Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 11, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KMPH | ||
Entity Registrant Name | KEMPHARM, INC | ||
Entity Central Index Key | 1,434,647 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Common Stock, Shares Outstanding | 14,498,474 | ||
Entity Public Float | $ 206,967,240 |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 32,318 | $ 10,255 |
Marketable securities | 19,002 | |
Prepaid expenses and other current assets | 2,758 | 23 |
Total current assets | 54,078 | 10,278 |
Debt issuance costs, net | 1,133 | 1,468 |
Property and equipment, net | 403 | 352 |
Other long-term assets | 109 | 1,616 |
Total assets | 55,723 | 13,714 |
Current liabilities: | ||
Accounts payable and accrued expenses | 4,906 | 3,096 |
Current portion of convertible notes | 1,369 | 325 |
Current portion of term notes | 2,041 | 482 |
Current portion of capital lease obligation | 26 | 32 |
Total current liabilities | 8,342 | 3,935 |
Convertible notes, net | 7,865 | 7,235 |
Term notes, net | 11,798 | 10,853 |
Derivative and warrant liability | 37,839 | 15,966 |
Capital lease obligation, net | 26 | |
Total liabilities | $ 65,844 | $ 38,015 |
Commitments and contingencies (Note G) | ||
Redeemable convertible preferred stock: | ||
Total Redeemable Convertible Preferred Stock | $ 24,207 | |
Stockholders' deficit: | ||
Common stock, $0.0001 par value, 250,000,000 shares authorized, 14,490,954 shares issued and outstanding as of December 31, 2015; 18,666,666 shares authorized, 2,381,041 shares issued and outstanding as of December 31, 2014 | $ 1 | |
Additional paid-in capital | $ 94,702 | $ 1,652 |
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, no shares issued or outstanding as of December 31, 2015; no shares authorized, issued or outstanding as of December 31, 2014 | ||
Accumulated deficit | $ (104,824) | $ (50,160) |
Total stockholders' deficit | (10,121) | (48,508) |
Total liabilities, redeemable convertible preferred stock, and stockholders' deficit | $ 55,723 | 13,714 |
Series A Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock: | ||
Total Redeemable Convertible Preferred Stock | 3,343 | |
Series B Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock: | ||
Total Redeemable Convertible Preferred Stock | 3,313 | |
Series C Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock: | ||
Total Redeemable Convertible Preferred Stock | 11,892 | |
Series D Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock: | ||
Total Redeemable Convertible Preferred Stock | $ 5,659 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 250,000,000 | 18,666,666 |
Common stock, shares issued | 14,490,954 | 2,381,041 |
Common stock, shares outstanding | 14,490,954 | 2,381,041 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 10,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series A Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 0 | 1,294,000 |
Redeemable convertible preferred stock, shares issued | 0 | 1,293,838 |
Redeemable convertible preferred stock, shares outstanding | 0 | 1,293,838 |
Series B Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 0 | 829,234 |
Redeemable convertible preferred stock, shares issued | 0 | 829,234 |
Redeemable convertible preferred stock, shares outstanding | 0 | 829,234 |
Series C Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 0 | 2,474,400 |
Redeemable convertible preferred stock, shares issued | 0 | 2,474,122 |
Redeemable convertible preferred stock, shares outstanding | 0 | 2,474,122 |
Series D Redeemable Convertible Preferred Stock | ||
Redeemable convertible preferred stock, par value | $ 0.0001 | $ 0.0001 |
Redeemable convertible preferred stock, shares authorized | 0 | 10,000,000 |
Redeemable convertible preferred stock, shares issued | 0 | 967,359 |
Redeemable convertible preferred stock, shares outstanding | 0 | 967,359 |
STATEMENTS OF OPERATIONS
STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | |||||||||||
Research and development | 4,716 | 4,328 | 2,768 | 2,119 | 5,911 | 3,253 | 1,715 | 1,038 | 13,931 | 11,917 | 3,367 |
General and administrative | 2,566 | 2,152 | 3,188 | 977 | 1,577 | 1,086 | 1,330 | 534 | 8,883 | 4,526 | 1,351 |
Total operating expenses | 7,282 | 6,480 | 5,956 | 3,096 | 7,488 | 4,339 | 3,045 | 1,572 | 22,814 | 16,443 | 4,718 |
Loss from operations | (7,282) | (6,480) | (5,956) | (3,096) | (7,488) | (4,339) | (3,045) | (1,572) | (22,814) | (16,443) | (4,718) |
Other (expense) income: | |||||||||||
Gain on extinguishment of debt | 1,900 | 1,900 | |||||||||
Interest expense related to amortization of debt issuance costs and discount | (475) | (479) | (477) | (477) | (478) | (477) | (159) | 0 | (1,909) | (1,114) | (1,560) |
Interest expense on principal | (698) | (687) | (654) | (632) | (631) | (173) | (704) | (96) | (2,671) | (1,605) | (157) |
Fair value adjustment | (764) | (2,089) | (22,661) | (1,762) | (3,221) | (2,189) | (1,570) | (242) | (27,276) | (7,223) | 1,137 |
Interest and other income | 15 | 11 | 5 | 4 | 3 | 32 | 8 | 52 | |||
Total other expenses | (1,922) | (3,244) | (23,787) | (2,871) | (4,326) | (2,836) | (533) | (338) | (31,824) | (8,034) | (528) |
Loss before income taxes | (9,204) | (9,724) | (29,743) | (5,967) | (11,814) | (7,175) | (3,578) | (1,910) | (54,638) | (24,477) | (5,246) |
Income tax (expense) benefit | 1 | (20) | (7) | (27) | 38 | 6 | 5 | (26) | 22 | 20 | |
Net loss | $ (9,203) | $ (9,744) | $ (29,743) | $ (5,974) | $ (11,841) | $ (7,137) | $ (3,572) | $ (1,905) | $ (54,664) | $ (24,455) | $ (5,226) |
Net loss per share: | |||||||||||
Basic and diluted | $ (0.64) | $ (0.68) | $ (2.45) | $ (2.50) | $ (4.97) | $ (3) | $ (1.50) | $ (0.80) | $ (7.42) | $ (10.27) | $ (2.20) |
Weighted average common shares outstanding: | |||||||||||
Basic and diluted | 7,368,681 | 2,381,041 | 2,381,041 |
STATEMENTS OF CHANGES IN REDEEM
STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT - USD ($) $ in Thousands | Total | Series A Redeemable Convertible Preferred Stock | Series B Redeemable Convertible Preferred Stock | Series C Redeemable Convertible Preferred Stock | Series D Redeemable Convertible Preferred Stock | Series D-1 Redeemable Convertible Preferred Stock | Redeemable Convertible Preferred Stock | Common stock | Additional Paid-in Capital | Accumulated Deficit |
Beginning balance at Dec. 31, 2012 | $ (19,175) | $ 1,304 | $ (20,479) | |||||||
Beginning balance at Dec. 31, 2012 | $ 3,343 | $ 3,313 | $ 11,892 | $ 18,548 | ||||||
Net loss | (5,226) | (5,226) | ||||||||
Stock-based compensation expense | 134 | 134 | ||||||||
Ending balance at Dec. 31, 2013 | (24,267) | 1,438 | (25,705) | |||||||
Ending balance at Dec. 31, 2013 | 3,343 | 3,313 | 11,892 | 18,548 | ||||||
Net loss | (24,455) | (24,455) | ||||||||
Stock-based compensation expense | 214 | $ 214 | ||||||||
Change in par value | (1,438) | 1,438 | ||||||||
Conversion of 2013 Convertible notes into Series D Preferred stock | $ 4,159 | 4,159 | ||||||||
Issuance of Series D Preferred stock as financing fee | 1,500 | 1,500 | ||||||||
Ending balance at Dec. 31, 2014 | (48,508) | 1,652 | (50,160) | |||||||
Ending balance at Dec. 31, 2014 | 24,207 | 3,343 | 3,313 | 11,892 | 5,659 | 24,207 | ||||
Net loss | (54,664) | (54,664) | ||||||||
Stock-based compensation expense | 2,369 | 2,369 | ||||||||
Ending balance at Dec. 31, 2015 | (10,121) | 1 | 94,702 | $ (104,824) | ||||||
Exercise of stock options and warrants | 4,749 | 4,749 | ||||||||
Issuance of Series D-1 preferred stock | $ 4,000 | 4,000 | ||||||||
Issuance of common stock in connection with IPO, net of discounts and commissions | 59,892 | $ 1 | 59,891 | |||||||
Conversion of 2013 warrants to equity classification | 1,110 | 1,110 | ||||||||
Conversion of preferred stock into common stock upon IPO | 28,207 | $ (3,343) | $ (3,313) | $ (11,892) | $ (5,659) | $ (4,000) | $ (28,207) | 28,207 | ||
Offering expenses charged to equity | $ (3,276) | $ (3,276) |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities: | |||
Net loss | $ (54,664) | $ (24,455) | $ (5,226) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Gain on extinguishment of debt | (1,900) | ||
Stock-based compensation expense | 2,369 | 214 | 134 |
Non-cash interest expense | 2,671 | 1,602 | 152 |
Amortization of debt issuance costs and debt discount | 1,909 | 1,114 | 1,560 |
Depreciation and amortization expense | 84 | 75 | 68 |
Fair value adjustment | 27,276 | 7,223 | (1,137) |
Change in assets and liabilities: | |||
Prepaid expenses and other current assets | (1,228) | 523 | (4) |
Accounts payable and accrued expenses | 1,315 | 933 | 126 |
Net cash used in operating activities | (20,268) | (14,671) | (4,327) |
Cash flows from investing activities: | |||
Proceeds from sale of assets | 2 | 17 | |
Purchases of property and equipment | (135) | (49) | (51) |
Purchases of marketable securities | (19,002) | ||
Net cash used in investing activities | (19,137) | (47) | (34) |
Cash flows from financing activities: | |||
Proceeds from initial public offering, net of discounts and commissions | 59,892 | ||
Payment of deferred offering costs | (315) | (1,767) | |
Proceeds from issuance of debt | 25,000 | 3,846 | |
Repayment of line of credit | (35) | (5) | |
Payment of debt and stock issuance costs | (2,533) | (163) | |
Repayment of obligations under capital lease | (32) | (31) | (53) |
Proceeds from exercise of warrants | 413 | ||
Net cash provided by financing activities | 61,468 | 23,004 | 3,788 |
Increase (decrease) in cash and cash equivalents | 22,063 | 8,286 | (573) |
Cash and cash equivalents, beginning of year | 10,255 | 1,969 | 2,542 |
Cash and cash equivalents, end of year | 32,318 | 10,255 | 1,969 |
Supplemental cash flow information: | |||
Cash paid for interest | 3 | 5 | |
Conversion feature on 2013 convertible notes and put option | 1,150 | ||
Issuance of 2013 warrants and Deerfield warrant | 7,610 | 410 | |
Fixed assets financed by capital lease | $ 94 | ||
Embedded Deerfield put option on Deerfield warrant | 220 | ||
Issuance of Series D preferred stock as transaction fee | 1,500 | ||
Conversion of 2013 convertible notes and interest into Series D preferred stock | 4,159 | ||
Deferred offering costs included in accounts payable and accrued expenses | 428 | $ 315 | |
Conversion of preferred stock into common stock upon IPO | 28,207 | ||
Offering expenses charged to equity | 3,276 | ||
Reclassification of 2013 warrants to equity | 1,110 | ||
Transfer of warrants to equity upon exercise | 4,293 | ||
Series D-1 Redeemable Convertible Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from issuance of Series D-1 preferred stock | 4,000 | ||
Series D Redeemable Convertible Preferred Stock | |||
Cash flows from financing activities: | |||
Proceeds from exercise of warrants | $ 43 |
Description of Business and Bas
Description of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Description of Business and Basis of Presentation | A. Description of Business and Basis of Presentation KemPharm, Inc. (the “Company”) is a clinical-stage specialty pharmaceutical company engaged in the discovery and development of proprietary prodrugs. Through the use of its Ligand Activated Therapy (“LAT”) platform technology, the Company is able to initiate and pursue the development of improved versions of widely prescribed, approved drugs. The Company was formed on October 30, 2006, and incorporated in Iowa, and reorganized in Delaware on May 30, 2014. The Company has experienced recurring losses from operations and negative operating cash flows due to its ongoing research and development of its potential product candidates. The Company also has a stockholders’ deficit at December 31, 2015. Various internal and external factors will affect whether and when the candidates become approved drugs and how significant their market share will be. The length of time and cost of developing and commercializing these candidates and/or failure of them at any stage of the drug approval process will materially affect the Company’s financial condition and future operations. Based upon our current operating plan, we believe that our existing cash and cash equivalents, will enable us to fund our operating expenses and capital expenditure requirements through at least the next 21 months. Reverse Stock Split On April 2, 2015, the Company effected a 1-for-7.5 reverse stock split of its issued common stock. All applicable share data, per share amounts and related information in the financial statements and notes thereto have been adjusted retroactively to give effect to the 1-for-7.5 reverse stock split. Initial Public Offering In April 2015, the Company completed an initial public offering (“IPO”) of its common stock. In connection with the initial closing of the IPO, the Company sold an aggregate of 5,090,909 shares of common stock at a price to the public of $11.00 per share. In May 2015, the underwriters in the IPO exercised their option to purchase additional shares pursuant to which the Company sold an additional 763,636 shares of common stock at a price equal to the public price of $11.00 per share. In the aggregate, net proceeds from the IPO including net proceeds from the underwriters’ exercise of their option to purchase additional shares, were $59.9 million, after deducting underwriting discounts and commissions of $4.5 million. In addition, offering expenses totaled $2.8 million. Upon completion of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock were converted or reclassified into 5,980,564 shares of common stock and all outstanding warrants to acquire shares of the Company’s redeemable convertible preferred stock became warrants to acquire the Company’s common stock. In connection with the IPO, the Company amended and restated its Amended and Restated Certificate of Incorporation to change the authorized capital stock to 250,000,000 shares, designated as common stock, and 10,000,000 shares, designated as preferred stock, each with a par value of $0.0001 per share. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. These reclassifications had no effect on previously reported net loss. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | B . Summary of Significant Accounting Policies Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the useful lives of property and equipment, the fair value of the Company’s common stock and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed insured limits. Cash and Cash Equivalents The Company considers any highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. Marketable Securities The Company maintains investment securities that are classified as trading securities. These securities are carried at fair value with unrealized gains and losses included in other income on the statement of operations. The securities primarily consist of certificates of deposit and government bonds. Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three to fifteen years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the term of the related lease. Upon retirement or disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts with the resulting gains or losses, if any, reflected in results of operations. Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are amortized over the life of the respective financing arrangement using the effective interest method. Supply Arrangements The Company enters into supply arrangements for the supply of components of its product candidates. These arrangements also may include a share of future revenue if related product candidates reach commercialization. Costs under these supply arrangements, if any, are expensed as incurred (Note H). Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying values, an impairment loss is recorded for the difference between the carrying values and fair values of the asset. No such impairment occurred for the years ended December 31, 2015 and 2014. Fair Value of Financial Instruments The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: · Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; · Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and · Level 3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clinical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the statements of operations as the Company receives the related goods or services. Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the statements of operations. Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not to be realized. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. The Company did not have any accrued interest or penalties associated with uncertain tax positions for the years ended December 31, 2015 and 2014. The Company files income tax returns in the United States for federal and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state and local income tax examinations for years prior to 2010, although carryforward attributes that were generated prior to 2012 may still be adjusted upon examination by the Internal Revenue Service if used in a future period. No income tax returns are currently under examination by taxing authorities. Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers and directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under Accounting Standards Codification (ASC) subtopic 505-50. The Company values equity instruments and stock options granted using the Black-Scholes option pricing model. The value of non-employee stock-based compensation is subject to periodic adjustments as the underlying equity instruments vest and is recognized as an expense over the term of the related financing or the period over which services are received. Basic and Diluted Net Loss per Share of Common Stock The Company uses the two-class method to compute net loss per common share because the Company has issued securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Holders of each series of the Company’s redeemable convertible preferred stock are entitled to participate in distributions, when and if declared by the board of directors, that are made to common stockholders and, as a result, are considered participating securities. Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment. All assets of the Company were held in the United States for the years ended December 31, 2015 and 2014. Application of New or Revised Accounting Standards—Adopted From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date. On April 5, 2012, President Obama signed the Jump-Start Our Business Startups Act (the JOBS Act) into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company, the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than public companies must adopt the standards. The Company has elected not to take advantage of the extended transition period afforded by the JOBS Act and, as a result, will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. In July 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist Application of New or Revised Accounting Standards—Not Yet Adopted In May 2014, the FASB issued guidance codified in ASC Topic 606, Revenue Recognition—Revenue from Contracts with Customers, Revenue Recognition, In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20); Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”) In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740) In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall – Recognition and Measurement of Financial Assets and Liabilities (Topic 825-10) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Prepaid Expenses and Other Current Assets | C . Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): December 31, December 31, 2015 2014 Other receivables $ 2,375 $ — Prepaid insurance 290 — Other prepaid expenses and current assets 93 23 Total $ 2,758 $ 23 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | D . Property and Equipment Property and equipment consists of the following (in thousands): December 31, December 31, 2015 2014 Laboratory equipment $ 530 $ 530 Computers and hardware 176 73 Furniture and office equipment 169 137 Leasehold improvements 6 6 Total property and equipment 881 746 Less: accumulated depreciation and amortization (478 ) (394 ) Property and equipment, net $ 403 $ 352 The Company leases various equipment under capital lease agreements. The assets under capital leases are included in property and equipment as follows (in thousands): December 31, December 31, 2015 2014 Furniture and office equipment $ 94 $ 94 Less: accumulated depreciation and amortization (22 ) (12 ) $ 72 $ 82 The estimated useful lives of property and equipment are as follows: Useful Life Asset Category (in years) Laboratory equipment 10 Computers and hardware 3-7 Furniture and office equipment 5-10 Leasehold improvements 15 Depreciation and amortization expense, including amounts pertaining to assets held under capital leases, was approximately $84,000, $75,000 and $68,000 for the years ended December 31, 2015, 2014 and 2013, respectively. |
Accounts Payable and Accrued Ex
Accounts Payable and Accrued Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | E . Accounts Payable and Accrued Expenses Accounts payable and accrued expenses consist of the following (in thousands): December 31, December 31, 2015 2014 Accounts payable $ 1,252 $ 1,582 Accrued interest 698 631 Accrued banking fees 700 700 Accrued payroll 947 183 Other accrued expenses 1,309 - Total $ 4,906 $ 3,096 |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt Obligations | F . Debt Obligations Deerfield Facility Agreement On June 2, 2014, the Company entered into a $60.0 million facility agreement (the “Deerfield Facility Agreement”) with Deerfield Private Design Fund III, LP (“Deerfield”). The first payment to the Company under the terms of the Deerfield Facility Agreement consisted of a term loan of $15.0 million (the “Term Notes”) and a senior secured loan of $10.0 million (the “Deerfield Convertible Notes”). All loans issued under the Deerfield Facility Agreement bear interest at 9.75% per annum. Deerfield may convert any portion of the outstanding principal and any accrued but unpaid interest on the Deerfield Convertible Notes into shares of the Company’s common stock at an initial conversion price of $5.85 per share. The Company also issued to Deerfield a warrant to purchase 14,423,076 shares of Series D redeemable convertible preferred stock (“Series D preferred stock”) at an exercise price of $0.78 per share, which is exercisable until June 2, 2024 (the “Deerfield Warrant”). Upon completion of the IPO, the Deerfield Warrant automatically converted into a warrant to purchase 1,923,077 shares of the Company’s common stock at an exercise price of $5.85 per share. In the event that a Major Transaction occurs, as defined below, Deerfield may require the Company redeem the Deerfield Warrant for a cash amount equal to the Black-Scholes value of the portion of the Deerfield Warrant to be redeemed (the “Put Option”). A Major Transaction is (i) a consolidation, merger, exchange of shares, recapitalization, reorganization, business combination or other similar event; (ii) the sale or transfer in one transaction or a series of related transactions of all or substantially all of the assets of the Company; (iii) a third-party purchase, tender or exchange offer made to the holders of outstanding shares, such that following such purchase, tender or exchange offer a change of control has occurred; (iv) the liquidation, bankruptcy, insolvency, dissolution or winding-up affecting the Company; (v) the shares of the Company’s common stock cease to be listed on any eligible market; and (vi) at any time, the shares of the Company’s common stock cease to be registered under Section 12 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). In addition, the Company issued to Deerfield 1,923,077 shares of Series D preferred stock as consideration for the loans provided to the Company under the Deerfield Facility Agreement. Upon completion of the IPO, these shares automatically reclassified into 256,410 shares of the Company’s common stock. The Company recorded the fair value of the shares of Series D preferred stock of $1.5 million, to debt issuance costs on the date of issuance. The Company recorded the fair value of the Deerfield Warrant of $7.6 million and the fair value of the embedded Put Option of $0.2 million to debt discount on the date of issuance. The debt issuance costs and debt discount are amortized over the term of the related debt and the expense is recorded as interest expense in the statements of operations. The Company must repay one-third of the outstanding principal amount of all debt issued under the Deerfield Facility Agreement on the fourth and fifth anniversaries of the Deerfield Facility Agreement. The Company is then obligated to repay the balance of the outstanding principal amount on February 14, 2020. Interest accrued on outstanding debt under the Deerfield facility is due quarterly in arrears. Upon notice to Deerfield, the Company may choose to have one or more of the first eight of such scheduled interest payments added to the outstanding principal amount of the debt issued under the Deerfield Facility Agreement, provided that all such interest will be due on July 1, 2016. The Company has elected this option on all six of the scheduled interest payments to date. The accrued interest added to outstanding principal is reflected in the balance sheets as current portion of convertible notes and current portion of term notes. Deerfield is obligated to provide three additional tranches upon the Company’s request and after the satisfaction of specified conditions, including the FDA’s acceptance of a new drug application (“NDA”) for KP201/APAP and, for the final two tranches, the subsequent approval for commercial sale thereof. As of December 31, 2015, borrowings available to the Company under the Deerfield Facility Agreement were $35.0 million. Under the terms of the Deerfield Facility Agreement, future tranches to the Company are as follows: · The second tranche consists of a $10.0 million term loan that bears interest at 9.75% and a warrant to purchase 1,282,052 shares of the Company’s common stock at an exercise price of $5.85 per share. · The third and fourth tranches each consist of a $12.5 million term loan that bears interest at 9.75% and a warrant exercisable for the number of shares equal to 60% of the principal amount of such disbursement divided by 115% of the volume weighted average sales price of the Company’s common stock for the 20 consecutive trading days immediately prior to the date of such disbursement with an exercise price per share equal 115% of such weighted average sales price. Second Amendment to Senior Secured Convertible Note and Warrant On January 6, 2016, the Company, entered into a Second Amendment (the “Second Amendment”) to the Deerfield Convertible Notes and Deerfield Warrant, by and between the Company and Deerfield. The Second Amendment, among other things, clarified the calculation of an anti-dilution adjustment of the conversion price and exercise price of the Deerfield Convertible Notes and Deerfield Warrant, respectively, in the event that the Company effects a firm commitment underwritten public offering of its securities. Except as modified by the Second Amendment and Third Amendment (as described below), all terms and conditions of the Deerfield Convertible Notes and Deerfield Warrant remain in full force and effect. Issuance of 5.50% Senior Convertible Notes and Third Amendment to Senior Secured Convertible Note and Warrant On February 9, 2016, the Company issued $86.25 million aggregate principal amount of its 5.50% Senior Convertible Notes due 2021 (the “2021 Notes”) to Cowen and Company, LLC and RBC Capital Markets, LLC. as representatives of the several initial purchasers (the “Initial Purchasers”), who subsequently resold the 2021 Notes to qualified institutional buyers (the “Note Offering”) in reliance on the exemption from registration provided by Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”). The net proceeds from the Note Offering were approximately $82.8 million, after deducting the Initial Purchasers’ discount and estimated offering expenses. Concurrent with the Note Offering, the Company used approximately $18.6 million of the net proceeds from the Note Offering to repay in full the Term Notes, plus all accrued but unpaid interest on the Term Notes, a make whole interest payment on the term note and a prepayment premium on the term note. The 2021 Notes were issued pursuant to an Indenture, dated as of February 9, 2016 (the “Indenture”), between the Company and U.S. Bank National Association, as trustee. Interest on the 2021 Notes will be payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on August 1, 2016, at a rate of 5.50% per year. The 2021 Notes mature on February 1, 2021 unless earlier converted or repurchased. The 2021 Notes are not redeemable prior to the maturity date, and no sinking fund is provided for the 2021 Notes. The 2021 Notes are convertible at an initial conversion rate of 58.4454 shares of the Company’s common stock per $1,000 principal amount of the 2021 Notes, subject to adjustment under the Indenture, which is equal to an initial conversion price of approximately $17.11 per share of common stock. Upon conversion, the 2021 Notes will be settled in shares of the Company’s common stock, together with a cash payment in lieu of delivering any fractional share. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company will increase the conversion rate for a holder who elects to convert its 2021 Notes in connection with such a corporate event in certain circumstances In connection with the Note Offering, on February 3, 2016, the Company entered into a Third Amendment (the “Third Amendment”) to the Deerfield Facility Agreement, Deerfield Convertible Notes and Deerfield Warrant with Deerfield. The Third Amendment, among other things, eliminated the Company’s ability to require Deerfield to convert the Deerfield Convertible Notes into Company common stock. In addition, pursuant to the Third Amendment, Deerfield consented to the prepayment of the Term Notes and the issuance of the 2021 Notes. Except as modified by the Third Amendment, all terms and conditions of the Deerfield Facility Agreement remain in full force and effect. Conversion of 2013 Convertible Notes into Series D Preferred Stock From June 2013 through October 2013, the Company issued 10.0% unsecured convertible promissory notes (the “2013 Convertible Notes”) for gross proceeds of $3.8 million. The 2013 Convertible Notes accrued interest from the date of issuance through the maturity date, with such interest payable in cash upon maturity. The 2013 Convertible Notes did not have a stated maturity date and instead matured under various scenarios, such as the sale of substantially all of the assets of the Company, dissolution of the Company, failure to observe covenants, and voluntary or involuntary bankruptcy. In accordance with the terms of the 2013 Convertible Notes, and effected by the written consent of the holders of a majority of the outstanding principal of such notes, on June 2, 2014, the principal amount of the 2013 Convertible Notes of $3.8 million and all accrued interest of $0.3 million converted into 5,332,348 shares of Series D preferred stock at $0.78 per share. Upon the conversion of the 2013 Convertible Notes, the embedded conversion feature of the 2013 Convertible Notes and Put Option was marked to fair value and the balance of $1.9 million was recorded as a gain on extinguishment of debt. Line of Credit The Company has a $50,000 credit agreement with a financial institution (the “Line of Credit Agreement”). As of December 31, 2015 and 2014, the Company had $50,000 available under the Line of Credit Agreement. The Line of Credit Agreement is collateralized by all of the Company’s business assets. The Line of Credit Agreement contains no financial covenants. Borrowings under the Line of Credit Agreement carry interest at a rate equal to the prime rate plus 1.75% per annum. The Company is required to make interest only payments on any draws under the Line of Credit Agreement. The interest rate under the Line of Credit Agreement was 5% as of December 31, 2015 and 2014. During the fourth quarter of 2015, the Company entered into an additional $100,000 credit agreement with the same financial institution (the “Second Line of Credit Agreement”). As of December 31, 2015, the Company had $100,000 available under the Second Line of Credit Agreement. The Second Line of Credit Agreement is uncollateralized and contains no financial covenants. Borrowings under the Second Line of Credit Agreement carry interest at a rate equal to the prime rate plus 9.99% per annum. The Company is required to make interest only payments on any draws under the Second Line of Credit Agreement. The interest rate under the Second Line of Credit Agreement was 13.24% as of December 31, 2015. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | G . Commitments and Contingencies Legal Matters From time to time, the Company is involved in various legal proceedings arising in the normal course of business. For some matters, a liability is not probable or the amount cannot be reasonably estimated, and therefore an accrual has not been made. However, for such matters when it is probable that the Company has incurred a liability and can reasonably estimate the amount, the Company accrues and discloses such estimates. In 2014, a former financial advisor of the Company filed a request with the Iowa District Court to declare valid a purported right of first refusal to serve as the Company’s exclusive financial advisor for specified strategic transactions and to receive fees for the specified strategic transactions irrespective of whether any such specified transaction occurred during or after the term of the financial advisor’s service agreement. This filing by the former financial advisor was made in response to an action initiated by the Company in 2013 seeking a declaratory judgement finding that such purported right was invalid and unenforceable. Two former members of the Company’s board of directors (the “Board”) joined the lawsuit as intervenors based on the former financial advisor’s purported assignment of its rights, or a portion thereof, under the agreement to the intervenors. In September 2015, the court granted summary judgement in favor of the Company with respect to the Company’s declaratory judgement action and the former financial advisor’s counterclaims and the Company separately entered into settlement agreements with each of the intervenors. The settlements reached with the intervenors did not differ from the accrual previously recorded by the Company by a material amount. The former financial advisor subsequently filed a notice of appeal of the court’s ruling with the Supreme Court of Iowa. On January 6, 2016, the Company entered into a Settlement Agreement and Mutual Release (the “Settlement Agreement”) with the former financial advisor and Donald DeWaay, Jr. pursuant to which, among other things, the former financial advisor agreed, in exchange for the consideration described therein, to dismiss with prejudice its pending appeal. DFN’s appeal was subsequently dismissed by the Supreme Court of Iowa on January 7, 2016. The settlement amount was commiserate with the contingency recorded in the books and records of the Company. The consideration in the settlement agreement did not differ from the accrual previously recorded by the Company by a material amount. Lease Agreements Iowa The Company leases office and laboratory facilities in Iowa under a long-term non-cancelable operating lease. The Company’s lease for its Iowa facilities expires in September 2016 and includes a renewal option that could extend the lease for an additional three years. Florida The Company leases office space in Florida under a long-term non-cancelable operating lease. In April 2015, the Company signed a first amendment to the lease to expand the amount of office space in the current facility. In December 2015, the Company signed a second amendment to the lease to move from one facility to an adjacent facility with more office space. The adjacent facility requires build out and is anticipated to be ready by mid-2016. The expiration date on the Company’s lease for its Florida facility is dependent on the adjacent facility’s build out completion date. Currently the lease is expected to expire in mid-2025 and includes renewal options that could extend the lease for two additional five year terms. Virginia The Company leases office and laboratory facilities in Virginia under a short-term non-cancelable operating lease. The Company’s lease for its Virginia facilities expires in August 2016. The Company anticipates, based on historical experience, extending the lease term for a period of 12 months upon expiration. North Carolina The Company leases office space in North Carolina under a long-term non-cancelable operating lease. The expiration date of the Company’s lease is May 2020 and includes renewal options that could extend the lease for an additional three years. Capital Lease The Company leases various laboratory, computer and other office equipment that are accounted for as capital leases and that require ongoing payments including interest expense. The capital leases are financed through various financial institutions and are collateralized by the underlying assets. As of December 31, 2015, the interest rate for assets under remaining capital leases was 0.67%. Rent expense for non-cancelable operating leases was $0.3 million, $0.2 million and $0.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Future minimum lease payments under capital leases and non-cancelable operating leases as of December 31, 2015 were as follows (in thousands): Capital Operating Year Ending December 31, Leases Leases 2016 $ 27 $ 440 2017 — 487 2018 — 497 2019 — 485 2020 — 428 Thereafter — 5,354 Total minimum lease payments 27 $ 7,691 Less: amounts representing interest (1 ) Total $ 26 |
Supply Arrangement
Supply Arrangement | 12 Months Ended |
Dec. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Supply Arrangement | H . Supply Arrangement As of December 31, 2015, the Company has one manufacturing arrangement that involves potential future expenditures related to research and development. In November 2009, the Company entered into a supply agreement (the “Supply Agreement”) with Johnson Matthey Inc. (“JMI”) whereby JMI has agreed to supply the Company with all of the KP201 necessary for clinical trials and commercial sale for a price equal to JMI’s manufacturing cost and to provide process optimization and development services for KP201. The Company’s most advanced product candidate, KP201/APAP, is a combination of KP201 and acetaminophen (“APAP”) and is under development to treat acute moderate to moderately severe pain. The Company submitted an NDA for KP201/APAP in the second half of 2015 under Section 505(b)(2) of the Federal Food, Drug and Cosmetic Act. No expense was recorded under this agreement for the years ended December 31, 2015 and 2014. The Company must purchase all of its U.S. KP201 needs from JMI and JMI cannot supply KP201 to other companies. The term of the Supply Agreement extends as long as the Company holds a valid and enforceable patent for KP201 or until the tenth anniversary of KP201’s commercial launch, whichever date is later. Upon the expiration of such term, the agreement will automatically renew for a period of two years unless either party provides 12 months prior notice of its intent not to renew. Under the agreement, JMI will receive a tiered-based royalty share on the net sales on the commercial sale of a FDA approved drug incorporating KP201. No reliable estimate of the future payments can be made at this time. |
Preferred Stock and Warrants
Preferred Stock and Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Preferred Stock and Warrants | I . Preferred Stock and Warrants Authorized, Issued, and Outstanding Preferred Stock In April 2015, the Company amended and restated its Certificate of Incorporation to decrease the number of its authorized shares of preferred stock to 10,000,000 shares with a par value of $0.0001 per share. As described in Note A, in April 2015, the Company completed an IPO of its common stock. Upon completion of the IPO, all outstanding shares of the Company’s redeemable convertible preferred stock were automatically converted or reclassified into an aggregate of 5,980,564 shares of the Company’s common stock. As of December 31, 2015, the Company had 10,000,000 shares of authorized and undesignated preferred stock, and did not have any preferred stock outstanding. Preferred Stock Activity The following table summarizes redeemable convertible preferred stock activity for the years ended December 31, 2015 and 2014: Shares of Series A Series B Series C Series D Series D-1 Preferred Preferred Preferred Preferred Preferred Total Balance, January 1, 2013 9,704,215 6,220,000 18,557,408 — — 34,481,623 Balance, December 31, 2013 9,704,215 6,220,000 18,557,408 — — 34,481,623 Shares issued upon conversion of 2013 Convertible Notes — — — 5,332,348 — 5,332,348 Shares issued for financing fee to Deerfield — — — 1,923,077 — 1,923,077 Balance, December 31, 2014 9,704,215 6,220,000 18,557,408 7,255,425 — 41,737,048 Issuance of Series D-1 preferred stock — — — — 3,200,000 3,200,000 Exercise of Series D preferred warrants — — — 3,205 — 3,205 Effect of reverse stock-split (8,410,377 ) (5,390,766 ) (16,083,286 ) (6,290,844 ) (2,784,416 ) (38,959,689 ) Less: Conversion of preferred stock into common stock upon IPO (1,293,838 ) (829,234 ) (2,474,122 ) (967,786 ) (415,584 ) (5,980,564 ) Balance, December 31, 2015 — — — — — — Series D-1 Redeemable Convertible Preferred Stock In February 2015, the Company entered into a stock purchase agreement with Cowen KP Investment LLC in which Cowen KP Investment LLC agreed to purchase and the Company agreed to sell 3,200,000 shares of the Company’s Series D-1 redeemable convertible preferred stock for $1.25 per share, or an aggregate of $4.0 million. Upon completion of the IPO, these shares automatically converted into 415,584 shares of the Company’s common stock. Warrants As described in Note A, in April 2015, the Company completed an IPO of its common stock. Upon completion of the IPO, and as of December 31, 2015, warrants to purchase 15,499,324 shares of Series D preferred stock were reclassified into warrants to purchase 2,066,543 shares of the Company’s common stock. As of December 31, 2014, the Company had pre-split outstanding warrants to purchase 15,502,529 shares of Series D preferred stock at an exercise price of $0.78 per share. During the year ended December 31, 2015, warrants to purchase 3,205 shares of Series D preferred stock were exercised. During 2013, the Company issued $3.8 million of convertible notes and the warrants (the “2013 Warrants”) to purchase 1,079,453 shares of equity securities in a future financing meeting specified criteria (a “Qualified Financing”) (Note F). The 2013 Warrants allow the holders to purchase shares of the same class and series of equity securities issued in the Qualified Financing for an exercise price equal to the per share price paid by the purchasers of such equity securities in the Qualified Financing. When the Company entered into the Deerfield Facility Agreement, the 2013 Warrants became warrants to purchase 1,079,453 shares of Series D preferred stock. Upon completion of the IPO, the 2013 Warrants automatically converted into warrants to purchase 143,466 shares of the Company’s common stock at an exercise price of $5.85 per share. The 2013 Warrants, if unexercised, expire on the earlier of June 2, 2019, or upon a liquidation event. On June 2, 2014, pursuant to the terms of the Deerfield Facility Agreement, the Company issued the Deerfield Warrant to purchase 14,423,076 shares of Series D preferred stock (Note F). The Company recorded the fair value of the Deerfield Warrant as a debt discount and a warrant liability. The Deerfield Warrant, if unexercised, expires on the earlier of June 2, 2024, or upon a liquidation event. Upon completion of the IPO, the Deerfield Warrant automatically converted into a warrant to purchase 1,923,077 shares of the Company’s common stock at an exercise price of $5.85 per share. The Company is amortizing the debt discount to interest expense over the term of the Term Notes and the Deerfield Convertible Notes. The Company determined that the 2013 Warrants and Deerfield Warrant should be recorded as a liability and stated at fair value at each reporting period upon inception. As stated above, upon completion of the IPO, the 2013 Warrants and the Deerfield Warrant automatically converted into warrants to purchase the Company’s common stock. The Company marked the 2013 Warrants to fair value and reclassified them to equity upon closing of the IPO. The Deerfield Warrant remains classified as a liability and is recorded at fair value at each reporting period since it can be settled in cash. Changes to the fair value of the warrant liability are recorded through the statements of operations as a fair value adjustment (Note L). |
Common Stock and Warrants
Common Stock and Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock and Warrants | J . Common Stock and Warrants Authorized, Issued, and Outstanding Common Shares In April 2015, the Company amended its Certificate of Incorporation to increase the number of its authorized shares of common stock to 250,000,000 shares. Of the authorized shares, 14,490,954 and 2,381,041 shares of common stock were issued and outstanding at December 31, 2015 and 2014, respectively. At December 31, 2015 and 2014, the Company had reserved authorized shares of common stock for future issuance as follows: December 31, December 31, 2015 2014 Conversion of Series A redeemable convertible preferred stock — 1,293,838 Conversion of Series B redeemable convertible preferred stock — 829,234 Conversion of Series C redeemable convertible preferred stock — 2,474,122 Conversion of Series D redeemable convertible preferred stock — 967,359 Conversion of Series D-1 redeemable convertible preferred stock — — Conversion of Deerfield Convertible Notes 1,991,219 1,808,353 Outstanding awards under equity incentive plans 1,397,511 395,185 Outstanding common stock warrants 2,325,383 595,920 Outstanding Series D redeemable convertible preferred stock warrants — 2,066,970 Possible future issuances under equity incentive plans 1,410,848 365,706 Total common shares reserved for future issuance 7,124,961 10,796,687 Common Stock Activity The following table summarizes common stock activity during the year ended December 31, 2015 (there was no common stock activity during the years ended December 31, 2014 and 2013): Shares of Common Stock Balance at December 31, 2014 2,381,041 Issuance of common stock in connection with the IPO 5,854,545 Conversion of preferred stock to common stock in connection with the IPO 5,980,564 Common stock warrants exercised 270,038 Common stock options exercised 4,766 Balance at December 31, 2015 14,490,954 The Company calculates the fair value of common stock warrants using a Monte Carlo simulation. There were warrants exercised for an aggregate of 270,038 shares of common stock during the year ended December 31, 2015 and there were no warrants exercised during the year ended December 31, 2014. From 2008 through 2012, the Company issued warrants to purchase 595,920 shares of common stock in its private placement offerings of Series A redeemable convertible preferred stock, Series B redeemable convertible preferred stock and Series C redeemable convertible preferred stock (the “Underwriter Warrants”) and for leasing laboratory space. The Company accounts for the Underwriter Warrants as a derivative liability, which is adjusted to fair value at each reporting period, with the change in fair value recorded within other expenses in the statements of operations. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | K . Stock-Based Compensation The Company maintains a stock-based compensation plan (the “Incentive Stock Plan”) that governs stock awards made to employees and directors prior to completion of the IPO. In November 2014, the Board, and in April 2015, the Company’s stockholders, approved the Company’s 2014 Equity Incentive Plan (the “2014 Plan”) which became effective in April 2015. The 2014 Plan provides for the grant of stock options, other forms of equity compensation, and performance cash awards. The maximum number of shares of common stock that may be issued under the 2014 Plan is 2,266,666, as of December 31, 2015. In addition, the number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year, beginning on January 1, 2016 and ending on and including January 1, 2024, by 4% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares determined by the Board. Pursuant to the terms of the 2014 Plan, on January 1, 2016, the common stock reserved for issuance under the 2014 Plan automatically increased by 579,638 shares. During the year ended December 31, 2015, stock options to acquire 4,766 shares of common stock were exercised with an intrinsic value of $54,000. No stock options were exercised during the years ended December 31, 2014 and 2013. Stock-based compensation expense recorded under the Incentive Stock Plan and the 2014 Plan is included in the following line items in the accompanying statements of operations (in thousands): Year ended December 31, 2015 2014 2013 Research and development $ 610 $ 62 $ 29 General and administrative 1,759 152 105 $ 2,369 $ 214 $ 134 Stock Option Awards The Company estimates the fair value of stock options using the Black-Scholes option-pricing model, which requires the use of subjective assumptions, including the expected term of the option, the expected stock price volatility, expected dividend yield and the risk-free interest rate for the expected term of the option. The expected term represents the period of time the stock options are expected to be outstanding. Due to the lack of sufficient historical exercise data to provide a reasonable basis upon which to otherwise estimate the expected term of the stock options, the Company uses the simplified method to estimate the expected term for its “plain vanilla” stock options. Under the simplified method, the expected term of an option is presumed to be the mid-point between the vesting date and the end of the contractual term. Some options, for example those that have exercise prices in excess of the fair value of the underlying stock, are not considered “plain vanilla” stock options. For these options, the Company uses an expected term equal to the contractual term of the option. Expected volatility is based on historical volatilities for publicly traded stock of comparable companies over the estimated expected term of the stock options. The Company assumes no dividend yield because dividends are not expected to be paid in the near future, which is consistent with the Company’s history of not paying dividends. The Company recognizes compensation expense related to stock-based payment transactions upon satisfaction of the requisite service or vesting requirements. Forfeitures are estimated at the time of grant and revised based on actual forfeitures, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Using the Black-Scholes option-pricing model, the weighted-average fair value of awards granted during the years ended December 31, 2015, 2014 and 2013 fair value was $10.63, $4.50 and $3.00 per share, respectively. The assumptions used to estimate fair value are as follows: December 31, December 31, December 31, 2015 2014 2013 Risk-free interest rate 1.40% - 1.99% 0.91% - 2.70% 0.52% - 2.80% Expected term (in years) 4.33 7.00 - 10.00 4.04 Expected volatility 68.79% 86.00% - 95.00% 58.55% Expected dividend yield 0% 0% 0% The activity under the Incentive Stock Plan and the 2014 Plan for the year ended December 31, 2015 is summarized as follows: Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (in years) Value Outstanding balance at January 1, 2015 395,185 $ 5.40 7.24 $ 1,275,980 Granted 1,010,457 $ 16.30 Exercised (4,766 ) $ 5.85 Forfeited (3,365 ) $ 5.85 Outstanding balance at December 31, 2015 1,397,511 $ 13.28 8.58 $ 9,204,403 Exercisable at December 31, 2015 384,087 $ 6.71 6.55 $ 5,057,062 Vested and expected to vest at December 31, 2015 1,254,325 $ 13.00 8.49 $ 8,614,743 Information regarding currently outstanding and exercisable options as of December 31, 2015 is as follows: Options Outstanding Options Exercisable Weighted Weighted Average Average Remaining Remaining Contractual Contractual Number of Term Number of Term Exercise Price Shares (in years) Shares (in years) $0.75 12,000 1.50 12,000 1.50 $3.00 20,666 2.54 20,666 2.54 $4.65 49,327 2.61 49,327 2.61 $5.85 305,061 7.23 207,428 6.91 $ 8.63 154,639 9.03 6,666 8.57 $ 11.00 21,333 9.30 — — $ 11.41 170,035 9.41 88,000 9.41 $ 16.61 11,250 9.94 — — $ 18.29 205,000 9.49 — — $ 18.61 38,400 9.65 — — $ 19.02 62,000 9.65 — — $ 20.45 335,000 9.68 — — $ 21.37 6,400 9.70 — — $ 22.12 6,400 9.71 — — 1,397,511 8.58 384,087 6.55 The total fair value of stock options vested during the years ended December 31, 2015, 2014 and 2013, was $1.1 million, $0.2 million and $0.2 million, respectively. Unvested stock options as of December 31, 2015 and 2014 were as follows: Number of Unvested Shares December 31, December 31, Exercise Price 2015 2014 $5.85 97,633 225,018 $ 8.63 147,973 — $ 11.00 21,333 — $ 11.41 82,035 — $ 16.61 11,250 — $ 18.29 205,000 — $ 18.61 38,400 — $ 19.02 62,000 — $ 20.45 335,000 — $ 21.37 6,400 — $ 22.12 6,400 — 1,013,424 225,018 As of December 31, 2015, there was $9.0 million of total unrecognized compensation cost related to unvested share-based compensation arrangements granted under the 2014 Plan and the Company’s 2007 stock incentive plan. That compensation cost is expected to be recognized over a weighted-average period of 2.77 years. During the year ended December 31, 2015, the Company recognized $0.7 million of stock-based compensation expense related to performance-based awards included in general and administrative expenses and $0.2 million of stock-based compensation expense related to performance-based awards included in research and development expenses. These awards were in connection with the grant of fully vested stock options exercisable for an aggregate of 163,998 shares of common stock during the year ended December 31, 2015. The Company did not recognize any stock-based compensation expense related to performance-based incentive awards during the years ended December 31, 2014 or 2013, since the strategic initiatives set for the awards were not achieved or probable of achievement. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | L . Fair Value of Financial Instruments The carrying amounts of certain financial instruments, including cash and cash equivalents and accounts payable, approximate their respective fair values due to the short-term nature of such instruments. The fair value of the Deerfield Convertible Notes and the Term Notes was $42.0 million and $14.1 million, respectively, at December 31, 2015. Both the Deerfield Convertible Notes and Term Notes fall within Level 3 of the fair value hierarchy as their value is based on the credit worthiness of the Company, which is an unobservable input. Assets and Liabilities Measured at Fair Value on a Recurring Basis The Company evaluates its financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level in which to classify them for each reporting period. This determination requires significant judgments to be made. The following table summarizes the conclusions reached regarding fair value measurements as of December 31, 2015 and 2014 (in thousands): Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Underwriter warrant liability $ 3,877 $ — $ — $ 3,877 Deerfield warrant liability 33,750 — — 33,750 Embedded put option 212 — — 212 Total liabilities $ 37,839 $ — $ — $ 37,839 Trading securities: Certificates of deposit 8,951 8,951 — — Government bonds 10,051 10,051 — — Total assets $ 19,002 $ 19,002 $ — $ — Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2014 (Level 1) (Level 2) (Level 3) Underwriter warrant liability $ 2,746 $ — $ — $ 2,746 2013 warrant liability 520 — — 520 Deerfield warrant liability 12,560 — — 12,560 Embedded put option 140 — — 140 Total liabilities $ 15,966 $ — $ — $ 15,966 The Company’s Underwriter Warrant liability, Deerfield Warrant liability and the embedded Put Option on the Deerfield Warrant are measured at fair value on a recurring basis. The 2013 Warrant liability was recorded at fair value on a recurring basis through the completion of the IPO. As of December 31, 2015 and 2014, the Underwriter Warrant liability, the Deerfield Warrant liability and the embedded Put Option are reported on the balance sheet in derivative and warrant liability. Upon closing of the IPO in April 2015, the 2013 Warrant liability was marked to fair value and then reclassified to equity. The Company used a Monte Carlo simulation to value the Underwriter Warrant liability and the embedded Put Option at December 31, 2015 and 2014. The Company used a Monte Carlo simulation to value the 2013 Warrant liability as of December 31, 2014, and the closing date of the IPO. Significant unobservable inputs used in measuring the fair value of these financial instruments included the Company’s estimated enterprise value, an estimate of the timing of a liquidity event, a present value discount rate and an estimate of the Company’s stock volatility using the volatilities of guideline peer companies. Changes in the fair value of the Underwriter Warrant liability, the 2013 Warrant liability, the Deerfield Warrant liability and the embedded Put Option are reflected in the statements of operations as a fair value adjustment. A 10% increase in the enterprise value would result in an increase of $0.4 million in the estimated fair value of the Underwriter Warrant liability, an increase of $1.9 million in the estimated fair value of the Deerfield Warrant liability, and no change in the estimated fair value of the embedded Put Option at December 31, 2015. A reconciliation of the beginning and ending balances for the derivative and warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): 2015 2014 Balance at beginning of period $ 15,966 $ 2,813 Issuance of Deerfield warrant — 7,610 Embedded put option — 220 Conversion of 2013 Convertible Notes — (1,900 ) Reclassification of 2013 warrants to equity (1,110 ) — Exercise of warrants (4,293 ) — Adjustment to fair value 27,276 7,223 Balance at end of period $ 37,839 $ 15,966 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | M . Income Taxes The Company’s financial statements include a total state tax benefit of $15,000, $22,000 and $20,000 on a loss before income taxes of $54.6 million, $24.5 million and $5.2 million for the years ended December 31, 2015, 2014 and 2013, respectively. A reconciliation of the difference between the benefit for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (in thousands): Year ended December 31, 2015 2014 2013 Federal statutory rate 34.00 % 34.00 % 34.00 % Effect of: Change in valuation allowance (19.25 ) (32.88 ) (38.38 ) State tax benefit (net of federal) 4.06 5.96 7.53 Warrant liability (15.28 ) (9.39 ) 6.08 State research and development credit 0.03 0.09 0.37 Federal research and development credit 0.84 3.29 2.53 Conversion feature and put option on 2013 convertible notes (1.68 ) (1.26 ) (8.81 ) Interest expense — 0.21 (0.99 ) Stock-based compensation (1.28 ) — — Other (1.42 ) 0.07 (1.95 ) Federal income tax provision effective rate 0.02 % 0.09 % 0.38 % The components of deferred tax assets and liabilities are as follows (in thousands): December 31, December 31, December 31, 2015 2014 2013 Deferred tax assets relating to: Net operating loss carryforwards $ 26,617 $ 16,390 $ 9,606 Research and development tax carryforward 2,254 1,793 899 Compensation 232 83 76 Total gross deferred tax assets 29,103 18,266 10,581 Deferred tax liabilities relating to: Property and equipment 80 170 176 Total gross deferred tax liabilities 80 170 176 Deferred tax assets less liabilities 29,023 18,096 10,405 Valuation allowance (29,023 ) (18,096 ) (10,405 ) Net deferred tax asset (liability) $ — $ — $ — In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are deductible, management believes it is more likely than not that the Company will not realize the benefits of these deductible differences in the future. The Company had the following federal net operating loss carryforward and research activities credits as of December 31, 2015 (in thousands): Research Net Operating Activities Year Incurred Loss Carryforwards Credit Expiration 2007 $ 454 $ 30 2027 2008 1,178 65 2028 2009 3,060 176 2029 2010 3,423 149 2030 2011 9,929 176 2031 2012 — 170 2032 2013 4,353 133 2033 2014 15,819 894 2034 2015 24,189 461 2035 $ 62,405 $ 2,254 The Company also has certain state net operating loss carryforwards totaling $59.7 million that expire between 2027 and 2035. Due to potential ownership changes that may have occurred or would occur in the future, IRC Section 382 may place additional limitations on the Company’s ability to utilize the net operating loss carryforward. Financial Interpretation No. 48 (“FIN 48”), Accounting for Uncertainty in Income Taxes |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | N . Net Loss Per Share Under the two-class method, for periods with net income, basic net income per common share is computed by dividing the net income attributable to common stockholders by the weighted average number of shares of common stock outstanding during the period. Net income attributable to common stockholders is computed by subtracting from net income the portion of current year earnings that participating securities would have been entitled to receive pursuant to their dividend rights had all of the year’s earnings been distributed. No such adjustment to earnings is made during periods with a net loss as the holders of the participating securities have no obligation to fund losses. Diluted net loss per common share is computed under the two-class method by using the weighted average number of shares of common stock outstanding plus, for periods with net income attributable to common stockholders, the potential dilutive effects of stock options and warrants. In addition, the Company analyzes the potential dilutive effect of the outstanding participating securities under the if-converted method when calculating diluted earnings per share in which it is assumed that the outstanding participating securities convert into common stock at the beginning of the period. The Company reports the more dilutive of the approaches (two-class or if-converted) as its diluted net income per share during the period. The following table summarizes the computation of basic and diluted net loss and net loss per share of the Company (in thousands, except share and per share amounts): Year ended December 31, 2015 2014 2013 Net loss - basic and diluted $ (54,664 ) $ (24,455 ) $ (5,226 ) Weighted-average number of common shares - basic and diluted 7,368,681 2,381,041 2,381,041 Net loss per share - basic and diluted $ (7.42 ) $ (10.27 ) $ (2.20 ) Diluted net loss per share is the same as basic net loss per share for all periods presented because the effects of potentially dilutive items were anti-dilutive given the Company’s net loss. The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted average common shares outstanding because their effect is anti-dilutive: December 31, December 31, December 31, 2015 2014 2013 Redeemable convertible preferred stock: Series A — 1,293,838 1,293,838 Series B — 829,234 829,234 Series C — 2,474,122 2,474,122 Series D — 967,359 — Total redeemable convertible preferred stock — 5,564,553 4,597,194 Warrants to purchase common stock 2,325,383 595,920 595,920 Warrants to purchase Series D preferred stock — 2,066,970 143,893 Awards under equity incentive plans 1,397,511 395,185 296,255 2013 Convertible Notes — — 683,417 Deerfield Convertible Notes 1,991,219 1,808,353 — |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | O . Employee Benefit Plan The Company has a 401(k) retirement plan (the “401(k) Plan”) that covers all employees. The Company may provide a discretionary match with a maximum amount of 4% of the participant’s compensation, which vests immediately. The Company made matching contributions under the 401(k) Plan of $113,000, $69,000 and $50,000 for the years ended December 31, 2015, 2014 and 2013, respectively. The Company has a discretionary profit sharing plan (the “Profit Sharing Plan”) that covers all employees. Employees become eligible participants in the Profit Sharing Plan once they have provided three years of service to the Company. The Company made no contributions to the Profit Sharing Plan in 2015, 2014 or 2013. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | P . Subsequent Events (unaudited) Second Amendment to Senior Secured Convertible Note and Warrant On January 6, 2016, the Company, entered into a Second Amendment (the “Second Amendment”) to the Deerfield Convertible Notes and Deerfield Warrant, by and between the Company and Deerfield. The Second Amendment, among other things, clarified the calculation of an anti-dilution adjustment of the conversion price and exercise price of the Deerfield Convertible Notes and the Deerfield Warrant, respectively, in the event that the Company effects a firm commitment underwritten public offering of its securities. Except as modified by the Second Amendment and Third Amendment (as described below), all terms and conditions of the Deerfield Convertible Notes and Deerfield Warrant remain in full force and effect. Withdrawal of Registration Statement on Form S-1 On February 3, 2016, the Company requested that the Securities and Exchange Commission (the “Commission”) consent to the withdrawal of the Company’s Registration Statement on Form S-1 filed with the Commission on December 18, 2015. Issuance of 5.50% Senior Convertible Notes and Third Amendment to Senior Secured Convertible Note and Warrant On February 9, 2016, the Company issued $86.25 million aggregate principal amount of the 2021 Notes to Initial Purchasers, who subsequently resold the 2021 Notes to qualified institutional buyers in reliance on the exemption from registration provided by Rule 144A under the Securities Act. The net proceeds from the Note Offering were approximately $82.8 million, after deducting the Initial Purchasers’ discount and estimated offering expenses. Concurrent with the Note Offering, the Company used approximately $18.6 million of the net proceeds from the Note Offering to repay in full the Term Notes, plus all accrued but unpaid interest on the Term Notes, a make whole interest payment on the term note and a prepayment premium on the Term Notes. The 2021 Notes were issued pursuant to the Indenture. Interest on the 2021 Notes will be payable semi-annually in cash in arrears on February 1 and August 1 of each year, beginning on August 1, 2016, at a rate of 5.50% per year. The 2021 Notes mature on February 1, 2021 unless earlier converted or repurchased. The 2021 Notes are not redeemable prior to the maturity date, and no sinking fund is provided for the 2021 Notes. The 2021 Notes are convertible at an initial conversion rate of 58.4454 shares of the Company’s common stock per $1,000 principal amount of the 2021 Notes, subject to adjustment under the Indenture, which is equal to an initial conversion price of approximately $17.11 per share of common stock. Upon conversion, the 2021 Notes will be settled in shares of the Company’s common stock, together with a cash payment in lieu of delivering any fractional share. The conversion rate will be subject to adjustment in some events but will not be adjusted for any accrued and unpaid interest. In addition, following certain corporate events that occur prior to the maturity date, the Company will increase the conversion rate for a holder who elects to convert its 2021 Notes in connection with such a corporate event in certain circumstances In connection with the Note Offering, on February 3, 2016, the Company entered into the Third Amendment to the Deerfield Facility Agreement, Deerfield Convertible Notes and Deerfield Warrant with Deerfield. The Third Amendment, among other things, eliminated the Company’s ability to require Deerfield to convert the Deerfield Convertible Notes into Company common stock. In addition, pursuant to the Third Amendment, Deerfield consented to the prepayment of the Term Notes and the issuance of the 2021 Notes. Except as modified by the Third Amendment, all terms and conditions of the Deerfield Facility Agreement remain in full force and effect. |
Quarterly Results of Operations
Quarterly Results of Operations (unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Results of Operations | Q. Quarterly Results of Operations (unaudited) The following tables set forth unaudited quarterly statements of operations data for each of the quarters indicated. The financial statements for each of these quarters have been prepared on the same basis as the audited financial statements included herein and, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results of operations for these periods. You should read this information together with our financial statements and related notes included herein. These quarterly operating results are not necessarily indicative of the results for any future period. Three-Months Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2015 2015 2015 2015 2014 2014 2014 2014 Revenue $ — $ — $ — $ — $ — $ — $ — $ — Operating expenses: Research and development 4,716 4,328 2,768 2,119 5,911 3,253 1,715 1,038 General and administrative 2,566 2,152 3,188 977 1,577 1,086 1,330 534 Total operating expenses 7,282 6,480 5,956 3,096 7,488 4,339 3,045 1,572 Loss from operations (7,282) (6,480) (5,956) (3,096) (7,488) (4,339) (3,045) (1,572) Other income (expenses): Gain on extinguishment of debt — — — — — — 1,900 — Amortization of debt discount (475) (479) (477) (477) (478) (477) (159) — Interest expense (698) (687) (654) (632) (631) (173) (704) (96) Fair value adjustment (764) (2,089) (22,661) (1,762) (3,221) (2,189) (1,570) (242) Interest and other income 15 11 5 — 4 3 — — Total other expenses (1,922) (3,244) (23,787) (2,871) (4,326) (2,836) (533) (338) Loss before income taxes (9,204) (9,724) (29,743) (5,967) (11,814) (7,175) (3,578) (1,910) Income tax (expense) benefit 1 (20) — (7) (27) 38 6 5 Net loss $(9,203) $(9,744) $(29,743) $(5,974) $(11,841) $(7,137) $(3,572) $(1,905) Net loss per share: Basic and diluted $ (0.64) $ (0.68) $ (2.45) $ (2.50) $ (4.97) $ (3.00) $ (1.50) $ (0.80) |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to the useful lives of property and equipment, the fair value of the Company’s common stock and assumptions used for purposes of determining stock-based compensation, income taxes, and the fair value of the derivative and warrant liability, among others. The Company bases its estimates on historical experience and on various other assumptions that it believes to be reasonable, the results of which form the basis for making judgments about the carrying value of assets and liabilities. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash on deposit with multiple financial institutions, the balances of which frequently exceed insured limits. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers any highly liquid investments with an original maturity of three months or less to be cash and cash equivalents. |
Marketable Securities | Marketable Securities The Company maintains investment securities that are classified as trading securities. These securities are carried at fair value with unrealized gains and losses included in other income on the statement of operations. The securities primarily consist of certificates of deposit and government bonds. |
Property and Equipment | Property and Equipment The Company records property and equipment at cost less accumulated depreciation and amortization. Costs of renewals and improvements that extend the useful lives of the assets are capitalized. Maintenance and repairs are expensed as incurred. Depreciation is determined on a straight-line basis over the estimated useful lives of the assets, which generally range from three to fifteen years. Leasehold improvements are amortized over the shorter of the useful life of the asset or the term of the related lease. Upon retirement or disposition of assets, the costs and related accumulated depreciation and amortization are removed from the accounts with the resulting gains or losses, if any, reflected in results of operations. |
Debt Issuance Costs | Debt Issuance Costs Debt issuance costs incurred in connection with financing arrangements are amortized over the life of the respective financing arrangement using the effective interest method. |
Supply Arrangements | Supply Arrangements The Company enters into supply arrangements for the supply of components of its product candidates. These arrangements also may include a share of future revenue if related product candidates reach commercialization. Costs under these supply arrangements, if any, are expensed as incurred (Note H). |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets to be held and used are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. When such events occur, the Company compares the carrying amounts of the assets to their undiscounted expected future cash flows. If the undiscounted cash flows are insufficient to recover the carrying values, an impairment loss is recorded for the difference between the carrying values and fair values of the asset. No such impairment occurred for the years ended December 31, 2015 and 2014. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The accounting standard for fair value measurements provides a framework for measuring fair value and requires disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, based on the Company’s principal or, in absence of a principal, most advantageous market for the specific asset or liability. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement. The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs, when determining fair value. The three tiers are defined as follows: · Level 1—Observable inputs that reflect quoted market prices (unadjusted) for identical assets or liabilities in active markets; · Level 2—Observable inputs other than quoted prices in active markets that are observable either directly or indirectly in the marketplace for identical or similar assets and liabilities; and · Level 3—Unobservable inputs that are supported by little or no market data, which require the Company to develop its own assumptions. |
Research and Development | Research and Development Major components of research and development costs include cash compensation, stock-based compensation, depreciation and amortization expense on research and development property and equipment, costs of preclinical studies, clinical trials and related clinical manufacturing, costs of drug development, costs of materials and supplies, facilities cost, overhead costs, regulatory and compliance costs, and fees paid to consultants and other entities that conduct certain research and development activities on the Company’s behalf. Costs incurred in research and development are expensed as incurred. The Company records nonrefundable advance payments it makes for future research and development activities as prepaid expenses. Prepaid expenses are recognized as expense in the statements of operations as the Company receives the related goods or services. |
Patent Costs | Patent Costs Patent costs, including related legal costs, are expensed as incurred and recorded within general and administrative expenses on the statements of operations. |
Income Taxes | Income Taxes The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax basis of assets and liabilities, as well as for operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. Valuation allowances are recorded to reduce deferred tax assets to the amount the Company believes is more likely than not to be realized. Uncertain tax positions are recognized only when the Company believes it is more likely than not that the tax position will be upheld on examination by the taxing authorities based on the merits of the position. The Company recognizes interest and penalties, if any, related to unrecognized income tax uncertainties in income tax expense. The Company did not have any accrued interest or penalties associated with uncertain tax positions for the years ended December 31, 2015 and 2014. The Company files income tax returns in the United States for federal and various state jurisdictions. With few exceptions, the Company is no longer subject to U.S. federal and state and local income tax examinations for years prior to 2010, although carryforward attributes that were generated prior to 2012 may still be adjusted upon examination by the Internal Revenue Service if used in a future period. No income tax returns are currently under examination by taxing authorities. |
Stock-Based Compensation | Stock-Based Compensation The Company measures and recognizes compensation expense for all stock-based payment awards made to employees, officers and directors based on the estimated fair values of the awards as of the grant date. The Company records the value of the portion of the award that is ultimately expected to vest as expense over the requisite service period. The Company also accounts for equity instruments issued to non-employees using a fair value approach under Accounting Standards Codification (ASC) subtopic 505-50. The Company values equity instruments and stock options granted using the Black-Scholes option pricing model. The value of non-employee stock-based compensation is subject to periodic adjustments as the underlying equity instruments vest and is recognized as an expense over the term of the related financing or the period over which services are received. |
Basic and Diluted Net Loss per Share of Common Stock | Basic and Diluted Net Loss per Share of Common Stock The Company uses the two-class method to compute net loss per common share because the Company has issued securities, other than common stock, that contractually entitle the holders to participate in dividends and earnings of the Company. The two-class method requires earnings for the period to be allocated between common stock and participating securities based upon their respective rights to receive distributed and undistributed earnings. Holders of each series of the Company’s redeemable convertible preferred stock are entitled to participate in distributions, when and if declared by the board of directors, that are made to common stockholders and, as a result, are considered participating securities. |
Segment and Geographic Information | Segment and Geographic Information Operating segments are defined as components of an enterprise (business activity from which it earns revenue and incurs expenses) for which discrete financial information is available and regularly reviewed by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company’s chief operating decision maker (CODM) is its Chief Executive Officer. The Company views its operations and manages its business as a single operating and reporting segment. All assets of the Company were held in the United States for the years ended December 31, 2015 and 2014. |
Application of New or Revised Accounting Standards Adopted | Application of New or Revised Accounting Standards—Adopted From time to time, the Financial Accounting Standards Board (the “FASB”) or other standard-setting bodies issue accounting standards that are adopted by the Company as of the specified effective date. On April 5, 2012, President Obama signed the Jump-Start Our Business Startups Act (the JOBS Act) into law. The JOBS Act contains provisions that, among other things, reduce certain reporting requirements for an emerging growth company. As an emerging growth company, the Company may elect to adopt new or revised accounting standards when they become effective for non-public companies, which typically is later than public companies must adopt the standards. The Company has elected not to take advantage of the extended transition period afforded by the JOBS Act and, as a result, will comply with new or revised accounting standards on the relevant dates on which adoption of such standards is required for non-emerging growth companies. In July 2013, the FASB issued Accounting Standard Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exist |
Application of New or Revised Accounting Standards Not Yet Adopted | Application of New or Revised Accounting Standards—Not Yet Adopted In May 2014, the FASB issued guidance codified in ASC Topic 606, Revenue Recognition—Revenue from Contracts with Customers, Revenue Recognition, In June 2014, the FASB issued ASU 2014-12, Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments when the Terms of an Award Provide that a Performance Target Could Be Achieved After the Requisite Service Period In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In January 2015, the FASB issued ASU No. 2015-01, Income Statement - Extraordinary and Unusual Items (Subtopic 225-20); Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items (“ASU 2015-01”) In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes (Topic 740) In January 2016, the FASB issued ASU 2016-01, Financial Instruments Overall – Recognition and Measurement of Financial Assets and Liabilities (Topic 825-10) In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Prepaid Expenses and Other Cu25
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Components of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): December 31, December 31, 2015 2014 Other receivables $ 2,375 $ — Prepaid insurance 290 — Other prepaid expenses and current assets 93 23 Total $ 2,758 $ 23 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | |
Components of Property and Equipment | Property and equipment consists of the following (in thousands): December 31, December 31, 2015 2014 Laboratory equipment $ 530 $ 530 Computers and hardware 176 73 Furniture and office equipment 169 137 Leasehold improvements 6 6 Total property and equipment 881 746 Less: accumulated depreciation and amortization (478 ) (394 ) Property and equipment, net $ 403 $ 352 |
Assets under Capital Leases Included in Property and Equipment | The Company leases various equipment under capital lease agreements. The assets under capital leases are included in property and equipment as follows (in thousands): December 31, December 31, 2015 2014 Furniture and office equipment $ 94 $ 94 Less: accumulated depreciation and amortization (22 ) (12 ) $ 72 $ 82 |
Estimated Useful Lives of Property and Equipment | The estimated useful lives of property and equipment are as follows: Useful Life Asset Category (in years) Laboratory equipment 10 Computers and hardware 3-7 Furniture and office equipment 5-10 Leasehold improvements 15 |
Accounts Payable and Accrued 27
Accounts Payable and Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Payables And Accruals [Abstract] | |
Accounts Payable and Accrued Expenses | Accounts payable and accrued expenses consist of the following (in thousands): December 31, December 31, 2015 2014 Accounts payable $ 1,252 $ 1,582 Accrued interest 698 631 Accrued banking fees 700 700 Accrued payroll 947 183 Other accrued expenses 1,309 - Total $ 4,906 $ 3,096 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Lease Payments under Capital Leases and Non-Cancelable Operating Leases | Future minimum lease payments under capital leases and non-cancelable operating leases as of December 31, 2015 were as follows (in thousands): Capital Operating Year Ending December 31, Leases Leases 2016 $ 27 $ 440 2017 — 487 2018 — 497 2019 — 485 2020 — 428 Thereafter — 5,354 Total minimum lease payments 27 $ 7,691 Less: amounts representing interest (1 ) Total $ 26 |
Preferred Stock and Warrants (T
Preferred Stock and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Summary of Redeemable Convertible Preferred Stock Activity | The following table summarizes redeemable convertible preferred stock activity for the years ended December 31, 2015 and 2014: Shares of Series A Series B Series C Series D Series D-1 Preferred Preferred Preferred Preferred Preferred Total Balance, January 1, 2013 9,704,215 6,220,000 18,557,408 — — 34,481,623 Balance, December 31, 2013 9,704,215 6,220,000 18,557,408 — — 34,481,623 Shares issued upon conversion of 2013 Convertible Notes — — — 5,332,348 — 5,332,348 Shares issued for financing fee to Deerfield — — — 1,923,077 — 1,923,077 Balance, December 31, 2014 9,704,215 6,220,000 18,557,408 7,255,425 — 41,737,048 Issuance of Series D-1 preferred stock — — — — 3,200,000 3,200,000 Exercise of Series D preferred warrants — — — 3,205 — 3,205 Effect of reverse stock-split (8,410,377 ) (5,390,766 ) (16,083,286 ) (6,290,844 ) (2,784,416 ) (38,959,689 ) Less: Conversion of preferred stock into common stock upon IPO (1,293,838 ) (829,234 ) (2,474,122 ) (967,786 ) (415,584 ) (5,980,564 ) Balance, December 31, 2015 — — — — — — |
Common Stock and Warrants (Tabl
Common Stock and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Authorized Shares of Common Stock Reserved for Future Issuance | At December 31, 2015 and 2014, the Company had reserved authorized shares of common stock for future issuance as follows: December 31, December 31, 2015 2014 Conversion of Series A redeemable convertible preferred stock — 1,293,838 Conversion of Series B redeemable convertible preferred stock — 829,234 Conversion of Series C redeemable convertible preferred stock — 2,474,122 Conversion of Series D redeemable convertible preferred stock — 967,359 Conversion of Series D-1 redeemable convertible preferred stock — — Conversion of Deerfield Convertible Notes 1,991,219 1,808,353 Outstanding awards under equity incentive plans 1,397,511 395,185 Outstanding common stock warrants 2,325,383 595,920 Outstanding Series D redeemable convertible preferred stock warrants — 2,066,970 Possible future issuances under equity incentive plans 1,410,848 365,706 Total common shares reserved for future issuance 7,124,961 10,796,687 |
Schedule of Common Stock Shares Activity | The following table summarizes common stock activity during the year ended December 31, 2015 (there was no common stock activity during the years ended December 31, 2014 and 2013): Shares of Common Stock Balance at December 31, 2014 2,381,041 Issuance of common stock in connection with the IPO 5,854,545 Conversion of preferred stock to common stock in connection with the IPO 5,980,564 Common stock warrants exercised 270,038 Common stock options exercised 4,766 Balance at December 31, 2015 14,490,954 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense | Stock-based compensation expense recorded under the Incentive Stock Plan and the 2014 Plan is included in the following line items in the accompanying statements of operations (in thousands): Year ended December 31, 2015 2014 2013 Research and development $ 610 $ 62 $ 29 General and administrative 1,759 152 105 $ 2,369 $ 214 $ 134 |
Black-Scholes-Merton Option Pricing Model | The assumptions used to estimate fair value are as follows: December 31, December 31, December 31, 2015 2014 2013 Risk-free interest rate 1.40% - 1.99% 0.91% - 2.70% 0.52% - 2.80% Expected term (in years) 4.33 7.00 - 10.00 4.04 Expected volatility 68.79% 86.00% - 95.00% 58.55% Expected dividend yield 0% 0% 0% |
Schedule of Stock Option Activity | The activity under the Incentive Stock Plan and the 2014 Plan for the year ended December 31, 2015 is summarized as follows: Weighted Average Weighted Remaining Average Contractual Aggregate Number of Exercise Term Intrinsic Options Price (in years) Value Outstanding balance at January 1, 2015 395,185 $ 5.40 7.24 $ 1,275,980 Granted 1,010,457 $ 16.30 Exercised (4,766 ) $ 5.85 Forfeited (3,365 ) $ 5.85 Outstanding balance at December 31, 2015 1,397,511 $ 13.28 8.58 $ 9,204,403 Exercisable at December 31, 2015 384,087 $ 6.71 6.55 $ 5,057,062 Vested and expected to vest at December 31, 2015 1,254,325 $ 13.00 8.49 $ 8,614,743 |
Information Regarding Currently Outstanding and Exercisable Options | Information regarding currently outstanding and exercisable options as of December 31, 2015 is as follows: Options Outstanding Options Exercisable Weighted Weighted Average Average Remaining Remaining Contractual Contractual Number of Term Number of Term Exercise Price Shares (in years) Shares (in years) $0.75 12,000 1.50 12,000 1.50 $3.00 20,666 2.54 20,666 2.54 $4.65 49,327 2.61 49,327 2.61 $5.85 305,061 7.23 207,428 6.91 $ 8.63 154,639 9.03 6,666 8.57 $ 11.00 21,333 9.30 — — $ 11.41 170,035 9.41 88,000 9.41 $ 16.61 11,250 9.94 — — $ 18.29 205,000 9.49 — — $ 18.61 38,400 9.65 — — $ 19.02 62,000 9.65 — — $ 20.45 335,000 9.68 — — $ 21.37 6,400 9.70 — — $ 22.12 6,400 9.71 — — 1,397,511 8.58 384,087 6.55 |
Unvested Stock Options | Unvested stock options as of December 31, 2015 and 2014 were as follows: Number of Unvested Shares December 31, December 31, Exercise Price 2015 2014 $5.85 97,633 225,018 $ 8.63 147,973 — $ 11.00 21,333 — $ 11.41 82,035 — $ 16.61 11,250 — $ 18.29 205,000 — $ 18.61 38,400 — $ 19.02 62,000 — $ 20.45 335,000 — $ 21.37 6,400 — $ 22.12 6,400 — 1,013,424 225,018 |
Fair Value of Financial Instr32
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the conclusions reached regarding fair value measurements as of December 31, 2015 and 2014 (in thousands): Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2015 (Level 1) (Level 2) (Level 3) Underwriter warrant liability $ 3,877 $ — $ — $ 3,877 Deerfield warrant liability 33,750 — — 33,750 Embedded put option 212 — — 212 Total liabilities $ 37,839 $ — $ — $ 37,839 Trading securities: Certificates of deposit 8,951 8,951 — — Government bonds 10,051 10,051 — — Total assets $ 19,002 $ 19,002 $ — $ — Quoted Prices Significant in Active Other Significant Balance at Markets for Observable Unobservable December 31, Identical Assets Inputs Inputs 2014 (Level 1) (Level 2) (Level 3) Underwriter warrant liability $ 2,746 $ — $ — $ 2,746 2013 warrant liability 520 — — 520 Deerfield warrant liability 12,560 — — 12,560 Embedded put option 140 — — 140 Total liabilities $ 15,966 $ — $ — $ 15,966 |
Reconciliation of Beginning and Ending Balances for Derivative and Warrant Liability Measured at Fair Value on Recurring Basis | A reconciliation of the beginning and ending balances for the derivative and warrant liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) is as follows (in thousands): 2015 2014 Balance at beginning of period $ 15,966 $ 2,813 Issuance of Deerfield warrant — 7,610 Embedded put option — 220 Conversion of 2013 Convertible Notes — (1,900 ) Reclassification of 2013 warrants to equity (1,110 ) — Exercise of warrants (4,293 ) — Adjustment to fair value 27,276 7,223 Balance at end of period $ 37,839 $ 15,966 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Reconciliation of Difference Between Benefit for Income Taxes and Income Taxes at Statutory U.S Federal Income Tax Rate | A reconciliation of the difference between the benefit for income taxes and income taxes at the statutory U.S. federal income tax rate is as follows (in thousands): Year ended December 31, 2015 2014 2013 Federal statutory rate 34.00 % 34.00 % 34.00 % Effect of: Change in valuation allowance (19.25 ) (32.88 ) (38.38 ) State tax benefit (net of federal) 4.06 5.96 7.53 Warrant liability (15.28 ) (9.39 ) 6.08 State research and development credit 0.03 0.09 0.37 Federal research and development credit 0.84 3.29 2.53 Conversion feature and put option on 2013 convertible notes (1.68 ) (1.26 ) (8.81 ) Interest expense — 0.21 (0.99 ) Stock-based compensation (1.28 ) — — Other (1.42 ) 0.07 (1.95 ) Federal income tax provision effective rate 0.02 % 0.09 % 0.38 % |
Components of Net Deferred Tax Assets and Liabilities | The components of deferred tax assets and liabilities are as follows (in thousands): December 31, December 31, December 31, 2015 2014 2013 Deferred tax assets relating to: Net operating loss carryforwards $ 26,617 $ 16,390 $ 9,606 Research and development tax carryforward 2,254 1,793 899 Compensation 232 83 76 Total gross deferred tax assets 29,103 18,266 10,581 Deferred tax liabilities relating to: Property and equipment 80 170 176 Total gross deferred tax liabilities 80 170 176 Deferred tax assets less liabilities 29,023 18,096 10,405 Valuation allowance (29,023 ) (18,096 ) (10,405 ) Net deferred tax asset (liability) $ — $ — $ — |
Federal Net Operating Loss Carryforward And Research Activities Credits | The Company had the following federal net operating loss carryforward and research activities credits as of December 31, 2015 (in thousands): Research Net Operating Activities Year Incurred Loss Carryforwards Credit Expiration 2007 $ 454 $ 30 2027 2008 1,178 65 2028 2009 3,060 176 2029 2010 3,423 149 2030 2011 9,929 176 2031 2012 — 170 2032 2013 4,353 133 2033 2014 15,819 894 2034 2015 24,189 461 2035 $ 62,405 $ 2,254 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss and Net Loss Per Share | The following table summarizes the computation of basic and diluted net loss and net loss per share of the Company (in thousands, except share and per share amounts): Year ended December 31, 2015 2014 2013 Net loss - basic and diluted $ (54,664 ) $ (24,455 ) $ (5,226 ) Weighted-average number of common shares - basic and diluted 7,368,681 2,381,041 2,381,041 Net loss per share - basic and diluted $ (7.42 ) $ (10.27 ) $ (2.20 ) |
Schedule of Anti-dilutive Securities Excluded from Calculation of Weighted Average Common Shares Outstanding | The following securities, presented on a common stock equivalent basis, have been excluded from the calculation of weighted average common shares outstanding because their effect is anti-dilutive: December 31, December 31, December 31, 2015 2014 2013 Redeemable convertible preferred stock: Series A — 1,293,838 1,293,838 Series B — 829,234 829,234 Series C — 2,474,122 2,474,122 Series D — 967,359 — Total redeemable convertible preferred stock — 5,564,553 4,597,194 Warrants to purchase common stock 2,325,383 595,920 595,920 Warrants to purchase Series D preferred stock — 2,066,970 143,893 Awards under equity incentive plans 1,397,511 395,185 296,255 2013 Convertible Notes — — 683,417 Deerfield Convertible Notes 1,991,219 1,808,353 — |
Quarterly Results of Operatio35
Quarterly Results of Operations (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Operating Results | The following tables set forth unaudited quarterly statements of operations data for each of the quarters indicated. The financial statements for each of these quarters have been prepared on the same basis as the audited financial statements included herein and, in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for the fair statement of the results of operations for these periods. You should read this information together with our financial statements and related notes included herein. These quarterly operating results are not necessarily indicative of the results for any future period. Three-Months Ended Dec 31, Sep 30, Jun 30, Mar 31, Dec 31, Sep 30, Jun 30, Mar 31, 2015 2015 2015 2015 2014 2014 2014 2014 Revenue $ — $ — $ — $ — $ — $ — $ — $ — Operating expenses: Research and development 4,716 4,328 2,768 2,119 5,911 3,253 1,715 1,038 General and administrative 2,566 2,152 3,188 977 1,577 1,086 1,330 534 Total operating expenses 7,282 6,480 5,956 3,096 7,488 4,339 3,045 1,572 Loss from operations (7,282) (6,480) (5,956) (3,096) (7,488) (4,339) (3,045) (1,572) Other income (expenses): Gain on extinguishment of debt — — — — — — 1,900 — Amortization of debt discount (475) (479) (477) (477) (478) (477) (159) — Interest expense (698) (687) (654) (632) (631) (173) (704) (96) Fair value adjustment (764) (2,089) (22,661) (1,762) (3,221) (2,189) (1,570) (242) Interest and other income 15 11 5 — 4 3 — — Total other expenses (1,922) (3,244) (23,787) (2,871) (4,326) (2,836) (533) (338) Loss before income taxes (9,204) (9,724) (29,743) (5,967) (11,814) (7,175) (3,578) (1,910) Income tax (expense) benefit 1 (20) — (7) (27) 38 6 5 Net loss $(9,203) $(9,744) $(29,743) $(5,974) $(11,841) $(7,137) $(3,572) $(1,905) Net loss per share: Basic and diluted $ (0.64) $ (0.68) $ (2.45) $ (2.50) $ (4.97) $ (3.00) $ (1.50) $ (0.80) |
Description of Business and B36
Description of Business and Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Apr. 02, 2015 | May. 31, 2015USD ($)$ / sharesshares | Apr. 30, 2015$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014$ / sharesshares |
Class Of Stock [Line Items] | |||||
Reverse stock split, description | 1-for-7.5 reverse stock split | ||||
Reverse stock split | 0.13 | ||||
Proceeds from initial public offering, net of underwriting discounts and commissions | $ | $ 59,892 | ||||
Common stock, shares authorized | 250,000,000 | 250,000,000 | 250,000,000 | 18,666,666 | |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 0 | |
Common stock, par value | $ / shares | $ 0.0001 | $ 0.0001 | $ 0.0001 | ||
Preferred stock, par value | $ / shares | 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 | |
IPO | |||||
Class Of Stock [Line Items] | |||||
Number of shares of common stock sold | 5,090,909 | ||||
Common stock, price per share | $ / shares | $ 11 | $ 11 | |||
Additional number of common stock sold | 763,636 | ||||
Proceeds from initial public offering, net of underwriting discounts and commissions | $ | $ 59,900 | ||||
Underwriting discounts and commissions | $ | 4,500 | ||||
IPO offering expenses | $ | $ 2,800 | ||||
IPO | Common stock | |||||
Class Of Stock [Line Items] | |||||
Number of shares of common stock sold | 5,854,545 | ||||
Number of preferred shares converted to common shares | 5,980,564 | 5,980,564 | 5,980,564 |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Significant Accounting Policies [Line Items] | ||
Asset impairment charges | $ 0 | $ 0 |
Uncertain tax positions | 0 | 0 |
Debt issuance costs, net | $ 1,133,000 | $ 1,468,000 |
Minimum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property and equipment, useful lives | 3 years | |
Maximum | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Property and equipment, useful lives | 15 years |
Prepaid Expenses and Other Cu38
Prepaid Expenses and Other Current Assets - Components of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Other receivables | $ 2,375 | |
Prepaid insurance | 290 | |
Other prepaid expenses and current assets | 93 | $ 23 |
Total | $ 2,758 | $ 23 |
Property and Equipment - Compon
Property and Equipment - Components of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 881 | $ 746 |
Less: accumulated depreciation and amortization | (478) | (394) |
Property and equipment, net | 403 | 352 |
Laboratory Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 530 | 530 |
Computers and Hardware | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 176 | 73 |
Furniture and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 169 | 137 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 6 | $ 6 |
Property and Equipment - Assets
Property and Equipment - Assets under Capital Leases Included in Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Capital Leases Balance Sheet Assets By Major Class Net Lessee Balance Sheet [Abstract] | ||
Furniture and office equipment | $ 94 | $ 94 |
Less: accumulated depreciation and amortization | (22) | (12) |
Capital Leases, Balance Sheet, Assets by Major Class, Net, Total | $ 72 | $ 82 |
Property and Equipment - Estima
Property and Equipment - Estimated Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2015 | |
Laboratory Equipment | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 10 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 15 years |
Minimum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 3 years |
Minimum | Computers and Hardware | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 3 years |
Minimum | Furniture and Office Equipment | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 5 years |
Maximum | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 15 years |
Maximum | Computers and Hardware | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 7 years |
Maximum | Furniture and Office Equipment | |
Property Plant And Equipment [Line Items] | |
Property and equipment, useful lives | 10 years |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property Plant And Equipment [Abstract] | |||
Depreciation and amortization expense | $ 84 | $ 75 | $ 68 |
Accounts Payable and Accrued 43
Accounts Payable and Accrued Expenses - Accounts Payable and Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Payables And Accruals [Abstract] | ||
Accounts payable | $ 1,252 | $ 1,582 |
Accrued interest | 698 | 631 |
Accrued banking fees | 700 | 700 |
Accrued payroll | 947 | 183 |
Other accrued expenses | 1,309 | |
Total | $ 4,906 | $ 3,096 |
Debt Obligations - Deerfield Fa
Debt Obligations - Deerfield Facility Agreement - Additional Information (Detail) - USD ($) | Jun. 02, 2014 | Dec. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deerfield Warrant | |||||
Debt Instrument [Line Items] | |||||
Warrants expiration date | Jun. 2, 2024 | ||||
Series D Redeemable Convertible Preferred Stock | |||||
Debt Instrument [Line Items] | |||||
Preferred stock called by warrants | 15,499,324 | 15,502,529 | 1,079,453 | ||
Warrant, exercise price | $ 0.78 | ||||
Deerfield Facility Agreement | |||||
Debt Instrument [Line Items] | |||||
Line of credit agreement, maximum borrowing capacity | $ 60,000,000 | ||||
Facility agreement, interest rate | 9.75% | ||||
Facility agreement, repayment description | The Company must repay one-third of the outstanding principal amount of all debt issued under the Deerfield Facility Agreement on the fourth and fifth anniversaries of the Deerfield Facility Agreement. The Company is then obligated to repay the balance of the outstanding principal amount on February 14, 2020. | ||||
Facility agreement, repayment period | Feb. 14, 2020 | ||||
Line of Credit Interest Payment, Due Date | Jul. 1, 2016 | ||||
Line of credit agreement, available borrowing capacity | $ 35,000,000 | ||||
Deerfield Facility Agreement | Second Tranche | |||||
Debt Instrument [Line Items] | |||||
Facility agreement, interest rate | 9.75% | ||||
Preferred stock called by warrants | 1,282,052 | ||||
Warrant, exercise price | $ 5.85 | ||||
Line of credit agreement, available borrowing capacity | $ 10,000,000 | ||||
Deerfield Facility Agreement | Third Tranche | |||||
Debt Instrument [Line Items] | |||||
Facility agreement, interest rate | 9.75% | ||||
Line of credit agreement, available borrowing capacity | $ 12,500,000 | ||||
Warrants exercisable as percentage of principal amount of debt disbursed | 60.00% | ||||
Weighted average sales price | 115.00% | ||||
Consecutive trading days, threshold for warrant exercise | 20 days | ||||
Deerfield Facility Agreement | Fourth Tranche | |||||
Debt Instrument [Line Items] | |||||
Facility agreement, interest rate | 9.75% | ||||
Line of credit agreement, available borrowing capacity | $ 12,500,000 | ||||
Warrants exercisable as percentage of principal amount of debt disbursed | 60.00% | ||||
Weighted average sales price | 115.00% | ||||
Consecutive trading days, threshold for warrant exercise | 20 days | ||||
Deerfield Facility Agreement | Put Option | |||||
Debt Instrument [Line Items] | |||||
Fair value of embedded put option | $ 200,000 | ||||
Deerfield Facility Agreement | Deerfield Warrant | |||||
Debt Instrument [Line Items] | |||||
Warrant, exercise price | $ 0.78 | ||||
Warrants expiration date | Jun. 2, 2024 | ||||
Fair value of warrants | $ 7,600,000 | ||||
Deerfield Facility Agreement | Series D Redeemable Convertible Preferred Stock | |||||
Debt Instrument [Line Items] | |||||
Preferred stock called by warrants | 14,423,076 | ||||
Shares issued as consideration for loans provided | 1,923,077 | ||||
Fair value of preferred shares | $ 1,500,000 | ||||
Deerfield Facility Agreement | Term Notes | |||||
Debt Instrument [Line Items] | |||||
Facility agreement | 15,000,000 | ||||
Deerfield Facility Agreement | Deerfield Convertible Notes | |||||
Debt Instrument [Line Items] | |||||
Facility agreement | $ 10,000,000 | ||||
Conversion price | $ 5.85 | ||||
Deerfield Facility Agreement | IPO | |||||
Debt Instrument [Line Items] | |||||
Reclassification of common stock shares | 256,410 | ||||
Deerfield Facility Agreement | IPO | Deerfield Warrant | |||||
Debt Instrument [Line Items] | |||||
Preferred stock called by warrants | 1,923,077 | ||||
Warrant, exercise price | $ 5.85 |
Debt Obligations - Issuance of
Debt Obligations - Issuance of 5.50% Senior Convertible Notes and Third Amendment to Senior Secured Convertible Note and Warrant - Additional Information (Detail) - Subsequent Event - 2021 Notes | Feb. 09, 2016USD ($)$ / sharesshares |
Debt Instrument [Line Items] | |
Aggregate principal amount | $ 86,250,000 |
Interest rate of debt (as a percent) | 5.50% |
Net proceeds from issuance of debt | $ 82,800,000 |
Proceeds used for full repayment of long term debt | $ 18,600,000 |
Debt instrument, maturity date | Feb. 1, 2021 |
Debt instrument, sinking fund payment | $ 0 |
Shares issued on conversion of convertible notes | shares | 58.4454 |
Debt conversion principal amount | $ 1,000 |
Conversion price | $ / shares | $ 17.11 |
Debt Obligations - Conversion o
Debt Obligations - Conversion of 2013 Convertible Notes into Series D Preferred Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Jun. 02, 2014 | Jun. 30, 2014 | Oct. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2015 |
Debt Instrument [Line Items] | |||||
Accrued interest | $ 631 | $ 698 | |||
Gain on extinguishment of debt | $ 1,900 | $ 1,900 | |||
Unsecured Convertible Promissory Notes | |||||
Debt Instrument [Line Items] | |||||
Convertible notes, interest rate | 10.00% | ||||
Gross proceeds from issuance of convertible notes | $ 3,800 | ||||
Outstanding principal balance of convertible notes | $ 3,800 | ||||
Accrued interest | 300 | ||||
Gain on extinguishment of debt | $ 1,900 | ||||
Unsecured Convertible Promissory Notes | Series D Redeemable Convertible Preferred Stock | |||||
Debt Instrument [Line Items] | |||||
Conversion price | $ 0.78 | ||||
Shares issued on conversion of convertible notes | 5,332,348 |
Debt Obligations - Line of Cred
Debt Obligations - Line of Credit - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
First Line of Credit Agreement | |||
Debt Instrument [Line Items] | |||
Line of credit | $ 50,000 | $ 50,000 | $ 50,000 |
Line of credit, description of variable rate basis | prime rate plus 1.75% per annum | ||
Line of credit, basis spread on variable rate | 1.75% | ||
Convertible notes, interest rate | 5.00% | 5.00% | 5.00% |
Second Line of Credit Agreement | |||
Debt Instrument [Line Items] | |||
Line of credit | $ 100,000 | $ 100,000 | |
Line of credit, description of variable rate basis | prime rate plus 9.99% per annum | ||
Line of credit, basis spread on variable rate | 9.99% | ||
Convertible notes, interest rate | 13.24% | 13.24% |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Loss Contingencies [Line Items] | |||
Interest rate for assets under remaining capital leases | 0.67% | ||
Rent expense for non-cancelable operating leases | $ 0.3 | $ 0.2 | $ 0.1 |
IOWA | |||
Loss Contingencies [Line Items] | |||
Lease facilities expires date | Sep. 30, 2016 | ||
Renewal option extend lease an additional year | 3 years | ||
FLORIDA | |||
Loss Contingencies [Line Items] | |||
Renewal option extend lease an additional year | 5 years | ||
Lease facilities expires date | mid2025 | ||
Description of extend lease renewal options | Renewal options that could extend the lease for two additional five year terms. | ||
VIRGINIA | |||
Loss Contingencies [Line Items] | |||
Lease facilities expires date | Aug. 31, 2016 | ||
Renewal option extend lease an additional year | 12 months | ||
NORTH CAROLINA | |||
Loss Contingencies [Line Items] | |||
Lease facilities expires date | May 31, 2020 | ||
Renewal option extend lease an additional year | 3 years |
Commitments and Contingencies49
Commitments and Contingencies - Future Minimum Lease Payments under Capital Leases and Non-Cancelable Operating Leases (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 27 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Thereafter | 0 |
Total minimum lease payments | 27 |
Less: amounts representing interest | (1) |
Total | 26 |
2,016 | 440 |
2,017 | 487 |
2,018 | 497 |
2,019 | 485 |
2,020 | 428 |
Thereafter | 5,354 |
Total minimum lease payments | $ 7,691 |
Supply Arrangement - Additional
Supply Arrangement - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)Agreement | Dec. 31, 2014USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | ||
Number of manufacturing arrangement | Agreement | 1 | |
Supply arrangement expense | $ | $ 0 | $ 0 |
Supply arrangement, automatic renewal period | 2 years | |
Supply arrangement, period of prior notice | 12 months |
Preferred Stock and Warrants -
Preferred Stock and Warrants - Authorized, Issued, and Outstanding Preferred Stock - Additional Information (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | ||
May. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Temporary Equity [Line Items] | ||||
Preferred stock, shares authorized | 10,000,000 | 10,000,000 | 10,000,000 | 0 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares outstanding | 0 | 0 | ||
Common stock | IPO | ||||
Temporary Equity [Line Items] | ||||
Number of preferred shares converted to common shares | 5,980,564 | 5,980,564 | 5,980,564 |
Preferred Stock and Warrants 52
Preferred Stock and Warrants - Summary of Redeemable Convertible Preferred Stock Activity (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Temporary Equity [Line Items] | |||
Less: Conversion of preferred stock into common stock upon IPO | (5,980,564) | ||
Pre-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 41,737,048 | 34,481,623 | 34,481,623 |
Shares issued upon conversion of 2013 Convertible notes | 5,332,348 | ||
Shares issued for financing fee to Deerfield | 1,923,077 | ||
Redeemable convertible preferred stock, issuance of Series D-1 Preferred Stock | 3,200,000 | ||
Redeemable convertible preferred stock, exercise of Series D Preferred warrants | 3,205 | ||
Effect of reverse stock-split | |||
Less: Conversion of preferred stock into common stock upon IPO | |||
Redeemable convertible preferred stock, shares outstanding, ending balance | 41,737,048 | 34,481,623 | |
Post-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Effect of reverse stock-split | (38,959,689) | ||
Series A Redeemable Convertible Preferred Stock | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 1,293,838 | ||
Less: Conversion of preferred stock into common stock upon IPO | (1,293,838) | ||
Redeemable convertible preferred stock, shares outstanding, ending balance | 0 | 1,293,838 | |
Series A Redeemable Convertible Preferred Stock | Pre-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 9,704,215 | 9,704,215 | 9,704,215 |
Redeemable convertible preferred stock, shares outstanding, ending balance | 9,704,215 | 9,704,215 | |
Series A Redeemable Convertible Preferred Stock | Post-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Effect of reverse stock-split | (8,410,377) | ||
Series B Redeemable Convertible Preferred Stock | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 829,234 | ||
Less: Conversion of preferred stock into common stock upon IPO | (829,234) | ||
Redeemable convertible preferred stock, shares outstanding, ending balance | 0 | 829,234 | |
Series B Redeemable Convertible Preferred Stock | Pre-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 6,220,000 | 6,220,000 | 6,220,000 |
Redeemable convertible preferred stock, shares outstanding, ending balance | 6,220,000 | 6,220,000 | |
Series B Redeemable Convertible Preferred Stock | Post-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Effect of reverse stock-split | (5,390,766) | ||
Series C Redeemable Convertible Preferred Stock | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 2,474,122 | ||
Less: Conversion of preferred stock into common stock upon IPO | (2,474,122) | ||
Redeemable convertible preferred stock, shares outstanding, ending balance | 0 | 2,474,122 | |
Series C Redeemable Convertible Preferred Stock | Pre-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 18,557,408 | 18,557,408 | 18,557,408 |
Redeemable convertible preferred stock, shares outstanding, ending balance | 18,557,408 | 18,557,408 | |
Series C Redeemable Convertible Preferred Stock | Post-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Effect of reverse stock-split | (16,083,286) | ||
Series D Redeemable Convertible Preferred Stock | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 967,359 | ||
Redeemable convertible preferred stock, exercise of Series D Preferred warrants | 3,205 | ||
Less: Conversion of preferred stock into common stock upon IPO | (967,786) | ||
Redeemable convertible preferred stock, shares outstanding, ending balance | 0 | 967,359 | |
Series D Redeemable Convertible Preferred Stock | Pre-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, shares outstanding, beginning balance | 7,255,425 | ||
Shares issued upon conversion of 2013 Convertible notes | 5,332,348 | ||
Shares issued for financing fee to Deerfield | 1,923,077 | ||
Redeemable convertible preferred stock, exercise of Series D Preferred warrants | 3,205 | ||
Redeemable convertible preferred stock, shares outstanding, ending balance | 7,255,425 | ||
Series D Redeemable Convertible Preferred Stock | Post-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Effect of reverse stock-split | (6,290,844) | ||
Series D-1 Redeemable Convertible Preferred Stock | |||
Temporary Equity [Line Items] | |||
Less: Conversion of preferred stock into common stock upon IPO | (415,584) | ||
Series D-1 Redeemable Convertible Preferred Stock | Pre-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Redeemable convertible preferred stock, issuance of Series D-1 Preferred Stock | 3,200,000 | ||
Series D-1 Redeemable Convertible Preferred Stock | Post-split Retroactive Adjustment | |||
Temporary Equity [Line Items] | |||
Effect of reverse stock-split | (2,784,416) |
Preferred Stock and Warrants 53
Preferred Stock and Warrants - Series D-1 Redeemable Convertible Preferred Stock - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended |
Feb. 28, 2015 | Dec. 31, 2015 | |
Temporary Equity [Line Items] | ||
Conversion of preferred stock into common stock upon IPO | 5,980,564 | |
Series D-1 Redeemable Convertible Preferred Stock | ||
Temporary Equity [Line Items] | ||
Conversion of preferred stock into common stock upon IPO | 415,584 | |
Series D-1 Redeemable Convertible Preferred Stock | Cowen KP Investment LLC | ||
Temporary Equity [Line Items] | ||
Redeemable convertible preferred stock, issuance of Series D-1 Preferred Stock | 3,200,000 | |
Redeemable convertible preferred stock, price per share | $ 1.25 | |
Redeemable convertible preferred stock, proceeds from issuance | $ 4,000,000 | |
Conversion of preferred stock into common stock upon IPO | 415,584 |
Preferred Stock and Warrants 54
Preferred Stock and Warrants - Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Jun. 02, 2014 | Dec. 31, 2015 | Dec. 31, 2013 | Apr. 30, 2015 | Dec. 31, 2014 |
2013 Warrants | |||||
Temporary Equity [Line Items] | |||||
Warrants issued | 1,079,453 | ||||
Warrants expiration date | Jun. 2, 2019 | ||||
Deerfield Warrant | |||||
Temporary Equity [Line Items] | |||||
Warrants issued | 14,423,076 | ||||
Warrants expiration date | Jun. 2, 2024 | ||||
Convertible Notes | |||||
Temporary Equity [Line Items] | |||||
Debt instrument issued | $ 3.8 | ||||
Series D Redeemable Convertible Preferred Stock | |||||
Temporary Equity [Line Items] | |||||
Preferred stock called by warrants | 1,079,453 | 15,499,324 | 15,502,529 | ||
Warrant, exercise price | $ 0.78 | ||||
Redeemable convertible preferred stock, exercise of Series D Preferred warrants | 3,205 | ||||
Common stock | |||||
Temporary Equity [Line Items] | |||||
Preferred stock called by warrants | 143,466 | 2,066,543 | |||
Warrant, exercise price | $ 5.85 | ||||
Common stock | Deerfield Warrant | |||||
Temporary Equity [Line Items] | |||||
Preferred stock called by warrants | 1,923,077 | ||||
Warrant, exercise price | $ 5.85 |
Common Stock and Warrants - Add
Common Stock and Warrants - Additional Information (Detail) - shares | 12 Months Ended | ||||
Dec. 31, 2015 | Dec. 31, 2014 | May. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2012 | |
Class Of Stock [Line Items] | |||||
Common stock, shares authorized | 250,000,000 | 18,666,666 | 250,000,000 | 250,000,000 | |
Common stock, shares issued | 14,490,954 | 2,381,041 | |||
Common stock, shares outstanding | 14,490,954 | 2,381,041 | |||
Common stock warrants exercised | 270,038 | 0 | |||
Private Placement | |||||
Class Of Stock [Line Items] | |||||
Common stock called by warrants | 595,920 |
Common Stocks and Warrants - Sc
Common Stocks and Warrants - Schedule of Reserved Authorized Shares of Common Stock for Future Issuance (Detail) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 7,124,961 | 10,796,687 |
Series A Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 1,293,838 | |
Series B Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 829,234 | |
Series C Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 2,474,122 | |
Series D Redeemable Convertible Preferred Stock | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 967,359 | |
Convertible Notes | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 1,991,219 | 1,808,353 |
Series D redeemable convertible preferred stock warrants | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 2,066,970 | |
Equity Incentive Plans | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 1,397,511 | 395,185 |
Possible Future Issuances Under Equity Incentive Plans | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 1,410,848 | 365,706 |
Common Stock Warrants | ||
Class Of Stock [Line Items] | ||
Common shares reserved for future issuance | 2,325,383 | 595,920 |
Common Stock and Warrants - Sum
Common Stock and Warrants - Summary of Common Stock Shares Activity (Detail) - shares | 1 Months Ended | 12 Months Ended | ||
May. 31, 2015 | Apr. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Class Of Stock [Line Items] | ||||
Common stock, beginning balance | 2,381,041 | |||
Common stock warrants exercised | 270,038 | 0 | ||
Common stock options exercised | 4,766 | |||
Common stock, ending balance | 14,490,954 | 2,381,041 | ||
IPO | ||||
Class Of Stock [Line Items] | ||||
Number of shares of common stock sold | 5,090,909 | |||
Common stock | IPO | ||||
Class Of Stock [Line Items] | ||||
Number of shares of common stock sold | 5,854,545 | |||
Shares conversion of common stock | 5,980,564 | 5,980,564 | 5,980,564 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | Jan. 01, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Exercised | 4,766 | 0 | 0 | |
Intrinsic value of stock options exercised | $ 54,000 | |||
Weighted-average fair value of awards granted | $ 10.63 | $ 4.50 | $ 3 | |
Total fair value of stock options vested | $ 1,100,000 | $ 200,000 | $ 200,000 | |
Stock based compensation expense | $ 2,369,000 | 214,000 | 134,000 | |
Stock options fully vested and exercisable | 163,998 | |||
Performance Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation expense | 0 | 0 | ||
General and administrative | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 1,759,000 | 152,000 | 105,000 | |
General and administrative | Performance Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation expense | 700,000 | |||
Research and development | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation expense | 610,000 | $ 62,000 | $ 29,000 | |
Research and development | Performance Shares | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock based compensation expense | $ 200,000 | |||
Two Thousand Fourteen Equity Incentive Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Percentage of outstanding capital stock | 4.00% | |||
Share-based compensation arrangement by share-based payment award, plan modification, description and terms | Number of shares of common stock reserved for issuance under the 2014 Plan will automatically increase on January 1 of each year, beginning on January 1, 2016 and ending on and including January 1, 2024, | |||
Two Thousand Fourteen Equity Incentive Plan | Maximum | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of shares issuable | 2,266,666 | |||
Two Thousand Fourteen Equity Incentive Plan | Subsequent Event | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Increase in number of common stock reserve for issuance | 579,638 | |||
2014 Plan and 2007 stock incentive plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Total unrecognized compensation cost | $ 9,000,000 | |||
Compensation cost recognition weighted-average period | 2 years 9 months 7 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock based compensation expense | $ 2,369 | $ 214 | $ 134 |
Research and development | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock based compensation expense | 610 | 62 | 29 |
General and administrative | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock based compensation expense | $ 1,759 | $ 152 | $ 105 |
Stock-Based Compensation - Blac
Stock-Based Compensation - Black-Scholes-Merton Option Pricing Model (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions and Methodology [Line Items] | |||
Risk-free interest rate, minimum | 1.40% | 0.91% | 0.52% |
Risk-free interest rate, maximum | 1.99% | 2.70% | 2.80% |
Expected volatility, minimum | 68.79% | 86.00% | 58.55% |
Expected volatility, maximum | 86.84% | 95.00% | 92.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Minimum | |||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions and Methodology [Line Items] | |||
Expected term (in years) | 4 years 3 months 29 days | 7 years | 4 years 15 days |
Maximum | |||
Share Based Compensation Arrangement by Share Based Payment Award Fair Value Assumptions and Methodology [Line Items] | |||
Expected term (in years) | 6 years 3 months | 10 years | 10 years |
Stock-Based Compensation - Sc61
Stock-Based Compensation - Schedule of Stock Option Activity (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Shares Under Option | |||
Granted | 1,010,457 | ||
Exercised | (4,766) | 0 | 0 |
Forfeited | (3,365) | ||
Outstanding balance at December 31, 2015 | 1,397,511 | ||
Exercisable at December 31, 2015 | 384,087 | ||
Vested and expected to vest at December 31, 2015 | 1,254,325 | ||
Weighted Average Exercise Price | |||
Outstanding balance at January 1, 2015 | $ 5.40 | ||
Granted | 16.30 | ||
Exercised | 5.85 | ||
Forfeited | 5.85 | ||
Outstanding balance at December 31, 2015 | 13.28 | $ 5.40 | |
Exercisable at December 31, 2015 | 6.71 | ||
Vested and expected to vest at December 31, 2015 | $ 13 | ||
Weighted Average Remaining Contractual Term (years) | |||
Outstanding balance | 8 years 6 months 29 days | 7 years 2 months 27 days | |
Exercisable at December 31, 2015 | 6 years 6 months 18 days | ||
Vested and expected to vest at December 31, 2015 | 8 years 5 months 27 days | ||
Aggregate Intrinsic Value | |||
Options outstanding, Aggregate intrinsic value | $ 9,204,403 | $ 1,275,980 | |
Options exercisable, Aggregate intrinsic value | 5,057,062 | ||
Options vested and expected to vest, Aggregate intrinsic value | $ 8,614,743 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information Regarding Currently Outstanding and Exercisable Options (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Jan. 01, 2015 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.85 | ||
Options Outstanding, Number of Shares | 1,397,511 | 395,185 | |
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 8 years 6 months 29 days | 7 years 2 months 27 days | |
Options Exercisable Number of Shares | 384,087 | ||
Options Exercisable Weighted- Average Remaining Contractual Term (in years) | 6 years 6 months 18 days | ||
0.75 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 0.75 | ||
Options Outstanding, Number of Shares | 12,000 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 1 year 6 months | ||
Options Exercisable Number of Shares | 12,000 | ||
Options Exercisable Weighted- Average Remaining Contractual Term (in years) | 1 year 6 months | ||
3 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 3 | ||
Options Outstanding, Number of Shares | 20,666 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 2 years 6 months 15 days | ||
Options Exercisable Number of Shares | 20,666 | ||
Options Exercisable Weighted- Average Remaining Contractual Term (in years) | 2 years 6 months 15 days | ||
4.65 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 4.65 | ||
Options Outstanding, Number of Shares | 49,327 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 2 years 7 months 10 days | ||
Options Exercisable Number of Shares | 49,327 | ||
Options Exercisable Weighted- Average Remaining Contractual Term (in years) | 2 years 7 months 10 days | ||
5.85 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 5.85 | ||
Options Outstanding, Number of Shares | 305,061 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 7 years 2 months 23 days | ||
Options Exercisable Number of Shares | 207,428 | ||
Options Exercisable Weighted- Average Remaining Contractual Term (in years) | 6 years 10 months 28 days | ||
8.63 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 8.63 | ||
Options Outstanding, Number of Shares | 154,639 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 11 days | ||
Options Exercisable Number of Shares | 6,666 | ||
Options Exercisable Weighted- Average Remaining Contractual Term (in years) | 8 years 6 months 26 days | ||
11 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 11 | ||
Options Outstanding, Number of Shares | 21,333 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 3 months 18 days | ||
11.41 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 11.41 | ||
Options Outstanding, Number of Shares | 170,035 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 4 months 28 days | ||
Options Exercisable Number of Shares | 88,000 | ||
Options Exercisable Weighted- Average Remaining Contractual Term (in years) | 9 years 4 months 28 days | ||
16.61 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 16.61 | ||
Options Outstanding, Number of Shares | 11,250 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 11 months 9 days | ||
18.29 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 18.29 | ||
Options Outstanding, Number of Shares | 205,000 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 5 months 27 days | ||
18.61 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 18.61 | ||
Options Outstanding, Number of Shares | 38,400 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 7 months 24 days | ||
19.02 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 19.02 | ||
Options Outstanding, Number of Shares | 62,000 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 7 months 24 days | ||
20.45 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 20.45 | ||
Options Outstanding, Number of Shares | 335,000 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 8 months 5 days | ||
21.37 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 21.37 | ||
Options Outstanding, Number of Shares | 6,400 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 8 months 12 days | ||
22.12 | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Exercise Price | $ 22.12 | ||
Options Outstanding, Number of Shares | 6,400 | ||
Options Outstanding Weighted- Average Remaining Contractual Term (in years) | 9 years 8 months 16 days |
Stock-Based Compensation - Nonv
Stock-Based Compensation - Nonvested Stock Option Awards (Detail) - shares | Dec. 31, 2015 | Dec. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 1,013,424 | 225,018 |
5.85 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 97,633 | 225,018 |
8.63 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 147,973 | |
11 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 21,333 | |
11.41 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 82,035 | |
16.61 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 11,250 | |
18.29 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 205,000 | |
18.61 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 38,400 | |
19.02 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 62,000 | |
20.45 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 335,000 | |
21.37 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 6,400 | |
22.12 | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Unvested Shares | 6,400 |
Fair Value of Financial Instr64
Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Increase in estimated fair value | $ 764,000 | $ 2,089,000 | $ 22,661,000 | $ 1,762,000 | $ 3,221,000 | $ 2,189,000 | $ 1,570,000 | $ 242,000 | $ 27,276,000 | $ 7,223,000 | $ (1,137,000) |
Changes in Fair Value Measurement | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Percentage of increase in enterprise value | 10.00% | ||||||||||
Underwriter Warrant Liability | Changes in Fair Value Measurement | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Increase in estimated fair value | $ 400,000 | ||||||||||
Preferred Stock Warrant Liability | Changes in Fair Value Measurement | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Increase in estimated fair value | 1,900,000 | ||||||||||
Embedded Put Option | Changes in Fair Value Measurement | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Increase in estimated fair value | 0 | ||||||||||
Fair Value Inputs Level3 | Deerfield Facility Agreement | Deerfield Convertible Notes | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Fair value of long term debt instruments | 42,000,000 | 42,000,000 | |||||||||
Fair Value Inputs Level3 | Deerfield Facility Agreement | Term Notes | |||||||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||||||
Fair value of long term debt instruments | $ 14,100,000 | $ 14,100,000 |
Fair Value of Financial Instr65
Fair Value of Financial Instruments - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | $ 37,839 | $ 15,966 |
Financial assets measured at fair value on recurring basis | 19,002 | |
Underwriter Warrant Liability | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 3,877 | 2,746 |
Deerfield Warrant Liability | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 33,750 | 12,560 |
Embedded Put Option | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 212 | 140 |
2013 Warrant Liability | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 520 | |
Certificates of Deposits | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial assets measured at fair value on recurring basis | 8,951 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial assets measured at fair value on recurring basis | 19,002 | |
Quoted Prices in Active Markets for Identical Assets (Level 1) | Certificates of Deposits | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial assets measured at fair value on recurring basis | 8,951 | |
Fair Value Inputs Level3 | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 37,839 | 15,966 |
Fair Value Inputs Level3 | Underwriter Warrant Liability | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 3,877 | 2,746 |
Fair Value Inputs Level3 | Deerfield Warrant Liability | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 33,750 | 12,560 |
Fair Value Inputs Level3 | Embedded Put Option | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | 212 | 140 |
Fair Value Inputs Level3 | 2013 Warrant Liability | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial liabilities measured at fair value on recurring basis | $ 520 | |
Government Bonds | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial assets measured at fair value on recurring basis | 10,051 | |
Government Bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items] | ||
Financial assets measured at fair value on recurring basis | $ 10,051 |
Fair Value of Financial Instr66
Fair Value of Financial Instruments - Reconciliation of Beginning and Ending Balances for Derivative and Warrant Liability Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Fair Value Assets And Liabilities Measured On Recurring Basis [Abstract] | ||
Balance at beginning of period | $ 15,966 | $ 2,813 |
Issuance of Deerfield Warrant | 7,610 | |
Embedded put option | 220 | |
Conversion of 2013 Convertible Notes | (1,900) | |
Reclassification of 2013 warrants to equity | (1,110) | |
Exercise of warrants | (4,293) | |
Adjustment to fair value | 27,276 | 7,223 |
Balance at end of period | $ 37,839 | $ 15,966 |
Income Tax - Additional informa
Income Tax - Additional information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax [Line Items] | |||||||||||
State tax benefit | $ 15,000 | $ 22,000 | $ 20,000 | ||||||||
Loss before income taxes | $ (9,204,000) | $ (9,724,000) | $ (29,743,000) | $ (5,967,000) | $ (11,814,000) | $ (7,175,000) | $ (3,578,000) | $ (1,910,000) | (54,638,000) | $ (24,477,000) | $ (5,246,000) |
Net operating loss carry forwards | 62,405,000 | $ 62,405,000 | |||||||||
Net operating loss carry forwards expiration year, beginning year | 2,027 | ||||||||||
Net operating loss carry forwards expiration year, ending year | 2,035 | ||||||||||
State [Member] | |||||||||||
Income Tax [Line Items] | |||||||||||
Net operating loss carry forwards | $ 59,700,000 | $ 59,700,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Difference Between Benefit for Income Taxes and Income Taxes at Statutory U.S Federal Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation Of Effective Income Tax Rate [Line Items] | |||
Federal statutory rate | 34.00% | 34.00% | 34.00% |
Change in valuation allowance | (19.25%) | (32.88%) | (38.38%) |
State tax benefit (net of federal) | 4.06% | 5.96% | 7.53% |
Warrant liability | (15.28%) | (9.39%) | 6.08% |
Conversion feature and put option on 2013 convertible notes | (1.68%) | (1.26%) | (8.81%) |
Interest expense | 0.21% | (0.99%) | |
Stock-based compensation | (1.28%) | ||
Other | (1.42%) | 0.07% | (1.95%) |
Federal income tax provision effective rate | 0.02% | 0.09% | 0.38% |
State [Member] | |||
Reconciliation Of Effective Income Tax Rate [Line Items] | |||
Research and development credit | 0.03% | 0.09% | 0.37% |
Federal | |||
Reconciliation Of Effective Income Tax Rate [Line Items] | |||
Research and development credit | 0.84% | 3.29% | 2.53% |
Income Taxes - Components of Ne
Income Taxes - Components of Net Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Deferred tax assets relating to: | |||
Net operating loss carryforwards | $ 26,617 | $ 16,390 | $ 9,606 |
Research and development tax carryforward | 2,254 | 1,793 | 899 |
Compensation | 232 | 83 | 76 |
Total gross deferred tax assets | 29,103 | 18,266 | 10,581 |
Deferred tax liabilities relating to: | |||
Property and equipment | 80 | 170 | 176 |
Total gross deferred tax liabilities | 80 | 170 | 176 |
Deferred tax assets less liabilities | 29,023 | 18,096 | 10,405 |
Valuation allowance | (29,023) | (18,096) | (10,405) |
Net deferred tax asset (liability) | $ 0 | $ 0 | $ 0 |
Income Taxes - Federal Net Oper
Income Taxes - Federal Net Operating Loss Carryforward And Research Activities Credits (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 62,405 | ||
Research Activities Credit | 2,254 | $ 1,793 | $ 899 |
Tax Year 2007 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | 454 | ||
Research Activities Credit | $ 30 | ||
Expiration | 2,027 | ||
Tax Year 2008 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 1,178 | ||
Research Activities Credit | $ 65 | ||
Expiration | 2,028 | ||
Tax Year 2009 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 3,060 | ||
Research Activities Credit | $ 176 | ||
Expiration | 2,029 | ||
Tax Year 2010 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 3,423 | ||
Research Activities Credit | $ 149 | ||
Expiration | 2,030 | ||
Tax Year 2011 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 9,929 | ||
Research Activities Credit | $ 176 | ||
Expiration | 2,031 | ||
Tax Year 2012 | |||
Operating Loss Carryforwards [Line Items] | |||
Research Activities Credit | $ 170 | ||
Expiration | 2,032 | ||
Tax Year 2013 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 4,353 | ||
Research Activities Credit | $ 133 | ||
Expiration | 2,033 | ||
Tax Year 2014 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 15,819 | ||
Research Activities Credit | $ 894 | ||
Expiration | 2,034 | ||
Tax Year 2015 | |||
Operating Loss Carryforwards [Line Items] | |||
Net Operating Loss Carryforwards | $ 24,189 | ||
Research Activities Credit | $ 461 | ||
Expiration | 2,035 |
Net Loss Per Share - Summary of
Net Loss Per Share - Summary of Computation of Basic and Diluted Net Loss and Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss - basic and diluted | $ (9,203) | $ (9,744) | $ (29,743) | $ (5,974) | $ (11,841) | $ (7,137) | $ (3,572) | $ (1,905) | $ (54,664) | $ (24,455) | $ (5,226) |
Weighted-average number of common shares - basic and diluted | 7,368,681 | 2,381,041 | 2,381,041 | ||||||||
Net loss per share - basic and diluted | $ (0.64) | $ (0.68) | $ (2.45) | $ (2.50) | $ (4.97) | $ (3) | $ (1.50) | $ (0.80) | $ (7.42) | $ (10.27) | $ (2.20) |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Anti-dilutive Securities Excluded from Calculation of Weighted Average Common Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Warrants to Purchase Common Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,325,383 | 595,920 | 595,920 |
Deerfield Warrant to Purchase Series D Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,066,970 | 143,893 | |
Equity Incentive Plans | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,397,511 | 395,185 | 296,255 |
Unsecured Convertible Promissory Notes | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 683,417 | ||
Convertible Notes | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,991,219 | 1,808,353 | |
Series A Redeemable Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,293,838 | 1,293,838 | |
Series B Redeemable Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 829,234 | 829,234 | |
Series C Redeemable Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,474,122 | 2,474,122 | |
Series D Redeemable Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 967,359 | ||
Redeemable Convertible Preferred Stock | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 5,564,553 | 4,597,194 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
401K Retirement Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution to Savings Plan | 4.00% | ||
Employer matching contribution | $ 113 | $ 69 | $ 50 |
Profit Sharing Plan [Member] | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Employer contribution to Savings Plan | 0.00% | 0.00% | 0.00% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event - 2021 Notes | Feb. 09, 2016USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Debt instrument issued | $ 86,250,000 |
Net proceeds from issuance of debt | 82,800,000 |
Debt issuance costs | $ 18,600,000 |
Debt instrument, maturity date | Feb. 1, 2021 |
Debt instrument, sinking fund payment | $ 0 |
Convertible notes, interest rate | 5.50% |
Shares issued on conversion of convertible notes | shares | 58.4454 |
Debt conversion principal amount | $ 1,000 |
Conversion price | $ / shares | $ 17.11 |
Quarterly Results of Operatio75
Quarterly Results of Operations (unaudited) - Schedule of Quarterly Operating Results (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | |||||||||||
Research and development | 4,716 | 4,328 | 2,768 | 2,119 | 5,911 | 3,253 | 1,715 | 1,038 | 13,931 | 11,917 | 3,367 |
General and administrative | 2,566 | 2,152 | 3,188 | 977 | 1,577 | 1,086 | 1,330 | 534 | 8,883 | 4,526 | 1,351 |
Total operating expenses | 7,282 | 6,480 | 5,956 | 3,096 | 7,488 | 4,339 | 3,045 | 1,572 | 22,814 | 16,443 | 4,718 |
Loss from operations | (7,282) | (6,480) | (5,956) | (3,096) | (7,488) | (4,339) | (3,045) | (1,572) | (22,814) | (16,443) | (4,718) |
Other (expense) income: | |||||||||||
Gain on extinguishment of debt | 1,900 | 1,900 | |||||||||
Amortization of debt discount | (475) | (479) | (477) | (477) | (478) | (477) | (159) | 0 | (1,909) | (1,114) | (1,560) |
Interest expense | (698) | (687) | (654) | (632) | (631) | (173) | (704) | (96) | (2,671) | (1,605) | (157) |
Fair value adjustment | (764) | (2,089) | (22,661) | (1,762) | (3,221) | (2,189) | (1,570) | (242) | (27,276) | (7,223) | 1,137 |
Interest and other income | 15 | 11 | 5 | 4 | 3 | 32 | 8 | 52 | |||
Total other expenses | (1,922) | (3,244) | (23,787) | (2,871) | (4,326) | (2,836) | (533) | (338) | (31,824) | (8,034) | (528) |
Loss before income taxes | (9,204) | (9,724) | (29,743) | (5,967) | (11,814) | (7,175) | (3,578) | (1,910) | (54,638) | (24,477) | (5,246) |
Income tax (expense) benefit | 1 | (20) | (7) | (27) | 38 | 6 | 5 | (26) | 22 | 20 | |
Net loss | $ (9,203) | $ (9,744) | $ (29,743) | $ (5,974) | $ (11,841) | $ (7,137) | $ (3,572) | $ (1,905) | $ (54,664) | $ (24,455) | $ (5,226) |
Net loss per share: | |||||||||||
Basic and diluted | $ (0.64) | $ (0.68) | $ (2.45) | $ (2.50) | $ (4.97) | $ (3) | $ (1.50) | $ (0.80) | $ (7.42) | $ (10.27) | $ (2.20) |