized at fair value consisted of the following: Level 1 Level 2 Level 3 Total June 30, 2015 Money market funds, included in cash equivalents $ 21,130 $ — $ — $ 21,130 Investments, available for sale: U.S. Treasury obligations 31,380 — — 31,380 Government agency securities 72,754 24,999 — 97,753 Total $ 125,264 $ 24,999 $ — $ 150,263 Level 1 Level 2 Level 3 Total December 31, 2014 Money market funds, included in cash equivalents $ 11,904 $ — $ — $ 11,904 Investments, available for sale: U.S. Treasury obligations 12,035 — — 12,035 Government agency securities 35,808 17,993 — 53,801 Total $ 59,747 $ 17,993 $ — $ 77,740 The Company has reclassified $18.0 million of government agency securities that were previously classified as Level 1 securities at December 31, 2014 to Level 2 securities to conform to the current classification policy for such securities as of June 30, 2015. The carrying amount of financial instruments not carried at fair value, including the loan payable, approximate fair value. The carrying value of the Company’s loan payable approximated fair value because the interest rate yields for the loan approximate current market yields. The disclosed fair value of the Company’s loan payable is a Level 3 liability within the fair value hierarchy.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments, Available for Sale	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments, Available for Sale	4. Cash, Cash Equivalents and Investments, Available for Sale Cash equivalents include all highly liquid investments maturing within 90 days from the date of purchase. Investments consist of securities with original maturities greater than 90 days when purchased. The Company classifies these investments as available-for-sale and records them at fair value in the accompanying condensed consolidated balance sheets. Unrealized gains or losses are included in accumulated other comprehensive income (loss). Premiums or discounts from par value are amortized to investment income over the life of the underlying investment. Cash, cash equivalents and investments, available for sale included the following at June 30, 2015 and December 31, 2014: Average Amortized Unrealized Unrealized Fair June 30, 2015 Cash $ 1,437 $ — $ — $ 1,437 Money market funds 21,130 — — 21,130 Cash and cash equivalents $ 22,567 $ — $ — $ 22,567 U.S. Treasury obligations 159 days $ 31,377 $ 3 $ — $ 31,380 Government agency securities 158 days 97,769 4 (20 ) 97,753 Investments, available for sale $ 129,146 $ 7 $ (20 ) $ 129,133 Average Amortized Unrealized Unrealized Fair December 31, 2014 Cash $ 1,492 $ — $ — $ 1,492 Money market funds 11,904 — — 11,904 Cash and cash equivalents $ 13,396 $ — $ — $ 13,396 U.S. Treasury obligations 171 days $ 12,037 $ (2 ) $ — $ 12,035 Government agency securities 194 days 53,813 3 (15 ) 53,801 Investments, available for sale $ 65,850 $ 1 $ (15 ) $ 65,836 Although available to be sold to meet operating needs or otherwise, securities are generally held through maturity. The cost of securities sold is determined based on the specific identification method for purposes of recording realized gains and losses. During 2015 and 2014, there were no realized gains or losses on sales of investments, and no investments were adjusted for other than temporary declines in fair value.

Accrued Expenses and Other Liab

Accrued Expenses and Other Liabilities	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	5. Accrued Expenses and Other Liabilities Accrued expenses and other liabilities consisted of the following: June 30, December 31, Accrued professional fees and other $ 756 $ 916 Employee compensation and benefits 1,122 1,606 Research and development expenses 895 2,104 Deferred lease incentive, current portion 312 308 Deferred rent, current portion 49 68 $ 3,134 $ 5,002

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	6. Income Taxes Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax basis of assets and liabilities using statutory rates. A valuation allowance is recorded against deferred tax assets if it is more likely than not that some or all of the deferred tax assets will not be realized. The Company’s ability to use its operating loss carryforwards and tax credits to offset future taxable income is subject to restrictions under Sections 382 and 383 of the United States Internal Revenue Code (the “Internal Revenue Code”). Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code. Such changes would limit the Company’s use of its operating loss carryforwards and tax credits. In such a situation, the Company may be required to pay income taxes, even though significant operating loss carryforwards and tax credits exist. The Company records a provision or benefit for income taxes on pre-tax income or loss based on its estimated effective tax rate for the year. As of June 30, 2015, the Company forecast pre-tax income for the year ended December 31, 2015. The Company recorded a provision of $0.6 million in income tax expense during the quarter ended June 30, 2015 in connection with the federal limitation on alternative minimum tax net operating loss carryforwards, which limits the use of net operating loss carryforwards to ninety percent of alternative minimum taxable income and results in an effective tax rate of approximately two percent for 2015.

Collaborations

Collaborations	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaborations	7. Collaborations Celgene In April 2013, the Company entered into a master development and license agreement with Celgene Corporation and Celgene International Sàrl, referred to together as Celgene, which is primarily focused on the research, development and commercialization of specified deuterated compounds targeting inflammation or cancer. For the initial program, which is referred to as CTP-730, the Company granted Celgene an exclusive worldwide license to develop, manufacture and commercialize deuterated analogs of a selected non-deuterated compound and certain close chemical derivatives thereof. The Company further granted Celgene licenses with respect to two additional programs and an option with respect to a third additional program. The Company is responsible for conducting and funding research and early development activities for the CTP-730 program at its own expense pursuant to mutually agreed upon development plans. This includes the completion of single and multiple ascending dose Phase 1 clinical trials and any mutually agreed upon additional Phase 1 clinical trials, as set forth in the development plan and approved by the joint steering committee, or JSC, for the collaboration. Under the terms of the agreement, the Company received a non-refundable upfront payment of $35.0 million. In addition, the Company is eligible to earn up to $23.0 million in development milestone payments, up to $247.5 million in regulatory milestone payments and up to $50.0 million in sales-based milestone payments related to products within the CTP-730 program. The next milestone payment the Company may be entitled to receive under the CTP-730 program is $8.0 million related to the completion of Phase 1 clinical trials. If Celgene exercises its rights with respect to either of the two additional license programs, the Company will receive a license exercise fee for the applicable program of $30.0 million and will also be eligible to earn up to $23.0 million in development milestone payments and up to $247.5 million in regulatory milestone payments for that program. Additionally, with respect to one of the additional license programs, the Company is eligible to receive up to $100.0 million in milestone payments based on net sales of products, and with respect to the other additional license program, the Company is eligible to receive up to $50.0 million in milestone payments based on net sales of products. If Celgene exercises its option with respect to the option program, in respect of a compound to be identified at a later time, the Company will receive an option exercise fee of $10.0 million and will be eligible to earn up to $23.0 million in development milestone payments and up to $247.5 million in regulatory milestone payments. In addition, with respect to each program, Celgene is required to pay the Company royalties on worldwide net sales of each licensed product at defined percentages ranging from the mid-single digits to low double digits below 20%. The royalty rate is reduced on a country-by-country basis during any period within the royalty term when there is no patent claim or regulatory exclusivity covering the licensed product in the particular country. The Company’s arrangement with Celgene contains the following deliverables: (i) an exclusive worldwide license to develop, manufacture and commercialize deuterated analogs of a selected compound related to the CTP-730 program, or the License Deliverable, (ii) obligations to perform research and development services associated with the CTP-730 program, or the R&D Services Deliverable, (iii) obligation to supply preclinical and clinical trial material related to the CTP-730 program, or the Supply Deliverable, (iv) participation on the JSC during the term of the CTP-730 program, or the JSC Deliverable, (v) significant and incremental discount related to the first additional license program for which the non-deuterated compound has been selected, or the First Discount Deliverable and (vi) significant and incremental discount related to the second additional license program for which the non-deuterated compound has been selected, or the Second Discount Deliverable. Allocable arrangement consideration at inception was limited to the $35.0 million non-refundable upfront payment. The Company allocated the arrangement consideration for the collaboration among the separate units of accounting using the relative selling price method. The arrangement consideration allocated to the License Deliverable was recognized upon delivery, amounts allocated to the R&D Services Deliverable and Supply Deliverable are recognized under the proportional performance method over the expected period of performance, or 39 months and the amount allocated to the JSC Deliverable is recognized ratably over the expected period of performance, or 39 months. During the three months ended June 30, 2015 and 2014, the Company recognized revenue of $2.9 million and $0.3 million for the R&D Services Deliverable and $0.1 million and $0.7 million for the Supply Deliverable, respectively. During the six months ended June 30, 2015 and 2014, the Company recognized revenue of $3.5 million and $0.7 million for the R&D Services Deliverable and $0.2 million and $1.2 million for the Supply Deliverable, respectively. The revenue was classified as license and research and development revenue in the accompanying condensed consolidated statement of operations and comprehensive income (loss). As of June 30, 2015, there was $9.1 million of deferred revenue related to the Company’s collaboration with Celgene, $3.0 million of which was classified as current and $6.1 million of which was classified as noncurrent, in the accompanying condensed consolidated balance sheet. Jazz Pharmaceuticals In February 2013, the Company entered into a development and license agreement with Jazz Pharmaceuticals, Inc., or Jazz Pharmaceuticals, to research, develop and commercialize products containing a deuterated sodium oxybate analog, or D-SXB. Jazz Pharmaceuticals is initially focusing on one analog, designated as JZP-386. Under the terms of the agreement, the Company granted Jazz Pharmaceuticals an exclusive, worldwide, royalty-bearing license under intellectual property controlled by the Company to develop, manufacture and commercialize D-SXB products including, but not limited to, JZP-386. The Company, together with Jazz Pharmaceuticals, has conducted certain development activities for Phase 1 clinical trials with respect to JZP-386 pursuant to an agreed upon development plan. The Company was responsible under the development plan for conducting the Phase 1 clinical trials with respect to JZP-386. The Company’s obligations to conduct further development activities are subject to mutual agreement. Jazz Pharmaceuticals has assumed all manufacturing and development responsibilities relating to JZP-386. Pursuant to the agreement, the Company’s costs for activities under the development plan were reimbursed by Jazz Pharmaceuticals, except for the costs of a Phase 1 clinical trial that was conducted in the first half of 2015, which was shared between Jazz Pharmaceuticals and the Company. Under the agreement, the Company received a non-refundable upfront payment of $4.0 million and is eligible to earn an aggregate of up to $8.0 million in development milestone payments, up to $35.0 million in regulatory milestone payments and up to $70.0 million in sales-based milestone payments based on net product sales of licensed products. The next milestone payment that the Company may be entitled to receive is $4.0 million related to initiation of the first Phase 2 clinical trial of JZP-386. In addition, Jazz Pharmaceuticals is required to pay the Company royalties at defined percentages ranging from the mid-single digits to low double digits below 20% on worldwide net sales of licensed products. The royalty rate is lowered, on a country-by-country basis, under certain circumstances as specified in the agreement. For the three months ended June 30, 2015 and 2014, the Company recognized revenue of $0.2 million and $0.2 million related to the performance of development support services, respectively. For the six months ended June 30, 2015 and 2014, the Company recognized revenue of $0.7 million and $0.9 million related to the performance of development support services, respectively. Avanir In February 2012, the Company entered into a development and license agreement with Avanir Pharmaceuticals, Inc., or Avanir, under which the Company granted Avanir an exclusive worldwide license to develop, manufacture and commercialize deuterated dextromethorphan containing products. Avanir is initially focused on developing AVP-786, which is a combination of a deuterated dextromethorphan analog and an ultra-low dose of quinidine. Subsequent to the Company’s agreement, Avanir was acquired by Otsuka Pharmaceutical Co., Ltd. and it is now a wholly owned subsidiary of Otsuka America, Inc. Since June 2012, Avanir has elected to conduct all research and development activities, including manufacturing activities; however, the Company has continued to receive intellectual property cost reimbursements. Under the agreement, the Company received a non-refundable upfront payment of $2.0 million and has received milestone payments of $4.0 million. The Company is also eligible to earn, with respect to licensed products comprising a combination of deuterated dextromethorphan and quinidine, an additional $2.0 million development milestone payment, up to $37.0 million in regulatory and commercial launch milestone payments and up to $125.0 million in sales-based milestone payments. The next milestone that the Company may be entitled to earn is $2.0 million related to the initiation of dosing in a Phase 3 clinical trial for AVP-786. In addition, the Company is eligible for higher development milestones, up to an additional $43.0 million, for licensed products that do not require quinidine. Avanir is currently developing deuterated dextromethorphan only in combination with quinidine. Avanir also is required to pay the Company royalties at defined percentages ranging from the mid-single digits to low double digits below 20% on net sales of licensed products on a country-by-country basis. The royalty rate is reduced, on a country-by-country basis, during any period within the royalty term when there is no patent claim covering the licensed product in the particular country. The Company recognized $131 thousand and $73 thousand for the six months ended June 30, 2015 and 2014, respectively, for intellectual property cost reimbursements, the cost of which was recorded within general and administrative expense. GSK In May 2009, the Company entered into a research and development collaboration and license agreement with Glaxo Group Limited, or GSK, to research, develop and commercialize multiple products containing deuterated compounds, including CTP-499. The agreement with GSK, as subsequently amended, expired in May 2012 after GSK opted out of further development under the agreement and made a $2.75 million payment to the Company. The rights to the product candidates developed under the agreement have reverted to the Company and it is free to pursue them without further obligation to GSK other than to repay GSK an amount of up to $2.75 million if the Company commercializes CTP-499 or if, prior to a specified date in 2018, the Company re-licenses or transfers rights to CTP-499 to a third party. The $2.75 million payment was classified as deferred revenue and will not be recognized as revenue until all repayment obligations lapse.

Patent Assignment

Patent Assignment	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Patent Assignment	8. Patent Assignment In September 2011, the Company entered into a patent assignment agreement with Auspex Pharmaceuticals, Inc., or Auspex, pursuant to which the Company assigned to Auspex a U.S. patent application relating to deuterated pirfenidone analogs. Under the terms of the agreement, the Company is eligible to receive certain royalty payments, or the Royalty Payments, equal to a percentage in the low single digits of net sales in the United States invoiced by Auspex or any of its affiliates, with respect to certain pharmaceutical products containing a deuterated pirfenidone analog. The patent assignment agreement further provides that if Auspex sells to another party all of its U.S. rights to certain deuterated pirfenidone products, or if Auspex grants to another party a license to sell certain deuterated pirfenidone products in the United States, the Company will receive an amount, or the Sublicense/Sale Payments, equal to a percentage in the teens of any proceeds Auspex receives therefrom that are attributable to the rights to such deuterated pirfenidone products in the United States. In addition, the patent assignment agreement provides that if Auspex is acquired in a change in control transaction at any time while it, or any of its affiliates, own certain patents or patent applications related to deuterated pirfenidone, the Company will receive within a specified period following the closing of the transaction 1.44% of any proceeds payable as consideration for the change in control transaction, including any amounts paid to stockholders and certain equity holders of Auspex. Any such change in control payment to the Company is credited to Auspex as a deduction against any future Royalty Payments and Sublicense/Sale Payments that may become due under the agreement, such that Auspex will not be required to make further Royalty Payments and Sublicense/Sale Payments to the Company until the aggregate amount of such Royalty Payments and Sublicense/Sale Payments exceeds the amount of such change in control payment. The patent assignment agreement expires upon the earlier to occur of (1) receipt by the Company of the final Sublicense/Sale Payment arising from (a) the sale of Auspex’s U.S. rights to certain deuterated pirfenidone products or (b) Auspex’s grant of an exclusive license to sell certain deuterated pirfenidone products in the United States in all indications and fields, or (2) the expiration of the last claim owned by Auspex or any of its affiliates in certain patents or patent applications related to deuterated pirfenidone analogs. Under the agreement, Concert became eligible to receive a one-time payment of $50.2 million, which was received in June 2015, due to Teva Pharmaceuticals Industries Ltd.’s acquisition of Auspex in May 2015. Due to the stage of development of any deuterated pirfenidone products and the considerable uncertainty associated with the receipt of any Royalty Payments and Sublicense/Sale Payments under the agreement, the payment of $50.2 million was recorded as other revenue in the condensed consolidated statement of operations and comprehensive income (loss) for the three and six months ended June 30, 2015.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	9. Stock-Based Compensation The Company’s equity incentive plans provide for the issuance of a variety of stock-based awards, including incentive stock options, nonstatutory stock options and awards of stock, to directors, officers and employees of the Company, as well as consultants and advisors to the Company. To date, the Company has granted awards solely in the form of stock options, which have generally been granted with an exercise price equal to the fair value of the underlying common stock on the date of grant, expire no later than ten years from the date of grant and vest over various periods not exceeding four years. Effective January 1, 2015, an additional 729,363 shares were added to the Company’s 2014 Stock Incentive Plan, or the 2014 Plan, for future issuance pursuant to the terms of the 2014 Plan. As of June 30, 2015, there were 1,662,819 shares of common stock available for future award grants under the 2014 Plan. Total stock-based compensation expense related to all stock-based awards recognized in the condensed consolidated statements of operations and comprehensive income (loss) consisted of: Three Months Ended Six Months Ended 2015 2014 2015 2014 Research and development $ 280 $ 138 $ 605 $ 228 General and administrative 385 157 706 277 Total stock-based compensation expense $ 665 $ 295 $ 1,311 $ 505 Stock Options The weighted-average fair value of options granted during the three and six months ended June 30, 2015, based on fair values estimated as of the applicable grant dates using the Black-Scholes-Merton option pricing model, was $10.62 and $9.91 per option share, respectively. The weighted-average fair value of options granted during the three and six months ended June 30, 2014, based on fair values estimated as of the applicable grant dates using the Black-Scholes-Merton option pricing model, was $6.15 and $6.52 per option share, respectively. For the three and six months ended June 30, 2015 and 2014, the fair values of options granted were estimated using the following weighted-average assumptions: Three months ended Six months ended 2015 2014 2015 2014 Expected volatility 72.65 % 83.26 % 72.91 % 81.23 % Expected term 6.0 years 6.0 years 6.0 years 6.0 years Risk-free interest rate 1.85 % 1.88 % 1.68 % 1.90 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 % For the three and six months ended June 30, 2015 and 2014, expected volatility was estimated using the historical volatility of the common stock of a group of similar companies that were publicly traded. The Company will continue to apply this process until a sufficient amount of historical information regarding the volatility of its own stock price becomes available. During the six months ended June 30, 2015 and 2014, the total intrinsic value of stock options exercised was $4.1 million and $1.0 million, respectively. The total grant date fair value of stock options that vested during the six months ended June 30, 2015 and 2014 was $1.9 million and $0.3 million, respectively. The following is a summary of stock option activity for the six months ended June 30, 2015: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding at December 31, 2014 2,688,937 $ 6.04 Granted 271,500 $ 15.32 Exercised (325,811 ) $ 2.52 Forfeited or expired (69,002 ) $ 7.88 Outstanding at June 30, 2015 2,565,624 $ 7.42 6.79 $ 19,348 Exercisable at June 30, 2015 1,409,724 $ 4.65 5.03 $ 14,438 Vested and expected to vest at June 30, 2015 (1) 2,466,476 $ 7.28 6.70 $ 18,933 (1) This represents the number of vested stock option shares as of June 30, 2015, plus the number of unvested stock option shares that the Company estimated as of June 30, 2015 would vest, based on the unvested stock option shares at June 30, 2015 and an estimated forfeiture rate of 6%. As of June 30, 2015, there was $8.0 million of unrecognized compensation cost related to stock options that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 2.8 years.

Loan Payable

Loan Payable	6 Months Ended
	Jun. 30, 2015
Debt Disclosure [Abstract]
Loan Payable	10. Loan Payable On December 22, 2011, the Company entered into a Loan and Security Agreement, or the Loan and Security Agreement, with Hercules Technology Growth Capital, Inc., or Hercules. The Loan and Security Agreement provides for aggregate advances of up to $20 million in two tranches. Under the first tranche, the Company obtained an advance on December 22, 2011 totaling $7.5 million, or the December 2011 Advance. Under the second tranche, the Company obtained an advance on March 29, 2012 totaling $12.5 million, or the March 2012 Advance. The Company incurred $0.2 million in loan issuance costs paid directly to the lenders, which have been offset against the loan proceeds as a loan discount. Each advance made under the Loan and Security Agreement bears interest at a variable rate of the greater of 8.5% and an amount equal to 8.5% plus the prime rate of interest minus 5.25%, provided however, that the per annum interest rate shall not exceed 11%. Through June 30, 2015, each of the December 2011 Advance and the March 2012 Advance had an interest rate of 8.5%. Interest-only payments were due monthly on the first day of each month beginning the month after the date of the respective advance until April 30, 2013. Thereafter the aggregate principal balance outstanding became payable in 30 equal monthly installments of principal and interest beginning May 1, 2013 and continuing through the maturity date of October 1, 2015. The loan is collateralized by a blanket lien on all of the Company’s corporate assets, excluding intellectual property, and by a negative pledge on its intellectual property. The Loan and Security Agreement contains default provisions that include the occurrence of a material adverse effect, as defined therein, that would entitle the lender to declare all principal, interest and other amounts owed by the Company under the Loan and Security Agreement immediately due and payable. The Company does not believe that any events have occurred that could reasonably be deemed to have a material adverse effect. The Company does not have any financial covenants under the Loan and Security Agreement. Future minimum payments, which include principal and interest due under the Loan and Security Agreement, are $3.0 million, in the aggregate, for the remainder of 2015.

Earnings (Loss) Per Share

Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Earnings (Loss) Per Share	11. Earnings (Loss) Per Share Basic net earnings (loss) per common share is calculated by dividing net earnings (loss) allocable to common stockholders, computed as the sum of net earnings (loss) and accretion on the Company’s redeemable convertible preferred stock, by the weighted-average common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is calculated by adjusting the weighted-average shares outstanding for the dilutive effect of common stock equivalents outstanding for the period. For purposes of the diluted net loss per share calculation, stock options and warrants are considered to be common stock equivalents, but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive. Therefore, basic and diluted net loss per share applicable to common stockholders is the same for periods with a net loss. Three months ended Six months ended 2015 2014 2015 2014 (in thousands, expect per share amounts) Numerator: Net income (loss) applicable to common stockholders—basic and diluted $ 41,046 $ (7,990 ) $ 32,044 $ (14,995 ) Denominator: Weighted average shares outstanding - basic 21,762 17,937 20,252 13,495 Dilutive stock options 1,083 — 1,100 — Dilutive warrants 5 — 3 — Weighted average shares outstanding - diluted 22,850 17,937 21,355 13,495 Net income (loss) per share applicable to common stockholders: Basic $ 1.89 $ (0.45 ) $ 1.58 $ (1.11 ) Diluted $ 1.80 $ (0.45 ) $ 1.50 $ (1.11 ) Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share: Stock options 434 1,167 465 1,256 Warrants 66 71 69 71

Basis of Presentation and Sig17

Basis of Presentation and Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments, consisting of normal recurring accruals and revisions of estimates, considered necessary for a fair presentation of the condensed consolidated financial statements have been included. Interim results for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2015 or any other future period. The accompanying condensed consolidated financial statements reflect the accounts of Concert and its subsidiary. All intercompany transactions between the Company and its subsidiary have been eliminated. Management has determined that the Company operates in one segment: the development of pharmaceutical products on its own behalf or in collaboration with others. The information included in this quarterly report on Form 10-Q should be read in conjunction with the Company’s consolidated financial statements and the accompanying notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 filed with the SEC on March 2, 2015.
Use of Estimates and Summary of Significant Accounting Policies	Use of Estimates and Summary of Significant Accounting Policies The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that can affect the reported amounts of assets, liabilities, equity, revenue and expenses and the disclosure of contingent assets and liabilities. In preparing the condensed consolidated financial statements, management used estimates in the following areas, among others: revenue recognition for multiple-element revenue arrangements, stock-based compensation expense, accrued expenses and income taxes. Actual results could differ from those estimates. There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, Revenue from Contracts with Customers (Topic 606) In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Financial Assets and Liabilities Recognized at Fair Value	As of June 30, 2015 and December 31, 2014, the Company’s financial assets and liabilities recognized at fair value consisted of the following: Level 1 Level 2 Level 3 Total June 30, 2015 Money market funds, included in cash equivalents $ 21,130 $ — $ — $ 21,130 Investments, available for sale: U.S. Treasury obligations 31,380 — — 31,380 Government agency securities 72,754 24,999 — 97,753 Total $ 125,264 $ 24,999 $ — $ 150,263 Level 1 Level 2 Level 3 Total December 31, 2014 Money market funds, included in cash equivalents $ 11,904 $ — $ — $ 11,904 Investments, available for sale: U.S. Treasury obligations 12,035 — — 12,035 Government agency securities 35,808 17,993 — 53,801 Total $ 59,747 $ 17,993 $ — $ 77,740

Cash, Cash Equivalents and In19

Cash, Cash Equivalents and Investments, Available for Sale (Tables)	6 Months Ended
	Jun. 30, 2015
Cash and Cash Equivalents [Abstract]
Cash, Cash Equivalents and Investments, Available for Sale	Cash, cash equivalents and investments, available for sale included the following at June 30, 2015 and December 31, 2014: Average Amortized Unrealized Unrealized Fair June 30, 2015 Cash $ 1,437 $ — $ — $ 1,437 Money market funds 21,130 — — 21,130 Cash and cash equivalents $ 22,567 $ — $ — $ 22,567 U.S. Treasury obligations 159 days $ 31,377 $ 3 $ — $ 31,380 Government agency securities 158 days 97,769 4 (20 ) 97,753 Investments, available for sale $ 129,146 $ 7 $ (20 ) $ 129,133 Average Amortized Unrealized Unrealized Fair December 31, 2014 Cash $ 1,492 $ — $ — $ 1,492 Money market funds 11,904 — — 11,904 Cash and cash equivalents $ 13,396 $ — $ — $ 13,396 U.S. Treasury obligations 171 days $ 12,037 $ (2 ) $ — $ 12,035 Government agency securities 194 days 53,813 3 (15 ) 53,801 Investments, available for sale $ 65,850 $ 1 $ (15 ) $ 65,836

Accrued Expenses and Other Li20

Accrued Expenses and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Payables and Accruals [Abstract]
Accrued Expenses and Other Liabilities	Accrued expenses and other liabilities consisted of the following: June 30, December 31, Accrued professional fees and other $ 756 $ 916 Employee compensation and benefits 1,122 1,606 Research and development expenses 895 2,104 Deferred lease incentive, current portion 312 308 Deferred rent, current portion 49 68 $ 3,134 $ 5,002

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation Expense Related to All Stock Based Awards Recognized in Statements of Operations and Comprehensive Income (Loss)	Total stock-based compensation expense related to all stock-based awards recognized in the condensed consolidated statements of operations and comprehensive income (loss) consisted of: Three Months Ended Six Months Ended 2015 2014 2015 2014 Research and development $ 280 $ 138 $ 605 $ 228 General and administrative 385 157 706 277 Total stock-based compensation expense $ 665 $ 295 $ 1,311 $ 505
Estimated Weighted-Average Assumptions of Options Granted	For the three and six months ended June 30, 2015 and 2014, the fair values of options granted were estimated using the following weighted-average assumptions: Three months ended Six months ended 2015 2014 2015 2014 Expected volatility 72.65 % 83.26 % 72.91 % 81.23 % Expected term 6.0 years 6.0 years 6.0 years 6.0 years Risk-free interest rate 1.85 % 1.88 % 1.68 % 1.90 % Expected dividend yield 0.00 % 0.00 % 0.00 % 0.00 %
Summary of Stock Option Activity	The following is a summary of stock option activity for the six months ended June 30, 2015: Number of Weighted Weighted Aggregate (In years) (In thousands) Outstanding at December 31, 2014 2,688,937 $ 6.04 Granted 271,500 $ 15.32 Exercised (325,811 ) $ 2.52 Forfeited or expired (69,002 ) $ 7.88 Outstanding at June 30, 2015 2,565,624 $ 7.42 6.79 $ 19,348 Exercisable at June 30, 2015 1,409,724 $ 4.65 5.03 $ 14,438 Vested and expected to vest at June 30, 2015 (1) 2,466,476 $ 7.28 6.70 $ 18,933 (1) This represents the number of vested stock option shares as of June 30, 2015, plus the number of unvested stock option shares that the Company estimated as of June 30, 2015 would vest, based on the unvested stock option shares at June 30, 2015 and an estimated forfeiture rate of 6%.

Earnings (Loss) Per Share (Tabl

Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings (Loss) Per Share	Three months ended Six months ended 2015 2014 2015 2014 (in thousands, expect per share amounts) Numerator: Net income (loss) applicable to common stockholders—basic and diluted $ 41,046 $ (7,990 ) $ 32,044 $ (14,995 ) Denominator: Weighted average shares outstanding - basic 21,762 17,937 20,252 13,495 Dilutive stock options 1,083 — 1,100 — Dilutive warrants 5 — 3 — Weighted average shares outstanding - diluted 22,850 17,937 21,355 13,495 Net income (loss) per share applicable to common stockholders: Basic $ 1.89 $ (0.45 ) $ 1.58 $ (1.11 ) Diluted $ 1.80 $ (0.45 ) $ 1.50 $ (1.11 ) Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share: Stock options 434 1,167 465 1,256 Warrants 66 71 69 71

Nature of Business - Additional

Nature of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Jun. 30, 2015	Mar. 31, 2015
Subsidiary, Sale of Stock [Line Items]
Cash and cash equivalents and investments	$ 151.7
Concert Auspex Patent Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Payment received under patent assignment agreement	$ 50.2
IPO [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock, issued		3,300,000
Common stock price per share		$ 15.15
Net proceeds of IPO		$ 46.7

Basis of Presentation and Sig24

Basis of Presentation and Significant Accounting Policies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2015Segment
Accounting Policies [Abstract]
Number of segments	1

Fair Value Measurements - Finan

Fair Value Measurements - Financial Assets and Liabilities Recognized at Fair Value (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair value	$ 22,567	$ 13,396
Investments, available for sale	129,133	65,836
Financial assets at fair value	150,263	77,740
Money Market Funds Included in Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair value	21,130	11,904
U.S. Treasury Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, available for sale	31,380	12,035
Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, available for sale	97,753	53,801
Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets at fair value	125,264	59,747
Level 1 [Member] | Money Market Funds Included in Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, Fair value	21,130	11,904
Level 1 [Member] | U.S. Treasury Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, available for sale	31,380	12,035
Level 1 [Member] | Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, available for sale	72,754	35,808
Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Financial assets at fair value	24,999	17,993
Level 2 [Member] | Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, available for sale	$ 24,999	$ 17,993

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Millions	Jun. 30, 2015USD ($)
U.S. Treasury Obligations [Member]
Fair Value Measurements [Line Items]
Transfers from Level 1 securities to Level 2 securities	$ 18

Cash, Cash Equivalents and In27

Cash, Cash Equivalents and Investments, Available for Sale - Additional Information (Detail) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Cash and Cash Equivalents [Abstract]
Cash equivalents, liquid investments maturity period	90 days
Realized gains or losses on sales of investments	$ 0	$ 0
Other than temporary impairment losses, investments	$ 0	$ 0

Cash, Cash Equivalents and In28

Cash, Cash Equivalents and Investments, Available for Sale - Cash, Cash Equivalents and Investments, Available for Sale (Detail) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 22,567	$ 13,396	$ 17,916	$ 9,638
Cash and cash equivalents, Fair value	22,567	13,396
Investments, available for sale, Amortized cost	129,146	65,850
Investments, available for sale, Unrealized gains	7	1
Investments, available for sale, Unrealized losses	(20)	(15)
Investments, available for sale, Fair value	$ 129,133	$ 65,836
U.S. Treasury Obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, available for sale, Average maturity	159 days	171 days
Investments, available for sale, Amortized cost	$ 31,377	$ 12,037
Investments, available for sale, Unrealized gains	3	(2)
Investments, available for sale, Fair value	$ 31,380	$ 12,035
Government Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Investments, available for sale, Average maturity	158 days	194 days
Investments, available for sale, Amortized cost	$ 97,769	$ 53,813
Investments, available for sale, Unrealized gains	4	3
Investments, available for sale, Unrealized losses	(20)	(15)
Investments, available for sale, Fair value	97,753	53,801
Cash [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	1,437	1,492
Cash and cash equivalents, Fair value	1,437	1,492
Money Market Funds Included in Cash Equivalents [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	21,130	11,904
Cash and cash equivalents, Fair value	$ 21,130	$ 11,904

Accrued Expenses and Other Li29

Accrued Expenses and Other Liabilities - Accrued Expenses and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Payables and Accruals [Abstract]
Accrued professional fees and other	$ 756	$ 916
Employee compensation and benefits	1,122	1,606
Research and development expenses	895	2,104
Deferred lease incentive, current portion	312	308
Deferred rent, current portion	49	68
Accrued expenses and other liabilities	$ 3,134	$ 5,002

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 567	$ 567
Use of net operating loss carryforwards, percentage		90.00%
Tax rate		2.00%

Collaborations - Celgene - Addi

Collaborations - Celgene - Additional Information (Detail)	1 Months Ended	3 Months Ended		6 Months Ended
	Apr. 30, 2013USD ($)Licensed_ProgramOption	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, current portion		$ 3,118,000		$ 3,118,000		$ 5,955,000
Deferred revenue, net of current portion		8,905,000		8,905,000		$ 9,866,000
Celgene [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Number of additional license program | Licensed_Program	2
Number of options for providing license program | Option	1
Deferred revenue, current portion		3,000,000		3,000,000
Percentage of royalty on net sales required to pay under the agreement	20.00%
Arrangement consideration allocated to the License Deliverable, recognition period	39 months
Deferred revenue		9,100,000		9,100,000
Deferred revenue, net of current portion		6,100,000		6,100,000
Celgene [Member] | Non-refundable Upfront Payment Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, payment received	$ 35,000,000
Celgene [Member] | R&D Services Deliverable [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized		2,900,000	$ 300,000	3,500,000	$ 700,000
Celgene [Member] | Supply Deliverable [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized		$ 100,000	$ 700,000	$ 200,000	$ 1,200,000
Celgene [Member] | If Celgene Exercises its Option With Respect to the Option Program [Member] | Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, current portion	10,000,000
Celgene [Member] | If Celgene Exercises its Rights With Respect to Either of the Two Additional License Programs [Member] | License Exercise Fee [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, current portion	30,000,000
Celgene [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Non-refundable upfront payment	35,000,000
Celgene [Member] | Maximum [Member] | CTP-730 Program [Member] | Regulatory Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	247,500,000
Celgene [Member] | Maximum [Member] | CTP-730 Program [Member] | Sales-based Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	50,000,000
Celgene [Member] | Maximum [Member] | If Celgene Exercises its Option With Respect to the Option Program [Member] | Development Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	23,000,000
Celgene [Member] | Maximum [Member] | If Celgene Exercises its Option With Respect to the Option Program [Member] | Regulatory Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	247,500,000
Celgene [Member] | Maximum [Member] | One of the Other Additional License Programs [Member] | Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	50,000,000
Celgene [Member] | Maximum [Member] | If Celgene Exercises its Rights With Respect to Either of the Two Additional License Programs [Member] | Development Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	23,000,000
Celgene [Member] | Maximum [Member] | If Celgene Exercises its Rights With Respect to Either of the Two Additional License Programs [Member] | Regulatory Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	247,500,000
Celgene [Member] | Maximum [Member] | If Celgene Exercises its Rights With Respect to Either of the Two Additional License Programs [Member] | Milestones [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	100,000,000
Collaborative Arrangement, Co-promotion [Member] | Celgene [Member] | Maximum [Member] | CTP-730 Program [Member] | Development Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	$ 23,000,000

Collaborations - Jazz Pharmaceu

Collaborations - Jazz Pharmaceuticals - Additional Information (Detail) - Jazz Pharmaceuticals [Member] - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2013	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of royalty on net sales required to pay under the agreement	20.00%
JZP 386 [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	$ 4,000,000
Non-refundable Upfront Payment Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, payment received	4,000,000
Development Milestone [Member] | Maximum [Member] | Collaborative Arrangement, Co-promotion [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	8,000,000
Regulatory Milestones [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	35,000,000
Sales-based Milestone [Member] | Maximum [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable	$ 70,000,000
Development Support Services [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized		$ 200,000	$ 200,000	$ 700,000	$ 900,000

Collaborations - Avanir - Addit

Collaborations - Avanir - Additional Information (Detail) - USD ($)	1 Months Ended		6 Months Ended
	May. 31, 2012	Feb. 29, 2012	Jun. 30, 2015	Jun. 30, 2014
Avanir Pharmaceuticals [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable		$ 2,000,000	$ 4,000,000
Percentage of royalty on net sales required to pay under the agreement		20.00%
Avanir Pharmaceuticals [Member] | Non-refundable Upfront Payment Arrangement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, payment received		$ 2,000,000
Avanir Pharmaceuticals [Member] | Licensed Products [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable		43,000,000
Avanir Pharmaceuticals [Member] | Reimbursements of Travel and Intellectual Property Expenses [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue recognized			$ 131,000	$ 73,000
Avanir Pharmaceuticals [Member] | Phase 3 Clinical Trial [Member] | Development Milestone [Member] | Collaborative Arrangement, Co-promotion [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable		2,000,000
Avanir Pharmaceuticals [Member] | Maximum [Member] | Regulatory and Commercial Launch Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable		37,000,000
Avanir Pharmaceuticals [Member] | Maximum [Member] | Sales-based Milestone [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Eligible payments receivable		$ 125,000,000
GSK [Member] | Amendment to GSK Agreement [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Deferred revenue, payment received	$ 2,750,000

Patent Assignment - Additional

Patent Assignment - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2015	Sep. 30, 2011
Indefinite-lived Intangible Assets [Line Items]
Consideration percentage related to change in control subject to acquisition		1.44%
Concert Auspex Patent Agreement [Member]
Indefinite-lived Intangible Assets [Line Items]
Payment received under patent assignment agreement	$ 50.2

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions	Jan. 01, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation expiration terms for grant and vested option				Expire no later than ten years from the date of grant and vest over various periods not exceeding four years.
Weighted-average fair value of options granted		$ 10.62	$ 6.15	$ 9.91	$ 6.52
Intrinsic value of stock options exercised				$ 4.1	$ 1
Total grant date fair value of stock options that vested during the period				1.9	$ 0.3
Total unrecognized compensation cost related to unvested options		$ 8		$ 8
Total unrecognized compensation cost related to unvested options, weighted-average recognition period				2 years 9 months 18 days
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Additional shares issued under the plan	729,363
Common stock available for future award grant		1,662,819		1,662,819

Stock Based Compensation - Stoc

Stock Based Compensation - Stock-Based Compensation Expense Related to All Stock Based Awards Recognized in Statements of Operations and Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 665	$ 295	$ 1,311	$ 505
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	280	138	605	228
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 385	$ 157	$ 706	$ 277

Stock Based Compensation - Esti

Stock Based Compensation - Estimated Weighted-Average Assumptions of Options Granted (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Expected volatility	72.65%	83.26%	72.91%	81.23%
Expected term (in years)	6 years	6 years	6 years	6 years
Risk-free interest rate	1.85%	1.88%	1.68%	1.90%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Jun. 30, 2015 - USD ($) $ / shares in Units, $ in Thousands		Total
Number of options
Number of options, Outstanding beginning balance		2,688,937
Number of options, Granted		271,500
Number of options, Exercised		(325,811)
Number of options, Forfeited or expired		(69,002)
Number of options, Outstanding ending balance		2,565,624
Number of options, Exercisable		1,409,724
Number of options, Vested and expected to vest	[1]	2,466,476
Weighted average exercise price per share
Weighted average exercise price per share, Outstanding at beginning of year		$ 6.04
Weighted average exercise price per share, Granted		15.32
Weighted average exercise price per share, Exercised		2.52
Weighted average exercise price per share, Forfeited or expired		7.88
Weighted average exercise price per share, Outstanding ending balance		7.42
Weighted average exercise price per share, Exercisable		4.65
Weighted average exercise price per share, Vested and expected to vest	[1]	$ 7.28
Weighted average remaining contractual term (Years)
Weighted average remaining contractual term, Outstanding		6 years 9 months 15 days
Weighted average remaining contractual term, Exercisable		5 years 11 days
Weighted average remaining contractual term, Vested and expected to vest	[1]	6 years 8 months 12 days
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding		$ 19,348
Aggregate Intrinsic Value, Exercisable		14,438
Aggregate Intrinsic Value, Vested and expected to vest	[1]	$ 18,933
[1]	This represents the number of vested stock option shares as of June 30, 2015, plus the number of unvested stock option shares that the Company estimated as of June 30, 2015 would vest, based on the unvested stock option shares at June 30, 2015 and an estimated forfeiture rate of 6%.

Stock-Based Compensation - Su39

Stock-Based Compensation - Summary of Stock Option Activity (Parenthetical) (Detail)	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Estimated forfeiture rate	6.00%

Loan Payable - Additional Infor

Loan Payable - Additional Information (Detail) - Loan and Security Agreement [Member] - Hercules Technology Growth Capital, Inc. (Hercules) [Member]	Mar. 29, 2012USD ($)	Dec. 22, 2011USD ($)Tranches	Jun. 30, 2015USD ($)MonthlyInstallments
Debt Instrument [Line Items]
Aggregate advance provided under the agreement		$ 20,000,000
Number of tranches | Tranches		2
Loan issuance cost paid to lenders	$ 200,000
Debt instrument, annum interest rate			8.50%
Debt instrument, description of interest rate			Each advance made under the Loan and Security Agreement bears interest at a variable rate of the greater of 8.5% and an amount equal to 8.5% plus the prime rate of interest minus 5.25%, provided however, that the per annum interest rate shall not exceed 11%. Through June 30, 2015, each of the December 2011 Advance and the March 2012 Advance had an interest rate of 8.5%.
Debt instrument maturity date, start date			May 1, 2013
Debt instrument maturity date, end date			Oct. 1, 2015
Debt instrument, number of equal monthly installments | MonthlyInstallments			30
Aggregate Future minimum payments due under the Loan and Security Agreement for the remainder of 2015			$ 3,000,000
Maximum [Member]
Debt Instrument [Line Items]
Debt instrument, annum interest rate			11.00%
Prime Rate [Member] | Minimum [Member]
Debt Instrument [Line Items]
Debt instrument, variable rate			8.50%
First Tranche [Member]
Debt Instrument [Line Items]
Advance made under the tranche		$ 7,500,000
Second Tranche [Member]
Debt Instrument [Line Items]
Advance made under the tranche	$ 12,500,000

Earnings (Loss) Per Share - Com

Earnings (Loss) Per Share - Computation of Basic and Diluted Earnings (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Numerator:
Net income (loss) applicable to common stockholders-basic and diluted	$ 41,046	$ (7,990)	$ 32,044	$ (14,940)
Denominator:
Weighted average shares outstanding - basic	21,762	17,937	20,252	13,495
Dilutive stock options	1,083		1,100
Dilutive warrants	5		3
Weighted average shares outstanding - diluted	22,850	17,937	21,355	13,495
Net income (loss) per share applicable to common stockholders:
Basic	$ 1.89	$ (0.45)	$ 1.58	$ (1.11)
Diluted	$ 1.80	$ (0.45)	$ 1.50	$ (1.11)
Stock Options [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share:
Common stock equivalents excluded from computation of earning per share	434	1,167	465	1,256
Warrants [Member]
Anti-dilutive potential common stock equivalents excluded from the calculation of net income (loss) per share:
Common stock equivalents excluded from computation of earning per share	66	71	69	71