Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Aug. 02, 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 | DRNA | |
Entity Registrant Name | DICERNA PHARMACEUTICALS INC | |
Entity Central Index Key | 1,399,529 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,753,001 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 29,187 | $ 56,058 |
Held-to-maturity investments | 40,003 | 38,551 |
Prepaid expenses and other current assets | 1,482 | 1,532 |
Total current assets | 70,672 | 96,141 |
NONCURRENT ASSETS: | ||
Property and equipment-net | 2,466 | 2,684 |
Assets held in restriction | 1,116 | 1,116 |
Other noncurrent assets | 79 | 82 |
Total noncurrent assets | 3,661 | 3,882 |
TOTAL ASSETS | 74,333 | 100,023 |
CURRENT LIABILITIES: | ||
Accounts payable | 3,223 | 2,621 |
Accrued expenses and other current liabilities | 6,090 | 6,376 |
Deferred rent | 52 | 4 |
Total current liabilities | 9,365 | 9,001 |
TOTAL LIABILITIES | 9,365 | 9,001 |
STOCKHOLDERS' EQUITY: | ||
Preferred stock, $0.0001 par value-5,000,000 shares authorized, no shares issued and outstanding at June 30, 2016 and December 31, 2015 | ||
Common stock, $0.0001 par value-150,000,000 shares authorized at June 30, 2016 and December 31, 2015; 20,726,108 shares and 20,594,575 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively | 2 | 2 |
Additional paid-in capital | 292,524 | 287,263 |
Accumulated deficit | (227,558) | (196,243) |
Total stockholders' equity | 64,968 | 91,022 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 74,333 | $ 100,023 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 20,726,108 | 20,594,575 |
Common stock, shares outstanding | 20,726,108 | 20,594,575 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenues | $ 184 | $ 184 | ||
Operating expenses: | ||||
Research and development | $ 11,032 | 11,875 | $ 22,296 | 20,567 |
General and administrative | 4,656 | 4,519 | 9,140 | 9,964 |
Total operating expenses | 15,688 | 16,394 | 31,436 | 30,531 |
Loss from operations | (15,688) | (16,210) | (31,436) | (30,347) |
Interest income | 66 | 34 | 121 | 87 |
Net loss | $ (15,622) | $ (16,176) | $ (31,315) | $ (30,260) |
Net loss per share-basic and diluted | $ (0.75) | $ (0.86) | $ (1.51) | $ (1.65) |
Weighted average shares outstanding-basic and diluted | 20,726,108 | 18,852,814 | 20,706,388 | 18,337,030 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (31,315) | $ (30,260) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 414 | 339 |
Net amortization of premium/discount on investments | 64 | 53 |
Stock-based compensation | 4,795 | 4,981 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 53 | (564) |
Accounts payable | 580 | 400 |
Accrued expenses and other liabilities | (181) | 2,776 |
Deferred rent | 48 | 60 |
Net cash used in operating activities | (25,542) | (22,215) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Changes in assets held in restriction | 264 | |
Purchases of property and equipment | (279) | (639) |
Maturities of held-to-maturity investments | 18,500 | 12,500 |
Purchases of held-to-maturity investments | (20,016) | (36,130) |
Net cash used in investing activities | (1,795) | (24,005) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from stock option exercises and issuances under Employee Stock Purchase Plan | 493 | 252 |
Settlement of restricted stock for tax withholding | (27) | (75) |
Proceeds from public offering of common stock, net of costs | 45,884 | |
Net cash provided by financing activities | 466 | 46,061 |
DECREASE IN CASH AND CASH EQUIVALENTS | (26,871) | (159) |
CASH AND CASH EQUIVALENTS - Beginning of period | 56,058 | 26,067 |
CASH AND CASH EQUIVALENTS - End of period | 29,187 | $ 25,908 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Property and equipment purchases included in accounts payable and accrued expenses | $ 29 |
Description of Business and Bas
Description of Business and Basis of Presentation | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Nature of business Dicerna Pharmaceuticals, Inc. and its subsidiaries (the Company) is an RNA interference-based biopharmaceutical company focused on the discovery and development of innovative treatments for rare inherited diseases involving the liver, for other therapeutic areas in which the liver plays a key role, and for cancers that are genetically defined. The Company is using its proprietary RNA interference (RNAi) technology platform to build a broad pipeline in these therapeutic areas. The Company intends to discover, develop and commercialize novel therapeutics either on its own or in collaboration with pharmaceutical partners. The Company continues to be subject to a number of risks common to companies in similar stages of development. Principal among these risks are the uncertainties of technological innovations, which are particularly high in the field of drug discovery and development, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology. The Company’s ability to fund its planned preclinical and clinical operations, including completion of its clinical trials, will depend on its ability to raise capital through a combination of public or private equity offerings, debt financings, and research collaborations and license agreements. If we are unable to generate funding from one or more of these sources within a reasonable timeframe, we may have to delay, reduce or terminate our research and development programs, pre-clinical or clinical trials or undergo reductions in our workforce or other corporate restructuring activities. We cannot predict whether additional funding will be available to us on acceptable terms or at all. In May 2015, the Company completed the sale of 2,750,000 shares of common stock in a public offering of its common stock at a price to the public of $17.75 per share, resulting in proceeds to the Company of $45.4 million after deducting underwriting discounts and commissions of approximately $2.9 million and offering costs incurred by the Company of approximately $0.4 million. Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for a complete set of financial statements. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2016 and results of operations and cash flows for the interim periods ended June 30, 2016 and 2015. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The results of 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 or for any other interim period or for any other future year. Summary of Significant Accounting Policies Revenue Recognition Grant revenue is recognized in the period in which the related grant research and activities are incurred, provided that the conditions under which the grant was provided have been met and the Company only has perfunctory obligations outstanding. Any amounts received in advance of revenue recognition are classified as deferred revenue in the consolidated balance sheets. Costs associated with grants are included in research and development expenses in the consolidated statements of operations. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Revenue Recognition | 2. Revenue Recognition NIH Grants In April 2015, the National Cancer Institute (NCI), a division of the National Institutes of Health (NIH), awarded the Company a grant related to cancer treatment research. The project period for this grant covers a three month period which commenced in April 2015, with total funds available of approximately $0.2 million. The payment of the NIH grant award was based upon subcontractor and internal costs incurred that are specifically covered by the grant, and where applicable, a facilities and administrative rate that provides funding for overhead expenses. During the three and six month periods ended June 30, 2015, the Company recognized $0.2 million of revenue associated with the NIH grant award. |
Held-to-maturity investments
Held-to-maturity investments | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Held-to-maturity investments | 3. Held-to-maturity investments The Company invests its excess cash balances in short-term and long-term fixed-income investments. The Company determines the appropriate classification of investments at the time of purchase and re-evaluates such designation as of each balance sheet date. Debt securities carried at amortized cost are classified as held-to-maturity when the Company has the positive intent and ability to hold the securities to maturity. The following tables provide information relating to held-to-maturity investments: At June 30, 2016: Amortized Gross Gross Fair Held-to-maturity investments U.S. Government treasury and agency securities $ 40,003 $ 26 $ — $ 40,029 At December 31, 2015: Amortized Gross Gross Fair Held-to-maturity investments U.S. Government treasury and agency securities $ 38,551 $ — $ (47 ) $ 38,504 The amortized cost and fair value of held-to-maturity investments by contractual maturities at June 30, 2016, are as follows (in thousands): Held-to-Maturity Amortized Fair Maturing in one year or less $ 40,003 $ 40,029 Total $ 40,003 $ 40,029 |
Stock-Based Compensation
Stock-Based Compensation | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 4. Stock-Based Compensation Stock options granted to non-employees In September 2013, the Company granted stock options to purchase 132,500 shares of common stock to non-employees with an initial fair value of $0.3 million. These stock options vest ratably over forty-eight months from the initial vesting date of July 30, 2013. Based on the terms of the non-employee stock option agreements, the Company recorded stock-based compensation expense of $0.01 million and $0.03 million for the three month and six month periods ended June 30, 2016, as compared to $0.1 million and $0.2 million in the comparable 2015 periods. The assumptions used to estimate fair value were as follows: Three Months Ended Six Months Ended June 30, 2016 Stock price $3.00 – $4.62 $3.00 – $6.56 Expected option term (in years) 3.99 – 4.11 3.99 – 4.30 Expected volatility 75.3% – 77.8% 70.6% – 77.8% Risk-free interest rate 0.87% – 1.21% 0.87% – 1.22% Expected dividend yield 0.00% 0.00% Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Stock price $13.95 – $20.07 $13.95 – $24.43 Expected option term (in years) 4.83 – 5.01 4.37 – 5.29 Expected volatility 66% – 67% 66% – 68% Risk-free interest rate 1.43% – 1.57% 1.21% – 1.57% Expected dividend yield 0.00% 0.00% As of June 30, 2016, there were 17,500 unvested stock options held by non-employees. Stock option grants to employees During the three and six month periods ended June 30, 2016, the Company granted stock options to purchase 517,500 and 1,445,275 shares of common stock to employees with grant date fair values of $1.6 million and $6.8 million, respectively, compared to 210,500 and 849,926 shares of common stock with grant date fair values of $1.8 million and $9.3 million, for the comparable three and six month periods in 2015. Employee stock-based compensation for the three and six month periods ended June 30, 2016 were $2.4 million and $4.8 million as compared to $2.6 million and $4.8 million, respectively, for the comparable 2015 periods. The assumptions used to estimate the grant date fair value for 2016 and 2015 grants were as follows: Three Months Ended Six Months Ended Stock price $3.26 – $5.55 $3.26 – $9.09 Expected option term (in years) 5.50 – 6.25 5.50 – 6.25 Expected volatility 75.1 – 75.3% 70.9 – 75.3% Risk-free interest rate 1.20% – 1.46% 1.20% – 1.71% Expected dividend yield 0.00% 0.00% Three Months Ended Six Months Ended Stock price $13.87 – $13.95 $13.87 – $24.03 Expected option term (in years) 5.50 – 6.25 5.50 – 6.25 Expected volatility 67% 67 – 69% Risk-free interest rate 1.77% – 1.81% 1.51% – 1.81% Expected dividend yield 0.00% 0.00% |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 5. Fair Value Measurements Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. 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. As a basis for considering such assumption the accounting literature establishes a three-tier value hierarchy which prioritizes the inputs used in measuring fair value as follows: (Level 1) observable inputs, such as quoted prices in active markets; (Level 2) inputs other than the quoted prices in active markets that are observable either directly or indirectly; and (Level 3) unobservable inputs for which there is little or no market data, which requires the Company to develop its own assumptions. A summary of the Company’s assets that are measured or disclosed at fair value as of June 30, 2016 and December 31, 2015 are presented below: Description 2016 Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 27,741 $ 27,741 $ — $ — Held-to-maturity investments U.S. treasury securities 40,029 — 40,029 — Assets held in restriction Money market fund 1,116 — 1,116 — Total $ 68,886 $ 27,741 $ 41,145 $ — Description At December 31, 2015 Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 45,557 $ 45,557 $ — $ — Held-to-maturity investments U.S. treasury securities 38,504 — 38,504 — Assets held in restriction Money market fund 1,116 — 1,116 — Total $ 85,177 $ 45,557 $ 39,620 $ — The Company’s cash equivalents, which are in money market funds, are classified within Level 1 of the fair value hierarchy because they are valued using quoted prices as of June 30, 2016 and December 31, 2015, respectively. The Company’s assets held in restriction bore interest at the prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of these instruments also approximated their fair value and the financial instruments were classified within Level 2 of the fair value hierarchy because the inputs to the fair value measurement are valued using observable inputs as of June 30, 2016 and December 31, 2015, respectively. The Company’s held-to-maturity investments bore interest at the prevailing market rates for instruments with similar characteristics. The financial instruments were classified within Level 2 of the fair value hierarchy because the inputs to the fair value measurement are observable inputs as of June 30, 2016 and December 31, 2015, respectively. For the three and six month periods ended June 30, 2016 and 2015 there were no transfers between Level 1 and Level 2. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Facility lease On July 11, 2014, the Company executed a non-cancelable operating lease for office and laboratory space in Cambridge, Massachusetts. The lease agreement obligates the Company to minimum lease payments totaling $9.5 million over the six-year lease term. The lease commenced on December 1, 2014. As part of the lease agreement, the Company established a $1.1 million letter of credit, secured by a money market account which is included in assets held in restriction at June 30, 2016 and December 31, 2015. City of Hope license agreement In September 2007, the Company entered into a license agreement with City of Hope, an independent academic research and medical center (the “Medical Center”). In consideration for the right to develop, manufacture, and commercialize products based on certain of the Medical Center’s intellectual property, the Company paid a one-time, non-refundable license fee and issued shares of common stock as consideration for the license. The Company is required to pay an annual license maintenance fee, reimburse the Medical Center for patent costs incurred, and pay an amount within the range of $5.0 million to $10.0 million upon the achievement of certain milestones, and royalties on future sales, if any. There were no sublicense and other fees accrued at June 30, 2016 and December 31, 2015. The license agreement will remain in effect until the expiration of the last patents or copyrights licensed under the agreement or until all obligations under the agreement with respect to payment of milestones have terminated or expired. The Company may terminate the license agreement at any time upon 90 days written notice to the Medical Center. The Company recorded research and development expense, related to the agreement with the Medical Center, of $0.1 million and zero for the three and six month periods ended June 30, 2016 and 2015, respectively. Plant Bioscience Limited license agreement In September 2013, the Company entered into a commercial license agreement with Plant Bioscience Limited (PBL), pursuant to which PBL has granted to the Company a license to certain of its U.S. patents and patent applications to research, discover, develop, manufacture, sell, import and export, products incorporating one or more short RNA molecules (SRMs). The Company has paid PBL a one-time, non-refundable signature fee and will pay PBL a nomination fee for any additional SRMs nominated by the Company under the agreement. The Company is further obligated to pay PBL milestone payments upon achievement of certain clinical and regulatory milestones. During 2014, the Company paid $0.1 million to PBL based on meeting a clinical milestone. In addition, PBL is entitled to receive royalties of any net sale revenue of any licensed product candidates sold by the Company. The Company did not record any research and development expense, related to this agreement, during the three and six month periods ended June 30, 2016 and 2015, respectively. Arbutus Biopharma Corporation license agreement In November 2014, the Company signed a licensing and collaboration agreement with Arbutus Biopharma Corporation (Arbutus) to license Arbutus’ LNP delivery technology for exclusive use in the Company’s primary hyperoxaluria type 1 (PH1) development program. The Company will use Arbutus’ LNP technology to deliver DCR-PH1, for the treatment of PH1. As of June 30, 2016, the Company paid $3.0 million in cumulative license fees. There were no license fees recorded in the three and six month periods ended June 30, 2016 and 2015, respectively. Arbutus is entitled to receive additional payments of $22.0 million in aggregate development milestones, plus a mid-single-digit royalty on future PH1 sales. This partnership also includes a supply agreement with Arbutus providing clinical drug supply and regulatory support. |
Litigation
Litigation | 6 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Litigation | 7. Litigation On June 10, 2015, Alnylam Pharmaceuticals, Inc. (Alnylam) filed a complaint against the Company in the Superior Court of Middlesex County, Massachusetts. The complaint alleges misappropriation of confidential, proprietary, and trade secret information, as well as other related claims, in connection with the Company’s hiring of a number of former employees of Merck & Co., Inc. (Merck) and its discussions with Merck regarding the acquisition of its subsidiary, Sirna Therapeutics, Inc. (Sirna), which was subsequently acquired by Alnylam. The complaint seeks among other things, unspecified damages, attorneys’ fees, and an order permanently enjoining the Company from disclosing or using any of Alnylam’s confidential information or trade secrets. The Company believes that these allegations lack merit, has filed an answer denying all liability and intends to continue to vigorously defend all claims asserted. At this time, the Company has not recorded a liability in connection with these matters because it believes that any potential loss is neither probable nor reasonably estimable. From time to time, the Company may be subject to various claims and legal proceedings. If the potential loss from any claim, asserted or unasserted, or legal proceeding is considered probable and the amount is reasonably estimable, the Company will accrue a liability for the estimated loss. There were no litigation liabilities outstanding as of June 30, 2016 and December 31, 2015. |
Description of Business and B13
Description of Business and Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Nature of business | Nature of business Dicerna Pharmaceuticals, Inc. and its subsidiaries (the Company) is an RNA interference-based biopharmaceutical company focused on the discovery and development of innovative treatments for rare inherited diseases involving the liver, for other therapeutic areas in which the liver plays a key role, and for cancers that are genetically defined. The Company is using its proprietary RNA interference (RNAi) technology platform to build a broad pipeline in these therapeutic areas. The Company intends to discover, develop and commercialize novel therapeutics either on its own or in collaboration with pharmaceutical partners. The Company continues to be subject to a number of risks common to companies in similar stages of development. Principal among these risks are the uncertainties of technological innovations, which are particularly high in the field of drug discovery and development, dependence on key individuals, development of the same or similar technological innovations by the Company’s competitors and protection of proprietary technology. The Company’s ability to fund its planned preclinical and clinical operations, including completion of its clinical trials, will depend on its ability to raise capital through a combination of public or private equity offerings, debt financings, and research collaborations and license agreements. If we are unable to generate funding from one or more of these sources within a reasonable timeframe, we may have to delay, reduce or terminate our research and development programs, pre-clinical or clinical trials or undergo reductions in our workforce or other corporate restructuring activities. We cannot predict whether additional funding will be available to us on acceptable terms or at all. In May 2015, the Company completed the sale of 2,750,000 shares of common stock in a public offering of its common stock at a price to the public of $17.75 per share, resulting in proceeds to the Company of $45.4 million after deducting underwriting discounts and commissions of approximately $2.9 million and offering costs incurred by the Company of approximately $0.4 million. |
Basis of presentation and consolidation | Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the U.S. (GAAP) and in accordance with the rules and regulations of the Securities and Exchange Commission (SEC) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for a complete set of financial statements. The unaudited condensed consolidated interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary to present fairly the Company’s financial position at June 30, 2016 and results of operations and cash flows for the interim periods ended June 30, 2016 and 2015. These unaudited condensed consolidated interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The results of 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 or for any other interim period or for any other future year. |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies |
Revenue Recognition | Revenue Recognition Grant revenue is recognized in the period in which the related grant research and activities are incurred, provided that the conditions under which the grant was provided have been met and the Company only has perfunctory obligations outstanding. Any amounts received in advance of revenue recognition are classified as deferred revenue in the consolidated balance sheets. Costs associated with grants are included in research and development expenses in the consolidated statements of operations. |
Held-to-maturity investments (T
Held-to-maturity investments (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Text Block [Abstract] | |
Schedule of Held-To-Maturity Investments | The following tables provide information relating to held-to-maturity investments: At June 30, 2016: Amortized Gross Gross Fair Held-to-maturity investments U.S. Government treasury and agency securities $ 40,003 $ 26 $ — $ 40,029 At December 31, 2015: Amortized Gross Gross Fair Held-to-maturity investments U.S. Government treasury and agency securities $ 38,551 $ — $ (47 ) $ 38,504 |
Amortized Cost and Fair Value of Held-To-Maturity Investments | The amortized cost and fair value of held-to-maturity investments by contractual maturities at June 30, 2016, are as follows (in thousands): Held-to-Maturity Amortized Fair Maturing in one year or less $ 40,003 $ 40,029 Total $ 40,003 $ 40,029 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Stock Options Granted to Non-Employees [Member] | |
Schedule of Valuation Assumptions | The assumptions used to estimate fair value were as follows: Three Months Ended Six Months Ended June 30, 2016 Stock price $3.00 – $4.62 $3.00 – $6.56 Expected option term (in years) 3.99 – 4.11 3.99 – 4.30 Expected volatility 75.3% – 77.8% 70.6% – 77.8% Risk-free interest rate 0.87% – 1.21% 0.87% – 1.22% Expected dividend yield 0.00% 0.00% Three Months Ended June 30, 2015 Six Months Ended June 30, 2015 Stock price $13.95 – $20.07 $13.95 – $24.43 Expected option term (in years) 4.83 – 5.01 4.37 – 5.29 Expected volatility 66% – 67% 66% – 68% Risk-free interest rate 1.43% – 1.57% 1.21% – 1.57% Expected dividend yield 0.00% 0.00% |
Employee Stock Option [Member] | |
Schedule of Valuation Assumptions | The assumptions used to estimate the grant date fair value for 2016 and 2015 grants were as follows: Three Months Ended Six Months Ended Stock price $3.26 – $5.55 $3.26 – $9.09 Expected option term (in years) 5.50 – 6.25 5.50 – 6.25 Expected volatility 75.1 – 75.3% 70.9 – 75.3% Risk-free interest rate 1.20% – 1.46% 1.20% – 1.71% Expected dividend yield 0.00% 0.00% Three Months Ended Six Months Ended Stock price $13.87 – $13.95 $13.87 – $24.03 Expected option term (in years) 5.50 – 6.25 5.50 – 6.25 Expected volatility 67% 67 – 69% Risk-free interest rate 1.77% – 1.81% 1.51% – 1.81% Expected dividend yield 0.00% 0.00% |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets Measured or Disclosed at Fair Value | A summary of the Company’s assets that are measured or disclosed at fair value as of June 30, 2016 and December 31, 2015 are presented below: Description 2016 Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 27,741 $ 27,741 $ — $ — Held-to-maturity investments U.S. treasury securities 40,029 — 40,029 — Assets held in restriction Money market fund 1,116 — 1,116 — Total $ 68,886 $ 27,741 $ 41,145 $ — Description At December 31, 2015 Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 45,557 $ 45,557 $ — $ — Held-to-maturity investments U.S. treasury securities 38,504 — 38,504 — Assets held in restriction Money market fund 1,116 — 1,116 — Total $ 85,177 $ 45,557 $ 39,620 $ — |
Description of Business and B17
Description of Business and Basis of Presentation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended |
May 31, 2015 | Jun. 30, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Proceeds from issuance of common stock | $ 45,884 | |
IPO [Member] | ||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||
Common stock shares issued | 2,750,000 | |
Sale of stock price per share | $ 17.75 | |
Proceeds from issuance of common stock | $ 45,400 | |
Underwriting discounts and commissions | 2,900 | |
Offering cost incurred | $ 400 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - National Institutes of Health [Member] - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2015 | Jun. 30, 2015 | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||
Funds available under revenue recognition grant | $ 0.2 | |
Revenue associated with NIH grant award | $ 0.2 | $ 0.2 |
Held-to-Maturity Investments -
Held-to-Maturity Investments - Schedule of Held-to-Maturity Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investments, Amortized Cost | $ 40,003 | |
Held-to-maturity investments, Fair Value, Total | 40,029 | |
U.S. Government Treasury and Agency Securities [Member] | ||
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investments, Amortized Cost | 40,003 | $ 38,551 |
Held-to-maturity investments, Gross Unrealized Gains | 26 | |
Held-to-maturity investments, Gross Unrealized Losses | (47) | |
Held-to-maturity investments, Fair Value, Total | $ 40,029 | $ 38,504 |
Held-to-Maturity-Investments -
Held-to-Maturity-Investments - Amortized Cost and Fair Value of Held-to-Maturity Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | ||
Held-to-Maturity securities, Maturing in one year or less, Amortized Cost | $ 40,003 | $ 38,551 |
Held to Maturity, Amortized Cost, Total | 40,003 | |
Held-to-Maturity securities, Maturing in one year or less, Fair Value | 40,029 | |
Held-to-Maturity, Fair Value, Total | $ 40,029 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock-based compensation expense | $ 4,795 | $ 4,981 | ||||
Nonemployee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option, granted | 132,500 | |||||
Stock options, granted fair value | 300 | |||||
Stock-based compensation expense | $ 10 | $ 100 | $ 30 | $ 200 | ||
Stock option plan, vesting period | 48 months | |||||
Unvested stock options | 17,500 | 17,500 | ||||
Employee Stock Option [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock option, granted | 517,500 | 210,500 | 1,445,275 | 849,926 | ||
Stock-based compensation expense | $ 2,400 | $ 2,600 | $ 4,800 | $ 4,800 | ||
Fair value of stock options | $ 1,600 | $ 1,800 | $ 6,800 | $ 9,300 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Valuation Assumptions (Detail) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Nonemployee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Nonemployee Stock Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock price | $ 3 | $ 13.95 | $ 3 | $ 13.95 |
Expected option term (in years) | 3 years 11 months 27 days | 4 years 9 months 29 days | 3 years 11 months 27 days | 4 years 4 months 13 days |
Expected volatility | 75.30% | 66.00% | 70.60% | 66.00% |
Risk-free interest rate | 0.87% | 1.43% | 0.87% | 1.21% |
Nonemployee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock price | $ 4.62 | $ 20.07 | $ 6.56 | $ 24.43 |
Expected option term (in years) | 4 years 1 month 10 days | 5 years 4 days | 4 years 3 months 18 days | 5 years 3 months 15 days |
Expected volatility | 77.80% | 67.00% | 77.80% | 68.00% |
Risk-free interest rate | 1.21% | 1.57% | 1.22% | 1.57% |
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected volatility | 67.00% | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Employee Stock Option [Member] | Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock price | $ 3.26 | $ 13.87 | $ 3.26 | $ 13.87 |
Expected option term (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months | 5 years 6 months |
Expected volatility | 75.10% | 70.90% | 67.00% | |
Risk-free interest rate | 1.20% | 1.77% | 1.20% | 1.51% |
Employee Stock Option [Member] | Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock price | $ 5.55 | $ 13.95 | $ 9.09 | $ 24.03 |
Expected option term (in years) | 6 years 3 months | 6 years 3 months | 6 years 3 months | 6 years 3 months |
Expected volatility | 75.30% | 75.30% | 69.00% | |
Risk-free interest rate | 1.46% | 1.81% | 1.71% | 1.81% |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured or Disclosed at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Held-to-maturity investments | ||
U.S. treasury securities | $ 40,029 | |
Assets held in restriction | ||
Total | 68,886 | $ 85,177 |
Money Market Fund [Member] | ||
Cash equivalents | ||
Money market fund | 27,741 | 45,557 |
Assets held in restriction | ||
Restricted investments, at fair value | 1,116 | 1,116 |
US Treasury Securities [Member] | ||
Held-to-maturity investments | ||
U.S. treasury securities | 40,029 | 38,504 |
Level 1 [Member] | ||
Assets held in restriction | ||
Total | 27,741 | 45,557 |
Level 1 [Member] | Money Market Fund [Member] | ||
Cash equivalents | ||
Money market fund | 27,741 | 45,557 |
Level 2 [Member] | ||
Assets held in restriction | ||
Total | 41,145 | 39,620 |
Level 2 [Member] | Money Market Fund [Member] | ||
Assets held in restriction | ||
Restricted investments, at fair value | 1,116 | 1,116 |
Level 2 [Member] | US Treasury Securities [Member] | ||
Held-to-maturity investments | ||
U.S. treasury securities | $ 40,029 | $ 38,504 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Jun. 30, 2015 |
Debt Instrument Fair Value Carrying Value [Abstract] | ||
Transfers between Level 1 and Level 2 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Jul. 11, 2014 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 01, 2014 |
Loss Contingencies [Line Items] | ||||||||
Research and development expense | $ 11,032,000 | $ 11,875,000 | $ 22,296,000 | $ 20,567,000 | ||||
Cambridge Massachusetts , 2014 Operating Lease Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Operating minimum lease payments | $ 9,500,000 | |||||||
Operating minimum lease payments term | 6 years | |||||||
Letter of credit | $ 1,100,000 | |||||||
Deferred rent obligation | Dec. 1, 2014 | |||||||
City of Hope License Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
License agreement date | Sep. 30, 2007 | |||||||
Expenses related to license agreement | $ 0 | $ 0 | ||||||
Termination of license agreement description | The Company may terminate the license agreement at any time upon 90 days written notice | |||||||
Research and development expense | 100,000 | 100,000 | $ 0 | 0 | ||||
City of Hope License Agreement [Member] | Minimum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Expenses related to license agreement | 5,000,000 | |||||||
City of Hope License Agreement [Member] | Maximum [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Expenses related to license agreement | $ 10,000,000 | |||||||
Plant Bioscience Limited License Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
License agreement date | Sep. 30, 2013 | |||||||
Research and development expense | 0 | 0 | $ 0 | 0 | ||||
Payments on commencement of clinical trial | $ 100,000 | |||||||
Arbutus Biopharma Corporation License Agreement [Member] | ||||||||
Loss Contingencies [Line Items] | ||||||||
Expenses related to license agreement | 3,000,000 | |||||||
Aggregate development milestones and royalty | 22,000,000 | |||||||
Additional license cost incurred | $ 0 | $ 0 | $ 0 | $ 0 |
Litigation - Additional Informa
Litigation - Additional Information (Detail) - USD ($) | Jun. 30, 2016 | Dec. 31, 2015 |
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding litigation liabilities | $ 0 | $ 0 |