Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 30, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ZFGN | |
Entity Registrant Name | Zafgen, Inc. | |
Entity Central Index Key | 1,374,690 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 27,272,261 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 31,450 | $ 35,595 |
Marketable securities | 134,734 | 149,484 |
Tax incentive receivable | 1,389 | 1,323 |
Prepaid expenses and other current assets | 1,271 | 1,708 |
Total current assets | 168,844 | 188,110 |
Tax incentive receivable | 144 | |
Property and equipment, net | 954 | 902 |
Other assets | 90 | 94 |
Total assets | 170,032 | 189,106 |
Current liabilities: | ||
Accounts payable | 3,146 | 7,495 |
Accrued expenses | 6,739 | 6,112 |
Notes payable, current | 2,996 | 2,936 |
Total current liabilities | 12,881 | 16,543 |
Notes payable, net of discount, long-term | 2,723 | 3,453 |
Total liabilities | $ 15,604 | $ 19,996 |
Commitments and contingencies (Note 8) | ||
Stockholders' equity: | ||
Preferred stock; $0.001 par value per share; 5,000,000 shares authorized at March 31, 2016 and December 31, 2015; no shares issued and outstanding at March 31, 2016 and December 31, 2015 | ||
Common stock, $0.001 par value per share; 115,000,000 shares authorized at March 31, 2016 and December 31, 2015; 27,268,943 and 27,242,503 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | $ 27 | $ 27 |
Additional paid-in capital | 351,807 | 348,961 |
Accumulated deficit | (197,407) | (179,671) |
Accumulated other comprehensive gain (loss) | 1 | (207) |
Total stockholders' equity | 154,428 | 169,110 |
Total liabilities and stockholders' equity | $ 170,032 | $ 189,106 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value per share | $ 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 per share | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 115,000,000 | 115,000,000 |
Common stock, shares issued | 27,268,943 | 27,242,503 |
Common stock, shares outstanding | 27,268,943 | 27,242,503 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Revenue | $ 0 | $ 0 |
Operating expenses: | ||
Research and development | 12,497 | 10,215 |
General and administrative | 5,360 | 3,025 |
Total operating expenses | 17,857 | 13,240 |
Loss from operations | (17,857) | (13,240) |
Other income (expense): | ||
Interest income | 209 | 39 |
Interest expense | (160) | (213) |
Foreign currency transaction gains (losses), net | 72 | (58) |
Total other income (expense), net | 121 | (232) |
Net loss | $ (17,736) | $ (13,472) |
Net loss per share, basic and diluted | $ (0.65) | $ (0.53) |
Weighted average common shares outstanding, basic and diluted | 27,263,435 | 25,615,282 |
Comprehensive loss: | ||
Net loss | $ (17,736) | $ (13,472) |
Other comprehensive gain (loss): | ||
Unrealized gain (loss) on marketable securities | 208 | (4) |
Total other comprehensive gain (loss) | 208 | (4) |
Total comprehensive loss | $ (17,528) | $ (13,476) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (17,736) | $ (13,472) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Stock-based compensation expense | 2,756 | 1,057 |
Non-cash interest expense | 13 | 16 |
Depreciation expense | 50 | 5 |
Unrealized foreign currency transaction (gains) losses | (66) | 24 |
Premium on marketable securities, net | (124) | (341) |
Amortization of premium on marketable securities | 409 | 131 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 437 | (389) |
Tax incentive receivable | (144) | (229) |
Accounts payable | (4,051) | 1,121 |
Accrued expenses | 695 | 990 |
Net cash used in operating activities | (17,761) | (11,087) |
Cash flows from investing activities: | ||
Proceeds from maturities of marketable securities | 49,135 | 29,250 |
Purchases of marketable securities | (34,462) | (98,952) |
Purchases of property and equipment | (400) | (27) |
Net cash provided by (used in) investing activities | 14,273 | (69,729) |
Cash flows from financing activities: | ||
Repayments of notes payable | (712) | |
Proceeds from exercise of common stock options and employee stock purchase plan | 55 | 76 |
Proceeds from public offerings, net of commissions and underwriting discounts | 130,044 | |
Payments of public offering costs | (473) | |
Net cash (used in) provided by financing activities | (657) | 129,647 |
Net (decrease) increase in cash and cash equivalents | (4,145) | 48,831 |
Cash and cash equivalents at beginning of period | 35,595 | 58,103 |
Cash and cash equivalents at end of period | 31,450 | 106,934 |
Supplemental disclosure of cash flow information: | ||
Cash paid for interest | $ 119 | $ 152 |
Nature of the Business and Basi
Nature of the Business and Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation Zafgen, Inc., or the Company, was incorporated on November 22, 2005 under the laws of the State of Delaware. The Company is a biopharmaceutical company dedicated to significantly improving the health and well-being of patients affected by obesity and complex metabolic disorders. Zafgen is focused on developing novel therapeutics that treat the underlying biological mechanisms through the methionine aminopeptidase 2, or MetAP2, pathway. Beloranib, the Company’s lead product candidate, is a novel, first-in-class, twice-weekly subcutaneous injection being developed for the treatment of multiple indications, including severe obesity in two rare diseases, Prader-Willi syndrome, or PWS, and hypothalamic injury-associated obesity, or HIAO, including craniopharyngioma-associated obesity; and severe obesity in the general population. Zafgen is also developing ZGN-839, a liver-targeted MetAP2 inhibitor, for the treatment of nonalcoholic steatohepatitis, or NASH, and abdominal obesity, as well as second-generation MetAP2 inhibitors, which may be developed for the treatment of severe obesity in the general population. Since its inception, the Company has devoted substantially all of its efforts to research and development, recruiting management, acquiring operating assets and raising capital. The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive pre-clinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities. The Company’s product candidates are all in the development stage. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any product candidates developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries Zafgen Securities Corporation, Zafgen Australia Pty Limited, and Zafgen Animal Health, LLC. All intercompany balances and transactions have been eliminated. On January 28, 2015, the Company completed a follow-on offering of its common stock, which resulted in the sale of 3,942,200 shares at a price of $35.00 per share. The Company received net proceeds from the follow-on offering of $130.0 million based upon the price of $35.00 per share after deducting underwriting discounts and commissions paid by the Company. The Company also incurred offering costs of $0.5 million related to the follow-on offering. Unaudited Interim Financial Information The condensed consolidated balance sheet at December 31, 2015 was derived from the Company’s audited financial statements, but does not include all disclosures required by accounting principles generally accepted in the United States of America, or GAAP. The accompanying unaudited condensed consolidated financial statements as of March 31, 2016 and for the three months ended March 31, 2016 and 2015, have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC, for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2015, included in the Company’s Annual Report on Form 10-K, as amended, for the year ended December 31, 2015, on file with the SEC. In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of the Company’s condensed consolidated financial position as of March 31, 2016 and condensed consolidated results of operations and cash flows for the three months ended March 31, 2016 and 2015 have been made. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results of operations that may be expected for the year ending December 31, 2016. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Marketable securities Marketable securities consist of investments with original maturities greater than ninety days. The Company has classified its investments with maturities beyond one year as short term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of investments available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value judged to be other than temporary are included as a component of other income (expense), net based on the specific identification method. When determining whether a decline in value is other than temporary, the Company considers various factors, including whether the Company has the intent to sell the security, and whether it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis. Fair value is determined based on quoted market prices. Net Income (Loss) Per Share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded the following common stock equivalents, outstanding as of March 31, 2016 and 2015, from the computation of diluted net loss per share for the three months ended March 31, 2016 and 2015 because they had an anti-dilutive impact due to the net loss incurred for the periods: As of March 31, 2016 2015 Options to purchase common stock 3,825,654 2,589,767 Unvested restricted common stock units 13,273 3,870 3,838,927 2,593,637 Recently Issued and Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting |
Fair Value Measurements and Mar
Fair Value Measurements and Marketable Securities | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements and Marketable Securities | 3. Fair Value Measurements and Marketable Securities Fair Value Measurements The following tables present information about the Company’s financial assets that have been measured at fair value at March 31, 2016 and December 31, 2015, and indicate the fair value of the hierarchy of the valuation inputs utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair value determined by Level 2 inputs utilize observable inputs other than Level 1 prices, such as quoted prices, for similar assets or liabilities, quoted market prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2016 and December 31, 2015: March 31, 2016 Total Quoted Significant Significant (in thousands) Cash equivalents: Money market funds $ 19,325 $ 19,325 $ — $ — Commercial paper 3,997 — 3,997 — Total cash equivalents 23,322 19,325 3,997 — Marketable securities: Corporate bonds 95,489 — 95,489 — Commercial paper 29,945 — 29,945 — U.S. government securities 9,300 — 9,300 — Total marketable securities 134,734 — 134,734 — Total cash equivalents and marketable securities $ 158,056 $ 19,325 $ 138,731 $ — December 31, 2015 Total Quoted Significant Significant (Level 3) (in thousands) Cash equivalents: Money market funds $ 13,231 $ 13,231 $ — $ — U.S. government securities 4,999 — 4,999 — Commercial paper 4,697 — 4,697 — Corporate bonds 3,000 — 3,000 — Total cash equivalents 25,927 13,231 12,696 — Marketable securities: Corporate bonds 125,516 — 125,516 — Commercial paper 19,468 — 19,468 — U.S. government securities 4,500 — 4,500 — Total marketable securities 149,484 — 149,484 — Total cash equivalents and marketable securities $ 175,411 $ 13,231 $ 162,180 $ — The carrying amounts reflected in the consolidated balance sheets for tax incentive receivable, accounts payable, and accrued expenses approximate fair value due to their short-term maturities. The carrying value of the Company’s outstanding notes payable approximates fair value (a Level 2 fair value measurement), reflecting discount rates currently available to the Company. Marketable Securities The following table summarizes the Company’s marketable securities as of March 31, 2016 and December 31, 2015: March 31, 2016 Amortized Cost Gross Gross Fair Value (in thousands) Assets: Corporate bonds (due within 1 year) $ 88,599 $ 31 $ (35 ) $ 88,595 Corporate bonds (due after 1 year through 2 years) 6,880 14 — 6,894 Commercial paper (due within 1 year) 29,950 2 (7 ) 29,945 U.S. government securities (due within 1 year) 9,303 — (3 ) 9,300 $ 134,732 $ 47 $ (45 ) $ 134,734 December 31, 2015 Amortized Cost Gross Gross Fair Value (in thousands) Assets: Corporate bonds (due within 1 year) $ 112,825 $ 1 $ (166 ) $ 112,660 Corporate bonds (due after 1 year through 2 years) 12,884 3 (31 ) 12,856 Commercial paper (due within 1 year) 19,478 — (10 ) 19,468 U.S. government securities (due within 1 year) 4,500 — — 4,500 $ 149,687 $ 4 $ (207 ) $ 149,484 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 4. Accrued Expenses Accrued expenses consisted of the following as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (in thousands) Accrued research and development expenses $ 3,806 $ 3,727 Accrued payroll and related expenses 2,159 1,802 Accrued professional fees 667 422 Accrued other 107 161 $ 6,739 $ 6,112 |
Notes Payable
Notes Payable | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Notes Payable | 5. Notes Payable The Company has outstanding amounts due under a loan and security agreement with Oxford Finance LLC and Midcap Financial, or the 2014 Credit Facility, entered into in March 2014. All promissory notes issued under the 2014 Credit Facility are collateralized by substantially all of the Company’s personal property, other than its intellectual property. There are no financial covenants associated with the debt facility; however, there are negative covenants restricting the Company’s activities, including limitations on dispositions, mergers or acquisitions; encumbering or granting a security interest in its intellectual property; incurring indebtedness or liens; paying dividends; making certain investments; and certain other business transactions. As of March 31, 2016 and December 31, 2015, notes payable consist of the following: March 31, December 31, 2016 2015 (in thousands) Notes payable $ 5,407 $ 6,119 Less: current portion (2,996 ) (2,936 ) Notes payable, net of current portion 2,411 3,183 Debt discount, net of accretion (28 ) (36 ) Accretion related to final payment 340 306 Notes payable, net of discount, long term $ 2,723 $ 3,453 As of March 31, 2016, the estimated future principal payments due are as follows: Years Ending December 31, (in thousands) 2016 (April to December) $ 2,224 2017 3,183 Total $ 5,407 During the three months ended March 31, 2016 and 2015, the Company recognized $0.2 million of interest expense related to the 2014 Credit Facility. The effective annual interest rate of the outstanding debt under the 2014 Credit Facility is approximately 10.8%. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 6. Stockholders’ Equity On January 28, 2015, the Company completed a follow-on offering of its common stock, which resulted in the sale of 3,942,200 shares at a price of $35.00 per share. The Company received net proceeds from the follow-on offering of $130.0 million based upon the price of $35.00 per share after deducting underwriting discounts and commissions paid by the Company. The Company also incurred offering costs of $0.5 million related to the follow-on offering. |
Stock-Based Awards
Stock-Based Awards | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Awards | 7. Stock-Based Awards The Company grants equity awards under its 2014 Stock Option and Incentive Plan, or the 2014 Stock Option Plan, and is authorized to issue common stock under its 2014 Employee Stock Purchase Plan. The Company also has outstanding stock-based awards under its Amended and Restated 2006 Stock Option Plan but is no longer granting awards under this plan. As of March 31, 2016, 1,421,644 shares are available for grant under the 2014 Stock Option Plan, including 1,089,700 shares automatically added to the 2014 Stock Option Plan on January 1, 2016 as a result of a provision in the 2014 Stock Option Plan. The Company recorded stock-based compensation expense related to stock options and restricted common stock in the following expense categories within its consolidated statements of operations: Three Months Ended March 31, 2016 2015 (in thousands) Research and development $ 828 $ 404 General and administrative 1,928 653 $ 2,756 $ 1,057 As of March 31, 2016, the Company had an aggregate of $28.1 million of unrecognized stock-based compensation expense, which is expected to be recognized over a weighted average period of 2.6 years. As of March 31, 2016, there were outstanding unvested service-based stock options held by nonemployees for the purchase of 7,269 shares of common stock. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Leases The Company has a lease for office space in Boston, Massachusetts, effective as of July 28, 2014, with a term expiring July 31, 2017 and an option to extend the lease for three additional years. In March 2015, the Company entered into an operating lease for additional office space in Boston, Massachusetts, effective as of April 15, 2015, with a term expiring on July 31, 2017, and two options to extend this lease for three additional years each. In October 2015, the Company entered into an operating lease for office space in San Diego, California, effective as of October 1, 2015, with a term expiring on September 30, 2019, and an option to extend this lease for five additional years. Future minimum lease payments for its operating leases as of March 31, 2016 were as follows: Years Ending December 31, (in thousands) 2016 (April - December) $ 325 2017 292 2018 106 2019 82 $ 805 During the three months ended March 31, 2016 and 2015, the Company recognized $0.1 million of rental expense related to office space. Intellectual Property Licenses The Company has acquired exclusive rights to develop patented compounds and related know-how for beloranib under two licensing agreements with two third parties in the course of its research and development activities. The licensing rights obligate the Company to make payments to the licensors for license fees, milestones, license maintenance fees and royalties. The Company is also responsible for patent prosecution costs. As of March 31, 2016, the Company is obligated to make additional milestone payments of up to $12.3 million upon reaching certain pre-commercialization milestones, such as clinical trials and government approvals (including the U.S. Food and Drug Administration, or FDA, approval of a New Drug Application, or NDA), and up to $12.5 million upon reaching certain product commercialization milestones. Under one of the license agreements, the Company is also obligated to pay up to $1.3 million with respect to each subsequent licensed product, if any, that is a new chemical entity. In addition, the Company will owe single-digit royalties on sales of commercial products developed using these licensed technologies, if any. There were no milestones achieved during the three months ended March 31, 2016 or 2015. The Company is also obligated to pay to the licensors a percentage of fees received if and when the Company sublicenses the technology. As of March 31, 2016, the Company has not yet developed a commercial product using the licensed technologies and it has not entered into any sublicense agreements for the technologies. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of the Board of Directors of the Company, or Board of Directors, that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of March 31, 2016. Legal Proceedings The Company accrues a liability for legal contingencies when it believes that it is both probable that a liability has been incurred and that the Company can reasonably estimate the amount of the loss. The Company reviews these accruals and adjusts them to reflect ongoing negotiations, settlements, rulings, advice of legal counsel and other relevant information. To the extent new information is obtained and the views on the probable outcomes of claims, suits, assessments, investigations or legal proceedings change, changes in the Company’s accrued liabilities would be recorded in the period in which such determination is made. In addition, in accordance with the relevant authoritative guidance, for any matters in which the likelihood of material loss is at least reasonably possible, the Company will provide disclosure of the possible loss or range of loss. If a reasonable estimate cannot be made, however, the Company will provide disclosure to that effect. The Company expenses legal costs as they are incurred. On October 21, 2015, a purported stockholder of the Company filed a putative class action lawsuit in the U.S. District Court for the District of Massachusetts, against the Company and Thomas E. Hughes, captioned Aviad Bessler v. Zafgen, Inc. and Thomas E. Hughes, No. 1:15-cv-13618. An amended complaint was filed on February 22, 2016. The amended complaint alleges violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 10b-5 based on allegedly false and misleading statements and omissions regarding the Company’s clinical trials for its drug beloranib. The lawsuit seeks, among other things, unspecified compensatory damages in connection with the Company’s allegedly inflated stock price between June 19, 2014 and October 16, 2015, as a result of those allegedly false and misleading statements, as well as punitive damages, interest, attorneys’ fees and costs. On April 7, 2016, the Company filed a motion to dismiss the amended complaint. The Company is unable to predict the ultimate outcome of this action and therefore cannot estimate possible losses or ranges of losses, if any. The Company may periodically become subject to other legal proceedings and claims arising in connection with ongoing business activities, including claims or disputes related to patents that have been issued or that are pending in the field of research on which the Company is focused. Other than the above action, the Company is not aware of any other material claims as of March 31, 2016. |
Retirement Plan
Retirement Plan | 3 Months Ended |
Mar. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Retirement Plan | 9. Retirement Plan The Company has a Savings Incentive Match Plan, or SIMPLE IRA, for employees. Under the terms of the plan, the Company contributes 2% of an employee’s annual base salary, up to a maximum of the annual Internal Revenue Service compensation limits, for all full-time employees. During the three months ended March 31, 2016 and 2015, the Company recognized less than $0.1 million of expense related to its contributions to the plan. |
Australia Research and Developm
Australia Research and Development Tax Incentive | 3 Months Ended |
Mar. 31, 2016 | |
Research and Development [Abstract] | |
Australia Research and Development Tax Incentive | 10. Australia Research and Development Tax Incentive The Company’s wholly owned subsidiary, Zafgen Australia Pty Limited, which conducts core research and development activities on behalf of the Company, is eligible to receive a 45% refundable tax incentive for qualified research and development activities. For the three months ended March 31, 2016 and 2015, $0.1 million and $0.2 million, respectively, was recorded as a reduction to research and development expenses in the condensed consolidated statements of operations. These amounts represented 45% of the Company’s qualified research and development spending in Australia. The refund is denominated in Australian dollars and, therefore, the related receivable is re-measured into U.S. dollars as of each reporting date. For the three months ended March 31, 2016 and 2015, the Company recorded in its condensed consolidated statements of operations unrealized foreign currency exchange gains of $0.1 million and unrealized foreign currency exchange losses of less than $0.1 million, respectively, related to this tax incentive receivable. As of March 31, 2016 and December 31, 2015, the Company’s tax incentive receivable from the Australian government was $1.5 million and $1.3 million, respectively. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. |
Marketable securities | Marketable securities Marketable securities consist of investments with original maturities greater than ninety days. The Company has classified its investments with maturities beyond one year as short term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of investments available-for-sale. Accordingly, these investments are recorded at fair value, which is based on quoted market prices. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value judged to be other than temporary are included as a component of other income (expense), net based on the specific identification method. When determining whether a decline in value is other than temporary, the Company considers various factors, including whether the Company has the intent to sell the security, and whether it is more likely than not that the Company will be required to sell the security prior to recovery of its amortized cost basis. Fair value is determined based on quoted market prices. |
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is antidilutive. The Company excluded the following common stock equivalents, outstanding as of March 31, 2016 and 2015, from the computation of diluted net loss per share for the three months ended March 31, 2016 and 2015 because they had an anti-dilutive impact due to the net loss incurred for the periods: As of March 31, 2016 2015 Options to purchase common stock 3,825,654 2,589,767 Unvested restricted common stock units 13,273 3,870 3,838,927 2,593,637 |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In August 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes. In February 2016, the FASB issued ASU No. 2016-02, Leases In March 2016, the FASB issued ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Common Stock Equivalents Outstanding | The Company excluded the following common stock equivalents, outstanding as of March 31, 2016 and 2015, from the computation of diluted net loss per share for the three months ended March 31, 2016 and 2015 because they had an anti-dilutive impact due to the net loss incurred for the periods: As of March 31, 2016 2015 Options to purchase common stock 3,825,654 2,589,767 Unvested restricted common stock units 13,273 3,870 3,838,927 2,593,637 |
Fair Value Measurements and M18
Fair Value Measurements and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Cash Equivalents and Marketable Securities | The following tables summarize the Company’s cash equivalents and marketable securities as of March 31, 2016 and December 31, 2015: March 31, 2016 Total Quoted Significant Significant (in thousands) Cash equivalents: Money market funds $ 19,325 $ 19,325 $ — $ — Commercial paper 3,997 — 3,997 — Total cash equivalents 23,322 19,325 3,997 — Marketable securities: Corporate bonds 95,489 — 95,489 — Commercial paper 29,945 — 29,945 — U.S. government securities 9,300 — 9,300 — Total marketable securities 134,734 — 134,734 — Total cash equivalents and marketable securities $ 158,056 $ 19,325 $ 138,731 $ — December 31, 2015 Total Quoted Significant Significant (Level 3) (in thousands) Cash equivalents: Money market funds $ 13,231 $ 13,231 $ — $ — U.S. government securities 4,999 — 4,999 — Commercial paper 4,697 — 4,697 — Corporate bonds 3,000 — 3,000 — Total cash equivalents 25,927 13,231 12,696 — Marketable securities: Corporate bonds 125,516 — 125,516 — Commercial paper 19,468 — 19,468 — U.S. government securities 4,500 — 4,500 — Total marketable securities 149,484 — 149,484 — Total cash equivalents and marketable securities $ 175,411 $ 13,231 $ 162,180 $ — |
Summary of Marketable Securities | The following table summarizes the Company’s marketable securities as of March 31, 2016 and December 31, 2015: March 31, 2016 Amortized Cost Gross Gross Fair Value (in thousands) Assets: Corporate bonds (due within 1 year) $ 88,599 $ 31 $ (35 ) $ 88,595 Corporate bonds (due after 1 year through 2 years) 6,880 14 — 6,894 Commercial paper (due within 1 year) 29,950 2 (7 ) 29,945 U.S. government securities (due within 1 year) 9,303 — (3 ) 9,300 $ 134,732 $ 47 $ (45 ) $ 134,734 December 31, 2015 Amortized Cost Gross Gross Fair Value (in thousands) Assets: Corporate bonds (due within 1 year) $ 112,825 $ 1 $ (166 ) $ 112,660 Corporate bonds (due after 1 year through 2 years) 12,884 3 (31 ) 12,856 Commercial paper (due within 1 year) 19,478 — (10 ) 19,468 U.S. government securities (due within 1 year) 4,500 — — 4,500 $ 149,687 $ 4 $ (207 ) $ 149,484 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of March 31, 2016 and December 31, 2015: March 31, December 31, 2016 2015 (in thousands) Accrued research and development expenses $ 3,806 $ 3,727 Accrued payroll and related expenses 2,159 1,802 Accrued professional fees 667 422 Accrued other 107 161 $ 6,739 $ 6,112 |
Notes Payable (Tables)
Notes Payable (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | As of March 31, 2016 and December 31, 2015, notes payable consist of the following: March 31, December 31, 2016 2015 (in thousands) Notes payable $ 5,407 $ 6,119 Less: current portion (2,996 ) (2,936 ) Notes payable, net of current portion 2,411 3,183 Debt discount, net of accretion (28 ) (36 ) Accretion related to final payment 340 306 Notes payable, net of discount, long term $ 2,723 $ 3,453 |
Schedule of Estimated Future Principal Payments | As of March 31, 2016, the estimated future principal payments due are as follows: Years Ending December 31, (in thousands) 2016 (April to December) $ 2,224 2017 3,183 Total $ 5,407 |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock-Based Compensation Expense Related to Stock Options and Restricted Common Stock | The Company recorded stock-based compensation expense related to stock options and restricted common stock in the following expense categories within its consolidated statements of operations: Three Months Ended March 31, 2016 2015 (in thousands) Research and development $ 828 $ 404 General and administrative 1,928 653 $ 2,756 $ 1,057 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments for its operating leases as of March 31, 2016 were as follows: Years Ending December 31, (in thousands) 2016 (April - December) $ 325 2017 292 2018 106 2019 82 $ 805 |
Nature of the Business and Ba23
Nature of the Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Entity incorporation date | Nov. 22, 2005 | ||
Proceeds from offering, net of commissions and underwriting discounts | $ 130,044 | ||
Underwriting discounts, commissions and offering costs incurred | $ 473 | ||
Follow-on Offering [Member] | |||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||
Common stock issued | 3,942,200 | ||
Common stock issued price per share | $ 35 | ||
Proceeds from offering, net of commissions and underwriting discounts | $ 130,000 | ||
Underwriting discounts, commissions and offering costs incurred | $ 500 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Summary of Common Stock Equivalents Outstanding (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share | 3,838,927 | 2,593,637 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share | 3,825,654 | 2,589,767 |
Unvested Restricted Common Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Securities excluded from computation of earnings per share | 13,273 | 3,870 |
Fair Value Measurements and M25
Fair Value Measurements and Marketable Securities - Summary of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | $ 23,322 | $ 25,927 |
Marketable securities | 134,734 | 149,484 |
Total cash equivalents and marketable securities | 158,056 | 175,411 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 19,325 | 13,231 |
U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,999 | |
Marketable securities | 9,300 | 4,500 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,000 | |
Marketable securities | 95,489 | 125,516 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,997 | 4,697 |
Marketable securities | 29,945 | 19,468 |
Quoted Prices in Active Markets, (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 19,325 | 13,231 |
Total cash equivalents and marketable securities | 19,325 | 13,231 |
Quoted Prices in Active Markets, (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 19,325 | 13,231 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,997 | 12,696 |
Marketable securities | 134,734 | 149,484 |
Total cash equivalents and marketable securities | 138,731 | 162,180 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,999 | |
Marketable securities | 9,300 | 4,500 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,000 | |
Marketable securities | 95,489 | 125,516 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,997 | 4,697 |
Marketable securities | $ 29,945 | $ 19,468 |
Fair Value Measurements and M26
Fair Value Measurements and Marketable Securities - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 134,732 | $ 149,687 |
Gross Unrealized Gains | 47 | 4 |
Gross Unrealized Losses | (45) | (207) |
Fair Value | 134,734 | 149,484 |
Corporate Bonds (Due within 1 Year) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 88,599 | 112,825 |
Gross Unrealized Gains | 31 | 1 |
Gross Unrealized Losses | (35) | (166) |
Fair Value | 88,595 | 112,660 |
Corporate Bonds (Due After 1 Year Through 2 Years) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,880 | 12,884 |
Gross Unrealized Gains | 14 | 3 |
Gross Unrealized Losses | (31) | |
Fair Value | 6,894 | 12,856 |
Commercial Paper (Due within 1 Year) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,950 | 19,478 |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (7) | (10) |
Fair Value | 29,945 | 19,468 |
U.S. Government Securities (Due within 1 Year) [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,303 | 4,500 |
Gross Unrealized Losses | (3) | |
Fair Value | $ 9,300 | $ 4,500 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued research and development expenses | $ 3,806 | $ 3,727 |
Accrued payroll and related expenses | 2,159 | 1,802 |
Accrued professional fees | 667 | 422 |
Accrued other | 107 | 161 |
Accrued expenses | $ 6,739 | $ 6,112 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Debt Instrument [Line Items] | ||
Covenants under credit facility | $ 0 | |
Secured Debt [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Interest expense on credit facility | $ 200,000 | $ 200,000 |
Effective annual interest rate | 10.80% |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Notes payable | $ 5,407 | $ 6,119 |
Less: current portion | (2,996) | (2,936) |
Notes payable, net of current portion | 2,411 | 3,183 |
Notes payable, net of current portion | 2,411 | 3,183 |
Notes payable, net of discount, long term | 2,723 | 3,453 |
Secured Debt [Member] | Credit Facility [Member] | ||
Debt Instrument [Line Items] | ||
Debt discount, net of accretion | (28) | (36) |
Accretion related to final payment | $ 340 | $ 306 |
Notes Payable - Schedule of Est
Notes Payable - Schedule of Estimated Future Principal Payments (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Debt Instruments [Abstract] | |
2016 (April to December) | $ 2,224 |
2,017 | 3,183 |
Total | $ 5,407 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jan. 28, 2015 | Mar. 31, 2015 |
Proceeds from offering, net of commissions and underwriting discounts | $ 130,044 | |
Payments of public offering costs | $ 473 | |
Follow-on Offering [Member] | ||
Common stock issued | 3,942,200 | |
Common stock issued price per share | $ 35 | |
Proceeds from offering, net of commissions and underwriting discounts | $ 130,000 | |
Payments of public offering costs | $ 500 |
Stock-Based Awards - Additional
Stock-Based Awards - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2016 | Mar. 31, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized stock-based compensation expense | $ 28.1 | |
Stock-based compensation recognized weighted average period | 2 years 7 months 6 days | |
Nonemployee Service Based Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of outstanding unvested shares held by nonemployees | 7,269 | |
2014 Stock Option and Incentive Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares added to plan | 1,089,700 | |
Shares available for grant | 1,421,644 |
Stock-Based Awards - Summary of
Stock-Based Awards - Summary of Stock-Based Compensation Expense Related to Stock Options and Restricted Common Stock (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 2,756 | $ 1,057 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | 828 | 404 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total stock-based compensation expense | $ 1,928 | $ 653 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) | Oct. 01, 2015 | Mar. 31, 2015Option | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) |
Other Commitments [Line Items] | ||||
Operating lease, rental expense | $ 100,000 | $ 100,000 | ||
Subsequent Licensed Product [Member] | ||||
Other Commitments [Line Items] | ||||
Licensing fees per product maximum | $ 1,300,000 | |||
Boston Office Space [Member] | ||||
Other Commitments [Line Items] | ||||
Lease expiration date | Jul. 31, 2017 | |||
Lease extension period | 3 years | |||
Additional Boston Office Space [Member] | ||||
Other Commitments [Line Items] | ||||
Lease expiration date | Jul. 31, 2017 | |||
Lease extension period | 3 years | |||
Number of options to extend lease | Option | 2 | |||
San Diego Office Space [Member] | ||||
Other Commitments [Line Items] | ||||
Lease expiration date | Sep. 30, 2019 | |||
Lease extension period | 5 years | |||
Maximum [Member] | Pre Commercialization Milestones [Member] | ||||
Other Commitments [Line Items] | ||||
Milestone payments | $ 12,300,000 | |||
Maximum [Member] | Product Commercialization Milestones [Member] | ||||
Other Commitments [Line Items] | ||||
Milestone payments | $ 12,500,000 |
Commitments and Contingencies35
Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2016 (April - December) | $ 325 |
2,017 | 292 |
2,018 | 106 |
2,019 | 82 |
Total | $ 805 |
Retirement Plan - Additional In
Retirement Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Percentage of employer's contribution on employee's base salary | 2.00% | |
Maximum [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution expense | $ 0.1 | $ 0.1 |
Australia Research and Develo37
Australia Research and Development Tax Incentive - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Research and Development Tax Incentive [Line Items] | |||
Unrealized foreign currency transaction gains (losses) | $ 66 | $ (24) | |
Australia [Member] | |||
Research and Development Tax Incentive [Line Items] | |||
Tax incentive receivable | $ 1,500 | $ 1,300 | |
Research and Development [Member] | |||
Research and Development Tax Incentive [Line Items] | |||
Percentage of refundable tax incentive | 45.00% | ||
Reduction to research and development expenses | $ 100 | 200 | |
Research and Development [Member] | Australia [Member] | |||
Research and Development Tax Incentive [Line Items] | |||
Percentage of reduction in research and development costs | 45.00% | ||
Other Income [Member] | |||
Research and Development Tax Incentive [Line Items] | |||
Unrealized foreign currency transaction gains (losses) | $ 100 | ||
Other Income [Member] | Maximum [Member] | |||
Research and Development Tax Incentive [Line Items] | |||
Unrealized foreign currency transaction gains (losses) | $ (100) |