Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | BIND | |
Entity Registrant Name | BIND Therapeutics, Inc. | |
Entity Central Index Key | 1,385,228 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,746,759 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
ASSETS | ||
Cash and cash equivalents | $ 26,497 | $ 19,348 |
Short-term investments | 26,899 | 21,582 |
Amounts due under collaboration agreements | 1,674 | 2,892 |
Prepaid expenses and other current assets | 3,392 | 2,141 |
Total current assets | 58,462 | 45,963 |
Property and equipment, net | 7,436 | 6,567 |
Restricted cash and other assets | 1,584 | 1,538 |
Total | 67,482 | 54,068 |
Current liabilities: | ||
Current portion of long-term debt | 2,417 | 1,792 |
Accounts payable | 1,819 | 1,796 |
Accrued expenses | 4,977 | 5,260 |
Current portion of deferred revenue | 3,898 | 5,087 |
Total current liabilities | 13,111 | 13,935 |
Long-term liabilities: | ||
Long-term debt, less current | 12,146 | 1,482 |
Deferred revenue, less current | 252 | 481 |
Warrant liability | 7,359 | |
Other long-term liabilities | 860 | 1,006 |
Total long-term liabilities | 20,617 | 2,969 |
Total liabilities | $ 33,728 | $ 16,904 |
Stockholders' equity: | ||
Preferred stock, $0.0001 par value-10,000,000 shares authorized, no shares issued and outstanding at June 30, 2015 and December 31, 2014 | ||
Common stock, $0.0001 par value-200,000,000 shares authorized, 20,708,198 shares issued and outstanding at June 30, 2015, 16,548,681 shares issued and outstanding at December 31, 2014 | $ 2 | $ 2 |
Additional paid in capital | 192,614 | 177,269 |
Accumulated deficit | (156,064) | (137,279) |
Accumulated other comprehensive loss | (2,798) | (2,828) |
Total stockholders' equity | 33,754 | 37,164 |
Total | $ 67,482 | $ 54,068 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 20,708,198 | 16,548,681 |
Common stock, shares outstanding | 20,708,198 | 16,548,681 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Revenue | $ 2,524 | $ 2,459 | $ 6,908 | $ 4,024 |
Operating expenses: | ||||
Research and development | 8,299 | 6,901 | 16,479 | 13,724 |
General and administrative | 4,370 | 3,774 | 9,133 | 7,035 |
Total operating expenses | 12,669 | 10,675 | 25,612 | 20,759 |
Loss from operations | (10,145) | (8,216) | (18,704) | (16,735) |
Other income (expense) | ||||
Change in fair value of warrant liability | 269 | 1,189 | ||
Interest expense | (472) | (72) | (862) | (156) |
Other income (expense), net | (124) | (156) | (408) | 125 |
Total other income (expense) | (327) | (228) | (81) | (31) |
Net loss | $ (10,472) | $ (8,444) | $ (18,785) | $ (16,766) |
Net loss per share, Basic and diluted | $ (0.51) | $ (0.51) | $ (0.96) | $ (1.02) |
Weighted average common shares outstanding: | ||||
Basic and diluted | 20,472,672 | 16,464,410 | 19,661,932 | 16,444,210 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (10,472) | $ (8,444) | $ (18,785) | $ (16,766) |
Other comprehensive loss: | ||||
Foreign currency translation adjustments | 185 | 421 | 28 | (217) |
Unrealized gains (losses) on investments | 4 | (6) | 3 | (6) |
Comprehensive loss | $ (10,283) | $ (8,029) | $ (18,754) | $ (16,989) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (18,785) | $ (16,766) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 1,010 | 842 |
Stock-based compensation | 1,767 | 1,458 |
Change in fair value of warrant liability | (1,189) | |
Amortization of debt discount | 121 | |
Expense related to debt issuance costs allocated to warrants measured at fair value | 465 | |
Other non-cash operating activities, net | 165 | 8 |
Increase (decrease) in cash and cash equivalents from: | ||
Amounts due under collaboration agreements | 1,218 | (838) |
Prepaid expenses and other current assets | (1,237) | 409 |
Accounts payable and accrued expenses | (413) | 380 |
Deferred revenue | (1,427) | (1,522) |
Net cash used in operating activities | (18,305) | (16,029) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (1,899) | (1,802) |
Proceeds from sales of short-term investments | 14,691 | 11,759 |
Proceeds from maturities of short-term investments | 23,023 | 5,090 |
Purchases of short-term investments | (43,168) | (21,029) |
Other investing activities, net | (38) | (59) |
Net cash used in investing activities | (7,391) | (6,041) |
Cash flows from financing activities: | ||
Proceeds from underwritten public offering, net of underwriting discounts, commissions and offering expenses of $1,691 | 19,807 | |
Proceeds from at-the-market sales agreement | 1,209 | |
Payments for initial public offering | (265) | |
Proceeds from exercise of common stock options | 277 | 221 |
Payments under capital lease | (28) | |
Borrowings under credit facility | 14,810 | |
Repayments of credit facility | (3,274) | (398) |
Net cash provided by (used in) financing activities | 32,829 | (470) |
Effect of exchange rate on cash | 16 | (132) |
Increase (decrease) in cash and cash equivalents | 7,149 | (22,672) |
Cash and cash equivalents-Beginning of year | 19,348 | 51,612 |
Cash and cash equivalents-End of period | 26,497 | 28,940 |
Noncash financing activities: | ||
Fair value of warrants allocated to debt discount | 368 | |
Fair value of warrants allocated to warrant liability | 8,548 | |
Supplementary cash flow information-Interest paid | $ 665 | $ 232 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parenthetical) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Statement of Cash Flows [Abstract] | |
Underwriting discounts, commissions and offering expenses, net | $ 1,691 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Nature of Business and Basis of Presentation | 1. NATURE OF BUSINESS AND BASIS OF PRESENTATION BIND Therapeutics, Inc. is a clinical-stage nanomedicine company developing Accurins, which are targeted and programmable therapeutics. As used throughout these condensed consolidated financial statements, the terms “BIND,” “we,” “us,” and “our” refer to the business of BIND Therapeutics, Inc. including our wholly-owned subsidiaries, BIND (RUS) LLC and BIND Biosciences Security Corporation. Our strategy is to leverage our Medicinal Nanoengineering ® The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of our management, the accompanying unaudited condensed consolidated financial statements contain all adjustments which are necessary to present fairly our financial position as of June 30, 2015, the results of our operations for the three and six months ended June 30, 2015 and 2014, the results of our comprehensive loss for the three and six months ended June 30, 2015 and 2014, and cash flows for the six months ended June 30, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three and six months ended June 30, 2015 are not indicative of the results for the year ending December 31, 2015, or for any future period. Summary of Significant Accounting Policies On April 7, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs On August 27, 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern |
Net Loss Per Share Attributable
Net Loss Per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share Attributable to Common Stockholders | 2. NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS Because we have reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share. The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted As of June 30, 2015 2014 Options to purchase common stock 3,144,970 2,524,396 Warrants to purchase common stock 2,399,117 74,412 |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Revenue | 3. REVENUE Our revenue for the periods presented consists of the following (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Government grants $ 200 $ 253 $ 200 $ 418 Research and development agreements 2,324 2,206 6,708 3,606 Total $ 2,524 $ 2,459 $ 6,908 $ 4,024 Government Grants Research and Development and Collaboration Agreements AstraZeneca AB Under the agreement, we received an upfront payment of $4.0 million in 2013. We achieved a $1 million development milestone during the three months ended March 31, 2015, which was paid by AstraZeneca during the three months ended June 30, 2015. We have the potential to receive additional contingent payments totaling up to $192 million in the aggregate upon achievement by AstraZeneca of specified clinical, regulatory and commercial events. We will also receive tiered royalties in the low-single digit to the low-double digit percentages of aggregate worldwide net sales of licensed product, if any. We will receive royalties on a country-by-country and licensed product-by-licensed product basis generally until the AstraZeneca patents and any regulatory exclusivity relating to such licensed product expire. We determined that the deliverables under the agreement include the license, the research and development services and participation in the Joint Steering Committee (“JSC”). The JSC deliverable ends at the same time as the research and development services. Our obligations related to the research and development services are to use commercially reasonable efforts to perform the research and development as set forth in the collaboration plan. We also determined that, pursuant to the accounting guidance governing revenue recognition on multiple element arrangements, the license and undelivered research and development services and participation in the JSC do not have standalone value due to the specialized nature of the research and development services to be provided by us. In addition, while AstraZeneca has the ability to grant sublicenses, it cannot sublicense all or substantially all of its rights under the agreement. The uniqueness of our Company’s research and development services and the limited sublicense right are indicators that standalone value is not present in the arrangement. Therefore the deliverables are not separable and, accordingly, the license and undelivered research and development and JSC services are being treated as a single unit of accounting. When multiple deliverables are accounted for as a single unit of accounting, we base our revenue recognition model on the final deliverable, since multiple deliverables are accounted for as a single unit of accounting. Under the agreement, the last deliverable to be completed is the research and development services and participation in the JSC which are expected to be completed in 2017. We are utilizing a proportional performance model to recognize revenue related to the upfront payment, the achieved development milestone and our other research and development services (both our internal effort as well as external costs). During the three months ended June 30, 2015 and 2014, we recognized revenue of $1.5 million and $1.4 million, respectively, and during the six months ended June 30, 2015 and 2014, we recognized revenue of $5.0 million and $2.7 million, respectively, related to the AstraZeneca license agreement. AstraZeneca filed the investigational new drug (IND) application in May 2015, and the U.S. Food and Drug Administration (FDA) authorized the use of AstraZeneca’s Accurin AZD2811 in clinical trials in June 2015. Pfizer Inc. Under the agreement, we received an upfront payment of $4.0 million and achieved a $1 million development milestone during the three months ended December 31, 2014. We have the potential to receive additional contingent payments totaling up to $88.5 million in the aggregate under each option upon exercise of the option and achievement by Pfizer of specified development and regulatory events plus additional contingent payments totaling up to $110 million in the aggregate under each option upon achievement by Pfizer of specified commercial events. We will also receive royalties in the low-single digit to the high-single digit percentages of aggregate worldwide net sales of each licensed product, if any. We will receive royalties on a country-by-country and licensed product-by-licensed product basis generally until the expiration of the Pfizer patents covering such licensed product. In April 2015, we entered into an amendment, effective March 31, 2015, to our agreement with Pfizer. The amendment extends the term for research and preclinical development activities with respect to one of the two compounds (the “Second Compound”) covered by the agreement to March 25, 2016 to allow the parties to conduct additional research with respect to the Second Compound. The amendment also extends the period during which Pfizer is entitled to exercise its option to acquire an exclusive license for the development and commercialization of the Second Compound to March 25, 2016. The amendment also extends the term for research and preclinical development activities with respect to the other compound (the “First Compound”) covered by the agreement to September 25, 2015 to allow the parties to conduct additional research with respect to the First Compound. Pfizer is entitled to exercise its option to acquire an exclusive license for the development and commercialization of the first compound by September 2015, the same timeframe as in the original agreement. Pfizer may exercise either one or both of its options to acquire the exclusive license for a specified drug candidate, subject to certain adjustments, by paying us a specified option exercise fee. If Pfizer exercises any option, it will be solely responsible for all further development and commercialization activities with respect to the licensed products covered by the option, and Pfizer is also solely responsible for obtaining all regulatory approvals for the applicable licensed products and conducting all communications with regulatory authorities. Pfizer may terminate this agreement without cause for any or no reason effective upon 60 days’ prior written notice to us. Our deliverables under the agreement include the research and development services and participation on a Joint Research Committee (“JRC”). The JRC deliverable ends at the same time as the research and development services. Our obligations related to the research and development services are to use commercially reasonable efforts to perform the research and development as set forth in the collaboration plan. We determined that the JRC does not have standalone value apart from the research and development services, and we considered these deliverables a single unit of accounting. We concluded that the Pfizer options are not deliverables of the agreement because they are substantive options and are not priced at a significant and incremental discount. The performance period is the expected period over which the services of the combined unit are performed, which we expect will span into 2016. We are utilizing a proportional performance model to recognize the upfront payment, the achieved development milestone and our other research and development services (both our internal effort as well as external costs). During the three months ended June 30, 2015 and 2014, we recognized revenue of $0.7 million and less than $0.1 million, respectively, and during the six months ended June 30, 2015 and 2014, we recognized revenue of $1.4 million and $0.1 million, respectively, related to the Pfizer research, option and license agreement. F. Hoffmann-La Roche Ltd. |
Short-Term Investments
Short-Term Investments | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Short-Term Investments | 4. SHORT-TERM INVESTMENTS Short-term investments represent holdings of available-for-sale marketable securities in accordance with our investment policy and cash management strategy. Short-term investments mature within 12 months from the balance sheet date. Our investments in marketable securities are recorded at fair value, with any unrealized gains and losses, net of taxes, reported as a component of stockholders’ equity until realized or until a determination is made that an other-than-temporary decline in market value has occurred. The cost of marketable securities sold is determined based on the specific identification method and any realized gains or losses on the sale of investments are reflected as a component of other income (expense), net. The following is a summary of marketable securities (included in short-term investments in the Condensed Consolidated Balance Sheets) as of June 30, 2015 and December 31, 2014 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 U.S. government securities(1) $ 26,900 $ 1 $ (2 ) $ 26,899 Total $ 26,900 $ 1 $ (2 ) $ 26,899 December 31, 2014 Certificates of deposit $ 9,225 $ — $ (4 ) $ 9,221 U.S. government securities(1) 12,360 1 — 12,361 Total $ 21,585 $ 1 $ (4 ) $ 21,582 (1) U.S. government securities consist of U.S. treasuries, U.S. agency securities and U.S. government-sponsored enterprises The contractual maturities of the marketable securities as of June 30, 2015 and December 31, 2014 are all due within one year. We had immaterial realized gains on our short-term investments for the three and six months ended June 30, 2015 and 2014, respectively. There were no other-than-temporary impairments recognized for the six months ended June 30, 2015 and 2014. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. FAIR VALUE MEASUREMENTS Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: Level 1 Level 2 Level 3 We value our marketable securities utilizing third party pricing services. The pricing services use many observable market inputs to determine value, including benchmark yields, reportable trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, reference data, new issue data, monthly payment information and collateral performance. We validate the prices provided by our third party pricing services by understanding the models used, obtaining market values from other pricing sources, and confirming that those securities trade in active markets. The following table provides the assets carried at fair value measured on a recurring basis as of June 30, 2015, and December 31, 2014 (in thousands): Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015 Assets Money market funds(1) $ 20,837 $ 20,837 $ — $ — U.S. government securities(2) 28,402 — 28,402 — Total Assets $ 49,239 $ 20,837 $ 28,402 $ — Liabilities Warrant liability $ (7,359 ) $ — $ — $ (7,359 ) Total Liabilities $ (7,359 ) $ — $ — $ (7,359 ) December 31, 2014 Assets Money market funds(1) $ 10,268 $ 10,268 $ — $ — Certificates of deposit(2) 9,221 — 9,221 — U.S. government securities(2) 12,361 — 12,361 — Total Assets $ 31,850 $ 10,268 $ 21,582 $ — (1) Money market funds are included within cash and cash equivalents and restricted cash in the accompanying Condensed Consolidated Balance Sheets. (2) Certificates of deposit and U.S. government securities notes are included within cash and cash equivalents and short-term investments in the accompanying Condensed Consolidated Balance Sheets. Financial instruments, including cash equivalents, restricted cash, amounts due under collaboration agreements, accounts payable, and accrued expenses are carried in the condensed consolidated financial statements at amounts that approximate fair value at June 30, 2015 and December 31, 2014. Fair values are based on market prices and assumptions concerning the amount and timing of estimated future cash flows and assumed discount rates, reflecting varying degrees of perceived risk. We believe that our debt obligations bear interest at rates which approximate prevailing market rates for instruments with similar characteristics and, accordingly, the carrying values for these instruments approximate fair value. The debt fair value measurements are considered level 2 in the fair value hierarchy. Included in cash and cash equivalents as of June 30, 2015 and December 31, 2014, are money market fund investments of $20.3 million and $9.7 million, U.S. government securities of $1.5 million and $3.3 million, and certificates of deposit of zero and $1.7 million, respectively. In February 2015, we completed an underwritten public offering of 3,739,130 units at the public offering price of $5.75 per unit. Each unit consisted of one share of our common stock and six-tenths (0.6) of a warrant to purchase one share of our common stock with an exercise price of $6.60 per share. (see Note 8, “Stockholders’ Equity”). These warrants are subject to revaluation at each balance sheet date, and any changes in fair value are recorded as a component of change in fair value of warrant liability, until the earlier of their exercise or expiration or upon the completion of a liquidation event. The following table sets forth a summary of changes in the fair value of our common stock warrant liability, which represented a recurring measurement classified within Level 3 of the fair value hierarchy, wherein fair value was estimated using significant unobservable inputs (in thousands): Six Months Ended June 30, 2015 Beginning balance, January 1 $ — Issuance of warrants in connection with underwritten public offering 8,548 Change in fair value of warrant liability (1,189 ) Ending balance, June 30 $ 7,359 There have been no changes to the valuation methods during the six months ended June 30, 2015. We evaluate transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between Level 1, Level 2 or Level 3 during the six months ended June 30, 2015. |
Accrued Expenses and Other Long
Accrued Expenses and Other Long-Term Liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Long-Term Liabilities | 6. ACCRUED EXPENSES AND OTHER LONG-TERM LIABILITIES Accrued expenses as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): As of June 30, December 31, Accrued compensation and benefits $ 1,745 $ 1,687 Deferred rent, current portion 643 606 Accrued clinical trial costs 309 700 Other accrued expenses 2,280 2,267 Total accrued expenses $ 4,977 $ 5,260 Other long-term liabilities as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): As of June 30, December 31, Deferred rent, less current portion $ 590 $ 925 Other long-term liabilities 270 81 Total other long-term liabilities $ 860 $ 1,006 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7. LONG-TERM DEBT In January 2015, we entered into an amendment to the amended and restated credit facility (“New Term Loan”) with Hercules Technology III, L.P. (“Hercules”) as lender. The January 2015 amendment provides us with a term loan in an amount equal to $15.0 million, a portion of which was used to repay our then-existing term loan with Hercules in the aggregate amount of $3.1 million, and the remainder of which will be used for general corporate purposes. The principal balance of the New Term Loan bears interest at a floating per annum rate equal to 8.35% plus the prime rate less 3.25% (with a minimum rate of 8.35%). The New Term Loan matures on July 2, 2018 (the “Maturity Date”) and we have been required to make interest-only payments on the New Term Loan since February 2, 2015. This obligation will continue through December 31, 2015. Beginning on January 1, 2016, we will repay the New Term Loan in equal monthly installments of principal and interest, with the entire remaining principal balance and all accrued and unpaid interest due on the Maturity Date. Future principal payments under our New Term Loan as of June 30, 2015, are as follows (in thousands): 2016 $ 5,409 2017 5,889 2018 3,702 $ 15,000 In connection with the closing of the amendment in January 2015, we also paid Hercules a facility charge of approximately $0.2 million. Furthermore, on the earliest to occur of (i) the Maturity Date, (ii) the date that we prepay the New Term Loan, or (iii) the date that the New Term Loan becomes due and payable, we agreed to pay Hercules an end of term charge of approximately $0.8 million. The end of term charge is being accrued through interest expense using the effective interest method through the Maturity Date. In connection with the closing of the amendment in January 2015, we and Hercules entered into a Warrant Agreement (the “Warrant”), pursuant to which Hercules, as warrant holder, has the right to purchase 81,227 shares of our common stock at an exercise price of $5.54. The Warrant is exercisable beginning on the date of issuance and expires five years from that date. On the issuance date, the warrants were valued using the Black-Scholes option pricing model with the following assumptions: volatility of 73%, expected term of five years, risk-free interest rate of 1.3%, and a zero dividend yield. The Warrant fair value of $0.4 million and the facility charge of approximately $0.2 million have been recorded as a debt discount and are being amortized through interest expense using the effective interest method through the Maturity Date. We recorded interest expense related to the new Term Loan in the amount of $0.5 million and $0.9 million, respectively, for the three and six months ended June 30, 2015. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 8. STOCKHOLDERS’ EQUITY At-the-Market Facility Equity Raise The warrants were exercisable immediately upon their initial issuance date and will expire five years from the date of issuance. The shares of common stock and the warrants were immediately separable and were issued separately. The warrants contain weighted-average anti-dilution protection upon the issuance of any common stock, or securities convertible into common stock or certain other issuances at a price below the then-existing exercise price of the warrants, with certain exceptions, including but not limited to securities issued pursuant to equity compensation plans or arrangements, currently outstanding warrants, securities issued pursuant to shareholder rights plans, securities issued pursuant to certain strategic transactions or financings, and the first $30 million of securities sold under the Sales Agreement with Cowen that would otherwise cause an adjustment. The warrants are being recorded at fair value on our condensed consolidated balance sheets as a liability and changes in fair value are included in change in fair value of warrant liability on our condensed consolidated statements of operations. The assumptions used in calculating the fair value of the warrants represent management’s best estimates. The warrants were valued at June 30, 2015 and on the issuance date using a Monte Carlo valuation model (see Note 5, “Fair Value Measurements”) using estimates of future funding and associated probabilities and the following parameters: As of June 30, 2015 Upon Issuance Expected volatility 84 % 88 % Risk-free interest rate 1.51 % 1.48 % Expected dividend yield 0 % 0 % Expected term (years) 4.61 5.00 Stock-Based Compensation Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Research and development $ 255 $ 252 $ 497 $ 774 General and administrative 702 359 1,270 684 Total $ 957 $ 611 $ 1,767 $ 1,458 Stock Options As of June 30, 2015, there were 743,150 shares of common stock available for future grant under the 2013 Incentive Award Plan (the “2013 Plan”). During the six months ended June 30, 2015, we granted 706,270 options to employees. The weighted average exercise price and the weighted-average grant-date fair value of options granted for the six months ended June 30, 2015 were $5.93 per share and $3.73 per share, respectively. The fair value of the grants is being expensed over the vesting period of the options (four years) on a straight-line basis as the services are being provided. As of June 30, 2015, there was $5.9 million (includes compensation for options containing performance conditions) of unrecognized compensation cost related to the stock options granted under the 2006 Stock Incentive Plan and the 2013 Plan. The compensation is expected to be recognized over the remaining requisite service period for options with a service condition, and upon the probability of achievement of performance conditions, as defined in the option agreement, for options with performance conditions. The weighted average remaining requisite service period was 2.8 years at June 30, 2015. Additionally, during the three months ended March 31, 2015, our president and chief executive officer resigned. In connection with his resignation and separation agreement, we accelerated the vesting of all equity and equity-based awards held as of the effective date of his resignation. In connection with this modification, we recognized an additional $0.2 million in stock-based compensation expense during the three months ended March 31, 2015. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 9. INCOME TAXES We did not record a federal or state income tax benefit for our losses for the three and six months ended June 30, 2015 and 2014 due to our conclusion that a full valuation allowance is required against our deferred tax assets. Our net operating loss carryforwards and tax credits are limited as a result of certain ownership changes (November 30, 2006 and November 13, 2007) as defined under Sections 382 and 383 of the Internal Revenue Code. These two ownership changes immaterially limit the annual amount of these tax attributes that can be utilized to offset future taxable income or tax liabilities. Subsequent ownership changes may increase the limitation in future years. |
Nature of Business and Basis 17
Nature of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Presentation of Debt Issuance Costs | On April 7, 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update 2015-03, Simplifying the Presentation of Debt Issuance Costs |
Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern | On August 27, 2014, the FASB issued ASU 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern |
Short-Term Investments | Short-term investments represent holdings of available-for-sale marketable securities in accordance with our investment policy and cash management strategy. Short-term investments mature within 12 months from the balance sheet date. Our investments in marketable securities are recorded at fair value, with any unrealized gains and losses, net of taxes, reported as a component of stockholders’ equity until realized or until a determination is made that an other-than-temporary decline in market value has occurred. The cost of marketable securities sold is determined based on the specific identification method and any realized gains or losses on the sale of investments are reflected as a component of other income (expense), net. |
Net Loss Per Share Attributab18
Net Loss Per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share | The following potentially dilutive securities outstanding, prior to the use of the treasury stock method or if-converted As of June 30, 2015 2014 Options to purchase common stock 3,144,970 2,524,396 Warrants to purchase common stock 2,399,117 74,412 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Summary of Company's Revenue | Our revenue for the periods presented consists of the following (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Government grants $ 200 $ 253 $ 200 $ 418 Research and development agreements 2,324 2,206 6,708 3,606 Total $ 2,524 $ 2,459 $ 6,908 $ 4,024 |
Short-Term Investments (Tables)
Short-Term Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Summary of Marketable Securities | The following is a summary of marketable securities (included in short-term investments in the Condensed Consolidated Balance Sheets) as of June 30, 2015 and December 31, 2014 (in thousands): Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value June 30, 2015 U.S. government securities(1) $ 26,900 $ 1 $ (2 ) $ 26,899 Total $ 26,900 $ 1 $ (2 ) $ 26,899 December 31, 2014 Certificates of deposit $ 9,225 $ — $ (4 ) $ 9,221 U.S. government securities(1) 12,360 1 — 12,361 Total $ 21,585 $ 1 $ (4 ) $ 21,582 (1) U.S. government securities consist of U.S. treasuries, U.S. agency securities and U.S. government-sponsored enterprises |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis | The following table provides the assets carried at fair value measured on a recurring basis as of June 30, 2015, and December 31, 2014 (in thousands): Fair Value Measurements Using Carrying Value Quoted Prices in Active Markets for Identical Assets (Level 1) Significant other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) June 30, 2015 Assets Money market funds(1) $ 20,837 $ 20,837 $ — $ — U.S. government securities(2) 28,402 — 28,402 — Total Assets $ 49,239 $ 20,837 $ 28,402 $ — Liabilities Warrant liability $ (7,359 ) $ — $ — $ (7,359 ) Total Liabilities $ (7,359 ) $ — $ — $ (7,359 ) December 31, 2014 Assets Money market funds(1) $ 10,268 $ 10,268 $ — $ — Certificates of deposit(2) 9,221 — 9,221 — U.S. government securities(2) 12,361 — 12,361 — Total Assets $ 31,850 $ 10,268 $ 21,582 $ — (1) Money market funds are included within cash and cash equivalents and restricted cash in the accompanying Condensed Consolidated Balance Sheets. (2) Certificates of deposit and U.S. government securities notes are included within cash and cash equivalents and short-term investments in the accompanying Condensed Consolidated Balance Sheets. |
Summary of Changes in Fair Value of Warrant Liability Measured at Fair Value on a Recurring Basis Using Unobservable Inputs | The following table sets forth a summary of changes in the fair value of our common stock warrant liability, which represented a recurring measurement classified within Level 3 of the fair value hierarchy, wherein fair value was estimated using significant unobservable inputs (in thousands): Six Months Ended Beginning balance, January 1 $ — Issuance of warrants in connection with underwritten public offering 8,548 Change in fair value of warrant liability (1,189 ) Ending balance, June 30 $ 7,359 |
Accrued Expenses and Other Lo22
Accrued Expenses and Other Long-Term Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Summary of Accrued Expenses | Accrued expenses as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): As of June 30, December 31, Accrued compensation and benefits $ 1,745 $ 1,687 Deferred rent, current portion 643 606 Accrued clinical trial costs 309 700 Other accrued expenses 2,280 2,267 Total accrued expenses $ 4,977 $ 5,260 |
Summary of Other Long-Term Liabilities | Other long-term liabilities as of June 30, 2015 and December 31, 2014 consisted of the following (in thousands): As of June 30, December 31, Deferred rent, less current portion $ 590 $ 925 Other long-term liabilities 270 81 Total other long-term liabilities $ 860 $ 1,006 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Future Principle Payments Under Company's New Term Loan | Future principal payments under our New Term Loan as of June 30, 2015, are as follows (in thousands): 2016 $ 5,409 2017 5,889 2018 3,702 $ 15,000 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Schedule of Assumptions Used in Calculating Fair Value of Warrants | The warrants were valued at June 30, 2015 and on the issuance date using a Monte Carlo valuation model (see Note 5, “Fair Value Measurements”) using estimates of future funding and associated probabilities and the following parameters: As of June 30, 2015 Upon Issuance Expected volatility 84 % 88 % Risk-free interest rate 1.51 % 1.48 % Expected dividend yield 0 % 0 % Expected term (years) 4.61 5.00 |
Aggregate Stock-Based Compensation Expense Related to the Issuance of Stock Option Awards | Stock-Based Compensation Three Months Ended Six Months Ended 2015 2014 2015 2014 Research and development $ 255 $ 252 $ 497 $ 774 General and administrative 702 359 1,270 684 Total $ 957 $ 611 $ 1,767 $ 1,458 |
Net Loss Per Share Attributab25
Net Loss Per Share Attributable to Common Stockholders - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss Per Common Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Options to Purchase Common Stock [Member] | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 3,144,970 | 2,524,396 |
Warrants to Purchase Common Stock [Member] | ||
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Potential dilutive securities excluded from computation of diluted net loss per common share | 2,399,117 | 74,412 |
Revenue - Summary of Company's
Revenue - Summary of Company's Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Deferred Revenue Disclosure [Abstract] | ||||
Government grants | $ 200 | $ 253 | $ 200 | $ 418 |
Research and development agreements | 2,324 | 2,206 | 6,708 | 3,606 |
Total | $ 2,524 | $ 2,459 | $ 6,908 | $ 4,024 |
Revenue - Additional Informatio
Revenue - Additional Information (Detail) RUB in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
Apr. 30, 2013USD ($) | Mar. 31, 2013USD ($)Option | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015RUB | Jun. 30, 2014USD ($) | Jun. 30, 2014RUB | |
Revenues [Line Items] | |||||||||
Total revenue | $ 200,000 | RUB 11.8 | $ 400,000 | RUB 12 | |||||
Contract amount recognized | $ 200,000 | $ 253,000 | $ 200,000 | 418,000 | |||||
AstraZeneca AB [Member] | |||||||||
Revenues [Line Items] | |||||||||
Notice period for termination of agreement | 6 months | 6 months | |||||||
Company received upfront payment | $ 4,000,000 | ||||||||
Development milestone achieved | 1,000,000 | ||||||||
Total contingent payments | 192,000,000 | $ 192,000,000 | |||||||
Company recognized amount related to the research, option and license agreement | 1,500,000 | 1,400,000 | $ 5,000,000 | 2,700,000 | |||||
Pfizer Inc. [Member] | |||||||||
Revenues [Line Items] | |||||||||
Notice period for termination of agreement | 60 days | 60 days | |||||||
Company received upfront payment | $ 4,000,000 | ||||||||
Development milestone achieved | $ 1,000,000 | ||||||||
Total contingent payments | 88,500,000 | $ 88,500,000 | |||||||
Company recognized amount related to the research, option and license agreement | 700,000 | 1,400,000 | 100,000 | ||||||
Company granted option | Option | 2 | ||||||||
Additional contingent payments | 110,000,000 | 110,000,000 | |||||||
Pfizer Inc. [Member] | Maximum [Member] | |||||||||
Revenues [Line Items] | |||||||||
Company recognized amount related to the research, option and license agreement | 100,000 | ||||||||
F. Hoffmann-La Roche Ltd [Member] | |||||||||
Revenues [Line Items] | |||||||||
Company recognized amount related to the research, option and license agreement | 100,000 | 0 | 300,000 | 0 | |||||
Ministry of Industry and Trade of Russian Federation [Member] | Russia [Member] | |||||||||
Revenues [Line Items] | |||||||||
Contract amount recognized | $ 200,000 | $ 300,000 | $ 200,000 | $ 400,000 |
Short-Term Investments - Summar
Short-Term Investments - Summary of Marketable Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 26,900 | $ 21,585 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (2) | (4) |
Fair Value | 26,899 | 21,582 |
U.S. Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,900 | 12,360 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Losses | (2) | |
Fair Value | $ 26,899 | 12,361 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,225 | |
Gross Unrealized Losses | (4) | |
Fair Value | $ 9,221 |
Short-Term Investments - Additi
Short-Term Investments - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Investments Schedule [Abstract] | |||
Marketable securities maturity period | 1 year | 1 year | |
Other-than-temporary impairments recognized | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets and Liabilities Carried at Fair Value Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Assets | ||
Securities available for sale | $ 26,899 | $ 21,582 |
U.S. Government Securities [Member] | ||
Assets | ||
Securities available for sale | 26,899 | 12,361 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets | ||
Money market funds | 20,837 | 10,268 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Assets | ||
Money market funds | 20,837 | 10,268 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets | ||
Money market funds | 28,402 | 21,582 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Securities [Member] | ||
Assets | ||
Securities available for sale | 28,402 | 12,361 |
Significant Other Observable Inputs (Level 2) [Member] | Certificates of Deposit [Member] | ||
Assets | ||
Securities available for sale | 9,221 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities | ||
Total Liabilities | (7,359) | |
Significant Unobservable Inputs (Level 3) [Member] | Warrant Liability [Member] | ||
Liabilities | ||
Total Liabilities | (7,359) | |
Carrying Value [Member] | ||
Assets | ||
Money market funds | 49,239 | 31,850 |
Liabilities | ||
Total Liabilities | (7,359) | |
Carrying Value [Member] | U.S. Government Securities [Member] | ||
Assets | ||
Securities available for sale | 28,402 | 12,361 |
Carrying Value [Member] | Warrant Liability [Member] | ||
Liabilities | ||
Total Liabilities | (7,359) | |
Carrying Value [Member] | Money Market Funds [Member] | ||
Assets | ||
Money market funds | $ 20,837 | 10,268 |
Carrying Value [Member] | Certificates of Deposit [Member] | ||
Assets | ||
Securities available for sale | $ 9,221 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 1 Months Ended | 6 Months Ended | ||
Feb. 28, 2015 | Jun. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Money market fund investments | $ 20,300,000 | $ 9,700,000 | ||
U.S. government securities | 1,500,000 | 3,300,000 | ||
Certificates of deposit | 0 | $ 1,700,000 | ||
Exercise price of shares | $ 5.54 | |||
Fair value of assets transfers from Level 1 to Level 2 | 0 | |||
Fair value of liabilities transfers from Level 1 to Level 2 | 0 | |||
Fair value of assets transfers from Level 2 to Level 1 | 0 | |||
Fair value of liabilities transfers from Level 2 to Level 1 | 0 | |||
Fair value of assets transfers into or out of Level 3 | 0 | |||
Fair value of liabilities transfers into or out of Level 3 | $ 0 | |||
Public Offering [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Public offering of shares | 3,739,130 | |||
Share price | $ 5.75 | |||
Exercise price of shares | $ 6.60 | |||
Public offering period,description | Each unit consisted of one share of our common stock and six-tenths (0.6) of a warrant to purchase one share of our common stock with an exercise price of $6.60 per share. |
Fair Value Measurements - Sum32
Fair Value Measurements - Summary of Changes in Fair Value of Warrant Liability Measured at Fair Value on a Recurring Basis Using Unobservable Inputs (Detail) - Warrants [Member] - Significant Unobservable Inputs (Level 3) [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Issuance of warrants in connection with underwritten public offering | $ 8,548 |
Change in fair value of warrant liability | (1,189) |
Balance at end of period | $ 7,359 |
Accrued Expenses and Other Lo33
Accrued Expenses and Other Long-Term Liabilities - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Accrued compensation and benefits | $ 1,745 | $ 1,687 |
Deferred rent, current portion | 643 | 606 |
Accrued clinical trial costs | 309 | 700 |
Other accrued expenses | 2,280 | 2,267 |
Total accrued expenses | $ 4,977 | $ 5,260 |
Accrued Expenses and Other Lo34
Accrued Expenses and Other Long-Term Liabilities - Summary of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Payables and Accruals [Abstract] | ||
Deferred rent, less current portion | $ 590 | $ 925 |
Other long-term liabilities | 270 | 81 |
Total other long-term liabilities | $ 860 | $ 1,006 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Jan. 31, 2015 | Feb. 28, 2014 | Jun. 30, 2015 | Jun. 30, 2015 | |
Debt Instrument [Line Items] | ||||
Interest rate of credit facility | 8.35% | |||
Prime rate | 3.25% | |||
Term Loan maturity date | Jul. 2, 2018 | |||
Repayment date of new term loan | Jan. 1, 2016 | |||
Share purchase of common stock | 81,227 | |||
Exercise price of shares | $ 5.54 | |||
Dividend yield of warrants | 0.00% | 0.00% | ||
Expected volatility of warrants | 88.00% | 84.00% | ||
Expected life of warrants | 5 years | 4 years 7 months 10 days | ||
Risk-free interest rate of warrants | 1.48% | 1.51% | ||
Interest expense | $ 500,000 | $ 900,000 | ||
Warrants [Member] | ||||
Debt Instrument [Line Items] | ||||
Dividend yield of warrants | 0.00% | |||
Fair value of warrants issued | $ 400,000 | |||
Charge recorded as debt discount and will be amortized | $ 200,000 | |||
Expected volatility of warrants | 73.00% | |||
Expected life of warrants | 5 years | |||
Risk-free interest rate of warrants | 1.30% | |||
Hercules Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Facility Charges | $ 200,000 | |||
End of term charges | 800,000 | |||
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Term loan | 15,000,000 | |||
Repayment of existing term loan | $ 3,100,000 | |||
Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate of credit facility | 8.35% |
Long Term Debt - Future Princip
Long Term Debt - Future Principle Payments Under Company's New Term Loan (Detail) - Term Loan [Member] $ in Thousands | Jun. 30, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 5,409 |
2,017 | 5,889 |
2,018 | 3,702 |
Debt agreement , Total | $ 15,000 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2015 | Oct. 31, 2014 | Mar. 31, 2015 | Jun. 30, 2015 | Jan. 31, 2015 | Dec. 31, 2014 | |
Stockholders Equity [Line Items] | ||||||
Common stock, shares issued | 20,708,198 | 16,548,681 | ||||
Net proceeds from public offering | $ 1,209,000 | |||||
Exercise price of shares | $ 5.54 | |||||
Warrant expiration period | 5 years | |||||
Securities sold under the sales agreement | $ 30,000,000 | |||||
Weighted average exercise price of options granted | $ 5.93 | |||||
Weighted-average grant-date fair value of options granted | $ 3.73 | |||||
Shares vesting period | 4 years | |||||
Unrecognized compensation cost related to stock options granted | $ 5,900,000 | |||||
Weighted average remaining requisite service period | 2 years 9 months 18 days | |||||
Additional stock-based compensation expense | $ 200,000 | |||||
Employees [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Number of shares granted | 706,270 | |||||
Public Offering [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Net proceeds from public offering | $ 20,000,000 | |||||
Public offering of shares | 3,739,130 | |||||
Share price | $ 5.75 | |||||
Exercise price of shares | $ 6.60 | |||||
Public offering period,description | Each unit consisted of one share of our common stock and six-tenths (0.6) of a warrant to purchase one share of our common stock with an exercise price of $6.60 per share. | |||||
2013 Incentive Award Plan [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Shares of common stock available for future grant | 743,150 | |||||
At-the-Market Facility [Member] | Sales Agreement [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock, shares issued | 204,696 | |||||
Average price of common stock | $ 6.09 | |||||
Net proceeds from public offering | $ 1,209,000 | |||||
At-the-Market Facility [Member] | Sales Agreement [Member] | Maximum [Member] | ||||||
Stockholders Equity [Line Items] | ||||||
Common stock offering price | $ 40,000,000 | |||||
Payment of commission on sales of common stock, percentage | 3.00% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Assumptions Used in Calculating Fair Value of Warrants (Detail) | 1 Months Ended | 6 Months Ended |
Feb. 28, 2014 | Jun. 30, 2015 | |
Equity [Abstract] | ||
Expected volatility | 88.00% | 84.00% |
Risk-free interest rate | 1.48% | 1.51% |
Expected dividend yield | 0.00% | 0.00% |
Expected term (years) | 5 years | 4 years 7 months 10 days |
Stockholders' Equity - Aggregat
Stockholders' Equity - Aggregate Stock-Based Compensation Expense Related to the Issuance of Stock Option Awards (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $ 957 | $ 611 | $ 1,767 | $ 1,458 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | 255 | 252 | 497 | 774 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $ 702 | $ 359 | $ 1,270 | $ 684 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ||||
Federal income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |
State income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |