Daré Bioscience (DARE) 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	1-May-15
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	CERU
Entity Registrant Name	CERULEAN PHARMA INC.
Entity Central Index Key	1401914
Current Fiscal Year End Date	-19
Entity Filer Category	Smaller Reporting Company
Entity Common Stock, Shares Outstanding		27,284,026

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$56,316	$51,174
Accounts receivable, prepaid expenses, and other current assets	2,266	1,662
Total current assets	58,582	52,836
Property and equipment — Net	330	342
Other assets	469	215
Total	59,381	53,393
Current liabilities:
Current portion of loan payable	836	3,124
Accounts payable	1,682	1,255
Accrued expenses	2,736	3,648
Other liabilities	35	34
Total current liabilities	5,289	8,061
Long-term liabilities:
Loan payable — net of current portion	13,576
Non-current accrued interest	108
Other		7
Total long-term liabilities	13,684	7
Commitments
Stockholders’ equity:
Preferred stock, $0.01 par value; 5,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.0001 par value; 120,000,000 shares authorized, 20,568,026 and 20,125,049 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	2	2
Additional paid-in capital	170,615	167,104
Accumulated deficit	-130,209	-121,781
Total stockholders’ equity	40,408	45,325
Total	$59,381	$53,393

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement Of Financial Position [Abstract]
Preferred stock, par value	$0.01	$0.01
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	$0.00	$0.00
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	20,568,026	20,125,049
Common stock, shares outstanding	20,568,026	20,125,049

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenue	$0	$47
Operating expenses:
Research and development	5,021	1,495
General and administrative	2,681	1,510
Total operating expenses	7,702	3,005
Other income (expense):
Interest income	3	1
Interest expense	-721	-461
Other expense	-8
Decrease in value of preferred stock warrant liability		504
Total other (expense) income — net	-726	44
Net loss attributable to common stockholders	($8,428)	($2,914)
Net loss per share attributable to common stockholders:
Basic and diluted	($0.41)	($3.70)
Weighted-average common shares outstanding:
Basic and diluted	20,350,557	786,986

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($8,428)	($2,914)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	440	148
Noncash rent expense	-6	2
Change in carrying value of preferred stock warrant liability		-504
Depreciation and amortization	41	36
Noncash interest expense	515	120
Changes in operating assets and liabilities:
Accounts receivable, prepaid expenses and other current assets	-120	-1,019
Accounts payable	378	1,246
Accrued expenses	-761	-781
Net cash used in operating activities	-7,941	-3,666
Cash flows from investing activities:
Purchases of property and equipment	-29	-14
Proceeds from sale of property and equipment		10
Net cash used in investing activities	-29	-4
Cash flows from financing activities:
Proceeds from sale of common stock	2,411	27
Proceeds from issuance of loans payable	15,000
Proceeds from issuance of convertible promissory notes		8,500
Payments on loans payable	-3,921	-812
Cash paid for debt issuance costs	-359
Cash paid for deferred financing costs	-19	-1,065
Net cash provided by financing activities	13,112	6,650
Net increase in cash and cash equivalents	5,142	2,980
Cash and cash equivalents — Beginning of period	51,174	5,488
Cash and cash equivalents — End of period	56,316	8,468
Supplemental cash flow information — Interest paid	$163	$126

Nature_of_Business_and_Operati

Nature of Business and Operations	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Nature of Business and Operations	1	NATURE OF BUSINESS AND OPERATIONS
	Nature of Business — Cerulean Pharma Inc. (the “Company”) was incorporated on November 28, 2005 as a Delaware corporation and is located in Cambridge, Massachusetts. The Company was formed to develop novel, nanotechnology-based therapeutics in the areas of oncology and other diseases.
	Basis of Presentation — The consolidated financial statements include the accounts of the Company and its subsidiary, Cerulean Pharma Australia Pty Ltd, a wholly owned Australian-based proprietary limited company. All intercompany accounts and transactions have been eliminated. The consolidated interim financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements as of and for the year ended December 31, 2014 and notes thereto, included in the Company’s annual report on Form 10-K.
	The unaudited condensed consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements. In the opinion of the Company’s management, the accompanying unaudited interim consolidated financial statements contain all adjustments that are necessary to present fairly the Company’s financial position as of March 31, 2015 and the results of its operations and cash flows for the three months ended March 31, 2015 and 2014. Such adjustments are of a normal and recurring nature. The results for the three months ended March 31, 2015 are not indicative of the results for the year ending December 31, 2015, or for any future period.
	On April 15, 2014, the Company completed the sale of 8,500,000 shares of its common stock in its initial public offering (the “IPO”), at a price to the public of $7.00 per share. On May 7, 2014, the Company completed the sale of an additional 1,069,715 shares of common stock at a price to the public of $7.00 per share under a partial exercise by the underwriters of their option to purchase additional shares of common stock. The sale of the shares to the public resulted in net proceeds to the Company of $59.9 million after deducting underwriting discounts and commissions and offering expenses payable by the Company.
	In connection with the closing of the IPO, all of the Company’s outstanding redeemable convertible preferred stock and convertible notes automatically converted into shares of common stock as of April 15, 2014, resulting in the issuance by the Company of an additional 9,728,237 shares of common stock. The significant increase in shares outstanding in April 2014 impacts the year-over-year comparability of the Company’s net loss per share calculations.
	In connection with the completion of the IPO on April 15, 2014, the Company’s outstanding warrants to purchase 1,857,226 shares of the Company’s preferred stock automatically converted into warrants to purchase an aggregate of 128,663 shares of the Company’s common stock and, as a result, the Company reclassified the warrant liability to additional paid-in capital.

Significant_Accounting_Policie

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies	2	SIGNIFICANT ACCOUNTING POLICIES
	There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K.
	Recent Accounting Pronouncements – In April 2015 Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest” (“ASU 2015-03”). To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  ASU 2015-03 is effective for annual and interim reporting periods beginning January 1, 2016 and is not expected to have a material impact on the Company’s consolidated financial statements.

Net_Loss_Per_Share_Attributabl

Net Loss Per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Net Loss Per Share Attributable to Common Stockholders	3	NET LOSS PER SHARE ATTRIBUTABLE TO COMMON STOCKHOLDERS
	Basic net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding for the period. During periods in which the Company earns net income, the Company would allocate participating securities a proportional share of net income determined by dividing total weighted average participating securities by the sum of the total weighted average common shares and participating securities (the “two-class method”). In 2014, the Company’s preferred stock participated in dividends declared by the Company and were therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods in which the Company earns net income. During periods in which the Company incurs a net loss, the Company allocates no portion of the loss to participating securities because they had no contractual obligation to share in the losses of the Company. The Company computes diluted loss per common share after giving consideration to the dilutive effect of stock options, warrants and shares of unvested restricted stock that are outstanding to the period, except where the inclusion of such nonparticipating securities would be antidilutive.
	The Company has reported a net loss for all periods presented and, therefore, diluted net loss per common share is the same as basic net loss per common share.
	The following potentially dilutive securities that were outstanding prior to the use of the two-class method have been excluded from the computation of diluted weighted-average shares outstanding, because the inclusion of such securities would have an antidilutive impact due to the losses reported (in common stock equivalent shares):
			As of March 31,
			2015		2014
	Options to purchase common stock			2,660,498		1,208,077
	Warrants to purchase redeemable convertible preferred stock			—		128,663
	Warrants to purchase common stock			300,564		—
	Redeemable convertible preferred stock			—		6,826,004
	Convertible notes payable			—		2,894,099

Accrued_Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Payables And Accruals [Abstract]
Accrued Expenses	4	ACCRUED EXPENSES
	Accrued expenses consist of the following:
			As of March 31,		As of December 31,
			2015		2014
	Accrued expenses		$	974	$	663
	Accrued clinical trial costs			1,008		848
	Accrued contract manufacturing expenses			158		580
	Accrued compensation and benefits			502		983
	Accrued interest			94		574
	Total accrued expenses		$	2,736	$	3,648

Convertible_Notes_Payable_to_S

Convertible Notes Payable to Shareholders	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Convertible Notes Payable to Shareholders	5	CONVERTIBLE NOTES PAYABLE TO SHAREHOLDERS
	In August of 2013, the Company issued convertible promissory notes in the amount of $8,824,000 to existing investors with a stated interest rate of 7%. Outstanding principal and unpaid accrued interest due under the notes were automatically converted into shares of the Company’s common stock upon the closing of the IPO in April 2014.
	In February and March 2014, the Company issued convertible promissory notes in the original principal amount of $6,000,000 to existing investors and a convertible promissory note in the original principal amount of $2,500,000 to a new investor. All of the notes had a stated interest rate of 7%. Outstanding principal and unpaid accrued interest due under the notes were automatically converted into shares of the Company’s common stock upon the closing of the IPO at a conversion price equal to 77.5% of the IPO price. The Company recorded a loss on the extinguishment of the notes of $2,493,000 in April 2014, equal to the difference between the fair value of the shares into which the notes converted and the carrying amount of the notes upon the closing of the IPO.

Loan_Agreements

Loan Agreements	3 Months Ended
	Mar. 31, 2015
Debt Disclosure [Abstract]
Loan Agreements	6	LOAN AGREEMENTS
	On January 8, 2015 (the “Closing Date”), the Company entered into a term loan facility of up to $26.0 million (the “Term Loan”) with Hercules Technology Growth Capital, Inc., or Hercules, the proceeds of which were used to repay the Company’s existing term loan facility with Lighthouse Capital Partners VI, L.P. (“Lighthouse Capital”) and for general corporate and working capital purposes.
	The Term Loan is governed by a loan and security agreement, dated January 8, 2015, between the Company and Hercules (the “Hercules Loan Agreement”). The Hercules Loan Agreement provides for up to three separate borrowings, the first of which was funded in the amount of $15.0 million on the Closing Date. The second borrowing of up to $5.0 million may be drawn by the Company, subject to the satisfaction of customary funding conditions, on or prior to December 15, 2015, provided that the Company meets certain clinical milestones. The third borrowing of up to $6.0 million (the “Term C Loan Advance”) may be drawn, at no less than $3.0 million per draw and subject to the satisfaction of customary funding conditions, on or after September 30, 2015 but before December 15, 2015, provided that between the Closing Date and December 15, 2015, the Company has received net cash proceeds of at least $40.0 million from the issuance and sale by the Company of its equity securities and/or upfront cash payments from one or more strategic corporate partnerships.
	The Term Loan will mature on July 1, 2018. Each advance under the Term Loan accrues interest at a floating per annum rate equal to the greater of (i) 7.30% or (ii) the sum of 7.30% plus the prime rate minus 5.75%. The Term Loan provides for interest-only payments on a monthly basis until December 31, 2015. The interest only period may be extended at the Company’s option for a three month period if the Company attains certain clinical milestones, and for an additional three month period if the Company attains certain clinical milestones and receives net cash proceeds of at least $30.0 million from the issuance and sale by the Company of its equity securities and/or upfront cash payments from one or more strategic corporate partnerships. Thereafter, payments will be payable monthly in equal installments of principal and interest to fully amortize the outstanding principal over the remaining term of the loan, subject to recalculation upon a change in the prime rate. The Company may prepay the Term Loan in whole or in part upon seven business days’ prior written notice to Hercules. Any such prepayment of the Term Loan is subject to a prepayment charge of (i) 3.0% if such prepayment occurs within twelve months of the Closing Date, (ii) 2.0% if such prepayment occurs after twelve months following the Closing Date but on or prior to twenty-four months following the Closing Date, and (iii) 1.0% thereafter. Amounts outstanding during an event of default are payable upon Hercules’ demand and shall accrue interest at an additional rate of 5.0% per annum of the past due amount outstanding. At the end of the loan term (whether at maturity, by prepayment in full or otherwise), the Company shall make a final payment to the lender in the amount of 6.70% of the aggregate original principal amount advanced by the lender. The amount is being accrued over the loan term as interest expense.
	In connection with the Hercules Loan Agreement, the Company issued to Hercules a warrant to purchase shares of the common stock of the Company at an exercise price of $6.05 per share. The warrant is initially exercisable for 137,521 shares of common stock. On such date (if any) as a Term C Loan Advance is made to the Company, the warrant shall automatically become exercisable for an additional 34,380 shares of common stock. The warrant is exercisable until January 8, 2020. The Company estimated the fair value of the warrant for shares exercisable on the issue date in January 2015 to be $659,000. The value of the warrant was recorded as a discount to the loan and will be amortized to interest expense using the effective interest method over the term of the loan. The fair value of the warrant was estimated on the date of issue for the exercisable shares at that date using the Black-Scholes option-pricing model. The following table shows the Black-Scholes assumptions used to value the warrant in connection with the Hercules Loan Agreement:
			8-Jan-15
	Contractual life		5 years
	Volatility rate			61	%
	Risk-free interest rate			1.5	%
	Expected dividends		—
	In connection with the Hercules Loan Agreement, the Company entered into a stock purchase agreement with Hercules, whereby Hercules purchased 135,501 shares of common stock from the Company at a price per share of $7.38, which was equal to the closing price of the common stock on The NASDAQ Global Market on January 7, 2015, for an aggregate purchase price of approximately $1.0 million.
	In December 2011, the Company entered into a loan and security agreement with Lighthouse Capital to borrow up to $10,000,000 in one or more advances by December 31, 2012.  In both March 2012 and August 2012, the Company borrowed $5,000,000 under the loan and security agreement, for a total of $10,000,000. This amount was being repaid over 36 months beginning on December 1, 2012, at an interest rate of 8.25%.   In addition, the Company was required to make an additional interest payment in the amount of $600,000 at the end of the loan term. The amount was accrued over the loan term as interest expense. The amount accrued as of December 31, 2014 was $574,000 and was included in accrued expense in the accompanying balance sheet.  In January 2015, the Company repaid in full the amount outstanding under the Lighthouse Capital loan, or $3.6 million, with the proceeds from the Hercules Loan Agreement.
	In connection with the loan and security agreement with Lighthouse Capital, the Company issued Lighthouse Capital a warrant to purchase a maximum of 66,436 shares of the Company’s Series D Preferred Stock, at an exercise price of $12.04 per share. The warrant was immediately exercisable for 29,067 shares at the date of issue and expires 10 years from the date of issue (December 2021). The exercisable shares increased in March 2012 and August 2012 as the Company borrowed under the loan and security agreement. At March 31, 2015 and December 31, 2014, 66,436 shares were exercisable. The fair value of the warrant was estimated on the date of issue for the exercisable shares at that date and the fair value of each increment was estimated on the date the shares became exercisable, using the Black-Scholes option-pricing model. The Company estimated the fair value of the warrant for shares exercisable on the issue date in December 2011 and incremental shares exercisable in March 2012 and August 2012 to be $284,000, $182,000 and $178,000, respectively. The following table shows the Black-Scholes assumptions used to value the preferred stock warrants in connection with the loan and security agreement on the respective dates:
			Series D Preferred Stock Warrants
			Dec-11			Mar-12			Aug-12
	Contractual life		10  years			9.69 years			9.29 years
	Volatility rate			80	%		80	%		80	%
	Risk-free interest rate			1.98	%		2.17	%		1.68	%
	Expected dividends		—			—			—
	The Company determined the fair value of the warrant at the end of each subsequent reporting period using the Black-Scholes option pricing model until their conversion to warrants to purchase 66,436 shares of common stock upon the completion of the IPO.  The value of the warrant was recorded as a discount to the loan and was being amortized as interest expense using the effective interest method over the 36-month repayment term.  The unamortized discount relating to warrants, or $0.2 million, was expensed as interest expense upon repayment of the loan in January 2015.

Stock_Option_Plan

Stock Option Plan	3 Months Ended
	Mar. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Stock Option Plan	7	STOCK OPTION PLAN
	A summary of stock option activity for employee, director and nonemployee awards under all stock option plans during the three months ended March 31, 2015 is presented below:
			Number of				Weighted-		Weighted-		Aggregate
			Shares				Average		Average		Intrinsic
							Exercise		Remaining		Value
							Price		Contractual
									Life (Years)
	Outstanding — January 1, 2015			2,126,176			$	4.97		6.7	$	2,701
	Granted			842,820				8.91
	Exercised			(307,476	)			4.59
	Forfeited			(1,022	)			5.73
	Outstanding — March 31, 2015			2,660,498			$	6.33		7.3	$	7,716
	Options expected to vest — March 31, 2015			1,561,898			$	7.14		9.5	$	3,368
	Options exercisable — March 31, 2015			580,484			$	4.79		6.5	$	2,531
	The weighted-average per share grant date fair value of options granted during the three months ended March 31, 2015 and 2014 was $5.07 and $5.95, respectively.
	The fair value of each option award is estimated on the date of grant using the Black-Scholes option-pricing model based on the assumptions noted in the table below. Expected volatility for the Company’s common stock was determined based on an average of the historical volatility of a peer-group of similar public companies. The Company has limited option exercise information, as such, the expected term of the options granted was calculated using the simplified method that represents the average of the contractual term of the option and the weighted-average vesting period of the option. The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future. The risk-free rate for periods within the contractual life of the option is based upon the U.S. Treasury yield curve in effect at the time of grant.
	The Company has recorded stock-based compensation expense related to the issuance of stock option awards to employees of $420,000 and $148,000 for the three months ended March 31, 2015 and 2014, respectively. The assumptions used in the Black-Scholes option-pricing model for stock options granted to employees and to directors in respect of board services during the three months ended March 31, 2015 and 2014 are as follows:
			Three Months Ended March 31,
			2015		2014
	Expected life		6 years		6 years
	Risk-free interest rate		1.45%-1.69%		1.83%-2.00%
	Expected volatility		61%-63%			60	%
	Expected dividend rate		—%		—%
	The Company recorded stock-based compensation expense related to nonemployee awards of $20,000 and $12,000 for the three months ended March 31, 2015 and 2014, respectively. The compensation expense related to nonemployee awards is included in the total stock-based compensation each year and is subject to re-measurement until the options vest. The Black-Scholes assumptions used to estimate fair value for the three months ended March 31, 2015 and 2014 were as follows:
			Three Months Ended March 31,
			2015				2014
	Expected life		8 years				8 years
	Risk-free interest rate			1.86	%		2.11%-2.63%
	Expected volatility			62	%		56%-59%
	Expected dividend rate		—%				—%
	The Company did not grant any nonemployee stock option grants for the three months ended March 31, 2015 and 2014.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	8	FAIR VALUE MEASUREMENTS
	The Company’s financial instruments consist of cash equivalents, accounts payable, accrued expenses, debt obligations, and preferred stock warrants. The carrying amount of accounts payable and accrued expenses are considered a reasonable estimate of their fair value, due to the short-term maturity of these instruments. The carrying amount of debt is also considered to be a reasonable estimate of the fair value based on the short term nature of the debt and because the debt bears interest at the prevailing market rate for instruments with similar characteristics.
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value are performed in a manner to maximize the use of observable inputs and minimize the use of unobservable inputs.
	The accounting standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following:
	Level 1 — Quoted prices in active markets that are accessible at the market date for identical unrestricted assets or liabilities.
	Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs for which all significant inputs are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
	Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	A summary of the financial assets and liabilities that are measured on a recurring basis at fair value as of March 31, 2015 and December 31, 2014, is as follows:
					Fair Value Measurements Using
			Carrying		Quoted Prices in		Significant		Significant
					Active Markets		Other		Unobservable
					for Identical		Observable		Inputs
					Assets		Inputs
			Value		(Level 1)		(Level 2)		(Level 3)
	31-Mar-15
	Money market funds		$	55,844	$	—	$	55,844	$	—
	31-Dec-14
	Money market funds		$	50,541	$	—	$	50,541	$	—
	The Company’s debt obligations are Level 2 measurements in the fair value hierarchy.
	The Company’s money market funds have been valued on the basis of valuations provided by third-party pricing services, as derived from such services’ pricing models. Inputs to the models may include, but are not limited to, reported trades, executable bid and asked prices, broker/dealer quotations, prices or yields of securities with similar characteristics, benchmark curves or information pertaining to the issuer, as well as industry and economic events. The pricing services may use a matrix approach, which considers information regarding securities with similar characteristics to determine the valuation for a security. The Company is ultimately responsible for the consolidated financial statements and underlying estimates. Accordingly, the Company assesses the reasonableness of the valuations provided by the third-party pricing services by reviewing actual trade data, broker/dealer quotes and other similar data, which are obtained from quoted market prices or other sources.
	No transfers between levels have occurred during the periods presented.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	9	SUBSEQUENT EVENT
	On April 10, 2015, the Company closed an underwritten public offering (the “Secondary Offering”) of 6,716,000 shares of common stock, including 876,000 shares sold pursuant to the full exercise of the underwriters’ option to purchase additional shares, at a public offering price of $6.00 per share. The gross proceeds to the Company from the Secondary Offering were approximately $40.3 million, before deducting underwriting discounts and commissions and offering expenses payable by the Company.

Significant_Accounting_Policie1

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements – In April 2015 Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) 2015-03, “Interest – Imputation of Interest” (“ASU 2015-03”). To simplify presentation of debt issuance costs, ASU 2015-03 requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts.  ASU 2015-03 is effective for annual and interim reporting periods beginning January 1, 2016 and is not expected to have a material impact on the Company’s consolidated financial statements.

Net_Loss_Per_Share_Attributabl1

Net Loss Per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding	The following potentially dilutive securities that were outstanding prior to the use of the two-class method have been excluded from the computation of diluted weighted-average shares outstanding, because the inclusion of such securities would have an antidilutive impact due to the losses reported (in common stock equivalent shares):
		As of March 31,
		2015		2014
	Options to purchase common stock		2,660,498		1,208,077
	Warrants to purchase redeemable convertible preferred stock		—		128,663
	Warrants to purchase common stock		300,564		—
	Redeemable convertible preferred stock		—		6,826,004
	Convertible notes payable		—		2,894,099

Accrued_Expenses_Tables

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Payables And Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following:
		As of March 31,		As of December 31,
		2015		2014
	Accrued expenses	$	974	$	663
	Accrued clinical trial costs		1,008		848
	Accrued contract manufacturing expenses		158		580
	Accrued compensation and benefits		502		983
	Accrued interest		94		574
	Total accrued expenses	$	2,736	$	3,648

Loan_Agreements_Tables

Loan Agreements (Tables)	3 Months Ended
	Mar. 31, 2015
Hercules Loan Agreement [Member] | Common Stock Warrants [Member]
Debt Instrument [Line Items]
Fair Value of Stock Warrants Calculated using Black-Scholes Assumptions	The following table shows the Black-Scholes assumptions used to value the warrant in connection with the Hercules Loan Agreement:
		8-Jan-15
	Contractual life	5 years
	Volatility rate		61	%
	Risk-free interest rate		1.5	%
	Expected dividends	—
Loan and Security Agreement with Bank [Member] | Preferred Stock Warrants [Member]
Debt Instrument [Line Items]
Fair Value of Stock Warrants Calculated using Black-Scholes Assumptions	The following table shows the Black-Scholes assumptions used to value the preferred stock warrants in connection with the loan and security agreement on the respective dates:
		Series D Preferred Stock Warrants
		Dec-11			Mar-12			Aug-12
	Contractual life	10  years			9.69 years			9.29 years
	Volatility rate		80	%		80	%		80	%
	Risk-free interest rate		1.98	%		2.17	%		1.68	%
	Expected dividends	—			—			—

Stock_Option_Plan_Tables

Stock Option Plan (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of Stock Option Activity for Employee, Director and Nonemployee Awards	A summary of stock option activity for employee, director and nonemployee awards under all stock option plans during the three months ended March 31, 2015 is presented below:
		Number of				Weighted-		Weighted-		Aggregate
		Shares				Average		Average		Intrinsic
						Exercise		Remaining		Value
						Price		Contractual
								Life (Years)
	Outstanding — January 1, 2015		2,126,176			$	4.97		6.7	$	2,701
	Granted		842,820				8.91
	Exercised		(307,476	)			4.59
	Forfeited		(1,022	)			5.73
	Outstanding — March 31, 2015		2,660,498			$	6.33		7.3	$	7,716
	Options expected to vest — March 31, 2015		1,561,898			$	7.14		9.5	$	3,368
	Options exercisable — March 31, 2015		580,484			$	4.79		6.5	$	2,531
Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees, Directors and Non Employees	The assumptions used in the Black-Scholes option-pricing model for stock options granted to employees and to directors in respect of board services during the three months ended March 31, 2015 and 2014 are as follows:
		Three Months Ended March 31,
		2015		2014
	Expected life	6 years		6 years
	Risk-free interest rate	1.45%-1.69%		1.83%-2.00%
	Expected volatility	61%-63%			60	%
	Expected dividend rate	—%		—%
Non Employee Awards [Member]
Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees, Directors and Non Employees	The Black-Scholes assumptions used to estimate fair value for the three months ended March 31, 2015 and 2014 were as follows:
		Three Months Ended March 31,
		2015				2014
	Expected life	8 years				8 years
	Risk-free interest rate		1.86	%		2.11%-2.63%
	Expected volatility		62	%		56%-59%
	Expected dividend rate	—%				—%

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Summary of Financial Assets and Liabilities Measured on Recurring Basis at Fair Value	A summary of the financial assets and liabilities that are measured on a recurring basis at fair value as of March 31, 2015 and December 31, 2014, is as follows:
				Fair Value Measurements Using
		Carrying		Quoted Prices in		Significant		Significant
				Active Markets		Other		Unobservable
				for Identical		Observable		Inputs
				Assets		Inputs
		Value		(Level 1)		(Level 2)		(Level 3)
	31-Mar-15
	Money market funds	$	55,844	$	—	$	55,844	$	—
	31-Dec-14
	Money market funds	$	50,541	$	—	$	50,541	$	—

Nature_of_Business_and_Operati1

Nature of Business and Operations - Additional Information (Detail) (USD $)	0 Months Ended		3 Months Ended
In Millions, except Share data, unless otherwise specified	7-May-14	Apr. 15, 2014	Mar. 31, 2015
Nature Of Business And Operations [Line Items]
Date of Company's incorporation			28-Nov-05
IPO [Member]
Nature Of Business And Operations [Line Items]
Common stock issuance date			15-Apr-14
Issuance of Common Stock from initial public offering, shares	1,069,715	8,500,000
Issuance/sale of stock, price per share	$7	$7
Proceeds from initial public offering, net	$59.90
Convertible preferred stock, shares issued upon conversion		9,728,237
Preferred stock conversion basis			In connection with the closing of the IPO, all of the Company’s outstanding redeemable convertible preferred stock and convertible notes automatically converted into shares of common stock as of April 15, 2014.
IPO [Member] | Warrants To Purchase Preferred Stock Converted Into Warrants To Purchase Common Stock [Member] | Preferred Stock Warrants [Member]
Nature Of Business And Operations [Line Items]
Warrant to purchase stock, number of securities called by warrants or rights		1,857,226
IPO [Member] | Warrants To Purchase Preferred Stock Converted Into Warrants To Purchase Common Stock [Member] | Common Stock Warrants [Member]
Nature Of Business And Operations [Line Items]
Warrant to purchase stock, number of securities called by warrants or rights		128,663

Net_Loss_Per_Share_Attributabl2

Net Loss Per Share Attributable to Common Stockholders - Potentially Dilutive Securities Excluded from Computation of Diluted Weighted-Average Shares Outstanding (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding		6,826,004
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding	2,660,498	1,208,077
Warrants [Member] | Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding		128,663
Warrants [Member] | Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding	300,564
Convertible Notes Payable [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of diluted weighted-average shares outstanding		2,894,099

Accrued_Expenses_Schedule_of_A

Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Payables And Accruals [Abstract]
Accrued expenses	$974	$663
Accrued clinical trial costs	1,008	848
Accrued contract manufacturing expenses	158	580
Accrued compensation and benefits	502	983
Accrued interest	94	574
Total accrued expenses	$2,736	$3,648

Convertible_Notes_Payable_to_S1

Convertible Notes Payable to Shareholders - Additional Information (Detail) (Convertible Notes Payable [Member], USD $)	1 Months Ended	3 Months Ended
	Apr. 30, 2014	Mar. 31, 2015	Dec. 31, 2014	Aug. 31, 2013
Debt Instrument [Line Items]
Debt instrument, Original principal amount				$8,824,000
Debt instrument stated interest rate			7.00%	7.00%
IPO closure date		4/15/14
Debt instrument, Conversion Ratio	0.775
Loss on extinguishment of debt	-2,493,000
Existing Investors [Member]
Debt Instrument [Line Items]
Debt instrument, Original principal amount			6,000,000
New Investor [Member]
Debt Instrument [Line Items]
Debt instrument, Original principal amount			2,500,000

Loan_Agreements_Additional_Inf

Loan Agreements - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended				6 Months Ended	0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Jan. 31, 2015	Aug. 31, 2012	Mar. 31, 2012	Dec. 31, 2011	Aug. 31, 2012	Jan. 08, 2015	Dec. 31, 2014	Apr. 30, 2014
Debt Instrument [Line Items]
Common stock, shares issued	20,568,026								20,125,049
Proceeds from sale of common stock	$2,411,000	$27,000
Proceeds from loan payable	15,000,000
Accrued interest	94,000								574,000
Unamortized discount relating to warrants			200,000
Loan and Security Agreement with Lighthouse Capital Partners VI, L.P. [Member]
Debt Instrument [Line Items]
Loan and security agreement, maximum borrowing capacity						10,000,000
Loan and security agreement, borrowings repayment period						36 months
Proceeds from loan payable				5,000,000	5,000,000		10,000,000
Debt instrument stated interest rate						8.25%
Loan and security agreement, borrowings repayment start date						1-Dec-12
Line of credit facility, additional interest payment	600,000
Proceeds from repayments of notes payable			3,600,000
Loan and Security Agreement with Lighthouse Capital Partners VI, L.P. [Member] | Series D Convertible Preferred Stock [Member]
Debt Instrument [Line Items]
Exercise price of warrant						$12.04
Warrant to purchase stock, number of securities called by warrants or rights	66,436					29,067			66,436
Estimated fair value of warrant				178,000	182,000	284,000	178,000
Warrant expiration date	2021-12
Warrant expiration period						10 years
Loan and Security Agreement with Lighthouse Capital Partners VI, L.P. [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Warrant to purchase stock, number of securities called by warrants or rights										66,436
Maximum [Member] | Loan and Security Agreement with Lighthouse Capital Partners VI, L.P. [Member] | Series D Convertible Preferred Stock [Member]
Debt Instrument [Line Items]
Warrant to purchase stock, number of securities called by warrants or rights						66,436
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member]
Debt Instrument [Line Items]
Loan and security agreement, maximum borrowing capacity								26,000,000
Customary funding conditions minimum net cash proceeds required from issuance and sale of equity securities								40,000,000
Term loan facility, maturity date								1-Jul-18
Term loan facility, interest rate terms	The Term Loan will mature on July 1, 2018. Each advance under the Term Loan accrues interest at a floating per annum rate equal to the greater of (i) 7.30% or (ii) the sum of 7.30% plus the prime rate minus 5.75%. The Term Loan provides for interest-only payments on a monthly basis until December 31, 2015.
Interest only period extension requirement, minimum net cash proceeds required from issuance and sale of equity securities								30,000,000
Additional interest rate during an event of default								5.00%
Final payment as percentage of aggregate original principal amount								6.70%
Term loan facility, interest rate								7.30%
Class of additional warrant or right number of securities called by warrants or rights								34,380
Class of warrant or right, date until which warrants exercisable								8-Jan-20
Estimated fair value of warrant			659,000
Loan and security agreement, borrowings repayment period								30 months
Common stock, shares issued								135,501
Issuance/sale of stock, price per share								$7.38
Proceeds from sale of common stock								1,000,000
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | Common Stock [Member]
Debt Instrument [Line Items]
Exercise price of warrant								$6.05
Warrant to purchase stock, number of securities called by warrants or rights								137,521
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | If Payment Occurs Within Twelve Months Of Closing Date [Member]
Debt Instrument [Line Items]
Debt prepayment charge								3.00%
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | If Payment Occurs After Twelve Months But on or Prior to Twenty Four Months Following Closing Date [Member]
Debt Instrument [Line Items]
Debt prepayment charge								2.00%
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | If Payment Occurs on or After Twenty Four Months Following Closing Date [Member[
Debt Instrument [Line Items]
Debt prepayment charge								1.00%
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | Prime Rate [Member]
Debt Instrument [Line Items]
Term loan facility, interest rate spread								5.75%
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | Borrowing One [Member]
Debt Instrument [Line Items]
Loan and security agreement, maximum borrowing capacity								15,000,000
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | Borrowing Two [Member]
Debt Instrument [Line Items]
Loan and security agreement, maximum borrowing capacity								5,000,000
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | Borrowing Three [Member]
Debt Instrument [Line Items]
Loan and security agreement, maximum borrowing capacity								6,000,000
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | Maximum [Member]
Debt Instrument [Line Items]
Number of tranches								3
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member] | Minimum [Member]
Debt Instrument [Line Items]
Amount of term loan facility required to be drawn								$3,000,000

Loan_Agreements_Fair_Value_of_

Loan Agreements - Fair Value of Preferred Stock Warrants Calculated using Black-Scholes Assumptions (Detail)	1 Months Ended			0 Months Ended
	Aug. 31, 2012	Mar. 31, 2012	Dec. 31, 2011	Jan. 08, 2015
Loan and Security Agreement with Lighthouse Capital Partners VI, L.P. [Member] | Series D Convertible Preferred Stock [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Contractual life	9 years 3 months 15 days	9 years 8 months 9 days	10 years
Volatility rate	80.00%	80.00%	80.00%
Risk-free interest rate	1.68%	2.17%	1.98%
Loan and Security Agreement with Hercules Technology Growth Capital, Inc. [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]
Contractual life				5 years
Volatility rate				61.00%
Risk-free interest rate				1.50%

Stock_Option_Plan_Summary_of_S

Stock Option Plan -Summary of Stock Option Activity for Employee, Director and Nonemployee Awards (Detail) (USD $)	3 Months Ended	12 Months Ended
	Mar. 31, 2015	Dec. 31, 2013	Dec. 31, 2014
Number of shares
Number of Shares, Outstanding	2,126,176
Number of Shares, Granted	842,820
Number of Shares, Exercised	-307,476
Number of Shares, Forfeited	-1,022
Number of Shares, Outstanding	2,660,498
Number of Shares, Options expected to vest	1,561,898
Number of Shares, Options exercisable	580,484
Weighted-Average Exercise Price
Weighted-Average Exercise Price, Outstanding	$4.97
Weighted-Average Exercise Price, Granted	$8.91
Weighted-Average Exercise Price, Exercised	$4.59
Weighted-Average Exercise Price, Forfeited	$5.73
Weighted-Average Exercise Price, Outstanding	$6.33
Weighted-Average Exercise Price, Options expected to vest	$7.14
Weighted-Average Exercise Price, Options exercisable	$4.79
Weighted-Average Remaining Contractual Life (Years)
Weighted-Average Remaining Contractual Life (Years)	7 years 3 months 18 days	6 years 8 months 12 days
Weighted-Average Remaining Contractual Life (Years), Options expected to vest - December 31, 2014	9 years 6 months
Weighted-Average Remaining Contractual Life (Years), Options exercisable - December 31, 2014	6 years 6 months
Aggregate Intrinsic Value
Aggregate Intrinsic Value, Outstanding	$7,716		$2,701
Aggregate Intrinsic Value, Options expected to vest	3,368
Aggregate Intrinsic Value, Options exercisable	$2,531

Stock_Option_Plan_Additional_I

Stock Option Plan - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average per share grant date fair value of options granted	$5.07	$5.95
Number of Shares, Granted	842,820
Employee Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$420,000	$148,000
Non Employee Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$20,000	$12,000
Number of Shares, Granted	0	0

Stock_Option_Plan_Summary_of_A

Stock Option Plan - Summary of Assumptions Used in Black-Scholes Option-Pricing Model for Stock Options Granted to Employees, Directors and Non Employees (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	6 years	6 years
Risk-free interest rate, minimum	1.45%	1.83%
Risk-free interest rate, maximum	1.69%	2.00%
Expected volatility		60.00%
Expected volatility, minimum	61.00%
Expected volatility, maximum	63.00%
Expected dividend rate	0.00%	0.00%
Non Employee Awards [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life	8 years	8 years
Risk-free interest rate, minimum		2.11%
Risk-free interest rate, maximum		2.63%
Expected volatility	62.00%
Expected volatility, minimum		56.00%
Expected volatility, maximum		59.00%
Expected dividend rate	0.00%	0.00%
Risk-free interest rate	1.86%

Fair_Value_Measurements_Summar

Fair Value Measurements - Summary of Financial Assets and Liabilities Measured on Recurring Basis at Fair Value (Detail) (USD $)	Mar. 31, 2015	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$55,844	$50,541
Significant Other Observable Inputs (Level 2) [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	$55,844	$50,541

Subsequent_Event_Additional_In

Subsequent Event - Additional Information (Detail) (USD $)	3 Months Ended		0 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Apr. 10, 2015
Subsequent Event [Line Items]
Proceeds from sale of common stock	$2,411	$27
Subsequent Event [Member] | Secondary Offering [Member]
Subsequent Event [Line Items]
Issuance of common stock, shares			6,716,000
Common share offering price, per share			$6
Proceeds from sale of common stock			$40,300
Subsequent Event [Member] | Secondary Offering [Member] | Option Exercised by Underwriter [Member]
Subsequent Event [Line Items]
Issuance of common stock, shares			876,000