Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 08, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SNDX | |
Entity Registrant Name | SYNDAX PHARMACEUTICALS INC | |
Entity Central Index Key | 1,395,937 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,782,150 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 14,441 | $ 23,179 |
Restricted cash | 54 | 54 |
Short-term investments | 111,016 | 63,310 |
Prepaid expenses and other current assets | 1,868 | 1,464 |
Total current assets | 127,379 | 88,007 |
Property and equipment, net | 304 | 88 |
Other assets | 173 | 1,808 |
Total assets | 127,856 | 89,903 |
Current liabilities: | ||
Accounts payable | 1,588 | 1,452 |
Accrued expenses and other current liabilities | 3,745 | 2,175 |
Current portion of deferred revenue | 1,220 | 1,220 |
Total current liabilities | 6,553 | 4,847 |
Long-term liabilities: | ||
Common stock warrant liability | 2,848 | |
Deferred revenue, less current portion | 14,830 | 15,440 |
Other long-term liabilities | 232 | 70 |
Total long-term liabilities | 15,062 | 18,358 |
Total liabilities | 21,615 | 23,205 |
Commitments | ||
Convertible preferred stock | 319,113 | |
Stockholders' equity (deficit): | ||
Preferred stock, value | ||
Common stock, $0.0001 par value, 100,000,000 and 20,800,000 shares authorized; 17,770,538 and 85,440 shares outstanding at June 30, 2016 and December 31, 2015, respectively | 2 | 1 |
Additional paid-in capital | 385,556 | |
Accumulated other comprehensive income | 192 | 28 |
Accumulated deficit | (279,509) | (259,675) |
Total stockholders' equity (deficit) | 106,241 | (252,415) |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | $ 127,856 | 89,903 |
Series A Convertible Preferred Stock [Member] | ||
Stockholders' equity (deficit): | ||
Preferred stock, value | 7,231 | |
Total stockholders' equity (deficit) | $ 7,231 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 20,800,000 |
Common stock, shares outstanding | 17,770,538 | 85,440 |
Series A Convertible Preferred Stock [Member] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 0 | 3,512,194 |
Preferred stock, shares issued | 0 | 700,435 |
Preferred stock, shares outstanding | 0 | 700,435 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenue: | ||||
License fees | $ 305 | $ 17 | $ 610 | $ 17 |
Total revenues | 305 | 17 | 610 | 17 |
Operating expenses: | ||||
Research and development | 6,131 | 2,271 | 10,917 | 3,994 |
General and administrative | 2,808 | 3,288 | 7,080 | 5,999 |
Total operating expenses | 8,939 | 5,559 | 17,997 | 9,993 |
Loss from operations | (8,634) | (5,542) | (17,387) | (9,976) |
Other income (expense): | ||||
Interest income (expense), net | 276 | (322) | 420 | (661) |
Change in fair value of common stock warrant liability | (346) | (1,703) | (478) | |
Other expense | (4) | (18) | (10) | |
Total other income (expense) | 276 | (672) | (1,301) | (1,149) |
Net loss | (8,358) | (6,214) | (18,688) | (11,125) |
Other comprehensive (loss) income: | ||||
Unrealized (losses) gains on marketable securities | (36) | (11) | 164 | (8) |
Comprehensive loss | (8,394) | (6,225) | (18,524) | (11,133) |
Net loss attributable to common stockholders | $ (8,358) | $ (26,338) | $ (21,286) | $ (38,410) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.47) | $ (440.52) | $ (1.91) | $ (649.30) |
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders-basic and diluted | 17,769,514 | 59,788 | 11,155,525 | 59,156 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (18,688) | $ (11,125) |
Adjustments to reconcile net loss to net cash from operating activities: | ||
Depreciation, amortization and accretion | 57 | 267 |
Stock-based compensation | 2,969 | 1,424 |
Change in fair value of warrants and derivative | 1,703 | 478 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (394) | (454) |
Accounts payable | (54) | 350 |
Deferred revenue | (610) | 17,270 |
Accrued expenses and other liabilities | 1,707 | (1,170) |
Net cash (used in) provided by operating activities | (13,293) | 7,049 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (206) | (5) |
Purchases of short-term investments | (109,932) | (42,038) |
Proceeds from sales and maturities of short-term investments | 62,377 | 5,345 |
Net cash used in investing activities | (47,761) | (36,698) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock in initial public stock offering, net | 52,318 | |
Proceeds from issuance of convertible preferred stock | 26,378 | |
Proceeds from stock option exercises | 12 | |
Other | (2) | (1) |
Net cash provided by financing activities | 52,316 | 26,389 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (8,738) | (3,260) |
CASH AND CASH EQUIVALENTS-beginning of period | 23,179 | 10,009 |
CASH AND CASH EQUIVALENTS-end of period | $ 14,441 | $ 6,749 |
Nature of Business
Nature of Business | 6 Months Ended |
Jun. 30, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business Syndax Pharmaceuticals, Inc. (the “Company”) is a clinical stage biopharmaceutical company focused on developing an innovative pipeline of combination therapies in multiple cancer indications. The Company was incorporated under the laws of the State of Delaware on October 11, 2005 (date of inception) and is headquartered in Waltham, Massachusetts. Our lead product candidate, entinostat, which was granted Breakthrough Therapy designation by the U.S. Food and Drug Administration (“FDA”) following positive results from the Company’s Phase 2b clinical trial, ENCORE 301, is currently being evaluated in a Phase 3 clinical trial for advanced hormone receptor positive breast cancer. The Company is developing entinostat, which has direct effects on both cancer cells and immune regulatory cells, to potentially enhance the body’s immune response on tumors that have shown sensitivity to immunotherapy. Entinostat is also being evaluated as a combination therapy in Phase 1b/2 clinical trials with (i) Merck & Co., Inc. (“Merck”) for patients with non-small cell lung cancer and melanoma, (ii) Genentech, Inc. for patients with triple negative breast cancer (“TNBC”), and (iii) Pfizer Inc. and Merck KGaA, Darmstadt, Germany, for patients with ovarian cancer. On July 1, 2016, the Company entered into a license agreement with UCB Biopharma Sprl (“UCB”) under which UCB granted to the Company a worldwide, sublicenseable, exclusive license to UCB6352, which the Company will refer to as SNDX-6352, an IND-ready anti-CSF-1R monoclonal antibody. Concurrently with the development of entinostat, the Company is also developing SNDX-6352 to potentially enhance the body’s immune response on tumors that have shown sensitivity to immunotherapy. The Company believes that SNDX-6352 has the potential to be used to treat a variety of cancer indications in combination with other oncology agents, including immune checkpoint inhibitors, radiation, chemotherapy and entinostat. We expect to begin the Phase 1 single ascending dose study with SNDX-6352 in healthy volunteers to determine safety and pharmacokinetics during the fourth quarter of 2016. In March 2016, the Company completed its initial public offering (“IPO”) whereby it sold 4,809,475 shares of common stock at the initial public offering price of $12.00 per share, which included 409,475 shares issued pursuant to the underwriters’ partial exercise of their over-allotment option to purchase additional shares of common stock. The aggregate net proceeds received by the Company from the offering were $50.5 million, net of underwriting discounts and commissions of $4.0 million and offering expenses of $3.1 million. Upon the closing of the IPO, all outstanding shares of the Company’s outstanding convertible preferred stock converted into 12,872,551 shares of common stock; and the Company’s outstanding warrant liability to purchase 357,840 shares of the Company’s common stock valued at $4.6 million was reclassified to additional paid-in capital. The shares trade on the Nasdaq Global Select Market under the symbol “SNDX.” In connection with the closing of the Company’s IPO, the Company filed an amended and restated certificate of incorporation and adopted amended and restated bylaws, both of which were approved by the Company’s board of directors and stockholders on September 28, 2015 and February 24, 2016, respectively. Pursuant to the amended and restated certificate of incorporation, the Company is now authorized to issue 100,000,000 of common stock and 10,000,000 shares of preferred stock. Since its inception, the Company has devoted its efforts principally to research and development and raising capital. The Company is subject to risks common to companies in the development stage, including, but not limited to, successful development of therapeutics, obtaining additional funding, protection of proprietary therapeutics, compliance with government regulations, fluctuations in operating results, dependence on key personnel and collaborative partners, and risks associated with industry changes. The Company’s long-term success is dependent upon its ability to successfully develop and market its product candidates, expand its oncology drug pipeline, earn revenue, obtain additional capital when needed, and ultimately, achieve profitable operations. The Company anticipates that it will be several years before either entinostat or SNDX-6352 are approved, if ever, and the Company begins to generate revenue from sales of entinostat and SNDX-6352. Accordingly, management expects to incur substantial losses on the ongoing development of entinostat and SNDX-6352 and does not expect to achieve positive cash flow from operations for the foreseeable future, if ever. As a result, the Company will continue to require additional capital to move forward with its business plan. While certain amounts of this additional capital were raised in the past, there can be no assurance that funds necessary beyond these amounts will be available in amounts or on terms sufficient to ensure ongoing operations. The Company’s management believes that the cash, cash equivalents and short-term investments balances as of June 30, 2016 should enable the Company to maintain its planned operations for at least the next 12 months. The Company’s ability to fund all of its planned operations internally beyond that date, including the completion of its ongoing and planned clinical trial activities may be substantially dependent upon whether the Company can obtain sufficient funding on terms acceptable to the Company. Proceeds from additional capital transactions would allow the Company to accelerate and/or expand its planned research and development activities. In the event that sufficient funds were not available, the Company may be required to delay or reduce expenditures to conserve cash, which could involve scaling back or curtailing development and general and administrative activities. |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | 2. Basis of Presentation The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Certain amounts have been reclassified to conform to the current period presentation. The interim unaudited condensed financial statements have been prepared on the same basis as the annual audited financial statements; and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2016, and the results of operations, comprehensive loss, and cash flows for the three and six months ended June 30, 2016 and 2015. The results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2015, and the notes thereto, which are included in the Company’s Prospectus that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-208861), which was filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424 on March 3, 2016 (the “Prospectus”). In 2011, the Company established a wholly owned subsidiary in the United Kingdom. There have been no activities for this entity to date. In 2014, the Company established a wholly owned U.S. subsidiary, Syndax Securities Corporation. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. On February 24, 2016, the Company effected a 1-for-1.25 reverse stock split of the Company’s outstanding common stock and convertible preferred stock. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. All of the Company’s historical share and per share information shown in the accompanying financial statements and related notes have been retroactively adjusted to give effect to this reverse stock split. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Significant Accounting Policies — Use of Estimates Other Assets Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Revenue Recognition, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 4. Net Loss per Share Attributable to Common Stockholders Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. Because the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods. The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except share and per share data) Numerator—basic and diluted: Net loss $ (8,358 ) $ (6,214 ) $ (18,688 ) $ (11,125 ) Accretion of convertible preferred stock dividends — (1,929 ) (2,598 ) (3,678 ) Accretion of convertible preferred stock to redemption value — (18,195 ) — (23,607 ) Net loss attributable to common stockholders—basic and diluted $ (8,358 ) $ (26,338 ) $ (21,286 ) $ (38,410 ) Net loss per share attributable to common stockholders—basic and diluted $ (0.47 ) $ (440.52 ) $ (1.91 ) $ (649.30 ) Denominator—basic and diluted: Weighted-average common shares used to compute net loss per share—basic and diluted 17,769,514 59,788 11,155,525 59,156 The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares): June 30, 2016 2015 Convertible preferred stock — 8,494,649 Options to purchase common stock 2,715,428 1,787,581 Common stock warrants 357,840 184,257 Restricted stock subject to future vesting 11,612 — |
Significant Agreements
Significant Agreements | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Significant Agreements | 5. Significant Agreements Kyowa Hakko Kirin Co., Ltd. – The purchase of the Series B-1 and the upfront payment of the license fee were accounted for separately. The Company allocated the amount of consideration related to Series B-1 equal to the fair value of the Series B-1 shares on the Effective Date based on a share price of $14.39 per share, which resulted in $7.7 million of proceeds allocated to the Series B-1 and the remaining consideration of $17.3 million allocated to the upfront license fee. The fair value of the Series B-1 of $14.39 per share was based on a contemporaneous valuation. The Company received $7.5 million and issued the Series B-1 in January 2015 and received the remaining $17.5 million in February 2015. On the date of issuance, the Company recorded accretion of $5.4 million to record the Series B-1 at its redemption value. The Company has concluded that this agreement is within the scope of ASC 605-25, Revenue Recognition, Multiple-Element Arrangements In June 2015, the Company began delivering clinical materials to KHK and commenced recognizing revenue from the upfront consideration of $17.3 million. For the three and six months ended June 30, 2016, the Company recognized $0.3 million and $0.6 million, respectively, of revenue associated with the KHK License Agreement. As of June 30, 2016, there was $16.1 million of deferred revenue related to the KHK License Agreement, which is classified as current or long-term in the condensed consolidated balance sheets. Eastern Cooperative Oncology Group Data and inventions from the Phase 3 clinical trial are owned by ECOG-ACRIN. The Company has access to the data generated in the clinical trial, both directly from ECOG-ACRIN under the ECOG Agreement as well as from the NCI. Additionally, ECOG-ACRIN has granted the Company a non-exclusive royalty-free license to any inventions or discoveries that are derived from entinostat as a result of its use during the clinical trial, along with a first right to negotiate an exclusive license to any of these inventions or discoveries. Either party may terminate the ECOG Agreement in the event of an uncured material breach by the other party or if the FDA or NCI withdraws the authorization to perform the clinical trial in the United States. The parties may jointly terminate the ECOG Agreement if the parties agree that safety-related issues support termination of the clinical trial. The Company records the appropriate clinical trial expenses in its financial statements by matching those expenses with the period in which the services and efforts are expended. The Company accounts for these expenses according to the progress of the clinical trial as measured by patient enrollment and the timing of various aspects of the clinical trial. The Company determines accrual estimates through financial models, taking into account discussion with applicable personnel and ECOG-ACRIN as to the progress or state of consummation of the clinical trial or the services completed. Bayer Pharma AG (formerly known as Bayer Schering Pharma AG) In connection with the Bayer Agreement, the Company issued to Bayer a warrant to purchase the number of shares of the Company’s common stock equal to 1.75% of the shares of common stock outstanding on a fully diluted basis as of the earlier of the date the warrant is exercised or the closing of the IPO. Upon the closing of the IPO, the total number of shares of the Company’s common stock issuable upon exercise of the warrant was set at 357,840. Prior to the closing of the IPO, the warrant contained anti-dilution protection to maintain Bayer’s potential ownership at 1.75% of the shares of common stock outstanding on a fully diluted basis, which requires that the actual number of shares of common stock issuable pursuant to the warrant be increased or decreased for any changes in the fully diluted shares of common stock outstanding. The warrant is exercisable at an exercise price of $1.54 per share and expires upon the earlier of the 10-year anniversary of the closing of the IPO or the date of the consummation of a disposition transaction. The warrant was classified as a long-term liability and recorded at fair value with the changes in the fair value recorded in other expense. The Company used the Black-Scholes option-pricing model to determine the fair value of the warrant. Upon the closing of the IPO, the anti-dilution protection for the warrant expired, resulting in the reclassification of the warrant liability to additional paid-in capital. The warrant was re-measured on March 8, 2016, using current assumptions just prior to the reclassification. The total shares exercisable under the warrant, the fair value associated with the warrant and the Black-Scholes option-pricing model assumptions used to value the shares of common stock issuable pursuant to the warrant were as follows: Total Shares of Average Fair Value Estimated Risk-Free Estimated Estimated (in years) Fair Value (In thousands, except share and per share data) June 30, 2015 184,257 $ 1.54 $ 7.20 74 % 2.06 % 0.0 % 7.00 $ 1,171 March 8, 2016 357,840 $ 1.54 $ 13.55 69 % 1.82 % 0.0 % 10.00 $ 4,551 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements The carrying amounts of cash and cash equivalents, restricted cash, accounts payable, and accrued expenses approximated their estimated fair values due to the short-term nature of these financial instruments. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs. The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: Level 1— Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities. Level 2— Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3— Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. During the periods presented, the Company has not changed the manner in which it values assets and liabilities that are measured at fair value using Level 3 inputs. The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy for any of periods presented. A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Fair Value Measurements Using Quoted Significant Prices Other Significant Total in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2015 Assets: Cash equivalents $ 23,154 $ 9,208 $ 13,946 $ — Short-term investments 63,310 — 63,310 — Total assets $ 86,464 $ 9,208 $ 77,256 $ — Liabilities: Derivative liability $ 133 $ — $ — $ 133 Common stock warrant liability 2,848 — — 2,848 Total liabilities $ 2,981 $ — $ — $ 2,981 June 30, 2016 Assets: Cash equivalents $ 13,641 $ 12,938 $ 703 $ — Short-term investments 111,016 — 111,016 — Total assets $ 124,657 $ 12,938 $ 111,719 $ — Cash equivalents of $12.9 million as of June 30, 2016 and $9.2 million as of December 31, 2015 consisted of money market funds and are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Cash equivalents of $0.7 million as of June 30, 2016 and $13.9 million as of December 31, 2015 consisted of highly rated corporate bonds and are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. Short-term investments of $111.0 million as of June 30, 2016 and $63.3 million as of December 31, 2015 consisted of commercial paper and highly rated corporate bonds and are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies. The short-term investments are classified as available-for-sale securities. As of June 30, 2016, the remaining contractual maturities of the available-for-sale securities were less than one year, and the balance in the Company’s accumulated other comprehensive income was comprised solely of activity related to the Company’s available-for-sale securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale securities during the three and six months ended June 30, 2016 and 2015; and as a result, the Company did not reclassify any amounts out of accumulated other comprehensive income for the same periods. The Company has a limited number of available-for-sale securities in insignificant loss positions as of June 30, 2016, which the Company does not intend to sell and has concluded it will not be required to sell before recovery of the amortized cost for the investment at maturity. The following table summarizes the available-for-sale securities: Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) December 31, 2015 Commercial paper $ 28,980 $ 48 $ — $ 29,028 Corporate bonds 34,302 — (20 ) 34,282 $ 63,282 $ 48 $ (20 ) $ 63,310 June 30, 2016 Commercial paper $ 67,987 $ 191 $ — $ 68,178 Corporate bonds 42,837 13 (12 ) 42,838 $ 110,824 $ 204 $ (12 ) $ 111,016 A roll-forward of the recurring fair value measurements of the common stock warrant liability and the derivative liability categorized with Level 3 inputs is as follows: Common Stock Derivative (In thousands) Balance — December 31, 2014 $ 693 $ 126 Change in fair value 478 8 Balance—June 30, 2015 $ 1,171 $ 134 Common Stock Derivative (In thousands) Balance — December 31, 2015 $ 2,848 $ 133 Change in fair value 1,703 17 Reclassification (4,551 ) (150 ) Balance—June 30, 2016 $ — $ — The common stock warrant liability was recorded at fair value determined by using the Black-Scholes option-pricing model. This method of valuation involves using inputs such as the fair value of the Company’s common stock, stock price volatility, the contractual term of the warrant, risk-free interest rates, and dividend yields. Due to the nature of these inputs, the valuation of the warrants was considered a Level 3 measurement. Upon the closing of the IPO, the warrant was reclassified to additional paid-in capital. See Note 5 for further discussion of the accounting for the Bayer common stock warrant as well as for a summary of the significant inputs and assumptions used to determine the fair value of the warrant. The derivative liability related to the contingent success fee owed under the term loans. Upon the completion of an IPO or upon the occurrence of certain change of control or liquidation events, the Company is required to pay a $0.2 million success fee. The Company had recorded the success fee as a derivative financial liability. The initial fair value of the derivative of $0.1 million had been recorded as a debt discount. The term loans were paid in full in October 2015; however, the liability for the success fee survived the repayment of the term loans. Upon completion of the IPO this is no longer accounted for as a derivative, and the success fee of $0.2 million that is payable in June 2018 is included in other long-term liabilities. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 7. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Short-term deposits $ 437 $ 805 Prepaid insurance 435 34 Interest receivable on short-term investments 270 258 Prepaid clinical supplies 538 210 Other 188 157 Total prepaid expenses and other current assets $ 1,868 $ 1,464 |
Accrued Expenses and Other Curr
Accrued Expenses and Other Current Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Current Liabilities | 8. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Accrued clinical costs $ 2,407 $ 574 Accrued professional fees 383 561 Accrued compensation and related costs 736 698 Other 219 342 Total accrued expenses $ 3,745 $ 2,175 |
Convertible Preferred Stock
Convertible Preferred Stock | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Convertible Preferred Stock | 9. Convertible Preferred Stock Convertible preferred stock consisted of the following as of December 31, 2015: Preferred Issuance Date Preferred Liquidation Carrying (In thousands, except share and per share data) Series A-1 3,160,975 March 2013 2,801,745 $ 48,032 $ 65,666 Series B 3,382,113 March and August 2013 272,240 $ 2,933 $ 5,084 Series B-1 3,965,411 March, April, July, August and November 2013 and January 2015 3,568,020 $ 96,348 $ 96,348 Series C-1 6,090,481 June and August 2015 6,090,461 $ 152,015 $ 152,015 Total $ 319,113 Series A 3,512,194 March and August 2013 700,435 $ — $ 7,231 Upon the closing of the IPO, all of the outstanding shares of the Company’s convertible preferred stock were converted into 12,872,551 shares of its common stock. As of June 30, 2016, the Company does not have any convertible preferred stock issued or outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation In September 2015, the Company’s board of directors adopted its 2015 Omnibus Incentive Plan (“2015 Plan”), which was subsequently approved by its stockholders and became effective upon the closing of the IPO on March 8, 2016. The 2015 Plan replaces the 2007 Stock Plan (“2007 Plan”). The 2015 Plan allows for the granting of incentive stock options, nonqualified stock options, stock appreciation rights, restricted stock, unrestricted stock, stock units, dividend equivalent rights, performance awards, annual incentive awards, and other equity-based awards to the Company’s executives and other employees, non-employee members of the board of directors, and consultants of the Company. Any options or awards outstanding under the Company’s 2007 Plan remain outstanding and effective. Any shares of common stock related to awards outstanding under the 2007 Plan that thereafter terminate by expiration, forfeiture, cancellation or otherwise without the issuance of such shares will be added to, and included in, the 2015 Plan reserve amount. The Company initially reserved 1,750,000 shares of its common stock for the issuance of awards under the 2015 Plan. The 2015 Plan provides that the number of shares reserved and available for issuance under the 2015 Plan will automatically increase each January 1, beginning on January 1, 2017, by 4% of the outstanding number of shares of common stock on the immediately preceding December 31 or such lesser number of shares as determined by the Company’s board of directors. As of June 30, 2016, there were 1,752,111 shares available for issuance under the 2015 Plan. The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees in the condensed consolidated statements of comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Research and development $ 256 $ 229 $ 479 $ 293 General and administrative 523 871 2,490 1,131 Total $ 779 $ 1,100 $ 2,969 $ 1,424 During the six months ended June 30, 2016, the Company granted options to purchase 186,180 shares of its common stock to certain executives and employees. The grant date fair value of these options was $1.4 million, or $7.41 per share on a weighted-average basis, and will be recognized as compensation expense over the requisite service period of three to four years. Upon the closing of the IPO in March 2016, the Company recorded $0.7 million of additional stock compensation expense related to certain options granted to two of the Company’s executives. As of June 30, 2016, there was $7.2 million of unrecognized compensation cost related to employee and non-employee unvested stock options and unvested restricted stock share-based compensation arrangements granted under the 2007 Plan, which is expected to be recognized over a weighted-average remaining service period of 2.7 years. Stock compensation costs have not been capitalized by the Company. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company has not recorded any net tax provision for the periods presented due to the losses incurred and the need for a full valuation allowance on net deferred tax assets. The difference between the income tax expense at the U.S. federal statutory rate and the recorded provision is primarily due to the valuation allowance provided on all deferred tax assets. |
Related-Party Transactions
Related-Party Transactions | 6 Months Ended |
Jun. 30, 2016 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 12. Related-Party Transactions In June 2015, the Company hired a Chief Executive Officer who was also appointed as a member of the Board. This individual is also a managing director at MPM Asset Management, LLC, which holds an investment in the Company’s common stock. In June 2015, in conjunction with the Company’s Series C-1 convertible preferred stock financing (“Series C-1 financing”), the Company issued 1,130,740 shares of Series C-1 convertible preferred stock for total gross proceeds, including the conversion of $5.0 million in convertible unsecured promissory notes (“2014 Notes”) and a cash purchase price, of $12.7 million to existing stockholders of the Company; and in August 2015 in conjunction with the Series C-1 financing, the Company issued 474,628 shares of Series C-1 convertible preferred stock for total gross proceeds of $5.3 million to an existing stockholder of the Company. In September and October 2014, the Company issued $5.0 million of the 2014 Notes to stockholders of the Company. The 2014 Notes were converted into 465,563 shares of Series C-1 convertible preferred stock in June 2015, in connection with the Series C-1 financing. Interest expense related to the 2014 Notes held by these stockholders was $0.1 million for three and six months ended June 30, 2015, respectively. There have been no related-party transactions recorded during the three and six months ended June 30, 2016. |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity (Deficit) | 13. Stockholders’ Equity (Deficit) The following table presents the changes in convertible preferred stock and stockholders’ equity (deficit) for the six months ended June 30, 2016: Convertible Preferred Stock $0.001 Par Value Series A Convertible Preferred Stock Common Stock $0.0001 Par Value Additional Capital Accumulated Income Accumulated Deficit Total Equity Shares Amount Shares Amount Shares Amount (In thousands, except share and per share data) Balance as of December 31, 2015 12,732,466 $ 319,113 700,435 $ 7,231 85,440 $ 1 $ — $ 28 $ (259,675 ) $ (252,415) Accretion for convertible preferred stock dividends — 2,598 — — — — (1,452 ) — (1,146 ) (2,598 ) Proceeds from IPO, net of offering costs of $7,186 — — — — 4,809,475 — 50,527 — — 50,527 Conversion of preferred stock into common stock (12,732,466 ) (321,711 ) (700,435 ) (7,231 ) 12,872,551 1 328,941 — — 321,711 Reclassification of common stock warrant liability — — — — — — 4,551 — — 4,551 Vesting of restricted stock — — — — 3,072 — 21 — — 21 Stock-based compensation expense — — — — — — 2,969 — — 2,969 Unrealized gain on short-term investments — — — — — — — 164 — 164 Repurchase of fractional shares resulting from reverse stock splits — — — — — (1 ) — — (1 ) Net loss — — — — — — — — (18,688 ) (18,688 ) Balance as of June 30, 2016 — $ — — $ — 17,770,538 $ 2 $ 385,556 $ 192 $ (279,509 ) $ 106,241 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 14. Supplemental Cash Flow Information Supplemental disclosures of cash flow information are as follows: Six Months Ended June 30, 2016 2015 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 2 $ 407 SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Property and equipment purchases included in accounts payable and accrued expenses $ 51 $ — Accretion of convertible preferred stock to redemption value $ — $ 23,607 Accretion of dividends on convertible preferred stock $ 2,598 $ 3,678 Conversion of convertible notes and accrued interest into Series C-1 convertible preferred stock $ — $ 5,211 Issuance costs included in accounts payable and accrued expenses $ 170 $ 139 Vesting of restricted stock $ 21 $ — Reclassification of common stock warrant liability to additional paid-in capital $ 4,551 $ — Conversion of preferred stock to common stock upon closing of initial public offering $ 328,941 $ — |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | In 2011, the Company established a wholly owned subsidiary in the United Kingdom. There have been no activities for this entity to date. In 2014, the Company established a wholly owned U.S. subsidiary, Syndax Securities Corporation. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. |
Reverse Stock Split | On February 24, 2016, the Company effected a 1-for-1.25 reverse stock split of the Company’s outstanding common stock and convertible preferred stock. Stockholders entitled to fractional shares as a result of the reverse stock split received a cash payment in lieu of receiving fractional shares. All of the Company’s historical share and per share information shown in the accompanying financial statements and related notes have been retroactively adjusted to give effect to this reverse stock split. |
Significant Accounting Policies | Significant Accounting Policies — |
Use of Estimates | Use of Estimates |
Other Assets | Other Assets |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers Revenue Recognition, Revenue from Contracts with Customers Revenue from Contracts with Customers (Topic 606): Principal versus Agent Considerations (Reporting Revenue Gross versus Net), In February 2016, the FASB issued ASU 2016-02, “ Leases (Topic 842) In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting |
Basis of Presentation | The Company has prepared the accompanying condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in the Company’s annual financial statements have been condensed or omitted. Certain amounts have been reclassified to conform to the current period presentation. The interim unaudited condensed financial statements have been prepared on the same basis as the annual audited financial statements; and in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of June 30, 2016, and the results of operations, comprehensive loss, and cash flows for the three and six months ended June 30, 2016 and 2015. The results for the three and six months ended June 30, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016, any other interim periods, or any future year or period. These interim financial statements should be read in conjunction with the audited financial statements as of and for the year ended December 31, 2015, and the notes thereto, which are included in the Company’s Prospectus that forms a part of the Company’s Registration Statement on Form S-1 (File No. 333-208861), which was filed with the Securities and Exchange Commission (the “SEC”) pursuant to Rule 424 on March 3, 2016 (the “Prospectus”). |
Net Loss per Share Attributab21
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders | The following table summarizes the computation of basic and diluted net loss per share attributable to common stockholders of the Company: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands, except share and per share data) Numerator—basic and diluted: Net loss $ (8,358 ) $ (6,214 ) $ (18,688 ) $ (11,125 ) Accretion of convertible preferred stock dividends — (1,929 ) (2,598 ) (3,678 ) Accretion of convertible preferred stock to redemption value — (18,195 ) — (23,607 ) Net loss attributable to common stockholders—basic and diluted $ (8,358 ) $ (26,338 ) $ (21,286 ) $ (38,410 ) Net loss per share attributable to common stockholders—basic and diluted $ (0.47 ) $ (440.52 ) $ (1.91 ) $ (649.30 ) Denominator—basic and diluted: Weighted-average common shares used to compute net loss per share—basic and diluted 17,769,514 59,788 11,155,525 59,156 |
Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share | The following potentially dilutive securities have been excluded from the computation of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares): June 30, 2016 2015 Convertible preferred stock — 8,494,649 Options to purchase common stock 2,715,428 1,787,581 Common stock warrants 357,840 184,257 Restricted stock subject to future vesting 11,612 — |
Significant Agreements (Tables)
Significant Agreements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of Assumptions Used to Value Shares of Common Stock Issuable Pursuant to Warrant | The total shares exercisable under the warrant, the fair value associated with the warrant and the Black-Scholes option-pricing model assumptions used to value the shares of common stock issuable pursuant to the warrant were as follows: Total Shares of Average Fair Value Estimated Risk-Free Estimated Estimated (in years) Fair Value (In thousands, except share and per share data) June 30, 2015 184,257 $ 1.54 $ 7.20 74 % 2.06 % 0.0 % 7.00 $ 1,171 March 8, 2016 357,840 $ 1.54 $ 13.55 69 % 1.82 % 0.0 % 10.00 $ 4,551 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value | A summary of the assets and liabilities carried at fair value in accordance with the hierarchy defined above is as follows: Fair Value Measurements Using Quoted Significant Prices Other Significant Total in Active Observable Unobservable Carrying Markets Inputs Inputs Value (Level 1) (Level 2) (Level 3) (In thousands) December 31, 2015 Assets: Cash equivalents $ 23,154 $ 9,208 $ 13,946 $ — Short-term investments 63,310 — 63,310 — Total assets $ 86,464 $ 9,208 $ 77,256 $ — Liabilities: Derivative liability $ 133 $ — $ — $ 133 Common stock warrant liability 2,848 — — 2,848 Total liabilities $ 2,981 $ — $ — $ 2,981 June 30, 2016 Assets: Cash equivalents $ 13,641 $ 12,938 $ 703 $ — Short-term investments 111,016 — 111,016 — Total assets $ 124,657 $ 12,938 $ 111,719 $ — |
Summary of Available-for-Sale Securities | The following table summarizes the available-for-sale securities: Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) December 31, 2015 Commercial paper $ 28,980 $ 48 $ — $ 29,028 Corporate bonds 34,302 — (20 ) 34,282 $ 63,282 $ 48 $ (20 ) $ 63,310 June 30, 2016 Commercial paper $ 67,987 $ 191 $ — $ 68,178 Corporate bonds 42,837 13 (12 ) 42,838 $ 110,824 $ 204 $ (12 ) $ 111,016 |
Summary of Changes in Fair Value of Common Stock Warrant Liability and Derivative Liability Inputs | A roll-forward of the recurring fair value measurements of the common stock warrant liability and the derivative liability categorized with Level 3 inputs is as follows: Common Stock Derivative (In thousands) Balance — December 31, 2014 $ 693 $ 126 Change in fair value 478 8 Balance—June 30, 2015 $ 1,171 $ 134 Common Stock Derivative (In thousands) Balance — December 31, 2015 $ 2,848 $ 133 Change in fair value 1,703 17 Reclassification (4,551 ) (150 ) Balance—June 30, 2016 $ — $ — |
Prepaid Expenses and Other Cu24
Prepaid Expenses and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Short-term deposits $ 437 $ 805 Prepaid insurance 435 34 Interest receivable on short-term investments 270 258 Prepaid clinical supplies 538 210 Other 188 157 Total prepaid expenses and other current assets $ 1,868 $ 1,464 |
Accrued Expenses and Other Cu25
Accrued Expenses and Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consisted of the following: June 30, 2016 December 31, 2015 (In thousands) Accrued clinical costs $ 2,407 $ 574 Accrued professional fees 383 561 Accrued compensation and related costs 736 698 Other 219 342 Total accrued expenses $ 3,745 $ 2,175 |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Schedule of Convertible Preferred Stock | Convertible preferred stock consisted of the following as of December 31, 2015: Preferred Issuance Date Preferred Liquidation Carrying (In thousands, except share and per share data) Series A-1 3,160,975 March 2013 2,801,745 $ 48,032 $ 65,666 Series B 3,382,113 March and August 2013 272,240 $ 2,933 $ 5,084 Series B-1 3,965,411 March, April, July, August and November 2013 and January 2015 3,568,020 $ 96,348 $ 96,348 Series C-1 6,090,481 June and August 2015 6,090,461 $ 152,015 $ 152,015 Total $ 319,113 Series A 3,512,194 March and August 2013 700,435 $ — $ 7,231 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees | The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees in the condensed consolidated statements of comprehensive loss as follows: Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 (In thousands) Research and development $ 256 $ 229 $ 479 $ 293 General and administrative 523 871 2,490 1,131 Total $ 779 $ 1,100 $ 2,969 $ 1,424 |
Stockholders' Equity (Deficit)
Stockholders' Equity (Deficit) (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Equity [Abstract] | |
Summary of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) | The following table presents the changes in convertible preferred stock and stockholders’ equity (deficit) for the six months ended June 30, 2016: Convertible Preferred Stock $0.001 Par Value Series A Convertible Preferred Stock Common Stock $0.0001 Par Value Additional Capital Accumulated Income Accumulated Deficit Total Equity Shares Amount Shares Amount Shares Amount (In thousands, except share and per share data) Balance as of December 31, 2015 12,732,466 $ 319,113 700,435 $ 7,231 85,440 $ 1 $ — $ 28 $ (259,675 ) $ (252,415) Accretion for convertible preferred stock dividends — 2,598 — — — — (1,452 ) — (1,146 ) (2,598 ) Proceeds from IPO, net of offering costs of $7,186 — — — — 4,809,475 — 50,527 — — 50,527 Conversion of preferred stock into common stock (12,732,466 ) (321,711 ) (700,435 ) (7,231 ) 12,872,551 1 328,941 — — 321,711 Reclassification of common stock warrant liability — — — — — — 4,551 — — 4,551 Vesting of restricted stock — — — — 3,072 — 21 — — 21 Stock-based compensation expense — — — — — — 2,969 — — 2,969 Unrealized gain on short-term investments — — — — — — — 164 — 164 Repurchase of fractional shares resulting from reverse stock splits — — — — — (1 ) — — (1 ) Net loss — — — — — — — — (18,688 ) (18,688 ) Balance as of June 30, 2016 — $ — — $ — 17,770,538 $ 2 $ 385,556 $ 192 $ (279,509 ) $ 106,241 |
Supplemental Cash Flow Inform29
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Disclosures of Cash Flow Information | Supplemental disclosures of cash flow information are as follows: Six Months Ended June 30, 2016 2015 SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: Interest paid $ 2 $ 407 SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: Property and equipment purchases included in accounts payable and accrued expenses $ 51 $ — Accretion of convertible preferred stock to redemption value $ — $ 23,607 Accretion of dividends on convertible preferred stock $ 2,598 $ 3,678 Conversion of convertible notes and accrued interest into Series C-1 convertible preferred stock $ — $ 5,211 Issuance costs included in accounts payable and accrued expenses $ 170 $ 139 Vesting of restricted stock $ 21 $ — Reclassification of common stock warrant liability to additional paid-in capital $ 4,551 $ — Conversion of preferred stock to common stock upon closing of initial public offering $ 328,941 $ — |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |
Mar. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2015 | |
Nature of Business [Line Items] | |||
Entity incorporation date | Oct. 11, 2005 | ||
Proceeds from public stock offering, net of issuance costs | $ 52,318 | ||
Reclassification of common stock warrant liability to additional paid-in capital | $ 4,551 | ||
Common stock, shares authorized | 100,000,000 | 20,800,000 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Initial Public Offering [Member] | |||
Nature of Business [Line Items] | |||
Common stock, shares issued | 4,809,475 | ||
Sale of stock, price per share | $ 12 | ||
Proceeds from public stock offering, net of issuance costs | $ 50,500 | ||
Underwriting discounts and commissions | 4,000 | ||
Offering expenses | $ 3,100 | ||
Convertible preferred stock converted in to common stock | 12,872,551 | 12,872,551 | |
Shares of Common Stock Issuable Under the Warrant | 357,840 | ||
Reclassification of common stock warrant liability to additional paid-in capital | $ 4,600 | ||
Common stock, shares authorized | 100,000,000 | ||
Preferred stock, shares authorized | 10,000,000 | ||
Over-Allotment Option [Member] | |||
Nature of Business [Line Items] | |||
Common stock, new shares issued | 409,475 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Feb. 24, 2016 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Stock split, conversion ratio | 0.8 |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | Dec. 31, 2015USD ($) |
Initial Public Offering [Member] | |
Summary Of Significant Accounting Policies [Line Items] | |
Capitalized deferred issuance costs | $ 1.6 |
Net Loss per Share Attributab33
Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Numerator-basic and diluted: | ||||
Net loss | $ (8,358) | $ (6,214) | $ (18,688) | $ (11,125) |
Accretion of convertible preferred stock dividends | (1,929) | (2,598) | (3,678) | |
Accretion of convertible preferred stock to redemption value | (18,195) | (23,607) | ||
Net loss attributable to common stockholders-basic and diluted | $ (8,358) | $ (26,338) | $ (21,286) | $ (38,410) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.47) | $ (440.52) | $ (1.91) | $ (649.30) |
Denominator-basic and diluted: | ||||
Weighted-average common shares used to compute net loss per share-basic and diluted | 17,769,514 | 59,788 | 11,155,525 | 59,156 |
Net Loss per Share Attributab34
Net Loss per Share Attributable to Common Stockholders - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per common share | 8,494,649 | |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per common share | 2,715,428 | 1,787,581 |
Common Stock Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per common share | 357,840 | 184,257 |
Restricted Stock Subject to Future Vesting [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities excluded from computation of diluted net loss per common share | 11,612 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - USD ($) | Dec. 19, 2014 | Feb. 28, 2015 | Jan. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2007 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2007 | Dec. 31, 2015 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront payment allocated to preferred stock value | ||||||||||||
Proceeds received from preferred stock issuance | $ 26,378,000 | |||||||||||
Research and development expense | 6,131,000 | $ 2,271,000 | 10,917,000 | $ 3,994,000 | ||||||||
License Agreement [Member] | Kyowa Hakko Kirin Co., Ltd. [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
License agreement upfront payment received | $ 25,000,000 | |||||||||||
Period of termination after first commercial sale of first licensed product | 15 years | |||||||||||
Upfront payment allocated to license fee | $ 17,300,000 | |||||||||||
Upfront license fee received | $ 17,500,000 | |||||||||||
Revenue recognized during period | 300,000 | 600,000 | ||||||||||
Deferred revenue from license agreement | $ 16,100,000 | $ 16,100,000 | ||||||||||
License Agreement [Member] | Kyowa Hakko Kirin Co., Ltd. [Member] | Maximum [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Milestone payment receivable upon achievement of development and commercial milestone | $ 75,000,000 | |||||||||||
License Agreement [Member] | Kyowa Hakko Kirin Co., Ltd. [Member] | Series B-1 [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Preferred stock issued, shares | 536,049 | |||||||||||
Preferred share price per share | $ 14.39 | |||||||||||
Upfront payment allocated to preferred stock value | $ 7,700,000 | |||||||||||
Proceeds received from preferred stock issuance | $ 7,500,000 | |||||||||||
Accretion to redemption value | $ 5,400,000 | |||||||||||
License Agreement [Member] | Bayer Pharma AG [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront license fee paid | $ 2,000,000 | |||||||||||
Research and development expense | $ 2,000,000 | $ 2,000,000 | ||||||||||
Percentage of shares issuable upon conversion of warrant | 1.75% | |||||||||||
Warrant expiration period | 10 years | |||||||||||
Warrant exercisable | $ 1.54 | $ 1.54 | ||||||||||
Number of shares of common stock issuable upon exercise of the warrant | 357,840 | |||||||||||
License Agreement [Member] | Bayer Pharma AG [Member] | Maximum [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Aggregate payment obligation | $ 150,000,000 | |||||||||||
Clinical Trial [Member] | Eastern Cooperative Oncology Group [Member] | ||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||
Upfront milestone payable | $ 695,000 | |||||||||||
Milestone payment payable | $ 1,000,000 | |||||||||||
Aggregate payment obligation | $ 21,400,000 | $ 21,400,000 | ||||||||||
Remaining contractual obligation | 16,000,000 | $ 16,000,000 | ||||||||||
Period of contractual obligation | 5 years | |||||||||||
Increase in contractual obligation | $ 800,000 |
Significant Agreements - Schedu
Significant Agreements - Schedule of Assumptions Used to Value Shares of Common Stock Issuable Pursuant to Warrant (Detail) - Common Stock Warrants [Member] - USD ($) $ / shares in Units, $ in Thousands | Mar. 08, 2016 | Jun. 30, 2015 |
Class of Warrant or Right [Line Items] | ||
Revaluation Date of Warrant | Mar. 8, 2016 | Jun. 30, 2015 |
Total Shares of Common Stock Issuable Under the Warrant | 357,840 | 184,257 |
Average Exercise Price | $ 1.54 | $ 1.54 |
Fair Value of Common Stock | $ 13.55 | $ 7.20 |
Estimated Volatility | 69.00% | 74.00% |
Risk-Free Interest Rate | 1.82% | 2.06% |
Estimated Dividend Yield | 0.00% | 0.00% |
Estimated Remaining Contractual Life (in years) | 10 years | 7 years |
Fair Value of Warrant Liability | $ 4,551 | $ 1,171 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 111,016 | $ 63,310 |
Common stock warrant liability | 2,848 | |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 13,641 | 23,154 |
Short-term investments | 111,016 | 63,310 |
Total assets | 124,657 | 86,464 |
Derivative liability | 133 | |
Common stock warrant liability | 2,848 | |
Total liabilities | 2,981 | |
Quoted Prices in Active Markets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 12,938 | 9,208 |
Total assets | 12,938 | 9,208 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 703 | 13,946 |
Short-term investments | 111,016 | 63,310 |
Total assets | $ 111,719 | 77,256 |
Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 133 | |
Common stock warrant liability | 2,848 | |
Total liabilities | $ 2,981 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Oct. 31, 2015 | |
Fair Value Measurements [Line Items] | ||||||
Available for sale debt securities fair value | $ 111,016,000 | $ 111,016,000 | $ 63,310,000 | |||
Realized gains or losses recognized on the sale or maturity of available-for-sale securities | 0 | $ 0 | 0 | $ 0 | ||
Corporate Bonds [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Available for sale debt securities fair value | 42,838,000 | 42,838,000 | 34,282,000 | |||
Term Loan [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Initial fair value of derivative recorded as debt discount | $ 100,000 | |||||
Initial Public Offering [Member] | Term Loan [Member] | Success Fee Payable [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Success fee payable included in other long-term liabilities | 200,000 | 200,000 | ||||
Quoted Prices in Active Markets Level 1 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Cash equivalents fair value | 12,938,000 | 12,938,000 | 9,208,000 | |||
Quoted Prices in Active Markets Level 1 [Member] | Money Market Funds [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Cash equivalents fair value | 12,900,000 | 12,900,000 | 9,200,000 | |||
Significant Other Observable Inputs Level 2 [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Cash equivalents fair value | 703,000 | 703,000 | 13,946,000 | |||
Significant Other Observable Inputs Level 2 [Member] | Corporate Bonds [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Cash equivalents fair value | 700,000 | 700,000 | 13,900,000 | |||
Significant Other Observable Inputs Level 2 [Member] | Corporate Bonds And Commercial Paper [Member] | ||||||
Fair Value Measurements [Line Items] | ||||||
Available for sale debt securities fair value | $ 111,000,000 | $ 111,000,000 | $ 63,300,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 110,824 | $ 63,282 |
Unrealized Gains | 204 | 48 |
Unrealized Losses | (12) | (20) |
Fair Value | 111,016 | 63,310 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,987 | 28,980 |
Unrealized Gains | 191 | 48 |
Fair Value | 68,178 | 29,028 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 42,837 | 34,302 |
Unrealized Gains | 13 | |
Unrealized Losses | (12) | (20) |
Fair Value | $ 42,838 | $ 34,282 |
Fair Value Measurements - Sum40
Fair Value Measurements - Summary of Changes in Fair Value of Common Stock Warrant Liability and Derivative Liability Inputs (Detail) - Significant Unobservable Inputs Level 3 [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Derivative Liability [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 133 | $ 126 |
Change in fair value | 17 | 8 |
Reclassification | (150) | |
Ending Balance | 134 | |
Common Stock Warrant Liability [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 2,848 | 693 |
Change in fair value | 1,703 | 478 |
Reclassification | $ (4,551) | |
Ending Balance | $ 1,171 |
Prepaid Expenses and Other Cu41
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Short-term deposits | $ 437 | $ 805 |
Prepaid insurance | 435 | 34 |
Interest receivable on short-term investments | 270 | 258 |
Prepaid clinical supplies | 538 | 210 |
Other | 188 | 157 |
Total prepaid expenses and other current assets | $ 1,868 | $ 1,464 |
Accrued Expenses and Other Cu42
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Payables and Accruals [Abstract] | ||
Accrued clinical costs | $ 2,407 | $ 574 |
Accrued professional fees | 383 | 561 |
Accrued compensation and related costs | 736 | 698 |
Other | 219 | 342 |
Total accrued expenses | $ 3,745 | $ 2,175 |
Convertible Preferred Stock - S
Convertible Preferred Stock - Schedule of Convertible Preferred Stock (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
Temporary Equity [Line Items] | ||
Carrying Value | $ 319,113 | |
Series A- 1 [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Shares Designated | 3,160,975 | |
Issuance Date | 2013-03 | |
Preferred Shares Issued | 2,801,745 | |
Preferred Shares Outstanding | 2,801,745 | |
Liquidation preference | $ 48,032 | |
Carrying Value | $ 65,666 | |
Series B [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Shares Designated | 3,382,113 | |
Issuance Date | March and August 2013 | |
Preferred Shares Issued | 272,240 | |
Preferred Shares Outstanding | 272,240 | |
Liquidation preference | $ 2,933 | |
Carrying Value | $ 5,084 | |
Series B-1 [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Shares Designated | 3,965,411 | |
Issuance Date | March, April, July, August and November 2013 and January 2015 | |
Preferred Shares Issued | 3,568,020 | |
Preferred Shares Outstanding | 3,568,020 | |
Liquidation preference | $ 96,348 | |
Carrying Value | $ 96,348 | |
Series C-1 [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Shares Designated | 6,090,481 | |
Issuance Date | June and August 2015 | |
Preferred Shares Issued | 6,090,461 | |
Preferred Shares Outstanding | 6,090,461 | |
Liquidation preference | $ 152,015 | |
Carrying Value | $ 152,015 | |
Series A [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Shares Designated | 3,512,194 | |
Issuance Date | March and August 2013 | |
Preferred Shares Issued | 700,435 | |
Preferred Shares Outstanding | 700,435 | |
Carrying Value | $ 7,231 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Detail) - shares | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Convertible Preferred Stock [Member] | |||
Temporary Equity [Line Items] | |||
Convertible preferred stock issued | 0 | ||
Convertible preferred stock outstanding | 0 | 12,732,466 | |
Initial Public Offering [Member] | |||
Temporary Equity [Line Items] | |||
Conversion of convertible preferred stock to shares of common stock | 12,872,551 | 12,872,551 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 1 Months Ended | 6 Months Ended |
Mar. 31, 2016USD ($)Executives | Jun. 30, 2016USD ($)$ / sharesshares | |
Initial Public Offering [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of company executives | Executives | 2 | |
Additional stock compensation expense | $ | $ 0.7 | |
2015 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for issuance | shares | 1,750,000 | |
Common stock outstanding | 4.00% | |
Shares available for issuance | shares | 1,752,111 | |
Stock option granted to certain executives and employees | shares | 186,180 | |
Options grant date fair value amount | $ | $ 1.4 | |
Weighted average grant date fair value of options | $ / shares | $ 7.41 | |
2015 Plan [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average period to recognize compensation expense | 3 years | |
2015 Plan [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average period to recognize compensation expense | 4 years | |
2007 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average period to recognize compensation expense | 2 years 8 months 12 days | |
Unrecognized compensation expense related to stock option | $ | $ 7.2 |
Stock-Based Compensation - Shar
Stock-Based Compensation - Share Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Non Employees (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | $ 779 | $ 1,100 | $ 2,969 | $ 1,424 |
Research and Development Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | 256 | 229 | 479 | 293 |
General and Administrative Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share based compensation expense, total | $ 523 | $ 871 | $ 2,490 | $ 1,131 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||
Net tax provision | $ 0 | $ 0 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Aug. 31, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Jun. 30, 2015 | Oct. 31, 2014 | Sep. 30, 2014 | |
Related Party Transaction [Line Items] | ||||||
Gross proceeds from issuance of convertible preferred stock | $ 26,378,000 | |||||
Convertible Unsecured Promissory Notes, 2014 Notes [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt, principal amount | $ 5,000,000 | $ 5,000,000 | ||||
Interest expense | $ 100,000 | 100,000 | ||||
Series C-1 [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Convertible preferred stock, new shares issued | 474,628 | 1,130,740 | ||||
Gross proceeds from issuance of convertible preferred stock | $ 5,300,000 | $ 12,700,000 | ||||
Series C-1 [Member] | Convertible Unsecured Promissory Notes, 2014 Notes [Member] | ||||||
Related Party Transaction [Line Items] | ||||||
Debt, principal amount | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | |||
Outstanding principal and related interest converted into shares | 465,563 |
Stockholders' Equity (Deficit49
Stockholders' Equity (Deficit) - Summary of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Class of Stock [Line Items] | ||||
Beginning balance | $ (252,415) | |||
Beginning balance | 319,113 | |||
Accretion for convertible preferred stock dividends | $ (1,929) | (2,598) | $ (3,678) | |
Proceeds from IPO, net of offering costs of $7,186, Value | 50,527 | |||
Conversion of preferred stock into common stock, Value | 321,711 | |||
Reclassification of common stock warrant liability | 4,551 | |||
Vesting of restricted stock, Value | 21 | |||
Stock-based compensation expense | 2,969 | |||
Unrealized gain on short-term investments | 164 | |||
Repurchase of fractional shares resulting from reverse stock splits | (1) | |||
Net loss | $ (8,358) | $ (6,214) | (18,688) | $ (11,125) |
Ending balance | 106,241 | 106,241 | ||
Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | $ 319,113 | |||
Beginning balance, Shares | 12,732,466 | |||
Accretion for convertible preferred stock dividends | $ 2,598 | |||
Conversion of preferred stock into common stock, Value | $ (321,711) | |||
Conversion of preferred stock into common stock, Shares | (12,732,466) | |||
Series A Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | $ 7,231 | |||
Beginning balance, Shares | 700,435 | |||
Conversion of preferred stock into common stock, Value | $ (7,231) | |||
Conversion of preferred stock into common stock, Shares | (700,435) | |||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | $ 1 | |||
Beginning balance, Shares | 85,440 | |||
Proceeds from IPO, net of offering costs of $7,186, Shares | 4,809,475 | |||
Conversion of preferred stock into common stock, Value | $ 1 | |||
Conversion of preferred stock into common stock, Shares | 12,872,551 | |||
Vesting of restricted stock, Shares | 3,072 | |||
Ending balance | $ 2 | $ 2 | ||
Ending balance, Shares | 17,770,538 | 17,770,538 | ||
Additional Paid-In Capital [Member] | ||||
Class of Stock [Line Items] | ||||
Accretion for convertible preferred stock dividends | $ (1,452) | |||
Proceeds from IPO, net of offering costs of $7,186, Value | 50,527 | |||
Conversion of preferred stock into common stock, Value | 328,941 | |||
Reclassification of common stock warrant liability | 4,551 | |||
Vesting of restricted stock, Value | 21 | |||
Stock-based compensation expense | 2,969 | |||
Repurchase of fractional shares resulting from reverse stock splits | (1) | |||
Ending balance | $ 385,556 | 385,556 | ||
Accumulated Other Comprehensive Income [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | 28 | |||
Unrealized gain on short-term investments | 164 | |||
Ending balance | 192 | 192 | ||
Accumulated Deficit [Member] | ||||
Class of Stock [Line Items] | ||||
Beginning balance | (259,675) | |||
Accretion for convertible preferred stock dividends | (1,146) | |||
Net loss | (18,688) | |||
Ending balance | $ (279,509) | $ (279,509) |
Stockholders' Equity (Deficit50
Stockholders' Equity (Deficit) - Summary of Changes in Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Equity [Abstract] | |
Offering costs | $ 7,186 |
Supplemental Cash Flow Inform51
Supplemental Cash Flow Information - Supplemental disclosures of cash flow (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING ACTIVITIES: | |||
Property and equipment purchases included in accounts payable and accrued expenses | $ 51 | ||
Accretion of convertible preferred stock to redemption value | $ 18,195 | $ 23,607 | |
Accretion of dividends on convertible preferred stock | $ 1,929 | 2,598 | 3,678 |
Conversion of convertible notes and accrued interest into Series C-1 convertible preferred stock | 5,211 | ||
Issuance costs included in accounts payable and accrued expenses | 170 | 139 | |
Vesting of restricted stock | 21 | ||
Reclassification of common stock warrant liability to additional paid-in capital | 4,551 | ||
Conversion of preferred stock to common stock upon closing of initial public offering | 328,941 | ||
Interest paid | $ 2 | $ 407 |