Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
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 | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 20,848,503 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 30,960 | $ 20,865 |
Held-to-maturity investments (Note 3) | 44,959 | 25,009 |
Prepaid expenses and other current assets | 3,915 | 1,952 |
Total current assets | 79,834 | 47,826 |
NONCURRENT ASSETS: | ||
Property and equipment-net | 1,704 | 2,234 |
Restricted cash equivalents | 1,116 | 1,116 |
Other noncurrent assets | 72 | 76 |
Total noncurrent assets | 2,892 | 3,426 |
TOTAL ASSETS | 82,726 | 51,252 |
CURRENT LIABILITIES: | ||
Accounts payable | 5,392 | 4,318 |
Accrued expenses and other current liabilities | 5,130 | 5,726 |
Total current liabilities | 10,522 | 10,044 |
TOTAL LIABILITIES | 10,522 | 10,044 |
Commitments and contingencies (Note 7) | ||
PREFERRED STOCK, $0.0001 par value and 5,000,000 shares authorized: Redeemable convertible preferred stock-740,126 and no shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively (aggregate liquidation preference of $74,014 and $0 at September 30, 2017 and December 31, 2016, respectively) (Note 4) | 75,983 | 0 |
STOCKHOLDERS' (DEFICIT) EQUITY: | ||
Common stock, $0.0001 par value-150,000,000 shares authorized at September 30, 2017 and December 31, 2016; 20,847,754 shares and 20,753,001 shares issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 2 | 2 |
Additional paid-in capital | 296,434 | 296,962 |
Accumulated deficit | (300,215) | (255,756) |
Total stockholders' (deficit) equity | (3,779) | 41,208 |
TOTAL LIABILITIES AND STOCKHOLDERS' (DEFICIT) EQUITY | $ 82,726 | $ 51,252 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | |
Preferred stock, shares authorized | 5,000,000 | |
Redeemable convertible preferred stock, shares issued | 740,126 | |
Redeemable convertible preferred stock, shares outstanding | 740,126 | |
Aggregate liquidation preference value | $ 74,014 | $ 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 20,847,754 | 20,753,001 |
Common stock, shares outstanding | 20,847,754 | 20,753,001 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenue | $ 474 | $ 162 | $ 859 | $ 162 |
Operating expenses: | ||||
Research and development | 9,001 | 10,061 | 27,197 | 32,357 |
General and administrative | 6,685 | 4,338 | 18,481 | 13,478 |
Total operating expenses | 15,686 | 14,399 | 45,678 | 45,835 |
Loss from operations | (15,212) | (14,237) | (44,819) | (45,673) |
Interest income | 179 | 61 | 360 | 182 |
Net loss | (15,033) | (14,176) | (44,459) | (45,491) |
Dividends on redeemable convertible preferred stock | (4,111) | (6,733) | ||
Deemed dividend related to beneficial conversion feature of redeemable convertible preferred stock | (6,144) | |||
Net loss attributable to common stockholders | $ (19,144) | $ (14,176) | $ (57,336) | $ (45,491) |
Net loss per share attributable to common stockholders-basic and diluted | $ (0.92) | $ (0.68) | $ (2.76) | $ (2.20) |
Weighted average common shares outstanding-basic and diluted | 20,841,728 | 20,752,416 | 20,809,372 | 20,708,600 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (44,459) | $ (45,491) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 6,003 | 7,067 |
Depreciation and amortization | 571 | 627 |
Net amortization of premium/discount on investments | (106) | 65 |
Loss on disposal of property and equipment | 51 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (1,963) | (300) |
Accounts payable | 1,114 | 983 |
Accrued expenses and other liabilities | (588) | (108) |
Deferred rent | 4 | |
Net cash used in operating activities | (39,373) | (37,157) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of property and equipment | (133) | (375) |
Maturities of held-to-maturity investments | 45,000 | 33,500 |
Purchases of held-to-maturity investments | (64,853) | (20,016) |
Net cash (used in) provided by investing activities | (19,986) | 13,109 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of redeemable convertible preferred stock, net of issuance costs | 70,000 | |
Redeemable convertible preferred stock issuance costs | (750) | |
Proceeds from stock option exercises and issuances under employee stock purchase plan | 215 | 561 |
Settlement of restricted stock for tax withholding | (11) | (27) |
Net cash provided by financing activities | 69,454 | 534 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 10,095 | (23,514) |
CASH AND CASH EQUIVALENTS - Beginning of period | 20,865 | 56,058 |
CASH AND CASH EQUIVALENTS - End of period | 30,960 | 32,544 |
NONCASH FINANCING ACTIVITIES: | ||
Dividends on redeemable convertible preferred stock | 6,733 | |
Deemed dividend related to beneficial conversion feature of redeemable convertible preferred stock | $ 6,144 | |
NONCASH INVESTING ACTIVITIES: | ||
Property and equipment purchases included in accounts payable | $ 52 |
Description of Business and Bas
Description of Business and Basis of Presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | 1. Description of Business and Basis of Presentation Business Dicerna Pharmaceuticals, Inc. (“Dicerna” or the “Company”), a Delaware corporation founded in 2006 and located in Cambridge, Massachusetts, is a biopharmaceutical company focused on the discovery and development of innovative subcutaneously delivered ribonucleic acid interference (“RNAi”)-based pharmaceuticals using its GalXC TM Basis of presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP to constitute a complete set of financial statements. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated 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 September 30, 2017 and results of operations and cash flows for the interim periods ended September 30, 2017 and 2016. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K Significant judgments and estimates The preparation of consolidated financial statements in conformity with 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 consolidated financial statements, as well as the revenue and expenses incurred during the reporting periods. On an ongoing basis, the Company evaluates judgments and estimates, including those related to accrued expenses, stock-based compensation and in relation to the accounting for, including cumulative dividends on, the Redeemable Convertible Preferred, as defined below. The Company bases its estimates on historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not apparent from other sources. Changes in estimates are reflected in reported results for the period in which they become known. Actual results could differ materially from those estimates. Liquidity risk Based on the Company’s current operating plan and liquidity, including the receipt of gross proceeds of $70.0 million from the issuance of the Company’s Redeemable Convertible Preferred, as defined below, on April 11, 2017 (see Note 4) and the receipt of upfront proceeds in connection with the BI Agreement, defined and discussed in Note 8, management believes that available cash, cash equivalents and held-to-maturity 12-month Summary of Significant Accounting Policies 10-K, Recent Accounting Pronouncements Adopted in 2017 Stock-based compensation In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”), 2016-09 2016-09. Not yet adopted Revenue recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue Recognition Revenue from Contracts with Customers Income taxes In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory 2016-16”), 2016-16 pre-tax 2016-16 Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02”), which 2016-02 2016-02 2016-02 Statement of cash flows In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) 2016-15”), a 2016-15 2016-15 2016-15 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash 2016-18”), 2016-18 2016-18 Stock-based compensation In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09”), 2017-09, 2017-19 |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 2. Net Loss per Share Attributable to Common Stockholders The outstanding securities presented below were excluded from the calculation of net loss per share attributable to common stockholders, because such securities would have been anti-dilutive due to the Company’s net loss per share attributable to common stockholders during the periods ending on the dates presented. September 30, September 30, Options to purchase common stock 6,134,301 4,888,522 Warrants to purchase common stock 87,901 87,901 Unvested restricted common stock 10,000 25,859 Redeemable convertible preferred stock 740,126 — |
Held-to-maturity Investments
Held-to-maturity Investments | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Held-to-maturity Investments | 3. Held-to-maturity The following tables provide information relating to the Company’s held-to-maturity Amortized Gross Gross Fair As of September 30, 2017: Held-to-maturity U.S. treasury securities maturing in one year or less $ 44,959 $ 1 $ (9 ) $ 44,951 Amortized Gross Gross Fair As of December 31, 2016: Held-to-maturity U.S. treasury securities maturing in one year or less $ 25,009 $ — $ (5 ) $ 25,004 |
Redeemable Convertible Preferre
Redeemable Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Redeemable Convertible Preferred Stock | 4. Redeemable Convertible Preferred Stock On April 11, 2017, pursuant to a redeemable convertible preferred stock purchase agreement (“SPA”) with seven institutional investors (“Investors”), led by funds advised by Bain Capital Life Sciences L.P. (“Lead Investor”), the Company issued and sold in a private placement 700,000 shares of its newly designated Redeemable Convertible Preferred Stock, par value $0.0001 per share (“Redeemable Convertible Preferred”), at a purchase price of $100.00 per share, for total gross proceeds of $70.0 million (“Private Placement”), less issuance costs of approximately $0.8 million. The shares of Redeemable Convertible Preferred and the shares of common stock issuable upon conversion of the Redeemable Convertible Preferred were offered and sold by the Company pursuant to an exemption from the registration requirements of the Securities Act provided by Section 4(a)(2) thereunder. In addition to the Lead Investor, other participants in the Private Placement included Cormorant Asset Management, Domain Associates, EcoR1 Capital, RA Capital and Skyline Ventures, among others. Domain Associates, RA Capital and Skyline Ventures are entities that are affiliated or were formerly affiliated with certain members of the Company’s board of directors. The Redeemable Convertible Preferred has the rights and preferences set forth in a Certificate of Designation, which was filed with the Secretary of State of the State of Delaware. Those rights and preferences are summarized below. Conversion The Company has the right to require the Investors to convert the Redeemable Convertible Preferred into common stock at any time following the earlier of the second anniversary of the closing of the Private Placement or the occurrence of certain agreed-upon milestone events (the “Milestone Events”), defined as the occurrence of both of the following: (a) (1) the time that the Company first administers a dose of a lead pharmaceutical product candidate to a human being pursuant to an Investigational New Drug (“IND”) application filed with the United States Food and Drug Administration (“FDA”) or (2) after the Company has first administered a dose of a product candidate to a human being pursuant to a Clinical Trial Application with the Medicine and Healthcare Products Regulatory Agency in the European Union and an IND relating to such product candidate has become effective; and (b) the Company enters into a partnership or license agreement with a major company in the pharmaceutical or biotechnology industry relating to a non-lead The Company’s ability to require conversion shall be subject to (i) a 19.99% blocker provision to comply with NASDAQ Listing Rules (“19.99% Conversion Blocker”), (ii) for certain Investors, a 9.99% blocker provision (“9.99% Conversion Blocker”) that will prohibit beneficial ownership of more than 9.99% of the outstanding shares of the Company’s common stock or voting power at any time, or (iii) applicable regulatory restrictions. The 19.99% Conversion Blocker and the 9.99% Conversion Blocker are hereinafter referred to as the “Conversion Blockers.” The Conversion Price is subject to proportionate adjustment for any stock split, stock dividend, combination or other similar recapitalization event. Following the date of a required conversion at the Company’s option, any shares of Redeemable Convertible Preferred that are not converted as a result of the Conversion Blockers or applicable regulatory restrictions shall continue to be entitled to all of the rights of the holders of Redeemable Convertible Preferred except that they will no longer be entitled to further accrual of dividends, priority distribution of assets upon consummation of a change of control or a liquidation event and certain special voting provisions (see below). At any time and from time to time at their election, the holders of Redeemable Convertible Preferred will have the option to convert the Redeemable Convertible Preferred into shares of the Company’s common stock by dividing (i) the sum of the Accrued Value plus an amount equal to all accrued or declared and unpaid dividends on the Redeemable Convertible Preferred that have not previously been added to the Accrued Value by (ii) the Conversion Price in effect at the time of such conversion. The conversion of shares of Redeemable Convertible Preferred into shares of common stock is subject to the Conversion Blockers. “Accrued Value” means, with respect to each share of Redeemable Convertible Preferred, the sum of (i) $100.00 plus (ii) on each quarterly dividend date, an additional amount equal to the dollar value of any dividends on a share of Redeemable Convertible Preferred which have accrued on any dividend payment date and have not previously been added to such Accrued Value. Redemption On or at any time following the seventh anniversary of the closing of the Private Placement, (i) the Company shall have the right to redeem the Redeemable Convertible Preferred for a cash consideration equal to the sum of the Accrued Value, as of the date of redemption, plus an amount equal to all accrued or declared and unpaid dividends on the Redeemable Convertible Preferred that have not previously been added to the Accrued Value, and (ii) the holders of a majority of the Redeemable Convertible Preferred shall also have the right to cause the Company to redeem the Redeemable Convertible Preferred at the same price. Upon consummation of a specified change of control transaction, each holder of Redeemable Convertible Preferred will be entitled to receive in preference to the holders of common stock and any junior preferred stock, an amount equal to the greater of (i) 101% of the sum of the Accrued Value plus an amount equal to all accrued or declared and unpaid dividends on the Redeemable Convertible Preferred that have not previously been added to the Accrued Value, or (ii) the amount that such shares would have been entitled to receive if they had converted into common stock immediately prior to such event. Liquidation preferences In the event of the Company’s liquidation, dissolution or winding up, the holder of each share of Redeemable Convertible Preferred will be entitled to receive, in preference to the holders of the common stock and any junior preferred stock, an amount per share equal to the greater of (i) the sum of the Accrued Value plus an amount equal to all accrued or declared and unpaid dividends on the Redeemable Convertible Preferred that have not previously been added to the Accrued Value, or (ii) the amount that such shares would have been entitled to receive if they had converted into common stock immediately prior to such liquidation, dissolution or winding up. Voting and other rights Except as set forth above or as otherwise required by law, holders of shares of Redeemable Convertible Preferred are entitled to vote together with shares of common stock (based on one vote per share of common stock into which the shares of Redeemable Convertible Preferred are convertible on the applicable record date) on any matter on which the holders of common stock are entitled to vote. Additionally, for so long as any shares of Redeemable Convertible Preferred remain outstanding, without the approval of holders of a majority of the Redeemable Convertible Preferred, the Company may not, among other things, (i) amend, modify or fail to give effect to any right of holders of the Redeemable Convertible Preferred, (ii) change the authorized number of Redeemable Convertible Preferred or issue additional Redeemable Convertible Preferred or create a new class or series of equity securities or securities convertible into equity securities with equal or superior rights, preferences or privileges to those of the Redeemable Convertible Preferred in terms of liquidation preference, dividend rights or certain governance rights, (iii) issue shares of common stock or securities convertible into common stock while the Company has insufficient shares to effect the conversion of the Redeemable Convertible Preferred into common stock, (iv) declare or pay dividends or redeem or repurchase any capital stock (other than certain repurchases from employees, directors, advisors or consultants upon termination of service) or (v) incur certain indebtedness in excess of $10 million. On March 28, 2017, in accordance with the terms of the SPA, the Company increased the size of its board of directors from eight to nine directors and approved the appointment of Adam M. Koppel, M.D., Ph.D., a managing director of the Lead Investor, as a director of the Company, effective as of the closing of the Private Placement on April 11, 2017. To the extent that such director is not re-elected The Company also entered into an amended and restated registration rights agreement, by and among the Company and the Investors (“Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Investors will be entitled to certain demand, shelf and “piggyback” registration rights with respect to the shares of common stock issuable upon conversion of the Redeemable Convertible Preferred, subject to the limitations set forth in the Registration Rights Agreement. Dividends Each holder of Redeemable Convertible Preferred is entitled to receive cumulative dividends on the Accrued Value of each share of Redeemable Convertible Preferred at an initial rate of 12% per annum, compounded quarterly and subject to two rate reductions, of 4% each in connection with the occurrence of one of the Milestone Events (see also Note 8). Dividends on the Redeemable Convertible Preferred are payable in kind and will accrue on the Accrued Value of each share of Redeemable Convertible Preferred until the earlier of conversion, redemption, consummation of a change of control, a liquidation event, or upon failure to mandatorily convert due to the Conversion Blockers or applicable regulatory restrictions. For accounting purposes, in accordance with the FASB’s Accounting Standard Codification (“ASC”) Topic 480-10-S99, Distinguishing Liabilities from Equity SEC Materials 480-10-S99”), paid-in The lattice model used to determine fair value of dividends on each dividend date through September 30, 2017 included the following inputs: As of September 30, 2017 As of June 30, 2017 Price per common share $ 5.75 $ 3.17 Expected term (in years) 6.50 6.75 Expected volatility 73.0 % 70.0 % Risk-adjusted discount rate 19.1 % 18.0 % In addition to the inputs presented above, use of the lattice model applies other assumptions, including probability simulations of various outcomes largely associated with the conversion-related milestone events referred to above and with the progression of the Company’s per common share price. Use of the lattice model resulted in a fair value estimate of the dividends declared during the three and nine months ended September 30, 2017 of approximately $4.1 million and $6.0 million, respectively. Classification and measurement At the date of issuance, the Redeemable Convertible Preferred was classified as temporary equity in the mezzanine section of the Company’s consolidated balance sheet, since the underlying preferred shares are subject to redemption upon the occurrence of uncertain events not solely within the Company’s control, pursuant to ASC 480-10-S99. In accordance with ASC Topic 470-20, Debt with Conversion and Other Options paid-in Accretion of the discount resulting from the BCF and cumulative dividends, including accretion of share issuance costs, were non-cash The following table reflects the changes in Redeemable Convertible Preferred. Balance at January 1, 2017 $ — Issuance of Redeemable Convertible Preferred 70,000 Share issuance costs (750 ) Net proceeds 69,250 Discount resulting from the BCF at issuance (6,144 ) Accretion of the discount resulting from the BCF (deemed dividend) 6,144 Dividends accrued at the stated rate 4,014 Accretion of share issuance costs (additional dividends) 750 Liquidation preference 74,014 Fair value in excess of dividends accrued at the stated rate 1,969 Balance at September 30, 2017 $ 75,983 No shares of Redeemable Convertible Preferred have been converted since the original issuance thereof through September 30, 2017. As of September 30, 2017, 22,632,433 shares of common stock were issuable upon full conversion of all outstanding shares of the Redeemable Convertible Preferred, after application of the Conversion Blockers, resulting in 43,480,187 total shares of common stock outstanding and approximately 72% ownership of the Company by the Investors on an as-converted, pro-forma |
Stock Option Plan and Stock-Bas
Stock Option Plan and Stock-Based Compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan and Stock-Based Compensation | 5. Stock Option Plan and Stock-Based Compensation During the three and nine month periods ended September 30, 2017, the Company granted stock options to purchase 304,500 and 1,635,497 shares of common stock to employees with aggregate grant date fair values of $0.7 million and $3.5 million, respectively, compared to stock options to purchase 30,000 and 1,475,275 shares of common stock granted to employees with aggregate grant date fair values of $0.1 million and $6.9 million, respectively, for the comparable three and nine month periods in 2016. The assumptions used to estimate the grant date fair value using the Black-Scholes option pricing model were as follows: Three Months Ended Nine Months Ended Common stock price $ 3.24 – $3.99 $ 2.49 – $3.99 Expected option term (in years) 5.50 – 6.25 5.50 – 6.25 Expected volatility 79.6% – 90.8 % 79.4% – 90.8 % Risk-free interest rate 1.87% – 2.04 % 1.86% – 2.07 % Expected dividend yield 0.00 % 0.00 % Three Months Ended Nine Months Ended Common stock price $ 3.21 $ 3.21 – $9.09 Expected option term (in years) 6.25 5.50 – 6.25 Expected volatility 76.1 % 70.9% – 76.1 % Risk-free interest rate 1.17 % 1.17% – 1.71 % Expected dividend yield 0.00 % 0.00 % The Company has classified stock-based compensation in its condensed consolidated statements of operations as follows: Three September 30, Nine September 30, Three September 30, Nine September 30, 2017 2017 2016 2016 Research and development expenses $ 899 $ 2,816 $ 1,163 $ 3,464 General and administrative expenses 1,071 3,187 1,109 3,603 Total $ 1,970 $ 6,003 $ 2,272 $ 7,067 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 6. Fair Value Measurements A summary of the Company’s assets that are measured or disclosed at fair value as of September 30, 2017 and December 31, 2016 are presented below: Description As of September 30, Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 26,232 $ 26,232 $ — $ — Held-to-maturity U.S. treasury securities 44,951 — 44,951 — Restricted cash equivalents Money market fund 1,116 — 1,116 — Total $ 72,299 $ 26,232 $ 46,067 $ — Description As of December 31, Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 12,853 $ 12,853 $ — $ — Held-to-maturity U.S. treasury securities 25,004 — 25,004 — Restricted cash equivalents Money market fund 1,116 — 1,116 — Total $ 38,973 $ 12,853 $ 26,120 $ — 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 September 30, 2017 and December 31, 2016. The Company’s restricted cash equivalents 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. These 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 September 30, 2017 and December 31, 2016. The Company’s held-to-maturity As of September 30, 2017 and December 31, 2016, the carrying amounts of accounts payable and accrued expenses approximated their estimated fair values because of the short-term nature of these financial instruments. For the three and nine month periods ended September 30, 2017 and 2016 there were no transfers between Level 1 and Level 2. |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Facility lease Future minimum lease payments on the Company’s non-cancelable 12-Month Periods Ending September 30, Operating 2018 $ 1,618 2019 1,666 2020 1,716 2021* 287 Total $ 5,287 * The end of the lease term is November 30, 2020. Litigation On June 10, 2015, Alnylam Pharmaceuticals, Inc. (“Alnylam”) filed a complaint against the Company in the Superior Court of Middlesex County, Massachusetts (the “Court”). 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., 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 Court has set a trial date of April 23, 2018. 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 management 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 recorded as of September 30, 2017 or December 31, 2016. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 8. Subsequent Events On October 27, 2017, the Company entered into a collaborative research and license agreement with Boehringer Ingelheim International GmbH (“BI”) (the “BI Agreement”), pursuant to which the Company and BI will jointly research and develop product candidates that target a specific disease-linked gene in the hepatocytes for the treatment of chronic liver disease using the GalXC platform, Dicerna’s proprietary RNAi-based technology. The BI Agreement is for the development of product candidates against one target gene with an option for BI to add the development of product candidates that target a second gene. Also pursuant to the BI Agreement, Dicerna granted BI a worldwide license in connection with the research and development of the product candidates and will transfer to BI intellectual property rights of the product candidates selected by BI for clinical development and commercialization. Dicerna also may provide assistance to BI in order to help BI further develop selected product candidates. Under the terms of the BI Agreement, BI agreed to pay Dicerna a non-refundable upfront payment of $10.0 million. During the term of the research program, BI will reimburse Dicerna the cost of materials and third party expenses that have been included in the preclinical studies up to an agreed-upon limit. The Company is eligible to receive up to $191.0 million in potential development and commercial milestones. Dicerna is also eligible to receive royalty payments on potential global net sales, subject to certain adjustments, tiered from high single digits up to low double-digits. BI’s option to add a second target would provide for an option fee payment and success-based development and commercialization milestones and royalty payments to Dicerna. Entering into the BI Agreement constitutes, per the Certificate of Designation, a Milestone Event for purposes of applying the first of two allowable rate reductions to dividends payable on the Redeemable Convertible Preferred. As such, the dividend rate on the Redeemable Convertible Preferred is subject to reduction from 12% to 8%. |
Description of Business and B14
Description of Business and Basis of Presentation (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Business | Business Dicerna Pharmaceuticals, Inc. (“Dicerna” or the “Company”), a Delaware corporation founded in 2006 and located in Cambridge, Massachusetts, is a biopharmaceutical company focused on the discovery and development of innovative subcutaneously delivered ribonucleic acid interference (“RNAi”)-based pharmaceuticals using its GalXC TM |
Basis of presentation | Basis of presentation These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial information. Accordingly, these condensed consolidated financial statements do not include all of the information and notes required by GAAP to constitute a complete set of financial statements. These condensed consolidated financial statements have been prepared on the same basis as the Company’s annual consolidated 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 September 30, 2017 and results of operations and cash flows for the interim periods ended September 30, 2017 and 2016. These unaudited condensed consolidated interim financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K |
Significant judgments and estimates | Significant judgments and estimates The preparation of consolidated financial statements in conformity with 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 consolidated financial statements, as well as the revenue and expenses incurred during the reporting periods. On an ongoing basis, the Company evaluates judgments and estimates, including those related to accrued expenses, stock-based compensation and in relation to the accounting for, including cumulative dividends on, the Redeemable Convertible Preferred, as defined below. The Company bases its estimates on historical experience and on various other factors that the Company believes are reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not apparent from other sources. Changes in estimates are reflected in reported results for the period in which they become known. Actual results could differ materially from those estimates. |
Liquidity risk | Liquidity risk Based on the Company’s current operating plan and liquidity, including the receipt of gross proceeds of $70.0 million from the issuance of the Company’s Redeemable Convertible Preferred, as defined below, on April 11, 2017 (see Note 4) and the receipt of upfront proceeds in connection with the BI Agreement, defined and discussed in Note 8, management believes that available cash, cash equivalents and held-to-maturity 12-month |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies 10-K, |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Adopted in 2017 Stock-based compensation In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting 2016-09”), 2016-09 2016-09. Not yet adopted Revenue recognition In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), Revenue Recognition Revenue from Contracts with Customers Income taxes In October 2016, the FASB issued ASU No. 2016-16, Accounting for Income Taxes: Intra-Entity Asset Transfers of Assets Other than Inventory 2016-16”), 2016-16 pre-tax 2016-16 Leases In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) 2016-02”), which 2016-02 2016-02 2016-02 Statement of cash flows In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230) 2016-15”), a 2016-15 2016-15 2016-15 In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash 2016-18”), 2016-18 2016-18 Stock-based compensation In May 2017, the FASB issued ASU No. 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting 2017-09”), 2017-09, 2017-19 |
Net Loss per Share Attributab15
Net Loss per Share Attributable to Common Stockholders (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Dilutive Securities Outstanding | The outstanding securities presented below were excluded from the calculation of net loss per share attributable to common stockholders, because such securities would have been anti-dilutive due to the Company’s net loss per share attributable to common stockholders during the periods ending on the dates presented. September 30, September 30, Options to purchase common stock 6,134,301 4,888,522 Warrants to purchase common stock 87,901 87,901 Unvested restricted common stock 10,000 25,859 Redeemable convertible preferred stock 740,126 — |
Held-to-maturity Investments (T
Held-to-maturity Investments (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Text Block [Abstract] | |
Schedule of Held-To-Maturity Investments | The following tables provide information relating to the Company’s held-to-maturity Amortized Gross Gross Fair As of September 30, 2017: Held-to-maturity U.S. treasury securities maturing in one year or less $ 44,959 $ 1 $ (9 ) $ 44,951 Amortized Gross Gross Fair As of December 31, 2016: Held-to-maturity U.S. treasury securities maturing in one year or less $ 25,009 $ — $ (5 ) $ 25,004 |
Redeemable Convertible Prefer17
Redeemable Convertible Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Summary of Changes in Redeemable Convertible Preferred | The following table reflects the changes in Redeemable Convertible Preferred. Balance at January 1, 2017 $ — Issuance of Redeemable Convertible Preferred 70,000 Share issuance costs (750 ) Net proceeds 69,250 Discount resulting from the BCF at issuance (6,144 ) Accretion of the discount resulting from the BCF (deemed dividend) 6,144 Dividends accrued at the stated rate 4,014 Accretion of share issuance costs (additional dividends) 750 Liquidation preference 74,014 Fair value in excess of dividends accrued at the stated rate 1,969 Balance at September 30, 2017 $ 75,983 |
Redeemable Convertible Preferred Stock [Member] | |
Schedule of Valuation Assumptions | The lattice model used to determine fair value of dividends on each dividend date through September 30, 2017 included the following inputs: As of September 30, 2017 As of June 30, 2017 Price per common share $ 5.75 $ 3.17 Expected term (in years) 6.50 6.75 Expected volatility 73.0 % 70.0 % Risk-adjusted discount rate 19.1 % 18.0 % |
Stock Option Plan and Stock-B18
Stock Option Plan and Stock-Based Compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Stock-Based Compensation Expense | The Company has classified stock-based compensation in its condensed consolidated statements of operations as follows: Three September 30, Nine September 30, Three September 30, Nine September 30, 2017 2017 2016 2016 Research and development expenses $ 899 $ 2,816 $ 1,163 $ 3,464 General and administrative expenses 1,071 3,187 1,109 3,603 Total $ 1,970 $ 6,003 $ 2,272 $ 7,067 |
Stock Options Granted to Non-Employees [Member] | |
Schedule of Valuation Assumptions | The assumptions used to estimate the grant date fair value using the Black-Scholes option pricing model were as follows: Three Months Ended Nine Months Ended Common stock price $ 3.24 – $3.99 $ 2.49 – $3.99 Expected option term (in years) 5.50 – 6.25 5.50 – 6.25 Expected volatility 79.6% – 90.8 % 79.4% – 90.8 % Risk-free interest rate 1.87% – 2.04 % 1.86% – 2.07 % Expected dividend yield 0.00 % 0.00 % Three Months Ended Nine Months Ended Common stock price $ 3.21 $ 3.21 – $9.09 Expected option term (in years) 6.25 5.50 – 6.25 Expected volatility 76.1 % 70.9% – 76.1 % Risk-free interest rate 1.17 % 1.17% – 1.71 % Expected dividend yield 0.00 % 0.00 % |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
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 September 30, 2017 and December 31, 2016 are presented below: Description As of September 30, Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 26,232 $ 26,232 $ — $ — Held-to-maturity U.S. treasury securities 44,951 — 44,951 — Restricted cash equivalents Money market fund 1,116 — 1,116 — Total $ 72,299 $ 26,232 $ 46,067 $ — Description As of December 31, Level 1 Level 2 Level 3 Cash equivalents Money market fund $ 12,853 $ 12,853 $ — $ — Held-to-maturity U.S. treasury securities 25,004 — 25,004 — Restricted cash equivalents Money market fund 1,116 — 1,116 — Total $ 38,973 $ 12,853 $ 26,120 $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Summary of Future Minimum Lease Payments on Company's Non-cancelable Operating Lease | Future minimum lease payments on the Company’s non-cancelable 12-Month Periods Ending September 30, Operating 2018 $ 1,618 2019 1,666 2020 1,716 2021* 287 Total $ 5,287 * The end of the lease term is November 30, 2020. |
Description of Business and B21
Description of Business and Basis of Presentation - Additional Information (Detail) $ in Millions | Apr. 11, 2017USD ($) |
Collaboration Arrangement Disclosure [Abstract] | |
Proceeds from private placement | $ 70 |
Net Loss Per Share Attributab22
Net Loss Per Share Attributable to Common Stockholders - Schedule of Dilutive Securities Outstanding (Detail) - shares | 9 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 6,134,301 | 4,888,522 |
Hercules Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 87,901 | 87,901 |
Unvested Restricted Stock Common [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 10,000 | 25,859 |
Redeemable Convertible Preferred Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 740,126 |
Held-to-maturity Investments -
Held-to-maturity Investments - Schedule of Held-To-Maturity Investments (Detail) - US Treasury Securities [Member] - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Schedule of Held-to-maturity Securities [Line Items] | ||
Held-to-maturity investments, Amortized Cost | $ 44,959 | $ 25,009 |
Held-to-maturity investments, Gross Unrealized Gains | 1 | |
Held-to-maturity investments, Gross Unrealized Losses | (9) | (5) |
Held-to-maturity investments, Fair Value, Total | $ 44,951 | $ 25,004 |
Redeemable Convertible Prefer24
Redeemable Convertible Preferred Stock - Additional Information (Detail) | Apr. 11, 2017USD ($)d$ / sharesshares | Mar. 28, 2017Director | Sep. 30, 2017USD ($)$ / sharesshares | Sep. 30, 2017USD ($)$ / sharesshares | Dec. 31, 2016shares |
Temporary Equity [Line Items] | |||||
Redeemable convertible preferred stock, issued | shares | 700,000 | 740,126 | 740,126 | ||
Redeemable convertible preferred stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Redeemable convertible preferred stock, price per share | $ / shares | $ 100 | ||||
Proceeds from private placement | $ | $ 70,000,000 | ||||
Issuance costs related to private placement | $ | $ 750,000 | $ 750,000 | |||
Initial conversion price | $ / shares | $ 3.19 | ||||
Redeemable convertible preferred stock, terms of conversion | The Company's ability to require conversion shall be subject to (i) a 19.99% blocker provision to comply with NASDAQ Listing Rules ("19.99% Conversion Blocker"), (ii) for certain Investors, a 9.99% blocker provision ("9.99% Conversion Blocker") that will prohibit beneficial ownership of more than 9.99% of the outstanding shares of the Company's common stock or voting power at any time, or (iii) applicable regulatory restrictions. | ||||
Percentage of redeemable convertible preferred stock conversion blocker provision | 19.99% | ||||
Percentage of redeemable convertible preferred stock ownership limit conversion blocker provision | 9.99% | ||||
Conversion price percentage of company's common stock | 200.00% | ||||
Number of trading days | d | 45 | ||||
Number of consecutive trading days applicable conversion price | d | 60 | ||||
Liquidation preference percentage | 101.00% | ||||
Maximum borrowings under securitization facility | $ | $ 10,000,000 | ||||
Existing number of directors | Director | 8 | ||||
Increased number of directors | Director | 9 | ||||
Cumulative dividends rate | 12.00% | ||||
Percentage of rate reduction | 4.00% | ||||
Number of interest rate reductions | 2 | ||||
Redeemable convertible preferred stock additional share issued as payment in kind of cumulative dividend | shares | 21,722 | 40,126 | |||
Deemed dividend related to beneficial conversion feature of redeemable convertible preferred stock | $ | $ 6,144,000 | ||||
Common Stock, Shares, Outstanding | shares | 20,847,754 | 20,847,754 | 20,753,001 | ||
Redeemable Convertible Preferred Stock [Member] | |||||
Temporary Equity [Line Items] | |||||
Fair value estimate of dividend declared | $ | $ 4,111,000 | $ 5,983,000 | |||
Common stock issued from conversion of redeemable convertible preferred stock | shares | 22,632,433 | 22,632,433 | |||
Percentage Ownership of Investor | 72.00% | 72.00% | |||
Common Stock, Shares, Outstanding | shares | 43,480,187 | 43,480,187 | |||
Director [Member] | |||||
Temporary Equity [Line Items] | |||||
Minimum required ownership percentage | 25.00% |
Redeemable Convertible Prefer25
Redeemable Convertible Preferred Stock - Schedule of Valuation Assumptions (Detail) - Redeemable Convertible Preferred Stock [Member] - $ / shares | 6 Months Ended | 9 Months Ended |
Jun. 30, 2017 | Sep. 30, 2017 | |
Temporary Equity [Line Items] | ||
Price per common share | $ 3.17 | $ 5.75 |
Expected term (in years) | 6 years 9 months | 6 years 6 months |
Expected volatility | 70.00% | 73.00% |
Risk-adjusted discount rate | 18.00% | 19.10% |
Redeemable Convertible Prefer26
Redeemable Convertible Preferred Stock - Summary of Changes in Redeemable Convertible Preferred (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Temporary Equity Disclosure [Abstract] | |
Balance at January 1, 2017 | $ 0 |
Issuance of Redeemable Convertible Preferred | 70,000 |
Share issuance costs | (750) |
Net proceeds | 69,250 |
Discount resulting from the BCF at issuance | (6,144) |
Accretion of the discount resulting from the BCF (deemed dividend) | 6,144 |
Dividends accrued at the stated rate | 4,014 |
Accretion of share issuance costs (additional dividends) | 750 |
Liquidation preference | 74,014 |
Fair value in excess of dividends accrued at the stated rate | 1,969 |
Balance at September 30, 2017 | $ 75,983 |
Stock Option Plan and Stock-B27
Stock Option Plan and Stock-Based Compensation - Additional Information (Detail) - Employee Stock Option [Member] - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock option, granted | 304,500 | 30,000 | 1,635,497 | 1,475,275 |
Fair value of stock options | $ 0.7 | $ 0.1 | $ 3.5 | $ 6.9 |
Stock Option Plan and Stock-B28
Stock Option Plan and Stock-Based Compensation - Schedule of Valuation Assumptions (Detail) - Employee Stock Option [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock price | $ 3.21 | |||
Expected option term (in years) | 6 years 2 months 30 days | |||
Expected volatility | 76.10% | |||
Risk-free interest rate | 1.17% | |||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock price | $ 3.24 | $ 2.49 | $ 3.21 | |
Expected option term (in years) | 5 years 6 months | 5 years 6 months | 5 years 6 months | |
Expected volatility | 79.60% | 79.40% | 70.90% | |
Risk-free interest rate | 1.87% | 1.86% | 1.17% | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock price | $ 3.99 | $ 3.99 | $ 9.09 | |
Expected option term (in years) | 6 years 2 months 30 days | 6 years 2 months 30 days | 6 years 2 months 30 days | |
Expected volatility | 90.80% | 90.80% | 76.10% | |
Risk-free interest rate | 2.04% | 2.07% | 1.71% |
Stock Option Plan and Stock-B29
Stock Option Plan and Stock-Based Compensation - Classification of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 1,970 | $ 2,272 | $ 6,003 | $ 7,067 |
Research and Development Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | 899 | 1,163 | 2,816 | 3,464 |
General and Administrative Expenses [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation | $ 1,071 | $ 1,109 | $ 3,187 | $ 3,603 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Assets Measured or Disclosed at Fair Value (Detail) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Restricted cash equivalents | ||
Total | $ 72,299 | $ 38,973 |
Money Market Fund [Member] | ||
Cash equivalents | ||
Money market fund | 26,232 | 12,853 |
Restricted cash equivalents | ||
Restricted investments, at fair value | 1,116 | 1,116 |
US Treasury Securities [Member] | ||
Held-to-maturity investments | ||
U.S. treasury securities | 44,951 | 25,004 |
Level 1 [Member] | ||
Restricted cash equivalents | ||
Total | 26,232 | 12,853 |
Level 1 [Member] | Money Market Fund [Member] | ||
Cash equivalents | ||
Money market fund | 26,232 | 12,853 |
Level 2 [Member] | ||
Restricted cash equivalents | ||
Total | 46,067 | 26,120 |
Level 2 [Member] | Money Market Fund [Member] | ||
Restricted cash equivalents | ||
Restricted investments, at fair value | 1,116 | 1,116 |
Level 2 [Member] | US Treasury Securities [Member] | ||
Held-to-maturity investments | ||
U.S. treasury securities | $ 44,951 | $ 25,004 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Sep. 30, 2016 |
Debt Instrument Fair Value Carrying Value [Abstract] | ||
Transfers between Level 1 and Level 2 | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Future Minimum Lease Payments on Company's Non-cancelable Operating Lease (Detail) $ in Thousands | Sep. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | ||
2,018 | $ 1,618 | |
2,019 | 1,666 | |
2,020 | 1,716 | |
2,021 | 287 | [1] |
Total | $ 5,287 | |
[1] | The end of the lease term is November 30, 2020. |
Commitments and Contingencies33
Commitments and Contingencies - Summary of Future Minimum Lease Payments on Company's Non-cancelable Operating Lease (Parenthetical) (Detail) | 12 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lease Expiration Date | Nov. 30, 2020 |
Commitments and Contingencies34
Commitments and Contingencies - Additional Information (Detail) - USD ($) | Sep. 30, 2017 | Dec. 31, 2016 |
Commitments and Contingencies Disclosure [Abstract] | ||
Outstanding litigation liabilities | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Oct. 27, 2017USD ($) | Apr. 11, 2017 |
Subsequent Events [Line Items] | ||
Number of interest rate reductions | 2 | |
Cumulative dividends rate | 12.00% | |
Subsequent Event [Member] | ||
Subsequent Events [Line Items] | ||
Cumulative dividends rate | 8.00% | |
Subsequent Event [Member] | BI Agreement [Member] | ||
Subsequent Events [Line Items] | ||
Initial non-refundable upfront payment | $ 10,000,000 | |
Subsequent Event [Member] | Maximum [Member] | BI Agreement [Member] | ||
Subsequent Events [Line Items] | ||
Additional payments upon potential development and commercial milestones | $ 191,000,000 |