Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2018 | Mar. 05, 2019 | Jun. 30, 2018 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2018 | ||
Document Fiscal Year Focus | 2,018 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ZYME | ||
Entity Registrant Name | Zymeworks Inc. | ||
Entity Central Index Key | 1,403,752 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Common Stock, Shares Outstanding | 32,025,299 | ||
Entity Public Float | $ 406.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 42,205 | $ 35,946 |
Short-term investments (note 4) | 157,959 | 51,851 |
SR&ED receivables (note 11) | 997 | 2,092 |
Accounts receivable | 358 | 238 |
Prepaid expenses and other current assets | 2,850 | 2,208 |
Total current assets | 204,369 | 92,335 |
Deferred financing fees | 265 | |
Acquired in-process research and development (note 5) | 18,396 | 18,396 |
Goodwill (note 5) | 12,016 | 12,016 |
Long-term prepaid assets | 1,135 | 1,215 |
Property and equipment, net (note 6) | 6,484 | 7,178 |
Intangible assets, net (note 7) | 1,614 | 748 |
Deferred tax assets (note 14) | 84 | 67 |
Total assets | 244,363 | 131,955 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 8) | 13,403 | 9,053 |
Warrant liabilities (note 9b) | 1,348 | |
Fair value of liability classified options (note 2) | 12,603 | 3,945 |
Deferred revenue (note 12) | 3,530 | |
Other current liabilities (note 8) | 450 | 315 |
Total current liabilities | 29,986 | 14,661 |
Long-term portion of deferred revenue (note 12) | 32,941 | |
Other long-term liabilities (note 8) | 946 | 866 |
Total liabilities | 63,873 | 15,527 |
Shareholders' equity: | ||
Common shares, no par value; unlimited authorized shares at December 31, 2018 and 2017; 31,977,668 and 25,444,006 shares issued and outstanding at December 31, 2018 and 2017, respectively (note 10a) | 320,074 | 222,991 |
Additional paid-in capital | 12,347 | 8,812 |
Accumulated other comprehensive loss | (6,659) | (6,659) |
Accumulated deficit | (145,272) | (108,716) |
Total shareholders' equity | 180,490 | 116,428 |
Total liabilities, redeemable convertible preferred shares and shareholders' equity | $ 244,363 | $ 131,955 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Financial Position [Abstract] | ||
Common shares, authorized | Unlimited | Unlimited |
Common shares, no par value | $ 0 | $ 0 |
Common shares, issued | 31,977,668 | 25,444,006 |
Common shares, outstanding | 31,977,668 | 25,444,006 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue: | |||
Research and development collaborations (note 12) | $ 53,019 | $ 51,762 | $ 11,009 |
Operating expenses: | |||
Research and development | 56,684 | 41,749 | 36,816 |
Government grants and credits | 5 | (1,075) | (1,265) |
Net research and development | 56,689 | 40,674 | 35,551 |
General and administrative | 29,457 | 18,550 | 12,554 |
Impairment on acquired IPR&D | 1,536 | 768 | |
Total operating expenses | 86,146 | 60,760 | 48,873 |
Loss from operations | (33,127) | (8,998) | (37,864) |
Other income (expense): | |||
Interest and other expense | (166) | (422) | (950) |
Change in fair value of warrant liabilities | (3,565) | 2,450 | (808) |
Accretion expense | (248) | (576) | |
Gain on equity investment, net | 79 | ||
Interest and other income | 2,638 | 743 | 308 |
Foreign exchange gain | 72 | 97 | 927 |
Loss on debt extinguishment | (3,114) | ||
Change in contingent consideration (note 15) | (237) | (470) | |
Total other income (expense), net | (1,258) | (964) | (1,020) |
Loss before income taxes | (34,385) | (9,962) | (38,884) |
Current income tax (expense) | (2,188) | (429) | (430) |
Deferred income tax recovery (expense) | 17 | (15) | 5,505 |
Net loss and comprehensive loss | $ (36,556) | $ (10,406) | $ (33,809) |
Net loss per common share: | |||
Basic | $ (1.26) | $ (0.51) | $ (2.65) |
Diluted | $ (1.26) | $ (0.64) | $ (2.65) |
Weighted-average common shares outstanding: | |||
Basic | 29,089,896 | 21,249,414 | 12,736,567 |
Diluted | 29,089,896 | 21,321,209 | 12,736,567 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Redeemable Convertible Preferred Shares and Shareholders' Equity - USD ($) $ in Thousands | Total | Redeemable Convertible Class A Preferred Shares [Member] | Common Shares [Member] | Warrant liabilities [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Additional Paid-in Capital [Member] |
Temporary equity, balance at Dec. 31, 2015 | $ 0 | ||||||
Temporary equity, balance shares at Dec. 31, 2015 | 0 | ||||||
Issuance of redeemable convertible preferred shares, net of share issuance costs | $ 58,860 | ||||||
Issuance of redeemable convertible preferred shares, net of share issuance costs | 5,260,404 | ||||||
Temporary equity, balance at Dec. 31, 2016 | $ 58,860 | ||||||
Temporary equity, balance share at Dec. 31, 2016 | 5,260,404 | ||||||
Balance balance at Dec. 31, 2015 | $ 18,239 | $ 83,605 | $ 333 | $ (63,922) | $ (6,659) | $ 4,882 | |
Beginning balance, shares at Dec. 31, 2015 | 11,299,051 | ||||||
Issuance of common shares for Kairos Acquisition | 22,973 | $ 22,973 | |||||
Issuance of common shares for Kairos Acquisition, shares | 1,822,657 | ||||||
Issuance of common shares on exercise of options | 17 | $ 17 | |||||
Issuance of common shares on exercise of options, shares | 4,540 | ||||||
Fair value adjustments upon reclassification of options to liabilities | (947) | (124) | (823) | ||||
Share-based compensation | 2,797 | 2,797 | |||||
Fair value adjustment upon reclassification of warrants to liabilities | (268) | $ (333) | 65 | ||||
Net loss | (33,809) | (33,809) | |||||
Ending balance at Dec. 31, 2016 | $ 9,002 | $ 106,595 | (97,790) | (6,659) | 6,856 | ||
Ending balance, shares at Dec. 31, 2016 | 13,126,248 | ||||||
Conversion of redeemable convertible class A preferred shares to common shares in connection with initial public offering | $ (58,860) | ||||||
Conversion of redeemable convertible class A preferred shares to common shares in connection with initial public offering | (5,260,404) | ||||||
Temporary equity, balance at Dec. 31, 2017 | $ 0 | ||||||
Temporary equity, balance share at Dec. 31, 2017 | 0 | 0 | |||||
Issuance of common shares on exercise of options | $ 1,265 | $ 1,777 | (512) | ||||
Issuance of common shares on exercise of options, shares | 207,777 | 207,777 | |||||
Issuance of common shares on exercise of warrants | $ 1,563 | $ 1,563 | |||||
Issuance of common shares on exercise of warrants, shares | 117,320 | ||||||
Fair value adjustments upon reclassification of options to liabilities | (2,879) | (2,879) | |||||
Share-based compensation | 4,827 | 4,827 | |||||
Beneficial conversion feature recognized on the conversion of redeemable convertible class A preferred shares | (520) | 520 | |||||
Conversion of redeemable convertible class A preferred shares to common shares in connection with initial public offering | 58,860 | $ 58,860 | |||||
Conversion of redeemable convertible class A preferred shares to common shares in connection with initial public offering, shares | 7,098,194 | ||||||
Issuance of common shares in connection with initial public offering, net of offering costs | 54,196 | $ 54,196 | |||||
Issuance of common shares in connection with public offering, net of offering costs, shares | 4,894,467 | ||||||
Net loss | (10,406) | (10,406) | |||||
Ending balance at Dec. 31, 2017 | $ 116,428 | $ 222,991 | (108,716) | (6,659) | 8,812 | ||
Ending balance, shares at Dec. 31, 2017 | 25,444,006 | 25,444,006 | |||||
Temporary equity, balance share at Dec. 31, 2018 | 0 | ||||||
Issuance of common shares on exercise of options | $ 825 | $ 1,166 | (341) | ||||
Issuance of common shares on exercise of options, shares | 94,812 | 94,812 | |||||
Issuance of common shares on exercise of warrants | $ 4,913 | $ 4,913 | |||||
Issuance of common shares through employee share purchase plan | 252 | $ 252 | |||||
Issuance of common shares on exercise of warrants, shares | 206,361 | ||||||
Issuance of common shares through employee share purchase plan, shares | 22,489 | ||||||
Share-based compensation | 3,876 | 3,876 | |||||
Issuance of common shares in connection with initial public offering, net of offering costs | 90,752 | $ 90,752 | |||||
Issuance of common shares in connection with public offering, net of offering costs, shares | 6,210,000 | ||||||
Net loss | (36,556) | (36,556) | |||||
Ending balance at Dec. 31, 2018 | $ 180,490 | $ 320,074 | $ (145,272) | $ (6,659) | $ 12,347 | ||
Ending balance, shares at Dec. 31, 2018 | 31,977,668 | 31,977,668 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Redeemable Convertible Preferred Shares and Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Issuance of common shares in connection with initial public offering, offering costs | $ 7,056 | $ 9,392 | |
Redeemable Convertible Class A Preferred Shares [Member] | |||
Issuance of redeemable convertible preferred shares, net of share issuance costs | $ 2,658 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | |||
Loss for the year | $ (36,556) | $ (10,406) | $ (33,809) |
Items not involving cash: | |||
Depreciation of property and equipment | 1,880 | 1,681 | 541 |
Amortization of intangible assets | 1,750 | 1,058 | 484 |
Equity loss on investment | 98 | ||
Gain on fair value of equity investment | (177) | ||
Accretion on long-term debt | 248 | 576 | |
Loss on debt extinguishment | 3,114 | ||
Share-based compensation (note 10e) | 13,441 | 3,429 | 4,291 |
Deferred income tax (recovery) expense | (17) | 15 | (5,505) |
Impairment on acquired IPR&D | 1,536 | 768 | |
Change in fair value of warrant liabilities (note 9b) | 3,565 | (2,450) | 808 |
Change in fair value of contingent consideration (note 15) | 237 | 470 | |
Unrealized foreign exchange gain | (48) | (254) | (954) |
Changes in non-cash operating working capital: | |||
Accounts receivable | (119) | 2,409 | (592) |
SR&ED receivables | 1,093 | (175) | (780) |
Prepaid expenses and other current assets | (1,344) | (27) | (3,141) |
Accounts payable and accrued liabilities | 3,684 | (358) | 1,934 |
Deferred revenue | 36,471 | ||
Income taxes payable | 140 | (71) | 212 |
Net cash generated from (used in) operating activities | 24,177 | 219 | (35,246) |
Cash flows from financing activities: | |||
Proceeds from initial public offering, net of issuance costs (note 1) | 55,791 | ||
Proceeds from subsequent public offering, net of issuance costs (note 1) | 90,752 | ||
Issuance of preferred shares from private placement, net of issuance costs | 58,860 | ||
Issuance of common shares on exercise of options (note 10e) | 682 | 965 | 17 |
Issuance of common shares on exercise of warrants (note 9b) | 1,018 | ||
Issuance of common shares through employee share purchase plan (note 10f) | 233 | ||
Debt financing (note 9a) | 6,953 | ||
Repayment of debt (note 9a) | (7,814) | ||
Deferred financing fees | (225) | (1,046) | |
Capital lease payments | (11) | (9) | (7) |
Net cash provided by financing activities | 91,431 | 49,951 | 64,777 |
Cash flows from investing activities: | |||
Short-term investments | (105,626) | (27,767) | (20,067) |
Acquisition of property and equipment | (803) | (2,015) | (4,425) |
Acquisition of intangible assets | (2,617) | (1,106) | (1,039) |
Cash acquired from Kairos, net of cash consideration | 78 | ||
Net cash used in investing activities | (109,046) | (30,888) | (25,453) |
Effect of exchange rate changes on cash and cash equivalents | (303) | 227 | 840 |
Net change in cash and cash equivalents | 6,259 | 19,509 | 4,918 |
Cash and cash equivalents, beginning of year | 35,946 | 16,437 | 11,519 |
Cash and cash equivalents, end of year | 42,205 | 35,946 | 16,437 |
Supplemental disclosure of non-cash investing and finance items: | |||
Share issue costs and deferred financing fees in accounts payable and accrued liabilities | 40 | 910 | |
Acquisition of property and equipment in accounts payable and accrued liabilities | 382 | $ 123 | 2,055 |
Cashless exercise of warrants (note 9b) | $ 4,913 | ||
Class A Preferred Shares Warrant issued in connection with debt | 3,266 | ||
Common Shares issued in connection with the Kairos acquisition | $ 22,973 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | 1. Nature of Operations Zymeworks Inc. (the “Company” or “Zymeworks”) was incorporated on September 8, 2003 under the laws of the Canada Business Corporations Act. On October 22, 2003, the Company was registered as an extra-provincial company under the Company Act (British Columbia). On May 2, 2017, the Company continued under the Business Corporations Act (British Columbia). Zymeworks is a clinical-stage biopharmaceutical company dedicated to the development of next-generation multifunctional biotherapeutics. Since its inception, the Company has devoted substantially all of its resources to research and development activities, including developing its therapeutic platforms, identifying and developing potential product candidates by undertaking preclinical studies and clinical trials. The Company supports these activities through general and administrative support, as well as by raising capital, conducting business planning and protecting its intellectual property. Share Consolidation On April 13, 2017, the Company effected a 1 for 2.3866 share consolidation (reverse share split) of the Company’s issued and outstanding common shares and redeemable convertible preferred shares. Accordingly, (i) every 2.3866 common shares were combined into one common share, (ii) every 2.3866 redeemable convertible preferred shares were combined into one redeemable convertible preferred share, (iii) the number of common shares into which each outstanding option and warrant to purchase common shares and the number of preferred shares into which each outstanding warrant to purchase preferred shares is exercisable were proportionately decreased on a 1 for 2.3866 basis, and (iv) the exercise price for each such outstanding option and warrant to purchase common shares or preferred shares were proportionately increased on a 1 for 2.3866 basis. All of the share numbers, share prices, and exercise prices in these financial statements have been adjusted, on a retroactive basis, to reflect this 1 for 2.3866 reverse share split. Initial Public Offering On April 27, 2017, the Company’s registration statement on Form F-1 No. 333-217100) Subsequent Public Offering On May 24, 2018, the Company’s U.S. shelf registration statement on Form F-10 No. 333-224623) On June 6, 2018, the Company filed with the SEC, as well as with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada, a preliminary prospectus supplement to complete an underwritten public offering of $85.0 million of its common shares plus an over-allotment option for the underwriters to purchase up to an additional $12.8 million of its common shares (the “Offering”). On June 7, 2018, the Company filed a final prospectus supplement relating to the Offering with the SEC, as well as with the securities commissions or similar securities regulatory authorities in each of the provinces and territories of Canada, setting forth an offering price of $15.75 per share. The Offering closed on June 11, 2018 pursuant to which the Company sold 6,210,000 shares of common shares including the sale of 810,000 shares of common shares to the underwriters upon their full exercise of their over-allotment option. The Company received net proceeds of approximately $90.8 million, after underwriting discounts, commissions and offering expenses. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zymeworks Inc. and its wholly owned subsidiaries, Zymeworks Biopharmaceuticals Inc., which was incorporated in the State of Washington on December 5, 2014, and Zymeworks Biochemistry Inc. (formerly Kairos Therapeutics Inc. (“Kairos”)), which was acquired on March 18, 2016. Kairos’ financial statements have been consolidated within the Company’s consolidated financial statements from the date of acquisition until December 31, 2016 as the Company completed an amalgamation with Zymeworks Biochemistry Inc. on January 1, 2017. All inter-company accounts and transactions have been eliminated in consolidation. All amounts expressed in the consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. On an ongoing basis, the Company evaluates its estimates, some of which are those related to revenue recognition including estimated timing of completion of performance obligations required to meet revenue recognition criteria, Scientific Research and Experimental Development (“SR&ED”) Program, share-based compensation, warrants, accrual of expenses, preclinical study accruals, valuation allowance for deferred taxes, other contingencies and valuation of assets acquired in a business combination. Management bases its estimates on historical experience or on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from these estimates. Foreign Currency Translation and Functional Currency Conversion Prior to January 1, 2016, the Company’s functional currency was the Canadian dollar. The Company reassessed its functional currency and determined as at January 1, 2016, its functional currency changed from the Canadian dollar to the U.S. dollar based on management’s analysis of the changes in the primary economic environment in which the Company operates. The change in functional currency is accounted for prospectively from January 1, 2016 and prior year financial statements have not been restated for the change in functional currency. For periods prior to January 1, 2016, the effects of exchange rate fluctuations on translating foreign currency monetary assets and liabilities into Canadian dollars were included in the statement of loss and comprehensive loss as foreign exchange gain/loss. Revenue and expense transactions were translated into the U.S. dollar reporting currency at the average exchange rate during the period, and assets and liabilities were translated at end of period exchange rates, except for equity transactions, which were translated at historical exchange rates. Translation gains and losses from the application of the U.S. dollar as the reporting currency while the Canadian dollar was the functional currency are included as part of the cumulative foreign currency translation adjustment, which is reported as a component of shareholders’ equity under accumulated other comprehensive loss. For periods commencing January 1, 2016, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Opening balances related to non-monetary non-monetary non-monetary The functional currency of Zymeworks Biopharmaceuticals Inc. and Zymeworks Biochemistry Inc. is also the U.S. dollar. Liability Classified Awards Awards accounted for under Accounting Standards Codification (“ASC”) 718 “Compensation—Stock Options” (“ASC 718”), with an exercise price which is not denominated in: (a) the currency of a market in which a substantial portion of the Company’s equity securities trades, (b) the currency in which the individual’s pay is denominated, or (c) the Company’s functional currency, are required to be classified as liabilities. For awards accounted for under ASC 815 “Derivatives and Hedging” (“ASC 815”), any warrant or option that provides for an exercise price which is not denominated in the Company’s functional currency are required to be classified as liabilities. Upon the change of the functional currency from Canadian dollars to U.S. dollars effective January 1, 2016, certain options previously classified as equity awards with total fair value of $251 and common share warrants previously classified as equity awards with a total fair value of $268 have been reclassified as liability awards. Under ASC 815, upon the change in classification, the change in fair value of the options and common share warrants while they were classified as equity is recorded as an adjustment to the accumulated deficit. Additionally, upon the change of the compensation currency for certain directors from Canadian dollars to U.S. dollars effective November 9, 2016, options held by such directors which were previously classified as equity awards with total fair value of $1,341 have been classified as liability awards. Upon the change of the compensation currency for certain executives from Canadian dollars to U.S. dollars effective January 1, 2017, options held by such executives which were previously classified as equity awards with a total fair value of $7,371 on January 1, 2017 have been reclassified as liability awards of which $2,879 was reclassified from additional paid-in Liability classified awards are subsequently measured at fair value at each balance sheet date until exercised or cancelled, with changes in fair value recognized as compensation cost or additional paid-in paid-in Revenue Recognition Effective January 1, 2018, the Company adopted on a modified retrospective basis Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration that it is entitled to in exchange for the goods and services transferred to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, to identify distinct performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company applies the revenue recognition model under ASC 606 to part or all of the arrangement, when deemed appropriate. As of December 31, 2018, the Company has entered into a number of license and collaboration agreements that fall within the scope of ASC 606. Promised deliverables within these agreements may include: (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, and (iii) participation on joint research and/or development committees. The terms of these agreements typically include one or more of the following types of payments to the Company: Licenses of intellectual property including platform technology access: non-refundable, non-refundable, Milestone payments: re-evaluates catch-up Research and development milestones in the Company’s collaboration agreements may include some, but not necessarily all, of the following types of events: • completion of preclinical research and development work leading to selection of product candidates; • initiation of Phase 1, Phase 2 and Phase 3 clinical trials; and • achievement of certain other technical, scientific or development criteria. Regulatory milestone payments may include the following types of events: • filing of regulatory applications for marketing approval in the United States, Europe or Japan, including Investigational New Drug (“IND”) applications and Biologics License Application (“BLA”); and • marketing approval in major markets, such as the United States, Europe or Japan. Royalties and commercial milestones: pre-specified out-licensing Research support payments: If the expectation at contract inception is such that the period between payment by the licensee and the completion of related performance obligations will be one year or less, the Company assumes that the contract does not have a significant financing component. Prior to ASC 606 Adoption The Company recognized revenue when all of the following criteria were met: persuasive evidence of an arrangement existed, the fee was fixed or determinable, delivery or performance was substantially completed and collectability was reasonably assured. The Company analyzed agreements with more than one element, or deliverable, based on the guidance in ASC 605-25, Revenue Recognition—Multiple Element Arrangements (“ASC605-25”). Each required deliverable was evaluated to determine whether it qualified as a separate unit of accounting. A delivered item or items were considered a separate unit of accounting if they had value to the collaborator or licensee on a stand-alone basis and, if the agreement included a general right of return, the delivery or performance of undelivered items was considered probable and within the control of the Company. In assessing whether an item or items have stand-alone value, the Company considered if the deliverable or deliverables were sold separately on a stand-alone basis. Additional factors considered included research capabilities of the strategic partner or licensee, the availability of the associated expertise in the general market place, whether the delivered item or items could be used for their intended purpose without receipt of the remaining item(s), whether the value of the delivered item(s) was dependent on the undelivered item(s) and whether there were other vendors that could provide the undelivered item(s). Arrangement consideration that was fixed or determinable was allocated at the inception of the agreement to all identified units of accounting based on the relative estimated selling prices in accordance with the selling price hierarchy. The selling price of each deliverable was determined using vendor specific objective evidence of selling prices, if it existed; otherwise, third-party evidence of selling prices. If neither vendor specific objective evidence nor third-party evidence existed, the Company used its best estimate of the selling price for each deliverable. Management exercised considerable judgment in estimating the selling prices of identified units of accounting under its agreements. The arrangement consideration otherwise allocable to delivered units was limited to the amount that was not contingent on the delivery of additional items or fulfillment of other performance conditions. When the Company determined that a license and the related therapeutic platform had stand-alone value to the licensee, these items were considered a unit of accounting and arrangement consideration allocated to this unit of accounting was recognized upon delivery of the therapeutic platform. When research services related to the transfer of the technical information were required, then the license, the applicable research services, and therapeutic platform were considered a unit of accounting and the Company had to determine the period over which the performance obligations were performed, which generally related to the period the research services would be performed, and over which revenue would be recognized. If the Company could not reasonably estimate the timing and the level of effort to complete its performance obligations under the arrangement, then revenue under the arrangement was recognized on a straight-line basis over the period the Company was expected to complete its performance obligations. The Company recognized other research support payments as revenue upon the performance of activities which were eligible for research support payments from its strategic partners, in accordance with the respective licensing and collaboration agreements. The Company analyzed milestones based on the guidance in ASC 605-28, Revenue Recognition—Milestone Method (“ASC 605-28”). The Company evaluated milestone payments on an individual basis and recognizes revenue from non-refundable milestone payments when the earnings process was complete and the payment was reasonably assured. Non-refundable milestone payments related to arrangements under which the Company had continuing performance obligations were recognized as revenue upon achievement of the associated milestone, provided that the milestone event was substantive and its achievability was not reasonably assured at the inception of the agreement. A milestone event was considered substantive if (i) the milestone was commensurate with either (a) the Company’s performance to achieve the milestone or (b) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) it related solely to past performance and (iii) it was reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. If any portion of the milestone payment did not relate to the Company’s performance, did not relate solely to past performance or was refundable or adjustable based on future performance, the milestone was not considered to be substantive. Certain milestones in the agreements did not meet the ASC 605-28 definition of a milestone because achievement of the milestone solely depended on the performance of the licensee. Any revenue from these contingent payments was subject to an allocation of arrangement consideration and was recognized over the remaining period of performance obligations, if any, relating to the arrangement. If there were no remaining performance obligations under the arrangement at the time the contingent payment was triggered, the contingent payment was recognized as revenue in full upon the triggering event occurring. Options for future deliverables were considered substantive if, at the inception of the arrangement, the Company was at risk as to whether the licensee would choose to exercise the option. Factors that the Company considered in evaluating whether an option was substantive included the overall objective of the arrangement, the benefit the licensee might obtain from the arrangement without exercising the option, the cost to exercise the option and the likelihood that the option would be exercised. For arrangements under which an option was considered substantive, the Company did not consider the item underlying the option to be a deliverable at the inception of the arrangement and the associated option fees were not included in the initial consideration, assuming the option was not priced at a significant and incremental discount. Conversely, for arrangements under which an option was not considered substantive or if an option was priced at a significant and incremental discount, the Company would consider the item underlying the option to be a deliverable at the inception of the arrangement and a corresponding amount would be included in the initial consideration. Since inception, the Company did not have any royalty income. Contract assets and liabilities Contract assets are mainly comprised of trade receivables net of allowance for doubtful debts, which includes amounts billed and currently due from customers. Contract liabilities are mainly comprised of deferred revenues. Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated financial statements. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash and cash equivalents consist primarily of money market funds and are recorded at cost, which approximates fair value. Short-Term Investments The Company’s short-term investments consist of guaranteed investment certificates with original maturities exceeding three months and less than one year. The carrying value of these investments are recorded at cost plus accrued interest, which approximates their fair value. Accounts Receivable Accounts receivable are reported in the consolidated balance sheets at outstanding amounts, net of any provisions for uncollectible amounts. At all periods presented, the Company has no allowance for doubtful accounts. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. Deferred Financing Costs Deferred financing costs consist of incremental fees charged by underwriters, attorneys, accountants and printers that are directly attributable to future financing transactions. These costs are deferred and subsequently charged against the gross proceeds of the related financing transaction. Segment Information The Company operates and manages its business in one segment, which is the discovery, development and commercialization of next-generation multifunctional biotherapeutics. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred. The Company records depreciation using the straight-line method over the estimated useful lives of the capital assets as follows: Asset Class Rate Computer hardware 3 years Office equipment 3 years Furniture and fixtures 5 years Laboratory equipment 7 years Leasehold improvements Shorter of the initial lease term or useful life Property and equipment, acquired or disposed of during the year, are depreciated proportionately for the period they are in use. Patents and Intellectual Property Costs The costs of acquiring patents and of prosecuting and maintaining intellectual property rights are expensed as incurred to general and administrative due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties are capitalized and amortized over the remaining life of the patent, if for approved products or if there are alternative future uses. No patent or intellectual property costs have been capitalized to date. Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or assets. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets classified as held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. As of December 31, 2018 and 2017, the Company determined that there were no impaired assets and no assets held-for-sale. Government Grants and Credits Government grants are recognized where there is reasonable assurance that the grant will be received and all associated conditions will be complied with. Reimbursements of eligible research and development expenditures pursuant to government assistance programs are recorded as a reduction of research and development costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount of the claim, and hence the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. Although the Company has used its best judgment and understanding of the related program agreements in determining the receivable amount, it is possible that the amounts could increase or decrease by a material amount in the near-term dependent on the review and audit by the government agency. The Company participates in SR&ED Program, a federal tax incentive program that encourages Canadian businesses to conduct research and development in Canada. The benefits of investment tax credits for scientific research and development expenditures are recognized in the year the qualifying expenditure is made provided there is reasonable assurance of recoverability. This investment tax credit reduces the carrying cost of research and development expenditures. Research and Development Costs Research and development expenses include costs that the Company incurs for its own and for the Company’s strategic partners’ research and development activities. Research and development expenditures are expensed as incurred. These costs primarily consist of employee related expenses, including salaries and benefits, expenses incurred under agreements with contract research organizations on the Company’s behalf, investigative sites and consultants that conduct the Company’s clinical trials, the cost of acquiring and manufacturing clinical trial materials and other allocated expenses, share-based compensation expense, and costs associated with nonclinical activities and regulatory approvals. Income Taxes The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of and changes in the tax law or rates. The measurement of deferred tax assets is reduced, if necessary, by the extent of the valuation allowance. The Company uses a two-step “more-likely-than-not” Interest and tax penalties are expensed as incurred and nil has been incurred to date. Stock-Based Compensation The Company recognizes stock-based compensation expense on share awards granted to employees and members of the board of directors based on their estimated grant date fair value using the Black-Scholes option pricing model. The Black-Scholes option pricing model uses various inputs to measure fair value, including estimated fair value of the Company’s underlying common share at the grant date, expected term, estimated volatility, risk-free interest rate and expected dividend yields of the Company’s common shares. The Company recognizes stock-based compensation expense, net of estimated forfeitures, in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period wherein the cumulative amount of compensation cost recognized at any point in time at least equals the portion of grant date fair value of the options that vested on that date. The Company applies an estimated forfeiture rate derived from historical employee termination behavior. If the actual number of forfeitures differs from those estimated by management, adjustments to compensation expense may be required in future periods. Stock options granted to individual service providers who are not employees are measured on the date of performance using the Black-Scholes option-pricing model and the awards are periodically remeasured as the underlying options vest. The fair value of the stock-based awards is amortized over the vesting period. The Company has an employee stock purchase plan which is considered compensatory. Accordingly, the Company recognizes compensation expense on these awards based on their estimated grant date fair value using the Black-Scholes option pricing model. The Company recognizes compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. Business Combination and Goodwill Acquisitions of businesses are accounted for using the acquisition method. The consideration for a business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree. Acquisition related costs incurred for the business combination are expensed as incurred. The acquiree’s net identifiable assets are generally recognized at their fair value at the acquisition date. Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the consideration transferred for the acquisition over the Company’s interest in the fair value of the net identifiable assets acquired. If the Company’s interest in the fair value of the acquiree’s net identifiable assets exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Goodwill is evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present. Effective December 31, 2018, the Company early adopted ASU 2017-04, Acquired In-Process The in-process Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 inputs are quoted market prices for identical instruments available in active markets. • Level 2 inputs are inputs other than Level 1 prices, such as prices for similar asset or liability that are observable either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets. • Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assumptions about market assumptions that would be used to price the asset or liability. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, short-term investments, amounts receivable, accounts payable and accrued liabilities, warrants, capital lease obligations, liability classified options and other long-term liabilities. The carrying values of cash and cash equivalents, short-term investments, amounts receivable and accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of these financial instruments. Based on the borrowing rates available to the Company for debt with similar terms and consideration of default and credit risk using Level 2 inputs, the carrying value of the Company’s capital lease obligations as of December 31, 2018 approximates its fair value. As quoted prices for the warrants and liability classified stock options are not readily available, the Company has used a Black-Scholes pricing model to estimate fair value, which utilizes level 3 inputs as defined above. Other long-term liabilities for contingent consideration related to business acquisitions are recorded at fair value on the acquisition date and adjusted quarterly to fair value. Changes in the fair value of contingent consideration liabilities can result from changes in anticipated milestone payments and changes in assumed discount periods and rates. These inputs are unobservable in the market and therefore categorized as level 3 inputs as defined above. The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used to determine such fair value: December 31, Level 1 Level 2 Level 3 Liabilities Liability classified stock options $ 12,603 $ — $ — $ 12,603 Warrant liabilities — — — — Liability for contingent consideration 707 — — 707 Total $ 13,310 $ — $ — $ 13,310 December 31, Level 1 Level 2 Level 3 Liabilities Liability classified stock options $ 3,945 $ — $ — $ 3,945 Warrant liabilities 1,348 — — 1,348 Liability for contingent consideration 470 — — 470 Total $ 5,763 $ — $ — $ 5,763 The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase (decrease) in Liability Year ended December 31, 2018 $ 470 $ 237 $ 707 Year ended December 31, 2017 $ — $ 470 $ 470 The following table presents the changes in fair value of the Company’s warrant liabilities: Liability at Warrants Reclassification Increase (decrease) in Exercise Liability Year ended December 31, 2018 $ 1,348 $ — $ — $ 3,565 $ (4,913 ) $ — Year ended December 31, 2017 $ 4,342 $ — $ — $ (2,450 ) $ (544 ) $ 1,348 The following table presents the changes in fair value of the liability classified stock options: Liability at Reclassification Increase (decrease) Exercise of Unrealized Liability Year ended December 31, 2018 $ 3,945 $ — $ 9,451 $ (142 ) $ (651 ) $ 12,603 Year ended December 31, 2017 $ 2,458 $ 2,879 $ (1,413 ) $ (300 ) $ 321 $ 3,945 The change in fair value of liability classified stock options for the period is presented within research and development expenses and general and administrative expenses. Net Loss Per Share The Company follows the two-class two-class two-class non-cumulative, Basic net loss per share attributable to common shareholders is computed by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding for the year. Diluted net loss per share attributable to common shareholders is computed by adjusting net loss attributable to common shareholders to reallocate undistributed earnings base |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | 3. Recent Accounting Pronouncements Initial adoption of new accounting pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU 2014–09, Revenue from Contracts with Customers (Topic 606). The standard, as subsequently amended, is intended to clarify the principles for recognizing revenue for U.S. GAAP by creating a new Topic 606, Revenue from Contracts with Customers and it supersedes the revenue recognition requirements in ASC 605, Revenue Recognition, and supersedes some cost guidance included in Subtopic 605–35, Revenue Recognition—Construction-Type and Production-Type Contracts. For a complete discussion see Note 2 “Revenue” and Note 9, “Research, Collaboration and Licensing Agreements”. The Company adopted the new standard effective January 1, 2018, as required, using the modified retrospective approach under which previously presented financial statements are not restated and the cumulative effect of adopting ASC 606 is recognized by adjusting retained earnings at the effective date. The adoption of ASU 2014–09 did not have a material impact on the Company’s consolidated financial position, results of operations, equity or cash flows as of the adoption date or for the year ended December 31, 2018. In January 2017, the FASB issued ASU 2017–04, Intangibles—Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment. ASU 2017–04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test, which required an entity to determine the fair value of its assets and liabilities at the impairment testing date. ASU 2017–04 is effective for public companies’ annual periods, including interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. The Company early adopted the new standard effective December 31, 2018. The adoption of this standard did not have a material impact on the Company’s consolidated financial statements. Refer to Note 2 “Business Combination and Goodwill”. In November 2018, the FASB issued ASU 2018–18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606. This ASU provides guidance that clarifies when certain transactions between participants in a collaborative arrangement should be accounted for under ASC 606 when the counterparty is a customer, and amends ASC 808 to refer to the unit-of-account Recent accounting pronouncements not yet adopted In February 2016, the FASB issued ASU 2016–02, Leases (Topic 842) and subsequent amendments to the initial guidance: ASU 2017–13, ASU 2018–10 and ASU 2018–11 (collectively, Topic 842). Topic 842 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous U.S. GAAP. The new guidance retains a distinction between finance leases and operating leases, with cash payments from operating leases classified within operating activities in the statement of cash flows. It also requires lessees to recognize all leases, including operating leases, with a term greater than 12 months on the balance sheet, for the obligations created by those leases and an offsetting right of use asset. The accounting for lessors will remain largely unchanged from the existing accounting standards. Topic 842 will be effective for fiscal years and interim periods within those years, beginning after December 15, 2018. The Company has arrangements currently classified as operating leases which will be recorded as a right of use asset and corresponding liability on the balance sheet and is currently evaluating the impact these changes will have on the consolidated financial statements. In May 2017, the FASB issued ASU 2017–09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting. ASU 2017–09 provides clarification on when modification accounting should be used for changes to the terms or conditions of a share-based payment award. This ASU does not change the accounting for modifications but clarifies that modification accounting guidance should only be applied if there is a change to the value, vesting conditions, or award classification and would not be required if the changes are considered non-substantive. In July 2017, the FASB issued ASU 2017–11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Non-controlling In June 2018, the FASB issued ASU 2018–07, Compensation—Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. The amendments in this ASU expand the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. This new guidance is effective for the Company in fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early adoption is permitted. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s consolidated financial statements. In August 2018, the FASB issued ASU 2018–13, Fair Value Measurement (Topic 820): Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this ASU eliminate, add and modify certain disclosure requirements for fair value measurements as part of its disclosure framework project. The standard is effective for the Company in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. Early adoption is permitted. The Company is currently assessing the impact the adoption of the standard will have on its consolidated financial statements. In August 2018, the FASB issued ASU 2018–15, Intangibles—Goodwill and Other – Internal Use Software (Subtopic 350–40). This ASU addresses customer’s accounting for implementation costs incurred in a cloud computing arrangement that is a service contract and also adds certain disclosure requirements related to implementation costs incurred for internal-use internal-use internal-use In October 2018, the FASB issued ASU 2018–16—Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting Purposes. This ASU provides guidance that adds the overnight index swap rate based on the Secured Overnight Financing Rate to the list of U.S. benchmark interest rates in ASC 815 that are eligible to be hedged. As a result, entities may designate changes in this rate as the hedged risk in hedges of interest rate risk for fixed-rate financial instruments. This ASU is effective when an entity adopts the new hedging guidance in ASU 2017–12. For entities that have not adopted ASU 2017–12, the amendments are effective for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption, including adoption in an interim period, is permitted, as long as the entity has adopted ASU 2017–12. The Company is evaluating the effect of adopting this new accounting guidance, but does not expect adoption will have a material impact on the Company’s consolidated financial statements. The Company has reviewed other recent accounting pronouncements and concluded that they are either not applicable to the business, or that no material effect is expected on the consolidated financial statements as a result of future adoption. |
Short-term Investments
Short-term Investments | 12 Months Ended |
Dec. 31, 2018 | |
Investments Schedule [Abstract] | |
Short-term Investments | 4. Short-term Investments Short-term investments consist of guaranteed investment certificates (“GICs”) and term deposits held at financial institutions in accordance with the Company’s treasury policy. These GICs and term deposits bear interest rates of 2%-3% |
Acquisition of Kairos
Acquisition of Kairos | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Acquisition of Kairos | 5. Acquisition of Kairos Description of the Transaction On March 18, 2016, the Company completed the acquisition of all remaining issued and outstanding shares of Kairos Therapeutics Inc. (“Kairos”), for $24,778 (C$32,257). This consideration was comprised of $23,043 (C$30,000) in common shares of the Company, and $1,733 (C$2,257) in cash, pursuant to a net working capital adjustment determined at closing. Prior to this acquisition the Company had a 19.99% equity interest in Kairos. The Company recognized IPR&D and Goodwill as part of the purchase price allocation. Impairment Evaluation for Intangible Assets and Goodwill All IPR&D acquired in the Kairos business combination is classified as indefinite-lived and is not currently being amortized. IPR&D becomes definite-lived upon the completion of the associated research and development efforts, and will be amortized from that time over an estimated useful life based on respective patent terms. The Company evaluates the recoverable amount of intangible assets on an annual basis and performs an annual evaluation of goodwill as of December 31 each year, unless there is an event or change in the business that could indicate impairment, in which case earlier testing is performed. For the year ended December 31, 2016, the Company recorded an impairment charge of $768 for the discontinuance of the Co-Development Co-Development”). The Company performed its annual impairment test for IPR&D as of December 31, 2018 and concluded that there were no impairment indicators related to IPR&D for the twelve months ended December 31, 2018. The following table summarizes the carrying value of IPR&D, net of impairment: Acquired IPR&D Accumulated Net Balance at December 31, 2016 $ 20,700 $ (768 ) $ 19,932 Change during the year — (1,536 ) (1,536 ) Balance at December 31, 2017 $ 20,700 $ (2,304 ) $ 18,396 Change during the period — — — Balance at December 31, 2018 $ 20,700 $ (2,304 ) $ 18,396 The Company also performed its annual impairment test for goodwill as of December 31, 2018. As part of the evaluation of the recoverability of goodwill, the Company identified only one reporting unit to which the total carrying amount of goodwill has been assigned. As at December 31, 2018, the Company performed a qualitative assessment for impairment of goodwill, considering factors including industry and market conditions, macro-economic conditions, and the excess of market capitalization over the carrying value of the net assets at December 31, 2018, and concluded that it was not more likely than not that the fair value of the reporting unit was less than its carrying value. Consequently, the step 1 quantitative test was not required. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 6. Property and Equipment Property and equipment consists of the following: December 31, 2018 2017 Computer hardware $ 1,439 $ 1,575 Furniture and fixtures 747 552 Office equipment 535 484 Laboratory equipment 5,270 4,895 Leasehold improvements 3,377 3,022 Construction in progress 221 196 Property and equipment $ 11,589 $ 10,724 Less accumulated depreciation (5,105 ) (3,546 ) Property and equipment, net $ 6,484 $ 7,178 During the year ended December 31, 2018, the Company entered into a new capital lease for office equipment of $10 (2017—$10). Total assets under capital lease were $72 and $78 at December 31, 2018 and 2017, respectively; accumulated depreciation for these assets were $56 and $47 at December 31, 2018 and 2017, respectively. As of December 31, 2018, the total future minimum lease payments for the capital leases are $62 (2017—$73). Depreciation expense on property and equipment for the years ended December 31, 2018, 2017 and 2016 was $1,880, $1,681 and $541, respectively. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 7. Intangible Assets Intangible assets consist of the following: December 31, 2018 2017 Computer software and licenses $ 5,429 $ 2,812 Less accumulated amortization (3,815 ) (2,064 ) Intangible assets, net $ 1,614 $ 748 Amortization expense on intangible assets for the years ended December 31, 2018, 2017 and 2016 was $1,750, $1,058 and $484, respectively. |
Liabilities
Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Liabilities | 8. Liabilities Accounts payable and accrued liabilities consist of the following: December 31, 2018 2017 Trade payables $ 2,599 $ 1,664 Accrued research expenses 6,633 4,708 Employee compensation and vacation accruals 2,926 1,981 Accrued legal and professional fees 556 308 Payable to CDRD Ventures Inc. (“CVI”) for Kairos SR&ED receivable (note 5) — 165 Other 689 227 Total $ 13,403 $ 9,053 Other current liabilities consisted of the following: December 31, 2018 2017 Current income tax liability $ 299 $ 158 Current portion of lease inducements 136 147 Current portion of capital lease liability 15 10 Total $ 450 $ 315 Other long term liabilities consisted of the following: December 31, 2018 2017 Liability for contingent consideration (note 15) $ 707 $ 470 Lease inducements 197 344 Capital lease liability 42 52 Total $ 946 $ 866 |
Warrant liabilities and long-te
Warrant liabilities and long-term debt | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Warrant liabilities and long-term debt | 9. Warrant liabilities and long-term debt a. Perceptive Debt Description of transaction: On June 2, 2016, the Company entered into a Credit Agreement (the “Perceptive Debt”) with Perceptive Credit Opportunities Fund L.P. and PCOF Phoenix II Fund L.P. (collectively, “Perceptive”). The total credit facility was for $15.0 million consisting of Tranche A and Tranche B term loans for $7.5 million each. The Tranche A term loan was made available to the Company on June 2, 2016, with total net proceeds received of $6,953, after deducting commissions, legal and other administrative costs. The interest rate on the Tranche A term loan was LIBOR plus an applicable margin of 10% per annum with LIBOR to be a minimum of 1% with monthly interest payments. $225 monthly principal payments were originally scheduled to commence on June 2, 2018, with the remaining outstanding principal balance to be paid on June 2, 2020. Under the Credit Agreement, the Company had the option to settle the loan earlier, subject to certain early payment premiums. On June 6, 2017, the Company exercised its option to repay the total outstanding debt ahead of the maturity date. On June 2, 2016, pursuant to the terms of the Perceptive Debt, the Company also issued Warrant Certificates which entitled Perceptive Credit Opportunities Fund, L.P. to purchase up to 295,009 Redeemable Convertible Class A Preferred Shares of the Company at an exercise price of $11.69 per share, with an expiry term of five years (the “Perceptive Warrants”). These warrants were classified as liabilities and were recorded at their estimated fair value as they contained a down-round provision and because the shares underlying the warrants could have obligated the Company to transfer assets to the holders at a future date under certain circumstances, such as a deemed liquidation event. Changes in fair value are recorded in the consolidated statements of loss and comprehensive loss. The warrants were initially recorded at their fair value at issuance of $3,266 and the residual balance of the original principal, $4,234, has been recorded as long-term debt. The long-term debt was being accreted to its face value of $7,500 over the four-year term of the Perceptive Debt. On August 3, 2016, the Warrant Certificates were assigned to Perceptive Credit Holdings, LP, an affiliate of Perceptive. Immediately prior to the consummation of the IPO, in conjunction with the conversion of the Company’s Redeemable Convertible Class A Preferred Shares into common shares (note 10c), the Redeemable Convertible Class A Preferred Share Warrants were converted on a 1.349367-for-1 Early Repayment of the Perceptive Debt: On June 6, 2017 (the “Repayment Date”), the Company exercised its option to repay the total outstanding debt ahead of the maturity date, pursuant to the terms of the Credit Agreement. On the Repayment Date, the Company paid $7,814 which consisted of the $7,500 outstanding principal balance, a $300 early repayment premium as well as $14 in legal fees. At the time of repayment, all liabilities and obligations of the Company and Perceptive terminated automatically. The repayment did not affect Perceptive’s rights, in connection with the Perceptive Warrants which remained outstanding until exercised. From January 1, 2017 to June 6, 2017, the Company recorded $360 in interest expense, $248 in accretion expense and $35 in amortization of debt issue costs. Year ended December 31, Long term debt at January 1, 2017 $ 4,810 Less: unamortized debt issue costs at January 1, 2017 (393 ) Long term debt at January 1, 2017, net of deferred charges $ 4,417 Accretion during the period up to the Repayment Date 248 Amortization of debt issue costs during the period up to the Repayment Date 35 Carrying value of long term debt on the Repayment Date, net of deferred charges $ 4,700 Repayment, including repayment premium and expenses (7,814 ) Loss on debt extinguishment $ (3,114 ) b. Warrant Liabilities Warrant liabilities from Perceptive warrants (note 9a) were $nil and $1,348 as of December 31, 2018 and December 31, 2017, respectively. On May 10, 2018, Perceptive exercised a portion of its warrants to purchase 178,076 common shares of the Company on a cashless basis, resulting in a net issuance of 79,481 common shares to Perceptive. On June 4, 2018, Perceptive exercised the remaining warrants to purchase 220,000 common shares of the Company on a cashless basis, resulting in a net issuance of 126,880 common shares to Perceptive. The fair value of the Perceptive warrants increased $3,565 during the period from January 1, 2018 leading up to the exercise of these warrants. As of December 31, 2017, the estimated fair value of the Perceptive warrants was determined using the Black-Scholes option pricing model with the following assumptions: December 31, Dividend yield 0 % Expected volatility 66.7 % Risk-free interest rate 2.09 % Expected term 3.42 years |
Redeemable Convertible Class A
Redeemable Convertible Class A Preferred Shares and Shareholders' Equity | 12 Months Ended |
Dec. 31, 2018 | |
Federal Home Loan Banks [Abstract] | |
Redeemable Convertible Class A Preferred Shares and Shareholders' Equity | 10. Redeemable Convertible Class A Preferred Shares and Shareholders’ Equity The number of shares and per share amounts are presented in actual amounts. a. Authorized On May 2, 2017, the Company’s new Articles of Incorporation were issued under which the Company has an unlimited number of voting Common Shares and Preferred Shares without par value. Under the Company’s former Articles of Incorporation dated December 21, 2015, the Company had 6,413,265 authorized Redeemable Convertible Class A Preferred Shares. b. Redeemable Convertible Class A Preferred Shares As of December 31, 2018 and 2017, no Redeemable Convertible Preferred Shares were outstanding. The rights and preferences of the historical Redeemable Convertible Class A Preferred Shares were as follows: The Class A preferred shares accrued dividends at 8% per annum non-cumulative, Optional conversion Mandatory conversion: Upon the liquidation, dissolution, reorganization or winding-up (i) (a) if such event occurred prior to January 7, 2017, 1.25 times the Class A original issue price of $11.69 per share, (b) if such event occurred after January 7, 2017, 1.5 times the Class A original issue price of $11.69 per share, under both cases plus any dividends declared but unpaid. (ii) amount per share payable had all Class A preferred shares been converted into common shares in accordance with the conversion mechanism. The preferences over common shareholders ceased to exist upon conversion of preferred shares into common shares. Each preferred shareholder was previously entitled to the number of votes that such shareholder would be entitled to if such preferred shares were converted to common shares. The Company assessed the issued Class A preferred shares for any beneficial conversion features or embedded derivatives, including the conversion option, that would require bifurcation from the applicable series of preferred shares and receive separate accounting treatment. On the date of the issuance of preferred shares, the fair value of the common shares into which the Class A preferred shares were convertible was less than the effective conversion price of such shares and, as such, there was no intrinsic value of the conversion option on the commitment date. There was a contingent beneficial conversion feature that would have become applicable if an initial public offering was completed at an issue price in excess of the conversion price within one year of the date the preferred shares were issued. Prior to the IPO, the Company classified its preferred shares outside of permanent equity as the redemption of such shares was not solely under the control of the Company. c. Conversion of Redeemable Convertible Class A Preferred Shares to Common Shares Immediately prior to the consummation of the IPO, all outstanding Redeemable Convertible Class A Preferred Shares were converted into 7,098,194 common shares on a 1-for-1.349367 The IPO was completed at $13.00 per share issued which resulted in an adjustment to the conversion price and a beneficial conversion feature related to the Class A preferred shares as the fair value of the common shares at the commitment date exceeded the effective conversion price at the IPO date. This beneficial conversion feature of $520 was recorded as an increase to additional paid-in d. Preferred Shares As of December 31, 2018, no preferred shares were issued or outstanding, respectively. The rights and preferences of the unissued Preferred Shares are as follows: Holders of Preferred Shares will be entitled to preference with respect to payment of dividends over the Common Shares and any other shares ranking junior to the Preferred Shares with respect to payment of dividends. In the event of the liquidation, dissolution or winding-up The Preferred Shares may also be given such other preferences over the Common Shares and any other shares ranking junior to the Preferred Shares as may be fixed by directors’ resolution as to the respective series authorized to be issued. e. Stock-Based Compensation Original Stock Option Plan: On July 14, 2006, the shareholders approved an employee stock option plan (the “Original Plan”). The Original Plan provides for the granting of options to directors, officers, employees and consultants. Options to purchase common shares may be granted at an exercise price of each option equal to the last private issuance of common shares immediately preceding the date of the grant. The total number of options outstanding is not to exceed 20% of the issued common shares of the Company. Options granted under the Original Plan are exercisable at various dates over their ten-year For options issued to employees, the shares available for issuance under the Original Plan vest over 4 years. Shares available for issuance under the Original Plan issued to directors vest over 3 years, and shares available for issuance under the Original Plan issued to consultants and members of the Scientific Advisory Board vest immediately upon issuance. The exercise prices of the Company’s stock options are denominated in Canadian dollars. The U.S. dollar amounts have been translated using the period end rate or the average rate for the period, as applicable, and have been provided for information purposes. New Stock Option Plan: On April 10, 2017, the Company’s shareholders approved a new stock option plan, which became effective immediately prior to the consummation of the IPO. This plan allowed for the grant of options to directors, officers, employees and consultants in U.S. or Canadian dollars, and also permitted the Company to grant incentive stock options (“ISOs”), within the meaning of Section 422 of the Code, to its employees. On June 7, 2018, the Company’s shareholders approved an amendment and restatement of this plan (this plan, as amended and restated, the “New Plan”), which includes an article that allows the Company to grant restricted shares, restricted share units (“RSU”) and other share-based awards, in addition to options. All restricted share, RSU or other share-based award terms and conditions will be specified in future grant agreements. To date, no restricted shares, RSUs or other share-based awards have been granted. The maximum number of common shares reserved for issuance under the New Plan is 5,686,097, which includes 3,985,768 shares issuable upon exercise of options outstanding as of December 31, 2018. Beginning in 2019 and ending in 2028, this maximum number may be increased on the first day of each calendar year by up to 4.0% of the number of outstanding shares on the last day of the immediately preceding calendar year. ISOs may be granted with respect to a maximum fixed amount equal to 20% of the shares reserved for issuance under the New Plan as of June 7, 2018. All options granted under the New Plan will have an exercise price determined and approved by the Board on the date of the grant, which shall not be less than the market price of the common shares at such time. For the purposes of the New Plan, the market price of a common share shall be the closing sale price of a share on the grant date reported by the stock exchange with the greatest trading volume or, if such day is not a trading day, the closing sale price reported for the immediately preceding trading day. The Company may convert a market price denominated in Canadian currency into United States currency and vice versa and such converted amount shall be the market price. An option shall be exercisable during a period established by the Board which shall commence on the date of the grant and shall terminate not later than ten years after the date of the granting of the option. The New Plan provides that the exercise period shall automatically be extended if the date on which it is scheduled to terminate shall fall during a black-out black-out The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan: Number Weighted- Weighted- Weighted- Aggregate Aggregate Outstanding, December 31, 2016 1,910,521 11.67 8.69 7.36 20,958 15,609 Granted 731,528 18.91 14.56 Expired (80,254 ) 12.75 9.82 Exercised (207,777 ) 6.02 4.64 Forfeited (90,306 ) 18.23 14.04 Outstanding, December 31, 2017 2,263,712 14.24 11.35 7.53 1,455 1,160 Granted 326,975 16.51 12.74 Expired (7,908 ) 16.22 12.52 Exercised (94,812 ) 8.81 6.80 Forfeited (41,977 ) 18.09 13.96 Outstanding, December 31, 2018 2,445,990 14.66 10.74 6.99 14,421 10,571 December 31, 2018 Exercisable 1,546,911 13.41 9.83 6.15 11,209 8,217 Vested and expected to vest 2,397,824 14.61 10.71 6.95 14,410 10,563 The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan: Number Weighted- Weighted- Aggregate Outstanding, December 31, 2016 — — — — Granted 650,480 9.70 Expired — — Exercised — — Forfeited (13,885 ) 9.82 Outstanding, December 31, 2017 636,595 9.70 9.46 15 Granted 910,783 13.03 Expired — — Exercised — — Forfeited (7,600 ) 9.82 Outstanding, December 31, 2018 1,539,778 11.67 9.02 4,876 December 31, 2018: Exercisable 285,350 10.04 8.52 1,704 Vested and expected to vest 1,472,436 11.65 9.01 4,876 The Company received cash proceeds of $682 (C$883) (2017: $965 (C$1,250), 2016: $17 (C$22)) from stock options exercised. The following table summarizes information pertaining to the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan and outstanding at December 31, 2018 and December 31, 2017: As of December 31, 2018 Options outstanding Options exercisable Exercise price (C$) Number of Weighted- Weighted- Weighted- Number of Weighted- Weighted- 3.58—5.37 219,369 1.84 4.90 3.59 219,369 4.90 3.59 7.26—9.94 141,608 5.87 8.29 6.08 102,087 7.64 5.60 11.60—13.20 877,492 7.11 12.25 8.98 621,958 12.12 8.89 14.44—17.09 531,295 7.74 15.14 11.10 254,080 14.44 10.58 18.33—20.74 214,514 7.98 20.58 15.08 113,802 20.74 15.20 21.05—22.65 461,712 8.20 22.48 16.48 235,615 22.60 16.57 3.58 to 22.65 2,445,990 6.99 14.66 10.74 1,546,911 13.41 9.83 As of December 31, 2017 Options outstanding Options exercisable Exercise price (C$) Number of Weighted- Weighted- Weighted- Number of Weighted- Weighted- 3.58—5.37 268,965 2.74 4.88 3.89 268,965 4.88 3.89 7.26—9.94 148,498 6.95 8.32 6.64 89,498 7.26 5.79 11.60—12.10 717,826 7.78 12.02 9.58 410,968 11.96 9.53 13.21—14.44 468,116 7.98 13.98 11.14 247,268 14.44 11.51 20.74—22.65 660,307 9.02 21.98 17.52 119,280 21.58 17.20 3.58 to 22.65 2,263,712 7.53 14.24 11.35 1,135,979 11.46 9.14 The following table summarizes information pertaining to the Company’s stock options granted in U.S. dollars under the New Plan and outstanding at December 31, 2018 and December 31, 2017: As of December 31, 2018 Options outstanding Options exercisable Exercise price (US$) Number of Weighted- Weighted- Number of Weighted- 6.80—7.76 27,855 8.74 7.11 14,308 6.69 9.81—11.84 1,166,640 8.82 10.79 253,140 9.81 12.77—14.51 113,000 9.77 13.51 — — 15.01—15.92 159,858 9.78 15.22 17,902 15.78 16.42—17.21 72,425 9.41 16.76 — — 6.80 to 17.21 1,539,778 9.02 11.67 285,350 10.04 As of December 31, 2017 Options outstanding Options exercisable Exercise price (US$) Number of Weighted- Weighted- Number of Weighted- 6.80 18,855 9.62 6.80 1,396 6.80 7.75 9,000 9.98 7.75 — — 9.82 608,740 9.45 9.82 — — 6.80 to 9.82 636,595 9.46 9.70 1,396 6.80 The stock options expire at various dates from February 5, 2019 to December 16, 2028. A summary of the non-vested Number of Weighted- Aggregate Weighted- Non-vested, 1,127,733 9.64 10,876 7.69 Options granted 326,975 9.96 3,259 7.69 Options vested (513,652 ) 10.14 (5,210 ) 7.83 Options forfeited and cancelled (41,977 ) 10.83 (455 ) 8.36 Non-vested, 899,079 10.25 8,470 7.51 A summary of the non-vested Number of Weighted- Aggregate Non-vested, 635,199 3.58 2,276 Options granted 910,783 7.99 7,277 Options vested (283,954 ) 5.69 (1,615 ) Options forfeited and cancelled (7,600 ) 5.64 (43 ) Non-vested, 1,254,428 7.31 7,895 The estimated fair value of options granted to officers, directors, employees and consultants is amortized over the vesting period. Stock-based compensation expense for equity classified instruments, as well as the financial statement impact of the periodic revaluation of liability classified equity instruments (note 2), is recorded in research and development expenses, general and administration expenses and finance expense (income) as follows: Year Ended December 31, 2018 2017 2016 Research and development expenses: Stock-based compensation for equity classified instruments $ 2,203 $ 913 $ 2,335 Change in fair value of liability classified equity instruments 2,032 492 280 $ 4,235 $ 1,405 $ 2,615 General and administrative expenses: Stock-based compensation for equity classified instruments $ 3,693 $ 1,852 $ 786 Change in fair value of liability classified equity instruments 5,362 486 889 $ 9,055 $ 2,338 $ 1,675 Finance expense (income): Stock-based compensation for equity classified instruments $ 1 $ — $ — Change in fair value of liability classified equity instruments 150 (314 ) 1 $ 151 $ (314 ) $ 1 For the year ended December 31, 2018, $3,876 of share-based compensation expense was recorded in additional paid-in paid-in paid-in The estimated fair value of stock options granted in Canadian dollars under the Original Plan and the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2018 2017 2016 Dividend yield 0 % 0 % 0 % Expected volatility 66.52 % 66.25 % 70.52 % Risk-free interest rate 2.18 % 1.44 % 1.08 % Expected average life of options 5.91 years 5.90 years 5.91 years The estimated fair value of stock options granted in U.S. dollars under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2018 2017 2016 Dividend yield 0 % 0 % — Expected volatility 66.78 % 65.89 % — Risk-free interest rate 2.69 % 1.84 % — Expected average life of options 5.88 years 5.89 years — Expected Volatility Risk-Free Interest Rate Expected Term Share Fair Value The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at December 31, 2018 and 2017 are as follows: December 31, December 31, Dividend yield 0 % 0 % Expected volatility 72.27 % 66.46 % Risk-free interest rate 1.94 % 1.55 % Expected average option term 3.59 years 5.89 years Number of liability classified share options outstanding 1,437,163 1,475,485 The total intrinsic value of options exercised during the year ended December 31, 2018, 2017 and 2016 was $2,388 (C$3,094) (2017: $1,550 (C$2,013), 2016: $38 (C$51)), respectively. At December 31, 2018, the unamortized compensation expense related to unvested options was $8,395 (C$11,452). The remaining unamortized compensation expense as of December 31, 2018 will be recognized over a weighted-average period of 2.0 years. f. Employee Stock Purchase Plan: On April 10, 2017, the employee stock purchase plan, (“ESPP”), was approved by the shareholders of the Company and became effective immediately prior to the consummation of the IPO. On June 7, 2018, certain amendments to the ESPP were approved by shareholders. Prior to these amendments, the ESPP allowed eligible employees to acquire common shares at a discounted purchase price of 85% of the market value of the Company’s common shares on the purchase date. The ESPP, as amended, allows eligible employees to acquire common shares at a discounted purchase price of the lesser of (i) 85% of the market price of a common share on the first day of the applicable purchase period and (ii) 85% of the market price of a common share on the purchase date. The ESPP qualifies as an “employee stock purchase plan” within the meaning of Section 423 of the Code for employees who are United States taxpayers. The ESPP is implemented through a series of offerings under which eligible employees are granted rights to purchase the Company’s common shares at the end of specified purchase periods at a discounted purchase price. The Company currently holds offerings consisting of a single six-month six-month Eligible employees are able to contribute up to 15% of their gross base earnings for purchases under the ESPP through regular payroll deductions. Purchases of shares under the ESPP are limited for each employee at $25 worth of the Company’s common shares (determined using the lesser of (i) the market price of a common share on the first day of the applicable purchase period and (ii) the market price of a common share on the purchase date) for each year such purchase right is outstanding. Common shares purchased under the ESPP will be issued from treasury at a purchase price equal to 85% of the applicable market price of a common share, all in accordance with applicable laws and the terms and conditions of the ESPP. For the purposes of the ESPP, the market price of a common share is defined as the closing sale price of a share on such date reported by the stock exchange with the greatest trading volume or, if such day is not a trading day, the closing sale price reported for the immediately preceding trading day. The number of common shares reserved for issuance under the ESPP shall not exceed 272,350 common shares, plus the number of common shares that are automatically added on January 1st of each year, commencing on (and including) January 1, 2018 and ending on (and including) January 1, 2027, in an amount equal to the lesser of (i) 1% of the total number of common shares issued and outstanding on December 31st of the preceding calendar year, and (ii) 419,000 common shares. As this plan is considered compensatory, a charge of $114 has been recorded to research and development expense and general and administrative expense accounts. As of December 31, 2018, total amount contributed by the ESPP participants is $359. Accordingly, the Company recognizes compensation expense on these awards based on their estimated grant date fair value using the Black-Scholes option pricing model. The Company recognizes compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. |
Government Grants and Credits
Government Grants and Credits | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Government Grants and Credits | 11. Government Grants and Credits Year Ended December 31, 2018 2017 2016 SR&ED credits (expense), net $ (5 ) $ 857 $ 1,265 IRAP credits — 218 — Total $ (5 ) $ 1,075 $ 1,265 The Company accrued refundable investment tax credits receivable for the year ended December 31, 2018 of $106 as well as a true-up During the current year, the Company did not recognize any amounts under IRAP. Research grants were recorded as a reduction in research and development expenses in the statement of loss and comprehensive loss. The IRAP funding agreement contains contingency clauses which could require repayment of funding if certain conditions are not met. The Company is in compliance with these conditions. |
Research Collaboration and Lice
Research Collaboration and Licensing Agreements | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Research Collaboration and Licensing Agreements | 12. Research Collaboration and Licensing Agreements The Company has entered into a number of collaboration and licensing agreements. Promised deliverables within these agreements may include: (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, (iii) drug product manufacturing, and (iv) participation on joint research and/or development committees. The terms of these agreements typically include one or more of the following types of payments to the Company: • non-refundable, • research, development and regulatory milestone payments; • commercial milestone payments; and • royalties on net sales of licensed products. The following table presents summarized revenue recognized from the Company’s strategic partnerships. Year ended December 31, 2018 2017 2016 Janssen: Recognition of upfront fee $ — $ 50,000 $ — Merck: Research support payments — 1 832 Lilly: Milestone revenue 2,000 — 2,000 Research support payments — 15 46 Celgene: Option payment 4,000 — — GSK: Technology access fee — — 6,000 Daiichi Sankyo: Technology access fee 18,000 — 2,000 Milestone revenue — 1,000 — Research support payments — 700 131 LEO: Recognition of upfront fee 5,000 $ — $ — Research support payments 116 — — BeiGene: Recognition of upfront fee 23,530 $ — $ — Other 373 46 — $ 53,019 $ 51,762 $ 11,009 As at January 1, 2018 and December 31, 2018, contract assets from research, collaboration and licensing agreements were $nil. Contract liabilities are comprised of $36,471 deferred revenue from BeiGene as of December 31, 2018 (December 31, 2017: nil) as disclosed below. Research and License Agreement with Merck Sharp & Dohme Research Ltd. (“Merck”) On August 22, 2011, the Company entered into a Research and License Agreement with Merck providing Merck a worldwide license to develop and commercialize novel bispecific antibodies generated through use of the Company’s Azymetric platform toward certain exclusive therapeutic targets. Both companies will collaborate to advance the therapeutic platforms, with Merck working to progress the bispecific therapeutic antibody candidates through clinical development and commercialization. No joint development activities to advance the therapeutic platforms have occurred since inception and Merck no longer has a right to such joint activities. In 2013, Merck was also provided with a limited, non-exclusive On December 3, 2014, the Company and Merck jointly amended the agreement, including amending certain terms and exclusivities contained therein. Under the terms of the amended agreement, the Company receives funding for certain internal and external research costs incurred in the project. Additionally, the amendment removed a $2.0 million research milestone from the total milestones the Company would be eligible to receive over the life of the agreement. The new research funding terms were priced at market rate, and the Company concluded that the original agreement was not materially modified. Accordingly, the amendments did not impact the determination of units of accounting or the allocation of the arrangement consideration. Upon the execution of the agreement, the Company received a one-time, non-refundable IND-enabling The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Merck, is a customer. The Company identified the following promised goods and services at the inception of the Merck agreement: (1) the research license, (2) the commercial license, (3) the transfer of the Company’s platform technology (Azymetric) (4) research services and technical assistance in connection with the transfer of platform technology to Merck, and (5) research activities to be performed on behalf of Merck. The Company concluded that the licenses and platform technologies together are distinct. Accordingly, the deliverables (1) through (4) were considered as a single performance obligation and the upfront payment of $1.25 million has been allocated to this performance obligation. The upfront payment was recorded as deferred revenue and recognized into revenue on a straight-line basis from October 1, 2011 through June 30, 2012, the period over which the Company performed the procedures for transferring the Company’s know-how In order to evaluate the appropriate transaction price, the Company determined that the upfront amount constituted the entirety of the consideration to be included in the transaction price and to be allocated to the performance obligations based on the Company’s best estimate of their relative stand-alone selling prices. The Company estimated the best estimate of selling price of the licenses and technology platform based on comparable license and collaboration arrangements. The best estimate of selling price for the other deliverables was estimated using internal estimates of cost to perform the specific services plus a normal profit margin for providing the services. At execution, the transaction price included only the $1.25 million upfront consideration received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Merck and therefore have also been excluded from the transaction price. The Company will re-evaluate The consideration otherwise allocable to delivered units is limited to the amount that is not contingent on the delivery of additional items or fulfillment of other performance conditions. Consequently, the arrangement consideration related to the research activities to be performed on behalf of Merck after the transfer of the technology was excluded from the allocation arrangement consideration because the consideration and performance are contingent upon Merck requesting performance of the services and these services are priced at an estimated fair value. The Company received and recorded non-refundable During the year ended December 31, 2018, the Company recorded $nil (2017: $1 and 2016: $832) in research support payments from Merck, under the terms of the amended agreement. Licensing and Collaboration Agreement with Eli Lilly and Company (“Lilly”) On December 17, 2013, the Company entered into a Licensing and Collaboration Agreement with Lilly to develop novel bispecific antibody therapeutics using the Company’s proprietary Azymetric platform. The Company will apply its Azymetric platform in combination with Lilly’s proprietary targets to create novel bispecific antibodies which Lilly will have the right to develop and commercialize worldwide. Upon the execution of the agreement, the Company received a one-time, non-refundable The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Lilly, is a customer. The Company identified the following promised goods and services at the inception of the Lilly agreement: (1) the research license, (2) the commercial license, (3) the transfer of the Company’s platform technology (Azymetric), (4) the research services and technical assistance to be provided by the Company in connection with the transfer of intellectual property to Lilly, and (5) research activities to be performed on behalf of Lilly. The Company concluded that the licenses and platform technology together are distinct. Accordingly, the deliverables (1) through (4) were considered as a single performance obligation and the upfront payment of $1.0 million has been allocated to this performance obligation. The payment was recorded as deferred revenue and recognized into revenue on a straight-line basis from December 31, 2013 to June 30, 2014, the period over which the Company performed the procedures for transferring the Company’s know-how In order to evaluate the appropriate transaction price, the Company determined that the upfront amount constituted the entirety of the consideration to be included in the transaction price and to be allocated to the performance obligations based on the Company’s best estimate of their relative stand-alone selling prices. The Company estimated the best estimate of selling price of the licenses and technology platform based on comparable license and collaboration arrangements. The best estimate of selling price for the other deliverables was estimated using internal estimates of cost to perform the specific services plus a normal profit margin for providing the services. At execution, the transaction price included only the $1.0 million upfront consideration received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Lilly and therefore have also been excluded from the transaction price. The Company will re-evaluate The consideration otherwise allocable to delivered units is limited to the amount that is not contingent on the delivery of additional items or fulfillment of other performance conditions. Consequently, the arrangement consideration related to the research activities to be performed on behalf of Lilly after the transfer of the technology was excluded from the allocation arrangement consideration because the consideration and performance are contingent upon Lilly requesting performance of the services and these services are priced at an estimated fair value. On December 11, 2015, the Company recorded non-refundable non-refundable During the year ended December 31, 2018, the Company recorded $nil (2017: $15 and 2016: $46) in research support revenue from Lilly which was a related party during 2018. Lilly is not considered a related party as of December 31, 2018. Licensing and Collaboration Agreement with Lilly On October 22, 2014, the Company entered into a second Licensing and Collaboration Agreement with Lilly to develop novel bispecific antibody therapeutics using the Company’s proprietary Azymetric platform. This agreement did not alter or amend the initial agreement entered into on December 17, 2013. Under the terms of this agreement, the Company will apply its Azymetric platform in combination with Lilly’s proprietary targets to create novel bispecific antibodies which Lilly will develop and commercialize. In 2017 Lilly nominated a bispecific antibody from this agreement for preclinical development and discontinued the research of two other bispecific antibodies due to strategic portfolio realignment in those particular disease areas. Each of the two agreements with Lilly were negotiated independently and the deliverables covered by the respective contracts are unrelated to one another as they cover different product candidates. Accordingly, the second Licensing and Collaboration Agreement with Lilly has been accounted for as a new arrangement. The Company is eligible to receive potential milestone payments totaling up to $125.0 million, comprised of up to $2.0 million for research success milestone, up to $8.0 million for IND submission milestones, up to $20.0 million for development milestones and up to $95.0 million for commercial milestones. In addition, the Company is eligible to receive tiered royalty payments on the sale of products. Lilly will have exclusive worldwide commercialization rights to products derived from the collaboration. No license, research, development and commercial milestones or royalty payments have been received to date. The Company determined that other than the research milestone, the events and conditions resulting in payments for development and commercial milestones solely depend on Lilly’s performance. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Lilly, is a customer. At execution, there was no upfront fee received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Lilly and therefore have also been excluded from the transaction price. The Company will re-evaluate On December 1, 2016, the Company recorded a non-refundable No other research, development or commercial milestone payments or royalties have been received to date. Licensing and Collaboration Agreement with Celgene Corporation & Celgene Alpine Investment Co. LLC (“Celgene”) On December 23, 2014, the Company entered into an agreement with Celgene to develop novel bispecific antibody therapeutics using the Company’s proprietary Azymetric platform. The Company will apply its Azymetric platform in combination with Celgene’s proprietary targets to create novel bispecific antibodies for which Celgene has an option to develop and commercialize a certain number of products (“Commercial License Option”). Upon the execution of the Agreement, the Company received a one-time, non-refundable The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Celgene, is a customer. The Company identified the following promised goods and services at the inception of the Celgene agreement: (1) the non-exclusive know-how, six-month know-how In order to evaluate the appropriate transaction price, the Company determined that the upfront amount constituted the entirety of the consideration to be included in the transaction price and to be allocated to the performance obligations based on the Company’s best estimate of their relative stand-alone selling prices. The Company estimated the best estimate of selling price of the licenses and technology platform based on comparable license and collaboration arrangements. At execution, the transaction price included only the $8.0 million upfront consideration received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Celgene and therefore have also been excluded from the transaction price. The Company will re-evaluate On April 22, 2018, Celgene exercised its right to increase the number of potential products it can develop and commercialize from eight to ten and extended the research program term by 24 months until April 2020, for which the Company received an expansion fee of $4.0 million and is eligible to receive up to $164.0 million per additional product in development and commercial milestones plus royalties on worldwide sales in accordance with the terms of the licensing and collaboration agreement. The research period extension commenced on April 22, 2018. No development or commercial milestone payments or royalties have been received to date. Collaboration and License Agreement with GlaxoSmithKline Intellectual Property Development Ltd. (“GSK”) On December 1, 2015, the Company entered into a Collaboration and License Agreement with GSK for the research, development, and commercialization of novel Fc-engineered At the conclusion of the research collaboration, both GSK and the Company will have the right to develop and commercialize monoclonal and bispecific antibody candidates that incorporate the Company’s optimized immune-modulating Fc domains. Under the terms of the agreement, GSK will have the right to develop a minimum of four products across multiple disease areas, and the Company will be eligible to receive research, development, and commercial milestones of up to $110.0 million for each product. In addition, the Company is eligible to receive tiered sales royalties. Under the terms of the agreement, each party is liable for their own internal and external research costs incurred in the project. Furthermore, the Company will have the right to develop up to four products with the intellectual property arising from the collaboration without any royalty or milestone payment to GSK. The Company determined that, the events and conditions resulting in payments for research, development and commercial milestones solely depend on GSK’s performance. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, GSK, is a customer. At execution, there was no upfront fee received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to GSK and therefore have also been excluded from the transaction price. The Company will re-evaluate No development or commercial milestone payments or royalties have been received to date. Platform Technology Transfer and License Agreement with GSK On April 21, 2016, the Company entered into a Platform Technology Transfer and License Agreement with GSK for the research, development, and commercialization of novel bispecific antibodies enabled using the Company’s Azymetric platform. Each of the two agreements with GSK were negotiated independently and the deliverables covered by the respective contracts utilize different therapeutic platforms and are unrelated to one another. Accordingly, the Platform Technology and License Agreement with GSK has been accounted for as a new arrangement. Upon execution of the agreement, the Company received a technology access fee of $6.0 million on May 3, 2016. The Company is also eligible to receive up to $30.0 million in research milestone payments; up to $152.0 million in development milestone payments; and up to $720.0 million in commercial sales milestone payments. In addition, the Company is entitled to receive tiered royalties on potential sales. The Company determined that, the events and conditions resulting in payments for research, development and commercial milestones solely depend on GSK’s performance. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, GSK, is a customer. The Company identified the following promised goods and services at the inception of the GSK agreement: (1) the non-exclusive know-how, know-how In order to evaluate the appropriate transaction price, the Company determined that the upfront amount constituted the entirety of the consideration to be included in the transaction price and to be allocated to the performance obligations based on the Company’s best estimate of their relative stand-alone selling prices. The Company estimated the best estimate of selling price of the licenses and technology platform based on comparable license and collaboration arrangements. The Company concluded that the best estimate of selling price for the obligation to deliver future technology improvements and updates was a nominal amount, as the Company has no intention of performing and has made no commitment to perform or provide additional update work on the applicable technology platform. Accordingly, no arrangement consideration was allocated to this deliverable. At execution, the transaction price included only the $6.0 million upfront consideration received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to GSK and therefore have also been excluded from the transaction price. The Company will re-evaluate No research, development or commercial milestone payments or royalties have been received to date. Collaboration and Cross License Agreement with Daiichi Sankyo, Co., Ltd. (“Daiichi Sankyo”) On September 26, 2016, the Company entered into a Collaboration and Cross License Agreement with Daiichi Sankyo for the research, development, and commercialization of novel bispecific antibodies enabled using the Company’s Azymetric and EFECT platforms. Additionally, the Company will license immuno-oncology antibodies from Daiichi Sankyo, with the right to research, develop and commercialize multiple products globally in exchange for royalties on product sales. Under the agreement, Daiichi Sankyo will have the option to develop and commercialize a single bispecific immuno-oncology therapeutic. Upon execution of the agreement, the Company received a technology access fee of $2.0 million. The Company is also eligible to receive up to $66.9 million in research and development milestone payments and commercial license option; and up to $80.0 million in commercial sales milestone payments. In addition, the Company is eligible to receive tiered royalties on potential product sales. The Company determined that other than a research milestone for $1.0 million, the events and conditions resulting in payments for research, development and commercial milestones solely depend on Daiichi Sankyo’s performance. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Daiichi Sankyo, is a customer. The Company identified the following promised goods and services at the inception of the Daiichi Sankyo agreement: (1) the research license, (2) the transfer of the Company’s platform technologies (Azymetric and EFECT) and relevant know-how, In order to evaluate the appropriate transaction price, the Company determined that the upfront amount constituted the entirety of the consideration to be included in the transaction price and to be allocated to the performance obligations based on the Company’s best estimate of their relative stand-alone selling prices. The Company estimated the best estimate of selling price of the licenses and technology platform based on comparable license and collaboration arrangements. The best estimate of selling price for the other deliverables was estimated using internal estimates of cost to perform the specific services plus a normal profit margin for providing the services. At execution, the transaction price included only the $2.0 million upfront consideration received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Daiichi Sankyo and therefore have also been excluded from the transaction price. The Company will re-evaluate The consideration otherwise allocable to delivered units is limited to the amount that is not contingent on the delivery of additional items or fulfillment of other performance conditions. Consequently, the arrangement consideration related to the research activities to be performed on behalf of Daiichi Sankyo after the transfer of the technology was excluded from the allocation arrangement consideration because the consideration and performance are contingent upon Daiichi Sankyo requesting performance of the services and these services are priced at an estimated fair value. On June 26, 2017, the Company recorded non-refundable During the year ended December 31, 2018, the Company recorded $nil in research support revenue from Daiichi Sankyo (2017: $700 and 2016: $131). Second License Agreement with Daiichi Sankyo In May 2018, the Company entered into a second license agreement with Daiichi Sankyo to research, develop and commercialize two bispecific antibodies generated through the use of the Azymetric and EFECT platforms. Under the terms of the agreement, the Company granted Daiichi Sankyo a worldwide, royalty-bearing, antibody sequence pair-specific, exclusive license to research, develop and commercialize certain products. Under the agreement, Daiichi Sankyo will be solely responsible for the research, development, manufacturing and commercialization of the products. Upon execution of the agreement, the Company received a non-refundable product-by-product country-by-country The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Daiichi Sankyo, is a customer. The Company identified the following promised goods and services at the inception of the Daiichi agreement: (1) the research and commercial license, (2) the transfer of the Company’s platform technologies (Azymetric and EFECT) and relevant know-how. In order to evaluate the appropriate transaction price, the Company determined that the upfront amount constituted the entirety of the consideration to be included in the transaction price and to be allocated to the performance obligations based on the Company’s best estimate of their relative stand-alone selling prices. The Company estimated the best estimate of selling price of the licenses and technology platform based on comparable license and collaboration arrangements. At execution, the transaction price included only the $18.0 million upfront consideration received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Daiichi Sanyo and therefore have also been excluded from the transaction price. The Company will re-evaluate No development or commercial milestone payments or royalties have been received to date. Collaboration and License Agreement with Janssen Biotech, Inc. (“Janssen”) On November 13, 2017, the Company entered into a Collaboration and License Agreement with Janssen to research, develop and commercialize up to six bispecific antibodies generated through the use of the Azymetric and EFECT platforms. Under the terms of the agreement, the Company granted Janssen a worldwide, royalty-bearing, antibody sequence pair-specific exclusive license to research, develop and commercialize certain products. Janssen also has the option to develop two additional bispecific antibodies under this agreement subject to a future option payment. Under the agreement, Janssen will be solely responsible for the research, development, manufacturing and commercialization of the products. Upon execution of the agreement, the Company received a non-refundable mid-single product-by-product country-by-country The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, Janssen, is a customer. The Company identified the following promised goods and services at the inception of the Janssen agreement: (1) the research and commercial license, (2) the transfer of the Company’s platform technologies (Azymetric and EFECT) and relevant know-how. In order to evaluate the appropriate transaction price, the Company determined that the upfront amount constituted the entirety of the consideration to be included in the transaction price and to be allocated to the performance obligations based on the Company’s best estimate of their relative stand-alone selling prices. The Company estimated the best estimate of selling price of the licenses and technology platform based on comparable license and collaboration arrangements. At execution, the transaction price included only the $50.0 million upfront consideration received. None of the research and development milestones have been included in the transaction price, as all milestone amounts were fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including that receipt of the milestones is outside the control of the Company and contingent upon success in future clinical trials and the licensee’s efforts. Any consideration related to sales-based milestones (including royalties) will be recognized when the related sales occur as they were determined to relate predominantly to the license granted to Janssen and therefore have also been excluded from the transaction price. The Company will re-evaluate No research, development or commercial milestone payments or royalties have been received to date. Research and License Agreement with LEO Pharma A/S (“LEO”) On October 23, 2018, the Company entered into a collaboration agreement with LEO. The Company granted LEO a worldwide, royalty-bearing, antibody sequence pair-specific exclusive license to research, develop and commercialize two bispecific antibodies, generated through the use of the Azymetric and EFECT platforms, for dermatologic indications. Zymeworks will retain rights to develop antibodies resulting from this collaboration in all other therapeutic areas. Zymeworks and LEO are jointly responsible for certain research activities, with Zymeworks’ cost to be fully reimbursed by LEO. Each party is solely responsible for the development, manufacturing, and commercialization of their own products. Pursuant to this agreement, the Company received an upfront payment of $5.0 million. In addition, (i) for the first therapeutic candidate, the Company is eligible to receive preclinical and development milestone payments of up to $74.0 million and commercial milestone payments of up to $157.0 million together with tiered royalties on future sales of up to 20% in the United States and up to high single digits elsewhere, and (ii) for the second therapeutic candidate, the Company is eligible to receive preclinical and development milestone payments of up to $86.5 million and commercial milestone payments of up to $157.0 million together with tiered royalties on future sales of up to low double digits globally. For products developed by Zymeworks outside of dermatology, LEO is eligible to receive commercial milestone payments and up to single-digit royalties on future sales. No development or commercial milestone payments or royalties have been received to date. The Company assessed this arrangement in accordance with ASC 606 and concluded that the contract counterparty, LEO, is a custo |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Investments, All Other Investments [Abstract] | |
Financial Instruments | 13. Financial Instruments The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the fair value hierarchy. The fair market values of the financial instruments included in the financial statements, which include cash and cash equivalents, short-term investments, accounts receivable, accounts payable and accrued liabilities, approximate their carrying values at December 31, 2018 and 2017, due to their short-term maturities. See note 2 for a summary of the fair value balances. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents, short-term investments and accounts receivable. Cash and cash equivalents and short-term investments are invested in accordance with the Company’s Treasury Policy with the primary objective being the preservation of capital and maintenance of liquidity. The Treasury Policy includes guidelines on the quality of financial instruments and defines allowable investments that the Company believes minimizes the exposure to concentration of credit risk. The Company limits its exposure to credit loss by placing its cash and cash equivalents and short-term investments with high credit quality financial institutions. The Company does not currently maintain a provision for bad debts on accounts receivable. The maximum exposure to credit risk for accounts receivable at the reporting date was $0.4 million (2017: $0.2 million) and all account receivables are due within a year. Liquidity Risk Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due. The ability to do this relies on the Company collecting its trade receivables in a timely manner, by maintaining sufficient cash and cash equivalents and securing additional financing as needed. The Company’s financial obligations include accounts payable and accrued liabilities which generally fall due within 45 days and the Company’s current portion of capital lease obligations which fall due within the next 12 months. Foreign Currency Risk The Company undertakes certain transactions in currencies other than U.S. dollars and as such is subject to risk due to fluctuations in exchange rates. The Company does not use derivative instruments to hedge exposure to foreign exchange rate risk due to the low volume of transactions denominated in foreign currencies. Non-U.S. The operating results and financial position of the Company are reported in U.S. dollars in the Company’s financial statements. The fluctuation of the U.S. dollar in relation to the Canadian dollar and other foreign currencies will consequently have an impact upon the Company’s loss and may also affect the value of the Company’s assets and the amount of shareholders’ equity. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 14. Income Taxes a. Income tax expense (recovery) varies from the amounts that would be computed by applying the expected income tax rate of 27% (2017: 26%) to loss before income taxes as shown in the following tables: Year Ended December 31, 2018 2017 2016 Computed taxes at Canadian tax rate (27%) $ (9,284 ) $ (2,587 ) $ (10,070 ) Non-deductible 4,311 259 1,343 Difference between domestic and foreign tax rate (14 ) (11 ) 95 Effect of change in tax rates 2 (860 ) — Adjustments to prior year 543 (313 ) 439 Change in valuation allowance 9,340 8,510 3,948 Share issuance costs in equity (1,906 ) (2,547 ) 158 Change in recognition and measurement of tax positions 672 — — Changes due to SR&ED (1,668 ) (1,973 ) (588 ) Other 175 (34 ) (400 ) Income tax expense (recovery) $ 2,171 $ 444 $ (5,075 ) Year Ended December 31, 2018 2017 2016 Current income tax expense $ 2,188 $ 429 $ 430 Deferred income tax (recovery) expense (17 ) 15 (5,505 ) Income tax expense (recovery) $ 2,171 $ 444 $ (5,075 ) Current income tax expense for the years ended December 31, 2018, 2017 and 2016 arose from the operations of Zymeworks Biopharmaceuticals Inc., the Company’s wholly owned subsidiary in the United States, and from the withholding taxes paid by the Company abroad in 2018, 2017 and 2016. b. Deferred income tax assets and liabilities result from the temporary differences between the amounts of assets and liabilities recognized for financial statement and income tax purposes. The significant components of the deferred income tax assets and liabilities are as follows: December 31, December 31, Deferred tax assets: Non-capital $ 6,680 $ 11,719 Deferred revenue 9,848 — Share issue costs 3,428 2,571 Property and equipment 1,167 956 Research and development deductions and credits 20,749 17,267 Contingent consideration 191 127 Stock options 220 102 Other 314 34 $ 42,597 $ 32,776 December 31, December 31, Deferred tax liabilities: Property and equipment (54 ) (70 ) IPR&D (4,967 ) (4,619 ) Other (132 ) — $ (5,153 ) $ (4,689 ) 37,444 28,087 Less: valuation allowance (37,360 ) (28,020 ) Net deferred tax assets (liabilities) $ 84 $ 67 The realization of deferred income tax assets is dependent upon the generation of sufficient taxable income during future periods in which the temporary differences are expected to reverse. The valuation allowance is reviewed on a quarterly basis and if the assessment of the “more likely than not” criteria changes, the valuation allowance is adjusted accordingly. Following the Company’s amalgamation with Zymeworks Biochemistry Inc. on January 1, 2017, deferred income tax assets and liabilities have been presented on a net basis on the consolidated balance sheet. c. At December 31, 2018, the Company has net operating losses carried forward for tax purposes in Canada, which are available to reduce taxable income of future years of approximately $24.7 million (December 31, 2017: $43.4 million) expiring commencing 2035 through 2038. At December 31, 2018, the Company also has unclaimed tax deductions for scientific research and experimental development expenditures of approximately $50.3 million (2017: $43.7 million), with no expiry. At December 31, 2018, the Company has approximately $9.0 million (2017: $7.0 million) of investment tax credits available to offset Canadian federal and provincial taxes payable expiring commencing in 2019 through 2038. d. The investment tax credits and non-capital Expiry date Investment tax credits Non-capital losses 2021 $ 86 $ — 2022 158 — 2023 94 — 2024 — — 2025 309 — 2026 247 — 2027 511 — 2028 814 — 2029 — — 2030 10 — 2031 133 — 2032 489 — 2033 557 — 2034 381 — 2035 1,068 — 2036 862 14,116 2037 1,777 10,625 2038 1,513 — $ 9,009 $ 24,741 e. The benefit of an uncertain tax position that is more likely than not of being sustained upon audit by the relevant taxing authority must be recognized at the largest amount that is more likely than not to be sustained. No portion of the benefit of an uncertain tax position may be recognized if the position has less than a 50% likelihood of being sustained. A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31, 2018, 2017, and 2016 are as follows: Year Ended December 31, 2018 2017 2016 Balance, beginning of year $ — $ — $ — Increases related to prior year tax positions 142 — — Increases related to current year tax positions 530 — — Balance, end of year $ 672 $ — $ — Included in the balance of unrecognized tax benefits at December 31, 2018 are potential benefits of $nil that, if recognized, would affect the effective tax rate on income from continuing operations. This is due to recognition of potential benefits would result in a deferred tax asset in the form of net operating loss carry-forward, which would be subject to a valuation allowance based on conditions existing at the reporting date. We recognize interest expense and penalties related to unrecognized tax benefits within the provision for income tax expense on the consolidated statements of loss and comprehensive loss. At December 31, 2018, we had accrued $nil (2017—$nil) interest and penalties. The Company currently files income tax returns in Canada and the US, the jurisdiction in which the Company believes that it is subject to tax. Further, while the statute of limitations in each jurisdiction where an income tax return has been filed generally limits the examination period, as a result of loss carry-forwards, the limitation period for examination generally does not expire until several years after the loss carry-forwards are utilized. Other than routine audits by tax authorities for tax credits and tax refunds that Zymeworks have claimed, management is not aware of any other material income tax examination currently in progress by any taxing jurisdiction. Tax years ranging from 2006 to 2018 remain subject to Canadian income tax examinations. Tax years ranging from 2015 to 2018 remain subject to U.S. income tax examinations. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 15. Commitments and Contingencies Lease Commitments The Company leases office premises in Vancouver, British Columbia and Seattle, Washington that expire in August 2021 and February 2022, respectively. The Company has also entered into a lease for laboratory space in Vancouver, British Columbia that will expire in August 2021. The leases contain rent escalation clauses. The Company also leases office equipment under capital lease agreements. Future minimum lease payments under the non-cancellable Payments due by period Less Than 1 to 2 2 to 3 3 to 4 5 Total (dollars in thousands) Capital lease obligations $ 21 $ 27 $ 12 $ 2 $ — $ 62 Operating lease obligations 1,860 1,871 1,429 87 — 5,247 Total contractual obligations $ 1,881 $ 1,898 $ 1,441 $ 89 $ — $ 5,309 Other Commitments The Company has entered into research collaboration agreements with strategic partners in the ordinary course of operations that may include contractual milestone payments related to the achievement of pre-specified In August 2016, the Company entered into a license agreement with Innovative Targeting Solutions Inc., or ITS, to use ITS’ protein engineering technology for the development and commercialization of antibody and protein therapeutics. Pursuant to the agreement, the Company agreed to pay an aggregate of $12.0 million in annual licensing fees to ITS over a five-year period of which $4.5 million was paid to December 31, 2018. Licensing fees paid to ITS are recorded in intangible assets and are amortized over a twelve-month period. The Company may also be required to make payments to ITS upon the achievement of certain development and commercial milestones, as well as royalty payments on net sales. No liabilities have been recorded for any amounts payable as of December 31, 2018. In connection with the Kairos acquisition, the Company may be required to make future payments to CVI upon the direct achievement of certain development milestones for products incorporating certain Kairos intellectual property, as well as royalty payments on the net sales of such products. For out-licensed mid-single Contingencies From time to time, the Company may be subject to various legal proceedings and claims related to matters arising in the ordinary course of business. The Company does not believe it is currently subject to any material matters where there is at least a reasonable possibility that a material loss may be incurred. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent events | 16. Subsequent events On January 17, 2019, the Company reported the achievement of a new development milestone in its collaboration with Lilly. In accordance with the Company’s 2014 licensing and collaboration agreement with Lilly, the Company will receive a milestone payment of US$8.0 million for Lilly’s submission of an IND application for an immuno-oncology bispecific antibody enabled by the Company’s proprietary Azymetric platform. On January 25, 2019, the Company entered into an Indenture of Lease (the “Lease”) to lease approximately 57,180 rentable square feet of office and laboratory space and 2,780 rentable square feet of storage space in Vancouver, B.C., Canada. The term of the Lease will commence no later than September 1, 2021, with an initial term of ten years and two five-year extension options. The base rent for the office and laboratory space ranges between C$39.50 and C$44.50 per square foot annually during the initial term. The base rent for the storage space ranges between C$25.00 to C$35.00 per square foot annually during the initial term. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The consolidated financial statements include the accounts of Zymeworks Inc. and its wholly owned subsidiaries, Zymeworks Biopharmaceuticals Inc., which was incorporated in the State of Washington on December 5, 2014, and Zymeworks Biochemistry Inc. (formerly Kairos Therapeutics Inc. (“Kairos”)), which was acquired on March 18, 2016. Kairos’ financial statements have been consolidated within the Company’s consolidated financial statements from the date of acquisition until December 31, 2016 as the Company completed an amalgamation with Zymeworks Biochemistry Inc. on January 1, 2017. All inter-company accounts and transactions have been eliminated in consolidation. All amounts expressed in the consolidated financial statements of the Company and the accompanying notes thereto are expressed in thousands of U.S. dollars, except for per share data and where otherwise indicated. References to “$” are to U.S. dollars and references to “C$” are to Canadian dollars. Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. |
Use of Estimates | Use of Estimates The preparation of the financial statements in accordance with U.S. GAAP requires the Company to make estimates and judgments in certain circumstances that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosure of contingent assets and liabilities. In preparing these consolidated financial statements, management has made its best estimates and judgments of certain amounts included in the financial statements, giving due consideration to materiality. On an ongoing basis, the Company evaluates its estimates, some of which are those related to revenue recognition including estimated timing of completion of performance obligations required to meet revenue recognition criteria, Scientific Research and Experimental Development (“SR&ED”) Program, share-based compensation, warrants, accrual of expenses, preclinical study accruals, valuation allowance for deferred taxes, other contingencies and valuation of assets acquired in a business combination. Management bases its estimates on historical experience or on various other assumptions that it believes to be reasonable under the circumstances. Actual results could differ from these estimates. |
Foreign Currency Translation and Functional Currency Conversion | Foreign Currency Translation and Functional Currency Conversion Prior to January 1, 2016, the Company’s functional currency was the Canadian dollar. The Company reassessed its functional currency and determined as at January 1, 2016, its functional currency changed from the Canadian dollar to the U.S. dollar based on management’s analysis of the changes in the primary economic environment in which the Company operates. The change in functional currency is accounted for prospectively from January 1, 2016 and prior year financial statements have not been restated for the change in functional currency. For periods prior to January 1, 2016, the effects of exchange rate fluctuations on translating foreign currency monetary assets and liabilities into Canadian dollars were included in the statement of loss and comprehensive loss as foreign exchange gain/loss. Revenue and expense transactions were translated into the U.S. dollar reporting currency at the average exchange rate during the period, and assets and liabilities were translated at end of period exchange rates, except for equity transactions, which were translated at historical exchange rates. Translation gains and losses from the application of the U.S. dollar as the reporting currency while the Canadian dollar was the functional currency are included as part of the cumulative foreign currency translation adjustment, which is reported as a component of shareholders’ equity under accumulated other comprehensive loss. For periods commencing January 1, 2016, monetary assets and liabilities denominated in foreign currencies are translated into U.S. dollars using exchange rates in effect at the balance sheet date. Opening balances related to non-monetary non-monetary non-monetary The functional currency of Zymeworks Biopharmaceuticals Inc. and Zymeworks Biochemistry Inc. is also the U.S. dollar. |
Liability Classified Awards | Liability Classified Awards Awards accounted for under Accounting Standards Codification (“ASC”) 718 “Compensation—Stock Options” (“ASC 718”), with an exercise price which is not denominated in: (a) the currency of a market in which a substantial portion of the Company’s equity securities trades, (b) the currency in which the individual’s pay is denominated, or (c) the Company’s functional currency, are required to be classified as liabilities. For awards accounted for under ASC 815 “Derivatives and Hedging” (“ASC 815”), any warrant or option that provides for an exercise price which is not denominated in the Company’s functional currency are required to be classified as liabilities. Upon the change of the functional currency from Canadian dollars to U.S. dollars effective January 1, 2016, certain options previously classified as equity awards with total fair value of $251 and common share warrants previously classified as equity awards with a total fair value of $268 have been reclassified as liability awards. Under ASC 815, upon the change in classification, the change in fair value of the options and common share warrants while they were classified as equity is recorded as an adjustment to the accumulated deficit. Additionally, upon the change of the compensation currency for certain directors from Canadian dollars to U.S. dollars effective November 9, 2016, options held by such directors which were previously classified as equity awards with total fair value of $1,341 have been classified as liability awards. Upon the change of the compensation currency for certain executives from Canadian dollars to U.S. dollars effective January 1, 2017, options held by such executives which were previously classified as equity awards with a total fair value of $7,371 on January 1, 2017 have been reclassified as liability awards of which $2,879 was reclassified from additional paid-in Liability classified awards are subsequently measured at fair value at each balance sheet date until exercised or cancelled, with changes in fair value recognized as compensation cost or additional paid-in paid-in |
Revenue Recognition | Revenue Recognition Effective January 1, 2018, the Company adopted on a modified retrospective basis Accounting Standards Codification Topic 606, Revenue from Contracts with Customers The Company only applies the five-step model to contracts when it is probable that the Company will collect the consideration that it is entitled to in exchange for the goods and services transferred to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, to identify distinct performance obligations. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when or as the performance obligation is satisfied. For collaborative arrangements that fall within the scope of ASC 808, Collaborative Arrangements (“ASC 808”), the Company applies the revenue recognition model under ASC 606 to part or all of the arrangement, when deemed appropriate. As of December 31, 2018, the Company has entered into a number of license and collaboration agreements that fall within the scope of ASC 606. Promised deliverables within these agreements may include: (i) grants of licenses, or options to obtain licenses, to our intellectual property, (ii) research and development services, and (iii) participation on joint research and/or development committees. The terms of these agreements typically include one or more of the following types of payments to the Company: Licenses of intellectual property including platform technology access: non-refundable, non-refundable, Milestone payments: re-evaluates catch-up Research and development milestones in the Company’s collaboration agreements may include some, but not necessarily all, of the following types of events: • completion of preclinical research and development work leading to selection of product candidates; • initiation of Phase 1, Phase 2 and Phase 3 clinical trials; and • achievement of certain other technical, scientific or development criteria. Regulatory milestone payments may include the following types of events: • filing of regulatory applications for marketing approval in the United States, Europe or Japan, including Investigational New Drug (“IND”) applications and Biologics License Application (“BLA”); and • marketing approval in major markets, such as the United States, Europe or Japan. Royalties and commercial milestones: pre-specified out-licensing Research support payments: If the expectation at contract inception is such that the period between payment by the licensee and the completion of related performance obligations will be one year or less, the Company assumes that the contract does not have a significant financing component. |
Contract assets and liabilities | Contract assets and liabilities Contract assets are mainly comprised of trade receivables net of allowance for doubtful debts, which includes amounts billed and currently due from customers. Contract liabilities are mainly comprised of deferred revenues. Amounts received prior to satisfying all revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated financial statements. Amounts not expected to be recognized as revenue within the next twelve months of the consolidated balance sheet date are classified as long-term deferred revenue. |
Prior to ASC 606 Adoption | Prior to ASC 606 Adoption The Company recognized revenue when all of the following criteria were met: persuasive evidence of an arrangement existed, the fee was fixed or determinable, delivery or performance was substantially completed and collectability was reasonably assured. The Company analyzed agreements with more than one element, or deliverable, based on the guidance in ASC 605-25, Revenue Recognition—Multiple Element Arrangements (“ASC605-25”). Each required deliverable was evaluated to determine whether it qualified as a separate unit of accounting. A delivered item or items were considered a separate unit of accounting if they had value to the collaborator or licensee on a stand-alone basis and, if the agreement included a general right of return, the delivery or performance of undelivered items was considered probable and within the control of the Company. In assessing whether an item or items have stand-alone value, the Company considered if the deliverable or deliverables were sold separately on a stand-alone basis. Additional factors considered included research capabilities of the strategic partner or licensee, the availability of the associated expertise in the general market place, whether the delivered item or items could be used for their intended purpose without receipt of the remaining item(s), whether the value of the delivered item(s) was dependent on the undelivered item(s) and whether there were other vendors that could provide the undelivered item(s). Arrangement consideration that was fixed or determinable was allocated at the inception of the agreement to all identified units of accounting based on the relative estimated selling prices in accordance with the selling price hierarchy. The selling price of each deliverable was determined using vendor specific objective evidence of selling prices, if it existed; otherwise, third-party evidence of selling prices. If neither vendor specific objective evidence nor third-party evidence existed, the Company used its best estimate of the selling price for each deliverable. Management exercised considerable judgment in estimating the selling prices of identified units of accounting under its agreements. The arrangement consideration otherwise allocable to delivered units was limited to the amount that was not contingent on the delivery of additional items or fulfillment of other performance conditions. When the Company determined that a license and the related therapeutic platform had stand-alone value to the licensee, these items were considered a unit of accounting and arrangement consideration allocated to this unit of accounting was recognized upon delivery of the therapeutic platform. When research services related to the transfer of the technical information were required, then the license, the applicable research services, and therapeutic platform were considered a unit of accounting and the Company had to determine the period over which the performance obligations were performed, which generally related to the period the research services would be performed, and over which revenue would be recognized. If the Company could not reasonably estimate the timing and the level of effort to complete its performance obligations under the arrangement, then revenue under the arrangement was recognized on a straight-line basis over the period the Company was expected to complete its performance obligations. The Company recognized other research support payments as revenue upon the performance of activities which were eligible for research support payments from its strategic partners, in accordance with the respective licensing and collaboration agreements. The Company analyzed milestones based on the guidance in ASC 605-28, Revenue Recognition—Milestone Method (“ASC 605-28”). The Company evaluated milestone payments on an individual basis and recognizes revenue from non-refundable milestone payments when the earnings process was complete and the payment was reasonably assured. Non-refundable milestone payments related to arrangements under which the Company had continuing performance obligations were recognized as revenue upon achievement of the associated milestone, provided that the milestone event was substantive and its achievability was not reasonably assured at the inception of the agreement. A milestone event was considered substantive if (i) the milestone was commensurate with either (a) the Company’s performance to achieve the milestone or (b) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone; (ii) it related solely to past performance and (iii) it was reasonable relative to all of the deliverables and payment terms (including other potential milestone consideration) within the arrangement. If any portion of the milestone payment did not relate to the Company’s performance, did not relate solely to past performance or was refundable or adjustable based on future performance, the milestone was not considered to be substantive. Certain milestones in the agreements did not meet the ASC 605-28 definition of a milestone because achievement of the milestone solely depended on the performance of the licensee. Any revenue from these contingent payments was subject to an allocation of arrangement consideration and was recognized over the remaining period of performance obligations, if any, relating to the arrangement. If there were no remaining performance obligations under the arrangement at the time the contingent payment was triggered, the contingent payment was recognized as revenue in full upon the triggering event occurring. Options for future deliverables were considered substantive if, at the inception of the arrangement, the Company was at risk as to whether the licensee would choose to exercise the option. Factors that the Company considered in evaluating whether an option was substantive included the overall objective of the arrangement, the benefit the licensee might obtain from the arrangement without exercising the option, the cost to exercise the option and the likelihood that the option would be exercised. For arrangements under which an option was considered substantive, the Company did not consider the item underlying the option to be a deliverable at the inception of the arrangement and the associated option fees were not included in the initial consideration, assuming the option was not priced at a significant and incremental discount. Conversely, for arrangements under which an option was not considered substantive or if an option was priced at a significant and incremental discount, the Company would consider the item underlying the option to be a deliverable at the inception of the arrangement and a corresponding amount would be included in the initial consideration. Since inception, the Company did not have any royalty income. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments purchased with original maturities of 90 days or less at the date of acquisition to be cash equivalents. Cash and cash equivalents consist primarily of money market funds and are recorded at cost, which approximates fair value. |
Short-Term Investments | Short-Term Investments The Company’s short-term investments consist of guaranteed investment certificates with original maturities exceeding three months and less than one year. The carrying value of these investments are recorded at cost plus accrued interest, which approximates their fair value. |
Accounts Receivable | Accounts Receivable Accounts receivable are reported in the consolidated balance sheets at outstanding amounts, net of any provisions for uncollectible amounts. At all periods presented, the Company has no allowance for doubtful accounts. The Company evaluates the collectability of accounts receivable on a regular basis based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of incremental fees charged by underwriters, attorneys, accountants and printers that are directly attributable to future financing transactions. These costs are deferred and subsequently charged against the gross proceeds of the related financing transaction. |
Segment Information | Segment Information The Company operates and manages its business in one segment, which is the discovery, development and commercialization of next-generation multifunctional biotherapeutics. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost net of accumulated depreciation. Upon retirement or sale, the cost of assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is credited or charged to operations. Repairs and maintenance costs are expensed as incurred. The Company records depreciation using the straight-line method over the estimated useful lives of the capital assets as follows: Asset Class Rate Computer hardware 3 years Office equipment 3 years Furniture and fixtures 5 years Laboratory equipment 7 years Leasehold improvements Shorter of the initial lease term or useful life Property and equipment, acquired or disposed of during the year, are depreciated proportionately for the period they are in use. |
Patents and Intellectual Property Costs | Patents and Intellectual Property Costs The costs of acquiring patents and of prosecuting and maintaining intellectual property rights are expensed as incurred to general and administrative due to the uncertainty surrounding the drug development process and the uncertainty of future benefits. Patents and intellectual property acquired from third parties are capitalized and amortized over the remaining life of the patent, if for approved products or if there are alternative future uses. No patent or intellectual property costs have been capitalized to date. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the recoverability of its long-lived assets whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset or assets. If carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the asset group exceeds the estimated fair value of the asset group. Assets classified as held for sale are reported at the lower of the carrying amount or fair value, less costs to sell. As of December 31, 2018 and 2017, the Company determined that there were no impaired assets and no assets held-for-sale. |
Government Grants and Credits | Government Grants and Credits Government grants are recognized where there is reasonable assurance that the grant will be received and all associated conditions will be complied with. Reimbursements of eligible research and development expenditures pursuant to government assistance programs are recorded as a reduction of research and development costs when the related costs have been incurred and there is reasonable assurance regarding collection of the claim. Grant claims not settled by the balance sheet date are recorded as receivables, provided their receipt is reasonably assured. The determination of the amount of the claim, and hence the receivable amount, requires management to make calculations based on its interpretation of eligible expenditures in accordance with the terms of the programs. The reimbursement claims submitted by the Company are subject to review by the relevant government agencies. Although the Company has used its best judgment and understanding of the related program agreements in determining the receivable amount, it is possible that the amounts could increase or decrease by a material amount in the near-term dependent on the review and audit by the government agency. The Company participates in SR&ED Program, a federal tax incentive program that encourages Canadian businesses to conduct research and development in Canada. The benefits of investment tax credits for scientific research and development expenditures are recognized in the year the qualifying expenditure is made provided there is reasonable assurance of recoverability. This investment tax credit reduces the carrying cost of research and development expenditures. |
Research and Development Costs | Research and Development Costs Research and development expenses include costs that the Company incurs for its own and for the Company’s strategic partners’ research and development activities. Research and development expenditures are expensed as incurred. These costs primarily consist of employee related expenses, including salaries and benefits, expenses incurred under agreements with contract research organizations on the Company’s behalf, investigative sites and consultants that conduct the Company’s clinical trials, the cost of acquiring and manufacturing clinical trial materials and other allocated expenses, share-based compensation expense, and costs associated with nonclinical activities and regulatory approvals. |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s financial statements or tax returns. In estimating future tax consequences, the Company generally considers all expected future events other than enactments of and changes in the tax law or rates. The measurement of deferred tax assets is reduced, if necessary, by the extent of the valuation allowance. The Company uses a two-step “more-likely-than-not” Interest and tax penalties are expensed as incurred and nil has been incurred to date. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense on share awards granted to employees and members of the board of directors based on their estimated grant date fair value using the Black-Scholes option pricing model. The Black-Scholes option pricing model uses various inputs to measure fair value, including estimated fair value of the Company’s underlying common share at the grant date, expected term, estimated volatility, risk-free interest rate and expected dividend yields of the Company’s common shares. The Company recognizes stock-based compensation expense, net of estimated forfeitures, in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period wherein the cumulative amount of compensation cost recognized at any point in time at least equals the portion of grant date fair value of the options that vested on that date. The Company applies an estimated forfeiture rate derived from historical employee termination behavior. If the actual number of forfeitures differs from those estimated by management, adjustments to compensation expense may be required in future periods. Stock options granted to individual service providers who are not employees are measured on the date of performance using the Black-Scholes option-pricing model and the awards are periodically remeasured as the underlying options vest. The fair value of the stock-based awards is amortized over the vesting period. The Company has an employee stock purchase plan which is considered compensatory. Accordingly, the Company recognizes compensation expense on these awards based on their estimated grant date fair value using the Black-Scholes option pricing model. The Company recognizes compensation expense in the consolidated statements of loss and comprehensive loss on a straight-line basis over the requisite service period. |
Business Combination and Goodwill | Business Combination and Goodwill Acquisitions of businesses are accounted for using the acquisition method. The consideration for a business combination is measured, at the date of the exchange, as the aggregate of the fair value of assets given, liabilities incurred or assumed and equity instruments issued by the Company to the former owners of the acquiree in exchange for control of the acquiree. Acquisition related costs incurred for the business combination are expensed as incurred. The acquiree’s net identifiable assets are generally recognized at their fair value at the acquisition date. Goodwill arising on acquisition is recognized as an asset and initially measured at cost, being the excess of the consideration transferred for the acquisition over the Company’s interest in the fair value of the net identifiable assets acquired. If the Company’s interest in the fair value of the acquiree’s net identifiable assets exceeds the cost of the acquisition, the excess is recognized in earnings or loss immediately. Goodwill is evaluated for impairment on an annual basis or more frequently if an indicator of impairment is present. Effective December 31, 2018, the Company early adopted ASU 2017-04, |
Acquired In-Process Research and Development and Definite-lived Intangible Assets | Acquired In-Process The in-process |
Fair Value Measurements | Fair Value Measurements The Company measures certain financial instruments and other items at fair value. To determine the fair value, the Company uses the fair value hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs market participants would use to value an asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs based on assumptions about the factors market participants would use to value an asset or liability. The three levels of inputs that may be used to measure fair value are as follows: • Level 1 inputs are quoted market prices for identical instruments available in active markets. • Level 2 inputs are inputs other than Level 1 prices, such as prices for similar asset or liability that are observable either directly or indirectly. If the asset or liability has a contractual term, the input must be observable for substantially the full term. An example includes quoted market prices for similar assets or liabilities in active markets. • Level 3 inputs are unobservable inputs for the asset or liability and will reflect management’s assumptions about market assumptions that would be used to price the asset or liability. Assets and liabilities are classified based on the lowest level of input that is significant to the fair value measurements. Changes in the observability of valuation inputs may result in a reclassification of levels for certain securities within the fair value hierarchy. The Company’s financial instruments consist of cash and cash equivalents, short-term investments, amounts receivable, accounts payable and accrued liabilities, warrants, capital lease obligations, liability classified options and other long-term liabilities. The carrying values of cash and cash equivalents, short-term investments, amounts receivable and accounts payable and accrued liabilities approximate their fair values due to the immediate or short-term maturity of these financial instruments. Based on the borrowing rates available to the Company for debt with similar terms and consideration of default and credit risk using Level 2 inputs, the carrying value of the Company’s capital lease obligations as of December 31, 2018 approximates its fair value. As quoted prices for the warrants and liability classified stock options are not readily available, the Company has used a Black-Scholes pricing model to estimate fair value, which utilizes level 3 inputs as defined above. Other long-term liabilities for contingent consideration related to business acquisitions are recorded at fair value on the acquisition date and adjusted quarterly to fair value. Changes in the fair value of contingent consideration liabilities can result from changes in anticipated milestone payments and changes in assumed discount periods and rates. These inputs are unobservable in the market and therefore categorized as level 3 inputs as defined above. The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used to determine such fair value: December 31, Level 1 Level 2 Level 3 Liabilities Liability classified stock options $ 12,603 $ — $ — $ 12,603 Warrant liabilities — — — — Liability for contingent consideration 707 — — 707 Total $ 13,310 $ — $ — $ 13,310 December 31, Level 1 Level 2 Level 3 Liabilities Liability classified stock options $ 3,945 $ — $ — $ 3,945 Warrant liabilities 1,348 — — 1,348 Liability for contingent consideration 470 — — 470 Total $ 5,763 $ — $ — $ 5,763 The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase (decrease) in Liability Year ended December 31, 2018 $ 470 $ 237 $ 707 Year ended December 31, 2017 $ — $ 470 $ 470 The following table presents the changes in fair value of the Company’s warrant liabilities: Liability at Warrants Reclassification Increase (decrease) in Exercise Liability Year ended December 31, 2018 $ 1,348 $ — $ — $ 3,565 $ (4,913 ) $ — Year ended December 31, 2017 $ 4,342 $ — $ — $ (2,450 ) $ (544 ) $ 1,348 The following table presents the changes in fair value of the liability classified stock options: Liability at Reclassification Increase (decrease) Exercise of Unrealized Liability Year ended December 31, 2018 $ 3,945 $ — $ 9,451 $ (142 ) $ (651 ) $ 12,603 Year ended December 31, 2017 $ 2,458 $ 2,879 $ (1,413 ) $ (300 ) $ 321 $ 3,945 The change in fair value of liability classified stock options for the period is presented within research and development expenses and general and administrative expenses. |
Net Loss Per Share | Net Loss Per Share The Company follows the two-class two-class two-class non-cumulative, Basic net loss per share attributable to common shareholders is computed by dividing the net loss attributable to common shareholders by the weighted average number of common shares outstanding for the year. Diluted net loss per share attributable to common shareholders is computed by adjusting net loss attributable to common shareholders to reallocate undistributed earnings based on the potential impact of dilutive securities, including outstanding redeemable convertible Class A preferred shares, stock options and warrants. Diluted net loss per share attributable to common shareholders is computed by dividing the diluted net loss attributable to common shareholders by the weighted-average number of common shares outstanding for the year, including potential dilutive common shares assuming the dilutive effect of outstanding instruments. The if-converted Year Ended December 31, 2018 2017 2016 Numerator Net loss attributable to common shareholders: $ (36,556 ) $ (10,406 ) $ (33,809 ) Deemed dividend due to beneficial conversion feature — (520 ) — Basic $ (36,556 ) $ (10,926 ) $ (33,809 ) Adjustment for change in fair value of ASC 815 liability classified stock options and warrant — (2,757 ) — Diluted $ (36,556 ) $ (13,683 ) $ (33,809 ) Denominator: Weighted-average common shares outstanding: Basic 29,089,896 21,249,414 12,736,567 Adjustment for dilutive effect of liability classified stock options and warrants — 71,795 — Diluted 29,089,896 21,321,209 12,736,567 Net loss per common share—basic $ (1.26 ) $ (0.51 ) $ (2.65 ) Net loss per common share—diluted $ (1.26 ) $ (0.64 ) $ (2.65 ) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Lives | The Company records depreciation using the straight-line method over the estimated useful lives of the capital assets as follows: Asset Class Rate Computer hardware 3 years Office equipment 3 years Furniture and fixtures 5 years Laboratory equipment 7 years Leasehold improvements Shorter of the initial lease term or useful life |
Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s liabilities that are measured at fair value on a recurring basis, and indicates the fair value hierarchy of the valuation techniques used to determine such fair value: December 31, Level 1 Level 2 Level 3 Liabilities Liability classified stock options $ 12,603 $ — $ — $ 12,603 Warrant liabilities — — — — Liability for contingent consideration 707 — — 707 Total $ 13,310 $ — $ — $ 13,310 December 31, Level 1 Level 2 Level 3 Liabilities Liability classified stock options $ 3,945 $ — $ — $ 3,945 Warrant liabilities 1,348 — — 1,348 Liability for contingent consideration 470 — — 470 Total $ 5,763 $ — $ — $ 5,763 |
Summary of Changes in Fair Value of the Company's Liability for Contingent Consideration | The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase (decrease) in Liability Year ended December 31, 2018 $ 470 $ 237 $ 707 Year ended December 31, 2017 $ — $ 470 $ 470 |
Schedule of Changes in Fair Value of Warrant Liabilities | The following table presents the changes in fair value of the Company’s liability for contingent consideration: Liability at Increase (decrease) in Liability Year ended December 31, 2018 $ 470 $ 237 $ 707 Year ended December 31, 2017 $ — $ 470 $ 470 |
Schedule of Changes in Fair Value of Liability Classified Stock Options | The following table presents the changes in fair value of the liability classified stock options: Liability at Reclassification Increase (decrease) Exercise of Unrealized Liability Year ended December 31, 2018 $ 3,945 $ — $ 9,451 $ (142 ) $ (651 ) $ 12,603 Year ended December 31, 2017 $ 2,458 $ 2,879 $ (1,413 ) $ (300 ) $ 321 $ 3,945 |
Summary of Calculation of Diluted Loss Per Share | The redeemable convertible Class A preferred shares and stock options outstanding were all excluded from the calculation of diluted loss per share because their inclusion would have been anti-dilutive. Year Ended December 31, 2018 2017 2016 Numerator Net loss attributable to common shareholders: $ (36,556 ) $ (10,406 ) $ (33,809 ) Deemed dividend due to beneficial conversion feature — (520 ) — Basic $ (36,556 ) $ (10,926 ) $ (33,809 ) Adjustment for change in fair value of ASC 815 liability classified stock options and warrant — (2,757 ) — Diluted $ (36,556 ) $ (13,683 ) $ (33,809 ) Denominator: Weighted-average common shares outstanding: Basic 29,089,896 21,249,414 12,736,567 Adjustment for dilutive effect of liability classified stock options and warrants — 71,795 — Diluted 29,089,896 21,321,209 12,736,567 Net loss per common share—basic $ (1.26 ) $ (0.51 ) $ (2.65 ) Net loss per common share—diluted $ (1.26 ) $ (0.64 ) $ (2.65 ) |
Acquisition of Kairos (Tables)
Acquisition of Kairos (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Business Combinations [Abstract] | |
Summary of Carrying Value of IPR&D, Net of Impairment | The following table summarizes the carrying value of IPR&D, net of impairment: Acquired IPR&D Accumulated Net Balance at December 31, 2016 $ 20,700 $ (768 ) $ 19,932 Change during the year — (1,536 ) (1,536 ) Balance at December 31, 2017 $ 20,700 $ (2,304 ) $ 18,396 Change during the period — — — Balance at December 31, 2018 $ 20,700 $ (2,304 ) $ 18,396 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consists of the following: December 31, 2018 2017 Computer hardware $ 1,439 $ 1,575 Furniture and fixtures 747 552 Office equipment 535 484 Laboratory equipment 5,270 4,895 Leasehold improvements 3,377 3,022 Construction in progress 221 196 Property and equipment $ 11,589 $ 10,724 Less accumulated depreciation (5,105 ) (3,546 ) Property and equipment, net $ 6,484 $ 7,178 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets | Intangible assets consist of the following: December 31, 2018 2017 Computer software and licenses $ 5,429 $ 2,812 Less accumulated amortization (3,815 ) (2,064 ) Intangible assets, net $ 1,614 $ 748 |
Liabilities (Tables)
Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consist of the following: December 31, 2018 2017 Trade payables $ 2,599 $ 1,664 Accrued research expenses 6,633 4,708 Employee compensation and vacation accruals 2,926 1,981 Accrued legal and professional fees 556 308 Payable to CDRD Ventures Inc. (“CVI”) for Kairos SR&ED receivable (note 5) — 165 Other 689 227 Total $ 13,403 $ 9,053 |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following: December 31, 2018 2017 Current income tax liability $ 299 $ 158 Current portion of lease inducements 136 147 Current portion of capital lease liability 15 10 Total $ 450 $ 315 |
Schedule of Other Long-term Liabilities | Other long term liabilities consisted of the following: December 31, 2018 2017 Liability for contingent consideration (note 15) $ 707 $ 470 Lease inducements 197 344 Capital lease liability 42 52 Total $ 946 $ 866 |
Warrant liabilities and long-_2
Warrant liabilities and long-term debt (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Summary of Debt | From January 1, 2017 to June 6, 2017, the Company recorded $360 in interest expense, $248 in accretion expense and $35 in amortization of debt issue costs. Year ended December 31, Long term debt at January 1, 2017 $ 4,810 Less: unamortized debt issue costs at January 1, 2017 (393 ) Long term debt at January 1, 2017, net of deferred charges $ 4,417 Accretion during the period up to the Repayment Date 248 Amortization of debt issue costs during the period up to the Repayment Date 35 Carrying value of long term debt on the Repayment Date, net of deferred charges $ 4,700 Repayment, including repayment premium and expenses (7,814 ) Loss on debt extinguishment $ (3,114 ) |
Summary of Assumptions used in Estimating Fair value of Warrants determined using Black-Scholes Option Pricing Model | As of December 31, 2017, the estimated fair value of the Perceptive warrants was determined using the Black-Scholes option pricing model with the following assumptions: December 31, Dividend yield 0 % Expected volatility 66.7 % Risk-free interest rate 2.09 % Expected term 3.42 years |
Redeemable Convertible Class _2
Redeemable Convertible Class A Preferred Shares and Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Summary of Stock Options Granted | The following table summarizes the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan: Number Weighted- Weighted- Weighted- Aggregate Aggregate Outstanding, December 31, 2016 1,910,521 11.67 8.69 7.36 20,958 15,609 Granted 731,528 18.91 14.56 Expired (80,254 ) 12.75 9.82 Exercised (207,777 ) 6.02 4.64 Forfeited (90,306 ) 18.23 14.04 Outstanding, December 31, 2017 2,263,712 14.24 11.35 7.53 1,455 1,160 Granted 326,975 16.51 12.74 Expired (7,908 ) 16.22 12.52 Exercised (94,812 ) 8.81 6.80 Forfeited (41,977 ) 18.09 13.96 Outstanding, December 31, 2018 2,445,990 14.66 10.74 6.99 14,421 10,571 December 31, 2018 Exercisable 1,546,911 13.41 9.83 6.15 11,209 8,217 Vested and expected to vest 2,397,824 14.61 10.71 6.95 14,410 10,563 |
Summary of Range of Stock Options Granted | The following table summarizes information pertaining to the Company’s stock options granted in Canadian dollars under the Original Plan and the New Plan and outstanding at December 31, 2018 and December 31, 2017: As of December 31, 2018 Options outstanding Options exercisable Exercise price (C$) Number of Weighted- Weighted- Weighted- Number of Weighted- Weighted- 3.58—5.37 219,369 1.84 4.90 3.59 219,369 4.90 3.59 7.26—9.94 141,608 5.87 8.29 6.08 102,087 7.64 5.60 11.60—13.20 877,492 7.11 12.25 8.98 621,958 12.12 8.89 14.44—17.09 531,295 7.74 15.14 11.10 254,080 14.44 10.58 18.33—20.74 214,514 7.98 20.58 15.08 113,802 20.74 15.20 21.05—22.65 461,712 8.20 22.48 16.48 235,615 22.60 16.57 3.58 to 22.65 2,445,990 6.99 14.66 10.74 1,546,911 13.41 9.83 As of December 31, 2017 Options outstanding Options exercisable Exercise price (C$) Number of Weighted- Weighted- Weighted- Number of Weighted- Weighted- 3.58—5.37 268,965 2.74 4.88 3.89 268,965 4.88 3.89 7.26—9.94 148,498 6.95 8.32 6.64 89,498 7.26 5.79 11.60—12.10 717,826 7.78 12.02 9.58 410,968 11.96 9.53 13.21—14.44 468,116 7.98 13.98 11.14 247,268 14.44 11.51 20.74—22.65 660,307 9.02 21.98 17.52 119,280 21.58 17.20 3.58 to 22.65 2,263,712 7.53 14.24 11.35 1,135,979 11.46 9.14 |
Schedule of Non-Vested Stock Option Activity | A summary of the non-vested Number of Weighted- Aggregate Weighted- Non-vested, 1,127,733 9.64 10,876 7.69 Options granted 326,975 9.96 3,259 7.69 Options vested (513,652 ) 10.14 (5,210 ) 7.83 Options forfeited and cancelled (41,977 ) 10.83 (455 ) 8.36 Non-vested, 899,079 10.25 8,470 7.51 A summary of the non-vested Number of Weighted- Aggregate Non-vested, 635,199 3.58 2,276 Options granted 910,783 7.99 7,277 Options vested (283,954 ) 5.69 (1,615 ) Options forfeited and cancelled (7,600 ) 5.64 (43 ) Non-vested, 1,254,428 7.31 7,895 |
Schedule of Stock-based Compensation Expense for Equity Classified Instruments | Stock-based compensation expense for equity classified instruments, as well as the financial statement impact of the periodic revaluation of liability classified equity instruments (note 2), is recorded in research and development expenses, general and administration expenses and finance expense (income) as follows: Year Ended December 31, 2018 2017 2016 Research and development expenses: Stock-based compensation for equity classified instruments $ 2,203 $ 913 $ 2,335 Change in fair value of liability classified equity instruments 2,032 492 280 $ 4,235 $ 1,405 $ 2,615 General and administrative expenses: Stock-based compensation for equity classified instruments $ 3,693 $ 1,852 $ 786 Change in fair value of liability classified equity instruments 5,362 486 889 $ 9,055 $ 2,338 $ 1,675 Finance expense (income): Stock-based compensation for equity classified instruments $ 1 $ — $ — Change in fair value of liability classified equity instruments 150 (314 ) 1 $ 151 $ (314 ) $ 1 |
New Stock Option Plan [Member] | |
Summary of Stock Options Granted | The following table summarizes the Company’s stock options granted in U.S. dollars under the New Plan: Number Weighted- Weighted- Aggregate Outstanding, December 31, 2016 — — — — Granted 650,480 9.70 Expired — — Exercised — — Forfeited (13,885 ) 9.82 Outstanding, December 31, 2017 636,595 9.70 9.46 15 Granted 910,783 13.03 Expired — — Exercised — — Forfeited (7,600 ) 9.82 Outstanding, December 31, 2018 1,539,778 11.67 9.02 4,876 December 31, 2018: Exercisable 285,350 10.04 8.52 1,704 Vested and expected to vest 1,472,436 11.65 9.01 4,876 |
Summary of Range of Stock Options Granted | The following table summarizes information pertaining to the Company’s stock options granted in U.S. dollars under the New Plan and outstanding at December 31, 2018 and December 31, 2017: As of December 31, 2018 Options outstanding Options exercisable Exercise price (US$) Number of Weighted- Weighted- Number of Weighted- 6.80—7.76 27,855 8.74 7.11 14,308 6.69 9.81—11.84 1,166,640 8.82 10.79 253,140 9.81 12.77—14.51 113,000 9.77 13.51 — — 15.01—15.92 159,858 9.78 15.22 17,902 15.78 16.42—17.21 72,425 9.41 16.76 — — 6.80 to 17.21 1,539,778 9.02 11.67 285,350 10.04 As of December 31, 2017 Options outstanding Options exercisable Exercise price (US$) Number of Weighted- Weighted- Number of Weighted- 6.80 18,855 9.62 6.80 1,396 6.80 7.75 9,000 9.98 7.75 — — 9.82 608,740 9.45 9.82 — — 6.80 to 9.82 636,595 9.46 9.70 1,396 6.80 |
Schedule of Estimated Fair Value of Stock Options Assumptions | The estimated fair value of stock options granted in U.S. dollars under the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2018 2017 2016 Dividend yield 0 % 0 % — Expected volatility 66.78 % 65.89 % — Risk-free interest rate 2.69 % 1.84 % — Expected average life of options 5.88 years 5.89 years — |
Employee Stock Option [Member] | |
Schedule of Estimated Fair Value of Stock Options Assumptions | The estimated fair value of stock options granted in Canadian dollars under the Original Plan and the New Plan was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2018 2017 2016 Dividend yield 0 % 0 % 0 % Expected volatility 66.52 % 66.25 % 70.52 % Risk-free interest rate 2.18 % 1.44 % 1.08 % Expected average life of options 5.91 years 5.90 years 5.91 years |
Liability Classified Stock Options [Member] | |
Schedule of Estimated Fair Value of Stock Options Assumptions | The weighted-average Black-Scholes option pricing assumptions for liability classified stock options outstanding at December 31, 2018 and 2017 are as follows: December 31, December 31, Dividend yield 0 % 0 % Expected volatility 72.27 % 66.46 % Risk-free interest rate 1.94 % 1.55 % Expected average option term 3.59 years 5.89 years Number of liability classified share options outstanding 1,437,163 1,475,485 |
Government Grants and Credits (
Government Grants and Credits (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Text Block [Abstract] | |
Component of Government Grants and Credits | Year Ended December 31, 2018 2017 2016 SR&ED credits (expense), net $ (5 ) $ 857 $ 1,265 IRAP credits — 218 — Total $ (5 ) $ 1,075 $ 1,265 |
Research Collaboration and Li_2
Research Collaboration and Licensing Agreements (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Revenue Recognized from Strategic Partnerships | The following table presents summarized revenue recognized from the Company’s strategic partnerships. Year ended December 31, 2018 2017 2016 Janssen: Recognition of upfront fee $ — $ 50,000 $ — Merck: Research support payments — 1 832 Lilly: Milestone revenue 2,000 — 2,000 Research support payments — 15 46 Celgene: Option payment 4,000 — — GSK: Technology access fee — — 6,000 Daiichi Sankyo: Technology access fee 18,000 — 2,000 Milestone revenue — 1,000 — Research support payments — 700 131 LEO: Recognition of upfront fee 5,000 $ — $ — Research support payments 116 — — BeiGene: Recognition of upfront fee 23,530 $ — $ — Other 373 46 — $ 53,019 $ 51,762 $ 11,009 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income Tax Expense (Recovery) | Income tax expense (recovery) varies from the amounts that would be computed by applying the expected income tax rate of 27% (2017: 26%) to loss before income taxes as shown in the following tables: Year Ended December 31, 2018 2017 2016 Computed taxes at Canadian tax rate (27%) $ (9,284 ) $ (2,587 ) $ (10,070 ) Non-deductible 4,311 259 1,343 Difference between domestic and foreign tax rate (14 ) (11 ) 95 Effect of change in tax rates 2 (860 ) — Adjustments to prior year 543 (313 ) 439 Change in valuation allowance 9,340 8,510 3,948 Share issuance costs in equity (1,906 ) (2,547 ) 158 Change in recognition and measurement of tax positions 672 — — Changes due to SR&ED (1,668 ) (1,973 ) (588 ) Other 175 (34 ) (400 ) Income tax expense (recovery) $ 2,171 $ 444 $ (5,075 ) Year Ended December 31, 2018 2017 2016 Current income tax expense $ 2,188 $ 429 $ 430 Deferred income tax (recovery) expense (17 ) 15 (5,505 ) Income tax expense (recovery) $ 2,171 $ 444 $ (5,075 ) |
Schedule of Significant Components of the Deferred Income Tax Assets and Liabilities | The significant components of the deferred income tax assets and liabilities are as follows: December 31, December 31, Deferred tax assets: Non-capital $ 6,680 $ 11,719 Deferred revenue 9,848 — Share issue costs 3,428 2,571 Property and equipment 1,167 956 Research and development deductions and credits 20,749 17,267 Contingent consideration 191 127 Stock options 220 102 Other 314 34 $ 42,597 $ 32,776 December 31, December 31, Deferred tax liabilities: Property and equipment (54 ) (70 ) IPR&D (4,967 ) (4,619 ) Other (132 ) — $ (5,153 ) $ (4,689 ) 37,444 28,087 Less: valuation allowance (37,360 ) (28,020 ) Net deferred tax assets (liabilities) $ 84 $ 67 |
Schedule of Expiry Details of Investment Tax Credits, Non-Capital Losses and Net Operating Losses for Income Tax Purposes | The investment tax credits and non-capital Expiry date Investment tax credits Non-capital losses 2021 $ 86 $ — 2022 158 — 2023 94 — 2024 — — 2025 309 — 2026 247 — 2027 511 — 2028 814 — 2029 — — 2030 10 — 2031 133 — 2032 489 — 2033 557 — 2034 381 — 2035 1,068 — 2036 862 14,116 2037 1,777 10,625 2038 1,513 — $ 9,009 $ 24,741 |
Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of total unrecognized tax benefits for the years ended December 31, 2018, 2017, and 2016 are as follows: Year Ended December 31, 2018 2017 2016 Balance, beginning of year $ — $ — $ — Increases related to prior year tax positions 142 — — Increases related to current year tax positions 530 — — Balance, end of year $ 672 $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments Under Non-Cancellable Operating Leases and Capital Leases | Future minimum lease payments under the non-cancellable Payments due by period Less Than 1 to 2 2 to 3 3 to 4 5 Total (dollars in thousands) Capital lease obligations $ 21 $ 27 $ 12 $ 2 $ — $ 62 Operating lease obligations 1,860 1,871 1,429 87 — 5,247 Total contractual obligations $ 1,881 $ 1,898 $ 1,441 $ 89 $ — $ 5,309 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) | Jun. 11, 2018USD ($)shares | Jun. 06, 2018USD ($)shares | May 31, 2017shares | May 03, 2017USD ($)shares | Apr. 28, 2017$ / sharesshares | Apr. 13, 2017 | Dec. 31, 2018shares | Dec. 31, 2017shares | Jun. 07, 2018$ / shares | May 24, 2018USD ($) |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Date of incorporation | Sep. 8, 2003 | |||||||||
Description on share consolidation | (i) every 2.3866 common shares were combined into one common share, (ii) every 2.3866 redeemable convertible preferred shares were combined into one redeemable convertible preferred share, (iii) the number of common shares into which each outstanding option and warrant to purchase common shares and the number of preferred shares into which each outstanding warrant to purchase preferred shares is exercisable were proportionately decreased on a 1 for 2.3866 basis, and (iv) the exercise price for each such outstanding option and warrant to purchase common shares or preferred shares were proportionately increased on a 1 for 2.3866 basis. | |||||||||
Common stock issued upon conversion of redeemable convertible preferred stock | 7,098,194 | |||||||||
Number of shares issuable upon exercise of outstanding warrants | 398,076 | |||||||||
Warrant exercise price | $ / shares | $ 8.67 | |||||||||
Final prospectus supplement, shares price | $ / shares | 13 | |||||||||
Maximum [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Aggregate offering price | $ | $ 250,000,000 | |||||||||
IPO [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Share issued, price per share | $ / shares | 13 | |||||||||
Number of shares issued | 4,894,467 | |||||||||
Net proceeds from issuance | $ | $ 54,200,000 | |||||||||
Over-Allotment Option [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Number of shares issued to underwriters | 810,000 | 394,467 | ||||||||
Offering [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Net proceeds from issuance | $ | $ 90,800,000 | |||||||||
Preliminary prospectus supplement, shares authorized | 85,000,000 | |||||||||
Final prospectus supplement, shares price | $ / shares | $ 15.75 | |||||||||
Number of shares issued | 6,210,000 | |||||||||
Offering [Member] | Maximum [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Over-allotment option exercised | $ | $ 12,800,000 | |||||||||
Redeemable Convertible Preferred Stock [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Reverse share split, conversion ratio | 0.419006117 | |||||||||
Final prospectus supplement, shares price | $ / shares | $ 11.69 | |||||||||
Common Shares [Member] | ||||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||||||||
Reverse share split, conversion ratio | 0.419006117 | |||||||||
Common stock issued upon conversion of redeemable convertible preferred stock | 7,098,194 | |||||||||
Number of shares issued | 6,210,000 | 4,894,467 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) | Jan. 01, 2017USD ($) | Dec. 31, 2018USD ($)Segment | Dec. 31, 2017USD ($) | Dec. 12, 2016USD ($) | Nov. 09, 2016USD ($) |
Schedule Of Accounting Policies [Line Items] | |||||
Equity awards reclassified as liability awards | $ 251,000 | ||||
Common share warrants reclassified as liability awards | $ 268,000 | ||||
Number of operating Segment | Segment | 1 | ||||
Intangible assets capitalized | $ 0 | ||||
Asset impairment charges | 0 | $ 0 | |||
Assets held for sale | 0 | $ 0 | |||
Interest tax penalties expensed | $ 0 | ||||
Director [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Equity awards reclassified as liability awards | $ 1,341,000 | ||||
Executive Officer [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Equity awards reclassified as liability awards | $ 7,371,000 | ||||
Additional paid in capital reclassified as liability awards | 2,879,000 | ||||
Equity awards reclassified as loss | $ 4,492,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Computer hardware [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 3 years |
Office equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 3 years |
Furniture and fixtures [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 5 years |
Laboratory equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | 7 years |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment estimated useful lives | Shorter of the initial lease term or useful life |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Financial Liabilities Measured at Fair Value on a Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Liabilities | ||
Financial liabilities measured at fair value | $ 13,310 | $ 5,763 |
Liability Classified Stock Options [Member] | ||
Liabilities | ||
Financial liabilities measured at fair value | 12,603 | 3,945 |
Liability for Contingent Consideration [Member] | ||
Liabilities | ||
Financial liabilities measured at fair value | 707 | 470 |
Warrant liabilities [Member] | ||
Liabilities | ||
Financial liabilities measured at fair value | 1,348 | |
Level 3 [Member] | ||
Liabilities | ||
Financial liabilities measured at fair value | 13,310 | 5,763 |
Level 3 [Member] | Liability Classified Stock Options [Member] | ||
Liabilities | ||
Financial liabilities measured at fair value | 12,603 | 3,945 |
Level 3 [Member] | Liability for Contingent Consideration [Member] | ||
Liabilities | ||
Financial liabilities measured at fair value | $ 707 | 470 |
Level 3 [Member] | Warrant liabilities [Member] | ||
Liabilities | ||
Financial liabilities measured at fair value | $ 1,348 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Changes in Fair Value of the Company's Liability for Contingent Consideration (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Liability at the beginning of the period | $ 470 | |
Increase (decrease) in fair value of liability for contingent consideration | 237 | $ 470 |
Liability at end of the period | $ 707 | $ 470 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Schedule of Changes in Fair Value of Warrant Liabilities (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | ||
Liability at the beginning of the period | $ 1,348 | $ 4,342 |
Warrants issued | 0 | 0 |
Reclassification to liability from equity | 0 | 0 |
Increase (decrease) in fair value of warrant liabilities | 3,565 | (2,450) |
Exercise of warrants | $ (4,913) | (544) |
Liability at end of the period | $ 1,348 |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Schedule of Changes in Fair Value of Liability Classified Stock Options (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability at beginning of the period | $ 3,945 | |
Reclassification to liabilities from equity | 0 | $ 0 |
Liability at end of the period | 12,603 | 3,945 |
Liability Classified Stock Options [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Liability at beginning of the period | 3,945 | 2,458 |
Reclassification to liabilities from equity | 2,879 | |
Increase (decrease) in fair value of liability classified stock options | 9,451 | (1,413) |
Exercise of options | (142) | (300) |
Unrealized foreign currency loss (gain) | (651) | 321 |
Liability at end of the period | $ 12,603 | $ 3,945 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies - Summary of Calculation of Diluted Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |||
Net loss attributable to common shareholders: | $ (36,556) | $ (10,406) | $ (33,809) |
Deemed dividend due to beneficial conversion feature | (520) | ||
Basic | (36,556) | (10,926) | (33,809) |
Adjustment for change in fair value of ASC 815 liability classified stock options and warrant | (2,757) | ||
Diluted | $ (36,556) | $ (13,683) | $ (33,809) |
Weighted-average common shares outstanding: | |||
Basic | 29,089,896 | 21,249,414 | 12,736,567 |
Adjustment for dilutive effect of liability classified stock options and warrants | 71,795 | ||
Diluted | 29,089,896 | 21,321,209 | 12,736,567 |
Net loss per common share-basic | $ (1.26) | $ (0.51) | $ (2.65) |
Net loss per common share-diluted | $ (1.26) | $ (0.64) | $ (2.65) |
Short-term Investments - Additi
Short-term Investments - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Short-Term Investments [Line Items] | |
Short-term investments maturity term | 12 months |
Description on short-term investments maturity | The Company may redeem GIC investments 30 days after deposit without penalty. |
Minimum [Member] | |
Short-Term Investments [Line Items] | |
Short-term investments interest rate | 2.00% |
Maximum [Member] | |
Short-Term Investments [Line Items] | |
Short-term investments interest rate | 3.00% |
Acquisition of Kairos - Additio
Acquisition of Kairos - Additional Information (Detail) $ in Thousands | Mar. 18, 2016USD ($) | Mar. 18, 2016CAD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets and goodwill | $ 1,536,000 | $ 768,000 | ||||
IPR&D [Member] | ||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||||||
Impairment of intangible assets and goodwill | $ 1,536,000 | $ 0 | $ 768,000 | |||
Kairos [Member] | ||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||||||
Consideration transferred | $ 24,778,000 | $ 32,257 | ||||
Cash consideration in connection with acquisition | $ 1,733,000 | $ 2,257 | ||||
Equity interest percentage before acquisition | 19.99% | 19.99% | ||||
Kairos [Member] | Common Shares [Member] | ||||||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||||||
Common shares issued in connection with acquisition | $ 23,043,000 | $ 30,000 |
Acquisition of Kairos - Summary
Acquisition of Kairos - Summary of Carrying Value of IPR&D, Net of Impairment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Beginning balance | $ 18,396 | |
Ending balance | 18,396 | $ 18,396 |
IPR&D [Member] | ||
Acquired Indefinite-lived Intangible Assets [Line Items] | ||
Acquired IPR&D, beginning balance | 20,700 | 20,700 |
Acquired IPR&D, Change during the period | ||
Acquired IPR&D, ending balance | 20,700 | 20,700 |
Beginning balance | (2,304) | (768) |
Change during the period | (1,536) | |
Ending balance | (2,304) | (2,304) |
Beginning balance | 18,396 | 19,932 |
Change during the period | (1,536) | |
Ending balance | $ 18,396 | $ 18,396 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 11,589 | $ 10,724 |
Less accumulated depreciation | (5,105) | (3,546) |
Property and equipment, net | 6,484 | 7,178 |
Computer hardware [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 1,439 | 1,575 |
Furniture and fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 747 | 552 |
Office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 535 | 484 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 5,270 | 4,895 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | 3,377 | 3,022 |
Construction in progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment | $ 221 | $ 196 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Capital lease | $ 72 | $ 78 | |
Accumulated depreciation for the asset | 56 | 47 | |
Total future minimum lease payments | 62 | 73 | |
Depreciation expense | 1,880 | 1,681 | $ 541 |
Office equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Capital lease | $ 10 | $ 10 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Computer software and licenses | $ 5,429 | $ 2,812 |
Less accumulated amortization | (3,815) | (2,064) |
Intangible assets, net | $ 1,614 | $ 748 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense on intangible assets | $ 1,750 | $ 1,058 | $ 484 |
Liabilities - Schedule of Accou
Liabilities - Schedule of Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Trade payables | $ 2,599 | $ 1,664 |
Accrued research expenses | 6,633 | 4,708 |
Employee compensation and vacation accruals | 2,926 | 1,981 |
Accrued legal and professional fees | 556 | 308 |
Payable to CDRD Ventures Inc. ("CVI") for Kairos SR&ED receivable (note 5) | 165 | |
Other | 689 | 227 |
Total | $ 13,403 | $ 9,053 |
Liabilities - Schedule of Other
Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities, Current [Abstract] | ||
Current income tax liability | $ 299 | $ 158 |
Current portion of lease inducements | 136 | 147 |
Current portion of capital lease liability | 15 | 10 |
Total | $ 450 | $ 315 |
Liabilities - Schedule of Oth_2
Liabilities - Schedule of Other Long-term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities, Noncurrent [Abstract] | ||
Liability for contingent consideration (note 15) | $ 707 | $ 470 |
Lease inducements | 197 | 344 |
Capital lease liability | 42 | 52 |
Total | $ 946 | $ 866 |
Warrant Liabilities and Long-_3
Warrant Liabilities and Long-term Debt - Perceptive Debt - Additional Information (Detail) | Jun. 06, 2017USD ($) | Apr. 28, 2017$ / sharesshares | Jun. 02, 2016USD ($)$ / sharesshares | Jun. 06, 2017USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Line of Credit Facility [Line Items] | |||||||
Interest rate description | LIBOR plus an applicable margin of 10% per annum with LIBOR to be a minimum of 1% with monthly interest payments. | ||||||
Monthly principal payments | $ 225,000 | ||||||
Warrants issued to purchase shares | shares | 398,076 | ||||||
Warrants exercise price | $ / shares | $ 8.67 | ||||||
Warrant liabilities from perceptive warrants | $ 0 | $ 1,348,000 | |||||
Residual balance of original principal recorded as long-term debt | 4,700,000 | ||||||
Conversion of redeemable convertible class A preferred share warrants into common share warrants | 1.349367-for-1 basis | ||||||
Conversion ratio | 1.349367 | ||||||
Repayment of debt | 7,814,000 | ||||||
Accretion expense | 248,000 | $ 576,000 | |||||
Amortization of debt issue costs | $ 35,000 | ||||||
Perceptive Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility | 15,000,000 | ||||||
Warrant liabilities from perceptive warrants | 3,266,000 | ||||||
Residual balance of original principal recorded as long-term debt | $ 4,234,000 | ||||||
Debt principal balance | $ 7,500,000 | $ 7,500,000 | |||||
Term of debt | 4 years | ||||||
Repayment of debt | 7,814,000 | ||||||
Early repayment premium | 300,000 | ||||||
Legal fees | $ 14,000 | ||||||
Interest expense | 360,000 | ||||||
Accretion expense | 248,000 | ||||||
Amortization of debt issue costs | $ 35,000 | ||||||
Perceptive Debt [Member] | Long-term Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt principal balance | $ 7,500,000 | ||||||
Redeemable Convertible Class A Preferred Shares [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Warrants issued to purchase shares | shares | 295,009 | ||||||
Warrants exercise price | $ / shares | $ 11.69 | ||||||
Warrants expiry term | 5 years | ||||||
Redeemable Convertible Class A Preferred Shares [Member] | Warrant liabilities [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Conversion ratio | 1.349367 | ||||||
LIBOR [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Debt, basis spread on variable rate | 10.00% | ||||||
Floor interest rate | 1.00% | ||||||
Tranche A Term Loans [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Net proceeds received | $ 6,953,000 | ||||||
Tranche A Term Loans [Member] | Perceptive Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility | 7,500,000 | ||||||
Tranche B Term Loans [Member] | Perceptive Debt [Member] | |||||||
Line of Credit Facility [Line Items] | |||||||
Credit facility | $ 7,500,000 |
Warrant liabilities and long-_4
Warrant liabilities and long-term debt - Summary of Debt (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instruments [Abstract] | ||
Long term debt at January 1, 2017 | $ 4,810 | |
Less: unamortized debt issue costs at January 1, 2017 | (393) | |
Long term debt at January 1, 2017, net of deferred charges | 4,417 | |
Accretion during the period up to the Repayment Date | 248 | $ 576 |
Amortization of debt issue costs during the period up to the Repayment Date | 35 | |
Carrying value of long term debt on the Repayment Date, net of deferred charges | 4,700 | |
Repayment, including repayment premium and expenses | (7,814) | |
Loss on debt extinguishment | $ (3,114) |
Warrant Liabilities and Long-_5
Warrant Liabilities and Long-term Debt - Warrant Liabilities - Additional Information (Detail) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 04, 2018 | May 10, 2018 | Apr. 28, 2017 | |
Line of Credit Facility [Line Items] | ||||||
Warrant liabilities from perceptive warrants | $ 0 | $ 1,348,000 | ||||
Warrants issued to purchase shares | 398,076 | |||||
Increase (decrease) in fair value of warrants | 3,565,000 | $ (2,450,000) | $ 808,000 | |||
Perceptive Warrants [Member] | ||||||
Line of Credit Facility [Line Items] | ||||||
Warrants issued to purchase shares | 220,000 | 178,076 | ||||
Common stock issued upon exercise of warrants | 126,880 | 79,481 | ||||
Increase (decrease) in fair value of warrants | $ 3,565,000 |
Warrant Liabilities and Long-_6
Warrant Liabilities and Long-term Debt - Summary of Assumptions Used in Estimating Fair Value of Warrants Determined Using Black-Scholes Option Pricing Model (Detail) - Perceptive Warrants [Member] - Valuation Technique, Option Pricing Model [Member] | Dec. 31, 2018yr |
Measurement Input, Expected Dividend Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement input | 0 |
Measurement Input, Price Volatility [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement input | 0.667 |
Measurement Input, Risk Free Interest Rate [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement input | 0.0209 |
Measurement Input, Expected Term [Member] | |
Fair Value Measurement Inputs and Valuation Techniques [Line Items] | |
Fair value measurement input | 3.42 |
Redeemable Convertible Class _3
Redeemable Convertible Class A Preferred Shares, and Shareholders' Equity - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 28, 2017USD ($)$ / sharesshares | Jul. 14, 2006 | Dec. 31, 2018USD ($)shares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) | Dec. 21, 2015shares |
Temporary Equity [Line Items] | |||||||||
Redeemable convertible preferred shares, authorized | 6,413,265 | ||||||||
Convertible preferred stock outstanding | 0 | 0 | 0 | ||||||
Share issued price per share | $ / shares | $ 13 | ||||||||
Gross proceeds from conversion | $ | $ 50,000,000 | ||||||||
Mandatory conversion description | Upon either a) the closing of the sale of common shares to the public at a price of at least 1.4 times the Class A original issue price of $11.69 per share in a firm-commitment underwritten public offering resulting in at least $50 million of gross proceeds, or b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding Class A Preferred Share, all outstanding Class A preferred shares would have been automatically converted into common shares at the effective conversion rate. However, in the event the common share public issuance price is less than 1.5 times the Class A original issue price of $11.69 per share, then immediately prior to, and contingent upon such conversion, the Class A conversion price would be automatically adjusted to equal the lesser of (a) the quotient obtained by dividing the per share price in such public offering by 1.5 and (b) the Class A conversion price in effect as of immediately prior to such public offering. | Upon either a) the closing of the sale of common shares to the public at a price of at least 1.4 times the Class A original issue price of $11.69 per share in a firm-commitment underwritten public offering resulting in at least $50 million of gross proceeds, or b) the date and time, or the occurrence of an event, specified by vote or written consent of the holders of at least a majority of the then outstanding Class A Preferred Share, all outstanding Class A preferred shares would have been automatically converted into common shares at the effective conversion rate. However, in the event the common share public issuance price is less than 1.5 times the Class A original issue price of $11.69 per share, then immediately prior to, and contingent upon such conversion, the Class A conversion price would be automatically adjusted to equal the lesser of (a) the quotient obtained by dividing the per share price in such public offering by 1.5 and (b) the Class A conversion price in effect as of immediately prior to such public offering. | |||||||
Conversion of preferred stock to common stock | 7,098,194 | ||||||||
Share conversion ratio | 1.349367 | ||||||||
Beneficial conversion feature | $ | $ 520,000 | ||||||||
Preferred stock, shares issued | 0 | ||||||||
Preferred stock, shares outstanding | 0 | ||||||||
Shares granted with respect to maximum fixed amount equal, percentage | 20.00% | ||||||||
Options granted under original plan exercisable period | 10 years | 10 years | |||||||
Shares available for issuance under the Original Plan vesting period | 4 years | ||||||||
Proceeds from stock options exercised | $ 682,000 | $ 883 | $ 965,000 | $ 1,250 | $ 17,000 | $ 22 | |||
Share based compensation | $ | 3,876,000 | 4,827,000 | 2,797,000 | ||||||
Option exercised intrinsic value | 2,388,000 | 3,094 | 1,550,000 | $ 2,013 | 38,000 | $ 51 | |||
Unamortized compensation expense related to unvested options | $ 8,395,000 | $ 11,452 | |||||||
Remaining unamortized compensation expense, weighted-average period | 2 years | 2 years | |||||||
Total amount contributed by ESPP participants | $ | $ 359,000 | ||||||||
Maximum [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Stock options expiration date | Dec. 16, 2028 | Dec. 16, 2028 | |||||||
Minimum [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Stock options expiration date | Feb. 5, 2019 | Feb. 5, 2019 | |||||||
New Stock Option Plan [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Shares granted with respect to maximum fixed amount equal, percentage | 20.00% | 20.00% | |||||||
Maximum number of common shares reserved for issuance | 5,686,097 | ||||||||
Shares issuable upon exercise of stock options | 3,985,768 | ||||||||
Maximum number of common shares reserved for issuance increase in percentage | 4.00% | 4.00% | |||||||
Employees Stock Purchase Plan [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Shares granted with respect to maximum fixed amount equal, percentage | 1.00% | 1.00% | |||||||
Percentage of discounted purchase price of average market price | 85.00% | 85.00% | |||||||
Share-based compensation arrangement by share-based payment award, plan modification, description and terms | On June 7, 2018, certain amendments to the ESPP were approved by shareholders. Prior to these amendments, the ESPP allowed eligible employees to acquire common shares at a discounted purchase price of 85% of the market value of the Company’s common shares on the purchase date. The ESPP, as amended, allows eligible employees to acquire common shares at a discounted purchase price of the lesser of (i) 85% of the market price of a common share on the first day of the applicable purchase period and (ii) 85% of the market price of a common share on the purchase date. | On June 7, 2018, certain amendments to the ESPP were approved by shareholders. Prior to these amendments, the ESPP allowed eligible employees to acquire common shares at a discounted purchase price of 85% of the market value of the Company’s common shares on the purchase date. The ESPP, as amended, allows eligible employees to acquire common shares at a discounted purchase price of the lesser of (i) 85% of the market price of a common share on the first day of the applicable purchase period and (ii) 85% of the market price of a common share on the purchase date. | |||||||
Maximum eligible employees contribution under ESPP | 15.00% | ||||||||
Purchase of shares under ESPP, maximum limit for each employee | $ | $ 25,000 | ||||||||
Additional common shares authorized for issuance | 419,000 | 419,000 | |||||||
Compensation charge | $ | $ 114,000 | ||||||||
Employees Stock Purchase Plan [Member] | Prior To Amendment [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Percentage of discounted purchase price of average market price | 85.00% | 85.00% | |||||||
Employees Stock Purchase Plan [Member] | After Amendment [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Percentage of discounted purchase price of average market price | 85.00% | 85.00% | |||||||
Employees Stock Purchase Plan [Member] | Maximum [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Number of common shares reserved for issuance | 272,350 | ||||||||
Additional Paid-in Capital [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Beneficial conversion feature | $ | 520,000 | ||||||||
Share based compensation | $ | $ 3,876,000 | $ 4,827,000 | $ 2,797,000 | ||||||
Director [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Shares available for issuance under the Original Plan vesting period | 3 years | ||||||||
Redeemable Convertible Preferred Stock [Member] | |||||||||
Temporary Equity [Line Items] | |||||||||
Convertible preferred stock outstanding | 0 | 0 | 0 | ||||||
Accrued dividends percentage | 8.00% | ||||||||
Share issued price per share | $ / shares | $ 11.69 |
Redeemable Convertible Class _4
Redeemable Convertible Class A Preferred Shares, and Shareholders' Equity - Summary of Stock Options Granted (Detail) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | |||||||||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CAD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of Options Outstanding, Beginning balance | 2,263,712 | 2,263,712 | 1,910,521 | 1,910,521 | ||||||
Weighted-Average Exercise Price, Outstanding, Beginning balance | (per share) | $ 11.35 | $ 14.24 | $ 8.69 | $ 11.67 | ||||||
Number of Options, Granted | 326,975 | 326,975 | 731,528 | 731,528 | ||||||
Number of Options, Expired | (7,908) | (7,908) | (80,254) | (80,254) | ||||||
Number of Options, Exercised | (94,812) | (94,812) | (207,777) | (207,777) | ||||||
Number of Options, Forfeited | (41,977) | (41,977) | (90,306) | (90,306) | ||||||
Number of Options Outstanding, Ending balance | 2,445,990 | 2,445,990 | 2,263,712 | 2,263,712 | 1,910,521 | 1,910,521 | ||||
Number of Options, Exercisable | 1,546,911 | 1,546,911 | ||||||||
Number of Options, Vested and expected to vest | 2,397,824 | 2,397,824 | ||||||||
Weighted-Average Exercise Price, Granted | (per share) | $ 12.74 | $ 16.51 | $ 14.56 | $ 18.91 | ||||||
Weighted-Average Exercise Price, Expired | (per share) | 12.52 | 16.22 | 9.82 | 12.75 | ||||||
Weighted-Average Exercise Price, Exercised | (per share) | 6.80 | 8.81 | 4.64 | 6.02 | ||||||
Weighted-Average Exercise Price, Forfeited | (per share) | 13.96 | 18.09 | 14.04 | 18.23 | ||||||
Weighted-Average Exercise Price, Outstanding, Ending balance | (per share) | 10.74 | 14.66 | $ 11.35 | $ 14.24 | $ 8.69 | $ 11.67 | ||||
Weighted-Average Exercise Price, Exercisable | (per share) | 9.83 | 13.41 | ||||||||
Weighted-Average Exercise Price, Vested and expected to vest | (per share) | $ 10.71 | $ 14.61 | ||||||||
Weighted-Average Contractual Term, Outstanding | 6 years 11 months 26 days | 6 years 11 months 26 days | 7 years 6 months 10 days | 7 years 6 months 10 days | 7 years 4 months 9 days | 7 years 4 months 9 days | ||||
Aggregate intrinsic value Outstanding | $ 1,160 | $ 1,160 | $ 15,609 | $ 15,609 | $ 10,571 | $ 14,421 | $ 1,455 | $ 20,958 | ||
Weighted-Average Contractual Term, Exercisable | 6 years 1 month 24 days | 6 years 1 month 24 days | ||||||||
Aggregate intrinsic value Exercisable | $ 8,217 | $ 11,209 | ||||||||
Exercisable | $ 8,217 | $ 11,209 | 8,217 | $ 11,209 | ||||||
Weighted-Average Contractual Term, Vested and expected to vest | 6 years 11 months 12 days | 6 years 11 months 12 days | ||||||||
Aggregate intrinsic value Vested and expected to vest | $ | $ 14,410 | |||||||||
Vested and expected to vest | $ | 10,563 | |||||||||
New Stock Option Plan [Member] | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||
Number of Options Outstanding, Beginning balance | 636,595 | 636,595 | ||||||||
Weighted-Average Exercise Price, Outstanding, Beginning balance | $ / shares | $ 9.70 | |||||||||
Number of Options, Granted | 910,783 | 910,783 | 650,480 | 650,480 | ||||||
Number of Options, Forfeited | (7,600) | (7,600) | (13,885) | (13,885) | ||||||
Number of Options Outstanding, Ending balance | 1,539,778 | 1,539,778 | 636,595 | 636,595 | ||||||
Number of Options, Exercisable | 285,350 | 285,350 | ||||||||
Number of Options, Vested and expected to vest | 1,472,436 | 1,472,436 | ||||||||
Weighted-Average Exercise Price, Granted | $ / shares | $ 13.03 | $ 9.70 | ||||||||
Weighted-Average Exercise Price, Forfeited | $ / shares | 9.82 | 9.82 | ||||||||
Weighted-Average Exercise Price, Outstanding, Ending balance | $ / shares | 11.67 | $ 9.70 | ||||||||
Weighted-Average Exercise Price, Exercisable | $ / shares | 10.04 | |||||||||
Weighted-Average Exercise Price, Vested and expected to vest | $ / shares | $ 11.65 | |||||||||
Weighted-Average Contractual Term, Outstanding | 9 years 7 days | 9 years 7 days | 9 years 5 months 15 days | 9 years 5 months 15 days | 0 years | 0 years | ||||
Aggregate intrinsic value Outstanding | $ | $ 15 | $ 15 | 4,876 | |||||||
Weighted-Average Contractual Term, Exercisable | 8 years 6 months 7 days | 8 years 6 months 7 days | ||||||||
Aggregate intrinsic value Exercisable | $ | $ 1,704 | |||||||||
Exercisable | $ | $ 1,704 | $ 1,704 | ||||||||
Weighted-Average Contractual Term, Vested and expected to vest | 9 years 3 days | 9 years 3 days | ||||||||
Aggregate intrinsic value Vested and expected to vest | $ | $ 4,876 |
Redeemable Convertible Class _5
Redeemable Convertible Class A Preferred Shares, and Shareholders' Equity - Summary of Range of Stock Options Granted (Detail) | 12 Months Ended | |||||||
Dec. 31, 2018$ / sharesshares | Dec. 31, 2018$ / shares$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2017$ / shares$ / sharesshares | Dec. 31, 2016$ / sharesshares | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 2,445,990 | 2,445,990 | 2,263,712 | 2,263,712 | 1,910,521 | 2,445,990 | 2,263,712 | 1,910,521 |
Weighted- average exercise price (C$) | (per share) | $ 10.74 | $ 10.74 | $ 11.35 | $ 11.35 | $ 8.69 | $ 14.66 | $ 14.24 | $ 11.67 |
Number of options, exercisable | shares | 1,546,911 | 1,546,911 | 1,546,911 | |||||
Weighted-average exercise price (US$) | (per share) | $ 9.83 | $ 9.83 | $ 13.41 | |||||
Weighted- average exercise price (C$) | (per share) | $ 6.80 | $ 8.81 | $ 4.64 | $ 6.02 | ||||
Weighted average remaining contractual life (years) | 6 years 11 months 26 days | 6 years 11 months 26 days | 7 years 6 months 10 days | 7 years 6 months 10 days | 7 years 4 months 9 days | |||
3.58 - 5.37 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 3.58 | $ 3.58 | ||||||
Share-based compensation, exercise price, upper | $ 5.37 | $ 5.37 | ||||||
Number of options, outstanding | shares | 219,369 | 219,369 | 268,965 | 268,965 | 219,369 | 268,965 | ||
Weighted- average exercise price (C$) | (per share) | $ 3.59 | $ 3.59 | $ 3.89 | $ 3.89 | $ 4.90 | $ 4.88 | ||
Number of options, exercisable | shares | 219,369 | 219,369 | 268,965 | 268,965 | 219,369 | 268,965 | ||
Weighted- average exercise price (C$) | (per share) | $ 3.59 | $ 4.90 | $ 3.89 | $ 4.88 | ||||
Weighted average remaining contractual life (years) | 1 year 10 months 2 days | 1 year 10 months 2 days | 2 years 8 months 26 days | 2 years 8 months 26 days | ||||
7.26 - 9.94 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 7.26 | $ 7.26 | ||||||
Share-based compensation, exercise price, upper | $ 9.94 | $ 9.94 | ||||||
Number of options, outstanding | shares | 141,608 | 141,608 | 148,498 | 148,498 | 141,608 | 148,498 | ||
Weighted- average exercise price (C$) | (per share) | $ 6.08 | $ 6.08 | $ 6.64 | $ 6.64 | $ 8.29 | $ 8.32 | ||
Number of options, exercisable | shares | 102,087 | 102,087 | 89,498 | 89,498 | 102,087 | 89,498 | ||
Weighted- average exercise price (C$) | (per share) | $ 5.60 | $ 7.64 | $ 5.79 | $ 7.26 | ||||
Weighted average remaining contractual life (years) | 5 years 10 months 13 days | 5 years 10 months 13 days | 6 years 11 months 12 days | 6 years 11 months 12 days | ||||
11.60 - 13.20 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 11.6 | |||||||
Share-based compensation, exercise price, upper | $ 13.2 | |||||||
Number of options, outstanding | shares | 877,492 | 877,492 | 877,492 | |||||
Weighted- average exercise price (C$) | (per share) | $ 8.98 | $ 8.98 | $ 12.25 | |||||
Number of options, exercisable | shares | 621,958 | 621,958 | 621,958 | |||||
Weighted- average exercise price (C$) | (per share) | $ 8.89 | $ 12.12 | ||||||
Weighted average remaining contractual life (years) | 7 years 1 month 9 days | 7 years 1 month 9 days | ||||||
11.60 - 12.10 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 11.6 | |||||||
Share-based compensation, exercise price, upper | $ 12.1 | |||||||
Number of options, outstanding | shares | 717,826 | 717,826 | 717,826 | |||||
Weighted- average exercise price (C$) | (per share) | $ 9.58 | $ 9.58 | $ 12.02 | |||||
Number of options, exercisable | shares | 410,968 | 410,968 | 410,968 | |||||
Weighted- average exercise price (C$) | (per share) | $ 9.53 | $ 11.96 | ||||||
Weighted average remaining contractual life (years) | 7 years 9 months 10 days | 7 years 9 months 10 days | ||||||
14.44 - 17.09 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 14.44 | |||||||
Share-based compensation, exercise price, upper | $ 17.09 | |||||||
Number of options, outstanding | shares | 531,295 | 531,295 | 531,295 | |||||
Weighted- average exercise price (C$) | (per share) | $ 11.10 | $ 11.10 | $ 15.14 | |||||
Number of options, exercisable | shares | 254,080 | 254,080 | 254,080 | |||||
Weighted- average exercise price (C$) | (per share) | $ 10.58 | $ 14.44 | ||||||
Weighted average remaining contractual life (years) | 7 years 8 months 26 days | 7 years 8 months 26 days | ||||||
13.21 - 14.44 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 13.21 | |||||||
Share-based compensation, exercise price, upper | $ 14.44 | |||||||
Number of options, outstanding | shares | 468,116 | 468,116 | 468,116 | |||||
Weighted- average exercise price (C$) | (per share) | $ 11.14 | $ 11.14 | $ 13.98 | |||||
Number of options, exercisable | shares | 247,268 | 247,268 | 247,268 | |||||
Weighted- average exercise price (C$) | (per share) | $ 11.51 | $ 14.44 | ||||||
Weighted average remaining contractual life (years) | 7 years 11 months 23 days | 7 years 11 months 23 days | ||||||
18.33 - 20.74 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 18.33 | |||||||
Share-based compensation, exercise price, upper | $ 20.74 | |||||||
Number of options, outstanding | shares | 214,514 | 214,514 | 214,514 | |||||
Weighted- average exercise price (C$) | (per share) | $ 15.08 | $ 15.08 | $ 20.58 | |||||
Number of options, exercisable | shares | 113,802 | 113,802 | 113,802 | |||||
Weighted- average exercise price (C$) | (per share) | $ 15.20 | $ 20.74 | ||||||
Weighted average remaining contractual life (years) | 7 years 11 months 23 days | 7 years 11 months 23 days | ||||||
21.05 - 22.65 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 21.05 | |||||||
Share-based compensation, exercise price, upper | $ 22.65 | |||||||
Number of options, outstanding | shares | 461,712 | 461,712 | 461,712 | |||||
Weighted- average exercise price (C$) | (per share) | $ 16.48 | $ 16.48 | $ 22.48 | |||||
Number of options, exercisable | shares | 235,615 | 235,615 | 235,615 | |||||
Weighted- average exercise price (C$) | (per share) | $ 16.57 | $ 22.60 | ||||||
Weighted average remaining contractual life (years) | 8 years 2 months 12 days | 8 years 2 months 12 days | ||||||
20.74 - 22.65 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 20.74 | |||||||
Share-based compensation, exercise price, upper | $ 22.65 | |||||||
Number of options, outstanding | shares | 660,307 | 660,307 | 660,307 | |||||
Weighted- average exercise price (C$) | (per share) | $ 17.52 | $ 17.52 | $ 21.98 | |||||
Number of options, exercisable | shares | 119,280 | 119,280 | 119,280 | |||||
Weighted- average exercise price (C$) | (per share) | $ 17.20 | $ 21.58 | ||||||
Weighted average remaining contractual life (years) | 9 years 7 days | 9 years 7 days | ||||||
3.58 to 22.65 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 3.58 | $ 3.58 | ||||||
Share-based compensation, exercise price, upper | $ 22.65 | $ 22.65 | ||||||
Number of options, outstanding | shares | 2,445,990 | 2,445,990 | 2,263,712 | 2,263,712 | 2,445,990 | 2,263,712 | ||
Weighted- average exercise price (C$) | (per share) | $ 10.74 | $ 10.74 | $ 11.35 | $ 11.35 | $ 14.66 | $ 14.24 | ||
Number of options, exercisable | shares | 1,546,911 | 1,546,911 | 1,135,979 | 1,135,979 | 1,546,911 | 1,135,979 | ||
Weighted- average exercise price (C$) | (per share) | $ 9.83 | $ 13.41 | $ 9.14 | $ 11.46 | ||||
Weighted average remaining contractual life (years) | 6 years 11 months 26 days | 6 years 11 months 26 days | 7 years 6 months 10 days | 7 years 6 months 10 days | ||||
6.80 - 7.76 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | $ 6.8 | |||||||
Share-based compensation, exercise price, upper | 7.76 | |||||||
9.81 - 11.84 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | 9.81 | |||||||
Share-based compensation, exercise price, upper | 11.84 | |||||||
12.77 - 14.51 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | 12.77 | |||||||
Share-based compensation, exercise price, upper | 14.51 | |||||||
15.01 - 15.92 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | 15.01 | |||||||
Share-based compensation, exercise price, upper | 15.92 | |||||||
16.42 - 17.21 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | 16.42 | |||||||
Share-based compensation, exercise price, upper | 17.21 | |||||||
6.80 to 17.21 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | 6.8 | |||||||
Share-based compensation, exercise price, upper | $ 17.21 | |||||||
6.80 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price | $ 6.8 | |||||||
7.75 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price | 7.75 | |||||||
9.82 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price | 9.82 | |||||||
6.80 to 9.82 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Share-based compensation, exercise price, lower | 6.8 | |||||||
Share-based compensation, exercise price, upper | $ 9.82 | |||||||
New Stock Option Plan [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 1,539,778 | 1,539,778 | 636,595 | 636,595 | 1,539,778 | 636,595 | ||
Weighted- average exercise price (C$) | $ 11.67 | $ 11.67 | $ 9.70 | $ 9.70 | ||||
Number of options, exercisable | shares | 285,350 | 285,350 | 285,350 | |||||
Weighted-average exercise price (US$) | $ 10.04 | $ 10.04 | ||||||
Weighted average remaining contractual life (years) | 9 years 7 days | 9 years 7 days | 9 years 5 months 15 days | 9 years 5 months 15 days | 0 years | |||
New Stock Option Plan [Member] | 6.80 - 7.76 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 27,855 | 27,855 | 27,855 | |||||
Weighted- average exercise price (C$) | $ 7.11 | $ 7.11 | ||||||
Number of options, exercisable | shares | 14,308 | 14,308 | 14,308 | |||||
Weighted-average exercise price (US$) | $ 6.69 | $ 6.69 | ||||||
Weighted average remaining contractual life (years) | 8 years 8 months 26 days | 8 years 8 months 26 days | ||||||
New Stock Option Plan [Member] | 9.81 - 11.84 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 1,166,640 | 1,166,640 | 1,166,640 | |||||
Weighted- average exercise price (C$) | $ 10.79 | $ 10.79 | ||||||
Number of options, exercisable | shares | 253,140 | 253,140 | 253,140 | |||||
Weighted-average exercise price (US$) | $ 9.81 | $ 9.81 | ||||||
Weighted average remaining contractual life (years) | 8 years 9 months 25 days | 8 years 9 months 25 days | ||||||
New Stock Option Plan [Member] | 12.77 - 14.51 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 113,000 | 113,000 | 113,000 | |||||
Weighted- average exercise price (C$) | $ 13.51 | $ 13.51 | ||||||
Weighted average remaining contractual life (years) | 9 years 9 months 7 days | 9 years 9 months 7 days | ||||||
New Stock Option Plan [Member] | 15.01 - 15.92 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 159,858 | 159,858 | 159,858 | |||||
Weighted- average exercise price (C$) | $ 15.22 | $ 15.22 | ||||||
Number of options, exercisable | shares | 17,902 | 17,902 | 17,902 | |||||
Weighted-average exercise price (US$) | $ 15.78 | $ 15.78 | ||||||
Weighted average remaining contractual life (years) | 9 years 9 months 10 days | 9 years 9 months 10 days | ||||||
New Stock Option Plan [Member] | 16.42 - 17.21 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 72,425 | 72,425 | 72,425 | |||||
Weighted- average exercise price (C$) | $ 16.76 | $ 16.76 | ||||||
Weighted average remaining contractual life (years) | 9 years 4 months 28 days | 9 years 4 months 28 days | ||||||
New Stock Option Plan [Member] | 6.80 to 17.21 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 1,539,778 | 1,539,778 | 1,539,778 | |||||
Weighted- average exercise price (C$) | $ 11.67 | $ 11.67 | ||||||
Number of options, exercisable | shares | 285,350 | 285,350 | 285,350 | |||||
Weighted-average exercise price (US$) | $ 10.04 | $ 10.04 | ||||||
Weighted average remaining contractual life (years) | 9 years 7 days | 9 years 7 days | ||||||
New Stock Option Plan [Member] | 6.80 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 18,855 | 18,855 | 18,855 | |||||
Weighted- average exercise price (C$) | $ 6.80 | $ 6.80 | ||||||
Number of options, exercisable | shares | 1,396 | 1,396 | 1,396 | |||||
Weighted-average exercise price (US$) | $ 6.80 | $ 6.80 | ||||||
Weighted average remaining contractual life (years) | 9 years 7 months 13 days | 9 years 7 months 13 days | ||||||
New Stock Option Plan [Member] | 7.75 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 9,000 | 9,000 | 9,000 | |||||
Weighted- average exercise price (C$) | $ 7.75 | $ 7.75 | ||||||
Weighted average remaining contractual life (years) | 9 years 11 months 23 days | 9 years 11 months 23 days | ||||||
New Stock Option Plan [Member] | 9.82 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 608,740 | 608,740 | 608,740 | |||||
Weighted- average exercise price (C$) | $ 9.82 | $ 9.82 | ||||||
Weighted average remaining contractual life (years) | 9 years 5 months 12 days | 9 years 5 months 12 days | ||||||
New Stock Option Plan [Member] | 6.80 to 9.82 [Member] | ||||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||||||||
Number of options, outstanding | shares | 636,595 | 636,595 | 636,595 | |||||
Weighted- average exercise price (C$) | $ 9.70 | $ 9.70 | ||||||
Number of options, exercisable | shares | 1,396 | 1,396 | 1,396 | |||||
Weighted-average exercise price (US$) | $ 6.80 | $ 6.80 | ||||||
Weighted average remaining contractual life (years) | 9 years 5 months 15 days | 9 years 5 months 15 days |
Redeemable Convertible Class _6
Redeemable Convertible Class A Preferred Shares, and Shareholders' Equity - Schedule of Non-Vested Stock Option Activity (Detail) | 12 Months Ended | |||
Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2018CAD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017CAD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options, Non-vested,Beginning balance | shares | 1,127,733 | 1,127,733 | ||
Number of Options granted | shares | 326,975 | 326,975 | 731,528 | 731,528 |
Number of Options vested | shares | (513,652) | (513,652) | ||
Number of Options forfeited and cancelled | shares | (41,977) | (41,977) | ||
Number of options, Non-vested,Ending balance | shares | 899,079 | 899,079 | 1,127,733 | 1,127,733 |
Weighted- average fair value price, Non-vested,Beginning balance | (per share) | $ 7.69 | $ 9.64 | ||
Weighted- average fair value price, Options granted | (per share) | 7.69 | 9.96 | ||
Weighted- average fair value price, Options vested | (per share) | 7.83 | 10.14 | ||
Weighted- average fair value price, Options forfeited and cancelled | (per share) | 8.36 | 10.83 | ||
Weighted- average fair value price, Non-vested,Ending balance | (per share) | $ 7.51 | $ 10.25 | $ 7.69 | $ 9.64 |
Aggregate Fair value, Non-vested,Beginning balance | $ | $ 10,876 | |||
Aggregate Fair value, Options granted | $ | 3,259 | |||
Aggregate Fair value, Options vested | $ | (5,210) | |||
Aggregate Fair value, Options forfeited and cancelled | $ | (455) | |||
Aggregate Fair value, Non-vested,Ending balance | $ | $ 8,470 | $ 10,876 | ||
Employee Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of options, Non-vested,Beginning balance | shares | 635,199 | 635,199 | ||
Number of Options granted | shares | 910,783 | 910,783 | ||
Number of Options vested | shares | (283,954) | (283,954) | ||
Number of Options forfeited and cancelled | shares | (7,600) | (7,600) | ||
Number of options, Non-vested,Ending balance | shares | 1,254,428 | 1,254,428 | 635,199 | 635,199 |
Weighted- average fair value price, Non-vested,Beginning balance | $ / shares | $ 3.58 | |||
Weighted- average fair value price, Options granted | $ / shares | 7.99 | |||
Weighted- average fair value price, Options vested | $ / shares | 5.69 | |||
Weighted- average fair value price, Options forfeited and cancelled | $ / shares | 5.64 | |||
Weighted- average fair value price, Non-vested,Ending balance | $ / shares | $ 7.31 | $ 3.58 | ||
Aggregate Fair value, Non-vested,Beginning balance | $ | $ 2,276 | |||
Aggregate Fair value, Options granted | $ | 7,277 | |||
Aggregate Fair value, Options vested | $ | (1,615) | |||
Aggregate Fair value, Options forfeited and cancelled | $ | (43) | |||
Aggregate Fair value, Non-vested,Ending balance | $ | $ 7,895 | $ 2,276 |
Redeemable Convertible Class _7
Redeemable Convertible Class A Preferred Shares, and Shareholders' Equity - Schedule of Stock-based Compensation Expense for Equity Classified Instruments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Research and development expenses | $ 56,684 | $ 41,749 | $ 36,816 |
Research and Development Expense [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation for equity classified instruments | 2,203 | 913 | 2,335 |
Change in fair value of liability classified equity instruments | 2,032 | 492 | 280 |
Research and development expenses | 4,235 | 1,405 | 2,615 |
General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation for equity classified instruments | 3,693 | 1,852 | 786 |
Change in fair value of liability classified equity instruments | 5,362 | 486 | 889 |
General and administrative expenses | 9,055 | 2,338 | 1,675 |
Finance Expense (Income) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation for equity classified instruments | 1 | ||
Change in fair value of liability classified equity instruments | 150 | (314) | 1 |
Finance expenses | $ 151 | $ (314) | $ 1 |
Redeemable Convertible Class _8
Redeemable Convertible Class A Preferred Shares, and Shareholders' Equity - Schedule of Estimated Fair Value of Stock Options Assumptions (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 66.52% | 66.25% | 70.52% |
Risk-free interest rate | 2.18% | 1.44% | 1.08% |
Expected average life of option | 5 years 10 months 28 days | 5 years 10 months 24 days | 5 years 10 months 28 days |
Number of liability classified share options outstanding | 2,445,990 | 2,263,712 | 1,910,521 |
Liability Classified Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | |
Expected volatility | 72.27% | 66.46% | |
Risk-free interest rate | 1.94% | 1.55% | |
Expected average life of option | 3 years 7 months 2 days | 5 years 10 months 20 days | |
Number of liability classified share options outstanding | 1,437,163 | 1,475,485 | |
New Stock Option Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | |
Expected volatility | 66.78% | 65.89% | |
Risk-free interest rate | 2.69% | 1.84% | |
Expected average life of option | 5 years 10 months 17 days | 5 years 10 months 20 days | 0 years |
Number of liability classified share options outstanding | 1,539,778 | 636,595 |
Government Grants and Credits -
Government Grants and Credits - Component of Government Grants and Credits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Movement Of Allowance For Finance Lease Receivables [Line Items] | |||
Government grants and credits | $ (5) | $ 1,075 | $ 1,265 |
Scientific Research And Experimental Development Tax Credit (Expense) [Member] | |||
Movement Of Allowance For Finance Lease Receivables [Line Items] | |||
Government grants and credits | $ (5) | 857 | $ 1,265 |
IRAP Credits [Member] | |||
Movement Of Allowance For Finance Lease Receivables [Line Items] | |||
Government grants and credits | $ 218 |
Government Grants and Credits_2
Government Grants and Credits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Receivables [Abstract] | |||
Accrued refundable investment tax credits | $ 106 | ||
Income tax expense benefit true up adjustment | $ (111) | ||
Government grants and credits | (5) | $ 1,075 | 1,265 |
Investment tax credits | 229 | $ 662 | |
SR&ED receivable | $ 997 | $ 2,092 |
Research, Collaboration and Lic
Research, Collaboration and Licensing Agreements - Schedule Of Collaborative Arrangements and Noncollaborative Arrangement Transactions (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 |
Janssen Biotech, Inc. [Member] | Up-front Technology Access Fee [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 50,000,000 | ||
Merck Sharp & Dohme Research Ltd. [Member] | Research Support Payments [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 0 | 1,000 | 832,000 |
Eli Lilly and Company [Member] | Research Support Payments [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 15,000 | 46,000 | |
Eli Lilly and Company [Member] | Milestone [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 2,000,000 | 2,000,000 | |
Celgene [Member] | License Option [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 4,000,000 | ||
Gsk [Member] | Up-front Technology Access Fee [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 6,000,000 | ||
Daiichi Sankyo, Co., Ltd. [Member] | Up-front Technology Access Fee [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 18,000,000 | 2,000,000 | |
Daiichi Sankyo, Co., Ltd. [Member] | Research Support Payments [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 700,000 | $ 131,000 | |
Daiichi Sankyo, Co., Ltd. [Member] | Milestone [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 1,000,000 | ||
LEO Pharma [Member] | Up-front Technology Access Fee [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 5,000,000 | ||
LEO Pharma [Member] | Research Support Payments [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 116,000 | ||
Bei Gene [Member] | Up-front Technology Access Fee [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | 23,530,000 | ||
Other [Member] | Service, Other [Member] | |||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||
Revenue recognized | $ 373,000 | $ 46,000 |
Research, Collaboration and L_2
Research, Collaboration and Licensing Agreements - Additional Information - Merck (Detail) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 03, 2014 | Apr. 22, 2013 | Sep. 20, 2012 | Jun. 30, 2012 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2018 | Aug. 22, 2011 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Contract assets | $ 0 | $ 0 | $ 0 | ||||||||
Deferred revenue | 36,471,000 | ||||||||||
Revenue | 53,019,000 | $ 51,762,000 | $ 11,009,000 | ||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research Support Payments [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 0 | $ 1,000 | $ 832,000 | ||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Milestone removed from total milestones | $ 2,000,000 | ||||||||||
Remaining performance obligation | 0 | 0 | |||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Research Milestone [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | $ 1,500,000 | $ 2,000,000 | |||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Investigational New Drug [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Development Milestone [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Commercial Milestones [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Royalty [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 0 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Research Milestone [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 3,500,000 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 190,750,000 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Investigational New Drug [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 6,000,000 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Development Milestone [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 66,000,000 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Commercial Milestones [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | $ 114,000,000 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Up-front Technology Access Fee [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Contract liabilities | $ 1,250,000 | ||||||||||
Performance obligation recognized | $ 1,250,000 | ||||||||||
Merck Sharp & Dohme Research Ltd. [Member] | Research and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Up-front Technology Access Fee [Member] | Eligible to Receive [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | $ 1,250,000 | ||||||||||
Bei Gene [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Deferred revenue | $ 36,471,000 | $ 0 | |||||||||
Bei Gene [Member] | Up-front Technology Access Fee [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Revenue | 23,530,000 | ||||||||||
Bei Gene [Member] | Research and License Agreement [Member] | Up-front Technology Access Fee [Member] | |||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||||
Performance obligation recognized | $ 20,000,000 |
Research, Collaboration and L_3
Research, Collaboration and Licensing Agreements - Additional Information - Lilly (Detail) - USD ($) | Aug. 31, 2018 | Dec. 11, 2015 | Dec. 17, 2013 | Jun. 30, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | ||||
Eli Lilly and Company [Member] | Research Support Payments [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 15,000 | 46,000 | |||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project One [Member] | Research Milestone [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | $ 2,000,000 | $ 1,000,000 | |||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project One [Member] | Research Support Payments [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | $ 0 | $ 15,000 | $ 46,000 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project One [Member] | Eligible to Receive [Member] | Research Milestone [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | $ 1,000,000 | ||||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project One [Member] | Eligible to Receive [Member] | Investigational New Drug [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 2,000,000 | ||||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project One [Member] | Eligible to Receive [Member] | Development Milestone [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 8,000,000 | ||||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project One [Member] | Eligible to Receive [Member] | Maximum [Member] | Commercial Milestones [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 40,000,000 | ||||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project One [Member] | Up-front Technology Access Fee [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Contract liabilities | $ 1,000,000 | ||||||
Performance obligation recognized | $ 1,000,000 |
Research, Collaboration and L_4
Research, Collaboration and Licensing Agreements - Additional Information - Lilly Two (Detail) - USD ($) | Dec. 01, 2016 | Oct. 22, 2014 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | ||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Research Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 2,000,000 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Investigational New Drug [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 0 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Development Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 0 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Commercial Milestones [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 0 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Up-front Technology Access Fee [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Contract liabilities | $ 0 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Eligible to Receive [Member] | Maximum [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 125,000,000 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Eligible to Receive [Member] | Maximum [Member] | Research Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 2,000,000 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Eligible to Receive [Member] | Maximum [Member] | Investigational New Drug [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 8,000,000 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Eligible to Receive [Member] | Maximum [Member] | Development Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 20,000,000 | ||||
Eli Lilly and Company [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Project Two [Member] | Eligible to Receive [Member] | Maximum [Member] | Commercial Milestones [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 95,000,000 |
Research, Collaboration and L_5
Research, Collaboration and Licensing Agreements - Additional Information - Celgene (Detail) | Apr. 22, 2018USD ($)Product | Apr. 21, 2018Product | Dec. 23, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | ||||
Celgene [Member] | License Option [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 4,000,000 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Number of potential products to developed and commercialized | Product | 10 | 8 | |||||
Extended research program term | 24 months | ||||||
Collaborative agreement expansion fee | $ 4,000,000 | ||||||
Extended research program maturity period | 2020-04 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Development Milestone [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 0 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Commercial Milestones [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 0 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Royalty [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | $ 0 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Maximum [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Milestone payment | $ 164,000,000 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Eligible to Receive [Member] | License Option [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | $ 7,500,000 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Eligible to Receive [Member] | Maximum [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 164,000,000 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Eligible to Receive [Member] | Maximum [Member] | Development Milestone [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 101,500,000 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Eligible to Receive [Member] | Maximum [Member] | Commercial Milestones [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Revenue | 55,000,000 | ||||||
Celgene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | |||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||
Contract liabilities | $ 8,000,000 | ||||||
Performance obligation recognized | $ 8,000,000 |
Research, Collaboration and L_6
Research, Collaboration and Licensing Agreements - Additional Information - GSK (Detail) - USD ($) | Dec. 01, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | |
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Royalty [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 0 | |||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contract liabilities | $ 0 | |||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Eligible to Receive [Member] | Maximum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 110,000,000 |
Research, Collaboration and L_7
Research, Collaboration and Licensing Agreements - Additional Information - GSK Two (Detail) - USD ($) | May 03, 2016 | Apr. 21, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | ||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Technology Access Fee [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Contract liabilities | $ 6,000,000 | ||||
Performance obligation recognized | $ 6,000,000 | ||||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Research Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 0 | ||||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Development Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 0 | ||||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Commercial Sales Milestones [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 0 | ||||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Royalty [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 0 | ||||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Research Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 30,000,000 | ||||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Development Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 152,000,000 | ||||
Glaxo Smith Kline Intellectual Property Development Ltd [Member] | Platform Technology Transfer and License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Commercial Sales Milestones [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 720,000,000 |
Research, Collaboration and L_8
Research, Collaboration and Licensing Agreements - Additional Information - Daiichi Sankyo (Detail) - USD ($) | Jun. 26, 2017 | Sep. 26, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | ||
Daiichi Sankyo, Co., Ltd [Member] | Cross License Agreement [Member] | Collaborative Arrangement [Member] | Eligible to Receive [Member] | Maximum [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Milestone payment | $ 1,000,000 | ||||
Daiichi Sankyo, Co., Ltd [Member] | Cross License Agreement [Member] | Collaborative Arrangement [Member] | Technology Access Fee [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Contract liabilities | 2,000,000 | ||||
Performance obligation recognized | 2,000,000 | ||||
Daiichi Sankyo, Co., Ltd [Member] | Cross License Agreement [Member] | Collaborative Arrangement [Member] | Research, Development, Commercial License Option Milestone [Member] | Eligible to Receive [Member] | Maximum [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | 66,900,000 | ||||
Daiichi Sankyo, Co., Ltd [Member] | Cross License Agreement [Member] | Collaborative Arrangement [Member] | Commercial Milestones [Member] | Eligible to Receive [Member] | Maximum [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 80,000,000 | ||||
Daiichi Sankyo, Co., Ltd [Member] | Cross License Agreement [Member] | Collaborative Arrangement [Member] | Research Milestone [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Revenue | $ 1,000,000 | ||||
Daiichi Sankyo, Co., Ltd [Member] | Cross License Agreement [Member] | Collaborative Arrangement [Member] | Research Support Payments [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Research support revenue | $ 0 | $ 700,000 | $ 131,000 |
Research, Collaboration and L_9
Research, Collaboration and Licensing Agreements - Additional Information - Daiichi Sankyo Two (Detail) - USD ($) | May 30, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | |
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Royalty [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 0 | |||
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Royalty [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Royalty agreement term | 10 years | |||
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 126,700,000 | |||
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 340,000,000 | |||
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Eligible to Receive [Member] | Maximum [Member] | Royalty [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Royalty percentage earned from sales of product | 10.00% | |||
Daiichi Sankyo, Co., Ltd [Member] | License Agreement [Member] | Non-collaborative Arrangement Transactions [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contract liabilities | $ 18,000,000 | |||
Performance obligation recognized | $ 18,000,000 |
Research, Collaboration and _10
Research, Collaboration and Licensing Agreements - Additional Information - Janssen (Detail) - USD ($) | Nov. 13, 2017 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | |
Janssen Biotech, Inc. [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 50,000,000 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contract liabilities | $ 50,000,000 | |||
Performance obligation recognized | 50,000,000 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Research Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Development Milestone [Member] | Eligible to Receive [Member] | Maximum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 282,000,000 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Commercial Milestones [Member] | Eligible to Receive [Member] | Maximum [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 1,119,000,000 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Royalty [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 0 | |||
Janssen Biotech, Inc. [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Royalty [Member] | Eligible to Receive [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Royalty agreement term | 10 years | |||
Payment for royalty | $ 10,000,000 | |||
Royalty payment percentage | 1.00% |
Research, Collaboration and _11
Research, Collaboration and Licensing Agreements - Additional Information - LEO (Detail) - USD ($) $ in Thousands | Oct. 23, 2018 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 53,019 | $ 51,762 | $ 11,009 | |
LEO Pharma [Member] | Research Support Payments [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 116 | |||
LEO Pharma [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 5,000 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 0 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Investigational New Drug [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 0 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Research Support Payments [Member] | Project One [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 116 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | First Therapeutic [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Royalty payments on future global net sales | 20.00% | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | First Therapeutic [Member] | Maximum [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 74,000 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | First Therapeutic [Member] | Maximum [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 157,000 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Second Therapeutic [Member] | Maximum [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 86,500 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Second Therapeutic [Member] | Maximum [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 157,000 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contract liabilities | 5,000 | |||
LEO Pharma [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | Project One [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Performance obligation recognized | $ 5,000 |
Research, Collaboration and _12
Research, Collaboration and Licensing Agreements - Additional Information - BeiGene (Detail) | 12 Months Ended | |||
Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Nov. 26, 2018Agreement | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 53,019,000 | $ 51,762,000 | $ 11,009,000 | |
Bei Gene [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 23,530,000 | |||
Bei Gene [Member] | Research and License Agreement [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Performance obligation recognized | 20,000,000 | |||
Bei Gene [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Fair value of consideration allocated to a group of contracts that were considered as a single contract | 40,000,000 | |||
Bei Gene [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Bispecific Therapeutic [Member] | Maximum [Member] | Commercial and Development Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 702,000,000 | |||
Bei Gene [Member] | Research and License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | Bispecific Therapeutic [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contract liabilities | 20,000,000 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Number of agreements | Agreement | 3 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Development Milestone [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Royalty [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | ZW25 Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Fair value of consideration allocated to a single performance obligation | 7,100,000 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | ZW49 Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | 0 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | ZW25 and ZW49 Agreements [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Performance obligation recognized | $ 20,000,000 | |||
Royalty payments on future global net sales | 20.00% | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | ZW25 and ZW49 Agreements [Member] | Commercial Milestones [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Revenue | $ 390,000,000 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Upfront payment received | 60,000,000 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | ZW25 Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Performance obligation recognized | 3,500,000 | |||
Contract liabilities | 36,500,000 | |||
Bei Gene [Member] | License Agreement [Member] | Collaborative Arrangement [Member] | Up-front Technology Access Fee [Member] | ZW49 Agreement [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contract liabilities | $ 36,500,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Financial Instruments [Line Items] | ||
Maximum exposure to credit risk for accounts receivable | $ 0.4 | $ 0.2 |
Capital lease due, period | 12 months | |
Accounts Payable and Accrued Liabilities [Member] | ||
Financial Instruments [Line Items] | ||
Financial obligation due, period | 45 days |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | ||
Expected income tax rate | 27.00% | 26.00% |
Net operating loss carry forwards | $ 24,700,000 | $ 43,400,000 |
Unclaimed tax deductions for scientific research and experimental development expenditures | 20,749,000 | 17,267,000 |
Tax credit carryforward, amount | 9,009,000 | 7,000,000 |
Potential tax benefits | 0 | |
Accrued interest and penalties | $ 0 | $ 0 |
Earliest Tax Year [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating loss carry forwards, expiration year | 2,035 | |
Tax credit carryforward, expiration year | 2,019 | |
Earliest Tax Year [Member] | CANADA | ||
Income Tax Disclosure [Line Items] | ||
Income tax examination, year under examination | 2,006 | |
Earliest Tax Year [Member] | UNITED STATES | ||
Income Tax Disclosure [Line Items] | ||
Income tax examination, year under examination | 2,015 | |
Latest Tax Year [Member] | ||
Income Tax Disclosure [Line Items] | ||
Operating loss carry forwards, expiration year | 2,038 | |
Tax credit carryforward, expiration year | 2,038 | |
Latest Tax Year [Member] | CANADA | ||
Income Tax Disclosure [Line Items] | ||
Income tax examination, year under examination | 2,018 | |
Latest Tax Year [Member] | UNITED STATES | ||
Income Tax Disclosure [Line Items] | ||
Income tax examination, year under examination | 2,018 | |
Maximum [Member] | ||
Income Tax Disclosure [Line Items] | ||
Sustainability threshold for uncertain tax position | 50.00% |
Income Taxes - Schedule of Inco
Income Taxes - Schedule of Income Tax Expense (Recovery) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Computed taxes at Canadian tax rate (27%) | $ (9,284) | $ (2,587) | $ (10,070) |
Non-deductible expenses | 4,311 | 259 | 1,343 |
Difference between domestic and foreign tax rate | (14) | (11) | 95 |
Effect of change in tax rates | 2 | (860) | |
Adjustments to prior year | 543 | (313) | 439 |
Change in valuation allowance | 9,340 | 8,510 | 3,948 |
Share issuance costs in equity | (1,906) | (2,547) | 158 |
Change in recognition and measurement of tax positions | 672 | ||
Changes due to SR&ED | (1,668) | (1,973) | (588) |
Other | 175 | (34) | (400) |
Income tax expense (recovery) | 2,171 | 444 | (5,075) |
Current income tax expense | 2,188 | 429 | 430 |
Deferred income tax (recovery) expense | (17) | 15 | (5,505) |
Income tax expense (recovery) | $ 2,171 | $ 444 | $ (5,075) |
Income Taxes - Schedule of In_2
Income Taxes - Schedule of Income Tax Expense (Recovery) (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Effective Income Tax Rate | 27.00% |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Deferred Income Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred tax assets: | ||
Non-capital losses carried forward | $ 6,680 | $ 11,719 |
Deferred revenue | 9,848 | |
Share issue costs | 3,428 | 2,571 |
Property and equipment | 1,167 | 956 |
Research and development deductions and credits | 20,749 | 17,267 |
Contingent consideration | 191 | 127 |
Stock options | 220 | 102 |
Other | 314 | 34 |
Deferred tax assets, Gross | 42,597 | 32,776 |
Deferred tax liabilities: | ||
Property and equipment | (54) | (70) |
IPR&D | (4,967) | (4,619) |
Other | (132) | |
Deferred tax liabilities, Gross | (5,153) | (4,689) |
Deferred tax assets, Net | 37,444 | 28,087 |
Less: valuation allowance | (37,360) | (28,020) |
Net deferred tax assets (liabilities) | $ 84 | $ 67 |
Income Taxes - Summary of Expir
Income Taxes - Summary of Expiry Details of Investment Tax Credits, Non-Capital Losses and Net Operating Losses for Income Tax Purposes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Investment tax credits | $ 9,009 | $ 7,000 |
Non-capital losses | $ 24,741 | |
Tax Year 2021 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,021 | |
Investment tax credits | $ 86 | |
Tax Year 2022 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,022 | |
Investment tax credits | $ 158 | |
Tax Year 2023 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,023 | |
Investment tax credits | $ 94 | |
Tax Year 2024 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,024 | |
Tax Year 2025 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,025 | |
Investment tax credits | $ 309 | |
Tax Year 2026 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,026 | |
Investment tax credits | $ 247 | |
Tax Year 2027 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,027 | |
Investment tax credits | $ 511 | |
Tax Year 2028 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,028 | |
Investment tax credits | $ 814 | |
Tax Year 2029 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,029 | |
Tax Year 2030 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,030 | |
Investment tax credits | $ 10 | |
Tax Year 2031 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,031 | |
Investment tax credits | $ 133 | |
Tax Year 2032 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,032 | |
Investment tax credits | $ 489 | |
Tax Year 2033 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,033 | |
Investment tax credits | $ 557 | |
Tax Year 2034 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,034 | |
Investment tax credits | $ 381 | |
Tax Year 2035 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,035 | |
Investment tax credits | $ 1,068 | |
Tax Year 2036 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,036 | |
Investment tax credits | $ 862 | |
Non-capital losses | $ 14,116 | |
Tax Year 2037 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,037 | |
Investment tax credits | $ 1,777 | |
Non-capital losses | $ 10,625 | |
Tax Year 2038 [Member] | ||
Summary Of Tax Credit Carry Forward And Operating Loss Carry Forwards [Line Items] | ||
Expiry Date | 2,038 | |
Investment tax credits | $ 1,513 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Beginning and Ending Amounts of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |||
Balance, beginning of year | |||
Increases related to prior year tax positions | 142 | ||
Increases related to current year tax positions | 530 | ||
Balance, end of year | $ 672 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Lease Payments Under Non-Cancellable Operating Leases and Capital Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | ||
Capital lease obligations, less than 1 year | $ 21 | |
Capital lease obligations, 1 to 2 years | 27 | |
Capital lease obligations, 2 to 3 years | 12 | |
Capital lease obligations, 3 to 4 years | 2 | |
Capital lease obligations, 5 years | 0 | |
Capital lease obligations, Total | 62 | $ 73 |
Operating lease obligations, less than 1 year | 1,860 | |
Operating lease obligations, 1 to 2 years | 1,871 | |
Operating lease obligations, 2 to 3 years | 1,429 | |
Operating lease obligations, 3 to 4 years | 87 | |
Operating lease obligations, 5 years | 0 | |
Operating lease obligations, Total | 5,247 | |
Total contractual obligations, less than 1 year | 1,881 | |
Total contractual obligations, 1 to 2 years | 1,898 | |
Total contractual obligations, 2 to 3 years | 1,441 | |
Total contractual obligations, 3 to 4 years | 89 | |
Total contractual obligations, 5 years | 0 | |
Total contractual obligations | $ 5,309 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | |
Contractual Obligation, Fiscal Year Maturity Schedule [Abstract] | |||
Aggregate payment for annual licensing fees | $ 12,000 | $ 4,500 | |
Annual licensing fees payment period | Five-year period | ||
Amortization period of intangible assets | 12 months | ||
Estimated fair value of contingent consideration | $ 707 | $ 470 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Eli Lilly and Company [Member] - Subsequent Event [Member] $ in Millions | Jan. 25, 2019ft²$ / ft² | Jan. 17, 2019USD ($) |
Lease Agreements [Member] | ||
Subsequent Event [Line Items] | ||
Lease start date | Sep. 1, 2021 | |
Lease agreement period | 10 years | |
Office And Laboratory Space [Member] | Lease Agreements [Member] | ||
Subsequent Event [Line Items] | ||
Area of space | ft² | 57,180 | |
Office And Laboratory Space [Member] | Lease Agreements [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Annual base rent | 39.50 | |
Office And Laboratory Space [Member] | Lease Agreements [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Annual base rent | 44.50 | |
Storage Space [Member] | Lease Agreements [Member] | ||
Subsequent Event [Line Items] | ||
Area of space | ft² | 2,780 | |
Storage Space [Member] | Lease Agreements [Member] | Minimum [Member] | ||
Subsequent Event [Line Items] | ||
Annual base rent | 25 | |
Storage Space [Member] | Lease Agreements [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Annual base rent | 35 | |
License Agreement [Member] | Collaborative Arrangement [Member] | ||
Subsequent Event [Line Items] | ||
Receivables from customers | $ | $ 8 |