Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PTGX | |
Entity Registrant Name | PROTAGONIST THERAPEUTICS, INC | |
Entity Central Index Key | 1,377,121 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 16,856,416 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 9,517 | $ 21,084 |
Restricted cash - current | 10 | 10 |
Available-for-sale securities - current | 53,731 | 56,515 |
Research and development tax incentive receivable | 2,480 | 2,241 |
Prepaid expenses and other current assets | 1,810 | 3,394 |
Total current assets | 67,548 | 83,244 |
Property and equipment, net | 641 | 562 |
Restricted cash - noncurrent | 450 | 0 |
Available-for-sale securities - noncurrent | 14,000 | 10,150 |
Other assets | 34 | 34 |
Total assets | 82,673 | 93,990 |
Current liabilities: | ||
Accounts payable | 1,132 | 1,163 |
Accrued expenses and other payables | 6,647 | 5,272 |
Total current liabilities | 7,779 | 6,435 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.00001 par value, 10,000,000 shares authorized; and no shares issued and outstanding as of March 31, 2017 (unaudited) and December 31, 2016 | 0 | 0 |
Common stock, $0.00001 par value, 90,000,000 shares authorized; 16,834,647 and 16,722,280 shares issued and outstanding as of March 31, 2017 (unaudited) and December 31, 2016, respectively | 0 | 0 |
Additional paid-in capital | 153,610 | 152,393 |
Accumulated other comprehensive loss | (22) | (245) |
Accumulated deficit | (78,694) | (64,593) |
Total stockholders’ equity | 74,894 | 87,555 |
Total liabilities and stockholders’ equity | $ 82,673 | $ 93,990 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.00001 | $ 0.00001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 16,834,647 | 16,722,280 |
Common stock, shares outstanding | 16,834,647 | 16,722,280 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating expenses: | ||
Research and development | $ 11,282 | $ 5,625 |
General and administrative | 2,991 | 1,415 |
Total operating expenses | 14,273 | 7,040 |
Loss from operations | (14,273) | (7,040) |
Interest income | 172 | 12 |
Change in fair value of redeemable convertible preferred stock tranche and warrant liabilities | 0 | (4,719) |
Net loss | (14,101) | (11,747) |
Net loss attributable to common stockholders | $ (14,101) | $ (11,787) |
Net loss per share attributable to common stockholders, basic and diluted (in usd per share) | $ (0.84) | $ (40.96) |
Weighted-average shares used to compute net loss per share attributable to common stockholders, basic and diluted | 16,766,218 | 287,800 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (14,101) | $ (11,747) |
Other comprehensive loss: | ||
Gain on translation of foreign operations | 237 | 2 |
Unrecognized (loss) gain on available-for-sale securities | (14) | 5 |
Comprehensive loss | $ (13,878) | $ (11,740) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (14,101) | $ (11,747) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 88 | 73 |
Amortization of premium on available-for-sale securities | 122 | 82 |
Stock-based compensation | 843 | 56 |
Change in fair value associated with redeemable convertible preferred stock tranche liability | 0 | 4,194 |
Change in fair value of redeemable convertible preferred stock warrant liability | 0 | 525 |
Changes in operating assets and liabilities: | ||
Research and development tax incentive receivable | (102) | (575) |
Prepaid expenses and other current assets | 1,586 | 943 |
Accounts payable | (151) | 593 |
Accrued expenses and other payables | 1,359 | 617 |
Net cash used in operating activities | (10,356) | (5,239) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (48) | (251) |
Purchase of available-for-sale securities | (8,002) | 0 |
Proceeds from maturities of available-for-sale securities | 6,800 | 7,398 |
Net cash (used in) provided by investing activities | (1,250) | 7,147 |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 0 | 22,488 |
Proceeds from issuance of common stock upon exercise of stock options and purchases under employee stock purchase plan | 374 | 143 |
Net cash provided by financing activities | 374 | 22,631 |
Effect of exchange rate changes on cash and cash equivalents | 115 | 35 |
Net (decrease) increase in cash and cash equivalents | (11,117) | 24,574 |
Cash, beginning of period | 21,094 | 4,065 |
Cash, end of period | 9,517 | 28,629 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING AND INVESTING INFORMATION | ||
Settlement of fair value of redeemable convertible preferred stock liability | 0 | 5,837 |
Accretion of redeemable convertible preferred stock | 0 | 40 |
Offering costs in accounts payable and accrued liabilities | 0 | 135 |
Purchase of property and equipment in accounts payable and accrued liabilities | $ 118 | $ 0 |
Organization and Description of
Organization and Description of Business | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Description of Business | Organization and Description of Business Protagonist Therapeutics, Inc. (the “Company”) was incorporated in the state of Delaware on August 22, 2006 and is headquartered in Milpitas, California. The Company is a clinical-stage biopharmaceutical company with a proprietary technology platform which is utilized to discover and develop novel peptide-based drugs to address significant unmet medical needs. Protagonist Pty Limited (“Protagonist Australia”) is a wholly-owned subsidiary of the Company and is located in Brisbane, Australia. Protagonist Australia was incorporated in Australia in September 2001. The Company became the parent of Protagonist Australia pursuant to a transaction in which all of the issued and outstanding capital stock of Protagonist Australia was exchanged for shares of the Company’s common stock and Series A preferred stock. The Company manages its operations as a single operating segment. Liquidity The Company has incurred net losses from operations since inception and has an accumulated deficit of $78.7 million as of March 31, 2017 . The Company’s ultimate success depends on the outcome of its research and development activities. The Company expects to incur additional losses and negative cash flows for the foreseeable future and it anticipates the need to raise additional capital to fully implement its business plan. The Company will also continue to seek funds through equity or debt financings, collaborative or other arrangements with corporate sources, or through other sources of financing, but there is no assurance that such financing may be available at terms acceptable to the Company, if at all. Initial Public Offering On August 10, 2016, the Company’s registration statement on Form S-1 (File Nos. 333-212476 and 333-213071) related to its initial public offering (“IPO”) of common stock became effective. The IPO closed on August 16, 2016 at which time the Company issued 7,500,000 shares of its common stock at a price of $12.00 per share. In addition, upon closing the IPO, all outstanding shares of the redeemable convertible preferred stock converted into 8,577,571 shares of common stock and there are no shares of redeemable convertible preferred stock outstanding at March 31, 2017 or December 31, 2016 . In September 2016, the Company issued an additional 252,972 shares of its common stock at a price of $12.00 per share following the underwriters’ exercise of their option to purchase additional shares. The Company received an aggregate of $83.6 million in cash, net of underwriting discounts and commissions, after deducting offering costs paid by the Company. Reverse Stock Split In July 2016, the Company’s board of directors approved an amendment to the Company’s amended and restated certificate of incorporation to effect a reverse split of the Company’s issued and outstanding common stock at a 1-for-14.5 ratio, which was effected on August 1, 2016. The par value and authorized shares of common stock and convertible preferred stock were not adjusted as a result of the reverse stock split. All issued and outstanding common stock, options to purchase common stock and per share amounts contained in the condensed consolidated financial statements have been retroactively adjusted to reflect the reverse stock split for all periods presented. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements at that date but does not include all of the information required by GAAP for complete consolidated financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s consolidated financial information. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for any other interim period or for any other future year. The accompanying interim unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 7, 2017. Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accruals for research and development activities, stock-based compensation and income taxes. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results may differ from those estimates. Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and available-for-sale securities. Substantially all of the Company’s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The primary focus of the Company’s investment strategy is to preserve capital and to meet liquidity requirements. The Company’s cash equivalents and available-for-sale securities are managed by external managers within the guidelines of the Company’s investment policy. The Company’s investment policy addresses the level of credit exposure by limiting concentration in any one corporate issuer and establishing a minimum allowable credit rating. To manage its credit risk exposure, the Company maintains its portfolio of cash equivalents and available-for-sale securities in fixed income securities denominated and payable in U.S. dollars. Permissible investments of fixed income securities include obligations of the U.S. government and its agencies, money market instruments including commercial paper and negotiable certificates of deposit, and highly rated corporate debt obligations and money market funds. The Company has not experienced any material credit losses on its investments. Cash Equivalents Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds, commercial paper and government bonds. Restricted Cash Restricted cash consisted of cash balances primarily held as security in connection with the Company’s corporate credit card and a letter of credit related to the Company's facility lease entered into in March 2017. Cash as Reported in Consolidated Statements of Cash Flows Cash as reported in the unaudited condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as presented on the consolidated balance sheets. Cash as reported in the unaudited condensed consolidated statements of cash flows consists of (in thousands): March 31, 2017 2016 Cash and cash equivalents $ 9,517 $ 28,629 Restricted cash - current 10 10 Restricted cash - noncurrent 450 — Cash balance in condensed consolidated statements of cash flows $ 9,977 $ 28,639 Available-for-Sale Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Short-term marketable securities have maturities greater than three months but no longer than 365 days as of the balance sheet date. Long-term marketable securities have maturities of 365 days or longer as of the balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest income. Fair Value of Financial Instruments Fair value accounting is applied to all financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis (at least annually). The carrying amount of the Company’s financial instruments, including cash equivalents, accounts payable and accrued expenses and other payables approximates fair value due to their short-term maturities. See Note 3, Fair Value Measurements, regarding the fair value of the Company’s other financial assets and liabilities. Accrued Research and Development Costs The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of pre-clinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated services provided but not yet invoiced, and includes these costs in accrued expenses and other payables on the condensed consolidated balance sheets and within research and development expense in the condensed consolidated statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities at each balance sheet date. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued liabilities and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollment may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. Research and Development Costs Research and development costs are expensed as incurred, unless there is an alternate future use in other research and development projects or otherwise. Research and development costs include salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to others that conduct research and development activities on the Company’s behalf. Research and Development Tax Incentive The Company is eligible under the AusIndustry research and development tax incentive program to obtain a cash amount from the Australian Taxation Office (“ATO”). The tax incentive is available to the Company on the basis of specific criteria with which the Company must comply. Specifically, the Company must have revenue of less than AUD 20.0 million and cannot be controlled by income tax exempt entities. The research and development tax incentive is recognized as a reduction to research and development expense when the right to receive has been attained and funds are considered to be collectible. The tax incentive is denominated in Australian dollars and, therefore, the related receivable is remeasured into U.S. dollars as of each reporting date. Under certain conditions, research and development activities conducted outside Australia (“overseas finding”) also qualify for the research and development tax incentive. Funds received for overseas finding are at a risk of clawback until substantiation that less than 50% of research and development expenditures for a project will be incurred overseas. A deferred tax incentive is recorded upon the cash receipt of the overseas finding funds and a reduction of research and development expense is not recognized until the Company can substantiate that more than 50% of the total project expenditure will occur in Australia. When there is reasonable assurance that the grant will be received with remote risk of clawback, the relevant expenditure has been incurred, and the consideration can be reliably measured, the Company records the research and development incentive, including the overseas finding funds, as research and development tax incentive receivable and a reduction of research and development expenses to reflect that the funds are owed to the Company for the period the eligible costs are incurred. Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion on the redeemable convertible preferred stock, if applicable. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders for all periods presented since the effect of potentially dilutive securities are anti-dilutive given the net loss of the Company. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09 Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, the determination of forfeiture rates, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and early adoption is permitted. The Company adopted this guidance effective January 1, 2017 and has elected to recognize forfeitures of share-based payment awards as they occur on a prospective basis. The impact of the adoption of ASU 2016-09 was not material to the Company’s condensed consolidated financial statements. The adoption of this guidance did not have a material impact on the income tax effects of share-based payment awards as the resulting change in the Company's deferred income tax assets has been fully offset by a corresponding deferred income tax asset valuation allowance. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash, which requires the presentation of changes in restricted cash or restricted cash equivalents on the statement of cash flows. This ASU is effective for the fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The Company early adopted this guidance effective March 31, 2017, and, accordingly, amounts generally described as restricted cash are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts of cash reflected on the accompanying consolidated statements of cash flows. The Company has adopted ASU 2016-18 retrospectively and has revised the prior period cash flows from investing activities, beginning cash balance, and ending cash balance to reflect the change in presentation of restricted cash. Other than the change in presentation in the accompanying consolidated statements of cash flows, the adoption of this pronouncement had no effect on the Company’s financial position, results of operations, or liquidity. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are recorded at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 —Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2— Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes quoted market prices, broker or dealer quotations, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. The following table presents the fair value of the Company’s financial assets and liabilities determined using the inputs defined above (in thousands). March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 7,591 $ — $ — $ 7,591 Corporate bonds — 18,467 — 18,467 Commercial paper — 5,991 — 5,991 Government bonds — 43,273 — 43,273 Total financial assets $ 7,591 $ 67,731 $ — $ 75,322 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 11,270 $ — $ — $ 11,270 Corporate bonds — 21,841 — 21,841 Commercial paper — 10,769 — 10,769 Government bonds — 41,289 — 41,289 Total financial assets $ 11,270 $ 73,899 $ — $ 85,169 The corporate bonds, commercial paper and government bonds are classified as Level 2 as they were valued based upon quoted market prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-based valuation techniques for which all significant inputs are observable in the market or can be corroborated by observable market data for substantially the full term of the assets. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Balance Sheet Components | Balance Sheet Components Cash Equivalents and Available-for-sale Securities Cash equivalents and available-for-sale securities consisted of the following (in thousands): March 31, 2017 Amortized Cost Gross Unrealized Gains Losses Fair Value Money market funds $ 7,591 $ — $ — $ 7,591 Corporate bonds 18,497 — (30 ) 18,467 Commercial paper 5,996 — (5 ) 5,991 Government bonds 43,324 — (51 ) 43,273 Total cash equivalents and available-for-sale securities $ 75,408 $ — $ (86 ) $ 75,322 Classified as: Cash equivalents $ 7,591 Available-for-sale securities - current 53,731 Available-for-sale securities - noncurrent 14,000 Total cash equivalents and available-for-sale securities $ 75,322 December 31, 2016 Amortized Cost Gross Unrealized Gains Losses Fair Value Money market funds $ 11,270 $ — $ — $ 11,270 Corporate bonds 21,886 — (45 ) 21,841 Commercial paper 10,769 — — 10,769 Government bonds 41,316 2 (29 ) 41,289 Total cash equivalents and available-for-sale securities $ 85,241 $ 2 $ (74 ) $ 85,169 Classified as: Cash equivalents $ 18,504 Available-for-sale securities - current 56,515 Available-for-sale securities - noncurrent 10,150 Total cash equivalents and available-for-sale securities $ 85,169 All available-for-sale securities - current held as of March 31, 2017 and December 31, 2016 had contractual maturities of less than one year. All available-for-sale securities - noncurrent held as of March 31, 2017 and December 31, 2016 had contractual maturities of at least one year but less than two years. There have been no material realized gains or losses on available-for-sale securities for the periods presented. Accrued Expenses and Other Payables Accrued expenses and other payables consisted of the following (in thousands): March 31, 2017 December 31, 2016 Accrued clinical and research related expenses $ 4,960 $ 3,617 Accrued employee related expenses 847 1,420 Accrued professional service fees 732 115 Other 108 120 Total accrued expenses and other payables $ 6,647 $ 5,272 |
Research Collaboration and Lice
Research Collaboration and License Agreement | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Research Collaboration and License Agreement | Research Collaboration and License Agreement In October 2013, the Company’s former collaboration partner decided to abandon a collaboration program with the Company and, pursuant to the terms of the agreement between the Company and the former collaboration partner, the Company elected to assume the responsibility for the development and commercialization of the product candidate. Upon the former collaboration partner’s abandonment, it assigned to the Company certain intellectual property arising from the collaboration and also granted the Company an exclusive license to certain background intellectual property rights of the former collaboration partner that relate to the products acquired by the Company. Upon the nomination of PTG-300 as a development candidate, the Company owed the former collaboration partner a payment of $250,000 . If the Company initiates a Phase 1 clinical trial for PTG-300, it will pay the former collaboration partner an additional $250,000 . The Company has the right, but not the obligation, to further develop and commercialize the product and, if the Company successfully develops and commercializes PTG-300 without a partner, the Company will pay the former collaboration partner up to an additional aggregate of $128.5 million for the achievement of certain development, regulatory and sales milestone events. In addition, the Company will pay the former collaboration partner a low single digit royalty on worldwide net sales of the product until the later of 10 years from the first commercial sale of the product or the expiration of the last patent covering the product. For the three months ended March 31, 2016 , the Company recorded research and development expense of $250,000 under this agreement. There were no such costs incurred for the three months ended March 31, 2017 . |
Government Programs
Government Programs | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Government Programs | Government Programs Research and Development Tax Incentive The Company recognized AUD 134,000 ( $103,000 ) and AUD 707,000 ( $510,000 ) as a reduction of research and development expenses for the three months ended March 31, 2017 and 2016 , respectively, in connection with the research and development tax incentive from Australia. As of March 31, 2017 , and December 31, 2016 , the research and development tax incentive receivable was AUD 3.2 million ( $2.5 million ) and AUD 3.1 million ( $2.2 million), respectively. In March 2016, the Company received AUD 237,000 ( $181,000 ) for overseas findings and recorded the funds as deferred tax incentive in accrued expenses and other payables on the condensed consolidated balance sheet due to the possibility that the funds could have to be repaid. In December 2016, the Company’s research and development project under the AusIndustry research and development tax incentive program was complete and the Company substantiated that more than 50% of the total project expenditures occurred in Australia. Therefore, the overseas finding related incentive amounts were no longer deemed to be at risk of clawback and the Company recognized such amounts in December 2016 as a reduction of research and development expenses for the overseas findings received in 2016. SBIR Grant In September 2015, the Company was awarded a Phase 1 Small Business Innovation Research (“SBIR”) Grant from the National Institute of Diabetes and Digestive and Kidney Diseases of the National Institutes of Health (“NIH”) in support of research on orally stable peptide antagonists of the Interleukin-23 receptor (“IL-23R”) as potential treatments for inflammatory bowel diseases (“IBD”). The total grant award was $224,000 and is for the period from September 2015 to August 2016. In July 2016, the Company was awarded a Phase 1 SBIR Grant from the National Institute of Heart and Lung Diseases of the NIH in support of pre-clinical research aimed at discovering and optimizing lead molecules as novel peptide mimetics of the natural hepcidin hormone. The total grant award was $219,000 and is for the period from August 2016 to January 2017. The Company recognizes a reduction to research and development expenses when expenses related to the grants have been incurred and the grant funds become contractually due from NIH. The Company recorded $69,000 as a reduction of research and development expenses for the three months ended March 31, 2016 . There was no such reduction recorded for the three months ended March 31, 2017 . The Company recorded a receivable for $100,000 as of March 31, 2017 and December 31, 2016 , respectively, to reflect the eligible costs incurred under the grants that are contractually due to the Company and such amounts are included in the prepaid expenses and other current assets on the condensed consolidated balance sheets. |
Lease Agreement
Lease Agreement | 3 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Lease Agreement | Lease Agreement In March 2017, the Company entered into a lease agreement for a new office and laboratory space located in Newark, California to relocate its operations to a larger facility. The lease term is for a period of 84 months starting from the lease commencement date. The Company did not have the full access to the leased facility as of March 31, 2017. The Company provided the landlord with a $450,000 letter of credit collateralized by restricted cash as the security deposit and expects to make minimum lease payments totaling $13.5 million over the term of the lease agreement. The Company expects to commence operations at the new facility in the second quarter of 2017. The following table summarizes the Company's minimum lease payments as of March 31, 2017 (in thousands): Year Ending December 31: Amount 2017 (remaining nine months) $ 725 2018 1,706 2019 1,936 2020 1,995 2021 2,054 Thereafter 5,401 Total minimum lease payments $ 13,817 |
Preferred Stock Warrants
Preferred Stock Warrants | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Preferred Stock Warrants | Preferred Stock Warrants In April 2016, 1,999,998 shares of Series B redeemable convertible preferred stock were issued for cash proceeds of $20,000 in connection with the exercise of warrants. Immediately prior to the exercise of the warrants, the fair value of the warrants was remeasured at $1.0 million , determined using a hybrid method of the Option Pricing Model with a 67% weighted value per share and the probability-weighted expected return method (“PWERM”) with a 33% weighted value per share. Upon the exercise of warrants, the redeemable convertible preferred stock warrant liability of $1.0 million was reclassified to redeemable convertible preferred stock. In May 2016, the remaining warrants for the purchase of 2,000,000 shares of Series B redeemable convertible preferred stock expired unexercised. The Company recorded a charge of $525,000 for the three months ended March 31, 2016 , representing the increase in the fair value of the redeemable convertible preferred stock warrant liability in the condensed consolidated statements of operations. |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock Tranche Liability | 3 Months Ended |
Mar. 31, 2017 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Convertible Preferred Stock Tranche Liability | Redeemable Convertible Preferred Stock Tranche Liability In July 2015, the Company entered into the Series C Preferred Stock Purchase Agreement (“the Series C Agreement”) for the issuance of up to 80,337,411 shares of Series C redeemable convertible preferred stock at a price of $0.4979 per share, in multiple closings. The initial closing occurred on July 10, 2015, whereby 35,147,617 shares of Series C redeemable convertible preferred stock were issued for gross proceeds of approximately $17.5 million . According to the initial terms of the Series C Agreement, the Company could issue 45,189,794 additional shares under the same terms as the initial closing, in a subsequent closing (“Series C Second Tranche”) contingent upon the achievement of certain development milestones. On the date of the initial closing, the Company recorded a Series C redeemable convertible preferred stock liability of $1.0 million , as the fair value of the obligation/right to complete the Series C Second Tranche. In March 2016, the Company completed the closing of the Series C Second Tranche and issued 45,189,794 shares of Series C redeemable convertible preferred stock for net cash proceeds of $22.5 million . At this time the Series C redeemable convertible preferred stock liability was remeasured at $5.8 million , determined using a hybrid method of the Option Pricing Model with a 67% weighted value per share and the PWERM with a 33% weighted value per share. Upon the closing of the Series C Second Tranche, the Series C redeemable convertible preferred stock liability was terminated and the balance of the liability of $5.8 million was reclassified to redeemable convertible preferred stock. For the three months ended March 31, 2016 , the Company recorded a charge of $4.2 million , for the increase in the fair value of the Series C redeemable convertible preferred stock liability in the condensed consolidated statements of operations. |
Equity Plans
Equity Plans | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity Plans | Equity Plans Equity Incentive Plan In July 2016, the Company’s board of directors and stockholders approved the Company's 2016 Equity Incentive Plan (the “2016 Plan”) to replace the 2007 Stock Option Plan, which became effective upon the Company’s IPO. Under the 2016 Plan, 1,200,000 shares of the Company’s common stock were initially reserved for issuance of stock options, restricted stock units, and other awards to employees, directors, and consultants. Pursuant to the “evergreen” provision contained in the 2016 Plan, the number of shares reserved for issuance under the 2016 Plan automatically increases on January 1 of each year, starting on January 1, 2017 and continuing through (and including) January 1, 2026, by 4% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding fiscal year, or a lesser number of shares determined by the Company’s board of directors. The 2016 Plan is administered by the board of directors or a committee appointed by the board of directors, which determines the types of awards to be granted, including the number of shares subject to the awards, the exercise price and the vesting schedule. Options granted under the 2016 Plan expire no later than ten years from the date of grant. Employee stock options generally vest 25% upon one year of continued service to the Company, with the remainder in monthly increments over three additional years. As of March 31, 2017 , the Company has reserved 1,868,891 shares of common stock for issuance under the 2016 Plan. Stock Options Activity under the Company’s equity incentive plan is set forth below: Options Outstanding Options Available for Grant Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balances at December 31, 2016 164,328 2,393,829 $ 10.39 8.79 Additional options authorized 668,891 — Options granted (41,000 ) 41,000 12.91 Options exercised — (86,685 ) 1.29 Options forfeited 41,662 (41,662 ) 20.52 Balances at March 31, 2017 833,881 2,306,482 10.60 8.85 $ 12,780 Options exercisable at March 31, 2017 569,102 7.05 8.32 $ 4,404 Options vested and expected to vest at March 31, 2017 2,306,482 10.60 8.85 $ 12,780 The aggregate intrinsic values were calculated as the difference between the exercise price of the options and the closing price of the Company’s common stock on March 31, 2017 . The calculation excludes options with an exercise price higher than the closing price of the Company's common stock on March 31, 2017. During the three months ended March 31, 2017 and 2016 , the estimated weighted-average grant-date fair value of common stock underlying options granted was $7.57 and $0.68 per share, respectively. Employee Stock Options Valuation The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended 2017 2016 Expected term (in years) 6.08 5.94 Expected volatility 62.5 % 64.8 % Risk-free interest rate 2.07 % 1.27 % Dividend yield — — Employee Stock Purchase Plan In July 2016, the Company’s board of directors and stockholders approved the 2016 Employee Stock Purchase Plan (the “2016 ESPP”), which became effective upon the IPO. Under the ESPP, 150,000 shares of the Company’s common stock were initially reserved for issuance for employee purchases of the Company’s common stock. Pursuant to the “evergreen” provision contained in the 2016 ESPP, the number of shares reserved for issuance under the 2016 ESPP automatically increases on January 1 of each year, starting on January 1, 2017 and continuing through (and including) January 1, 2026 by the lesser of (i) 1% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding fiscal year, (ii) 300,000 shares, or (iii) such other number of shares determined by the Company’s board of directors. The 2016 ESPP allows eligible employees to purchase shares of the Company’s common stock at a discount through payroll deductions of up to 15% of their eligible compensation. At the end of each offering period, eligible employees are able to purchase shares at 85% of the lower of the fair market value of the Company’s common stock at the beginning of the offering period or at the end of each applicable purchase period. As of March 31, 2017 , the Company has authorized 317,222 shares of common stock for employee purchases of the Company’s common stock under the 2016 ESPP. As of March 31, 2017, 25,682 shares of common stock have been issued under the 2016 ESPP. Stock-Based Compensation Total stock-based compensation expense recognized for both employees and non-employees for stock options and the 2016 ESPP was as follows (in thousands): Three Months Ended 2017 2016 Research and development $ 359 $ 29 General and administrative 484 27 Total stock-based compensation expense $ 843 $ 56 As of March 31, 2017 , there was $11.3 million of total unrecognized stock-based compensation expense related to stock options that the Company expects to recognize over a weighted-average period of approximately 2.91 years . |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders As the Company had net losses for the three months ended March 31, 2017 and 2016 , all potential common shares were determined to be anti-dilutive. The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended 2017 2016 Numerator: Net loss $ (14,101 ) $ (11,747 ) Accretion of redeemable convertible preferred stock — (40 ) Net loss attributable to common stockholders $ (14,101 ) $ (11,787 ) Denominator: Weighted-average shares used to compute net loss per common share, basic and diluted 16,766,218 287,800 Net loss per share attributable to common stockholders, basic and diluted $ (0.84 ) $ (40.96 ) The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per share attributable to common stockholders computations for the three months ended March 31, 2017 and 2016 , because their inclusion would be anti-dilutive: Three Months Ended 2017 2016 Redeemable convertible preferred stock on an as-converted basis — 8,439,641 Options to purchase common stock 2,306,482 783,341 Warrants to purchase redeemable convertible preferred stock on an as-converted basis — 275,861 Total 2,306,482 9,498,843 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the consolidated balance sheet as of December 31, 2016 has been derived from the audited consolidated financial statements at that date but does not include all of the information required by GAAP for complete consolidated financial statements. These unaudited interim condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair statement of the Company’s consolidated financial information. The results of operations for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017 or for any other interim period or for any other future year. The accompanying interim unaudited condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 7, 2017. |
Principles of Consolidation | Principles of Consolidation The accompanying unaudited interim condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary. All intercompany transactions and balances have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities as of the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, management evaluates its estimates, including those related to accruals for research and development activities, stock-based compensation and income taxes. Management bases these estimates on historical and anticipated results, trends, and various other assumptions that the Company believes are reasonable under the circumstances, including assumptions as to future events. Actual results may differ from those estimates. |
Concentrations of Credit Risk | Concentrations of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and available-for-sale securities. Substantially all of the Company’s cash is held by one financial institution that management believes is of high credit quality. Such deposits may, at times, exceed federally insured limits. The primary focus of the Company’s investment strategy is to preserve capital and to meet liquidity requirements. The Company’s cash equivalents and available-for-sale securities are managed by external managers within the guidelines of the Company’s investment policy. The Company’s investment policy addresses the level of credit exposure by limiting concentration in any one corporate issuer and establishing a minimum allowable credit rating. To manage its credit risk exposure, the Company maintains its portfolio of cash equivalents and available-for-sale securities in fixed income securities denominated and payable in U.S. dollars. Permissible investments of fixed income securities include obligations of the U.S. government and its agencies, money market instruments including commercial paper and negotiable certificates of deposit, and highly rated corporate debt obligations and money market funds. The Company has not experienced any material credit losses on its investments. |
Cash Equivalents | Cash Equivalents Cash equivalents that are readily convertible to cash are stated at cost, which approximates fair value. The Company considers all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. Cash equivalents consist of amounts invested in money market funds, commercial paper and government bonds. |
Restricted Cash | Restricted Cash Restricted cash consisted of cash balances primarily held as security in connection with the Company’s corporate credit card and a letter of credit related to the Company's facility lease entered into in March 2017. Cash as Reported in Consolidated Statements of Cash Flows Cash as reported in the unaudited condensed consolidated statements of cash flows includes the aggregate amounts of cash and cash equivalents and the restricted cash as presented on the consolidated balance sheets. |
Available-for-Sale Securities | Available-for-Sale Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its marketable securities at the time of purchase and reevaluates such designation as of each balance sheet date. Short-term marketable securities have maturities greater than three months but no longer than 365 days as of the balance sheet date. Long-term marketable securities have maturities of 365 days or longer as of the balance sheet date. Unrealized gains and losses are excluded from earnings and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific-identification method. Interest on marketable securities is included in interest income. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value accounting is applied to all financial assets and liabilities that are recognized or disclosed at fair value in the condensed consolidated financial statements on a recurring basis (at least annually). The carrying amount of the Company’s financial instruments, including cash equivalents, accounts payable and accrued expenses and other payables approximates fair value due to their short-term maturities. |
Accrued Research and Development Costs | Accrued Research and Development Costs The Company accrues for estimated costs of research and development activities conducted by third-party service providers, which include the conduct of pre-clinical studies and clinical trials, and contract manufacturing activities. The Company records the estimated costs of research and development activities based upon the estimated services provided but not yet invoiced, and includes these costs in accrued expenses and other payables on the condensed consolidated balance sheets and within research and development expense in the condensed consolidated statements of operations. These costs are a significant component of the Company’s research and development expenses. The Company accrues for these costs based on factors such as estimates of the work completed and in accordance with agreements established with its third-party service providers. The Company makes significant judgments and estimates in determining the accrued liabilities at each balance sheet date. As actual costs become known, the Company adjusts its accrued liabilities. The Company has not experienced any material differences between accrued liabilities and actual costs incurred. However, the status and timing of actual services performed, number of patients enrolled, and the rate of patient enrollment may vary from the Company’s estimates, resulting in adjustments to expense in future periods. Changes in these estimates that result in material changes to the Company’s accruals could materially affect the Company’s results of operations. |
Research and Development Costs | Research and Development Costs Research and development costs are expensed as incurred, unless there is an alternate future use in other research and development projects or otherwise. Research and development costs include salaries and benefits, stock-based compensation expense, lab supplies and facility costs, as well as fees paid to others that conduct research and development activities on the Company’s behalf. |
Research and Development Tax Incentive | Research and Development Tax Incentive The Company is eligible under the AusIndustry research and development tax incentive program to obtain a cash amount from the Australian Taxation Office (“ATO”). The tax incentive is available to the Company on the basis of specific criteria with which the Company must comply. Specifically, the Company must have revenue of less than AUD 20.0 million and cannot be controlled by income tax exempt entities. The research and development tax incentive is recognized as a reduction to research and development expense when the right to receive has been attained and funds are considered to be collectible. The tax incentive is denominated in Australian dollars and, therefore, the related receivable is remeasured into U.S. dollars as of each reporting date. Under certain conditions, research and development activities conducted outside Australia (“overseas finding”) also qualify for the research and development tax incentive. Funds received for overseas finding are at a risk of clawback until substantiation that less than 50% of research and development expenditures for a project will be incurred overseas. A deferred tax incentive is recorded upon the cash receipt of the overseas finding funds and a reduction of research and development expense is not recognized until the Company can substantiate that more than 50% of the total project expenditure will occur in Australia. When there is reasonable assurance that the grant will be received with remote risk of clawback, the relevant expenditure has been incurred, and the consideration can be reliably measured, the Company records the research and development incentive, including the overseas finding funds, as research and development tax incentive receivable and a reduction of research and development expenses to reflect that the funds are owed to the Company for the period the eligible costs are incurred. |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period, without consideration of potentially dilutive securities. The net loss attributable to common stockholders is calculated by adjusting the net loss of the Company for the accretion on the redeemable convertible preferred stock, if applicable. Diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders for all periods presented since the effect of potentially dilutive securities are anti-dilutive given the net loss of the Company. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-09 Compensation-Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, the determination of forfeiture rates, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This ASU is effective for fiscal years and interim periods within those years beginning after December 15, 2016, and early adoption is permitted. The Company adopted this guidance effective January 1, 2017 and has elected to recognize forfeitures of share-based payment awards as they occur on a prospective basis. The impact of the adoption of ASU 2016-09 was not material to the Company’s condensed consolidated financial statements. The adoption of this guidance did not have a material impact on the income tax effects of share-based payment awards as the resulting change in the Company's deferred income tax assets has been fully offset by a corresponding deferred income tax asset valuation allowance. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) – Restricted Cash, which requires the presentation of changes in restricted cash or restricted cash equivalents on the statement of cash flows. This ASU is effective for the fiscal years and interim periods within those years beginning after December 15, 2017, with early adoption permitted. The Company early adopted this guidance effective March 31, 2017, and, accordingly, amounts generally described as restricted cash are included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts of cash reflected on the accompanying consolidated statements of cash flows. The Company has adopted ASU 2016-18 retrospectively and has revised the prior period cash flows from investing activities, beginning cash balance, and ending cash balance to reflect the change in presentation of restricted cash. Other than the change in presentation in the accompanying consolidated statements of cash flows, the adoption of this pronouncement had no effect on the Company’s financial position, results of operations, or liquidity. |
Fair Value Measurements | Financial assets and liabilities are recorded at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1 —Inputs are unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2— Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3 —Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. In determining fair value, the Company utilizes quoted market prices, broker or dealer quotations, or valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Schedule of Restricted Cash and Cash Equivalents | Cash as reported in the unaudited condensed consolidated statements of cash flows consists of (in thousands): March 31, 2017 2016 Cash and cash equivalents $ 9,517 $ 28,629 Restricted cash - current 10 10 Restricted cash - noncurrent 450 — Cash balance in condensed consolidated statements of cash flows $ 9,977 $ 28,639 |
Schedule of Cash and Cash Equivalents | Cash as reported in the unaudited condensed consolidated statements of cash flows consists of (in thousands): March 31, 2017 2016 Cash and cash equivalents $ 9,517 $ 28,629 Restricted cash - current 10 10 Restricted cash - noncurrent 450 — Cash balance in condensed consolidated statements of cash flows $ 9,977 $ 28,639 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value | The following table presents the fair value of the Company’s financial assets and liabilities determined using the inputs defined above (in thousands). March 31, 2017 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 7,591 $ — $ — $ 7,591 Corporate bonds — 18,467 — 18,467 Commercial paper — 5,991 — 5,991 Government bonds — 43,273 — 43,273 Total financial assets $ 7,591 $ 67,731 $ — $ 75,322 December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 11,270 $ — $ — $ 11,270 Corporate bonds — 21,841 — 21,841 Commercial paper — 10,769 — 10,769 Government bonds — 41,289 — 41,289 Total financial assets $ 11,270 $ 73,899 $ — $ 85,169 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Cash Equivalents and Available-for-sale Securities | Cash equivalents and available-for-sale securities consisted of the following (in thousands): March 31, 2017 Amortized Cost Gross Unrealized Gains Losses Fair Value Money market funds $ 7,591 $ — $ — $ 7,591 Corporate bonds 18,497 — (30 ) 18,467 Commercial paper 5,996 — (5 ) 5,991 Government bonds 43,324 — (51 ) 43,273 Total cash equivalents and available-for-sale securities $ 75,408 $ — $ (86 ) $ 75,322 Classified as: Cash equivalents $ 7,591 Available-for-sale securities - current 53,731 Available-for-sale securities - noncurrent 14,000 Total cash equivalents and available-for-sale securities $ 75,322 December 31, 2016 Amortized Cost Gross Unrealized Gains Losses Fair Value Money market funds $ 11,270 $ — $ — $ 11,270 Corporate bonds 21,886 — (45 ) 21,841 Commercial paper 10,769 — — 10,769 Government bonds 41,316 2 (29 ) 41,289 Total cash equivalents and available-for-sale securities $ 85,241 $ 2 $ (74 ) $ 85,169 Classified as: Cash equivalents $ 18,504 Available-for-sale securities - current 56,515 Available-for-sale securities - noncurrent 10,150 Total cash equivalents and available-for-sale securities $ 85,169 |
Summary of Accrued Expenses and Other Payables | Accrued expenses and other payables consisted of the following (in thousands): March 31, 2017 December 31, 2016 Accrued clinical and research related expenses $ 4,960 $ 3,617 Accrued employee related expenses 847 1,420 Accrued professional service fees 732 115 Other 108 120 Total accrued expenses and other payables $ 6,647 $ 5,272 |
Lease Agreement (Tables)
Lease Agreement (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Leases [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases | The following table summarizes the Company's minimum lease payments as of March 31, 2017 (in thousands): Year Ending December 31: Amount 2017 (remaining nine months) $ 725 2018 1,706 2019 1,936 2020 1,995 2021 2,054 Thereafter 5,401 Total minimum lease payments $ 13,817 |
Equity Plans (Tables)
Equity Plans (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Activity under Stock Option Plan | Activity under the Company’s equity incentive plan is set forth below: Options Outstanding Options Available for Grant Options Outstanding Weighted- Average Exercise Price Per Share Weighted- Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Balances at December 31, 2016 164,328 2,393,829 $ 10.39 8.79 Additional options authorized 668,891 — Options granted (41,000 ) 41,000 12.91 Options exercised — (86,685 ) 1.29 Options forfeited 41,662 (41,662 ) 20.52 Balances at March 31, 2017 833,881 2,306,482 10.60 8.85 $ 12,780 Options exercisable at March 31, 2017 569,102 7.05 8.32 $ 4,404 Options vested and expected to vest at March 31, 2017 2,306,482 10.60 8.85 $ 12,780 |
Schedule of Stock-based Compensation Expense for Employees and Non-employees for Stock Options and the 2016 ESPP | Total stock-based compensation expense recognized for both employees and non-employees for stock options and the 2016 ESPP was as follows (in thousands): Three Months Ended 2017 2016 Research and development $ 359 $ 29 General and administrative 484 27 Total stock-based compensation expense $ 843 $ 56 |
Employee and Director [Member] | |
Schedule of Grant-date Fair Value of Stock Option Awards Using Black-Scholes Option Pricing Model Assumptions | The fair value of employee and director stock option awards was estimated at the date of grant using a Black-Scholes option-pricing model with the following assumptions: Three Months Ended 2017 2016 Expected term (in years) 6.08 5.94 Expected volatility 62.5 % 64.8 % Risk-free interest rate 2.07 % 1.27 % Dividend yield — — |
Net Loss per Share Attributab24
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share data): Three Months Ended 2017 2016 Numerator: Net loss $ (14,101 ) $ (11,747 ) Accretion of redeemable convertible preferred stock — (40 ) Net loss attributable to common stockholders $ (14,101 ) $ (11,787 ) Denominator: Weighted-average shares used to compute net loss per common share, basic and diluted 16,766,218 287,800 Net loss per share attributable to common stockholders, basic and diluted $ (0.84 ) $ (40.96 ) |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share | The following outstanding shares of potentially dilutive securities have been excluded from diluted net loss per share attributable to common stockholders computations for the three months ended March 31, 2017 and 2016 , because their inclusion would be anti-dilutive: Three Months Ended 2017 2016 Redeemable convertible preferred stock on an as-converted basis — 8,439,641 Options to purchase common stock 2,306,482 783,341 Warrants to purchase redeemable convertible preferred stock on an as-converted basis — 275,861 Total 2,306,482 9,498,843 |
Organization and Description 25
Organization and Description of Business - Additional Information (Detail) $ / shares in Units, $ in Thousands | Aug. 16, 2016$ / sharesshares | Sep. 30, 2016USD ($)$ / sharesshares | Jul. 31, 2016 | Mar. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||
Accumulated deficit | $ | $ 78,694 | $ 64,593 | |||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock split, conversion ratio | 0.0689655 | ||||
IPO [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Stock issued during period, shares, new issues | shares | 7,500,000 | 252,972 | |||
Shares issued, price per share (in usd per share) | $ / shares | $ 12 | $ 12 | |||
Proceeds from issuance initial public offering | $ | $ 83,600 | ||||
Common Stock [Member] | IPO [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Convertible preferred stock, shares issued upon conversion | shares | 8,577,571 |
Summary of Significant Accoun26
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Restricted Cash [Abstract] | ||||
Cash and cash equivalents | $ 9,517 | $ 21,084 | $ 28,629 | |
Restricted cash - current | 10 | 10 | 10 | |
Restricted cash - noncurrent | 450 | 0 | 0 | |
Cash balance in condensed consolidated statements of cash flows | $ 9,977 | $ 21,094 | $ 28,639 | $ 4,065 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 75,322 | $ 85,169 |
Corporate Bonds Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 18,467 | 21,841 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 7,591 | 11,270 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 5,991 | 10,769 |
Government Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 43,273 | 41,289 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 7,591 | 11,270 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 7,591 | 11,270 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 67,731 | 73,899 |
Level 2 [Member] | Corporate Bonds Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 18,467 | 21,841 |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | 5,991 | 10,769 |
Level 2 [Member] | Government Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total financial assets | $ 43,273 | $ 41,289 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Cash Equivalents and Available-for-sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Cash and Cash Equivalents [Line Items] | ||
Total cash equivalents and available-for-sale securities, Amortized Cost | $ 75,408 | $ 85,241 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Gains | 0 | 2 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Losses | (86) | (74) |
Total cash equivalents and available-for-sale securities, Fair Value | 75,322 | 85,169 |
Cash equivalents | 7,591 | 18,504 |
Available-for-sale securities - current | 53,731 | 56,515 |
Available-for-sale securities - noncurrent | 14,000 | 10,150 |
Total cash equivalents and available-for-sale securities, Fair Value | 75,322 | 85,169 |
Corporate Bonds Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash equivalents and available-for-sale securities, Amortized Cost | 18,497 | 21,886 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Losses | (30) | (45) |
Total cash equivalents and available-for-sale securities, Fair Value | 18,467 | 21,841 |
Total cash equivalents and available-for-sale securities, Fair Value | 18,467 | 21,841 |
Money Market Funds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash equivalents and available-for-sale securities, Amortized Cost | 7,591 | 11,270 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Losses | 0 | 0 |
Total cash equivalents and available-for-sale securities, Fair Value | 7,591 | 11,270 |
Total cash equivalents and available-for-sale securities, Fair Value | 7,591 | 11,270 |
Commercial Paper [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash equivalents and available-for-sale securities, Amortized Cost | 5,996 | 10,769 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Gains | 0 | 0 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Losses | (5) | 0 |
Total cash equivalents and available-for-sale securities, Fair Value | 5,991 | 10,769 |
Total cash equivalents and available-for-sale securities, Fair Value | 5,991 | 10,769 |
Government Bonds [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Total cash equivalents and available-for-sale securities, Amortized Cost | 43,324 | 41,316 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Gains | 0 | 2 |
Total cash equivalents and available-for-sale securities, Gross Unrealized Losses | (51) | (29) |
Total cash equivalents and available-for-sale securities, Fair Value | 43,273 | 41,289 |
Total cash equivalents and available-for-sale securities, Fair Value | $ 43,273 | $ 41,289 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Schedule of Available-for-sale Securities [Line Items] | ||
Realized gains or losses on available-for-sale securities | $ 0 | $ 0 |
Balance Sheet Components - Su30
Balance Sheet Components - Summary of Accrued Expenses and Other Payables (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Payables and Accruals [Abstract] | ||
Accrued clinical and research related expenses | $ 4,960 | $ 3,617 |
Accrued employee related expenses | 847 | 1,420 |
Accrued professional service fees | 732 | 115 |
Other | 108 | 120 |
Total accrued expenses and other payables | $ 6,647 | $ 5,272 |
Research Collaboration and Li31
Research Collaboration and License Agreement - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Research and development costs incurred under the agreement | $ 11,282,000 | $ 5,625,000 |
Research Collaboration and License Agreement [Member] | PTG-300 [Member] | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Upfront payment based on agreement | 250,000 | |
Potential milestone payment on collaboration arrangement | $ 250,000 | |
Term (in years) | 10 years | |
Research and development costs incurred under the agreement | $ 0 | $ 250,000 |
Maximum [Member] | Research Collaboration and License Agreement [Member] | PTG-300 [Member] | ||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||
Aggregate milestone payment | $ 128,500,000 |
Government Programs - Additiona
Government Programs - Additional Information (Detail) AUD in Thousands | 1 Months Ended | 3 Months Ended | |||||||
Jul. 31, 2016USD ($) | Sep. 30, 2015USD ($) | Mar. 31, 2017USD ($) | Mar. 31, 2017AUD | Mar. 31, 2016USD ($) | Mar. 31, 2016AUD | Mar. 31, 2017AUD | Dec. 31, 2016USD ($) | Dec. 31, 2016AUD | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Research and development tax incentive receivable | $ 2,480,000 | $ 2,241,000 | |||||||
SBIR Grant [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Reduction of research and development expenses related to tax | 0 | $ 69,000 | |||||||
Research and development grants | $ 219,000 | $ 224,000 | |||||||
Grants receivable | 100,000 | 100,000 | |||||||
Overseas Findings [Member] | Australian Taxation Office [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Research and development tax incentive receivable | 2,500,000 | AUD 3,200 | $ 2,200,000 | AUD 3,100 | |||||
Deferred tax incentive | 181,000 | AUD 237 | |||||||
Research and Development Tax Incentive [Member] | Australian Taxation Office [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Reduction of research and development expenses related to tax | $ 103,000 | AUD 134 | $ 510,000 | AUD 707 |
Lease Agreement - Additional In
Lease Agreement - Additional Information (Detail) | 1 Months Ended |
Mar. 31, 2017USD ($) | |
Operating Leased Assets [Line Items] | |
Total minimum lease payments | $ 13,817,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2017 (remaining nine months) | 725,000 |
2,018 | 1,706,000 |
2,019 | 1,936,000 |
2,020 | 1,995,000 |
2,021 | 2,054,000 |
Thereafter | 5,401,000 |
Total minimum lease payments | $ 13,817,000 |
Newark, California [Member] | |
Operating Leased Assets [Line Items] | |
Operating leases, term of contract (in months) | 84 months |
Letter of credit, outstanding amount | $ 450,000 |
Total minimum lease payments | 13,500,000 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
Total minimum lease payments | $ 13,500,000 |
Preferred Stock Warrants - Addi
Preferred Stock Warrants - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Apr. 30, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | May 31, 2016 | |
Class of Warrant or Right [Line Items] | ||||
Proceeds from issuance of redeemable convertible preferred stock upon exercise of warrants | $ 0 | $ 22,488 | ||
Remeasured fair value of warrants | $ 1,000 | |||
Change in fair value of redeemable convertible preferred stock warrant liability | $ 0 | $ 525 | ||
Redeemable Convertible Preferred Stock Warrant Liability [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Reclassification of redeemable convertible preferred stock warrant liability to redeemable convertible preferred stock | $ 1,000 | |||
Option Pricing Model [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Percentage of weighted value per share | 67.00% | |||
PWERM [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Percentage of weighted value per share | 33.00% | |||
Series B Redeemable Convertible Preferred Stock [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Redeemable convertible preferred stock, shares issued | 1,999,998 | |||
Proceeds from issuance of redeemable convertible preferred stock upon exercise of warrants | $ 20 | |||
Number of redeemable convertible preferred stock expired unexercised | 2,000,000 |
Redeemable Convertible Prefer35
Redeemable Convertible Preferred Stock Tranche Liability (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 10, 2015 | Apr. 30, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | Jul. 31, 2015 |
Temporary Equity [Line Items] | ||||||
Proceeds from issuance of redeemable convertible preferred stock upon exercise of warrants | $ 0 | $ 22,488 | ||||
Settlement of fair value of redeemable convertible preferred stock liability | $ 5,800 | 0 | 5,837 | |||
Change in fair value associated with redeemable convertible preferred stock tranche liability | $ 0 | 4,194 | ||||
Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Redeemable convertible preferred stock, shares issued | 45,189,794 | |||||
Redeemable convertible preferred stock, price per share | $ 0.4979 | |||||
Proceeds from issuance of redeemable convertible preferred stock upon exercise of warrants | $ 17,500 | 22,500 | ||||
Fair value of redeemable convertible preferred stock liability | $ 1,000 | $ 5,800 | 5,800 | |||
Change in fair value associated with redeemable convertible preferred stock tranche liability | $ 4,200 | |||||
Maximum [Member] | Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Redeemable convertible preferred stock, shares issued | 35,147,617 | 80,337,411 | ||||
Second Tranche Warrants [Member] | Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Additional shares to be issued upon the achievement of certain development milestones | 45,189,794 | 45,189,794 | ||||
Option Pricing Model [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Percentage of weighted value per share | 67.00% | |||||
Option Pricing Model [Member] | Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Percentage of weighted value per share | 67.00% | |||||
PWERM [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Percentage of weighted value per share | 33.00% | |||||
PWERM [Member] | Series C Redeemable Convertible Preferred Stock [Member] | ||||||
Temporary Equity [Line Items] | ||||||
Percentage of weighted value per share | 33.00% |
Equity Plans - Additional Infor
Equity Plans - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2016 | Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options, weighted-average grant-date fair value | $ 7.57 | $ 0.68 | |
Total unrecognized stock-based compensation costs related to stock options | $ 11.3 | ||
Period of unrecognized stock-based compensation costs to be recognized | 2 years 10 months 28 days | ||
2016 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,200,000 | 1,868,891 | |
Percentage of outstanding stock maximum | 4.00% | ||
2016 Equity Incentive Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
2016 Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 150,000 | 317,222 | |
Percentage of outstanding stock maximum | 1.00% | ||
Additional shares issuable maximum | 300,000 | ||
Percentage of discount from fair market value of common stock on offering date | 85.00% | ||
Shares issued in period | 25,682 | ||
2016 Employee Stock Purchase Plan [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum percentage of payroll deductions on eligible compensation | 15.00% | ||
Share-based Compensation Award, Tranche One [Member] | 2016 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting percentage of requisite service period | 25.00% | ||
Additional vesting years | 1 year | ||
Share-based Compensation Award, Tranche Two [Member] | 2016 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Additional vesting years | 3 years |
Equity Plans - Schedule of Acti
Equity Plans - Schedule of Activity under Stock Option Plan (Detail) - 2007 Stock Option Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Granted [Roll Forward] | ||
Options Available for Grant, Beginning balance | 164,328 | |
Options Available for Grant, Number of Additional Shares Authorized | 668,891 | |
Options Available for Grant, Options granted | (41,000) | |
Options Available for Grant, Options exercised | 0 | |
Options Available for Grant, Options Forfeited | 41,662 | |
Options Available for Grant, Ending balance | 833,881 | 164,328 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Options Outstanding, Beginning balance | 2,393,829 | |
Number of Options Outstanding, Options granted | 41,000 | |
Number of Options Outstanding, Options exercised | (86,685) | |
Number of Options Outstanding, Options Forfeited | (41,662) | |
Number of Options Outstanding, Ending balance | 2,306,482 | 2,393,829 |
Number of Options Outstanding, Options exercisable | 569,102 | |
Number of Options Outstanding, Options vested and expected to vest | 2,306,482 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||
Weighted-Average Exercise Price Per Share, Beginning balance | $ 10.39 | |
Weighted-Average Exercise Price Per Share, Options granted | 12.91 | |
Weighted-Average Exercise Price Per Share, Options exercised | 1.29 | |
Weighted Average Exercise Price, Options Forfeited | 20.52 | |
Weighted-Average Exercise Price Per Share, Ending balance | 10.60 | $ 10.39 |
Weighted-Average Exercise Price Per Share, Options exercisable | 7.05 | |
Weighted-Average Exercise Price Per Share, Options vested and expected to vest | $ 10.60 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Weighted-Average Remaining Contractual Life (years) | 8 years 10 months 6 days | 8 years 9 months 15 days |
Weighted-Average Remaining Contractual Life (years), Options exercisable | 8 years 3 months 26 days | |
Weighted-Average Remaining Contractual Life (years), Options vested and expected to vest | 8 years 10 months 6 days | |
Aggregate Intrinsic Value, Options Outstanding | $ 12,780 | |
Aggregate Intrinsic Value, Options exercisable | 4,404 | |
Aggregate Intrinsic Value, Options vested and expected to vest | $ 12,780 |
Equity Plans - Schedule of Gran
Equity Plans - Schedule of Grant-date Fair Value of Employee and Director Stock Option Awards Using Black-Scholes Option Pricing Model Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 29 days | 5 years 11 months 9 days |
Expected volatility | 62.50% | 64.80% |
Risk-free interest rate | 2.07% | 1.30% |
Dividend yield | 0.00% | 0.00% |
Equity Plans - Schedule of Gr39
Equity Plans - Schedule of Grant-date Fair Value of Non-employees Stock Option Awards Using Black-Scholes Option Pricing Model Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected term (in years) | 6 years 29 days | 5 years 11 months 9 days |
Expected volatility | 62.50% | 64.80% |
Risk-free interest rate | 2.07% | 1.30% |
Dividend yield | 0.00% | 0.00% |
Equity Plans - Schedule of Stoc
Equity Plans - Schedule of Stock-based Compensation Expense for Employees and Non-employees for Stock Options and the 2016 ESPP (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 843 | $ 56 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 359 | 29 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $ 484 | $ 27 |
Net Loss per Share Attributab41
Net Loss per Share Attributable to Common Stockholders - Schedule of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator: | ||
Net loss | $ (14,101) | $ (11,747) |
Accretion of redeemable convertible preferred stock | 0 | (40) |
Net loss attributable to common stockholders | $ (14,101) | $ (11,787) |
Denominator: | ||
Weighted-average shares used to compute net loss per common share, basic and diluted | 16,766,218 | 287,800 |
Net loss per share attributable to common stockholders, basic and diluted (in usd per share) | $ (0.84) | $ (40.96) |
Net Loss per Share Attributab42
Net Loss per Share Attributable to Common Stockholders - Schedule of Antidilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from computation of net loss per share | 2,306,482 | 9,498,843 |
Redeemable Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from computation of net loss per share | 8,439,641 | |
Warrants to Purchase Redeemable Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from computation of net loss per share | 275,861 | |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from computation of net loss per share | 2,306,482 | 783,341 |