Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 02, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | 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 | 18,255,943 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 22,356 | $ 23,844 |
Restricted cash | 102 | 151 |
Short-term investments | 70,429 | 81,486 |
Prepaid expenses and other current assets | 4,170 | 3,029 |
Total current assets | 97,057 | 108,510 |
Property and equipment, net | 234 | 260 |
Other assets | 376 | 243 |
Total assets | 97,667 | 109,013 |
Current liabilities: | ||
Accounts payable | 2,741 | 2,375 |
Accrued expenses and other current liabilities | 7,028 | 6,771 |
Current portion of deferred revenue | 1,220 | 1,220 |
Total current liabilities | 10,989 | 10,366 |
Long-term liabilities: | ||
Deferred revenue, less current portion | 13,915 | 14,220 |
Other long-term liabilities | 148 | 288 |
Total long-term liabilities | 14,063 | 14,508 |
Total liabilities | 25,052 | 24,874 |
Commitments | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 10,000,000 shares authorized; 0 shares outstanding at March 31, 2017 and December 31, 2016 | ||
Common stock, $0.0001 par value, 100,000,000 shares authorized; 18,244,917 and 18,215,181 shares outstanding at March 31, 2017 and December 31, 2016, respectively | 2 | 2 |
Additional paid-in capital | 390,894 | 389,374 |
Accumulated other comprehensive (loss) income | (2) | 56 |
Accumulated deficit | (318,279) | (305,293) |
Total stockholders' equity | 72,615 | 84,139 |
Total liabilities and stockholders' equity | $ 97,667 | $ 109,013 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 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 | 100,000,000 |
Common stock, shares outstanding | 18,244,917 | 18,215,181 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Revenue: | ||
License fees | $ 305 | $ 305 |
Total revenues | 305 | 305 |
Operating expenses: | ||
Research and development | 9,552 | 4,786 |
General and administrative | 3,930 | 4,272 |
Total operating expenses | 13,482 | 9,058 |
Loss from operations | (13,177) | (8,753) |
Other income (expense): | ||
Interest income, net | 259 | 144 |
Change in fair value of common stock warrant liability | (1,703) | |
Other expense, net | (53) | (18) |
Total other income (expense) | 206 | (1,577) |
Net loss | (12,971) | (10,330) |
Other comprehensive (loss) income: | ||
Unrealized (losses) gains on marketable securities | (58) | 200 |
Comprehensive loss | (13,029) | (10,130) |
Net loss attributable to common stockholders | $ (12,971) | $ (12,928) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.71) | $ (2.85) |
Weighted-average number of common shares used to compute net loss per share attributable to common stockholders-basic and diluted | 18,231,602 | 4,541,536 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (12,971) | $ (10,330) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation, amortization and accretion | 6 | 53 |
Stock-based compensation | 1,377 | 2,190 |
Change in fair value of warrants and derivative | 1,720 | |
Other | 7 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (1,141) | (613) |
Accounts payable | 366 | (403) |
Deferred revenue | (305) | (305) |
Accrued expenses and other liabilities | (7) | 1,285 |
Net cash used in operating activities | (12,668) | (6,403) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (133) | |
Change in restricted cash | 49 | 2 |
Purchases of short-term investments | (14,081) | (78,863) |
Proceeds from sales and maturities of short-term investments | 25,095 | 31,857 |
Net cash provided by (used in) investing activities | 11,063 | (47,137) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock in initial public stock offering, net | 53,549 | |
Proceeds from the exercise of stock options | 118 | |
Other | (1) | (1) |
Net cash provided by financing activities | 117 | 53,548 |
NET (DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS | (1,488) | 8 |
CASH AND CASH EQUIVALENTS-beginning of period | 23,844 | 23,179 |
CASH AND CASH EQUIVALENTS-end of period | 22,356 | 23,187 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES: | ||
Property and equipment purchases included in accounts payable and accrued expenses | 73 | |
Accretion of dividends on convertible preferred stock | 2,598 | |
Issuance costs included in accounts payable and accrued expenses | 135 | 1,400 |
Vesting of restricted stock | $ 11 | 10 |
Reclassification of common stock warrant liability to additional paid-in capital | 4,551 | |
Conversion of preferred stock to common stock upon closing of IPO | $ 328,942 |
Nature of Business
Nature of Business | 3 Months Ended |
Mar. 31, 2017 | |
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 developing an innovative pipeline of combination therapies in multiple cancer indications. The Company’s lead product candidate, entinostat, is currently being evaluated in a Phase 3 clinical trial for advanced hormone receptor positive, human epidermal growth factor receptor 2 negative breast cancer. Entinostat was granted Breakthrough Therapy designation by the U.S. Food and Drug Administration following positive results from the Company’s Phase 2b clinical trial, ENCORE 301. The Company is developing entinostat, which has direct effects on both cancer cells and immune regulatory cells, and SNDX-6352, a monoclonal antibody that targets the colony stimulating factor-1 non-small 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 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 is 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 March 31, 2017 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 | 3 Months Ended |
Mar. 31, 2017 | |
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. 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 March 31, 2017, and the results of operations, comprehensive loss, and cash flows for the three months ended March 31, 2017 and 2016. The results for the three months ended March 31, 2017 are not necessarily indicative of the results to be expected for the year ending December 31, 2017, 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, 2016, and the notes thereto, which are included in the Company’s Annual Report on Form 10-K 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of Significant Accounting Policies Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2016 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. Other Assets Other assets consist of deferred issuance costs, long-term security deposits and noncurrent restricted cash. Deferred issuance costs consist primarily of direct incremental legal and accounting fees relating to the IPO and other public offerings, which are deferred until completion of the offering, at which time they are reclassified to additional paid-in Research and Development In instances where the Company has entered into cost-sharing arrangements, all research and development costs reimbursed by the collaborators are accounted for as reductions to research and development expense. For the three months ended March 31, 2017 and 2016, the Company incurred $0.4 million and $0, respectively, in external costs related to cost-sharing collaborations, of which $0.2 million and $0 has been recorded as a reduction to research and development expense, respectively. Recently Issued and Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” 2016-18”). 2016-18 beginning-of-period end-of-period 2016-18 In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”). 2016-09 2016-09 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) 2016-02, right-of-use In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers 2014-09”). 2014-09 Revenue Recognition Revenue from Contracts with Customers 2014-09 |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 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 March 31, 2017 2016 (In thousands, except share and per share data) Numerator—basic and diluted: Net loss $ (12,971 ) $ (10,330 ) Accretion of convertible preferred stock dividends — (2,598 ) Net loss attributable to common stockholders—basic and diluted $ (12,971 ) $ (12,928 ) Net loss per share attributable to common stockholders— basic and diluted $ (0.71 ) $ (2.85 ) Denominator—basic and diluted: Weighted-average common shares used to compute net loss per share—basic and diluted 18,231,602 4,541,536 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): March 31, 2017 2016 Options to purchase common stock 3,147,793 2,717,539 Common stock warrant 357,840 357,840 Restricted stock subject to future vesting 7,006 13,148 |
Significant Agreements
Significant Agreements | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Significant Agreements | 5. Significant Agreements UCB Biopharma Sprl In July 2016, the Company entered into a license agreement (the “UCB License Agreement”) with UCB Biopharma Sprl (“UCB”), under which UCB granted to the Company a worldwide, sublicenseable, exclusive license to UCB6352, which the Company refers to as SNDX-6352, an IND-ready anti-CSF-1R one-time one-time, non-royalty country-by-country product-by-product Kyowa Hakko Kirin Co., Ltd. On December 19, 2014 (the “Effective Date”), the Company entered into a license agreement (the “KHK License Agreement”) with Kyowa Hakko Kirin Co., Ltd. (“KHK”), under which the Company granted KHK an exclusive license to develop and commercialize entinostat in Japan and Korea. Under the terms of the KHK License Agreement, the Company will be responsible for the manufacture and supply of the products during the development activities. In addition to the license and manufacturing obligations, the Company is obligated to provide KHK access to know-how B-1 non-refundable country-by-country product-by-product The purchase of the Series B-1 up-front B-1 B-1 B-1 up-front B-1 B-1 B-1 The Company has concluded that this agreement is within the scope of ASC 605-25, Revenue Recognition, Multiple-Element Arrangements The arrangement consideration allocated to the license unit of accounting will be recognized as revenue ratably over the Company’s expected services period (currently expected to be through 2029) commencing on the date of the first delivery of the clinical trial materials. In June 2015, the Company began delivering clinical materials to KHK and commenced recognizing revenue from the upfront consideration of $17.3 million. During the three months ended March 31, 2017 and 2016, the Company recognized $0.3 million of revenue associated with the KHK License Agreement. As of March 31, 2017, there was $15.1 million of deferred revenue related to the KHK License Agreement, which is classified as current or long-term in the consolidated balance sheets. In October 2016, the Company entered into a clinical trial co-funding Eastern Cooperative Oncology Group In March 2014, the Company entered into the ECOG Agreement with Eastern Cooperative Oncology Group, a contracting entity for the Eastern Cooperative Oncology Group—American College of Radiology Imaging Network Cancer Research Group (“ECOG-ACRIN”), that describes the parties’ obligations with respect to the NCI-sponsored 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 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 March 2007, the Company entered into a license agreement (the “Bayer Agreement”) with Bayer Schering Pharma AG (“Bayer”) for a worldwide, exclusive license to develop and commercialize entinostat and any other products containing the same active ingredient. Under the terms of the Bayer Agreement, the Company paid a nonrefundable upfront license fee of $2.0 million and is responsible for the development and marketing of entinostat. The Company recorded the $2.0 million license fee as research and development expense during the year ended December 31, 2007, as it had no alternative future use. The Company will pay Bayer royalties on a sliding scale based on net sales, if any, and make future milestone payments to Bayer of up to $150.0 million in the event that certain specified development and regulatory goals and sales levels are achieved. In June 2014, a development milestone was achieved, and the Company recorded $2.0 million of research and development expense, which has been fully paid. 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. The warrant contains 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 paid-in re-measured |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, 2017 Assets: Cash equivalents $ 22,356 $ 18,910 $ 3,446 $ — Short-term investments 70,429 — 70,429 — Total assets $ 92,785 $ 18,910 $ 73,875 $ — December 31, 2016 Assets: Cash equivalents $ 23,844 $ 17,089 $ 6,755 $ — Short-term investments 81,486 — 81,486 — Total assets $ 105,330 $ 17,089 $ 88,241 $ — Cash equivalents of $18.9 million as of March 31, 2017 and $17.1 million as of December 31, 2016 consisted of overnight investments and 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 $3.4 million as of March 31, 2017 and $6.8 million as of December 31, 2016 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 $70.4 million as of March 31, 2017 and $81.5 million as of December 31, 2016 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 available-for-sale available-for-sale available-for-sale available-for-sale available-for-sale Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) March 31, 2017 Commercial paper $ 26,430 $ 21 $ — $ 26,451 Corporate bonds 44,001 0 (23 ) 43,978 $ 70,431 $ 21 $ (23 ) $ 70,429 December 31, 2016 Commercial paper $ 30,125 $ 61 $ — $ 30,186 Corporate bonds 51,305 6 (11 ) 51,300 $ 81,430 $ 67 $ (11 ) $ 81,486 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, 2015 $ 2,848 $ 133 Change in fair value 1,703 17 Reclassification (4,551 ) (150 ) Balance—March 31, 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 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | 7. Prepaid Expenses and Other Current Assets March 31, 2017 December 31, 2016 (In thousands) Short-term deposits $ 2,419 $ 1,630 Prepaid insurance 637 168 Interest receivable on short-term investments 210 306 Reimbursable costs 374 262 Prepaid clinical supplies 310 461 Other 220 202 Total prepaid expenses and other current assets $ 4,170 $ 3,029 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation In January 2017, the number of shares of common stock available for issuance under the 2015 Omnibus Incentive Plan (“2015 Plan”), was increased by 728,948 shares due to the automatic increase provision of the 2015 Plan. As of March 31, 2017, the total number of shares of common stock available for issuance under the 2015 Plan was 1,578,921. The Company recognized stock-based compensation expense related to the issuance of stock option awards to employees and non-employees Three Months Ended March 31, 2017 2016 (In thousands) Research and development $ 283 $ 223 General and administrative 1,094 1,967 Total $ 1,377 $ 2,190 During the three months ended March 31, 2017, the Company granted 663,990 stock options to certain executives and employees. The grant date fair value of these options was $4.0 million, or $6.01 per share on a weighted-average basis, and will be recognized as compensation expense over the requisite service period of three to four years. There were 28,200 options exercised during the three months ended March 31, 2017, resulting in total proceeds of $0.1 million. The intrinsic value of the options exercised was $0.2 million. In accordance with the Company’s policy, the shares were issued from a pool of shares reserved for issuance under the 2007 and 2015 Plans. As of March 31, 2017, there was $10.7 million of unrecognized compensation cost related to employee and non-employee Upon the closing of the IPO on March 8, 2016, the vesting of certain options granted to two of the Company’s executives immediately vested, in accordance with their employment agreements. The Company recorded $0.7 million of additional stock compensation expense related to this accelerated vesting in March 2016. |
Employee Stock Purchase Plan
Employee Stock Purchase Plan | 3 Months Ended |
Mar. 31, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Stock Purchase Plan | 9. Employee Stock Purchase Plan In January 2017, the number of shares of common stock available for issuance under the 2015 Employee Stock Purchase Plan (“2015 ESPP”), was increased by 182,237 shares as a result of the automatic increase provision of the 2015 ESPP. As of March 31, 2017, the total number of shares of common stock available for issuance under the 2015 ESPP was 432,237, and no offering periods have been approved. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 10. 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 | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 11. Related-Party Transactions The Company’s chief executive officer and member of the board of directors is also a managing director at MPM Asset Management, LLC, which holds an investment in the Company’s common stock. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 12. Subsequent Event On April 6, 2017, the Company entered into a sales agreement with Cowen and Company, LLC (“Cowen”) under which the Company may issue and sell shares of its common stock having aggregate sales proceeds of up to $50.0 million from time to time through Cowen, acting as agent, in a series of one or more at the market equity offerings. Cowen is not required to sell any specific amount, but acts as the Company’s sales agent using commercially reasonable efforts consistent with its normal trading and sales practices. Shares sold pursuant to the sales agreement will be sold pursuant to a shelf registration statement, which became effective on April 20, 2017. The Company’s common stock will be sold at prevailing market prices at the time of the sale; and as a result, prices may vary. The Company will pay Cowen up to 3% of the gross proceeds from any common stock sold through the sales agreement. Unless otherwise terminated earlier, the sales agreement continues until all shares available under the sales agreement have been sold. The proceeds from the offerings, if any, will be used for general corporate purposes, including expenditures for research and development of the Company’s drug products. There were no sales under this facility through May 5, 2017. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
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. |
Significant Accounting Policies | Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2016 and the notes thereto, which are included in the Company’s Annual Report on Form 10-K |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of costs and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. The Company evaluates its estimates and assumptions on an ongoing basis. The Company’s actual results may differ from these estimates under different assumptions or conditions. |
Other Assets | Other Assets Other assets consist of deferred issuance costs, long-term security deposits and noncurrent restricted cash. Deferred issuance costs consist primarily of direct incremental legal and accounting fees relating to the IPO and other public offerings, which are deferred until completion of the offering, at which time they are reclassified to additional paid-in |
Research and Development | Research and Development In instances where the Company has entered into cost-sharing arrangements, all research and development costs reimbursed by the collaborators are accounted for as reductions to research and development expense. For the three months ended March 31, 2017 and 2016, the Company incurred $0.4 million and $0, respectively, in external costs related to cost-sharing collaborations, of which $0.2 million and $0 has been recorded as a reduction to research and development expense, respectively. |
Recently Issued and Adopted Accounting Pronouncements | Recently Issued and Adopted Accounting Pronouncements In November 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) ASU 2016-18, “Statement of Cash Flows (Topic 230): Restricted Cash” 2016-18”). 2016-18 beginning-of-period end-of-period 2016-18 In March 2016, the FASB issued ASU 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”). 2016-09 2016-09 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) 2016-02, right-of-use In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers 2014-09”). 2014-09 Revenue Recognition Revenue from Contracts with Customers 2014-09 |
Net Loss per Share Attributab19
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 March 31, 2017 2016 (In thousands, except share and per share data) Numerator—basic and diluted: Net loss $ (12,971 ) $ (10,330 ) Accretion of convertible preferred stock dividends — (2,598 ) Net loss attributable to common stockholders—basic and diluted $ (12,971 ) $ (12,928 ) Net loss per share attributable to common stockholders—basic and diluted $ (0.71 ) $ (2.85 ) Denominator—basic and diluted: Weighted-average common shares used to compute net loss per share—basic and diluted 18,231,602 4,541,536 |
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): March 31, 2017 2016 Options to purchase common stock 3,147,793 2,717,539 Common stock warrant 357,840 357,840 Restricted stock subject to future vesting 7,006 13,148 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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) March 31, 2017 Assets: Cash equivalents $ 22,356 $ 18,910 $ 3,446 $ — Short-term investments 70,429 — 70,429 — Total assets $ 92,785 $ 18,910 $ 73,875 $ — December 31, 2016 Assets: Cash equivalents $ 23,844 $ 17,089 $ 6,755 $ — Short-term investments 81,486 — 81,486 — Total assets $ 105,330 $ 17,089 $ 88,241 $ — |
Summary of Available-for-Sale Securities | The following table summarizes the available-for-sale Amortized Unrealized Unrealized Cost Gains Losses Fair Value (In thousands) March 31, 2017 Commercial paper $ 26,430 $ 21 $ — $ 26,451 Corporate bonds 44,001 0 (23 ) 43,978 $ 70,431 $ 21 $ (23 ) $ 70,429 December 31, 2016 Commercial paper $ 30,125 $ 61 $ — $ 30,186 Corporate bonds 51,305 6 (11 ) 51,300 $ 81,430 $ 67 $ (11 ) $ 81,486 |
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, 2015 $ 2,848 $ 133 Change in fair value 1,703 17 Reclassification (4,551 ) (150 ) Balance—March 31, 2016 $ — $ — |
Prepaid Expenses and Other Cu21
Prepaid Expenses and Other Current Assets (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | March 31, 2017 December 31, 2016 (In thousands) Short-term deposits $ 2,419 $ 1,630 Prepaid insurance 637 168 Interest receivable on short-term investments 210 306 Reimbursable costs 374 262 Prepaid clinical supplies 310 461 Other 220 202 Total prepaid expenses and other current assets $ 4,170 $ 3,029 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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 Three Months Ended March 31, 2017 2016 (In thousands) Research and development $ 283 $ 223 General and administrative 1,094 1,967 Total $ 1,377 $ 2,190 |
Nature of Business - Additional
Nature of Business - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2017 | Dec. 31, 2016 | |
Nature of Business [Line Items] | ||||
Proceeds from public stock offering, net of issuance costs | $ 53,549 | |||
Common stock, shares authorized | 100,000,000 | 100,000,000 | ||
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 | 4,809,475 | ||
Sale of stock, price per share | $ 12 | $ 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 | 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 |
Summary of Significant Accoun24
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Capitalized deferred issuance costs | $ 0.1 | $ 0 |
Cost-Sharing Collaborations [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
External costs related to cost-sharing collaborations | 0.4 | 0 |
Cost-sharing collaborations recorded as a reduction to research and development expense | $ (0.2) | $ 0 |
Net Loss per Share Attributab25
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator-basic and diluted: | ||
Net loss | $ (12,971) | $ (10,330) |
Accretion of convertible preferred stock dividends | (2,598) | |
Net loss attributable to common stockholders-basic and diluted | $ (12,971) | $ (12,928) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.71) | $ (2.85) |
Denominator-basic and diluted: | ||
Weighted-average common shares used to compute net loss per share-basic and diluted | 18,231,602 | 4,541,536 |
Net Loss per Share Attributab26
Net Loss per Share Attributable to Common Stockholders - Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Common Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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 | 3,147,793 | 2,717,539 |
Common Stock Warrant [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 | 357,840 |
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 | 7,006 | 13,148 |
Significant Agreements - Additi
Significant Agreements - Additional Information (Detail) - USD ($) | Dec. 19, 2014 | Jul. 31, 2016 | Feb. 28, 2015 | Jan. 31, 2015 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2007 | Mar. 31, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2007 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Research and development expense | $ 9,552,000 | $ 4,786,000 | |||||||||||
Up-front payment allocated to preferred stock value | |||||||||||||
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 | ||||||||||||
Up-front payment allocated to license fee | $ 17,300,000 | ||||||||||||
Up-front license fee received | $ 17,500,000 | ||||||||||||
Revenue recognized during period | 300,000 | $ 300,000 | |||||||||||
Deferred revenue from license agreement | 15,100,000 | ||||||||||||
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 | ||||||||||||
Up-front 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] | |||||||||||||
Research and development expense | $ 2,000,000 | $ 2,000,000 | |||||||||||
Up-front license fee paid | $ 2,000,000 | ||||||||||||
Percentage of shares issuable upon conversion of warrant | 1.75% | ||||||||||||
Warrant expiration period | 10 years | ||||||||||||
Warrant exercisable | $ 1.54 | ||||||||||||
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 | ||||||||||||
Increase in contractual obligation | 2,000,000 | $ 800,000 | |||||||||||
Aggregate payment obligation | 23,400,000 | ||||||||||||
Remaining contractual obligation | $ 14,900,000 | ||||||||||||
Period of contractual obligation | 4 years | ||||||||||||
UCB License Agreement [Member] | UCB Biopharma [Member] | |||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||||
Upfront milestone payable | $ 5,000,000 | ||||||||||||
Potential milestone payments to be made | $ 119,500,000 | ||||||||||||
Aggregate potential milestone payable | $ 250,000,000 | ||||||||||||
License expiration year | 10 years | ||||||||||||
Research and development expense | $ 5,000,000 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Values of Financial Assets and Liabilities Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | $ 70,429 | $ 81,486 |
Carrying Value [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 22,356 | 23,844 |
Short-term investments | 70,429 | 81,486 |
Total assets | 92,785 | 105,330 |
Quoted Prices in Active Markets Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 18,910 | 17,089 |
Total assets | 18,910 | 17,089 |
Significant Other Observable Inputs Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 3,446 | 6,755 |
Short-term investments | 70,429 | 81,486 |
Total assets | $ 73,875 | $ 88,241 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2015 | |
Fair Value Measurements [Line Items] | |||
Available for sale debt securities fair value | $ 70,429,000 | $ 81,486,000 | |
Realized gains or losses recognized on the sale or maturity of available-for-sale securities | 0 | ||
Corporate Bonds [Member] | |||
Fair Value Measurements [Line Items] | |||
Available for sale debt securities fair value | 43,978,000 | 51,300,000 | |
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 | ||
Quoted Prices in Active Markets Level 1 [Member] | |||
Fair Value Measurements [Line Items] | |||
Cash equivalents fair value | 18,910,000 | 17,089,000 | |
Quoted Prices in Active Markets Level 1 [Member] | Overnight Investments and Money Market Funds [Member] | |||
Fair Value Measurements [Line Items] | |||
Cash equivalents fair value | 18,900,000 | 17,100,000 | |
Significant Other Observable Inputs Level 2 [Member] | |||
Fair Value Measurements [Line Items] | |||
Cash equivalents fair value | 3,446,000 | 6,755,000 | |
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 | 70,400,000 | 81,500,000 | |
Significant Other Observable Inputs Level 2 [Member] | Corporate Bonds [Member] | |||
Fair Value Measurements [Line Items] | |||
Cash equivalents fair value | $ 3,400,000 | $ 6,800,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Available-for-Sale Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 70,431 | $ 81,430 |
Unrealized Gains | 21 | 67 |
Unrealized Losses | (23) | (11) |
Fair Value | 70,429 | 81,486 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 26,430 | 30,125 |
Unrealized Gains | 21 | 61 |
Fair Value | 26,451 | 30,186 |
Corporate Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 44,001 | 51,305 |
Unrealized Gains | 0 | 6 |
Unrealized Losses | (23) | (11) |
Fair Value | $ 43,978 | $ 51,300 |
Fair Value Measurements - Sum31
Fair Value Measurements - Summary of Changes in Fair Value of Common Stock Warrant Liability and Derivative Liability Inputs (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Change in fair value | $ (1,703) | |
Reclassification | $ 4,551 | |
Significant Unobservable Inputs Level 3 [Member] | Derivative Liability [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | $ 133 | |
Change in fair value | 17 | |
Reclassification | (150) | |
Common Stock Warrant Liability [Member] | Significant Unobservable Inputs Level 3 [Member] | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Beginning Balance | 2,848 | |
Change in fair value | 1,703 | |
Reclassification | $ (4,551) |
Prepaid Expenses and Other Cu32
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Short-term deposits | $ 2,419 | $ 1,630 |
Prepaid insurance | 637 | 168 |
Interest receivable on short-term investments | 210 | 306 |
Reimbursable costs | 374 | 262 |
Prepaid clinical supplies | 310 | 461 |
Other | 220 | 202 |
Total prepaid expenses and other current assets | $ 4,170 | $ 3,029 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Mar. 08, 2017Executives | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($)$ / sharesshares | Jan. 31, 2017shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options exercised, shares | shares | 28,200 | |||
Stock options exercised | $ 118 | |||
Intrinsic value of options exercised | $ 200 | |||
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 | $ 700 | |||
2015 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for issuance | shares | 1,578,921 | |||
2015 Plan [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares available for issuance | shares | 728,948 | |||
2007 Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option granted to certain executives and employees | shares | 663,990 | |||
Options grant date fair value amount | $ 4,000 | |||
Weighted average grant date fair value of options | $ / shares | $ 6.01 | |||
2015 and 2007 [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized compensation expense related to stock option | $ 10,700 | |||
Weighted average period to recognize compensation expense | 2 years 9 months 18 days |
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 | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation expense, total | $ 1,377 | $ 2,190 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation expense, total | 283 | 223 |
General and Administrative Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share based compensation expense, total | $ 1,094 | $ 1,967 |
Employee Stock Purchase Plan -
Employee Stock Purchase Plan - Additional Information (Detail) - shares | Mar. 31, 2017 | Jan. 31, 2017 |
2015 ESPP [Member] | ||
Employee Benefit Plans [Line Items] | ||
Common stock available for issuance | 432,237 | 182,237 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | ||
Net tax provision | $ 0 | $ 0 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Subsequent Event [Member] - USD ($) $ in Millions | May 05, 2017 | Apr. 06, 2017 |
Subsequent Event [Line Items] | ||
Common stock issued | 0 | |
Payment percentage of gross proceeds from sales agreement | 3.00% | |
Cowen and Company LLC [Member] | At The Market Equity Offering Sales Agreement [Member] | ||
Subsequent Event [Line Items] | ||
Proceeds from issuance of common stock | $ 50 |