Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 12, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KURA | |
Entity Registrant Name | Kura Oncology, Inc. | |
Entity Central Index Key | 1,422,143 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 21,405,117 |
Condensed Balance Sheets (Unaud
Condensed Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | [1] |
Current assets: | |||
Cash and cash equivalents | $ 10,642 | $ 9,725 | |
Short-term investments | 48,511 | 58,065 | |
Accounts receivable, related party | 341 | 295 | |
Prepaid expenses and other current assets | 1,134 | 725 | |
Total current assets | 60,628 | 68,810 | |
Property and equipment, net | 32 | 40 | |
Other long-term assets | 1,259 | 971 | |
Total assets | 61,919 | 69,821 | |
Current liabilities: | |||
Accounts payable and accrued expenses | 3,688 | 4,681 | |
Accounts payable and accrued expenses, related party | 428 | 770 | |
Total current liabilities | 4,116 | 5,451 | |
Long-term debt, net | 7,339 | 7,324 | |
Other long-term liabilities | 223 | 170 | |
Total liabilities | 11,678 | 12,945 | |
Stockholders' equity: | |||
Preferred stock, $0.0001 par value; 10,000 shares authorized; no shares issued and outstanding | |||
Common stock, $0.0001 par value; 200,000 shares authorized; 21,386 and 21,368 shares issued as of March 31, 2017 and December 31, 2016, respectively; and 19,668 and 19,348 shares outstanding as of March 31, 2017 and December 31, 2016, respectively, excluding 1,718 and 2,020 shares subject to repurchase as of March 31, 2017 and December 31, 2016, respectively | 2 | 2 | |
Additional paid-in capital | 111,647 | 110,748 | |
Accumulated other comprehensive loss | (19) | (18) | |
Accumulated deficit | (61,389) | (53,856) | |
Total stockholders' equity | 50,241 | 56,876 | |
Total liabilities and stockholders' equity | $ 61,919 | $ 69,821 | |
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |
Condensed Balance Sheets (Unau3
Condensed Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 | [1] |
Statement Of Financial Position [Abstract] | |||
Preferred stock, par value | $ 0.0001 | $ 0.0001 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | |
Preferred stock, shares issued | 0 | 0 | |
Preferred stock, shares outstanding | 0 | 0 | |
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 200,000,000 | 200,000,000 | |
Common stock, shares issued | 21,386,000 | 21,368,000 | |
Common stock, shares outstanding | 19,668,000 | 19,348,000 | |
Number of shares, subject to repurchase | 1,718,000 | 2,020,000 | |
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating Expenses: | ||
Research and development | $ 5,220 | $ 3,567 |
Research and development, related party | 293 | 1,082 |
General and administrative | 2,075 | 2,365 |
General and administrative, related party | 65 | 26 |
Total operating expenses | 7,653 | 7,040 |
Other Income (Expense): | ||
Management fee income, related party | 195 | 300 |
Interest income | 128 | 114 |
Interest expense | (203) | |
Total other income | 120 | 414 |
Net loss | $ (7,533) | $ (6,626) |
Net loss per share, basic and diluted | $ (0.39) | $ (0.36) |
Weighted average number of shares used in computing net loss per share, basic and diluted | 19,464 | 18,245 |
Comprehensive Loss: | ||
Net loss | $ (7,533) | $ (6,626) |
Other comprehensive income (loss): | ||
Unrealized gain (loss) on marketable securities | (1) | 98 |
Comprehensive loss | $ (7,534) | $ (6,528) |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | ||
Operating Activities | |||
Net loss | $ (7,533) | $ (6,626) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Share-based compensation expense | 894 | 490 | |
Non-cash interest expense | 16 | ||
Depreciation expense | 8 | 8 | |
Amortization of discount on marketable securities | 19 | 65 | |
Changes in operating assets and liabilities: | |||
Accounts receivable, related party | (46) | 24 | |
Prepaid expenses and other current assets | (409) | (510) | |
Other long-term assets | (288) | 74 | |
Accounts payable and accrued expenses | (1,088) | (1,097) | |
Accounts payable and accrued expenses, related party | (342) | 258 | |
Other long-term liabilities | 147 | ||
Net cash used in operating activities | (8,622) | (7,314) | |
Investing Activities | |||
Maturities of marketable securities | 20,077 | 12,200 | |
Purchases of marketable securities | (10,543) | (4,003) | |
Net cash provided by investing activities | 9,534 | 8,197 | |
Financing Activities | |||
Proceeds from exercise of stock options | 5 | ||
Net cash provided by financing activities | 5 | ||
Net increase in cash and cash equivalents | 917 | 883 | |
Cash and cash equivalents at beginning of period | 9,725 | [1] | 15,443 |
Cash and cash equivalents at end of period | 10,642 | $ 16,326 | |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 148 | ||
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |
Organization and Basis of Prese
Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Organization and Basis of Presentation | 1. Organization and Basis of Presentation The Company Kura Oncology, Inc. is a clinical-stage biopharmaceutical company committed to realizing the promise of precision medicines for the treatment of cancer. Our pipeline consists of small molecule product candidates that target cancer signaling pathways where there is a strong scientific and clinical rationale to improve outcomes by identifying those patients most likely to benefit from treatment. Kura Oncology, Inc. was a private Delaware corporation incorporated in the State of Delaware in August 2014. Effective March 6, 2015, Kura completed a reverse merger with a wholly owned subsidiary of Zeta Acquisition Corp. III, or Zeta, with Kura surviving the merger. Zeta was formally a “shell company” under applicable rules of the Securities and Exchange Commission, or SEC. On March 31, 2015, Kura merged with and into Zeta, with Kura surviving the merger, and Zeta changed its name to “Kura Oncology, Inc.” Basis of Presentation The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and notes thereto in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, as filed with the SEC on March 14, 2017, from which we derived our balance sheet as of December 31, 2016. The accompanying condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or GAAP, for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, since they are interim statements, the accompanying condensed financial statements do not include all of the information and notes required by GAAP for complete financial statements. The accompanying condensed financial statements reflect all adjustments, consisting of normal recurring adjustments, that are, in the opinion of our management, necessary to a fair statement of the results for the interim periods presented. Interim results are not necessarily indicative of results for a full year. The preparation of the condensed financial statements in accordance with GAAP requires our management to make estimates and assumptions that affect the amounts reported on our condensed financial statements and accompanying notes. The amounts reported could differ under different estimates and assumptions. On an ongoing basis, we evaluate our estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. By their nature, estimates are subject to an inherent degree of uncertainty and, as such, actual results may differ from management’s estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Comprehensive Loss Comprehensive loss is defined as the change in equity during the period from transactions and other events and non-owner sources. For the periods presented, accumulated other comprehensive loss consists solely of unrealized gains and losses on marketable securities. Net Loss per Share Net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of unvested restricted stock awards, outstanding stock options and outstanding warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the antidilutive effect of the securities. Because of our net loss, unvested restricted stock awards, outstanding stock options and outstanding warrants are excluded from the calculation of diluted net loss per common share for the three months ended March 31, 2017 and 2016, due to the anti-dilutive effect of the securities. The following table summarizes the number of potentially dilutive securities that were excluded from our calculation of diluted net loss per share for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 Unvested restricted stock awards 1,718,078 2,929,850 Stock options 2,141,309 1,193,275 Warrants 33,988 — Total 3,893,375 4,123,125 Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers (Topic 606), that supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB voted to amend ASU 2014-09 by approving a one-year deferral of the effective date as well as providing the option to early adopt the standard on the original effective date. Accordingly, we will adopt the standard in the first quarter of 2018. We plan to adopt the accounting standard using the modified retrospective transition approach. The modified retrospective transition approach will recognize any changes from the beginning of the year of initial application through retained earnings with no restatement of comparative periods. We currently do not have any revenue contracts with customers and will review any new contracts entered into prior to the adoption of the new standard. The adoption of this guidance is not expected to have an impact on our condensed financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of 12 months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2017 | |
Investments All Other Investments [Abstract] | |
Investments | 3. Investments We invest in available-for-sale securities consisting of money market funds, U.S. Treasury securities, corporate debt securities, commercial paper and government sponsored enterprise securities. Available-for-sale securities are classified as part of either cash and cash equivalents or short-term investments on our condensed balance sheets. The following tables summarize, by major security type, our investments that are measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017 Maturity (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 7,517 $ — $ — $ 7,517 Commercial paper 1 or less 2,000 — — 2,000 Total cash equivalents 9,517 — — 9,517 Short-term investments: U.S. Treasury securities 2 or less 24,001 — (15 ) 23,986 Commercial paper 1 or less 16,046 — — 16,046 Corporate debt securities 1 or less 8,483 1 (5 ) 8,479 Total short-term investments 48,530 1 (20 ) 48,511 Total $ 58,047 $ 1 $ (20 ) $ 58,028 As of December 31, 2016 Maturity (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 5,762 $ — $ — $ 5,762 Commercial paper 1 or less 2,000 — — 2,000 Total cash equivalents 7,762 — — 7,762 Short-term investments: U.S. Treasury securities 2 or less 28,006 5 (9 ) 28,002 Commercial paper 1 or less 14,273 — — 14,273 Corporate debt securities 2 or less 13,603 — (14 ) 13,589 Government sponsored enterprise securities 1 or less 2,201 — — 2,201 Total short-term investments 58,083 5 (23 ) 58,065 Total $ 65,845 $ 5 $ (23 ) $ 65,827 The available-for-sale investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date, which reflects management’s intention to use the proceeds from sales of these securities to fund our operations, as necessary. As of March 31, 2017, $45.5 million of our short-term investments had maturities less than one year and $3.0 million had maturities between one to two years. There were no realized gains or losses for the three months ended March 31, 2017. As of March 31, 2017, $35.4 million of our marketable securities were in gross unrealized loss positions, all of which had been in such position for less than 12 months. We reviewed our marketable securities as of March 31, 2017 and determined that the unrealized losses were not considered to be other-than-temporary based upon (i) the financial strength of the issuing institution and (ii) the fact that all securities have been in an unrealized loss position for less than 12 months. In addition, we do not intend to sell these securities and it is not more likely than not that we will be required to sell these securities before the recovery of their amortized cost basis |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements As a basis for considering assumptions that market participants would use in pricing an asset or liability, the guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: • Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and • Level 3 - Unobservable inputs in which little or no market activity exists, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. Available-for-sale marketable securities consist of U.S. Treasury securities, which were measured at fair value using Level 1 inputs, and corporate debt securities, commercial paper and government sponsored enterprise securities, which were measured at fair value using Level 2 inputs. We determine the fair value of Level 2 related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. We validate the fair values of Level 2 financial instruments by comparing these fair values to a third-party pricing source. No transfers between levels have occurred during the periods presented. The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: As of March 31, 2017 Total Estimated Fair Value Level 1 Level 2 Cash equivalents: Money market funds $ 7,517 $ 7,517 $ — Commercial paper 2,000 — 2,000 Total cash equivalents 9,517 7,517 2,000 Short-term investments: U.S. Treasury securities 23,986 23,986 — Commercial paper 16,046 — 16,046 Corporate debt securities 8,479 — 8,479 Total short-term investments 48,511 23,986 24,525 $ 58,028 $ 31,503 $ 26,525 As of December 31, 2016 Total Estimated Fair Value Level 1 Level 2 Cash equivalents: Money market funds $ 5,762 $ 5,762 $ — Commercial paper 2,000 — 2,000 Total cash equivalents 7,762 5,762 2,000 Short-term investments: U.S. Treasury securities 28,002 28,002 — Commercial paper 14,273 — 14,273 Corporate debt securities 13,589 — 13,589 Government sponsored enterprise securities 2,201 — 2,201 Total short-term investments 58,065 28,002 30,063 Total $ 65,827 $ 33,764 $ 32,063 We believe that our term loan facility bears interest at a rate that approximates prevailing market rates for instruments with similar characteristics and, accordingly, the carrying value of the term loan facility approximates fair value. The fair value of our term loan facility is determined using Level 2 inputs in the fair value hierarchy. See Note 6, Long-Term Debt, for further discussion of our term loan facility. |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | 5. Accounts Payable and Accrued Liabilities Accounts payable and accrued liabilities consisted of the following, in thousands: March 31, 2017 December 31, 2016 Accounts payable $ 598 $ 638 Accrued compensation and benefits 802 1,907 Other accrued expenses 2,288 2,136 Total accounts payable and accrued expenses $ 3,688 $ 4,681 |
Long-Term Debt
Long-Term Debt | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 6. Long-Term Debt On April 27, 2016, we entered into a loan and security agreement, or the Loan Agreement, with Oxford Finance LLC and Silicon Valley Bank, or the Lenders, pursuant to which the Lenders provided a loan facility of up to $20.0 million. Upon entering into the Loan Agreement, we borrowed $7.5 million from the Lenders, or Term A Loan. We may, at our sole discretion, borrow up to an additional $12.5 million at a certain specified time, or Term B Loan, and together with the Term A Loan, the Term Loans. In May 2017, the Loan Agreement was amended to extend the draw period on the Term B Loan and modify the terms of the unused fee, or Loan Amendment. The Term B Loan originally could be drawn between December 31, 2016 and May 1, 2017, subject to our successful advancement of KO-947, a small molecule inhibitor of extracellular signal regulated kinase, into Phase 1 clinical trials. Under the Loan Amendment, the Term B Loan may be drawn between August 1, 2017 and October 31, 2017. In addition, each Term B Loan must be in an amount equal to the lesser of $5.0 million or the amount that is remaining under the Term B Loan. All of the Term Loans will mature on November 1, 2020 , or Maturity Date. Repayment of the We are subject to customary affirmative and restrictive covenants under the term loan facility. Our obligations under the Loan Agreement are secured by a first priority security interest in substantially all of our current and future assets, other than our intellectual property. We have also agreed not to encumber our intellectual property assets, except as permitted by the Loan Agreement. The Loan Agreement also contains customary indemnification obligations and customary events of default, including, among other things, our failure to fulfill certain obligations under the Loan Agreement and the occurrence of a material adverse change in our business, operations, or condition (financial or otherwise), a material impairment of the prospect of repayment of any portion of the loan, or a material impairment in the perfection or priority of Lenders’ lien in the collateral or in the value of such collateral. In the event of default by us under the Loan Agreement, the Lenders would be entitled to exercise their remedies thereunder, including the right to accelerate the debt, upon which we may be required to repay all amounts then outstanding under the Loan Agreement. The conditional exercisable call option related to the event of default is considered to be an embedded derivative which is required to be bifurcated and accounted for as a separate financial instrument. In the periods presented, the value of the embedded derivative is not material, but could become material in future periods if an event of default became more probable than is currently estimated. As of March 31, 2017, we were in compliance with all material covenants under the Loan Agreement and there had been no material adverse change. In connection with the Term A Loan, we issued to the Lenders warrants to purchase up to 67,976 shares of our common stock at an exercise price of $3.31 per share, or the Warrants. The Warrants are exercisable, in whole or in part, and will terminate on the earlier of April 27, 2026 or the closing of certain merger or consolidation transactions In February 2017, Silicon Valley Bank exercised its warrant to purchase 33,988 shares of common stock in a cashless exercise resulting in the issuance of 17,070 shares of our common stock. The warrant issued to Oxford Finance LLC to purchase up to 33,988 shares of our common stock remains outstanding as of March 31, 2017. If we borrow under the Term B Loan, upon the funding of the Term B Loan, we will issue to the Lenders additional warrants to purchase shares of our common stock equal to 3.00% of each Term B Loan amount divided by the lower of (i) the ten day average closing price of our common stock reported on the Nasdaq Global Select Market prior to funding or (ii) the closing price of our common stock reported on the Nasdaq Global Select Market on the day prior to funding. Such lower amount of (i) and (ii) above will also be the exercise price per share for such warrants. The terms of such warrants would be substantially the same as those contained in the Warrants. The following table summarizes future minimum payments under the term loan facility as of March 31, 2017, in thousands: Year Ending December 31, 2017 $ 626 2018 3,050 2019 3,304 2020 2,625 Total future minimum payments 9,605 Less: interest payments (2,105 ) Principal amount of long-term debt 7,500 Less: Unamortized discount (161 ) Long-term debt, net of unamortized discount 7,339 Current portion of long-term debt — Long-term debt, net $ 7,339 |
Equity Incentive Plan
Equity Incentive Plan | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Equity Incentive Plan | 7. Equity Incentive Plan The following table summarizes share-based compensation expense for all equity awards granted, in thousands: Three Months Ended March 31, 2017 2016 Research and development $ 588 $ 316 General and administrative 306 174 Total share-based compensation expense $ 894 $ 490 For the three months ended March 31, 2017 and 2016, we recognized share-based compensation expense related to stock options of $478,000 and $250,000, respectively, of which $18,000 and $8,000 related to non-employee stock options, respectively. For the three months ended March 31, 2017 and 2016, we recognized share-based compensation expense related to restricted stock awards totaling $415,000 and $239,000, respectively, of which $383,000 and $206,000 related to non-employee restricted stock awards, respectively. As of March 31, 2017, unrecognized compensation costs related to employee stock options and restricted stock awards were approximately $6.2 million and $195,000, respectively, which are expected to be recognized over a weighted average period of approximately 3.1 years and 1.5 years, respectively. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 8. Related Party Transactions Our president and chief executive officer is also the sole managing member of Araxes Pharma LLC, or • Facility Sublease We sublease office space from Wellspring Biosciences, Inc., or Wellspring, a wholly owned subsidiary of Araxes. For the three months ended March 31, 2017 and 2016, rent expense related to this sublease, or Sublease, was $32,000 and $26,000, respectively. Pursuant to the terms of the Sublease, as amended in June 2016, the Sublease would have expire on October 31, 2019. In December 2016, we entered into a third amendment to Sublease pursuant to which the Sublease will expire on the later of (i) June 8, 2017 or (ii) seven days after the date on which Wellspring’s landlord delivers the premises to Wellspring. In December 2016, we entered into a new sublease, or New Sublease, with Wellspring for office space in San Diego, California. The terms of the New Sublease will commence on the later of (i) June 1, 2017 or (ii) the date on which Wellspring’s landlord delivers the premises subject to Wellspring’s master lease to Wellspring with certain improvements substantially completed. The New Sublease will expire on October 31, 2019. • Management Fees We have a management services agreement with Araxes pursuant to which Araxes pays us a fixed fee of $65,000 per month for management services. In addition, the agreement allows for Araxes to reimburse us an amount equal to the number of full time equivalents, or FTE, performing research and development services for Araxes, at an annual FTE rate of approximately $350,000, plus actual expenses as reasonably incurred. The initial term expired on December 31, 2015 but, pursuant to the terms of the agreement, renews automatically for additional consecutive one-year periods. The agreement may be terminated by either party with a notice of at least 30 days prior to the expiration of the then-renewal term. For the three months ended March 31, 2017 and 2016, we recorded reimbursements of $146,000 and $106,000, respectively, for research and development services provided to Araxes, which was recorded as a reduction to research and development expenses on our condensed statements of operations and comprehensive loss. As of March 31, 2017 and December 31, 2016, $341,000 and $295,000 related to management fees and reimbursements of research and development services, respectively, are included in accounts receivable, related party on our condensed balance sheets. • Services Agreement We have a services agreement with Wellspring which allows for payment of research and development services provided to us of an amount equal to the number of FTE’s performing the services, at an annual FTE rate of $400,000, plus actual expenses as reasonably incurred. The initial term of this services agreement expired on December 31, 2015 but, pursuant to the terms of the agreement, renews automatically for additional consecutive one-year periods. The agreement may be terminated by either party with a notice of at least 30 days prior to the expiration of the then-renewal term. For the three months ended March 31, 2017 and 2016, we recognized $392,000 and $1.2 million, respectively, from research and development services provided to us under this agreement as research and development expense, related party on our condensed statements of operations and comprehensive loss. As of March 31, 2017 and December 31, 2016, $428,000 and $770,000, respectively, related to research and development services under this agreement are included in accounts payable and accrued expenses, related party on our condensed balance sheets. |
Summary of Significant Accoun14
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as the change in equity during the period from transactions and other events and non-owner sources. For the periods presented, accumulated other comprehensive loss consists solely of unrealized gains and losses on marketable securities. |
Net Loss per Share | Net Loss per Share Net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of unvested restricted stock awards, outstanding stock options and outstanding warrants. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted shares outstanding due to the antidilutive effect of the securities. Because of our net loss, unvested restricted stock awards, outstanding stock options and outstanding warrants are excluded from the calculation of diluted net loss per common share for the three months ended March 31, 2017 and 2016, due to the anti-dilutive effect of the securities. The following table summarizes the number of potentially dilutive securities that were excluded from our calculation of diluted net loss per share for the three months ended March 31, 2017 and 2016: Three Months Ended March 31, 2017 2016 Unvested restricted stock awards 1,718,078 2,929,850 Stock options 2,141,309 1,193,275 Warrants 33,988 — Total 3,893,375 4,123,125 |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers (Topic 606), that supersedes most current revenue recognition guidance, including industry-specific guidance. The guidance provides that an entity recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This guidance also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments, and assets recognized from costs incurred to obtain or fulfill a contract. In July 2015, the FASB voted to amend ASU 2014-09 by approving a one-year deferral of the effective date as well as providing the option to early adopt the standard on the original effective date. Accordingly, we will adopt the standard in the first quarter of 2018. We plan to adopt the accounting standard using the modified retrospective transition approach. The modified retrospective transition approach will recognize any changes from the beginning of the year of initial application through retained earnings with no restatement of comparative periods. We currently do not have any revenue contracts with customers and will review any new contracts entered into prior to the adoption of the new standard. The adoption of this guidance is not expected to have an impact on our condensed financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which requires lessees to recognize a right-to-use asset and a lease obligation for all leases. Lessees are permitted to make an accounting policy election to not recognize an asset and liability for leases with a term of 12 months or less. Lessor accounting under the new standard is substantially unchanged. Additional qualitative and quantitative disclosures, including significant judgments made by management, will be required. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments All Other Investments [Abstract] | |
Investments Measured at Fair Value on Recurring Basis | The following tables summarize, by major security type, our investments that are measured at fair value on a recurring basis as of March 31, 2017 and December 31, 2016, respectively. As of March 31, 2017 Maturity (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 7,517 $ — $ — $ 7,517 Commercial paper 1 or less 2,000 — — 2,000 Total cash equivalents 9,517 — — 9,517 Short-term investments: U.S. Treasury securities 2 or less 24,001 — (15 ) 23,986 Commercial paper 1 or less 16,046 — — 16,046 Corporate debt securities 1 or less 8,483 1 (5 ) 8,479 Total short-term investments 48,530 1 (20 ) 48,511 Total $ 58,047 $ 1 $ (20 ) $ 58,028 As of December 31, 2016 Maturity (years) Amortized Cost Unrealized Gains Unrealized Losses Fair Value Cash equivalents: Money market funds 1 or less $ 5,762 $ — $ — $ 5,762 Commercial paper 1 or less 2,000 — — 2,000 Total cash equivalents 7,762 — — 7,762 Short-term investments: U.S. Treasury securities 2 or less 28,006 5 (9 ) 28,002 Commercial paper 1 or less 14,273 — — 14,273 Corporate debt securities 2 or less 13,603 — (14 ) 13,589 Government sponsored enterprise securities 1 or less 2,201 — — 2,201 Total short-term investments 58,083 5 (23 ) 58,065 Total $ 65,845 $ 5 $ (23 ) $ 65,827 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule Of Fair Value Measurements, By Major Security Type | The following tables summarize, by major security type, our cash equivalents and short-term investments that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy, in thousands: As of March 31, 2017 Total Estimated Fair Value Level 1 Level 2 Cash equivalents: Money market funds $ 7,517 $ 7,517 $ — Commercial paper 2,000 — 2,000 Total cash equivalents 9,517 7,517 2,000 Short-term investments: U.S. Treasury securities 23,986 23,986 — Commercial paper 16,046 — 16,046 Corporate debt securities 8,479 — 8,479 Total short-term investments 48,511 23,986 24,525 $ 58,028 $ 31,503 $ 26,525 As of December 31, 2016 Total Estimated Fair Value Level 1 Level 2 Cash equivalents: Money market funds $ 5,762 $ 5,762 $ — Commercial paper 2,000 — 2,000 Total cash equivalents 7,762 5,762 2,000 Short-term investments: U.S. Treasury securities 28,002 28,002 — Commercial paper 14,273 — 14,273 Corporate debt securities 13,589 — 13,589 Government sponsored enterprise securities 2,201 — 2,201 Total short-term investments 58,065 28,002 30,063 Total $ 65,827 $ 33,764 $ 32,063 |
Accounts Payable and Accrued 17
Accounts Payable and Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities consisted of the following, in thousands: March 31, 2017 December 31, 2016 Accounts payable $ 598 $ 638 Accrued compensation and benefits 802 1,907 Other accrued expenses 2,288 2,136 Total accounts payable and accrued expenses $ 3,688 $ 4,681 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Debt Disclosure [Abstract] | |
Future Minimum Payments under Term Loan Facility | The following table summarizes future minimum payments under the term loan facility as of March 31, 2017, in thousands: Year Ending December 31, 2017 $ 626 2018 3,050 2019 3,304 2020 2,625 Total future minimum payments 9,605 Less: interest payments (2,105 ) Principal amount of long-term debt 7,500 Less: Unamortized discount (161 ) Long-term debt, net of unamortized discount 7,339 Current portion of long-term debt — Long-term debt, net $ 7,339 |
Equity Incentive Plan (Tables)
Equity Incentive Plan (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Share-based Compensation Expense | The following table summarizes share-based compensation expense for all equity awards granted, in thousands: Three Months Ended March 31, 2017 2016 Research and development $ 588 $ 316 General and administrative 306 174 Total share-based compensation expense $ 894 $ 490 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies - Summary of Number of Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 3,893,375 | 4,123,125 |
Unvested Restricted Stock Awards | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 1,718,078 | 2,929,850 |
Stock Options | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 2,141,309 | 1,193,275 |
Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Potentially dilutive securities | 33,988 |
Investments - Investments Measu
Investments - Investments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | ||
Schedule Of Available For Sale Securities [Line Items] | |||
Short-term investments | $ 48,511 | $ 58,065 | [1] |
Fair Value Measurements on Recurring Basis | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Cash equivalents, Amortized Cost | 9,517 | 7,762 | |
Cash equivalents, Fair Value | 9,517 | 7,762 | |
Short-term investments, Amortized Cost | 48,530 | 58,083 | |
Short-term investments, Unrealized Gains | 1 | 5 | |
Short-term investments, Unrealized Losses | (20) | (23) | |
Short-term investments | 48,511 | 58,065 | |
Cash equivalents and Short-term investments, Amortized Cost | 58,047 | 65,845 | |
Cash equivalents and Short-term investments, Fair Value | $ 58,028 | $ 65,827 | |
Fair Value Measurements on Recurring Basis | Money Market Funds | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Maturities (years) | 1 or less | 1 or less | |
Cash equivalents, Amortized Cost | $ 7,517 | $ 5,762 | |
Cash equivalents, Fair Value | $ 7,517 | $ 5,762 | |
Fair Value Measurements on Recurring Basis | Commercial Paper | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Maturities (years) | 1 or less | 1 or less | |
Cash equivalents, Amortized Cost | $ 2,000 | $ 2,000 | |
Cash equivalents, Fair Value | 2,000 | 2,000 | |
Short-term investments, Amortized Cost | 16,046 | 14,273 | |
Short-term investments | $ 16,046 | $ 14,273 | |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Maturities (years) | 2 or less | 2 or less | |
Short-term investments, Amortized Cost | $ 24,001 | $ 28,006 | |
Short-term investments, Unrealized Gains | 5 | ||
Short-term investments, Unrealized Losses | (15) | (9) | |
Short-term investments | $ 23,986 | $ 28,002 | |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Maturities (years) | 1 or less | 2 or less | |
Short-term investments, Amortized Cost | $ 8,483 | $ 13,603 | |
Short-term investments, Unrealized Gains | 1 | ||
Short-term investments, Unrealized Losses | (5) | (14) | |
Short-term investments | $ 8,479 | $ 13,589 | |
Fair Value Measurements on Recurring Basis | Government Sponsored Enterprise Securities | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Maturities (years) | 1 or less | ||
Short-term investments, Amortized Cost | $ 2,201 | ||
Short-term investments | $ 2,201 | ||
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |
Investments - Additional Inform
Investments - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Investments All Other Investments [Abstract] | |
Short-term investments with maturities less than one year | $ 45,500,000 |
Short-term investments with maturities between one to two years | 3,000,000 |
Available-for-sale securities, realized gains or losses | 0 |
Marketable securities gross unrealized loss positions for less than twelve months | $ 35,400,000 |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Values of Investment Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Short-term investments | $ 48,511 | $ 58,065 | [1] |
Fair Value Measurements on Recurring Basis | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents | 9,517 | 7,762 | |
Short-term investments | 48,511 | 58,065 | |
Cash equivalents and short-term investments | 58,028 | 65,827 | |
Fair Value Measurements on Recurring Basis | Government Sponsored Enterprise Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Short-term investments | 2,201 | ||
Fair Value Measurements on Recurring Basis | Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents | 7,517 | 5,762 | |
Fair Value Measurements on Recurring Basis | Commercial Paper | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents | 2,000 | 2,000 | |
Short-term investments | 16,046 | 14,273 | |
Fair Value Measurements on Recurring Basis | U.S. Treasury Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Short-term investments | 23,986 | 28,002 | |
Fair Value Measurements on Recurring Basis | Corporate Debt Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Short-term investments | 8,479 | 13,589 | |
Fair Value Measurements on Recurring Basis | Level 1 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents | 7,517 | 5,762 | |
Short-term investments | 23,986 | 28,002 | |
Cash equivalents and short-term investments | 31,503 | 33,764 | |
Fair Value Measurements on Recurring Basis | Level 1 | Money Market Funds | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents | 7,517 | 5,762 | |
Fair Value Measurements on Recurring Basis | Level 1 | U.S. Treasury Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Short-term investments | 23,986 | 28,002 | |
Fair Value Measurements on Recurring Basis | Level 2 | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents | 2,000 | 2,000 | |
Short-term investments | 24,525 | 30,063 | |
Cash equivalents and short-term investments | 26,525 | 32,063 | |
Fair Value Measurements on Recurring Basis | Level 2 | Government Sponsored Enterprise Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Short-term investments | 2,201 | ||
Fair Value Measurements on Recurring Basis | Level 2 | Commercial Paper | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Cash equivalents | 2,000 | 2,000 | |
Short-term investments | 16,046 | 14,273 | |
Fair Value Measurements on Recurring Basis | Level 2 | Corporate Debt Securities | |||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||
Short-term investments | $ 8,479 | $ 13,589 | |
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |
Accounts Payable and Accrued 24
Accounts Payable and Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | |
Payables And Accruals [Abstract] | |||
Accounts payable | $ 598 | $ 638 | |
Accrued compensation and benefits | 802 | 1,907 | |
Other accrued expenses | 2,288 | 2,136 | |
Total accounts payable and accrued expenses | $ 3,688 | $ 4,681 | [1] |
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | May 15, 2017 | Apr. 27, 2016 | Feb. 28, 2017 | Mar. 31, 2017 |
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity under term loans | $ 20,000,000 | |||
Principal amount outstanding on loan | $ 7,500,000 | |||
Term loan remaining borrowing capacity | 12,500,000 | |||
Additional borrowing description | We may, at our sole discretion, borrow up to an additional $12.5 million at a certain specified time, or Term B Loan, and together with the Term A Loan, the Term Loans. In May 2017, the Loan Agreement was amended to extend the draw period on the Term B Loan and modify the terms of the unused fee, or Loan Amendment. The Term B Loan originally could be drawn between December 31, 2016 and May 1, 2017, subject to our successful advancement of KO-947, a small molecule inhibitor of extracellular signal regulated kinase, into Phase 1 clinical trials. Under the Loan Amendment, the Term B Loan may be drawn between August 1, 2017 and October 31, 2017. | |||
Silicon Valley Bank | ||||
Debt Instrument [Line Items] | ||||
Warrants issued to purchase of common stock | 33,988 | |||
Common stock, shares issued | 17,070 | |||
Maximum | Oxford Finance LLC | ||||
Debt Instrument [Line Items] | ||||
Warrants issued to purchase of common stock | 33,988 | |||
Term A Loan | ||||
Debt Instrument [Line Items] | ||||
Principal amount outstanding on loan | 7,500,000 | |||
Final payment due on the maturity date | 563,000 | |||
Fair Value Of Warrants | $ 172,000 | |||
Term A Loan | Term Loan Warrants | ||||
Debt Instrument [Line Items] | ||||
Warrants exercisable exercise price | $ 3.31 | |||
Warrants termination date | Apr. 27, 2026 | |||
Volatility Rate | 70.92% | |||
Expected Term | 10 years | |||
Risk Free Interest Rate | 2.11% | |||
Dividend yield | 0.00% | |||
Term A Loan | Maximum | Term Loan Warrants | ||||
Debt Instrument [Line Items] | ||||
Warrants issued to purchase of common stock | 67,976 | |||
Term B Loan | ||||
Debt Instrument [Line Items] | ||||
Description of required debt amount | each Term B Loan must be in an amount equal to the lesser of $5.0 million or the amount that is remaining under the Term B Loan. | |||
Term B Loan | Term Loan Warrants | ||||
Debt Instrument [Line Items] | ||||
Warrant shares percentage issued of loan amount | 3.00% | |||
Number of trading days for average closing price | 10 days | |||
Term B Loan | Minimum | ||||
Debt Instrument [Line Items] | ||||
Term B Loan Minimum draw amount | $ 5,000,000 | |||
Term Loans | ||||
Debt Instrument [Line Items] | ||||
Term loan facility maturity date | Nov. 1, 2020 | |||
Description of term loan payment terms | All of the Term Loans will mature on November 1, 2020, or Maturity Date. Repayment of the Term Loans is interest only through May 1, 2018, followed by 30 equal monthly payments of principal plus accrued interest commencing on June 1, 2018 | |||
Percentage of prime rate included in effective interest rate | 4.25% | |||
Final payment as a percentage of amounts borrowed | 7.50% | |||
Team loan effective interest rate description | The per annum interest rate for any outstanding Term Loans is the greater of (i) 7.75% and (ii) the sum of (a) the prime rate reported in The Wall Street Journal on the last business day of the month that immediately precedes the month in which the interest will accrue, plus (b) 4.25%. | |||
Minimum percentage of interest rate on outstanding borrowings | 8.25% | |||
Unused fee description | unused fee on the earlier of November 1, 2017, extended from May 2, 2017 under the Loan Amendment, or prior repayment of the Term Loans in an amount equal to (a) 2.75%, amended from 2.00%, multiplied by (b) $20.0 million minus the aggregate amount of the Term Loans drawn on or before October 31, 2017, extended from May 1, 2017. | |||
Term Loans | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage on unused capacity | 2.00% | |||
Term Loans | Base Rate | Subsequent Event | Loan Amendment | ||||
Debt Instrument [Line Items] | ||||
Commitment fee percentage on unused capacity | 2.75% | |||
Term Loans | Transaction Occurring Assumption One | ||||
Debt Instrument [Line Items] | ||||
Prepayment fee equal to outstanding principal amount | 1.00% | |||
Term Loans | Transaction Occurring Assumption Two | ||||
Debt Instrument [Line Items] | ||||
Prepayment fee equal to outstanding principal amount | 2.00% | |||
Term Loans | Transaction Occurring Assumption Three | ||||
Debt Instrument [Line Items] | ||||
Prepayment fee equal to outstanding principal amount | 3.00% | |||
Term Loans | Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Minimum percentage of interest rate on outstanding borrowings | 7.75% |
Long-Term Debt - Future Minimum
Long-Term Debt - Future Minimum Payments under Term Loan Facility (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 | [1] |
Debt Disclosure [Abstract] | |||
2,017 | $ 626 | ||
2,018 | 3,050 | ||
2,019 | 3,304 | ||
2,020 | 2,625 | ||
Total future minimum payments | 9,605 | ||
Less: interest payments | (2,105) | ||
Principal amount of long-term debt | 7,500 | ||
Less: Unamortized discount | (161) | ||
Long-term debt, net of unamortized discount | 7,339 | ||
Long-term debt, net | $ 7,339 | $ 7,324 | |
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |
Equity Incentive Plan - Summary
Equity Incentive Plan - Summary of Share-based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 894 | $ 490 |
Research and development | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | 588 | 316 |
General and administrative | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 306 | $ 174 |
Equity Incentive Plan - Additio
Equity Incentive Plan - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 894,000 | $ 490,000 |
Employee Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | 478,000 | 250,000 |
Non-employee share based compensation expense | 18,000 | 8,000 |
Unrecognized stock option compensation expenses | $ 6,200,000 | |
Weighted average service period | 3 years 1 month 6 days | |
Restricted Stock Awards | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Share-based compensation expense | $ 415,000 | 239,000 |
Non-employee share based compensation expense | 383,000 | $ 206,000 |
Unrecognized stock option compensation expenses | $ 195,000 | |
Weighted average service period | 1 year 6 months |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) | Apr. 30, 2016 | Dec. 18, 2014 | Oct. 01, 2014 | Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||||||
Accounts receivable, related party | $ 341,000 | $ 295,000 | [1] | ||||
Research and development, related party | 293,000 | $ 1,082,000 | |||||
Accounts payable and accrued expenses, related party | 428,000 | 770,000 | [1] | ||||
Wellspring Biosciences Inc | |||||||
Related Party Transaction [Line Items] | |||||||
Rent expense related to office space sublease | $ 32,000 | 26,000 | |||||
Sublease expiration date | Oct. 31, 2019 | ||||||
Sublease agreement description | In December 2016, we entered into a third amendment to Sublease pursuant to which the Sublease will expire on the later of (i) June 8, 2017 or (ii) seven days after the date on which Wellspring’s landlord delivers the premises to Wellspring. | ||||||
Agreement expiration date | Dec. 31, 2015 | ||||||
Agreement termination notice period | 30 days | ||||||
Research and development services expense at full time equivalents rate | $ 400,000 | ||||||
Research and development, related party | $ 392,000 | 1,200,000 | |||||
Accounts payable and accrued expenses, related party | $ 428,000 | 770,000 | |||||
Wellspring Biosciences Inc | San Diego, California | |||||||
Related Party Transaction [Line Items] | |||||||
Sublease expiration date | Oct. 31, 2019 | ||||||
Sublease agreement description | The terms of the New Sublease will commence on the later of (i) June 1, 2017 or (ii) the date on which Wellspring’s landlord delivers the premises subject to Wellspring’s master lease to Wellspring with certain improvements substantially completed. The New Sublease will expire on October 31, 2019 | ||||||
Araxes Pharma LLC | |||||||
Related Party Transaction [Line Items] | |||||||
Management Fee, Description | We have a management services agreement with Araxes pursuant to which Araxes pays us a fixed fee of $65,000 per month for management services. In addition, the agreement allows for Araxes to reimburse us an amount equal to the number of full time equivalents, or FTE, performing research and development services for Araxes, at an annual FTE rate of approximately $350,000, plus actual expenses as reasonably incurred. The initial term expired on December 31, 2015 but, pursuant to the terms of the agreement, renews automatically for additional consecutive one-year periods. The agreement may be terminated by either party with a notice of at least 30 days prior to the expiration of the then-renewal term. | ||||||
Management service agreement, fixed | $ 65,000 | ||||||
Management service agreement, full time equivalents performing research and development services | $ 350,000 | ||||||
Agreement expiration date | Dec. 31, 2015 | ||||||
Agreement termination notice period | 30 days | ||||||
Amount received on research and development services | $ 146,000 | $ 106,000 | |||||
Accounts receivable, related party | $ 341,000 | $ 295,000 | |||||
[1] | The balance sheet data at December 31, 2016 has been derived from audited financial statements at that date. It does not include, however, all of the information and notes required by U.S. generally accepted accounting principles for complete financial statements. |