Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 26-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ADRO | |
Entity Registrant Name | ADURO BIOTECH, INC. | |
Entity Central Index Key | 1435049 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 62,234,897 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (Unaudited) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $132,984 | $119,456 |
Accounts receivable | 531 | 3,153 |
Prepaid expenses and other current assets | 3,446 | 2,612 |
Total current assets | 136,961 | 125,221 |
Property and equipment, net | 1,376 | 1,053 |
Other assets | 428 | 188 |
Total assets | 138,765 | 126,462 |
Current liabilities: | ||
Accounts payable | 3,680 | 5,030 |
Accrued clinical trial and manufacturing expenses | 4,703 | 3,350 |
Accrued expenses and other liabilities | 5,394 | 2,408 |
Deferred revenue | 26,947 | 33,427 |
Total current liabilities | 40,724 | 44,215 |
Deferred revenue | 2,592 | |
Convertible preferred stock warrant liability | 1,096 | 100 |
Common stock warrant liability | 9,235 | 889 |
Total liabilities | 51,055 | 47,796 |
Commitments and contingencies (Note 6) | ||
Convertible preferred stock; $0.0001 par value, 74,438,403 and 69,716,345 shares authorized at March 31, 2015 and December 31, 2014; 71,976,036 and 69,608,339 shares issued and outstanding at March 31, 2015 and December 31, 2014; aggregate liquidation value of $170,261 and $145,261 at March 31, 2015 and December 31, 2014, respectively | 164,964 | 139,963 |
Stockholders’ deficit: | ||
Additional paid-in capital | 1,005 | 346 |
Accumulated deficit | -78,259 | -61,643 |
Total stockholders’ deficit | -77,254 | -61,297 |
Total liabilities, convertible preferred stock and stockholders’ deficit | $138,765 | $126,462 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Convertible preferred stock | ||
Par value per share | $0.00 | $0.00 |
Shares authorized | 74,438,403 | 69,716,345 |
Shares issued | 71,976,036 | 69,608,339 |
Shares outstanding | 71,976,036 | 69,608,339 |
Liquidation preference | $170,261 | $145,261 |
Common stock | ||
Par value per share | $0.00 | $0.00 |
Shares authorized | 90,000,000 | 85,000,000 |
Shares issued | 517,545 | 361,997 |
Shares outstanding | 517,545 | 361,997 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue: | ||
Collaboration and license revenue | $9,238 | |
Grant revenue | 336 | 25 |
Total revenue | 9,574 | 25 |
Operating expenses: | ||
Research and development | 10,646 | 4,729 |
General and administrative | 6,210 | 1,384 |
Total operating expenses | 16,856 | 6,113 |
Loss from operations | -7,282 | -6,088 |
Interest expense | -1,354 | |
Other expense, net | -9,334 | -342 |
Net loss | ($16,616) | ($7,784) |
Net loss per common share, basic and diluted | ($39.97) | ($26.34) |
Weighted average common shares outstanding, basic and diluted | 415,746 | 295,498 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Convertible Preferred Stock and Stockholders' Deficit (Unaudited) (USD $) | Total | Convertible Preferred Stock | Convertible Preferred Stock | Common Stock | Additional Paid-in Capital | Accumulated Deficit |
USD ($) | USD ($) | Series E Convertible Preferred Stock | USD ($) | USD ($) | ||
USD ($) | ||||||
Beginning balance at Dec. 31, 2014 | $139,963,000 | $139,963,000 | ||||
Beginning balance at Dec. 31, 2014 | -61,297,000 | 346,000 | -61,643,000 | |||
Beginning balance, Shares at Dec. 31, 2014 | 69,608,339 | 69,608,339 | ||||
Beginning balance, Shares at Dec. 31, 2014 | 361,997 | 361,997 | ||||
Issuance of convertible preferred stock for cash | 24,992,000 | |||||
Issuance of convertible preferred stock for cash, Shares | 2,361,029 | |||||
Issuance of preferred stock upon exercise of preferred stock warrants | 9,000 | |||||
Issuance of preferred stock upon exercise of preferred stock warrants , Shares | 6,668 | |||||
Issuance of common stock upon exercise of stock options | 79,000 | 79,000 | ||||
Issuance of common stock upon exercise of stock options, Shares | 155,548 | 155,548 | ||||
Stock-based compensation expense | 580,000 | 580,000 | ||||
Net loss | -16,616,000 | -16,616,000 | ||||
Ending balance at Mar. 31, 2015 | 164,964,000 | 164,964,000 | ||||
Ending balance at Mar. 31, 2015 | ($77,254,000) | $1,005,000 | ($78,259,000) | |||
Ending balance, Shares at Mar. 31, 2015 | 71,976,036 | 71,976,036 | ||||
Ending balance, Shares at Mar. 31, 2015 | 517,545 | 517,545 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statement of Cash Flows (Unaudited) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net loss | ($16,616) | ($7,784) |
Adjustments to reconcile net loss to net cash (used in) operating activities: | ||
Depreciation and amortization | 93 | 43 |
Stock-based compensation | 580 | 109 |
Loss from changes in the fair value of warrants, net | 9,342 | 346 |
Non-cash interest expense related to convertible promissory notes payable | 1,354 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 2,622 | 337 |
Prepaid expenses and other assets | -776 | -579 |
Accounts payable | 1,018 | 219 |
Deferred revenue | -9,072 | |
Accrued clinical trial and manufacturing expenses | 1,353 | 1,151 |
Accrued expenses and other liabilities | 2,985 | -170 |
Net cash used in operating activities | -8,471 | -4,974 |
Cash Flows from Investing Activities | ||
Purchase of property and equipment | -314 | -126 |
Net cash used in investing activities | -314 | -126 |
Cash Flows from Financing Activities | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 22,522 | |
Proceeds from issuance of convertible promissory note payable to related parties | 308 | |
Deferred offering costs | -297 | |
Proceeds from exercise of stock options and warrants | 88 | |
Net cash provided by financing activities | 22,313 | 308 |
Net increase (decrease) in cash and cash equivalents | 13,528 | -4,792 |
Cash and cash equivalents at beginning of period | 119,456 | 8,532 |
Cash and cash equivalents at end of period | 132,984 | 3,740 |
Supplemental Disclosure of Non-Cash Investing and Financing Activities | ||
Accrued offering costs | 910 | |
Purchase of property and equipment in accounts payable | $214 |
Nature_of_Business
Nature of Business | 3 Months Ended |
Mar. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Business | 1. Nature of Business |
Aduro Biotech, Inc., or the Company, is a clinical-stage immuno-oncology company located in Berkeley, California. The Company was founded in 2000 under the name Oncologic, Inc., later merged with Triton BioSystems, Inc. in 2008, and subsequently changed its name to Aduro Biotech, Inc. in 2009. The Company is focused on the development of technology platforms designed to stimulate robust and durable immune responses against cancer. The Company operates in one business segment. | |
The Company’s more advanced technology platform is its proprietary Live, Attenuated, Double-Deleted, or LADD, method of engineering Listeria monocytogenes bacteria into therapeutic agents that stimulate both an immediate innate immune response and a targeted adaptive immune response to specific tumor antigens. The Company’s earlier-stage technology platform is based on cyclic dinucleotides, or CDNs, novel small molecules that activate the intracellular Stimulator of Interferon Genes, or STING, receptor, a central mediator of the innate immune response. The Company’s pipeline of product candidates has the potential to be applicable to a variety of cancers and to be combinable with a range of conventional and emerging cancer therapies, including cellular vaccines, chemotherapy, radiotherapy and checkpoint inhibitors, among others. |
Basis_of_Presentation_Use_of_E
Basis of Presentation Use of Estimates and Recent Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation, Use of Estimates, and Recent Accounting Policies | 2. Basis of Presentation, Use of Estimates, and Recent Accounting Policies |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and following the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2014 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any other interim period or for any other future year. | |
The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2014 included in our Registration Statement on Form S-1 filed with the SEC. | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical trial accruals, convertible preferred stock and related warrants, common stock and related warrants, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. | |
Deferred Offering Costs | |
At March 31, 2015 and December 31, 2014, $2.3 million and $1.4 million, respectively, of deferred offering costs were capitalized, which were included in prepaid and other assets in the accompanying condensed consolidated balance sheets. The deferred offering costs will be offset against proceeds from the initial public offering, or IPO, to be recorded in the quarter ended June 30, 2015. | |
Recent Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board, or FASB, issued Auditing Standards Update, or ASU, No. 2014-09 , Revenue from Contracts with Customers (Topic 606). This ASU affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the currently effective guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In April 2015, the FASB voted to propose a deferral of the effective date of the ASU by one year. The new guidance would be effective for fiscal years beginning after December 15, 2017 instead of December 15, 2016, which for the Company means January 1, 2018. Entities are permitted to adopt in accordance with the original effective date if they choose. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40). ASU 2014-15 requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, companies will have reduced diversity in the timing and content of footnote disclosures than under today’s guidance. ASU 2014-15 is effective for the Company in the first quarter of 2016 with early adoption permitted. The Company does not believe the impact of adopting ASU 2014-15 will be material to its consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 3. Fair Value Measurements | ||||||||||||||||
The carrying amounts of certain of the Company’s financial instruments, including cash equivalents, accounts receivable, and accounts payable approximated their fair values due to their short maturities. Assets and liabilities recorded at fair value on a recurring basis in the balance sheets, as well as assets and liabilities measured at fair value on a non-recurring basis or disclosed at fair value, are categorized based upon the level of judgment associated with inputs used to measure their fair values. The accounting guidance for fair value provides a framework for measuring fair value, and requires certain disclosures about how fair value is determined. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance also establishes a three-level valuation hierarchy that prioritizes the inputs to valuation techniques used to measure fair value based upon whether such inputs are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions made by the reporting entity. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows: | |||||||||||||||||
Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date; | |||||||||||||||||
Level 2—Inputs are observable, unadjusted quoted prices in active markets for similar assets or liabilities, unadjusted quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and | |||||||||||||||||
Level 3—Unobservable inputs that are significant to the measurement of the fair value of the assets or liabilities that are supported by little or no market data. | |||||||||||||||||
The Company’s financial instruments consist of Level 1 assets and Level 3 liabilities. Where quoted prices are available in an active market, securities are classified as Level 1. Level 1 assets consist of highly liquid money market funds that are included in cash equivalents. | |||||||||||||||||
In certain cases where there is limited activity or less transparency around the inputs to valuation, securities are classified as Level 3. Level 3 liabilities consist of common and preferred stock warrant liabilities. The determination of the fair value of the warrants is discussed in Note 8. Increases or decreases in the fair value of the underlying convertible preferred stock or common stock are accounted for as other expense, net in the accompanying condensed consolidated financial statements. | |||||||||||||||||
The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): | |||||||||||||||||
31-Mar-15 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 121,006 | $ | — | $ | — | $ | 121,006 | |||||||||
Financial Liabilities: | |||||||||||||||||
Convertible preferred stock warrant liability | $ | — | $ | — | $ | 1,096 | $ | 1,096 | |||||||||
Common stock warrant liability | — | — | 9,235 | 9,235 | |||||||||||||
Total | $ | — | $ | — | $ | 10,331 | $ | 10,331 | |||||||||
31-Dec-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 110,001 | $ | — | $ | — | $ | 110,001 | |||||||||
Financial Liabilities: | |||||||||||||||||
Convertible preferred stock warrant liability | $ | — | $ | — | $ | 100 | $ | 100 | |||||||||
Common stock warrant liability | — | — | 889 | 889 | |||||||||||||
Total | $ | — | $ | — | $ | 989 | $ | 989 | |||||||||
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands): | |||||||||||||||||
Preferred | Common | ||||||||||||||||
Stock | Stock | ||||||||||||||||
Warrant | Warrant | ||||||||||||||||
Liability | Liability | ||||||||||||||||
Balance at December 31, 2014 | $ | 100 | $ | 889 | |||||||||||||
Net increase in fair value upon revaluation | 996 | 8,346 | |||||||||||||||
Balance at March 31, 2015 | $ | 1,096 | $ | 9,235 | |||||||||||||
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Components [Abstract] | |||||||||
Balance Sheet Components | 4. Balance Sheet Components | ||||||||
Property and Equipment, Net | |||||||||
Property and equipment, net consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Lab equipment | $ | 1,516 | $ | 1,165 | |||||
Computer and office equipment | 560 | 520 | |||||||
Furniture and fixtures | 98 | 87 | |||||||
Leasehold improvements | 318 | 304 | |||||||
Total property and equipment | 2,492 | 2,076 | |||||||
Less: accumulated depreciation and amortization | (1,116 | ) | (1,023 | ) | |||||
Property and equipment, net | $ | 1,376 | $ | 1,053 | |||||
Depreciation and amortization expense for the three months ended March 31, 2015 and 2014 was $93,000 and $43,000, respectively. | |||||||||
Accrued Expenses and Other Liabilities | |||||||||
Accrued expenses and other liabilities consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Compensation and related benefits | $ | 2,675 | $ | 1,276 | |||||
Professional and consulting services | 2,664 | 961 | |||||||
Other | 55 | 171 | |||||||
Total accrued expenses and other liabilities | $ | 5,394 | $ | 2,408 | |||||
Collaboration_Agreements
Collaboration Agreements | 3 Months Ended |
Mar. 31, 2015 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Collaboration Agreements | 5. Collaboration Agreements |
Novartis Agreement | |
In March 2015, the Company entered into a collaboration and license agreement with Novartis Pharmaceuticals Corporation, or Novartis, pursuant to which the Company is collaborating worldwide with Novartis regarding the development and potential commercialization of product candidates containing an agonist of the molecular target known as STING in the field of oncology, including immuno-oncology and cancer vaccines. Under this agreement, or the Novartis Agreement, the Company granted Novartis a co-exclusive license to develop such products worldwide, an exclusive license to commercialize such products outside the United States and a non-exclusive license to support the Company in commercializing such products in the United States if it requests such support. The collaboration is guided by a joint steering committee with each party having final decision making authority regarding specified areas of development or commercialization. | |
Under the Novartis Agreement, the Company received an upfront payment of $200 million from Novartis in April 2015. The Company is also eligible to receive up to an additional $250 million in development milestones and up to an additional $250 million in regulatory approval milestones. | |
The Company is responsible for 38% of the joint development costs worldwide and Novartis is responsible for the remaining 62% of the joint development costs worldwide. The Company will also receive 50% of all profits for any products commercialized pursuant to this collaboration in the United States and 45% of all profits for specified European countries and Japan. For each of these profit share countries, each party will be responsible for its respective commercial sharing percentage of all joint commercialization costs incurred in that country. For all other countries where the Company is not sharing profits, Novartis will be responsible for all commercialization costs and will pay the Company a royalty in the mid-teens on all net sales of product sold by Novartis, its affiliates and sublicensees, with such percentage subject to reduction post patent and data exclusivity expiration and subject to reduction, capped at a specified percentage, for royalties payable to third party licensors. Novartis’ royalty obligation will run on a country-by-country basis until the later of expiration of the last valid claim covering the product, expiration of data exclusivity for the product or 12 years after first commercial sale of the product in such country. | |
With respect to the United States, specified European countries and/or Japan, the Company may elect for such region to either reduce by 50% or to eliminate in full the Company’s development cost sharing obligation. If the Company elects to reduce its cost sharing percentage by 50% in any such region, then its profit share in such region will also be reduced by 50%. If the Company elects to eliminate its development cost sharing obligation, then such region will be removed from the profit share, and instead Novartis will owe the Company royalties on any net sales of product for such region, as described above. | |
Janssen ADU-741 and GVAX Prostate Agreements | |
In May 2014, the Company entered into a Research and License Agreement, or Janssen ADU-741 Agreement, and a GVAX Prostate License Agreement, or Janssen GVAX Prostate Agreement, with Janssen Biotech, Inc., or Janssen, a wholly-owned subsidiary of Johnson & Johnson Development Corporation, to collaborate on the development of a drug for the treatment of prostate cancer. Under the terms of the Janssen ADU-741 Agreement, the Company granted Janssen an exclusive, worldwide license to research, develop, manufacture, use, sell and otherwise exploit products containing ADU-741 for any and all uses. The Company is responsible for certain research and development activities from the effective date of the agreement until approval of an investigational new drug, or IND. Since the inception of the Janssen ADU-741 Agreement, the Company received an upfront payment of $12.0 million and non-substantive and substantive milestone payments of $6.5 million upon completion of certain development activities. Under the terms of the Janssen ADU-741 Agreement, the Company may receive future nonrefundable milestone payments up to a total of $1.0 million after completion of various stages of the research and development activities, and the Company is eligible to receive future contingent payments up to a total of $345.5 million comprised of development milestones through completion of all Phase 3 clinical trials, as well as launch, commercialization and sales milestones. The contingent payments are triggered upon the activities expected to be undertaken by Janssen. The Company is eligible to receive royalties on net sales of licensed products by Janssen, its affiliates and sublicensees at a rate ranging from mid-single digits to low teens based on aggregate annual net sales and based on the country of sale. | |
Under the Janssen GVAX Prostate Agreement, the Company granted Janssen an exclusive worldwide license to research, develop, manufacture, use, sell and otherwise exploit products containing GVAX Prostate for any and all uses. The Company received an upfront payment of $500,000 in May 2014 and may receive an additional $2.0 million on the achievement of a specified commercial milestone. In addition, the Company is eligible to receive royalties in the high single digits based on net sales of the product. | |
The development activities being conducted by the Company are based on a combination of the technology licensed under both agreements. Accordingly, the Company has accounted for the Janssen ADU-741 Agreement and Janssen GVAX Prostate Agreement as one arrangement and has identified the deliverables within the arrangement as a license to the technology and research and development activities through IND regulatory approval. The Company has determined that the licenses and development services under the license and research agreements represent a single unit of accounting. The licenses do not have stand-alone value to Janssen, separable from the development services to be performed under the agreement, as Janssen is unable to use the licenses for their intended purpose without the Company’s performance of the research and development services. As a result, the Company recognizes revenue from the upfront payments ratably over the term of its estimated period of performance under the agreement. Changes in the estimated period of performance will be accounted for prospectively as a change in estimate. The upfront fees received totaling $12.5 million are being recognized on a straight-line basis from the effective date of the agreements to September 2015, the Company’s estimated performance period. The Company will recognize non-substantive milestone payments on a straight-line basis through September 2015, the Company’s estimated performance period. | |
Janssen ADU-214 Agreement | |
In November 2014, the Company entered into a Research and License Agreement with Janssen, or Janssen ADU-214 Agreement, to develop a drug for the treatment of lung cancer. Under the terms of the Janssen ADU-214 Agreement, the Company granted Janssen an exclusive, worldwide license to research, develop, manufacture, use, sell and otherwise exploit products containing ADU-214 for any and all uses. The Company is responsible for certain research and development activities from the effective date of the agreement until IND regulatory approval. In November 2014, the Company received an upfront license fee of $30.0 million, which is being recognized as revenue on a straight-line basis from the effective date of the Janssen ADU-214 Agreement to February 2016, the Company’s estimated performance period. Changes in the estimated period of performance will be accounted for prospectively as a change in estimate. Under the terms of the Janssen ADU-214 Agreement, the Company may receive future nonrefundable milestone payments up to a total of $11.0 million after completion of various stages of the research and development activities, and the Company is eligible to receive future contingent payments up to a total of $776.0 million comprised of development milestones through completion of all Phase 3 clinical trials, as well as regulatory and commercial milestones. The contingent payments are triggered upon the activities expected to be undertaken by Janssen. The Company is eligible to receive royalties on any net sales of licensed products by Janssen, its affiliates and sublicensees at a rate ranging from high-single digits to low teens based on the aggregate annual net sales of licensed products worldwide and based on the country of sale. | |
For the three months ended March 31, 2015, the Company recognized revenue from its Janssen ADU-741 Agreement and Janssen ADU-214 Agreement totaling $9.2 million related to amortization of the upfront fees and development-related substantive and non-substantive milestones. The remaining balance of the payments received of $26.9 million is included in deferred revenue at March 31, 2015. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies |
Leases | |
The Company leases its office and research and development facility in Berkeley, California, under a non-cancelable operating lease. In February 2015, the Company amended its office lease agreement to increase the total square footage to approximately 25,000 square feet and extended the term of the lease to expire on December 31, 2018. The lease also contains an option to extend the lease for an additional two years. Rent expense was $110,000 and $72,000 during the three months ended March 31, 2015 and 2014, respectively. | |
Indemnifications | |
In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified parties for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future payments the Company could be required to make under these provisions is not determinable. The Company has never incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors, officers and key employees that may require the Company to indemnify such individuals against liabilities that may arise by reason of their status or service as directors, officers or key employees to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance. | |
Legal | |
During the normal course of business, the Company may be a party to legal claims that may not be covered by insurance. Management does not believe that any such claims would have a material impact on the Company’s financial statements. | |
Other Commitments | |
The Company has various manufacturing, clinical, research and other contracts with vendors in the conduct of the normal course of its business. All contracts are terminable, with varying provisions regarding termination. If a contract with a specific vendor were to be terminated, the Company would only be obligated for the products or services that the Company had received at the time the termination became effective as well as non-cancelable and non-refundable payment obligations incurred by the vendor for products or services before the termination became effective. In the case of terminating a clinical trial agreement at a particular site, the Company would also be obligated to provide continued support for appropriate medical procedures at that site until completion or termination. |
Convertible_Preferred_Stock
Convertible Preferred Stock | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Convertible Preferred Stock | 7. Convertible Preferred Stock |
Novartis Stock Purchase | |
Concurrent with the March 2015 entry into the Novartis Agreement (See Note 5), the Company and Novartis Institutes for BioMedical Research, Inc., or NIBR, entered into a stock purchase agreement to purchase 2,361,029 shares of the Company’s Series E Convertible Preferred Stock (or 1,699,940 shares of common stock on an as-converted basis) for $25.0 million. Under the stock purchase agreement, NIBR purchased an additional $25.0 million of the Company’s common stock concurrent with the completion of the Company’s April 2015 IPO at the initial price per share offered to the public. |
Warrants
Warrants | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Other Liabilities Disclosure [Abstract] | |||||||||||||||||
Warrants | 8. Warrants | ||||||||||||||||
The following is a summary of the outstanding warrants to purchase common stock and warrants to purchase convertible preferred stock that are subject to remeasurement and their fair values at March 31, 2015 and December 31, 2014 (in thousands, except share data): | |||||||||||||||||
Shares at | Fair Value at | ||||||||||||||||
Classified as warrant liability: | March 31, | December 31, | March 31, | December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Series A-1 | 24,235 | 24,235 | $ | 289 | $ | 25 | |||||||||||
Series B | 83,771 | 83,771 | 807 | 75 | |||||||||||||
Total convertible preferred stock warrants | 108,006 | 108,006 | 1,096 | 100 | |||||||||||||
Common | 615,658 | 615,658 | 9,235 | 889 | |||||||||||||
Total classified as warrant liability | 723,664 | 723,664 | $ | 10,331 | $ | 989 | |||||||||||
In April 2011, the Company issued warrants to purchase 24,235 shares of Series A-1 convertible preferred stock as consideration for services provided, with a weighted-average exercise price of $1.28 per share. The warrants are immediately exercisable and expire, if not exercised, in April 2021. As the shares into which the warrants are exercisable are contingently redeemable, the Company has recognized a liability for the fair value of these warrants on the consolidated balance sheets. | |||||||||||||||||
In April 2011, in connection with the Series B convertible preferred stock financing, the Company issued warrants to purchase 83,771 shares of Series B convertible preferred stock, with an exercise price of $1.19 per share. The warrants are immediately exercisable and expire, if not exercised, in April 2016. As the shares into which the warrants are exercisable are contingently redeemable, the Company has recognized a liability for the fair value of these warrants on the consolidated balance sheets. | |||||||||||||||||
In April, June, and October 2011, as part of the Series B convertible preferred stock financing, the Company issued warrants to purchase an aggregate of 615,658 shares of common stock, with an exercise price of $0.01 per share. The warrants are exercisable beginning in April 2015 and may terminate, in whole or part, if the Company obtains certain levels of government grant funds by April 15, 2015. The warrants expire, if not exercised, in April 2021. The Company estimated that it is more likely than not that the minimum level of grant funds will not be achieved and has recognized a liability for the fair value of these warrants on the condensed consolidated balance sheet, as the warrants are subject to performance conditions which may result in the issuance of a variable number of shares. | |||||||||||||||||
The change in fair value of warrants recorded as liabilities has been included in Other Expense, net in the accompanying condensed consolidated financial statements. | |||||||||||||||||
The key assumptions used in the Black-Scholes option-pricing model for the valuation of the convertible preferred stock warrants were as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected term (in years) | 1.04 - 6.04 | 2.04 - 7.04 | |||||||||||||||
Fair value of underlying shares | $10.80 | $0.67 - $1.56 | |||||||||||||||
Volatility | 80.9% -108.9% | 63.1% - 80.8% | |||||||||||||||
Risk-free interest rate | 0.26% - 1.54% | 0.44% - 2.30% | |||||||||||||||
Dividend yield | —% | —% | |||||||||||||||
The key assumptions used in the Black-Sholes option-pricing model for the valuation of the common stock warrants were as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected term (in years) | 6.04 - 6.58 | 7.04 - 9.79 | |||||||||||||||
Fair value of underlying shares | $15.00 | $1.07 | |||||||||||||||
Volatility | 82.60% | 77.3% - 80.4% | |||||||||||||||
Risk-free interest rate | 0.36% - 1.63% | 2.30% - 2.73% | |||||||||||||||
Dividend yield | —% | —% | |||||||||||||||
Stock_Option_Plan
Stock Option Plan | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Stock Option Plan | 9. Stock Option Plan | ||||||||||||||||
In October 2009, the Company adopted the 2009 Stock Incentive Plan, or the Plan. The Plan provides for the granting of stock-based awards to employees, directors and consultants under terms and provisions established by the Board of Directors. | |||||||||||||||||
Under the Plan, the Board of Directors may grant incentive stock options or nonqualified stock options. Incentive stock options may only be granted to Company employees. The exercise price of incentive stock options and nonqualified stock options will be no less than 100% of the fair value per share of the Company’s common stock on the date of grant. If an individual owns capital stock representing more than 10% of the voting shares, the price of each share will be at least 110% of the fair value on the date of grant. The Board of Directors determined the fair value of common stock using valuations prepared by an unrelated third-party valuation firm. Options expire after 10 years (five years for stockholders owning greater than 10% of the voting stock). The Board of Directors determines the period over which the options vest and become exercisable. Shares issued upon exercise of unvested options shall be subject to the Company’s right to repurchase at their purchase price. | |||||||||||||||||
Stock option activity under the Company’s stock option plan was as follows: | |||||||||||||||||
Options Outstanding | |||||||||||||||||
Shares Available for Grant | Number of Options | Weighted- | Aggregate | ||||||||||||||
Average | Intrinsic | ||||||||||||||||
Exercise | Value | ||||||||||||||||
Price | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance – December 31, 2014 | 3,154,755 | 5,970,382 | $ | 0.8 | |||||||||||||
Authorized | 360,000 | — | |||||||||||||||
Granted | (3,195,247 | ) | 3,195,247 | $ | 1.82 | ||||||||||||
Exercised | — | (155,548 | ) | $ | 0.52 | ||||||||||||
Canceled | 55,070 | (55,070 | ) | $ | 1.35 | ||||||||||||
Balance – March 31, 2015 | 374,578 | 8,955,011 | $ | 1.17 | $ | 124,114 | |||||||||||
Options exercisable – March 31, 2015 | 3,751,658 | $ | 0.74 | $ | 53,729 | ||||||||||||
Options vested and expected to vest – March 31, 2015 | 8,506,800 | $ | 1.15 | $ | 118,034 | ||||||||||||
Stock-based Compensation Expense | |||||||||||||||||
Total stock-based compensation expense recognized was as follows (in thousands): | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Research and development | $ | 145 | $ | 44 | |||||||||||||
General and administrative | 435 | 65 | |||||||||||||||
Total stock-based compensation expense | $ | 580 | $ | 109 | |||||||||||||
In determining the fair value of the stock-based awards, the Company uses the Black-Scholes option- pricing model. The fair value of stock option awards granted to employees during the three months ended March 31, 2015 was estimated at the date of grant using the following assumptions: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | |||||||||||||||||
Expected term (in years) | 5.6 - 6.1 | ||||||||||||||||
Volatility | 79.2% - 82.8% | ||||||||||||||||
Risk-free interest rate | 1.54% - 1.78% | ||||||||||||||||
Dividend yield | —% | ||||||||||||||||
No options were granted to employees during the three months ended March 31, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | The Company did not record a provision or benefit for income taxes during the three months ended March 31, 2015 and 2014. The Company continues to maintain a valuation allowance for its U.S. federal and state deferred tax assets. |
The Company accounts for uncertain tax positions in accordance with FASB’s Accounting Standards Codification, or ASC, 740, Accounting for Income Taxes. As of March 31, 2015 and 2014, the total amount of unrecognized tax benefits was $0.5 million and $0.3 million, respectively. As of March 31, 2015 and 2014, no amount of the unrecognized tax benefits, if recognized, would reduce the Company’s annual effective tax rate because the benefits are in the form of deferred tax assets for which a full valuation allowance has been recorded. | |
The Company’s policy is to recognize interest and penalties related to unrecognized tax benefits in income tax expense. As of March 31, 2015 and 2014, the Company accrued no interest and penalties in the statement of financial position. Total interest and penalties included in the statements of operations for the quarters ended March 31, 2015 and 2014 are each zero. The Company does not expect the amount of existing unrecognized tax benefits to change significantly within the next 12 months. | |
The Company is subject to taxation for federal and the state of California purposes only. The Company’s federal and California tax returns are open by statute for tax years 2011 and 2010 forward, respectively, and could be subject to examination by the tax authorities. | |
Net_Loss_Per_Common_Share
Net Loss Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Common Share | 11. Net Loss per Common Share | ||||||||
Since the Company was in a loss position for all periods presented, basic net loss per common share is the same as diluted net loss per common share for all periods presented as the inclusion of all potential common shares outstanding would have been anti-dilutive. Potentially dilutive securities that were not included in the diluted per common share calculations because they would be anti-dilutive were as follows: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Convertible preferred stock | 71,976,036 | 22,041,002 | |||||||
Options to purchase common stock | 8,955,011 | 4,029,202 | |||||||
Convertible preferred stock warrants | 108,006 | 108,006 | |||||||
Common stock warrants | 1,154,270 | 1,154,270 | |||||||
Convertible notes | — | 9,951,981 | |||||||
Total | 82,193,323 | 37,284,461 | |||||||
Subsequent_Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events |
Initial Public Offering | |
On April 14, 2015, the Company’s registration statements on Form S-1 (File No. 333-202667) relating to its IPO of common stock became effective. The IPO closed on April 20, 2015 at which time the Company issued 8,050,000 shares of its common stock at a price of $17.00 per share, which included 1,050,000 shares sold pursuant to the exercise of the underwriters’ option to purchase additional shares. The Company received $127.3 million, net of underwriting discounts and commission, but before offering expenses. The Company also sold to NIBR in a concurrent private placement 1,470,588 shares of common stock at a price of $17.00 per share for proceeds of $25.0 million. In addition, upon the Company’s IPO, all outstanding shares of convertible preferred stock converted by their terms into approximately 51,823,000 shares of common stock. | |
Reverse Stock Split | |
On April 1, 2015, the Company effected a 0.72-for-1 reverse split of its common stock. Upon the effectiveness of the reverse stock split, (i) every 1 share of outstanding common stock was combined into 0.72 of a share of common stock, (ii) the number of shares of common stock for which each outstanding option or warrant to purchase common stock is exercisable was proportionally decreased on a 0.72-for-1 basis, (iii) the exercise price of each outstanding option or warrant to purchase common stock was proportionately increased on a 0.72-for-1 basis, and (iv) the conversion ratio for each share of preferred stock which was convertible into the Company’s common stock was proportionately reduced on a 0.72-for-1 basis. All of the outstanding common stock share numbers, warrants to purchase common stock, common stock share prices, common stock exercise prices and per share amounts have been adjusted, on a retroactive basis, to reflect this 0.72-for-1 reverse stock split for all periods presented. The par value per share, authorized number of shares of common stock, preferred stock and preferred stock warrants were not adjusted as a result of the reverse stock split. | |
2015 Equity Incentive Plan | |
In March 2015, the Company’s board of directors adopted and in April 2015 the Company’s stockholders approved the 2015 Equity Incentive Plan, or the 2015 Plan, which became effective upon the IPO and provides for the granting of incentive stock options, nonstatutory stock options, and other forms of stock awards to its employees, directors, and consultants. | |
2015 Employee Stock Purchase Plan | |
In March 2015, the Company’s board of directors adopted and in April 2015 the Company’s stockholders approved the 2015 Employee Stock Purchase Plan, or 2015 ESPP, which became effective upon the IPO. The 2015 ESPP is intended to qualify as an employee stock purchase plan under Section 423 of the Code, and administered by the Company’s board of directors and the Compensation Committee of the board of directors. |
Basis_of_Presentation_Use_of_E1
Basis of Presentation Use of Estimates and Recent Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, or U.S. GAAP, and following the requirements of the Securities and Exchange Commission, or the SEC, for interim reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by U.S. GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2014 has been derived from audited consolidated financial statements at that date but does not include all of the information required by U.S. GAAP for complete financial statements. These financial statements have been prepared on the same basis as our annual financial statements and, in the opinion of management, reflect all adjustments (consisting only of normal recurring adjustments) that are necessary for a fair presentation of our financial information. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for the year ending December 31, 2015 or for any other interim period or for any other future year. | |
The accompanying condensed consolidated financial statements and related financial information should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2014 included in our Registration Statement on Form S-1 filed with the SEC. | |
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 management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities and reported amounts of revenue and expenses in the financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to revenue recognition, clinical trial accruals, convertible preferred stock and related warrants, common stock and related warrants, income taxes and stock-based compensation. Management bases its estimates on historical experience and on various other market-specific and relevant assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. | |
Deferred Offering Costs | Deferred Offering Costs |
At March 31, 2015 and December 31, 2014, $2.3 million and $1.4 million, respectively, of deferred offering costs were capitalized, which were included in prepaid and other assets in the accompanying condensed consolidated balance sheets. The deferred offering costs will be offset against proceeds from the initial public offering, or IPO, to be recorded in the quarter ended June 30, 2015. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board, or FASB, issued Auditing Standards Update, or ASU, No. 2014-09 , Revenue from Contracts with Customers (Topic 606). This ASU affects any entity that either enters into contracts with customers to transfer goods and services or enters into contracts for the transfer of nonfinancial assets. ASU 2014-09 will replace most existing revenue recognition guidance in GAAP when it becomes effective. The standard’s core principle is that a company will recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. In doing so, companies will need to use more judgment and make more estimates than under the currently effective guidance. These may include identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. In April 2015, the FASB voted to propose a deferral of the effective date of the ASU by one year. The new guidance would be effective for fiscal years beginning after December 15, 2017 instead of December 15, 2016, which for the Company means January 1, 2018. Entities are permitted to adopt in accordance with the original effective date if they choose. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. | |
In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205-40). ASU 2014-15 requires management to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. In doing so, companies will have reduced diversity in the timing and content of footnote disclosures than under today’s guidance. ASU 2014-15 is effective for the Company in the first quarter of 2016 with early adoption permitted. The Company does not believe the impact of adopting ASU 2014-15 will be material to its consolidated financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): | ||||||||||||||||
31-Mar-15 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 121,006 | $ | — | $ | — | $ | 121,006 | |||||||||
Financial Liabilities: | |||||||||||||||||
Convertible preferred stock warrant liability | $ | — | $ | — | $ | 1,096 | $ | 1,096 | |||||||||
Common stock warrant liability | — | — | 9,235 | 9,235 | |||||||||||||
Total | $ | — | $ | — | $ | 10,331 | $ | 10,331 | |||||||||
31-Dec-14 | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Financial Assets: | |||||||||||||||||
Money market funds | $ | 110,001 | $ | — | $ | — | $ | 110,001 | |||||||||
Financial Liabilities: | |||||||||||||||||
Convertible preferred stock warrant liability | $ | — | $ | — | $ | 100 | $ | 100 | |||||||||
Common stock warrant liability | — | — | 889 | 889 | |||||||||||||
Total | $ | — | $ | — | $ | 989 | $ | 989 | |||||||||
Summary of Changes in Fair Value of Level 3 Financial Liabilities | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands): | ||||||||||||||||
Preferred | Common | ||||||||||||||||
Stock | Stock | ||||||||||||||||
Warrant | Warrant | ||||||||||||||||
Liability | Liability | ||||||||||||||||
Balance at December 31, 2014 | $ | 100 | $ | 889 | |||||||||||||
Net increase in fair value upon revaluation | 996 | 8,346 | |||||||||||||||
Balance at March 31, 2015 | $ | 1,096 | $ | 9,235 | |||||||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Balance Sheet Components [Abstract] | |||||||||
Summary of Property and Equipment, Net | Property and Equipment, Net | ||||||||
Property and equipment, net consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Lab equipment | $ | 1,516 | $ | 1,165 | |||||
Computer and office equipment | 560 | 520 | |||||||
Furniture and fixtures | 98 | 87 | |||||||
Leasehold improvements | 318 | 304 | |||||||
Total property and equipment | 2,492 | 2,076 | |||||||
Less: accumulated depreciation and amortization | (1,116 | ) | (1,023 | ) | |||||
Property and equipment, net | $ | 1,376 | $ | 1,053 | |||||
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities | ||||||||
Accrued expenses and other liabilities consisted of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Compensation and related benefits | $ | 2,675 | $ | 1,276 | |||||
Professional and consulting services | 2,664 | 961 | |||||||
Other | 55 | 171 | |||||||
Total accrued expenses and other liabilities | $ | 5,394 | $ | 2,408 | |||||
Warrants_Tables
Warrants (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||||||
Summary of Outstanding Warrants to Purchase Common Stock and Warrants to Purchase Convertible Preferred Stock | The following is a summary of the outstanding warrants to purchase common stock and warrants to purchase convertible preferred stock that are subject to remeasurement and their fair values at March 31, 2015 and December 31, 2014 (in thousands, except share data): | ||||||||||||||||
Shares at | Fair Value at | ||||||||||||||||
Classified as warrant liability: | March 31, | December 31, | March 31, | December 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||||
Series A-1 | 24,235 | 24,235 | $ | 289 | $ | 25 | |||||||||||
Series B | 83,771 | 83,771 | 807 | 75 | |||||||||||||
Total convertible preferred stock warrants | 108,006 | 108,006 | 1,096 | 100 | |||||||||||||
Common | 615,658 | 615,658 | 9,235 | 889 | |||||||||||||
Total classified as warrant liability | 723,664 | 723,664 | $ | 10,331 | $ | 989 | |||||||||||
Convertible Preferred Stock Warrants | |||||||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||||||
Summary of Assumptions Used Black-Scholes Option-Pricing Model | The key assumptions used in the Black-Scholes option-pricing model for the valuation of the convertible preferred stock warrants were as follows: | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected term (in years) | 1.04 - 6.04 | 2.04 - 7.04 | |||||||||||||||
Fair value of underlying shares | $10.80 | $0.67 - $1.56 | |||||||||||||||
Volatility | 80.9% -108.9% | 63.1% - 80.8% | |||||||||||||||
Risk-free interest rate | 0.26% - 1.54% | 0.44% - 2.30% | |||||||||||||||
Dividend yield | —% | —% | |||||||||||||||
Common Stock Warrants | |||||||||||||||||
Class Of Warrant Or Right [Line Items] | |||||||||||||||||
Summary of Assumptions Used Black-Scholes Option-Pricing Model | The key assumptions used in the Black-Sholes option-pricing model for the valuation of the common stock warrants were as follows: | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Expected term (in years) | 6.04 - 6.58 | 7.04 - 9.79 | |||||||||||||||
Fair value of underlying shares | $15.00 | $1.07 | |||||||||||||||
Volatility | 82.60% | 77.3% - 80.4% | |||||||||||||||
Risk-free interest rate | 0.36% - 1.63% | 2.30% - 2.73% | |||||||||||||||
Dividend yield | —% | —% | |||||||||||||||
Stock_Option_Plan_Tables
Stock Option Plan (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||||||||||||||||
Schedule of Stock Option Plan Activity | Stock option activity under the Company’s stock option plan was as follows: | ||||||||||||||||
Options Outstanding | |||||||||||||||||
Shares Available for Grant | Number of Options | Weighted- | Aggregate | ||||||||||||||
Average | Intrinsic | ||||||||||||||||
Exercise | Value | ||||||||||||||||
Price | |||||||||||||||||
(In thousands) | |||||||||||||||||
Balance – December 31, 2014 | 3,154,755 | 5,970,382 | $ | 0.8 | |||||||||||||
Authorized | 360,000 | — | |||||||||||||||
Granted | (3,195,247 | ) | 3,195,247 | $ | 1.82 | ||||||||||||
Exercised | — | (155,548 | ) | $ | 0.52 | ||||||||||||
Canceled | 55,070 | (55,070 | ) | $ | 1.35 | ||||||||||||
Balance – March 31, 2015 | 374,578 | 8,955,011 | $ | 1.17 | $ | 124,114 | |||||||||||
Options exercisable – March 31, 2015 | 3,751,658 | $ | 0.74 | $ | 53,729 | ||||||||||||
Options vested and expected to vest – March 31, 2015 | 8,506,800 | $ | 1.15 | $ | 118,034 | ||||||||||||
Summary of Stock-Based Compensation | Total stock-based compensation expense recognized was as follows (in thousands): | ||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Research and development | $ | 145 | $ | 44 | |||||||||||||
General and administrative | 435 | 65 | |||||||||||||||
Total stock-based compensation expense | $ | 580 | $ | 109 | |||||||||||||
Schedule of Black-Scholes Option Pricing Model | The fair value of stock option awards granted to employees during the three months ended March 31, 2015 was estimated at the date of grant using the following assumptions: | ||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2015 | |||||||||||||||||
Expected term (in years) | 5.6 - 6.1 | ||||||||||||||||
Volatility | 79.2% - 82.8% | ||||||||||||||||
Risk-free interest rate | 1.54% - 1.78% | ||||||||||||||||
Dividend yield | —% | ||||||||||||||||
Net_Loss_Per_Common_Share_Tabl
Net Loss Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Per Common Share | Potentially dilutive securities that were not included in the diluted per common share calculations because they would be anti-dilutive were as follows: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Convertible preferred stock | 71,976,036 | 22,041,002 | |||||||
Options to purchase common stock | 8,955,011 | 4,029,202 | |||||||
Convertible preferred stock warrants | 108,006 | 108,006 | |||||||
Common stock warrants | 1,154,270 | 1,154,270 | |||||||
Convertible notes | — | 9,951,981 | |||||||
Total | 82,193,323 | 37,284,461 | |||||||
Nature_of_Business_Additional_
Nature of Business - Additional Information (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Number of business segments | 1 |
Basis_of_Presentation_Use_of_E2
Basis of Presentation, Use of Estimates, and Recent Accounting Policies - Additional Information (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Deferred offering costs capitalized | $2.30 | $1.40 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | $10,331 | $989 |
Fair Value, Measurements, Recurring | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | 10,331 | 989 |
Fair Value, Measurements, Recurring | Money Market Funds | ||
Financial Assets: | ||
Financial Assets, fair value | 121,006 | 110,001 |
Fair Value, Measurements, Recurring | Level 1 | Money Market Funds | ||
Financial Assets: | ||
Financial Assets, fair value | 121,006 | 110,001 |
Fair Value, Measurements, Recurring | Level 3 | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | 10,331 | 989 |
Fair Value, Measurements, Recurring | Convertible Preferred Stock Warrant Liability | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | 1,096 | 100 |
Fair Value, Measurements, Recurring | Convertible Preferred Stock Warrant Liability | Level 3 | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | 1,096 | 100 |
Fair Value, Measurements, Recurring | Common Stock Warrant Liability | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | 9,235 | 889 |
Fair Value, Measurements, Recurring | Common Stock Warrant Liability | Level 3 | ||
Financial Liabilities: | ||
Financial Liabilities, fair value | $9,235 | $889 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Changes in Fair Value of Level 3 Financial Liabilities (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Preferred Stock Warrant Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | $100 |
Net increase in fair value upon revaluation | 996 |
Ending balance | 1,096 |
Common Stock Warrant Liability | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Beginning balance | 889 |
Net increase in fair value upon revaluation | 8,346 |
Ending balance | $9,235 |
Balance_Sheet_Components_Summa
Balance Sheet Components - Summary of Property and Equipment, Net (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $2,492 | $2,076 |
Less: accumulated depreciation and amortization | -1,116 | -1,023 |
Property and equipment, net | 1,376 | 1,053 |
Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,516 | 1,165 |
Computer and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 560 | 520 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 98 | 87 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $318 | $304 |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Balance Sheet Components [Abstract] | ||
Depreciation and amortization | $93 | $43 |
Balance_Sheet_Components_Summa1
Balance Sheet Components - Summary of Accrued Expenses and Other Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ||
Compensation and related benefits | $2,675 | $1,276 |
Professional and consulting services | 2,664 | 961 |
Other | 55 | 171 |
Total accrued expenses and other liabilities | $5,394 | $2,408 |
Collaboration_Agreements_Addit
Collaboration Agreements - Additional Information (Details) (USD $) | 3 Months Ended | 1 Months Ended | 11 Months Ended | 1 Months Ended | ||
Mar. 31, 2015 | Apr. 30, 2015 | 31-May-14 | Mar. 31, 2015 | Nov. 30, 2014 | Dec. 31, 2014 | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Deferred revenue | 26,947,000 | $26,947,000 | $33,427,000 | |||
Novartis Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Portion of joint development costs | 38.00% | |||||
Period after first commercial sale of product on which Novartis’ royalty obligation run on a country to country basis | 12 years | |||||
Novartis Agreement | European Countries and Japan | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Collaborative arrangement profit share percentage | 45.00% | |||||
Novartis Agreement | United States | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Collaborative arrangement profit share percentage | 50.00% | |||||
Novartis Agreement | United States, Specified European Countries and /or Japan | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Collaborative Agreement, Obligations | With respect to the United States, specified European countries and/or Japan, the Company may elect for such region to either reduce by 50% or to eliminate in full the Company’s development cost sharing obligation. If the Company elects to reduce its cost sharing percentage by 50% in any such region, then its profit share in such region will also be reduced by 50%. If the Company elects to eliminate its development cost sharing obligation, then such region will be removed from the profit share, and instead Novartis will owe the Company royalties on any net sales of product for such region, as described above. | |||||
Reduction percentage of development cost share | 50.00% | |||||
Reduction percentage of profit share | 50.00% | |||||
Novartis Agreement | Novartis | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Portion of joint development costs | 62.00% | |||||
Novartis Agreement | Maximum | Development Milestone | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone amount eligible to receive | 250,000,000 | |||||
Novartis Agreement | Maximum | Regulatory Approval Milestone | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone amount eligible to receive | 250,000,000 | |||||
Novartis Agreement | Subsequent Event | Upfront Payment | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Payments received under collaboration agreement | 200,000,000 | |||||
Janssen ADU-741 Agreements | Upfront Payment | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Payments received under collaboration agreement | 12,000,000 | |||||
Janssen ADU-741 Agreements | Non Substantive And Substantive Milestone | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Payments received under collaboration agreement | 6,500,000 | |||||
Janssen ADU-741 Agreements | Maximum | Nonrefundable Milestone Payments | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone amount eligible to receive | 1,000,000 | |||||
Janssen ADU-741 Agreements | Maximum | Contingent Payments | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone amount eligible to receive | 345,500,000 | |||||
Janssen GVAX Prostate Agreement | Upfront Payment | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Payments received under collaboration agreement | 500,000 | |||||
Janssen GVAX Prostate Agreement | Specified Commercial Milestone | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone amount eligible to receive | 2,000,000 | |||||
Janssen ADU-741 and Janssen GVAX Prostate Agreement | Upfront Payment | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Payments received under collaboration agreement | 12,500,000 | |||||
Janssen ADU-214 Agreement | Upfront Payment | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Payments received under collaboration agreement | 30,000,000 | |||||
Janssen ADU-214 Agreement | Maximum | Nonrefundable Milestone Payments | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone amount eligible to receive | 11,000,000 | |||||
Janssen ADU-214 Agreement | Maximum | Contingent Payments | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Milestone amount eligible to receive | 776,000,000 | |||||
Janssen ADU-741 Agreement and Janssen ADU-214 Agreement | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Revenue recognized | 9,200,000 | |||||
Deferred revenue | 26,900,000 | $26,900,000 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Details) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Feb. 28, 2015 | |
sqft | |||
Commitments And Contingencies Disclosure [Abstract] | |||
Total square footage of leased property | 25,000 | ||
Lease expiration date | 31-Dec-18 | ||
Additional operating lease term | 2 years | ||
Rent expense | $110,000 | $72,000 |
Convertible_Preferred_Stock_Ad
Convertible Preferred Stock - Additional Information (Details) (Novartis Agreement, USD $) | 3 Months Ended | 0 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | Apr. 20, 2015 | |
Series E Convertible Preferred Stock | |||
Class Of Stock [Line Items] | |||
Issuance of convertible preferred stock for cash, Shares | 2,361,029 | ||
Issuance of convertible preferred stock for cash | $25,000,000 | ||
Common Stock | |||
Class Of Stock [Line Items] | |||
Common stock, conversion basis | 1,699,940 | ||
Private Placement | Subsequent Event | |||
Class Of Stock [Line Items] | |||
Issuance of convertible preferred stock for cash, Shares | 1,470,588 | ||
Proceeds from private placement | $25,000,000 | $25,000,000 |
Warrants_Summary_of_Outstandin
Warrants - Summary of Outstanding Warrants to Purchase Common Stock and Warrants to Purchase Convertible Preferred Stock (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Class Of Warrant Or Right [Line Items] | ||
Total classified as warrant liability | 723,664 | 723,664 |
Total classified as warrant liability, Fair Value | $10,331 | $989 |
Series A-1 | ||
Class Of Warrant Or Right [Line Items] | ||
Total classified as warrant liability | 24,235 | 24,235 |
Total classified as warrant liability, Fair Value | 289 | 25 |
Series B | ||
Class Of Warrant Or Right [Line Items] | ||
Total classified as warrant liability | 83,771 | 83,771 |
Total classified as warrant liability, Fair Value | 807 | 75 |
Total Convertible Preferred Stock Warrants | ||
Class Of Warrant Or Right [Line Items] | ||
Total classified as warrant liability | 108,006 | 108,006 |
Total classified as warrant liability, Fair Value | 1,096 | 100 |
Common Stock Warrants | ||
Class Of Warrant Or Right [Line Items] | ||
Total classified as warrant liability | 615,658 | 615,658 |
Total classified as warrant liability, Fair Value | $9,235 | $889 |
Warrants_Additional_Informatio
Warrants - Additional Information (Details) (USD $) | 7 Months Ended | 1 Months Ended |
Oct. 31, 2011 | Apr. 30, 2011 | |
Class Of Warrant Or Right [Line Items] | ||
Warrants issued to purchase stock | 615,658 | |
Weighted average exercise price of warrants | $0.01 | |
Warrants expire date | 2021-04 | |
Warrants exercisable date | 2015-04 | |
Government fund grant date | 15-Apr-15 | |
Series A-1 | ||
Class Of Warrant Or Right [Line Items] | ||
Warrants issued to purchase stock | 24,235 | |
Weighted average exercise price of warrants | $1.28 | |
Warrants expire date | 2021-04 | |
Series B | ||
Class Of Warrant Or Right [Line Items] | ||
Warrants issued to purchase stock | 83,771 | |
Weighted average exercise price of warrants | $1.19 | |
Warrants expire date | 2016-04 |
Warrants_Summary_of_Assumption
Warrants - Summary of Assumptions Used Black-Scholes Option-Pricing Model (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Convertible Preferred Stock Warrants | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value of underlying shares | 10.8 | |
Convertible Preferred Stock Warrants | Minimum | ||
Class Of Warrant Or Right [Line Items] | ||
Expected term (in years) | 1 year 15 days | 2 years 15 days |
Fair value of underlying shares | $0.67 | |
Volatility | 80.90% | 63.10% |
Risk-free interest rate | 0.26% | 0.44% |
Convertible Preferred Stock Warrants | Maximum | ||
Class Of Warrant Or Right [Line Items] | ||
Expected term (in years) | 6 years 15 days | 7 years 15 days |
Fair value of underlying shares | $1.56 | |
Volatility | 108.90% | 80.80% |
Risk-free interest rate | 1.54% | 2.30% |
Common Stock Warrants | ||
Class Of Warrant Or Right [Line Items] | ||
Fair value of underlying shares | 15 | $1.07 |
Volatility | 82.60% | |
Common Stock Warrants | Minimum | ||
Class Of Warrant Or Right [Line Items] | ||
Expected term (in years) | 6 years 15 days | 7 years 15 days |
Volatility | 77.30% | |
Risk-free interest rate | 0.36% | 2.30% |
Common Stock Warrants | Maximum | ||
Class Of Warrant Or Right [Line Items] | ||
Expected term (in years) | 6 years 6 months 29 days | 9 years 9 months 15 days |
Volatility | 80.40% | |
Risk-free interest rate | 1.63% | 2.73% |
Stock_Option_Plan_Additional_I
Stock Option Plan - Additional Information (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options granted | 3,195,247 | 0 |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of exercise price to fair market value common stock on grant date. | 100.00% | |
Stock option expiration period | 10 years | |
More Than 10% Voting Shares | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock option expiration period | 5 years | |
More Than 10% Voting Shares | Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Percentage of exercise price to fair market value common stock on grant date. | 110.00% |
Stock_Option_Plan_Schedule_of_
Stock Option Plan - Schedule of Stock Option Plan Activity (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Shares Available for Grant, Beginning balance | 3,154,755 | |
Shares Available for Grant, Authorized | 360,000 | |
Shares Available for Grant, Granted | -3,195,247 | 0 |
Shares Available for Grant, Canceled | 55,070 | |
Shares Available for Grant, Ending balance | 374,578 | |
Number of Options, Beginning balance | 5,970,382 | |
Number of Options, Granted | 3,195,247 | 0 |
Number of Options, Exercised | -155,548 | |
Number of Options, Canceled | -55,070 | |
Number of Options, Ending balance | 8,955,011 | |
Number Options, Options exercisable | 3,751,658 | |
Number of Options, Options vested and expected to vest | 8,506,800 | |
Weighted-Average Exercise Price, Beginning balance | $0.80 | |
Weighted-Average Exercise Price, Granted | $1.82 | |
Weighted-Average Exercise Price, Exercised | $0.52 | |
Weighted-Average Exercise Price, Canceled | $1.35 | |
Weighted-Average Exercise Price, Ending balance | $1.17 | |
Weighted-Average Exercise Price, Options exercisable | $0.74 | |
Weighted-Average Exercise Price, Options vested and expected to vest | $1.15 | |
Aggregate Intrinsic Value, Ending balance | $124,114 | |
Aggregate Intrinsic Value, Options exercisable | 53,729 | |
Aggregate Intrinsic Value, Options vested and expected to vest | $118,034 |
Stock_Option_Plan_Summary_of_S
Stock Option Plan - Summary of Stock Based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $580 | $109 |
Research and Development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 145 | 44 |
General and Administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $435 | $65 |
Stock_Option_Plan_Schedule_of_1
Stock Option Plan - Schedule of Black-Scholes Option Pricing Model (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Minimum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 5 years 7 months 6 days |
Volatility | 79.20% |
Risk-free interest rate | 1.54% |
Maximum | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Expected term (in years) | 6 years 1 month 6 days |
Volatility | 82.80% |
Risk-free interest rate | 1.78% |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Taxes [Line Items] | ||
Unrecognized tax benefits | $500,000 | $300,000 |
Amount of unrecognized tax benefits that would, if recognized, reduce effective tax rate | 0 | 0 |
Unrecognized tax benefits, income tax penalties and interest accrued | 0 | 0 |
Unrecognized tax benefits, income tax penalties and interest expense | $0 | $0 |
Federal Tax Authority | ||
Income Taxes [Line Items] | ||
Open tax year | 2011 | |
California Tax Authority | Minimum | ||
Income Taxes [Line Items] | ||
Open tax year | 2010 |
Net_Loss_Per_Common_Share_Sche
Net Loss Per Common Share - Schedule of Potentially Dilutive Securities not Included in Calculation of Diluted Per Common Share (Details) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted per common share | 82,193,323 | 37,284,461 |
Convertible Preferred Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted per common share | 71,976,036 | 22,041,002 |
Options to Purchase Common Stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted per common share | 8,955,011 | 4,029,202 |
Convertible Preferred Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted per common share | 108,006 | 108,006 |
Common Stock Warrants | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted per common share | 1,154,270 | 1,154,270 |
Convertible Notes | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Anti-dilutive securities not included in calculation of diluted per common share | 9,951,981 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 | Apr. 01, 2015 | Apr. 20, 2015 | Apr. 30, 2015 |
Subsequent Event [Line Items] | ||||
Reverse split of common stock | On April 1, 2015, the Company effected a 0.72-for-1 reverse split of its common stock. Upon the effectiveness of the reverse stock split, (i) every 1 share of outstanding common stock was combined into 0.72 of a share of common stock, (ii) the number of shares of common stock for which each outstanding option or warrant to purchase common stock is exercisable was proportionally decreased on a 0.72-for-1 basis, (iii) the exercise price of each outstanding option or warrant to purchase common stock was proportionately increased on a 0.72-for-1 basis, and (iv) the conversion ratio for each share of preferred stock which was convertible into the Company’s common stock was proportionately reduced on a 0.72-for-1 basis. All of the outstanding common stock share numbers, warrants to purchase common stock, common stock share prices, common stock exercise prices and per share amounts have been adjusted, on a retroactive basis, to reflect this 0.72-for-1 reverse stock split for all periods presented. | |||
Subsequent Event | Common Stock | ||||
Subsequent Event [Line Items] | ||||
Stock split conversion ratio | 0.72 | |||
IPO | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock issued/sold | 8,050,000 | |||
Common stock price per share | $17 | |||
Proceeds from IPO net of underwriting discounts and commission, before offering expenses | $127.30 | |||
Number of common stock issued on conversion of convertible preferred stock | 51,823,000 | |||
Exercise of Underwriters | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock issued/sold | 1,050,000 | |||
Novartis Agreement | Private Placement | Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Common stock issued/sold | 1,470,588 | |||
Common stock price per share | $17 | |||
Proceeds from private placement | $25 | $25 |