Eledon Pharmaceuticals (ELDN) 10-Q 12 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	FALSE
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Trading Symbol	TKAI
Entity Registrant Name	TOKAI PHARMACEUTICALS INC
Entity Central Index Key	1404281
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		22,413,594

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$94,162	$105,256
Prepaid expenses and other current assets	2,170	2,255
Total current assets	96,332	107,511
Property and equipment, net	73	33
Restricted cash	200	200
Other assets	45
Total assets	96,650	107,744
Current liabilities:
Accounts payable	3,434	765
Accrued expenses	2,320	3,478
Total current liabilities	5,754	4,243
Total liabilities	5,754	4,243
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000 shares authorized; no shares issued or outstanding
Common stock, $0.001 par value; 173,018,331 shares authorized; 22,396,540 and 22,382,340 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	22	22
Additional paid-in capital	190,485	189,830
Accumulated deficit	-99,611	-86,351
Total stockholders' equity	90,896	103,501
Total liabilities and stockholders' equity	$96,650	$107,744

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	173,018,331	173,018,331
Common stock, shares issued	22,396,540	22,382,340
Common stock, shares outstanding	22,396,540	22,382,340

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Income Statement [Abstract]
Revenue	$0	$0
Operating expenses:
Research and development	10,559	3,556
General and administrative	2,741	1,336
Total operating expenses	13,300	4,892
Loss from operations	-13,300	-4,892
Interest and other income	40	45
Net loss and comprehensive loss	($13,260)	($4,847)
Net loss per share, basic and diluted	($0.59)	($9.79)
Weighted average common shares outstanding, basic and diluted	22,384,233	495,049

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net loss	($13,260)	($4,847)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	634	90
Depreciation expense	5	4
Release of reserve for loan to former advisor	-34	-45
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	85	-344
Accounts payable	2,669	798
Accrued expenses	-1,158	-432
Other assets	-45
Net cash used in operating activities	-11,104	-4,776
Cash flows from investing activities:
Purchases of property and equipment	-45	-12
Net cash used in investing activities	-45	-12
Cash flows from financing activities:
Repayment of notes receivable	34	45
Proceeds from exercise of common stock options	21	4
Net cash from financing activities	55	49
Net decrease in cash and cash equivalents	-11,094	-4,739
Cash and cash equivalents at beginning of period	105,256	31,753
Cash and cash equivalents at end of period	94,162	27,014
Supplemental disclosure of non-cash investing and financing activities:
Deferred offering costs included in accounts payable and accrued expenses		$98

Nature_of_the_Business_and_Bas

Nature of the Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Nature of the Business and Basis of Presentation	1. Nature of the Business and Basis of Presentation
	Tokai Pharmaceuticals, Inc. (the “Company”) was incorporated on March 26, 2004 under the laws of the State of Delaware. The Company is a clinical-stage biopharmaceutical company focused on developing novel proprietary therapies for the treatment of prostate cancer and other hormonally-driven diseases. The Company’s lead drug candidate, galeterone, is a highly selective, multi-targeted, oral small molecule drug candidate. Since its inception, the Company has devoted substantially all of its efforts to research and development, recruiting management, in-licensing technology and raising capital.
	The Company is subject to risks common to companies in the biotechnology industry including, but not limited to, new technological innovations, protection of proprietary technology, dependence on key personnel, compliance with government regulations and the need to obtain additional financing. Galeterone, which is currently under development, and any product candidates that the Company may seek to develop in the future will require significant additional research and development efforts, including extensive preclinical and clinical testing and regulatory approval, prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel infrastructure, and extensive compliance-reporting capabilities.
	There can be no assurance that the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will generate significant revenue from product sales. The Company operates in an environment of rapid change in technology and substantial competition from pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services of its employees and consultants.
	The accompanying consolidated financial statements and footnotes include Diotima Pharmaceuticals, Inc. (“Diotima”), a variable interest entity in which the Company had a variable financial interest and was the primary beneficiary but had no ownership interest. In 2010, the Company formed and incorporated Diotima. Diotima operated as a stand-alone company with limited activity through April 2014. In early 2014, the license agreements relating to the Diotima compounds were terminated. Additionally, in
	April 2014, the board of directors and stockholders of Diotima approved the dissolution of Diotima, and Diotima was dissolved. All significant intercompany balances and transactions between the Company and Diotima have been eliminated in consolidation. Expenses incurred by Diotima for the three months ended March 31, 2014 were $5.
	On September 22, 2014, the Company completed an initial public offering (“IPO”) of its common stock, and issued and sold 6,480,000 shares of common stock at a public offering price of $15.00 per share, resulting in net proceeds of $87,062 after deducting underwriting discounts and commissions and offering expenses. Upon the closing of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 14,860,173 shares of the Company’s common stock. On October 9, 2014, the Company issued and sold an additional 540,000 shares of its common stock at the public offering price of $15.00 per share, pursuant to the underwriters’ partial exercise of their option to purchase additional shares of common stock, resulting in additional net proceeds to the Company of $7,533 after deducting underwriting discounts and commissions.
	The Company’s consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. The Company has incurred losses and negative cash flows from operations since inception. As of March 31, 2015, the Company had an accumulated deficit of $99,611. The Company believes its cash and cash equivalents balance of $94,162 as of March 31, 2015 will be sufficient to fund its anticipated level of operations for at least the next 12 months. The Company’s ability to generate product revenue and operating cash flow will depend heavily on the successful development and eventual commercialization of galeterone and other product candidates that it may develop in the future. If the Company is unable to generate positive cash flows from operations, it may have to seek other sources of capital.
	Unaudited Interim Financial Information
	The consolidated balance sheet at December 31, 2014 was derived from audited financial statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“GAAP”). The accompanying unaudited consolidated financial statements as of March 31, 2015 and for the three months ended March 31, 2015 and 2014 have been prepared by the Company, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and the notes thereto for the year ended December 31, 2014 included in the Company’s Annual Report on Form 10-K, filed with the SEC on March 26, 2015.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies
	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates, assumptions and judgments reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.
	Fair Value Measurements
	Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
		•		Level 1—Quoted prices in active markets for identical assets or liabilities.
		•		Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
		•		Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
	The Company’s cash equivalents of $94,162 and $105,256 as of March 31, 2015 and December 31, 2014, respectively, which were invested in money market accounts, were carried at fair value based on Level 2 inputs. The carrying values of accounts payable and accrued expenses approximate their fair value due to the short-term nature of these liabilities.
	Net Income (Loss) Per Share
	In September 2014, upon the closing of the IPO, all of the outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 14,860,173 shares of the Company’s common stock. Prior to this conversion, the Company followed the two-class method when computing net income (loss) per share as the Company had issued shares that met the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in losses of the Company. Accordingly, the two-class method did not apply for periods in which the Company reported a net loss or a net loss attributable to common stockholders resulting from dividends or accretion related to its redeemable convertible preferred stock.
	Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
	The Company reported a net loss attributable to common stockholders for the three months ended March 31, 2015 and 2014.
	The following common stock equivalents outstanding as of March 31, 2015 and 2014 were excluded from the computation of diluted net loss per share for the three months ended March 31, 2015 and 2014, because they had an anti-dilutive impact:
			March 31,
			2015		2014
	Stock options to purchase common stock			2,113,423		1,327,419
	Restricted common stock units			54,604		—
	Redeemable convertible preferred stock (as converted to common stock)			—		14,860,185
	Total options, restricted stock units and redeemable convertible preferred stock exercisable or convertible into common stock			2,168,027		16,187,604
	Recently Issued Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its consolidated financial statements.

Accrued_Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Accrued Expenses	3. Accrued Expenses
	Accrued expenses consisted of the following:
		March 31, 2015		December 31, 2014
	Accrued research and development expenses	$	1,518	$	1,853
	Accrued payroll and related expenses		305		963
	Accrued professional fees		397		497
	Accrued other		100		165
		$	2,320	$	3,478

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Income Taxes	4. Income Taxes
	The Company did not provide for any income taxes in the three months ended March 31, 2015 or 2014. The Company had gross deferred tax assets of $33,272 at December 31, 2014 which increased by approximately $5,000 at March 31, 2015. The Company has provided a valuation allowance for the full amount of its net deferred tax assets because, at March 31, 2015 and December 31, 2014, it was more likely than not that any future benefit from deductible temporary differences and net operating loss and tax credit carryforwards would not be realized.
	The Company has not recorded any amounts for unrecognized tax benefits as of March 31, 2015 or December 31, 2014. As of March 31, 2015 and December 31, 2014, the Company had no accrued interest or tax penalties recorded. The Company’s income tax return reporting periods since December 31, 2011 are open to income tax audit examination by the federal and state tax authorities. In addition, because the Company has net operating loss carryforwards, the Internal Revenue Service is permitted to audit earlier years and propose adjustments up to the amount of net operating losses generated in those years.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	5. Stock-Based Compensation
	The Company grants stock-based awards under its 2014 Stock Incentive Plan and is authorized to issue common stock under its 2014 Employee Stock Purchase Plan. The Company also has outstanding stock options under its 2007 Stock Incentive Plan but is no longer granting awards under this plan. As of March 31, 2015, 2,090,695 shares of common stock were available for issuance under the 2014 Stock Incentive Plan. As of March 31, 2015, 225,000 shares of common stock were available for issuance to participating employees under the 2014 Employee Stock Purchase Plan. The Company recorded stock-based compensation expense related to stock options and restricted common stock units in the following expense categories of its statements of operations:
		Three Months Ended March 31,
		2015		2014
	Research and development	$	168	$	29
	General and administrative		466		61
		$	634	$	90

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	6. Commitments and Contingencies
	Leases
	In February 2015, the Company entered into a sublease with a Massachusetts limited liability company (the “sublandlord”) for 15,981 square feet of office space in Boston, Massachusetts. The sublease is subject and subordinate to a prime lease, dated October 5, 2010, with the prime landlord. The term of the sublease commenced on April 1, 2015 and expires on December 31, 2016. However, if the term of the prime lease is terminated for any reason prior to the expiration or earlier termination of the sublease, the sublease will terminate immediately and the Company will have no recourse against the sublandlord for such termination. The Company is obligated to make monthly payments under this lease totaling $408 and $555 for the years ending December 31, 2015 and 2016, respectively, aggregating $963 in total minimum lease payments. Prior to April 2015, the Company leased office space in Cambridge, Massachusetts, and obtained certain office-related services on a month-to-month basis under a 30-day cancelable operating service agreement. The Company recorded exit costs of $133 in the first quarter of 2015 in connection with the termination of the Cambridge lease.
	During the three months ended March 31, 2015 and 2014, the Company recognized $306 and $106, respectively, of rental expense related to office space.
	Intellectual Property Licenses
	The Company has a master license agreement with the University of Maryland, Baltimore (“UMB”). Pursuant to the license agreement, UMB granted an exclusive worldwide license, with the right to sublicense, under certain patents and patent applications to make, have made, use, sell, offer to sell and import certain anti-androgen steroids including galeterone for the prevention, diagnosis, treatment or control of any human or animal disease. In addition, UMB granted the Company a first option to receive an exclusive license to UMB’s rights in certain improvements to the licensed products. The Company has exercised the option and acquired exclusive rights to licensed improvements under three amendments to the license agreement.
	The Company is obligated to pay UMB an annual maintenance fee of $10 each year until the first commercial sale of a product developed using the licensed technology. The Company is also obligated to make an additional $50 milestone payment to UMB for each additional investigational new drug application filed for a licensed product and a $100 milestone payment upon the approval of each new drug application (“NDA”) for a licensed product by the U.S. Food and Drug Administration. Because the achievement of these milestones has not occurred as of March 31, 2015, no liabilities for such milestone payments have been recorded in the Company’s consolidated financial statements.
	The Company must also pay UMB low-single digit percentage royalties on aggregate worldwide net sales of licensed products, including sales by sublicensees, on a licensed product-by-licensed product and country-by-country basis until the later of the expiration of the last-to-expire applicable licensed patent or ten years after first commercial sale of the applicable licensed product, in each case in the applicable country. The royalty obligations are subject to specified reductions in the event that additional licenses need to be obtained from third parties or in the event of specified competition from third-party products licensed by UMB. Minimum annual royalty payments to UMB are $50 beginning in the year following the year in which the first commercial sale occurs. The Company must also pay UMB 10% of all non-royalty sublicense income received from sublicensees. Finally, the Company is responsible for all patent expenses related to the prosecution and maintenance of the licensed patents. As of March 31, 2015, the Company has not yet developed a commercial product using the licensed technologies, and it has not entered into any sublicense agreements for the technologies.
	In January 2015, the Company entered into an exclusive license agreement with The Johns Hopkins University (“Johns Hopkins”). Pursuant to the license agreement, Johns Hopkins granted the Company an exclusive worldwide license under certain patent applications and a non-exclusive license under certain know-how, with the right to sublicense, to make, have made, use, sell, offer to sell and import certain assays to identify androgen receptor variants for use as a companion diagnostic with galeterone. In addition, Johns Hopkins granted the Company an option to negotiate an exclusive license to Johns Hopkins’s rights in certain improvements to the licensed products.
	Under the terms of the license agreement, the Company is obligated to diligently develop, manufacture and sell licensed products. The Company is also obligated to use commercially reasonable efforts to achieve specified milestone events by specified dates. Unless the license agreement with Johns Hopkins is terminated earlier as provided below, the license from Johns Hopkins expires on a country-by-country basis as of the later of the expiration date of the last to expire of the claims of the patent rights licensed under the agreement in such country or ten years after the first commercial sale of a licensed product in such country. Johns Hopkins may terminate the agreement if the Company fails to achieve such milestone events and does not cure such failure within a specified termination notice period. Johns Hopkins may also terminate the agreement upon a material breach by the Company under the agreement if the Company does not cure such breach within a specified notice period or upon the Company’s bankruptcy or insolvency. The Company may terminate the agreement at any time upon 90 days’ notice.
	In consideration for the rights granted to the Company under the license agreement, the Company made an upfront payment to Johns Hopkins of $75 following the execution of the license agreement, which was recognized as research and development expense during the three months ended March 31, 2015. The Company is obligated to pay Johns Hopkins an annual minimum royalty of up to $30 and to make milestone payments to Johns Hopkins upon the achievement of specified technical and commercial milestones. If all such milestones were achieved, the total milestone payments owed to Johns Hopkins would equal $700 in the aggregate. Because the achievement of these milestones has not occurred as of March 31, 2015, no liabilities for such milestone payments have been recorded in the Company’s consolidated financial statements. The Company must also pay Johns Hopkins single digit percentage royalties on aggregate worldwide net sales of licensed products (and not galeterone), including sales by sublicensees, on a licensed product-by-licensed product and country-by-country basis until the later of the expiration of the last-to-expire applicable licensed patent or ten years after first commercial sale of the applicable licensed product, in each case in the applicable country. These royalty obligations are subject to specified reductions in the event that additional licenses from third parties are required. The Company must also pay Johns Hopkins 20% of all non-royalty sublicense income received from sublicensees and reimburse Johns Hopkins for patent costs. As of March 31, 2015, the Company has not yet developed a commercial product using the licensed technologies, and it has not entered into any sublicense agreements for the technologies.
	Companion Diagnostic Development Agreement
	In March 2015, the Company entered into a project work plan with Qiagen Manchester Limited (“Qiagen”) under a Master Collaboration Agreement, dated January 12, 2015, between the Company and Qiagen (together with the project work plan, the “Agreement”). Pursuant to the Agreement, Qiagen has agreed to develop and commercialize an assay as an in vitro companion diagnostic test to identify castration resistant prostate cancer (“CRPC”) patients with the splice variant AR-V7 for use with galeterone, the Company’s lead drug candidate. The Company expects to use the clinical trial assay developed by Qiagen in its planned pivotal Phase 3 clinical trial of galeterone in order to identify CRPC patients with AR-V7.
	Under the Agreement, Qiagen is responsible for developing, and obtaining and maintaining regulatory approvals for the in vitro companion diagnostic test in the United States, the European Union, Canada, Australia and such other countries as the parties may agree. In addition, Qiagen has agreed to use commercially reasonable and diligent efforts to manufacture the in vitro companion diagnostic test and to make the in vitro companion diagnostic test commercially available in those countries in which the Company has obtained regulatory approval for, and has valid patent claims covering, galeterone. Qiagen will be responsible for commercializing the in vitro companion diagnostic in each such country. If Qiagen elects not to commercialize the in vitro companion diagnostic test itself in any such country, for so long as there are valid patent claims covering galeterone in such country, Qiagen has agreed to procure alternative distribution channels or otherwise supply the in vitro companion diagnostic test to the Company in order for the Company to market galeterone in combination with the in vitro companion diagnostic test. Upon the request of the Company, the parties have also agreed to negotiate in good faith to expand the scope of the projects under the Agreement to, among other things, provide for the development and commercialization of the in vitro companion diagnostic test for use with galeterone in Japan.
	Subject to the terms of the Agreement, the Company paid Qiagen a fee for the exclusive right to have the circulating tumor cell enrichment technology used in the development of the in vitro companion diagnostic test, which was recognized as research and development expense during the three months ended March 31, 2015. The Company will also pay Qiagen fees for the development of the assay and a contingent milestone payment of $1,000 upon Qiagen obtaining pre-market approval of the assay. Furthermore, the Company will reimburse Qiagen for certain direct out-of-pocket costs incurred by Qiagen, including for sample material. These amounts are subject to adjustment if the parties determine that changes in the scope of the development program are required. Following commercialization, the Company will have no further payment obligations to Qiagen under the Agreement. However, the Company will not receive any revenues from future sales, if any, of the in vitro companion diagnostic test.
	The Agreement expires on the later to occur of (i) the fifth anniversary of regulatory approval of the in vitro companion diagnostic test and (ii) the expiration of Qiagen’s commercialization obligations under the Agreement. The Company is permitted to terminate the Agreement for convenience upon 180 days’ written notice to Qiagen. Either party may terminate the Agreement upon 60 days’ written notice to the other party based on uncured material breaches by the other party and may terminate the Agreement immediately based on the bankruptcy or insolvency of the other party.
	Indemnification Agreements
	In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with each of its directors and executive officers, which provide, among other things, that the Company will indemnify such directors and executive officers to the fullest extent permitted by law for claims arising in his or her capacity as a director or officer. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of the indemnification agreements described above. In addition, the Company maintains directors and officers insurance coverage. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its financial position, results of operations or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of March 31, 2015.

Related_Party_Transactions

Related Party Transactions	3 Months Ended
	Mar. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions
	The Company has an outstanding loan to a former advisor of the Company of $250 that accrued interest at 2.92% per annum that was due in 2007. In 2007, unpaid principal and interest in the amount of $220 was deemed uncollectable by the Company, and as a result, was fully reserved for by the Company. As of December 31, 2013, no payments had been received by the Company, and the unpaid principal and interest balance remained fully reserved. In 2014 the Company started to receive repayment of this note. The Company records payments received as other income. As a result, the Company recorded other income of $34 and $45 for the three months ended and March 31, 2015 and 2014, respectively, representing cash collected during those periods.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with GAAP requires management to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of expenses during the reporting periods. Significant estimates, assumptions and judgments reflected in these consolidated financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates.
Fair Value Measurements	Fair Value Measurements
	Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. Financial assets and liabilities carried at fair value are to be classified and disclosed in one of the following three levels of the fair value hierarchy, of which the first two are considered observable and the last is considered unobservable:
		•		Level 1—Quoted prices in active markets for identical assets or liabilities.
		•		Level 2—Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
		•		Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
	The Company’s cash equivalents of $94,162 and $105,256 as of March 31, 2015 and December 31, 2014, respectively, which were invested in money market accounts, were carried at fair value based on Level 2 inputs. The carrying values of accounts payable and accrued expenses approximate their fair value due to the short-term nature of these liabilities.
Net Income (Loss) Per Share	Net Income (Loss) Per Share
	In September 2014, upon the closing of the IPO, all of the outstanding shares of the Company’s redeemable convertible preferred stock automatically converted into 14,860,173 shares of the Company’s common stock. Prior to this conversion, the Company followed the two-class method when computing net income (loss) per share as the Company had issued shares that met the definition of participating securities. The two-class method determines net income (loss) per share for each class of common and participating securities according to dividends declared or accumulated and participation rights in undistributed earnings. The two-class method requires income available to common stockholders for the period to be allocated between common and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company’s redeemable convertible preferred stock contractually entitled the holders of such shares to participate in dividends, but did not contractually require the holders of such shares to participate in losses of the Company. Accordingly, the two-class method did not apply for periods in which the Company reported a net loss or a net loss attributable to common stockholders resulting from dividends or accretion related to its redeemable convertible preferred stock.
	Basic net income (loss) per share attributable to common stockholders is computed by dividing the net income (loss) attributable to common stockholders by the weighted average number of common shares outstanding for the period. Diluted net income (loss) per share attributable to common stockholders is computed by dividing the diluted net income (loss) attributable to common stockholders by the weighted average number of common shares, including potential dilutive common shares assuming the dilutive effect of outstanding stock options and unvested restricted common shares, as determined using the treasury stock method. For periods in which the Company has reported net losses, diluted net loss per common share attributable to common stockholders is the same as basic net loss per common share attributable to common stockholders, since dilutive common shares are not assumed to have been issued if their effect is anti-dilutive.
	The Company reported a net loss attributable to common stockholders for the three months ended March 31, 2015 and 2014.
	The following common stock equivalents outstanding as of March 31, 2015 and 2014 were excluded from the computation of diluted net loss per share for the three months ended March 31, 2015 and 2014, because they had an anti-dilutive impact:
			March 31,
			2015		2014
	Stock options to purchase common stock			2,113,423		1,327,419
	Restricted common stock units			54,604		—
	Redeemable convertible preferred stock (as converted to common stock)			—		14,860,185
	Total options, restricted stock units and redeemable convertible preferred stock exercisable or convertible into common stock			2,168,027		16,187,604
Recently Issued and Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements
	In August 2014, the Financial Accounting Standards Board issued Accounting Standards Update 2014-15, Presentation of Financial Statements — Going Concern (Subtopic 205-40). The new guidance addresses management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. Management’s evaluation should be based on relevant conditions and events that are known and reasonably knowable at the date that the financial statements are issued. The standard will be effective for the first interim period within annual reporting periods beginning after December 15, 2016. Early adoption is permitted. The Company is evaluating the effect that this guidance will have on its consolidated financial statements.

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Schedule of Common Stock Equivalents, Excluded from Computation of Diluted Net Loss per Share	The following common stock equivalents outstanding as of March 31, 2015 and 2014 were excluded from the computation of diluted net loss per share for the three months ended March 31, 2015 and 2014, because they had an anti-dilutive impact:
		March 31,
		2015		2014
	Stock options to purchase common stock		2,113,423		1,327,419
	Restricted common stock units		54,604		—
	Redeemable convertible preferred stock (as converted to common stock)		—		14,860,185
	Total options, restricted stock units and redeemable convertible preferred stock exercisable or convertible into common stock		2,168,027		16,187,604

Accrued_Expenses_Tables

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2015
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following:
		March 31, 2015		December 31, 2014
	Accrued research and development expenses	$	1,518	$	1,853
	Accrued payroll and related expenses		305		963
	Accrued professional fees		397		497
	Accrued other		100		165
		$	2,320	$	3,478

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Stock-Based Compensation Expense Related to Stock Options and Restricted Common Stock	The Company recorded stock-based compensation expense related to stock options and restricted common stock units in the following expense categories of its statements of operations:
		Three Months Ended March 31,
		2015		2014
	Research and development	$	168	$	29
	General and administrative		466		61
		$	634	$	90

Nature_of_the_Business_and_Bas1

Nature of the Business and Basis of Presentation - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended	3 Months Ended	0 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 22, 2014	Sep. 30, 2014	Mar. 31, 2015	Oct. 09, 2014	Dec. 31, 2014	Mar. 31, 2014	Dec. 31, 2013
Ownership interest			0.00%
Number of common shares issued on conversion of redeemable convertible preferred stock	14,860,173	14,860,173
Accumulated deficit			($99,611)		($86,351)
Cash and cash equivalents			94,162		105,256	27,014	31,753
Option to Purchase Additional Shares of Common Stock Granted to the Underwriters in Connection with the IPO [Member]
Common Stock, shares issued and sold				540,000
Common stock, public offering price per share				$15
Proceeds from initial public offering, net of underwriting discounts and commissions				7,533
Common Stock [Member] | IPO [Member]
Common Stock, shares issued and sold	6,480,000
Common stock, public offering price per share	15
Proceeds from initial public offering, net of underwriting discounts and commissions	87,062
Diotima Pharmaceuticals Inc [Member]
Expenses incurred by Diotima			$5

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Detail) (USD $)	0 Months Ended	1 Months Ended
In Thousands, except Share data, unless otherwise specified	Sep. 22, 2014	Sep. 30, 2014	Mar. 31, 2015	Dec. 31, 2014
Summary Of Significant Accounting Policies [Line Items]
Number of common shares issued on conversion of redeemable convertible preferred stock	14,860,173	14,860,173
Cash Equivalents [Member] | Fair Value, Inputs, Level 2 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash equivalents			$94,162	$105,256

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Schedule of Common Stock Equivalents, Excluded from Computation of Diluted Net Loss per Share (Detail)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, restricted stock units and redeemable convertible preferred stock exercisable or convertible into common stock	2,168,027	16,187,604
Stock Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, restricted stock units and redeemable convertible preferred stock exercisable or convertible into common stock	2,113,423	1,327,419
Restricted Common Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, restricted stock units and redeemable convertible preferred stock exercisable or convertible into common stock	54,604
Series A, B-1, B-2, C,D-1, D-2, D-3 and E Redeemable Convertible Preferred Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total options, restricted stock units and redeemable convertible preferred stock exercisable or convertible into common stock		14,860,185

Accrued_Expenses_Schedule_of_A

Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]
Accrued research and development expenses	$1,518	$1,853
Accrued payroll and related expenses	305	963
Accrued professional fees	397	497
Accrued other	100	165
Total	$2,320	$3,478

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014	Dec. 31, 2013
Income Tax Disclosure [Abstract]
Income tax benefits	$0	$0
Deferred tax assets, gross			33,272,000
Increase in gross deferred tax assets	5,000,000
Accrued interest or tax penalties	0			0
Unrecognized tax benefits	$0			$0
Income tax earliest examination year	2011

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail)	Mar. 31, 2015
2014 Stock Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share of common stock authorized for issuance	2,090,695
2014 Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share of common stock authorized for issuance	225,000

StockBased_Compensation_Schedu

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Related to Stock Options and Restricted Common Stock (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$634	$90
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	168	29
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$466	$61

Commitments_and_Contingencies_

Commitments and Contingencies (Leases) - Additional Information (Detail) (USD $)	3 Months Ended		1 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Feb. 28, 2015
			sqft
Other Commitments [Line Items]
Rental expense	$306	$106
Sublease [Member]
Other Commitments [Line Items]
Area of office space			15,981
Subleases expiration date	31-Dec-16
Old Lease [Member]
Other Commitments [Line Items]
Exit cost	133
Operating service agreement period	30 days
Prime Lease [Member]
Other Commitments [Line Items]
Future minimum lease payments in 2015	408
Future minimum lease payments in 2016	555
Future minimum lease payments total	$963

Commitments_and_Contingencies_1

Commitments and Contingencies (Intellectual Property Licenses) - Additional Information (Detail) (USD $)	3 Months Ended	1 Months Ended
	Mar. 31, 2015	Jan. 31, 2015
Master License Agreement [Member] | UMB [Member]
Other Commitments [Line Items]
Annual maintenance fee	$10,000
Liabilities for milestone payments	0
Percentage of non-royalty sub license income	10.00%
Master License Agreement [Member] | UMB [Member] | Minimum [Member]
Other Commitments [Line Items]
Annual royalty	50,000
License Agreement [Member] | Johns Hopkins [Member]
Other Commitments [Line Items]
Liabilities for milestone payments		0
Percentage of non-royalty sub license income		20.00%
Period to pay low percentage royalties after first commercial sale of licensed product		10 years
Agreement termination notice period		90 days
Upfront payment		75,000
Potential milestone payments under license agreement		700,000
License Agreement [Member] | Johns Hopkins [Member] | Minimum [Member]
Other Commitments [Line Items]
Annual royalty		30,000
IND [Member] | Master License Agreement [Member] | UMB [Member]
Other Commitments [Line Items]
Milestone payment	50,000
NDA [Member] | Master License Agreement [Member] | UMB [Member]
Other Commitments [Line Items]
Milestone payment	$100,000

Commitments_and_Contingencies_2

Commitments and Contingencies (Commercial Development Agreement) - Additional Information (Detail) (Master Collaboration Agreement [Member], Qiagen [Member], USD $)	1 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Master Collaboration Agreement [Member] | Qiagen [Member]
Other Commitments [Line Items]
Contingent milestone payment	$1,000
Agreement termination period by the company	180 days
Agreement termination period by both parties	60 days

Related_Party_Transactions_Add

Related Party Transactions - Additional Information (Detail) (Former Advisor [Member], USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2007
Former Advisor [Member]
Related Party Transaction [Line Items]
Outstanding loans from related party transaction				$250,000
Interest rate				2.92%
Balance due, fully reserved for				220,000
Payments from loans receivable	$34,000	$45,000	$0