Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 13, 2015 |
Document And Entity Information [Abstract] | ||
Document Type | 10-K | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2014 | |
Document Fiscal Period Focus | FY | |
Trading Symbol | OCUL | |
Entity Registrant Name | Ocular Therapeutix, Inc. | |
Entity Central Index Key | 1393434 | |
Current Fiscal Year End Date | -19 | |
Entity Well-known Seasoned Issuer | No | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 21,415,990 | |
Entity Public Float | $305 |
Balance_Sheets
Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $37,393 | $17,505 |
Marketable securities | 37,435 | 0 |
Accounts receivable from related party | 19 | |
Accounts receivable | 329 | 250 |
Inventory | 133 | |
Prepaid expenses and other current assets | 893 | 240 |
Total current assets | 76,183 | 18,014 |
Property and equipment, net | 1,782 | 904 |
Restricted cash | 228 | 228 |
Total assets | 78,193 | 19,146 |
Current liabilities: | ||
Accounts payable | 1,316 | 545 |
Accrued expenses | 3,016 | 741 |
Deferred revenue | 188 | 250 |
Notes payable, net of discount, current | 1,354 | 1,806 |
Total current liabilities | 5,874 | 3,342 |
Preferred stock warrants | 254 | |
Deferred rent, long-term | 112 | 27 |
Notes payable, net of discount, long-term | 13,511 | 651 |
Total liabilities | 19,497 | 4,274 |
Commitments and contingencies (Note 13) | ||
Redeemable convertible preferred stock (Series A, B, C, D and D-1), $0.001 par value; no shares and 33,979,025 shares authorized at December 31, 2014 and 2013, respectively; no shares and 32,842,187 shares issued and outstanding at December 31, 2014 and 2013, respectively | 74,344 | |
Stockholders' equity (deficit): | ||
Preferred stock, $0.0001 par value; 5,000,000 and no shares authorized at December 31, 2014 and 2013, respectively; no shares issued or outstanding at December 31, 2014 and 2013 | ||
Common stock, $0.0001 par value; 100,000,000 and 45,000,000 shares authorized at December 31, 2014 and 2013, respectively; 21,333,507 and 2,676,648 shares issued and outstanding at December 31, 2014 and 2013, respectively | 2 | |
Additional paid-in capital | 148,122 | 1,308 |
Accumulated deficit | -89,428 | -60,780 |
Total stockholders' equity (deficit) | 58,696 | -59,472 |
Total liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) | $78,193 | $19,146 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Redeemable convertible preferred stock, par value | $0.00 | $0.00 |
Redeemable convertible preferred stock, shares authorized | 0 | 33,979,025 |
Redeemable convertible preferred stock, shares issued | 0 | 32,842,187 |
Redeemable convertible preferred stock, shares outstanding | 0 | 32,842,187 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 45,000,000 |
Common stock, shares issued | 21,333,507 | 2,676,648 |
Common stock, shares outstanding | 21,333,507 | 2,676,648 |
Statements_of_Operations_and_C
Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue: | |||
Collaboration revenue | $312 | ||
Product revenue | 460 | 10 | |
Total revenue | 772 | 10 | |
Operating expenses: | |||
Cost of product revenue | 91 | 7 | |
Research and development | 18,880 | 10,517 | 11,540 |
Selling and marketing | 1,982 | 625 | 657 |
General and administrative | 6,913 | 1,761 | 1,477 |
Total operating expenses | 27,866 | 12,903 | 13,681 |
Loss from operations | -27,094 | -12,903 | -13,671 |
Other income (expense): | |||
Interest income | 7 | 13 | 4 |
Interest expense | -1,119 | -441 | -377 |
Other income (expense), net | -442 | 14 | -49 |
Total other expense, net | -1,554 | -414 | -422 |
Net loss and comprehensive loss | -28,648 | -13,317 | -14,093 |
Accretion of redeemable convertible preferred stock to redemption value | -11 | -27 | -35 |
Net loss attributable to common stockholders | ($28,659) | ($13,344) | ($14,128) |
Net loss per share attributable to common stockholders, basic and diluted | ($2.69) | ($5.11) | ($5.60) |
Weighted average common shares outstanding, basic and diluted | 10,652,865 | 2,609,020 | 2,522,564 |
Statements_of_Changes_in_Redee
Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (USD $) | Total | General and Administrative Expense [Member] | Research and Development Expense [Member] | Series A, B, C, D and D-1 Redeemable Convertible Preferred Stock [Member] | Series A, B, C, D and D-1 Redeemable Convertible Preferred Stock [Member] | Series A, B, C, D and D-1 Redeemable Convertible Preferred Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | Series D Preferred Stock [Member] | Series D-1 Redeemable Convertible Preferred Stock [Member] | USD ($) | General and Administrative Expense [Member] | Research and Development Expense [Member] | USD ($) | General and Administrative Expense [Member] | Research and Development Expense [Member] | USD ($) |
USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Opening balances at Dec. 31, 2011 | ($32,729) | $42,004 | $641 | ($33,370) | |||||||||
Opening balances, shares at Dec. 31, 2011 | 20,338,123 | 2,510,978 | |||||||||||
Issuance of preferred stock, net of issuance costs | 23,784 | ||||||||||||
Issuance of preferred stock, net of issuance costs, shares | 9,670,730 | ||||||||||||
Issuance of common stock, shares | 41,666 | ||||||||||||
Issuance of common stock upon exercise of stock options | 3 | 3 | |||||||||||
Issuance of common stock upon exercise of stock options, shares | 5,409 | ||||||||||||
Stock-based compensation expense | 243 | 243 | |||||||||||
Accretion of redeemable convertible preferred stock to redemption value | -35 | 35 | -35 | ||||||||||
Issuance costs | -6 | ||||||||||||
Net loss | -14,093 | -14,093 | |||||||||||
Ending balances at Dec. 31, 2012 | -46,611 | 65,823 | 852 | -47,463 | |||||||||
Ending balances, shares at Dec. 31, 2012 | 30,008,853 | 2,558,053 | |||||||||||
Issuance of preferred stock, net of issuance costs | 8,494 | ||||||||||||
Issuance of preferred stock, net of issuance costs, shares | 0 | 2,833,334 | |||||||||||
Issuance of restricted common stock | 0 | 0 | 0 | 0 | 0 | ||||||||
Issuance of restricted common stock, Shares | 100,378 | ||||||||||||
Issuance of common stock upon exercise of stock options | 7 | 7 | |||||||||||
Issuance of common stock upon exercise of stock options, shares | 18,217 | ||||||||||||
Stock-based compensation expense | 476 | 476 | |||||||||||
Accretion of redeemable convertible preferred stock to redemption value | -27 | 27 | -27 | ||||||||||
Issuance costs | -6 | ||||||||||||
Net loss | -13,317 | -13,317 | |||||||||||
Ending balances at Dec. 31, 2013 | -59,472 | 74,344 | 1,308 | -60,780 | |||||||||
Ending balances, shares at Dec. 31, 2013 | 32,842,187 | 2,676,648 | |||||||||||
Issuance of common stock and restricted common stock | 0 | 0 | 0 | 0 | 0 | ||||||||
Issuance of preferred stock, net of issuance costs | |||||||||||||
Issuance of common stock and restricted common stock, shares | 148,227 | ||||||||||||
Issuance of preferred stock, net of issuance costs, shares | 0 | ||||||||||||
Issuance of common stock | 69,518 | 1 | 69,517 | ||||||||||
Issuance of common stock, shares | 5,750,000 | ||||||||||||
Issuance of common stock upon exercise of stock options | 35 | 35 | |||||||||||
Issuance of common stock upon exercise of stock options, shares | 44,094 | 44,094 | |||||||||||
Stock-based compensation expense | 2,644 | 2,644 | |||||||||||
Issuance of common stock in connection with employee stock purchase plan | 64 | 64 | |||||||||||
Issuance of common stock in connection with employee stock purchase plan, shares | 5,395 | ||||||||||||
Issuance of common stock in payment | 699 | 1,665 | 699 | 1,665 | |||||||||
Issuance of common stock in payment, shares | 79,545 | 189,393 | |||||||||||
Accretion of redeemable convertible preferred stock to redemption value | -11 | 11 | -11 | ||||||||||
Issuance costs | -3,113 | -3,113 | |||||||||||
Conversion of preferred stock to common stock | 74,355 | -74,355 | 1 | 74,354 | |||||||||
Conversion of preferred stock to common stock, shares | -32,842,187 | 12,440,205 | |||||||||||
Conversion of preferred stock warrants to common stock warrants | 960 | 960 | |||||||||||
Net loss | -28,648 | -28,648 | |||||||||||
Ending balances at Dec. 31, 2014 | $58,696 | $2 | $148,122 | ($89,428) | |||||||||
Ending balances, shares at Dec. 31, 2014 | 21,333,507 |
Statements_of_Changes_in_Redee1
Statements of Changes in Redeemable Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Stockholders' Equity [Abstract] | |||
Issuance costs | $3,113 | $6 | $6 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net loss | ($28,648) | ($13,317) | ($14,093) |
Adjustments to reconcile net loss to net cash used in operating activities | |||
Stock-based compensation expense | 2,644 | 476 | 243 |
Licensing and consultant fees paid in common stock | 2,364 | ||
Non-cash interest expense | 103 | 46 | 86 |
Depreciation and amortization expense | 547 | 404 | 404 |
Revaluation of preferred stock warrants | 380 | -14 | 49 |
Loss on extinguishment of debt | 57 | ||
Loss on disposal of property and equipment | 4 | ||
Purchase of premium on marketable securities | -133 | ||
Amortization of premium on marketable securities | 24 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable from related party | 19 | 26 | 77 |
Accounts receivable | -79 | -250 | |
Prepaid expenses and other current assets | -36 | 118 | -114 |
Inventory | -133 | ||
Other assets | 8 | ||
Accounts payable | 507 | -174 | 145 |
Accrued expenses and deferred rent | 1,946 | -210 | 610 |
Deferred revenue | -62 | 250 | |
Net cash used in operating activities | -20,496 | -12,645 | -12,585 |
Cash flows from investing activities: | |||
Purchases of property and equipment | -1,260 | -387 | -203 |
Purchases of investments | -37,326 | ||
Proceeds from sales or maturities of investments | 4,017 | ||
Net cash provided by (used in) investing activities | -38,586 | -387 | 3,814 |
Cash flows from financing activities: | |||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 8,494 | 23,784 | |
Proceeds from issuance of notes payable and preferred stock warrants | 14,877 | 4,417 | |
Proceeds from issuance of common stock | 69,518 | ||
Proceeds from issuance of common stock pursuant to employee stock purchase plan | 64 | ||
Proceeds from exercise of stock options | 35 | 7 | 3 |
Payments of initial public offering costs | -3,018 | ||
Payments of insurance costs financed by a third-party | -233 | ||
Repayment of notes payable | -2,273 | -1,818 | -909 |
Net cash provided by financing activities | 78,970 | 6,683 | 27,295 |
Net increase (decrease) in cash and cash equivalents | 19,888 | -6,349 | 18,524 |
Cash and cash equivalents at beginning of period | 17,505 | 23,854 | 5,330 |
Cash and cash equivalents at end of period | 37,393 | 17,505 | 23,854 |
Supplemental disclosure of cash flow information: | |||
Cash paid for interest | 844 | 289 | 216 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Accretion of redeemable convertible preferred stock to redemption value | 11 | 27 | 35 |
Conversion of redeemable convertible preferred stock to common stock | 74,354 | ||
Conversion of warrants for redeemable convertible preferred stock to warrants for common stock | 960 | ||
Additions to property and equipment included in accounts payable at balance sheet dates | 169 | 136 | |
Insurance premium financed by a third party | 623 | ||
Initial public offering costs included in accounts payable | $95 |
Nature_of_the_Business_and_Bas
Nature of the Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2014 | |
Accounting Policies [Abstract] | |
Nature of the Business and Basis of Presentation | 1. Nature of the Business and Basis of Presentation |
Ocular Therapeutix, Inc. (the “Company”) was incorporated on September 12, 2006 under the laws of the State of Delaware. The Company is a biopharmaceutical company focused on the development and commercialization of innovative therapies for diseases and conditions of the eye using its proven, proprietary hydrogel platform technology. The Company’s bioresorbable hydrogel based product candidates are designed to provide sustained delivery of therapeutic agents to the eye. Since inception, the Company’s operations have been limited to organizing and staffing the Company, acquiring rights to intellectual property, business planning, raising capital, developing its technology, identifying potential product candidates, undertaking preclinical studies and clinical trials, manufacturing initial quantities of its products and product candidates and, beginning in the first quarter of 2014, commercializing ReSure Sealant. In the first quarter of 2014, the Company began recognizing revenue from product sales of ReSure Sealant, which was approved in January 2014 by the U.S. Food and Drug Administration (“FDA”) as a product to close clear corneal incisions following cataract surgery. | |
The Company was previously classified as a “development stage entity” in the Accounting Standards Codification and, as such, was required to present inception-to-date information in the Company’s statements of operations and comprehensive loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows. In June 2014, the Financial Accounting Standards Board (“FASB”) issued an accounting standards update that eliminates the concept of a development stage entity from U.S. generally accepted accounting principles and removes the related incremental reporting requirements. See Note 2 below for additional information on this new standard. The Company elected to early adopt the new standard. Accordingly, in contrast to the Company’s financial statements and the notes thereto for the year ended December 31, 2013 included in Company’s Registration Statement on Form S-1 on file with the Securities and Exchange Commission (“SEC”), the financial statements contained in this report do not include inception-to-date information. | |
The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations, regulatory approval, uncertainty of market acceptance of products and the need to obtain additional financing. Product candidates currently under development will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. | |
As of December 31, 2014, the Company’s lead product candidates were in the development stage. There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants. The Company does not expect to generate meaningful revenue from sales of any product for several years, if at all. Accordingly, the Company will need to obtain additional capital to finance its operations. If the Company is unable to raise capital when needed or on attractive terms, the Company could be forced to delay, reduce or eliminate our research and development programs or any future commercialization efforts or to relinquish valuable rights to its technologies, future revenue streams, research programs or product candidates or grant licenses on terms that may not be favorable to the Company. Although management continues to pursue these plans, there is no assurance that the Company will be successful in obtaining sufficient funding on terms acceptable to the Company to fund continuing operations, if at all. The Company believes that its existing cash and cash equivalents and marketable securities will enable it to fund its operating expenses, debt service obligations and capital expenditure requirements at least through the first half of 2016. | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). | |
On July 30, 2014 the Company completed an initial public offering (“IPO”) of its common stock, which resulted in the issuance and sale of 5,000,000 shares of its common stock at a public offering price of $13.00 per share, resulting in net proceeds of approximately $57,337 after deducting underwriting discounts and other offering costs. Prior to the Company’s IPO, the Company had issued Series A, Series B, Series C, Series D and Series D-1 redeemable convertible preferred stock (collectively, the “Redeemable Preferred Stock”). Upon the closing of the IPO, all outstanding shares of the Company’s Redeemable Preferred Stock were automatically converted into 12,440,205 shares of the Company’s common stock and all outstanding warrants for the Company’s Redeemable Preferred Stock was automatically converted into warrants for the Company’s common stock. In August 2014, the underwriters of the Company’s IPO exercised their over-allotment option to purchase an additional 750,000 shares of common stock at the initial public offering price of $13.00 per share, less underwriting discounts, resulting in additional net proceeds of approximately $9,068 after deducting underwriting discounts. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses and the valuation of common stock and stock-based awards and preferred stock warrants. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. | |||||||||||||||||
Cash Equivalents | |||||||||||||||||
The Company considers all short-term, highly liquid investments with original maturities of ninety days or less at date of purchase to be cash equivalents. Cash equivalents, which primarily consist of money market accounts, are stated at fair value. | |||||||||||||||||
Revenue Recognition | |||||||||||||||||
The Company recognizes revenue when the following four criteria are met in accordance with Accounting Standards Codification (“ASC”) 605, Revenue Recognition: persuasive evidence of a sales arrangement exists; delivery of goods has occurred through transfer of title and risk and rewards of ownership; the selling price is fixed or determinable; and collectability is reasonably assured. | |||||||||||||||||
The Company records revenue from product sales net of applicable provisions for returns, chargebacks, discounts, wholesaler management fees, government and commercial rebates, and other applicable allowances in the same period in which the related sales are recorded, based on the underlying contract terms. | |||||||||||||||||
The Company analyzes multiple-element arrangements based on the guidance in ASC Topic 605-25, Revenue Recognition—Multiple-Element Arrangements (“ASC 605-25”). Pursuant to this guidance, the Company evaluates multiple-element arrangements to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. Deliverables are considered separate units of accounting provided that: the delivered item has value to the customer on a standalone basis and, if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the Company. In assessing whether an item has standalone value, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can use the other deliverables for their intended purpose without the receipt of the remaining elements, whether the value of the deliverable is dependent on the undelivered items and whether there are other vendors that can provide the undelivered elements. | |||||||||||||||||
Arrangement consideration that is fixed or determinable is allocated among the separate units of accounting using the relative selling price method. Then, the applicable revenue recognition criteria in ASC 605 are applied to each of the separate units of accounting in determining the appropriate period and pattern of recognition. The Company determines the selling price of a unit of accounting following the hierarchy of evidence prescribed by ASC 605-25. Accordingly, the Company determines the estimated selling price for units of accounting within each arrangement using vendor-specific objective evidence (“VSOE”) of selling price, if available; third-party evidence (“TPE”) of selling price, if VSOE is not available; or best estimate of selling price (“BESP”), if neither VSOE nor TPE is available. The Company typically uses BESP to estimate the selling price as it generally does not have VSOE or TPE of selling price for its units of accounting. Determining the BESP for a unit of accounting requires significant judgment. In developing the BESP for a unit of accounting, the Company considers applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. The Company validates the BESP for units of accounting by evaluating whether changes in the key assumptions used to determine the BESP will have a significant effect on the allocation of arrangement consideration between multiple units of accounting. | |||||||||||||||||
The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 605 are satisfied for that particular unit of accounting. The Company will recognize as revenue arrangement consideration attributed to licenses that have standalone value relative to the other deliverables to be provided in an arrangement upon delivery. The Company will recognize as revenue arrangement consideration attributed to licenses that do not have standalone value relative to the other deliverables to be provided in an arrangement over the Company’s estimated performance period, as the arrangement would be accounted for as a single unit of accounting. | |||||||||||||||||
At the inception of an arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (i) the consideration is commensurate with either the Company’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (ii) the consideration relates solely to past performance, and (iii) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone and the level of effort and investment required to achieve the respective milestone in making this assessment. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Accordingly, pursuant to the guidance of ASC Topic 605-28, Revenue Recognition—Milestone Method (“ASC 605-28”), revenue from milestone payments will be recognized in its entirety upon successful accomplishment of the milestone, assuming all other revenue recognition criteria are met. | |||||||||||||||||
Other contingent, event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance would not be considered milestones under ASC 605-28. In accordance with ASC 605-25, such payments will be recognized as revenue when all of the four basic revenue recognition criteria are met. | |||||||||||||||||
Whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model or a straight-line model over the period of performance. At each reporting period, the Company reassesses its cumulative measure of performance and makes appropriate adjustments, if necessary. The Company recognizes revenue using the proportional performance model whenever the Company can make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement. Revenue recognized under the proportional performance model at each reporting period is determined by multiplying the total expected payments under the contract (excluding payments contingent upon achievement of milestones) by the ratio of the level of effort incurred to date to the estimated total level of effort required to complete the performance obligations under the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the proportional performance model as of each reporting period. Alternatively, if the Company cannot make reasonably reliable estimates the level of effort required to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period expected to complete the Company’s performance obligations. If and when a contingent milestone payment is earned, the additional consideration to be received is added to the total expected payments under the contract. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined on a straight-line basis as of the period end date. If the Company cannot reasonably estimate when its performance obligation period ends, then revenue is deferred until the Company can reasonably estimate when the performance obligation period ends. | |||||||||||||||||
Inventory Valuation | |||||||||||||||||
Inventory is valued at the lower of cost or market, determined by the first-in, first-out (“FIFO”) method. | |||||||||||||||||
Prior to approval by the FDA or other regulatory agencies of the Company’s products, the Company expenses inventory costs in the period incurred as research and development expenses. After such time as the product receives approval, the Company begins to capitalize the inventory costs related to the product. Inventory costs totaling $51 were expensed during the year ended December 31, 2013 prior to obtaining FDA approval of ReSure Sealant. The Company also reviews its inventories for potential obsolescence. | |||||||||||||||||
The Company had inventory of $133 as of December 31, 2014, which consisted primarily of raw materials. | |||||||||||||||||
Restricted Cash | |||||||||||||||||
As of December 31, 2014 and 2013, the Company held a certificate of deposit to collateralize a credit card account with its bank of $60. This amount is included in prepaid expenses and other current assets on the Company’s balance sheet. As of December 31, 2014 and 2013, the Company also held a certificate of deposit of $228, which is a security deposit for the lease of the Company’s corporate headquarters. The Company has classified this as long-term restricted cash on its balance sheet. | |||||||||||||||||
Concentration of Credit Risk and of Significant Suppliers | |||||||||||||||||
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company has all cash and cash equivalents and marketable securities balances at one accredited financial institution, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. | |||||||||||||||||
The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its ReSure Sealant product. The Company’s development programs as well as revenue from future sales of ReSure Sealant could be adversely affected by a significant interruption in the supply of any of the components of these products. | |||||||||||||||||
Fair Value Measurements | |||||||||||||||||
Certain assets and liabilities are carried at fair value under GAAP. 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 must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. | ||||||||||||||||
The Company’s cash equivalents, marketable securities and its preferred stock warrant liabilities are carried at fair value determined according to the fair value hierarchy described above (see Note 3). The carrying value of accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. The carrying value of the Company’s outstanding notes payable (see Note 7) approximates fair value (a level 2 fair value measurement), as estimated by the Company using a discounted cash flow analysis, reflecting discount rates currently available to the Company. | |||||||||||||||||
Marketable Securities | |||||||||||||||||
The Company’s marketable securities are classified as available-for-sale and are carried at fair value with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value judged to be other than temporary are included as a component of other income (expense), net based on the specific identification method. Fair value is determined based on quoted market prices. At December 31, 2014, marketable securities by security type consisted of: | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
United States treasury notes | $ | 10,026 | $ | — | $ | — | $ | 10,026 | |||||||||
Agency bonds | 27,409 | — | — | 27,409 | |||||||||||||
Total | $ | 37,435 | $ | — | $ | — | $ | 37,435 | |||||||||
At December 31, 2014, marketable securities consisted of investments that mature within one year. The Company did not have marketable securities as of December 31, 2013. | |||||||||||||||||
Property and Equipment | |||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a three- to five-year estimated useful life. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. | |||||||||||||||||
Impairment of Long-Lived Assets | |||||||||||||||||
Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any impairment losses on long-lived assets. | |||||||||||||||||
Research and Development Costs | |||||||||||||||||
Research and development costs are expensed as incurred. Included in research and development expenses are salaries, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including external costs of outside vendors engaged to conduct preclinical studies and clinical trials, manufacturing costs of the Company’s products prior to regulatory approval, and facility-related expenses. | |||||||||||||||||
Research Contract Costs and Accruals | |||||||||||||||||
The Company has entered into various research and development contracts with research institutions and other companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. | |||||||||||||||||
Patent Costs | |||||||||||||||||
All patent-related costs incurred in connection with filing and prosecuting patent applications are recorded as general and administrative expenses as incurred, as recoverability of such expenditures is uncertain. | |||||||||||||||||
Accounting for Stock-Based Compensation | |||||||||||||||||
The Company measures all stock options and other stock-based awards granted to employees and directors at the fair value on the date of the grant using the Black-Scholes option-pricing model. The fair value of the awards is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. The straight-line method of expense recognition is applied to all awards with service-only conditions. | |||||||||||||||||
For stock-based awards granted to consultants and non-employees, compensation expense is recognized over the period during which services are rendered by such consultants and non-employees until completed. At the end of each financial reporting period prior to completion of the service, the fair value of these awards is re-measured using the then-current fair value of the Company’s common stock and updated assumption inputs in the Black-Scholes option-pricing model. | |||||||||||||||||
The Company classifies stock-based compensation expense in its statement of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. | |||||||||||||||||
The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. | |||||||||||||||||
Income Taxes | |||||||||||||||||
The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. | |||||||||||||||||
The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. | |||||||||||||||||
Segment Data | |||||||||||||||||
The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on advancing its hydrogel therapeutic products specifically for ophthalmology. All tangible assets are held in the United States. | |||||||||||||||||
Comprehensive Loss | |||||||||||||||||
Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2014, 2013 and 2012, there was no difference between net loss and comprehensive loss. | |||||||||||||||||
Net Income (Loss) Per Share | |||||||||||||||||
Prior to the closing of its IPO of common stock, the Company followed the two-class method when computing net income (loss) per share, as the Company had outstanding shares that met the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. | |||||||||||||||||
Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities, including outstanding stock options, unvested restricted common stock, common stock warrants and warrants for the purchase of Redeemable Preferred Stock. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options, common stock warrants and unvested restricted common stock. | |||||||||||||||||
The Company’s Redeemable Preferred Stock outstanding prior to the IPO, contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in losses of the Company. Similarly, restricted stock awards granted by the Company entitle the holder of such awards to dividends declared or paid by the board of directors, regardless of whether such awards are unvested, as if such shares were outstanding common shares at the time of the dividend. However, the unvested restricted stock awards are not entitled to share in the residual net assets (deficit) of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
Recently Issued and Adopted Accounting Pronouncements | |||||||||||||||||
In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its financial statements and footnote disclosures. | |||||||||||||||||
In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this guidance remove all incremental financial reporting requirements for development stage entities. Among other changes, this guidance will no longer require development stage entities to present inception-to-date information about income statement line items, cash flows, and equity transactions. This guidance is effective for public companies in the first annual period beginning after December 15, 2014. The Company elected to apply this disclosure guidance to its financial statements for the year ended December 31, 2014 and as a result, no longer discloses inception-to-date information in its statements of operations and comprehensive loss, cash flows and stockholders’ deficit and the related notes thereto. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the impact that adopting this new accounting guidance will have on its financial statements and footnote disclosures. |
Fair_Value_of_Financial_Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Assets and Liabilities | 3. Fair Value of Financial Assets and Liabilities | ||||||||||||||||
The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and 2013 and indicate the level of the fair value hierarchy utilized to determine such fair value: | |||||||||||||||||
Fair Value Measurements as of | |||||||||||||||||
December 31, 2014 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | — | $ | 29,103 | $ | — | $ | 29,103 | |||||||||
Agency bonds | — | 7,599 | — | 7,599 | |||||||||||||
Marketable securities: | |||||||||||||||||
United States treasury notes | — | 10,026 | — | 10,026 | |||||||||||||
Agency bonds | — | 27,409 | — | 27,409 | |||||||||||||
Total | $ | — | $ | 74,137 | $ | — | $ | 74,137 | |||||||||
Fair Value Measurements as of | |||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | — | $ | 17,272 | $ | — | $ | 17,272 | |||||||||
Liabilities: | |||||||||||||||||
Liability for preferred stock warrants | $ | — | $ | — | $ | 254 | $ | 254 | |||||||||
During the years ended December 31, 2014, 2013 and 2012, there were no transfers between Level 1, Level 2 and Level 3. | |||||||||||||||||
The warrant liability in the table above is comprised of the values of warrants for the purchase of Series A, B and D redeemable convertible preferred stock and was based on significant inputs not observable in the market, which represented a Level 3 measurement within the fair value hierarchy. The Company’s valuation of the redeemable convertible preferred stock warrants utilized the Black-Scholes option-pricing model, which incorporates assumptions and estimates to value the preferred stock warrants. The Company assessed these assumptions and estimates on a quarterly basis as additional information impacting the assumptions was obtained. Changes in the fair value of the redeemable convertible preferred stock warrants were recognized in the statements of operations. | |||||||||||||||||
Related to the valuation of the warrants, the quantitative elements associated with the Company’s Level 3 inputs impacting fair value measurement included the fair value per share of the underlying Series A, Series B and Series D redeemable convertible preferred stock, the remaining contractual term of the warrants, risk-free interest rate, expected dividend yield, and expected volatility of the price of the underlying preferred stock. The Company determined the fair value per share of the underlying preferred stock by taking into consideration its most recent sales of its redeemable convertible preferred stock as well as additional factors that the Company deemed relevant. The Company historically has been a private company and lacked company-specific historical and implied volatility information of its stock. Therefore, it estimated its expected stock volatility based on the historical volatility of publicly traded peer companies for a term equal to the remaining contractual term of the warrants. The risk-free interest rate was determined by reference to the U.S. Treasury yield curve for time periods approximately equal to the remaining contractual term of the warrants. The Company estimated a 0% dividend yield based on the expected dividend yield and the fact that the Company has never paid or declared dividends. | |||||||||||||||||
The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrants for which fair value was determined by level 3 inputs: | |||||||||||||||||
Balance, January 1, 2012 | $ | 219 | |||||||||||||||
Increase in fair value | 49 | ||||||||||||||||
Balance, December 31, 2012 | 268 | ||||||||||||||||
Decrease in fair value | (14 | ) | |||||||||||||||
Balance, December 31, 2013 | 254 | ||||||||||||||||
Issuance of Series D-1 warrants | 326 | ||||||||||||||||
Increase in fair value | 380 | ||||||||||||||||
Conversion of preferred stock warrants to common stock warrants (see Note 8) | (960 | ) | |||||||||||||||
Balance, December 31, 2014 | $ | — | |||||||||||||||
Property_and_Equipment_net
Property and Equipment, net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment, net | 4. Property and Equipment, net | ||||||||
Property and equipment, net consisted of the following as of December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Equipment | $ | 2,606 | $ | 1,806 | |||||
Leasehold improvements | 815 | 398 | |||||||
Furniture and fixtures | 295 | 145 | |||||||
Software | 25 | 25 | |||||||
Construction in progress | 262 | 205 | |||||||
4,003 | 2,579 | ||||||||
Less: Accumulated depreciation | (2,221 | ) | (1,675 | ) | |||||
$ | 1,782 | $ | 904 | ||||||
Depreciation expense was $547, $404 and $404 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
The construction in progress is related to the build-out of a clean room, which commenced in 2013. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | 5. Accrued Expenses | ||||||||
Accrued expenses consisted of the following as of December 31, 2014 and 2013: | |||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Accrued payroll and related expenses | $ | 1,495 | $ | 464 | |||||
Accrued professional fees | 338 | 90 | |||||||
Accrued research and development expenses | 540 | 82 | |||||||
Accrued insurance | 389 | — | |||||||
Accrued other | 254 | 105 | |||||||
$ | 3,016 | $ | 741 | ||||||
Feasibility_Agreement
Feasibility Agreement | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Feasibility Agreement | 6. Feasibility Agreement |
In September 2013, the Company entered into a feasibility agreement with a biopharmaceutical company. Under this agreement, the biopharmaceutical company will pay up to $500 for completing certain tasks and achieving certain milestones. In the event that the agreement is terminated in advance of the completion of the tasks/achievement of the milestones, the Company would be required to refund portions of the amounts received, based on the actual work completed/milestones achieved as of the date of termination. As of December 31, 2013, no milestones had been achieved and, accordingly, the Company did not record any revenue related to this agreement. As of December 31, 2013, the Company had accounts receivable and deferred revenue of $250 related to this agreement recorded on its balance sheet. In the fourth quarter of 2014, the Company completed the tasks related to the first milestone at which time the $250 became non-refundable and therefore the Company recorded revenue of $250. The biopharmaceutical company has indicated that they will not proceed with the second phase of the agreement. The Company does not have any further obligations in connection with this agreement. | |
In October 2014, the Company entered into a feasibility agreement with a biotechnology company. Under this agreement, the biotechnology company will pay up to $700, of which $250 was a non-refundable payment due upon contract execution and $450 will be due upon the achievement of certain milestones. The Company is recognizing the non-contingent revenue of $250 on a straight-line basis over the twelve-month period expected to complete the Company’s performance obligations. If and when a contingent milestone payment is earned, the additional consideration to be received will be added to the total expected payments under the contract. As of December 31, 2014, the Company has recognized revenue of $63, has deferred revenue of $187 and has $250 in accounts receivable related to this agreement. In January 2015, we achieved the first milestone under the feasibility agreement triggering a payment due of $250. |
Notes_Payable
Notes Payable | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Notes Payable | 7. Notes Payable | ||||||||||||
The Company entered into a credit agreement with a lending institution in 2011 (the “2011 Modification Agreement”) which had a total borrowing capacity of $5,000 which was fully drawn down. Borrowings under the agreement were required to be repaid in 33 monthly installments commencing July 1, 2012 of $152, plus interest on the principal balance at a rate of the greater of (i) 4.75% above the lender’s prime rate or (ii) 8% per annum. In addition to these principal payments, the Company was required to make a final payment of $225 in March 2015 (or upon earlier termination of the agreement) to the lender, which amount was being accreted to the carrying value of the debt, using the effective interest method. The effective annual interest rate of the outstanding debt under the 2011 Modification Agreement was approximately 11%. | |||||||||||||
On April 17, 2014, the Company entered into a credit and security agreement (the “2014 Credit Facility”) and terminated the 2011 Modification Agreement. The 2014 Credit Facility provides for initial borrowings of $15,000 under a term loan (“Tranche 1 loan”) and additional borrowings of up to $5,000 under a term loan (“Tranche 2 loan”), for a maximum of $20,000. On that same date, the Company received proceeds of $15,000 through the issuance of promissory notes to the lenders under the Tranche 1 loan. Upon the completion of the IPO in July 2014, borrowings under the Tranche 2 loan became available through December 31, 2014. The Company did not draw down the $5,000 available under the Tranche 2 loan prior to its expiration, and this amount is no longer available to the Company. All promissory notes issued under the 2014 Credit Facility mature on April 1, 2018 and are collateralized by substantially all of the Company’s personal property, other than its intellectual property. There are no financial covenants associated with the 2014 Credit Facility; however, there are negative covenants restricting the Company’s activities, including limitations on dispositions, mergers or acquisitions; encumbering its intellectual property; incurring indebtedness or liens; paying dividends; making certain investments; and engaging in certain other business transactions. The obligations under the 2014 Credit Facility are subject to acceleration upon the occurrence of specified events of default, including a material adverse change in the Company’s business, operations or financial or other condition. | |||||||||||||
The Company is obligated to make monthly, interest-only payments on the Tranche 1 loan funded under the 2014 Credit Facility until September 30, 2015 and, thereafter, to pay 30 consecutive, equal monthly installments of principal from October 1, 2015 through March 1, 2018 plus interest. The Tranche 1 loan under the 2014 Credit Facility bears interest at an annual rate of 8.25%. In addition, a final payment equal to 3.75% of any amounts drawn under the 2014 Credit Facility is due upon its maturity date. | |||||||||||||
In connection with the Tranche 1 loan, the lenders received warrants to purchase 100,000 shares of the Company’s Series D-1 redeemable convertible preferred stock with an exercise price of $3.00 per share, which are exercisable until April 2021. The fair value of the warrants as of the issuance date totaling $326 was recorded as a preferred stock warrant liability (see Note 8). Of this amount, $290 was allocated to the 2014 Credit Facility and recorded as debt discount and $36 was allocated to the 2011 Modification Agreement and recorded as loss on extinguishment of debt (see below). As of December 31, 2014, the effective annual interest rate of the outstanding debt under the 2014 Credit Facility was approximately 11%. | |||||||||||||
The terms of the 2014 Credit Facility required that the existing outstanding borrowings be repaid. Accordingly, on April 17, 2014, the Company used $1,898 of proceeds from the Tranche 1 loan to repay all amounts then due under the 2011 Modification Agreement, consisting of $1,667 of principal, $6 of interest and $225 of a final payment. | |||||||||||||
The Company accounted for the termination of the 2011 Modification Agreement as an extinguishment in accordance with the guidance in ASC 470-50, Debt. The total amount of unamortized debt discount of $10 is reflected as a loss on extinguishment of debt and included in other expense within the statements of operations and comprehensive loss. Additionally, fees paid to the lenders that were allocated to the existing debt and treated as an extinguishment, inclusive of the value of warrants issued and debt issuance costs paid, totaling $47, were also reflected as a loss on extinguishment of debt included in other expense within the statements of operations and comprehensive loss. | |||||||||||||
As of December 31, 2014, the annual repayment requirements for the 2014 Credit Facility, inclusive of the final payment of $563 due at expiration, were as follows: | |||||||||||||
Year Ending December 31, | Principal | Interest and | Total | ||||||||||
Final | |||||||||||||
Payment | |||||||||||||
2015 | $ | 1,500 | $ | 1,244 | $ | 2,744 | |||||||
2016 | 6,000 | 902 | 6,902 | ||||||||||
2017 | 6,000 | 397 | 6,397 | ||||||||||
2018 | 1,500 | 583 | 2,083 | ||||||||||
$ | 15,000 | $ | 3,126 | $ | 18,126 | ||||||||
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Warrants | 8. Warrants |
The Company previously had outstanding warrants for the purchase of 236,836 shares of preferred stock. Effective upon the closing of the Company’s IPO in July 2014, the Company’s outstanding preferred stock warrants became warrants for the purchase of 89,708 shares of common stock at a weighted average exercise price of $6.32 per share. Through December 31, 2014, no warrants have been exercised and warrants for the purchase of 89,708 shares of common stock remain outstanding at December 31, 2014. |
Redeemable_Convertible_Preferr
Redeemable Convertible Preferred Stock | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Redeemable Convertible Preferred Stock | 9. Redeemable Convertible Preferred Stock | ||||||||||||||||||||
Prior to the Company’s IPO, the Company had issued Series A, Series B, Series C, Series D and Series D-1 redeemable convertible preferred stock (collectively, the “Redeemable Preferred Stock”). The Redeemable Preferred Stock was classified outside of stockholders’ equity (deficit) because the shares contained redemption features that were not solely within the control of the Company. | |||||||||||||||||||||
During 2012, the Company issued 9,670,730 shares of Series D redeemable convertible preferred stock at an issuance price equal to $2.46 per share and received gross proceeds of $23,790. In connection with this financing, the Company paid total issuance costs of $6. | |||||||||||||||||||||
During 2013, the Company issued 2,833,334 shares of Series D-1 redeemable convertible preferred stock at an issuance price equal to $3.00 per share and received gross proceeds of $8,500. In connection with this financing, the Company paid total issuance costs of $6. | |||||||||||||||||||||
On July 10, 2014, the Company effected a 1-for-2.64 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of Redeemable Preferred Stock. Accordingly, all share and per share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios. | |||||||||||||||||||||
Redeemable Preferred Stock consisted of the following as of December 31, 2013: | |||||||||||||||||||||
Preferred | Preferred | Liquidation | Carrying | Common | |||||||||||||||||
Shares | Shares | Preference | Value | Stock Issuable | |||||||||||||||||
Authorized | Issued and | Upon | |||||||||||||||||||
Outstanding | Conversion | ||||||||||||||||||||
Series A redeemable convertible preferred stock | 1,172,836 | 1,145,836 | $ | 1,146 | $ | 1,145 | 434,028 | ||||||||||||||
Series B redeemable convertible preferred stock | 3,306,189 | 3,257,329 | 6,000 | 5,989 | 1,233,835 | ||||||||||||||||
Series C redeemable convertible preferred stock | 10,500,000 | 10,243,901 | 21,000 | 20,973 | 3,880,260 | ||||||||||||||||
Series D redeemable convertible preferred stock | 16,000,000 | 15,361,787 | 37,790 | 37,742 | 5,818,850 | ||||||||||||||||
Series D-1 redeemable convertible preferred stock | 3,000,000 | 2,833,334 | 8,500 | 8,495 | 1,073,232 | ||||||||||||||||
33,979,025 | 32,842,187 | $ | 74,436 | $ | 74,344 | 12,440,205 | |||||||||||||||
Upon the closing of the Company’s IPO in July 2014, all outstanding shares of the Company’s Redeemable Preferred Stock were converted into 12,440,205 shares of common stock. | |||||||||||||||||||||
Prior to the conversion, the rights and preferences of the Company’s outstanding Redeemable Preferred Stock were as follows: | |||||||||||||||||||||
Voting Rights | |||||||||||||||||||||
The holders of Redeemable Preferred Stock were entitled to vote, together with the holders of common stock, on all matters submitted to stockholders for a vote. Each holder of Redeemable Preferred Stock was entitled to cast the number of votes equal to the number of whole shares of common stock into which such Redeemable Preferred Stock could convert on the record date for determination of stockholders entitled to vote. | |||||||||||||||||||||
Dividends | |||||||||||||||||||||
The holders of the Redeemable Preferred Stock, in order of preference, were entitled to receive, out of funds that were legally available, noncumulative dividends when and if declared by the board of directors. No dividends had been declared by the Company prior to the conversion. | |||||||||||||||||||||
Liquidation Preference | |||||||||||||||||||||
In the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company (each, a “Liquidation Event”), the redeemable convertible preferred stockholders were entitled to be paid out of the assets of the Company in the order and preference as specified in the Company’s previous certificate of incorporation, as amended and restated. | |||||||||||||||||||||
Conversion | |||||||||||||||||||||
Each share of Redeemable Preferred Stock was convertible into common stock at the option of the stockholder at any time after the date of issuance and were automatically converted into shares of common stock upon the closing of the Company’s IPO in July 2014 on a 2.64-for-1 basis. | |||||||||||||||||||||
Redemption Rights | |||||||||||||||||||||
At the written election of at least 60% of the holders of the Redeemable Preferred Stock, voting together as a single class on an as-converted basis, the shares of such Redeemable Preferred Stock outstanding were redeemable, at any time on or after May 31, 2018, in three equal annual installments commencing sixty days after receipt of the required vote, in an amount equal to the Original Issue Price per share of Redeemable Preferred Stock plus all declared but unpaid dividends thereon. | |||||||||||||||||||||
The carrying values of the Redeemable Preferred Stock was being accreted to their redemption values through their respective redemption dates. |
Common_Stock_and_Preferred_Sto
Common Stock and Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Common Stock and Preferred Stock | 10. Common Stock and Preferred Stock |
On July 30, 2014 the Company completed its IPO, which resulted in the sale of 5,000,000 shares of its common stock at a public offering price of $13.00 per share. Upon closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock were automatically converted into 12,440,205 shares of common stock. Additionally upon closing the IPO, the Company adopted an amended and restated certificate of incorporation increasing the number of its authorized shares of its common stock to 100,000,000 shares. In conjunction with the IPO and the amended and restated certificate of incorporation, the Company is authorized to issue 5,000,000 shares of preferred stock, $0.0001 par value, all of which is undesignated. | |
On August 19, 2014, the Company completed the sale of an additional 750,000 shares of common stock at the initial public offering price of $13.00 per share to the underwriters of the Company’s IPO pursuant to the exercise of their over-allotment option. The Company received additional net proceeds of approximately $9,068 after deducting underwriting discounts and offering costs. | |
Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. | |
As of December 31, 2014 the Company had reserved 3,196,228 shares of common stock for the exercise of outstanding stock options and the number of shares remaining available for grant under the Company’s 2014 Stock Option Plan and the number of shares available for issuance under the 2014 Employee Stock Purchase Plan (see Note 11), and the outstanding warrants to purchase common stock (see Note 8). |
StockBased_Awards
Stock-Based Awards | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-Based Awards | 11. Stock-Based Awards | ||||||||||||||||
2006 Stock Option Plan | |||||||||||||||||
The Company’s 2006 Stock Option Plan, as amended (the “2006 Plan”), provides for the Company to sell or issue common stock or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the board of directors and consultants of the Company. The 2006 Plan is administered by the board of directors, or at the discretion of the board of directors, by a committee of the board. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or their committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of stock options may not be greater than ten years. | |||||||||||||||||
Stock options granted under the 2006 Plan generally vest over four years and expire after ten years, although options have been granted with vesting terms less than four years. | |||||||||||||||||
On July 30, 2014, the Company’s 2014 Stock Incentive Plan (the “2014 Plan”) became effective and no further stock options or other awards will be made under the 2006 Plan. Shares of common stock that were available for grant under the 2006 Plan as of July 30, 2014 as well as any shares of common stock subject to awards under the 2006 Plan that expire, terminate, or are otherwise surrendered, cancelled, forfeited or repurchased without having been fully exercised or resulting in any common stock being issued will become available for issuance under the 2014 Plan, up to a specified number of shares. | |||||||||||||||||
2014 Stock Incentive Plan | |||||||||||||||||
On June 19, 2014, the Company’s stockholders approved the 2014 Plan, which became effective immediately prior to the closing of the Company’s IPO on July 30, 2014. The 2014 Plan provides for the grant of incentive stock options, non-statutory stock options, restricted stock awards, restricted stock units, stock appreciation rights and other stock-based awards. The number of shares originally reserved for issuance under the 2014 Plan, inclusive of shares from the 2006 Plan, was 1,336,907. As of December 31, 2014, 1,292,522 shares remain available for issuance under the 2014 Plan. The number of shares of common stock that may be issued under the 2014 Plan is subject to increase on the first day of each fiscal year, beginning on January 1, 2015 and ending on December 31, 2024, equal to the least of 1,659,218 shares of the Company’s common stock, 4% of the number of shares of the Company’s common stock outstanding on the first day of the applicable fiscal year, and an amount determined by the Company’s board of directors. On December 23, 2014, the board of directors adopted a resolution to increase the number available under the 2014 Plan by an additional 790,000 shares effective as of January 1, 2015. | |||||||||||||||||
The Company generally grants stock-based awards with service conditions only (“service-based” awards). | |||||||||||||||||
As required by the 2006 Plan and 2014 Plan, the exercise price for stock options granted is not to be less than the fair value of common shares as of the date of grant. Prior to the IPO, the value of common stock was determined by the board of directors by taking into consideration its most recently available valuation of common shares performed by management and the board of directors as well as additional factors which might have changed since the date of the most recent contemporaneous valuation through the date of grant. | |||||||||||||||||
2014 Employee Stock Purchase Plan | |||||||||||||||||
On June 19, 2014, the Company’s stockholders approved the 2014 Employee Stock Purchase Plan (the “ESPP”). A total of 207,402 shares of common stock are reserved for issuance under this plan. The ESPP became effective immediately prior to the closing of the Company’s IPO on July 30, 2014. In addition, the number of shares of common stock that may be issued under the ESPP will automatically increase on the first day of each fiscal year, commencing on January 1, 2015 and ending on December 31, 2024, in an amount equal to the least of 207,402 shares of the Company’s common stock, 0.5% of the number of shares of the Company’s common stock outstanding on the first day of the applicable fiscal year, and an amount determined by the Company’s board of directors. The Company’s first offering period commenced October 1, 2014 and closed on December 31, 2014 at which time 5,395 shares of common stock were issued for total proceeds of $64. As of December 31, 2014, 202,007 shares of common stock remain available for issuance. On December 23, 2014, the board of directors adopted a resolution to increase the number of authorized under the ESPP by an additional 25,000 shares effective as of January 1, 2015. | |||||||||||||||||
Stock Option Valuation | |||||||||||||||||
The fair value of each stock option grant is estimated on the date of grant using the Black-Scholes option-pricing model. Prior to the Company’s IPO in July 2014, the Company had been a private company and lacked company-specific historical and implied volatility information. Therefore, it estimates its expected stock volatility based on the historical volatility of a publicly traded set of peer companies and expects to continue to do so until such time as it has adequate historical data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options to employees has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to nonemployees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. | |||||||||||||||||
As of December 31, 2014, there were outstanding unvested service-based stock options held by nonemployees for the purchase of 9,587 shares of common stock. | |||||||||||||||||
The assumptions that the Company used to determine the fair value of the stock options granted to employees and directors are as follows, presented on a weighted average basis: | |||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 2.24 | % | 1.23 | % | 1.51 | % | |||||||||||
Expected term (in years) | 5.96 | 5.38 | 6.25 | ||||||||||||||
Expected volatility | 76.5 | % | 74.6 | % | 70 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
The following table summarizes the Company’s stock option activity: | |||||||||||||||||
Shares Issuable | Weighted | Weighted | Aggregate | ||||||||||||||
Under Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(In years) | |||||||||||||||||
Outstanding as of December 31, 2013 | 924,132 | $ | 1.69 | 7 | $ | 1,986 | |||||||||||
Granted | 753,886 | 9.35 | |||||||||||||||
Exercised | (44,094 | ) | 0.78 | ||||||||||||||
Forfeited | (21,933 | ) | 5.56 | ||||||||||||||
Outstanding as of December 31, 2014 | 1,611,991 | $ | 5.24 | 6.5 | $ | 29,464 | |||||||||||
Options vested and expected to vest as of December 31, 2014 | 1,603,423 | $ | 5.26 | 6.5 | $ | 29,279 | |||||||||||
Options exercisable as of December 31, 2014 | 651,303 | $ | 1.72 | 4.8 | $ | 14,196 | |||||||||||
The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. The aggregate intrinsic value of stock options exercised was $323, $38 and $6 during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
The weighted average grant date fair value of stock options granted to employees and directors during the years ended December 31, 2014, 2013 and 2012 was $6.55, $1.51 and $0.87 per share, respectively. | |||||||||||||||||
Restricted Common Stock | |||||||||||||||||
The 2006 and 2014 Plans provide for the award of restricted common stock. The Company has granted restricted common stock with time-based vesting conditions. Unvested shares of restricted common stock may not be sold or transferred by the holder. These restrictions lapse according to the time-based vesting conditions of each award. There was no restricted common stock activity in 2013. The table below summarizes the Company’s restricted stock activity in 2014: | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Unvested restricted common stock as of December 31, 2013 | — | — | |||||||||||||||
Issued | 123,134 | $ | 8.8 | ||||||||||||||
Vested | (94,697 | ) | $ | 8.8 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Unvested restricted common stock as of December 31, 2014 | 28,437 | $ | 8.8 | ||||||||||||||
The aggregate intrinsic value of restricted stock awards is calculated as the positive difference between the prices paid, if any, of the restricted stock awards and the fair value of the Company’s common stock. The aggregate intrinsic value of restricted stock awards that vested during the years ended December 31, 2014, 2013 and 2012 was $1,142, $278 and $10, respectively. | |||||||||||||||||
Stock-based Compensation | |||||||||||||||||
The Company recorded stock-based compensation expense related to stock options, vesting of restricted common stock and grants of common stock in the following expense categories of its statements of operations: | |||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development | $ | 397 | $ | 70 | $ | 67 | |||||||||||
Selling and marketing | 68 | 22 | 28 | ||||||||||||||
General and administrative | 2,179 | 384 | 148 | ||||||||||||||
$ | 2,644 | $ | 476 | $ | 243 | ||||||||||||
As of December 31, 2014, the Company had an aggregate of $4,342 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 2.9 years. |
Net_Loss_Per_Share_and_Unaudit
Net Loss Per Share and Unaudited Pro Forma Net Loss Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Loss Per Share and Unaudited Pro Forma Net Loss Per Share | 12. Net Loss Per Share and Unaudited Pro Forma Net Loss Per Share | ||||||||||||
Net Loss Per Share | |||||||||||||
Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2014, 2013 and 2012: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net loss | $ | (28,648 | ) | $ | (13,317 | ) | $ | (14,093 | ) | ||||
Accretion of redeemable convertible preferred stock to redemption value | (11 | ) | (27 | ) | (35 | ) | |||||||
Net loss attributable to common stockholders | $ | (28,659 | ) | $ | (13,344 | ) | $ | (14,128 | ) | ||||
Denominator: | |||||||||||||
Weighted average common shares outstanding, basic and diluted | 10,652,865 | 2,609,020 | 2,522,564 | ||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (2.69 | ) | $ | (5.11 | ) | $ | (5.60 | ) | ||||
The Company excluded the following common stock equivalents, outstanding as of December 31, 2014, 2013 and 2012, from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2014, 2013 and 2012 because they had an anti-dilutive impact due to the net loss attributable to common stockholders incurred for the periods. | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options to purchase common stock | 1,611,991 | 924,132 | 615,377 | ||||||||||
Non-vested restricted common stock | 28,437 | — | 6,992 | ||||||||||
Warrants for the purchase of redeemable convertible preferred stock | — | 51,830 | 51,830 | ||||||||||
Warrants for the purchase of common stock | 89,708 | — | — | ||||||||||
Redeemable convertible preferred stock (as converted to common stock) | — | 12,440,205 | 11,366,973 | ||||||||||
1,730,136 | 13,416,167 | 12,041,172 | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 13. Commitments and Contingencies | ||||
Leases | |||||
The Company leases office, laboratory and manufacturing space in Bedford, Massachusetts and certain office equipment under non-cancelable operating leases that expire in June 2017 and June 2018. | |||||
On April 25, 2014, the Company entered into an amendment to its lease of office, laboratory and manufacturing space in Bedford, Massachusetts. The lease amendment provides for additional office space effective as of July 2014, with a term expiring in June 2017, and also extends the term of the original lease until June 2018. | |||||
Future minimum lease payments for its operating leases as of December 31, 2014 are as follows: | |||||
Years Ending December 31, | |||||
2015 | $ | 802 | |||
2016 | 820 | ||||
2017 | 676 | ||||
2018 | 262 | ||||
Total | $ | 2,560 | |||
During the years ended December 31, 2014, 2013 and 2012, the Company recognized $649, $448 and $436, respectively, of rental expense, related to its office, laboratory and manufacturing space and office equipment. | |||||
Intellectual Property Licenses | |||||
The Company has a license agreement with Incept, LLC (“Incept”) (see Note 16) to use and develop certain patent rights (the “Incept License”). Under the Incept License, as amended and restated, the Company was granted a worldwide, perpetual, exclusive license to develop and commercialize products that are delivered to or around the human eye for diagnostic, therapeutic or prophylactic purposes relating to ophthalmic diseases or conditions. The Company is obligated to pay low single-digit royalties on net sales of commercial products developed using the licensed technology, commencing with the date of the first commercial sale of such products and until the expiration of the last to expire of the patents covered by the license. Any of the Company’s sublicensees also will be obligated to pay Incept a royalty equal to a low single-digit percentage of net sales made by it and will be bound by the terms of the agreement to the same extent as the Company. The Company is obligated to reimburse Incept for its share of the reasonable fees and costs incurred by Incept in connection with the prosecution of the patent applications licensed to the Company under the Incept License. Through December 31, 2014, royalties payable under this agreement related to product sales were not material. | |||||
On February 12, 2014, the Company issued to Incept 189,393 shares of its common stock in connection with the expansion of the scope of the license to include back of the eye technology held by Incept (see Note 16). | |||||
Indemnification Agreements | |||||
In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its financial statements as of December 31, 2014. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 14. Income Taxes | ||||||||||||
During the years ended December 31, 2014, 2013 and 2012, the Company recorded no income tax benefits for the net operating losses incurred in each year or interim period, due to its uncertainty of realizing a benefit from those items. | |||||||||||||
A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory income tax rate | (34.0 | )% | (34.0 | )% | (34.0 | )% | |||||||
Federal and state research and development tax credit | (2.5 | ) | (6.6 | ) | (1.2 | ) | |||||||
State taxes, net of federal benefit | (4.6 | ) | (4.8 | ) | (5.1 | ) | |||||||
Stock-based compensation | 1.6 | 1.3 | 0.3 | ||||||||||
Other | 0.8 | — | — | ||||||||||
Change in deferred tax asset valuation allowance | 38.7 | 44.1 | 40 | ||||||||||
Effective income tax rate | 0 | % | 0 | % | 0 | % | |||||||
Net deferred tax assets as of December 31, 2014 and 2013 consisted of the following: | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating loss carryforwards | $ | 15,243 | $ | 9,204 | |||||||||
Research and development tax credit carryforwards | 2,582 | 2,005 | |||||||||||
Capitalized start-up costs | 2,204 | 2,426 | |||||||||||
Capitalized research and development expenses, net | 15,746 | 11,571 | |||||||||||
Accrued expenses and other temporary differences | 1,050 | 570 | |||||||||||
Total gross deferred tax assets | 36,825 | 25,776 | |||||||||||
Valuation allowance | (36,825 | ) | (25,776 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2014, 2013 and 2012 related primarily to the increase in net operating loss carryforwards, capitalized research and development expenses and research and development tax credit carryforwards and were as follows: | |||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Valuation allowance as of beginning of year | $ | 25,776 | $ | 19,815 | $ | 14,171 | |||||||
Decreases recorded as benefit to income tax provision | — | — | — | ||||||||||
Increases recorded to income tax provision | 11,049 | 5,961 | 5,644 | ||||||||||
Valuation allowance as of end of year | $ | 36,825 | $ | 25,776 | $ | 19,815 | |||||||
As of December 31, 2014 the Company had net operating loss carryforwards for federal and state income tax purposes of $39,231 and $36,923, respectively, which begin to expire in 2026 and 2030, respectively. Included in the federal and state net operating loss carryforwards are approximately $114 of deductions related to the exercise of stock options which tax benefit will be realized when it results in the reduction of cash income tax in accordance with ASC 718. As of December 31, 2014, the Company also had available research and development tax credit carryforwards for federal and state income tax purposes of $1,784 and $1,208, respectively, which begin to expire in 2026 and 2024, respectively. Utilization of the net operating loss carryforwards and research and development tax credit carryforwards may be subject to a substantial annual limitation under Section 382 of the Internal Revenue Code of 1986 due to ownership changes that have occurred previously or that could occur in the future. These ownership changes may limit the amount of carryforwards that can be utilized annually to offset future taxable income. In general, an ownership change, as defined by Section 382, results from transactions increasing the ownership of certain shareholders or public groups in the stock of a corporation by more than 50% over a three-year period. The Company has not conducted a study to assess whether a change of control has occurred or whether there have been multiple changes of control since inception due to the significant complexity and cost associated with such a study. If the Company has experienced a change of control, as defined by Section 382, at any time since inception, utilization of the net operating loss carryforwards or research and development tax credit carryforwards would be subject to an annual limitation under Section 382, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, and then could be subject to additional adjustments, as required. Any limitation may result in expiration of a portion of the net operating loss carryforwards or research and development tax credit carryforwards before utilization. Further, until a study is completed and any limitation is known, no amounts are being presented as an uncertain tax position. | |||||||||||||
The Company has evaluated the positive and negative evidence bearing upon its ability to realize the deferred tax assets, including the Company’s history of cumulative net losses incurred since inception and has concluded that it is more likely than not that the Company will not realize the benefits of the deferred tax assets. Accordingly, a full valuation allowance has been established against the deferred tax assets as of December 31, 2014 and 2013. Management reevaluates the positive and negative evidence at each reporting period. | |||||||||||||
The Company has not recorded any amounts for unrecognized tax benefits as of December 31, 2014 or 2013. | |||||||||||||
The Company files tax returns as prescribed by the tax laws of the jurisdictions in which it operates. In the normal course of business, the Company is subject to examination by federal and state jurisdictions, where applicable. There are currently no pending income tax examinations. The Company’s tax years are still open under statute from 2011 to the present. Earlier years may be examined to the extent that tax credit or net operating loss carryforwards are used in future periods. The Company’s policy is to record interest and penalties related to income taxes as part of its income tax provision. |
401k_Savings_Plan
401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
401(k) Savings Plan | 15. 401(k) Savings Plan |
The Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. Company contributions to the plan may be made at the discretion of the board of directors. Through December 31, 2014, no contributions have been made to the plan by the Company. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 16. Related Party Transactions |
The Company has a license agreement with Incept to use and develop certain patent rights that it entered into in 2007. Royalties incurred and payable to Incept have not been material to date. On February 12, 2014, the Company issued 189,393 shares of its common stock to Incept in connection with the expansion of the scope of the Incept License to include back of the eye technology held by Incept. The fair value of the shares of $1,665 as of the issuance date was recorded as research and development expense. Incept and certain owners of Incept participated in the Company’s Series A, Series B and Series C preferred stock financing and have also been granted shares of common stock and redeemable convertible preferred stock of the Company. In addition, certain employees of the Company are shareholders of Incept. The Company’s President and Chief Executive Officer is a general partner of Incept. | |
On February 12, 2014, the Company issued 79,545 shares of common stock to a former member of the Company’s board of directors and current stockholder of Incept for consulting services rendered. The fair value of the shares of $699 as of the issuance date was recorded as general and administrative expense. | |
During the years ended December 31, 2014, 2013 and 2012, the Company invoiced Augmenix, Inc. (“Augmenix”) $82, $232 and $366, respectively, for consulting and other services. During the years ended December 31, 2014, 2013 and 2012, Augmenix invoiced the Company $27, $0 and $0 for legal fees paid by Augmenix on behalf of the Company. During the years ended December 31, 2014, 2013 and 2012, Augmenix invoiced the Company $0, $14 and $0 respectively, for consulting services. Certain shareholders of Augmenix were holders of the Company’s redeemable convertible preferred stock and common stock which is now entirely common stock. In addition, certain employees of the Company are shareholders of Augmenix. Through December 31, 2014, the Company’s President and Chief Executive was Chairman of the board of directors of Augmenix. |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data (Unaudited) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Selected Quarterly Financial Data (Unaudited) | 17. Selected Quarterly Financial Data (Unaudited) | ||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar 31, | Dec. 31, | Sept. 30, | June 30, | Mar 31, | ||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Statements of Operations Data: | |||||||||||||||||||||||||||||||||
Revenue | $ | 505 | $ | 143 | $ | 97 | $ | 27 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Loss from operations | (7,547 | ) | (6,776 | ) | (5,946 | ) | (6,825 | ) | (3,419 | ) | (3,435 | ) | (2,989 | ) | (3,060 | ) | |||||||||||||||||
Net loss | (7,954 | ) | (7,294 | ) | (6,392 | ) | (7,008 | ) | (3,505 | ) | (3,522 | ) | (3,090 | ) | (3,200 | ) | |||||||||||||||||
Net loss attributable to common stockholders | (7,954 | ) | (7,294 | ) | (6,397 | ) | (7,014 | ) | (3,510 | ) | (3,527 | ) | (3,099 | ) | (3,208 | ) | |||||||||||||||||
Basic and diluted net loss attributable to common stockholders per share | $ | (0.37 | ) | $ | (0.48 | ) | $ | (2.10 | ) | $ | (2.45 | ) | $ | (1.32 | ) | $ | (1.34 | ) | $ | (1.19 | ) | $ | (1.26 | ) | |||||||||
The fourth quarter of 2014 includes collaboration revenue of $312. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||
The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, revenue recognition, the accrual of research and development expenses and the valuation of common stock and stock-based awards and preferred stock warrants. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. | |||||||||||||||||
Cash Equivalents | Cash Equivalents | ||||||||||||||||
The Company considers all short-term, highly liquid investments with original maturities of ninety days or less at date of purchase to be cash equivalents. Cash equivalents, which primarily consist of money market accounts, are stated at fair value. | |||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||
The Company recognizes revenue when the following four criteria are met in accordance with Accounting Standards Codification (“ASC”) 605, Revenue Recognition: persuasive evidence of a sales arrangement exists; delivery of goods has occurred through transfer of title and risk and rewards of ownership; the selling price is fixed or determinable; and collectability is reasonably assured. | |||||||||||||||||
The Company records revenue from product sales net of applicable provisions for returns, chargebacks, discounts, wholesaler management fees, government and commercial rebates, and other applicable allowances in the same period in which the related sales are recorded, based on the underlying contract terms. | |||||||||||||||||
The Company analyzes multiple-element arrangements based on the guidance in ASC Topic 605-25, Revenue Recognition—Multiple-Element Arrangements (“ASC 605-25”). Pursuant to this guidance, the Company evaluates multiple-element arrangements to determine (1) the deliverables included in the arrangement and (2) whether the individual deliverables represent separate units of accounting or whether they must be accounted for as a combined unit of accounting. This evaluation involves subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. Deliverables are considered separate units of accounting provided that: the delivered item has value to the customer on a standalone basis and, if the arrangement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the Company. In assessing whether an item has standalone value, the Company considers factors such as the research, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can use the other deliverables for their intended purpose without the receipt of the remaining elements, whether the value of the deliverable is dependent on the undelivered items and whether there are other vendors that can provide the undelivered elements. | |||||||||||||||||
Arrangement consideration that is fixed or determinable is allocated among the separate units of accounting using the relative selling price method. Then, the applicable revenue recognition criteria in ASC 605 are applied to each of the separate units of accounting in determining the appropriate period and pattern of recognition. The Company determines the selling price of a unit of accounting following the hierarchy of evidence prescribed by ASC 605-25. Accordingly, the Company determines the estimated selling price for units of accounting within each arrangement using vendor-specific objective evidence (“VSOE”) of selling price, if available; third-party evidence (“TPE”) of selling price, if VSOE is not available; or best estimate of selling price (“BESP”), if neither VSOE nor TPE is available. The Company typically uses BESP to estimate the selling price as it generally does not have VSOE or TPE of selling price for its units of accounting. Determining the BESP for a unit of accounting requires significant judgment. In developing the BESP for a unit of accounting, the Company considers applicable market conditions and relevant entity-specific factors, including factors that were contemplated in negotiating the agreement with the customer and estimated costs. The Company validates the BESP for units of accounting by evaluating whether changes in the key assumptions used to determine the BESP will have a significant effect on the allocation of arrangement consideration between multiple units of accounting. | |||||||||||||||||
The Company recognizes arrangement consideration allocated to each unit of accounting when all of the revenue recognition criteria in ASC 605 are satisfied for that particular unit of accounting. The Company will recognize as revenue arrangement consideration attributed to licenses that have standalone value relative to the other deliverables to be provided in an arrangement upon delivery. The Company will recognize as revenue arrangement consideration attributed to licenses that do not have standalone value relative to the other deliverables to be provided in an arrangement over the Company’s estimated performance period, as the arrangement would be accounted for as a single unit of accounting. | |||||||||||||||||
At the inception of an arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive and at risk to both parties on the basis of the contingent nature of the milestone. This evaluation includes an assessment of whether: (i) the consideration is commensurate with either the Company’s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (ii) the consideration relates solely to past performance, and (iii) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone and the level of effort and investment required to achieve the respective milestone in making this assessment. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Accordingly, pursuant to the guidance of ASC Topic 605-28, Revenue Recognition—Milestone Method (“ASC 605-28”), revenue from milestone payments will be recognized in its entirety upon successful accomplishment of the milestone, assuming all other revenue recognition criteria are met. | |||||||||||||||||
Other contingent, event-based payments received for which payment is either contingent solely upon the passage of time or the results of a collaborative partner’s performance would not be considered milestones under ASC 605-28. In accordance with ASC 605-25, such payments will be recognized as revenue when all of the four basic revenue recognition criteria are met. | |||||||||||||||||
Whenever the Company determines that an element is delivered over a period of time, revenue is recognized using either a proportional performance model or a straight-line model over the period of performance. At each reporting period, the Company reassesses its cumulative measure of performance and makes appropriate adjustments, if necessary. The Company recognizes revenue using the proportional performance model whenever the Company can make reasonably reliable estimates of the level of effort required to complete its performance obligations under an arrangement. Revenue recognized under the proportional performance model at each reporting period is determined by multiplying the total expected payments under the contract (excluding payments contingent upon achievement of milestones) by the ratio of the level of effort incurred to date to the estimated total level of effort required to complete the performance obligations under the arrangement. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined using the proportional performance model as of each reporting period. Alternatively, if the Company cannot make reasonably reliable estimates the level of effort required to complete its performance obligations under an arrangement, then revenue under the arrangement is recognized on a straight-line basis over the period expected to complete the Company’s performance obligations. If and when a contingent milestone payment is earned, the additional consideration to be received is added to the total expected payments under the contract. Revenue is limited to the lesser of the cumulative amount of payments received or the cumulative amount of revenue earned, as determined on a straight-line basis as of the period end date. If the Company cannot reasonably estimate when its performance obligation period ends, then revenue is deferred until the Company can reasonably estimate when the performance obligation period ends. | |||||||||||||||||
Inventory Valuation | Inventory Valuation | ||||||||||||||||
Inventory is valued at the lower of cost or market, determined by the first-in, first-out (“FIFO”) method. | |||||||||||||||||
Prior to approval by the FDA or other regulatory agencies of the Company’s products, the Company expenses inventory costs in the period incurred as research and development expenses. After such time as the product receives approval, the Company begins to capitalize the inventory costs related to the product. Inventory costs totaling $51 were expensed during the year ended December 31, 2013 prior to obtaining FDA approval of ReSure Sealant. The Company also reviews its inventories for potential obsolescence. | |||||||||||||||||
The Company had inventory of $133 as of December 31, 2014, which consisted primarily of raw materials. | |||||||||||||||||
Restricted Cash | Restricted Cash | ||||||||||||||||
As of December 31, 2014 and 2013, the Company held a certificate of deposit to collateralize a credit card account with its bank of $60. This amount is included in prepaid expenses and other current assets on the Company’s balance sheet. As of December 31, 2014 and 2013, the Company also held a certificate of deposit of $228, which is a security deposit for the lease of the Company’s corporate headquarters. The Company has classified this as long-term restricted cash on its balance sheet. | |||||||||||||||||
Concentration of Credit Risk and of Significant Suppliers | Concentration of Credit Risk and of Significant Suppliers | ||||||||||||||||
Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents and marketable securities. The Company has all cash and cash equivalents and marketable securities balances at one accredited financial institution, in amounts that exceed federally insured limits. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships. | |||||||||||||||||
The Company is dependent on a small number of third-party manufacturers to supply products for research and development activities in its preclinical and clinical programs and for sales of its ReSure Sealant product. The Company’s development programs as well as revenue from future sales of ReSure Sealant could be adversely affected by a significant interruption in the supply of any of the components of these products. | |||||||||||||||||
Fair Value Measurements | Fair Value Measurements | ||||||||||||||||
Certain assets and liabilities are carried at fair value under GAAP. 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 must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data. | ||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. | ||||||||||||||||
The Company’s cash equivalents, marketable securities and its preferred stock warrant liabilities are carried at fair value determined according to the fair value hierarchy described above (see Note 3). The carrying value of accounts receivable, accounts payable and accrued expenses approximate their fair value due to the short-term nature of these assets and liabilities. The carrying value of the Company’s outstanding notes payable (see Note 7) approximates fair value (a level 2 fair value measurement), as estimated by the Company using a discounted cash flow analysis, reflecting discount rates currently available to the Company. | |||||||||||||||||
Marketable Securities | Marketable Securities | ||||||||||||||||
The Company’s marketable securities are classified as available-for-sale and are carried at fair value with the unrealized gains and losses reported as a component of accumulated other comprehensive income (loss) in stockholders’ equity. Realized gains and losses and declines in value judged to be other than temporary are included as a component of other income (expense), net based on the specific identification method. Fair value is determined based on quoted market prices. At December 31, 2014, marketable securities by security type consisted of: | |||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
United States treasury notes | $ | 10,026 | $ | — | $ | — | $ | 10,026 | |||||||||
Agency bonds | 27,409 | — | — | 27,409 | |||||||||||||
Total | $ | 37,435 | $ | — | $ | — | $ | 37,435 | |||||||||
At December 31, 2014, marketable securities consisted of investments that mature within one year. The Company did not have marketable securities as of December 31, 2013. | |||||||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||||||
Property and equipment are stated at cost less accumulated depreciation. Depreciation expense is recognized using the straight-line method over a three- to five-year estimated useful life. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful life of the related asset. Expenditures for repairs and maintenance of assets are charged to expense as incurred. Upon retirement or sale, the cost and related accumulated depreciation of assets disposed of are removed from the accounts and any resulting gain or loss is included in loss from operations. | |||||||||||||||||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets | ||||||||||||||||
Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value, determined based on discounted cash flows. To date, the Company has not recorded any impairment losses on long-lived assets. | |||||||||||||||||
Research and Development Costs | Research and Development Costs | ||||||||||||||||
Research and development costs are expensed as incurred. Included in research and development expenses are salaries, stock-based compensation and benefits of employees and other operational costs related to the Company’s research and development activities, including external costs of outside vendors engaged to conduct preclinical studies and clinical trials, manufacturing costs of the Company’s products prior to regulatory approval, and facility-related expenses. | |||||||||||||||||
Research Contract Costs and Accruals | Research Contract Costs and Accruals | ||||||||||||||||
The Company has entered into various research and development contracts with research institutions and other companies both inside and outside of the United States. These agreements are generally cancelable, and related payments are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the studies, including the phase or completion of events, invoices received and contracted costs. Significant judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. | |||||||||||||||||
Patent Costs | Patent Costs | ||||||||||||||||
All patent-related costs incurred in connection with filing and prosecuting patent applications are recorded as general and administrative expenses as incurred, as recoverability of such expenditures is uncertain. | |||||||||||||||||
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation | ||||||||||||||||
The Company measures all stock options and other stock-based awards granted to employees and directors at the fair value on the date of the grant using the Black-Scholes option-pricing model. The fair value of the awards is recognized as expense, net of estimated forfeitures, over the requisite service period, which is generally the vesting period of the respective award. The straight-line method of expense recognition is applied to all awards with service-only conditions. | |||||||||||||||||
For stock-based awards granted to consultants and non-employees, compensation expense is recognized over the period during which services are rendered by such consultants and non-employees until completed. At the end of each financial reporting period prior to completion of the service, the fair value of these awards is re-measured using the then-current fair value of the Company’s common stock and updated assumption inputs in the Black-Scholes option-pricing model. | |||||||||||||||||
The Company classifies stock-based compensation expense in its statement of operations and comprehensive loss in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. | |||||||||||||||||
The Company recognizes compensation expense for only the portion of awards that are expected to vest. In developing a forfeiture rate estimate, the Company has considered its historical experience to estimate pre-vesting forfeitures for service-based awards. The impact of a forfeiture rate adjustment will be recognized in full in the period of adjustment, and if the actual forfeiture rate is materially different from the Company’s estimate, the Company may be required to record adjustments to stock-based compensation expense in future periods. | |||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||
The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the financial statements or in the Company’s tax returns. Deferred taxes are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that it is more likely than not that all or a portion of deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. Potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. | |||||||||||||||||
The Company accounts for uncertainty in income taxes recognized in the financial statements by applying a two-step process to determine the amount of tax benefit to be recognized. First, the tax position must be evaluated to determine the likelihood that it will be sustained upon external examination by the taxing authorities. If the tax position is deemed more-likely-than-not to be sustained, the tax position is then assessed to determine the amount of benefit to recognize in the financial statements. The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. The provision for income taxes includes the effects of any resulting tax reserves, or unrecognized tax benefits, that are considered appropriate as well as the related net interest and penalties. | |||||||||||||||||
Segment Data | Segment Data | ||||||||||||||||
The Company manages its operations as a single segment for the purposes of assessing performance and making operating decisions. The Company’s singular focus is on advancing its hydrogel therapeutic products specifically for ophthalmology. All tangible assets are held in the United States. | |||||||||||||||||
Comprehensive Loss | Comprehensive Loss | ||||||||||||||||
Comprehensive loss includes net loss as well as other changes in stockholders’ equity (deficit) that result from transactions and economic events other than those with stockholders. For the years ended December 31, 2014, 2013 and 2012, there was no difference between net loss and comprehensive loss. | |||||||||||||||||
Net Income (Loss) Per Share | Net Income (Loss) Per Share | ||||||||||||||||
Prior to the closing of its IPO of common stock, the Company followed the two-class method when computing net income (loss) per share, as the Company had outstanding shares that met the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. | |||||||||||||||||
Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding for the period. Diluted net income (loss) attributable to common stockholders is computed by adjusting income (loss) attributable to common stockholders to reallocate undistributed earnings based on the potential impact of dilutive securities, including outstanding stock options, unvested restricted common stock, common stock warrants and warrants for the purchase of Redeemable Preferred Stock. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period, including potential dilutive common shares assuming the dilutive effect of outstanding stock options, common stock warrants and unvested restricted common stock. | |||||||||||||||||
The Company’s Redeemable Preferred Stock outstanding prior to the IPO, contractually entitled the holders of such shares to participate in dividends but did not contractually require the holders of such shares to participate in losses of the Company. Similarly, restricted stock awards granted by the Company entitle the holder of such awards to dividends declared or paid by the board of directors, regardless of whether such awards are unvested, as if such shares were outstanding common shares at the time of the dividend. However, the unvested restricted stock awards are not entitled to share in the residual net assets (deficit) of the Company. Accordingly, in periods in which the Company reports a net loss attributable to common stockholders, diluted net loss per share attributable to common stockholders is the same as basic net loss per share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive. The Company reported a net loss attributable to common stockholders for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements | ||||||||||||||||
In August 2014, the FASB issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its financial statements and footnote disclosures. | |||||||||||||||||
In June 2014, the FASB issued ASU 2014-10, Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this guidance remove all incremental financial reporting requirements for development stage entities. Among other changes, this guidance will no longer require development stage entities to present inception-to-date information about income statement line items, cash flows, and equity transactions. This guidance is effective for public companies in the first annual period beginning after December 15, 2014. The Company elected to apply this disclosure guidance to its financial statements for the year ended December 31, 2014 and as a result, no longer discloses inception-to-date information in its statements of operations and comprehensive loss, cash flows and stockholders’ deficit and the related notes thereto. | |||||||||||||||||
In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers (Topic 606), (“ASU 2014-09”). ASU 2014-09 outlines a new, single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance, including industry-specific guidance. This new revenue recognition model provides a five-step analysis in determining when and how revenue is recognized. The new model will require revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration a company expects to receive in exchange for those goods or services. ASU 2014-09 is effective for public entities for annual reporting periods beginning after December 15, 2016 and interim periods within those periods. Early adoption is not permitted. Companies may use either a full retrospective or a modified retrospective approach to adopt ASU 2014-09. The Company is currently assessing the impact that adopting this new accounting guidance will have on its financial statements and footnote disclosures. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||
Summary of Marketable Securities by Security Type | At December 31, 2014, marketable securities by security type consisted of: | ||||||||||||||||
Amortized | Gross | Gross | Estimated | ||||||||||||||
Cost | Unrealized | Unrealized | Fair | ||||||||||||||
Gains | Losses | Value | |||||||||||||||
United States treasury notes | $ | 10,026 | $ | — | $ | — | $ | 10,026 | |||||||||
Agency bonds | 27,409 | — | — | 27,409 | |||||||||||||
Total | $ | 37,435 | $ | — | $ | — | $ | 37,435 | |||||||||
Fair_Value_of_Financial_Assets1
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and 2013 and indicate the level of the fair value hierarchy utilized to determine such fair value: | ||||||||||||||||
Fair Value Measurements as of | |||||||||||||||||
December 31, 2014 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | — | $ | 29,103 | $ | — | $ | 29,103 | |||||||||
Agency bonds | — | 7,599 | — | 7,599 | |||||||||||||
Marketable securities: | |||||||||||||||||
United States treasury notes | — | 10,026 | — | 10,026 | |||||||||||||
Agency bonds | — | 27,409 | — | 27,409 | |||||||||||||
Total | $ | — | $ | 74,137 | $ | — | $ | 74,137 | |||||||||
Fair Value Measurements as of | |||||||||||||||||
December 31, 2013 Using: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | — | $ | 17,272 | $ | — | $ | 17,272 | |||||||||
Liabilities: | |||||||||||||||||
Liability for preferred stock warrants | $ | — | $ | — | $ | 254 | $ | 254 | |||||||||
Schedule of Aggregate Fair Values of Preferred Stock Warrants Determined by Level 3 Inputs | The following table provides a rollforward of the aggregate fair values of the Company’s preferred stock warrants for which fair value was determined by level 3 inputs: | ||||||||||||||||
Balance, January 1, 2012 | $ | 219 | |||||||||||||||
Increase in fair value | 49 | ||||||||||||||||
Balance, December 31, 2012 | 268 | ||||||||||||||||
Decrease in fair value | (14 | ) | |||||||||||||||
Balance, December 31, 2013 | 254 | ||||||||||||||||
Issuance of Series D-1 warrants | 326 | ||||||||||||||||
Increase in fair value | 380 | ||||||||||||||||
Conversion of preferred stock warrants to common stock warrants (see Note 8) | (960 | ) | |||||||||||||||
Balance, December 31, 2014 | $ | — | |||||||||||||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property and Equipment net | Property and equipment, net consisted of the following as of December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Equipment | $ | 2,606 | $ | 1,806 | |||||
Leasehold improvements | 815 | 398 | |||||||
Furniture and fixtures | 295 | 145 | |||||||
Software | 25 | 25 | |||||||
Construction in progress | 262 | 205 | |||||||
4,003 | 2,579 | ||||||||
Less: Accumulated depreciation | (2,221 | ) | (1,675 | ) | |||||
$ | 1,782 | $ | 904 | ||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Expenses | Accrued expenses consisted of the following as of December 31, 2014 and 2013: | ||||||||
December 31, | |||||||||
2014 | 2013 | ||||||||
Accrued payroll and related expenses | $ | 1,495 | $ | 464 | |||||
Accrued professional fees | 338 | 90 | |||||||
Accrued research and development expenses | 540 | 82 | |||||||
Accrued insurance | 389 | — | |||||||
Accrued other | 254 | 105 | |||||||
$ | 3,016 | $ | 741 | ||||||
Notes_Payable_Tables
Notes Payable (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Debt Disclosure [Abstract] | |||||||||||||
Schedule of Annual Repayment Requirements for Credit Facility | As of December 31, 2014, the annual repayment requirements for the 2014 Credit Facility, inclusive of the final payment of $563 due at expiration, were as follows: | ||||||||||||
Year Ending December 31, | Principal | Interest and | Total | ||||||||||
Final | |||||||||||||
Payment | |||||||||||||
2015 | $ | 1,500 | $ | 1,244 | $ | 2,744 | |||||||
2016 | 6,000 | 902 | 6,902 | ||||||||||
2017 | 6,000 | 397 | 6,397 | ||||||||||
2018 | 1,500 | 583 | 2,083 | ||||||||||
$ | 15,000 | $ | 3,126 | $ | 18,126 | ||||||||
Redeemable_Convertible_Preferr1
Redeemable Convertible Preferred Stock (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Equity [Abstract] | |||||||||||||||||||||
Summary of Redeemable Preferred Stock | Redeemable Preferred Stock consisted of the following as of December 31, 2013: | ||||||||||||||||||||
Preferred | Preferred | Liquidation | Carrying | Common | |||||||||||||||||
Shares | Shares | Preference | Value | Stock Issuable | |||||||||||||||||
Authorized | Issued and | Upon | |||||||||||||||||||
Outstanding | Conversion | ||||||||||||||||||||
Series A redeemable convertible preferred stock | 1,172,836 | 1,145,836 | $ | 1,146 | $ | 1,145 | 434,028 | ||||||||||||||
Series B redeemable convertible preferred stock | 3,306,189 | 3,257,329 | 6,000 | 5,989 | 1,233,835 | ||||||||||||||||
Series C redeemable convertible preferred stock | 10,500,000 | 10,243,901 | 21,000 | 20,973 | 3,880,260 | ||||||||||||||||
Series D redeemable convertible preferred stock | 16,000,000 | 15,361,787 | 37,790 | 37,742 | 5,818,850 | ||||||||||||||||
Series D-1 redeemable convertible preferred stock | 3,000,000 | 2,833,334 | 8,500 | 8,495 | 1,073,232 | ||||||||||||||||
33,979,025 | 32,842,187 | $ | 74,436 | $ | 74,344 | 12,440,205 | |||||||||||||||
StockBased_Awards_Tables
Stock-Based Awards (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Fair Value of Stock Options Weighted Average | The assumptions that the Company used to determine the fair value of the stock options granted to employees and directors are as follows, presented on a weighted average basis: | ||||||||||||||||
Year Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Risk-free interest rate | 2.24 | % | 1.23 | % | 1.51 | % | |||||||||||
Expected term (in years) | 5.96 | 5.38 | 6.25 | ||||||||||||||
Expected volatility | 76.5 | % | 74.6 | % | 70 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
Schedule of stock option activity | The following table summarizes the Company’s stock option activity: | ||||||||||||||||
Shares Issuable | Weighted | Weighted | Aggregate | ||||||||||||||
Under Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(In years) | |||||||||||||||||
Outstanding as of December 31, 2013 | 924,132 | $ | 1.69 | 7 | $ | 1,986 | |||||||||||
Granted | 753,886 | 9.35 | |||||||||||||||
Exercised | (44,094 | ) | 0.78 | ||||||||||||||
Forfeited | (21,933 | ) | 5.56 | ||||||||||||||
Outstanding as of December 31, 2014 | 1,611,991 | $ | 5.24 | 6.5 | $ | 29,464 | |||||||||||
Options vested and expected to vest as of December 31, 2014 | 1,603,423 | $ | 5.26 | 6.5 | $ | 29,279 | |||||||||||
Options exercisable as of December 31, 2014 | 651,303 | $ | 1.72 | 4.8 | $ | 14,196 | |||||||||||
Schedule of Restricted Stock Activity | The table below summarizes the Company’s restricted stock activity in 2014: | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average Grant | |||||||||||||||||
Date Fair Value | |||||||||||||||||
Unvested restricted common stock as of December 31, 2013 | — | — | |||||||||||||||
Issued | 123,134 | $ | 8.8 | ||||||||||||||
Vested | (94,697 | ) | $ | 8.8 | |||||||||||||
Forfeited | — | — | |||||||||||||||
Unvested restricted common stock as of December 31, 2014 | 28,437 | $ | 8.8 | ||||||||||||||
Schedule of Stock-Based Compensation Expense Related to Stock Options, Vesting of Restricted Common Stock and Grants of Common Stock | The Company recorded stock-based compensation expense related to stock options, vesting of restricted common stock and grants of common stock in the following expense categories of its statements of operations: | ||||||||||||||||
Year Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development | $ | 397 | $ | 70 | $ | 67 | |||||||||||
Selling and marketing | 68 | 22 | 28 | ||||||||||||||
General and administrative | 2,179 | 384 | 148 | ||||||||||||||
$ | 2,644 | $ | 476 | $ | 243 | ||||||||||||
Net_Loss_Per_Share_and_Unaudit1
Net Loss Per Share and Unaudited Pro Forma Net Loss Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | Basic and diluted net loss per share attributable to common stockholders was calculated as follows for the years ended December 31, 2014, 2013 and 2012: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Numerator: | |||||||||||||
Net loss | $ | (28,648 | ) | $ | (13,317 | ) | $ | (14,093 | ) | ||||
Accretion of redeemable convertible preferred stock to redemption value | (11 | ) | (27 | ) | (35 | ) | |||||||
Net loss attributable to common stockholders | $ | (28,659 | ) | $ | (13,344 | ) | $ | (14,128 | ) | ||||
Denominator: | |||||||||||||
Weighted average common shares outstanding, basic and diluted | 10,652,865 | 2,609,020 | 2,522,564 | ||||||||||
Net loss per share attributable to common stockholders, basic and diluted | $ | (2.69 | ) | $ | (5.11 | ) | $ | (5.60 | ) | ||||
Schedule of Antidilutive Securities, Excluded from Computation of Diluted Net Loss per Share | The Company excluded the following common stock equivalents, outstanding as of December 31, 2014, 2013 and 2012, from the computation of diluted net loss per share attributable to common stockholders for the years ended December 31, 2014, 2013 and 2012 because they had an anti-dilutive impact due to the net loss attributable to common stockholders incurred for the periods. | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options to purchase common stock | 1,611,991 | 924,132 | 615,377 | ||||||||||
Non-vested restricted common stock | 28,437 | — | 6,992 | ||||||||||
Warrants for the purchase of redeemable convertible preferred stock | — | 51,830 | 51,830 | ||||||||||
Warrants for the purchase of common stock | 89,708 | — | — | ||||||||||
Redeemable convertible preferred stock (as converted to common stock) | — | 12,440,205 | 11,366,973 | ||||||||||
1,730,136 | 13,416,167 | 12,041,172 | |||||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Summary of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments for its operating leases as of December 31, 2014 are as follows: | ||||
Years Ending December 31, | |||||
2015 | $ | 802 | |||
2016 | 820 | ||||
2017 | 676 | ||||
2018 | 262 | ||||
Total | $ | 2,560 | |||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Reconciliation of Federal Income Tax Rate | A reconciliation of the U.S. federal statutory income tax rate to the Company’s effective income tax rate is as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal statutory income tax rate | (34.0 | )% | (34.0 | )% | (34.0 | )% | |||||||
Federal and state research and development tax credit | (2.5 | ) | (6.6 | ) | (1.2 | ) | |||||||
State taxes, net of federal benefit | (4.6 | ) | (4.8 | ) | (5.1 | ) | |||||||
Stock-based compensation | 1.6 | 1.3 | 0.3 | ||||||||||
Other | 0.8 | — | — | ||||||||||
Change in deferred tax asset valuation allowance | 38.7 | 44.1 | 40 | ||||||||||
Effective income tax rate | 0 | % | 0 | % | 0 | % | |||||||
Net Deferred Tax Assets | Net deferred tax assets as of December 31, 2014 and 2013 consisted of the following: | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating loss carryforwards | $ | 15,243 | $ | 9,204 | |||||||||
Research and development tax credit carryforwards | 2,582 | 2,005 | |||||||||||
Capitalized start-up costs | 2,204 | 2,426 | |||||||||||
Capitalized research and development expenses, net | 15,746 | 11,571 | |||||||||||
Accrued expenses and other temporary differences | 1,050 | 570 | |||||||||||
Total gross deferred tax assets | 36,825 | 25,776 | |||||||||||
Valuation allowance | (36,825 | ) | (25,776 | ) | |||||||||
Net deferred tax assets | $ | — | $ | — | |||||||||
Changes in Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets during the years ended December 31, 2014, 2013 and 2012 related primarily to the increase in net operating loss carryforwards, capitalized research and development expenses and research and development tax credit carryforwards and were as follows: | ||||||||||||
Year Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Valuation allowance as of beginning of year | $ | 25,776 | $ | 19,815 | $ | 14,171 | |||||||
Decreases recorded as benefit to income tax provision | — | — | — | ||||||||||
Increases recorded to income tax provision | 11,049 | 5,961 | 5,644 | ||||||||||
Valuation allowance as of end of year | $ | 36,825 | $ | 25,776 | $ | 19,815 | |||||||
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Data | |||||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, | Sept. 30, | June 30, | Mar 31, | Dec. 31, | Sept. 30, | June 30, | Mar 31, | ||||||||||||||||||||||||||
2014 | 2014 | 2014 | 2014 | 2013 | 2013 | 2013 | 2013 | ||||||||||||||||||||||||||
Statements of Operations Data: | |||||||||||||||||||||||||||||||||
Revenue | $ | 505 | $ | 143 | $ | 97 | $ | 27 | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||
Loss from operations | (7,547 | ) | (6,776 | ) | (5,946 | ) | (6,825 | ) | (3,419 | ) | (3,435 | ) | (2,989 | ) | (3,060 | ) | |||||||||||||||||
Net loss | (7,954 | ) | (7,294 | ) | (6,392 | ) | (7,008 | ) | (3,505 | ) | (3,522 | ) | (3,090 | ) | (3,200 | ) | |||||||||||||||||
Net loss attributable to common stockholders | (7,954 | ) | (7,294 | ) | (6,397 | ) | (7,014 | ) | (3,510 | ) | (3,527 | ) | (3,099 | ) | (3,208 | ) | |||||||||||||||||
Basic and diluted net loss attributable to common stockholders per share | $ | (0.37 | ) | $ | (0.48 | ) | $ | (2.10 | ) | $ | (2.45 | ) | $ | (1.32 | ) | $ | (1.34 | ) | $ | (1.19 | ) | $ | (1.26 | ) |
Nature_of_the_Business_and_Bas1
Nature of the Business and Basis of Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Jul. 30, 2014 | Aug. 19, 2014 |
Class of Stock [Line Items] | ||||
Proceeds from issuance of shares | $69,518 | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Initial public offering, shares issued | 5,750,000 | 41,666 | ||
Number of common shares issued on conversion of redeemable convertible preferred stock | 12,440,205 | |||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from issuance of shares | 57,337 | |||
IPO [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Initial public offering, shares issued | 5,000,000 | |||
Common stock, price per share | $13 | |||
Number of common shares issued on conversion of redeemable convertible preferred stock | 12,440,205 | |||
Over-allotment Option [Member] | ||||
Class of Stock [Line Items] | ||||
Proceeds from issuance of shares | $9,068 | |||
Over-allotment Option [Member] | Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Initial public offering, shares issued | 750,000 | |||
Common stock, price per share | $13 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary Of Significant Accounting Policies [Line Items] | ||
Inventory Cost | $51 | |
Inventory net | 133 | |
Certificate of deposit | 228 | 228 |
Maturity period of marketable securities | 1 year | |
Marketable securities | 37,435 | 0 |
Income tax examination, likelihood of settlement, description | The amount of the benefit that may be recognized is the largest amount that has a greater than 50% likelihood of being realized upon ultimate settlement. | |
Income tax examination, likelihood of settlement, percentage | 50.00% | |
Certificates of Deposit [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Certificate of deposit | 60 | 60 |
Certificate of deposit | $228 | $228 |
Minimum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property and equipment, estimated useful life | 3 years | |
Maximum [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property and equipment, estimated useful life | 5 years |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Summary of Marketable Securities by Security Type (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $37,435 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 37,435 |
United States Treasury Notes [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 10,026 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | 10,026 |
Agency Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 27,409 |
Gross Unrealized Gains | 0 |
Gross Unrealized Losses | 0 |
Estimated Fair Value | $27,409 |
Fair_Value_of_Financial_Assets2
Fair Value of Financial Assets and Liabilities - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Marketable securities | $37,435 | $0 |
Recurring Basis [Member] | ||
Assets: | ||
Total assets at fair value | 74,137 | |
Recurring Basis [Member] | Preferred Stock Warrants [Member] | ||
Liabilities: | ||
Liability for preferred stock warrants | 254 | |
Recurring Basis [Member] | Agency Bonds [Member] | ||
Assets: | ||
Cash equivalents | 7,599 | |
Marketable securities | 27,409 | |
Recurring Basis [Member] | United States Treasury Notes [Member] | ||
Assets: | ||
Marketable securities | 10,026 | |
Money Market Funds [Member] | Recurring Basis [Member] | ||
Assets: | ||
Cash equivalents | 29,103 | 17,272 |
Level 2 [Member] | Recurring Basis [Member] | ||
Assets: | ||
Total assets at fair value | 74,137 | |
Level 2 [Member] | Recurring Basis [Member] | Agency Bonds [Member] | ||
Assets: | ||
Cash equivalents | 7,599 | |
Marketable securities | 27,409 | |
Level 2 [Member] | Recurring Basis [Member] | United States Treasury Notes [Member] | ||
Assets: | ||
Marketable securities | 10,026 | |
Level 2 [Member] | Money Market Funds [Member] | Recurring Basis [Member] | ||
Assets: | ||
Cash equivalents | 29,103 | 17,272 |
Level 3 [Member] | Recurring Basis [Member] | Preferred Stock Warrants [Member] | ||
Liabilities: | ||
Liability for preferred stock warrants | $254 |
Fair_Value_of_Financial_Assets3
Fair Value of Financial Assets and Liabilities - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract] | |||
Transfers between fair value measurement levels | $0 | $0 | $0 |
Estimated dividend yield | 0.00% |
Fair_Value_of_Financial_Assets4
Fair Value of Financial Assets and Liabilities - Schedule of Aggregate Fair Values of Preferred Stock Warrants Determined by Level 3 Inputs (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning Balance | $254 | $268 | $219 |
Increase/Decrease in fair value | 380 | -14 | 49 |
Conversion of preferred stock warrants to common stock warrants (see Note 8) | -960 | ||
Ending Balance | 254 | 268 | |
Series D-1 Warrants [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Issuance of warrants | $326 |
Property_and_Equipment_net_Sch
Property and Equipment, net - Schedule of Property and Equipment, net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $4,003 | $2,579 |
Less: Accumulated depreciation | -2,221 | -1,675 |
Property and equipment, net | 1,782 | 904 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 2,606 | 1,806 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 815 | 398 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 295 | 145 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | 25 | 25 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, gross | $262 | $205 |
Property_and_EquipmentNet_Addi
Property and Equipment,Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | |||
Depreciation expense | $547 | $404 | $404 |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Accrued payroll and related expenses | $1,495 | $464 |
Accrued professional fees | 338 | 90 |
Accrued research and development expenses | 540 | 82 |
Accrued insurance | 389 | |
Accrued other | 254 | 105 |
Total | $3,016 | $741 |
Feasibility_Agreement_Addition
Feasibility Agreement - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Sep. 30, 2013 | Jan. 31, 2015 | |
Revenue Recognition [Line Items] | ||||||
Revenue recognized | $312,000 | $312,000 | ||||
Accounts receivable | 329,000 | 329,000 | 250,000 | |||
Deferred revenue | 188,000 | 188,000 | 250,000 | |||
Feasibility Agreement [Member] | Biopharmaceutical [Member] | ||||||
Revenue Recognition [Line Items] | ||||||
Maximum revenue that could be recognized | 500,000 | |||||
Revenue recognized | 250,000 | 0 | ||||
Accounts receivable | 250,000 | |||||
Deferred revenue | 250,000 | |||||
Non-Refundable revenue | 250,000 | 250,000 | ||||
Feasibility Agreement [Member] | Biotechnology [Member] | ||||||
Revenue Recognition [Line Items] | ||||||
Maximum revenue that could be recognized | 450,000 | |||||
Revenue recognized | 63,000 | |||||
Accounts receivable | 250,000 | 250,000 | ||||
Deferred revenue | 187,000 | 187,000 | ||||
Revenue recognized | 700,000 | |||||
Non-Refundable revenue | 250,000 | |||||
Non-contingent revenue | 250,000 | |||||
Feasibility Agreement [Member] | Biotechnology [Member] | Subsequent Event [Member] | ||||||
Revenue Recognition [Line Items] | ||||||
Milestone payment due | $250,000 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Apr. 17, 2014 | Jul. 31, 2014 |
Line of Credit Facility [Line Items] | |||
Exercise price of warrants granted | $6.32 | ||
Loss on extinguishment of debt | ($57) | ||
2011 Modification Agreement [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity under the agreement | 5,000 | ||
Credit facility, Monthly repayment period | 33 monthly installments | ||
Outstanding borrowings, Monthly repayment amount | 152 | ||
Outstanding borrowings, Interest rate above prime lending rate | 4.75% | ||
Outstanding borrowings, Interest rate | 8.00% | ||
Outstanding borrowings, Effective annual interest rate | 11.00% | ||
Proceeds from (repayments of) lines of credit | -1,898 | ||
Debt discount | 10 | ||
Loss on extinguishment of debt | 36 | ||
Outstanding borrowings, Principal | 1,667 | ||
Outstanding borrowings, Interest | 6 | ||
Additional final payment | 225 | ||
2011 Modification Agreement [Member] | Extinguishment of Debt [Member] | |||
Line of Credit Facility [Line Items] | |||
Fees paid to lenders | 47 | ||
2014 Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity under the agreement | 20,000 | ||
Outstanding borrowings, Monthly repayment amount | 15,000 | ||
Outstanding borrowings, Effective annual interest rate | 11.00% | ||
Loan and Security Agreement date | 17-Apr-14 | ||
Credit facility, Final payment percent of amounts drawn under the facility | 3.75% | ||
Outstanding borrowings, Interest | 3,126 | ||
Additional final payment | 563 | ||
2014 Credit Facility [Member] | Promissory Notes [Member] | |||
Line of Credit Facility [Line Items] | |||
Proceeds from (repayments of) lines of credit | 15,000 | ||
Debt instrument, Maturity date | 1-Apr-18 | ||
2014 Credit Facility [Member] | Tranche 1 Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity under the agreement | 15,000 | ||
Credit facility, Monthly repayment period | 30 consecutive, equal monthly installments | ||
Outstanding borrowings, Interest rate | 8.25% | ||
Last installment payment | 1-Mar-18 | ||
First date of principal repayment | 1-Oct-15 | ||
Warrants to purchase redeemable convertible preferred stock granted | 100,000 | ||
Exercise price of warrants granted | $3 | ||
Warrants, Date from which warrants or rights exercisable | 30-Apr-21 | ||
Grant date fair value of warrants granted as preferred stock warrant liability | 326 | ||
Debt discount | 290 | ||
2014 Credit Facility [Member] | Tranche 2 Loan [Member] | |||
Line of Credit Facility [Line Items] | |||
Borrowing capacity under the agreement | $5,000 |
Notes_Payable_Schedule_of_Annu
Notes Payable - Schedule of Annual Repayment Requirements for Credit Facility (Detail) (2014 Credit Facility [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Line of Credit Facility [Line Items] | |
Credit Facility, Principal | $15,000 |
Credit Facility, Interest and Final Payment | 3,126 |
Credit Facility, Total | 18,126 |
2015 [Member] | |
Line of Credit Facility [Line Items] | |
Credit Facility, Principal | 1,500 |
Credit Facility, Interest and Final Payment | 1,244 |
Credit Facility, Total | 2,744 |
2016 [Member] | |
Line of Credit Facility [Line Items] | |
Credit Facility, Principal | 6,000 |
Credit Facility, Interest and Final Payment | 902 |
Credit Facility, Total | 6,902 |
2017 [Member] | |
Line of Credit Facility [Line Items] | |
Credit Facility, Principal | 6,000 |
Credit Facility, Interest and Final Payment | 397 |
Credit Facility, Total | 6,397 |
2018 [Member] | |
Line of Credit Facility [Line Items] | |
Credit Facility, Principal | 1,500 |
Credit Facility, Interest and Final Payment | 583 |
Credit Facility, Total | $2,083 |
Warrants_Additional_Informatio
Warrants - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Jul. 31, 2014 |
Class of Warrant or Right [Line Items] | ||
Weighted average exercise price to purchase common stock | $6.32 | |
Warrants exercised | 0 | |
Warrants for Preferred Stock [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares called by warrants | 236,836 | |
Warrants for Common Stock [Member] | ||
Class of Warrant or Right [Line Items] | ||
Number of shares called by warrants | 89,708 |
Redeemable_Convertible_Preferr2
Redeemable Convertible Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 0 Months Ended | ||
Jul. 10, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jul. 30, 2014 | |
Class of Stock [Line Items] | |||||
Redeemable convertible preferred stock issued | 0 | 32,842,187 | |||
Proceeds from issuance of redeemable convertible preferred stock | $8,494,000 | $23,784,000 | |||
Payment of issuance costs | 3,018,000 | ||||
Reverse stock split conversion description | the Company effected a 1-for-2.64 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of Redeemable Preferred Stock. | ||||
Reverse stock split ratio | 0.378 | ||||
Reverse stock split, effective date | 10-Jul-14 | ||||
Dividends declared | 0 | ||||
Redemption description | At the written election of at least 60% of the holders of the Redeemable Preferred Stock, voting together as a single class on an as-converted basis, the shares of such Redeemable Preferred Stock outstanding were redeemable, at any time on or after May 31, 2018, in three equal annual installments commencing sixty days after receipt of the required vote, in an amount equal to the Original Issue Price per share of Redeemable Preferred Stock plus all declared but unpaid dividends thereon. | ||||
Preferred stock redemption date | 31-May-18 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Number of common shares issued on conversion of redeemable convertible preferred stock | 12,440,205 | ||||
IPO [Member] | |||||
Class of Stock [Line Items] | |||||
Reverse stock split conversion description | Each share of Redeemable Preferred Stock was convertible into common stock at the option of the stockholder at any time after the date of issuance and were automatically converted into shares of common stock upon the closing of the Companybs IPO in July 2014 on a 2.64-for-1 basis. | ||||
IPO [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable convertible preferred stock issuance price per share | $13 | ||||
Number of common shares issued on conversion of redeemable convertible preferred stock | 12,440,205 | ||||
Series D Redeemable Convertible Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable convertible preferred stock issued | 15,361,787 | 9,670,730 | |||
Redeemable convertible preferred stock issuance price per share | $2.46 | ||||
Proceeds from issuance of redeemable convertible preferred stock | 23,790,000 | ||||
Payment of issuance costs | 6,000 | ||||
Series D-1 Redeemable Convertible Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Redeemable convertible preferred stock issued | 2,833,334 | ||||
Redeemable convertible preferred stock issuance price per share | $3 | ||||
Proceeds from issuance of redeemable convertible preferred stock | 8,500,000 | ||||
Payment of issuance costs | $6,000 |
Redeemable_Convertible_Preferr3
Redeemable Convertible Preferred Stock - Summary of Redeemable Preferred Stock (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | |||
Class of Stock [Line Items] | |||
Redeemable Preferred Shares Authorized | 0 | 33,979,025 | |
Redeemable Preferred Shares Outstanding | 0 | 32,842,187 | |
Liquidation Preference | $74,436 | ||
Carrying Value | 74,344 | ||
Common Stock Issuable Upon Conversion | 12,440,205 | ||
Preferred Shares Issued | 0 | 32,842,187 | |
Series A Redeemable Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable Preferred Shares Authorized | 1,172,836 | ||
Redeemable Preferred Shares Outstanding | 1,145,836 | ||
Liquidation Preference | 1,146 | ||
Carrying Value | 1,145 | ||
Common Stock Issuable Upon Conversion | 434,028 | ||
Preferred Shares Issued | 1,145,836 | ||
Series B Redeemable Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable Preferred Shares Authorized | 3,306,189 | ||
Redeemable Preferred Shares Outstanding | 3,257,329 | ||
Liquidation Preference | 6,000 | ||
Carrying Value | 5,989 | ||
Common Stock Issuable Upon Conversion | 1,233,835 | ||
Preferred Shares Issued | 3,257,329 | ||
Series C Redeemable Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable Preferred Shares Authorized | 10,500,000 | ||
Redeemable Preferred Shares Outstanding | 10,243,901 | ||
Liquidation Preference | 21,000 | ||
Carrying Value | 20,973 | ||
Common Stock Issuable Upon Conversion | 3,880,260 | ||
Preferred Shares Issued | 10,243,901 | ||
Series D Redeemable Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable Preferred Shares Authorized | 16,000,000 | ||
Redeemable Preferred Shares Outstanding | 15,361,787 | ||
Liquidation Preference | 37,790 | ||
Carrying Value | 37,742 | ||
Common Stock Issuable Upon Conversion | 5,818,850 | ||
Preferred Shares Issued | 15,361,787 | 9,670,730 | |
Series D-1 Redeemable Convertible Preferred Stock [Member] | |||
Class of Stock [Line Items] | |||
Redeemable Preferred Shares Authorized | 3,000,000 | ||
Redeemable Preferred Shares Outstanding | 2,833,334 | ||
Liquidation Preference | 8,500 | ||
Carrying Value | $8,495 | ||
Common Stock Issuable Upon Conversion | 1,073,232 | ||
Preferred Shares Issued | 2,833,334 |
Common_Stock_and_Preferred_Sto1
Common Stock and Preferred Stock - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2012 | Aug. 19, 2014 | Jul. 30, 2014 | Dec. 31, 2013 |
Class of Stock [Line Items] | |||||
Common stock, shares authorized | 100,000,000 | 45,000,000 | |||
Preferred stock, shares authorized | 5,000,000 | 0 | |||
Preferred stock, par value | $0.00 | $0.00 | |||
Proceeds from issuance of shares | $69,518 | ||||
Voting right description | Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company's stockholders. | ||||
Common stock shares, reserved | 207,402 | ||||
2014 Stock Option Plan [Member] | |||||
Class of Stock [Line Items] | |||||
Common stock shares, reserved | 3,196,228 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares issued | 5,750,000 | 41,666 | |||
Number of common shares issued on conversion of redeemable convertible preferred stock | 12,440,205 | ||||
Common stock, shares authorized | 100,000,000 | ||||
Preferred Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Preferred stock, shares authorized | 5,000,000 | ||||
Preferred stock, par value | $0.00 | ||||
Over-allotment Option [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from issuance of shares | 9,068 | ||||
Over-allotment Option [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares issued | 750,000 | ||||
Sale price per share | $13 | ||||
IPO [Member] | |||||
Class of Stock [Line Items] | |||||
Proceeds from issuance of shares | $57,337 | ||||
IPO [Member] | Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Number of shares issued | 5,000,000 | ||||
Sale price per share | $13 | ||||
Number of common shares issued on conversion of redeemable convertible preferred stock | 12,440,205 |
StockBased_Awards_Additional_I
Stock-Based Awards - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 01, 2015 | Jun. 19, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized for issuance | 207,402 | ||||
Issuance of common stock in connection with employee stock purchase plan | $64 | ||||
Unvested service-based stock options held by nonemployees | 9,587 | ||||
Aggregate intrinsic value of stock options exercised | 323 | 38 | 6 | ||
Weighted average fair value of stock option granted | $6.55 | $1.51 | $0.87 | ||
Unrecognized stock-based compensation cost | 4,342 | ||||
Weighted average period of unrecognized stock-based compensation cost expected to be recognized | 2 years 10 months 24 days | ||||
Restricted Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Aggregate intrinsic value of restricted stock award vested | 1,142 | 278 | 10 | ||
Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of common stock in connection with employee stock purchase plan,shares | 5,395 | ||||
2006 Stock Option Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options exercise price, description | The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or their committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of stock options may not be greater than ten years. | ||||
Minimum percentage of stock option exercise price at grant date fair value | 100.00% | ||||
Stock options expiration period | 10 years | ||||
Stock options vesting period | 4 years | ||||
2006 Stock Option Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options expiration period | 10 years | ||||
2014 Stock Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized for issuance | 1,336,907 | ||||
Number of shares of common stock authorized for issuance | 1,292,522 | ||||
2014 Stock Incentive Plan [Member] | Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional number of shares authorized for issuance | 790,000 | ||||
2014 Stock Incentive Plan [Member] | Scenario, Forecast [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized for issuance | 1,659,218 | ||||
Additional number of shares of common stock , percentage | 4.00% | ||||
2014 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized for issuance | 207,402 | ||||
2014 Employee Stock Purchase Plan [Member] | Common Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized for issuance | 202,007 | ||||
Additional number of shares authorized for issuance | 25,000 | ||||
Issuance of common stock in connection with employee stock purchase plan,shares | 5,395 | ||||
Issuance of common stock in connection with employee stock purchase plan | $64 | ||||
2014 Employee Stock Purchase Plan [Member] | Scenario, Forecast [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Additional number of shares of common stock , percentage | 0.50% |
StockBased_Awards_Schedule_of_
Stock-Based Awards - Schedule of Fair Value of Stock Options Weighted Average (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Risk-free interest rate | 2.24% | 1.23% | 1.51% |
Expected term (in years) | 5 years 11 months 16 days | 5 years 4 months 17 days | 6 years 3 months |
Expected volatility | 76.50% | 74.60% | 70.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
StockBased_Awards_Schedule_of_1
Stock-Based Awards - Schedule of Stock Option Activity (Detail) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Shares Issuable Under Options, Beginning balance | 924,132 | |
Shares Issuable Under Options, Granted | 753,886 | |
Shares Issuable Under Options, Exercised | -44,094 | |
Shares Issuable Under Options, Forfeited | -21,933 | |
Shares Issuable Under Options, Ending balance | 1,611,991 | 924,132 |
Shares Issuable Under Options, Vested and expected to vest | 1,603,423 | |
Shares Issuable Under Options, Exercisable | 651,303 | |
Weighted Average Exercise Price, Beginning balance | $1.69 | |
Weighted Average Exercise Price, Granted | $9.35 | |
Weighted Average Exercise Price, Exercised | $0.78 | |
Weighted Average Exercise Price, Forfeited | $5.56 | |
Weighted Average Exercise Price, Ending balance | $5.24 | $1.69 |
Weighted Average Exercise Price, Vested and expected to vest | $5.26 | |
Weighted Average Exercise Price, Exercisable | $1.72 | |
Weighted Average Remaining Contractual Term, Beginning balance | 6 years 6 months | 7 years |
Weighted Average Remaining Contractual Term, Vested and Expected to vest | 6 years 6 months | |
Weighted Average Remaining Contractual Term, Exercisable | 4 years 9 months 18 days | |
Aggregate Intrinsic Value, Beginning balance | $1,986 | |
Aggregate Intrinsic Value, Ending balance | 29,464 | 1,986 |
Aggregate Intrinsic Value, Vested and Expected to vest | 29,279 | |
Aggregate Intrinsic Value, Exercisable | $14,196 |
StockBased_Awards_Schedule_of_2
Stock-Based Awards - Schedule of Restricted Stock Activity (Detail) (Restricted Common Stock [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Restricted Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested restricted common stock, Shares, Issued | 123,134 |
Unvested restricted common stock, Shares, Vested | -94,697 |
Unvested restricted common stock, Shares, Forfeited | 0 |
Unvested restricted common stock, Shares, Ending balance | 28,437 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Issued | $8.80 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Vested | $8.80 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Forfeited | $0 |
Unvested restricted common stock, Weighted Average Grant Date Fair Value, Ending balance | $8.80 |
StockBased_Awards_Schedule_of_3
Stock-Based Awards - Schedule of Stock-Based Compensation Expense Related to Stock Options, Vesting of Restricted Common Stock and Grants of Common Stock (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $2,644 | $476 | $243 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 397 | 70 | 67 |
Selling and Marketing Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 68 | 22 | 28 |
General and Administrative Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $2,179 | $384 | $148 |
Net_Loss_Per_Share_and_Unaudit2
Net Loss Per Share and Unaudited Pro Forma Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net loss | ($7,954) | ($7,294) | ($6,392) | ($7,008) | ($3,505) | ($3,522) | ($3,090) | ($3,200) | ($28,648) | ($13,317) | ($14,093) |
Accretion of redeemable convertible preferred stock to redemption value | -11 | -27 | -35 | ||||||||
Net loss attributable to common stockholders | ($7,954) | ($7,294) | ($6,397) | ($7,014) | ($3,510) | ($3,527) | ($3,099) | ($3,208) | ($28,659) | ($13,344) | ($14,128) |
Weighted average common shares outstanding, basic and diluted | 10,652,865 | 2,609,020 | 2,522,564 | ||||||||
Net loss per share attributable to common stockholders, basic and diluted | ($0.37) | ($0.48) | ($2.10) | ($2.45) | ($1.32) | ($1.34) | ($1.19) | ($1.26) | ($2.69) | ($5.11) | ($5.60) |
Net_Loss_Per_Share_and_Unaudit3
Net Loss Per Share and Unaudited Pro Forma Net Loss Per Share - Schedule of Antidilutive Securities, Excluded from Computation of Diluted Net Loss per Share (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock | 1,730,136 | 13,416,167 | 12,041,172 |
Equity Option [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock | 1,611,991 | 924,132 | 615,377 |
Non Vested Restricted Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock | 28,437 | 6,992 | |
Series A, B, C, D and D-1 Redeemable Convertible Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock | 12,440,205 | 11,366,973 | |
Series A, B, C, D and D-1 Redeemable Convertible Preferred Stock [Member] | Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock | 51,830 | 51,830 | |
Common Stock [Member] | Warrant [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Total options, warrants and redeemable convertible preferred stock exercisable or convertible into common stock and restricted stock | 89,708 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2014 |
Commitments And Contingencies [Line Items] | ||||
Non-cancelable operating leases expiration | June 2017 and June 2018 | |||
Lease amendment date | 25-Apr-14 | |||
Lease expiration date | 2017-06 | |||
Lease expiration extension date | 2018-06 | |||
Rental expense | $649 | $448 | $436 | |
Common Stock [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Common stock, shares issued | 79,545 | |||
Incept [Member] | Common Stock [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Common stock, shares issued | 189,393 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Summary of Future Minimum Lease Payments for Operating Leases (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $802 |
2016 | 820 |
2017 | 676 |
2018 | 262 |
Total | $2,560 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | |||
Income tax benefit | $0 | $0 | $0 |
Net operating loss for federal and state income tax | 15,243,000 | 9,204,000 | |
Research and development tax credit carryforwards for federal and state income tax | 2,582,000 | 2,005,000 | |
Increased ownership percentage | 50.00% | ||
Unrealized net operating loss carryforwards | 114,000 | ||
Federal [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss for federal and state income tax | 39,231,000 | ||
Operating loss carryforwards,expiration period | 2026 | ||
Research and development tax credit carryforwards for federal and state income tax | 1,784,000 | ||
Research and development tax credit carryforwards,expiration period | 2026 | ||
State [Member] | |||
Income Tax Contingency [Line Items] | |||
Net operating loss for federal and state income tax | 36,923,000 | ||
Operating loss carryforwards,expiration period | 2030 | ||
Research and development tax credit carryforwards for federal and state income tax | $1,208,000 | ||
Research and development tax credit carryforwards,expiration period | 2024 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory income tax rate | -34.00% | -34.00% | -34.00% |
Federal and state research and development tax credit | -2.50% | -6.60% | -1.20% |
State taxes, net of federal benefit | -4.60% | -4.80% | -5.10% |
Stock-based compensation | 1.60% | 1.30% | 0.30% |
Other | 0.80% | ||
Change in deferred tax asset valuation allowance | 38.70% | 44.10% | 40.00% |
Effective income tax rate | 0.00% | 0.00% | 0.00% |
Income_Taxes_Net_Deferred_Tax_
Income Taxes - Net Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Income Tax Disclosure [Abstract] | ||||
Net operating loss carryforwards | $15,243 | $9,204 | ||
Research and development tax credit carryforwards | 2,582 | 2,005 | ||
Capitalized start-up costs | 2,204 | 2,426 | ||
Capitalized research and development expenses, net | 15,746 | 11,571 | ||
Accrued expenses and other temporary differences | 1,050 | 570 | ||
Total gross deferred tax assets | 36,825 | 25,776 | ||
Valuation allowance | -36,825 | -25,776 | -19,815 | -14,171 |
Net deferred tax assets | $0 | $0 |
Income_Taxes_Changes_in_Valuat
Income Taxes - Changes in Valuation Allowance for Deferred Tax Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Valuation allowance as of beginning of year | $25,776 | $19,815 | $14,171 |
Decreases recorded as benefit to income tax provision | 0 | 0 | 0 |
Increases recorded to income tax provision | 11,049 | 5,961 | 5,644 |
Valuation allowance as of end of year | $36,825 | $25,776 | $19,815 |
401k_Savings_Plan_Additional_I
401(k) Savings Plan - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
Contributions to savings plan | $0 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Feb. 12, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Common Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock, shares issued | 79,545 | |||
Research and Development Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fair value of shares issued | $1,665 | |||
Research and Development Expense [Member] | Common Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock, shares issued | 189,393 | |||
General and Administrative Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fair value of shares issued | 699 | 699 | ||
General and Administrative Expense [Member] | Common Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock, shares issued | 79,545 | |||
Receivables [Member] | ||||
Related Party Transaction [Line Items] | ||||
Invoiced consulting and other services | 82 | 232 | 366 | |
Payables [Member] | Legal Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Invoiced consulting and other services | 27 | 0 | 0 | |
Payables [Member] | Consultant Fees [Member] | ||||
Related Party Transaction [Line Items] | ||||
Invoiced consulting and other services | 0 | 14 | 0 | |
Incept [Member] | Common Stock [Member] | ||||
Related Party Transaction [Line Items] | ||||
Common stock, shares issued | 189,393 | |||
Incept [Member] | Research and Development Expense [Member] | ||||
Related Party Transaction [Line Items] | ||||
Fair value of shares issued | 1,665 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data (Unaudited) - Schedule of Quarterly Financial Data (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statements of Operations Data: | |||||||||||
Revenue | $505 | $143 | $97 | $27 | $772 | $10 | |||||
Loss from operations | -7,547 | -6,776 | -5,946 | -6,825 | -3,419 | -3,435 | -2,989 | -3,060 | -27,094 | -12,903 | -13,671 |
Net loss | -7,954 | -7,294 | -6,392 | -7,008 | -3,505 | -3,522 | -3,090 | -3,200 | -28,648 | -13,317 | -14,093 |
Net loss attributable to common stockholders | ($7,954) | ($7,294) | ($6,397) | ($7,014) | ($3,510) | ($3,527) | ($3,099) | ($3,208) | ($28,659) | ($13,344) | ($14,128) |
Basic and diluted net loss attributable to common stockholders per share | ($0.37) | ($0.48) | ($2.10) | ($2.45) | ($1.32) | ($1.34) | ($1.19) | ($1.26) | ($2.69) | ($5.11) | ($5.60) |
Selected_Quarterly_Financial_D3
Selected Quarterly Financial Data (Unaudited) - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 |
Quarterly Financial Information Disclosure [Abstract] | ||
Collaboration revenue | $312 | $312 |