Ardelyx (ARDX) 10-Q 12 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	8-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	ARDX
Entity Registrant Name	Ardelyx, Inc.
Entity Central Index Key	1437402
Current Fiscal Year End Date	-19
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		18,651,835

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$98,318	$107,286
Accounts receivable	2,043	2,584
Prepaid expenses and other current assets	1,545	1,209
Total current assets	101,906	111,079
Property and equipment, net	3,289	2,131
Other assets	104	104
Restricted cash	100	100
Total assets	105,399	113,414
Current liabilities:
Accounts payable	2,544	3,129
Accrued compensation and benefits	945	1,648
Accrued and other liabilities	470	780
Deferred revenue, current portion	15,953	15,979
Total current liabilities	19,912	21,536
Other long-term liabilities	297	122
Deferred revenue, non-current	27,190	31,074
Total liabilities	47,399	52,732
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized as of March 31, 2015 and December 31, 2014, respectively; no shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively
Common stock, $0.0001 par value -300,000,000 shares authorized as of March 31, 2015 and December 31, 2014, respectively; 18,635,071 and 18,589,245 shares issued and outstanding as of March 31, 2015 and December 31, 2014, respectively.	3	2
Additional paid-in capital	133,366	132,547
Accumulated deficit	-75,369	-71,867
Total stockholders' equity	58,000	60,682
Total liabilities and stockholders' equity	$105,399	$113,414

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	18,635,071	18,589,245
Common stock, shares outstanding	18,635,071	18,589,245

Condensed_Statements_of_Operat

Condensed Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Licensing revenue	$3,884	$3,236
Collaborative development revenue	1,999	5,314
Total revenue	5,883	8,550
Operating expenses:
Research and development	6,198	7,637
General and administrative	3,175	1,377
Total operating expenses	9,373	9,014
Loss from operations	-3,490	-464
Other expense, net	-12	-4
Change in fair value of preferred stock warrant liability		-2,603
Loss before provision for income taxes	-3,502	-3,071
Provision for income taxes	0	0
Net loss and comprehensive loss	($3,502)	($3,071)
Basic net loss per share	($0.19)	($2.44)
Diluted net loss per share	($0.19)	($2.44)
Shares used in computing basic net loss per share	18,606,760	1,256,245
Shares used in computing diluted net loss per share	18,606,760	1,256,245

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Operating activities
Net loss	($3,502)	($3,071)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	119	73
Stock-based compensation	524	64
Change in fair value of preferred stock warrant liability		2,603
Loss from disposal of fixed assets	11
Changes in operating assets and liabilities:
Accounts receivable	541	1,459
Prepaid expenses and other assets	-336	-296
Accounts payable	-819	246
Accrued compensation and benefits	-703	-326
Accrued and other liabilities	-134	562
Deferred revenue	-3,910	-2,434
Net cash used in operating activities	-8,209	-1,120
Investing activities
Purchases of property and equipment	-1,055	-94
Net cash used in investing activities	-1,055	-94
Financing activities
Proceeds from exercise of stock options	296
Net cash provided by financing activities	296
Net decrease in cash and cash equivalents	-8,968	-1,214
Cash and cash equivalents at beginning of period	107,286	34,435
Cash and cash equivalents at end of period	98,318	33,221
Supplemental cash flow disclosure:
Cash paid during the period for income taxes	236
Supplemental noncash financing activities:
Acquisition of property and equipment included in accounts payable and accrued liabilities	$234

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Organization and Basis of Presentation	NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION
	Ardelyx, Inc. (the “Company”) is a clinical stage biopharmaceutical company focused on the discovery, development and commercialization of innovative, minimally-systemic, small molecule therapeutics that work exclusively in the gastrointestinal tract to treat cardio-renal, gastrointestinal and metabolic diseases. The Company has developed a drug discovery and design platform enabling it, in a rapid and cost-efficient manner, to discover and design novel drug candidates. Utilizing its platform, the Company discovered and designed our lead product candidate, tenapanor, which in clinical studies has demonstrated the ability to improve the symptoms of constipation-predominant irritable bowel syndrome, or IBS-C, and to reduce the absorption of dietary sodium as well as phosphorus, a key component in the management of hyperphosphatemia in dialysis patients.
	Basis of Presentation
	These unaudited condensed financial statements and the related footnote information of the Company have been prepared pursuant to the requirements of the Securities and Exchange Commission (the “SEC”) for interim reporting. As permitted under those rules and regulations, certain footnotes or other financial information that are normally required by U.S. generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. In the opinion of the Company’s management, the accompanying interim unaudited condensed financial statements include all adjustments (consisting only of normal recurring adjustments) necessary for a fair presentation of the information for the periods presented. The results for the quarter ended March 31, 2015 are not necessarily indicative of results to be expected for the entire year ending December 31, 2015 or future operating periods.
	The accompanying condensed financial statements and related financial information should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K filed with the SEC (the 2014 Form 10-K). The balance sheet at December 31, 2014 has been derived from the audited financial statements at that date, as filed with the 2014 Form 10-K.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although management believes these estimates are based upon reasonable assumptions within the bounds of its knowledge of the Company’s business and operations, actual results could differ materially from those estimates.
	Revenue Recognition
	Revenue from research activities made under collaboration partnership agreements are recognized as the services are provided and when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Revenue generated from research and licensing agreements typically includes up-front signing or license fees, cost reimbursements, research services, minimum sublicense fees, milestone payments, and royalties on future licensees’ product sales.
	For revenue agreements with multiple-element arrangements, such as license and development agreements, the Company allocates revenue to each deliverable based on the relative selling price of each deliverable. When applying the relative selling price method, the Company determines the selling price for each deliverable using vendor-specific objective evidence or third-party evidence. If neither exists, the Company uses its best estimate of selling price for that deliverable. Revenue allocated is then recognized when the four basic revenue recognition criteria are met for each deliverable.
	The Company recognizes revenue from upfront payments ratably over the term of its estimated period of performance under the agreement which is recorded as licensing revenue. Reimbursements for development costs incurred under the Company’s license agreement with AstraZeneca are classified as collaborative development revenue. The Company recognizes cost reimbursement revenue under collaboration partnership agreements as the related research and development costs for services are rendered. Deferred revenue represents the portion of research or license payments received which has not been earned.
	Revenues from milestones, if they are nonrefundable and deemed substantive, are recognized upon successful accomplishment of the milestones. To the extent that non-substantive milestones are achieved and the Company has remaining performance obligations, milestones are deferred and recognized as revenue over the estimated remaining period of performance. The Company will recognize revenue associated with the non-substantive milestones upon achievement of the milestone if there are no undelivered elements and it has no remaining performance obligations. The Company will account for sales-based milestones as royalties that will be recognized as revenue upon achievement of the milestone.
	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which converges the FASB and the International Accounting Standards Board standards on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. This guidance is effective for the fiscal years and interim reporting periods beginning after December 15, 2016, at which time the Company may adopt the new standard under the full retrospective method or the modified retrospective method. Early adoption is not permitted.
	On April 1, 2015, the FASB voted to propose a delay in the effective date of ASU No. 2014-09. The proposed new effective date will be annual reporting periods beginning after December 15, 2017, and the interim periods within that year and will allow early adoption for all entities as of the original effective date for public business entities, which was annual reporting periods beginning after December 15, 2016. The Company has not yet selected a transition method nor has the Company determined the impact of the new standard on its condensed financial statements and related disclosures.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 3. FAIR VALUE MEASUREMENTS
	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
	The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:
	Level 1	–		Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by us at the reporting date. Examples of assets and liabilities utilizing Level 1 inputs are certain money market funds, U.S. Treasuries and trading securities with quoted prices on active markets.
	Level 2	–		Valuations based on inputs other than the quoted prices in active markets that are observable either directly or indirectly in active markets. Examples of assets and liabilities utilizing Level 2 inputs are U.S. government agency bonds, corporate bonds, commercial paper, certificates of deposit and over-the-counter derivatives.
	Level 3	–		Valuations based on unobservable inputs in which there is little or no market data, which require us to develop our own assumptions.
	The following table sets forth the fair value of the Company’s financial assets measured on a recurring basis by level within the fair value hierarchy (in thousands):
		March 31, 2015
		Total			Level 1		Level 2		Level 3
	Assets:
	Money market funds	$	97,737		$	97,737	$	—	$	—
	Certificates of deposit		100			—		100		—
	Total	$	97,837		$	97,737	$	100	$	—
		31-Dec-14
		Total			Level 1		Level 2		Level 3
	Assets:
	Money market funds	$	105,410		$	105,410	$	—	$	—
	Certificates of deposit		100			—		100		—
	Total	$	105,510		$	105,410	$	100	$	—
	Where quoted prices are available in an active market, securities are classified as Level 1. The Company classifies money market funds as Level 1. When quoted market prices are not available for the specific security, then the Company estimates fair value by using benchmark yields, reported trades, broker/dealer quotes, and issuer spreads. The Company classifies certificates of deposit as Level 2. In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3. There were no transfers between Level 1 and Level 2 during the periods presented.

Collaboration_and_Licensing_Ag

Collaboration and Licensing Agreements	3 Months Ended
	Mar. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration and Licensing Agreements	NOTE 4. COLLABORATION AND LICENSING AGREEMENTS
	AstraZeneca AB (“AstraZeneca”)
	In October 2012, the Company entered into a collaboration partnership with AstraZeneca for the worldwide development and commercialization of tenapanor. Under the terms of the AstraZeneca collaboration partnership agreement (the “AstraZeneca Agreement”), the Company received an up-front license fee of $35.0 million in October 2012 and a $15.0 million payment in December 2013, which are both being recognized as revenue on a straight-line basis over the estimated period of performance. The estimated period of performance during the three months ended March 31, 2015 was estimated to be December 2017, which represented the estimated completion date of the Phase 2b clinical trials in chronic kidney disease, or CKD, to be conducted with tenapanor. The expected period of performance is reviewed quarterly and adjusted, as needed, to reflect our current assumptions regarding the timing of clinical studies. AstraZeneca reimburses the Company for its internal and external development-related costs. These reimbursements are recognized as collaborative development revenue when the development-related costs are incurred.
	In May 2014, the Company received from AstraZeneca a $25.0 million payment as a result of the dosing of the first patient in the Phase 2b clinical trial in hyperphosphatemia. As the $25.0 million did not meet the criteria to be considered the achievement of a substantive milestone for accounting purposes, the amount was recorded as deferred revenue when received and is being recognized as revenue on a straight-line basis over the remaining estimated period of performance under the AstraZeneca Agreement, which during the three months ended March 31, 2015 was estimated to be December 2017.
	For the three months ended March 31, 2015 and 2014, the Company recognized revenue of $3.9 million and $3.2 million, respectively, related to amortization of the up-front and other license fees, and $2.0 million and $5.3 million, respectively, for collaborative development services. As of March 31, 2015 and December 31, 2014, the Company had total deferred revenue of $43.1 million and $47.1 million related to the AstraZeneca Agreement, respectively.
	Sanofi SA (“Sanofi”)
	In February 2014, the Company entered into a license option and license agreement with Sanofi (the “Sanofi Agreement”) for its phosphate transport NaP2b inhibitor program. Under the terms of the Sanofi Agreement, the Company granted Sanofi an exclusive worldwide license to conduct research utilizing the Company’s small molecule NaP2b inhibitors. In addition, Sanofi has the option to obtain an exclusive license to develop, manufacture and commercialize potential products under the agreement. Under the License Option and License Agreement, Sanofi is responsible for all of the costs and expenses for research and preclinical activities and, should it exercise its option, for the development and commercialization efforts under the program.
	Under the Sanofi Agreement, the Company received a payment of $1.25 million in March 2014, which was fully recognized as licensing revenue in May 2014 after the Company completed its obligation to provide to Sanofi the background know-how, listed patents, and materials described in the Sanofi Agreement.

StockBased_Compensation

Stock-Based Compensation	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	NOTE 5. STOCK-BASED COMPENSATION
	The following table presents stock-based compensation expense recognized for stock options and the Company’s employee stock purchase program (the “ESPP”) in the Company’s statements of operations (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Research and development	$	286	$	37
	General and administrative		238		27
	Total	$	524	$	64
	At March 31, 2015, the Company had $5.9 million and $0.2 million of total unrecognized compensation expense, net of estimated forfeitures, related to stock option grants and purchase rights, respectively, that will be recognized over an average vesting period of 2.9 years and 0.4 years, respectively.

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	NOTE 6. NET LOSS PER COMMON SHARE
	Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per common share is computed giving effect to all potential dilutive common shares, including common stock issuable upon exercise of stock options, and unvested restricted common stock and stock units. As the Company had net losses for the three months ended March 31, 2015 and 2014, all potential common shares were determined to be anti-dilutive. Basic and diluted earnings per common share are calculated as follows (in thousands, except share and per share data):
		Three Months Ended
		March 31,
		2015			2014
	Numerator:
	Net loss	$	(3,502	)	$	(3,071	)
	Denominator:
	Weighted average number of shares outstanding - basic and diluted		18,606,760			1,256,245
	Net loss per share - basic and diluted	$	(0.19	)	$	(2.44	)
	For the three months ended March 31, 2015 and 2014, the total number of anti-dilutive outstanding common stock options excluded from the net income per common share computation was 1.2 million and 1.1 million, respectively.

Shareholders_Equity

Shareholders Equity	3 Months Ended
	Mar. 31, 2015
Equity [Abstract]
Shareholders Equity	NOTE 7. STOCKHOLDERS EQUITY
	Option Exercises
	For the three months ended March 31, 2015 employees exercised options to purchase 26,212 shares of the Company’s common stock with net proceeds to the Company of approximately $0.1 million. For the three months ended March 31, 2014, employees exercised options to purchase 46,797 shares of the Company’s common stock with insignificant net proceeds to the Company.
	Employee Stock Purchase Plan
	In February 2015, the Company sold 19,614 shares under the ESPP. The shares were purchased at a purchase price of $12.43 per share with proceeds to the Company of approximately $0.2 million.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2015
Subsequent Events [Abstract]
Subsequent Events	NOTE 8. SUBSEQUENT EVENTS
	On May 5, 2015, the Company announced that a 154-patient Phase 2a clinical trial evaluating tenapanor in Stage 3 chronic kidney disease patients with type 2 diabetes mellitus and albuminuria did not meet the primary endpoint of decreasing the urinary albumin-creatinine ratio in tenapanor-treated patients compared to patients receiving placebo. With the completion of this Phase 2a clinical trial, the Company and AstraZeneca are assessing the data from all the trials. Under the terms of the AstraZeneca Agreement, AstraZeneca is obligated to communicate to the Company, on or before June 29, 2015, whether it will continue the development of tenapanor.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Use of Estimates	Use of Estimates
	The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although management believes these estimates are based upon reasonable assumptions within the bounds of its knowledge of the Company’s business and operations, actual results could differ materially from those estimates.
Revenue Recognition	Revenue Recognition
	Revenue from research activities made under collaboration partnership agreements are recognized as the services are provided and when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. Revenue generated from research and licensing agreements typically includes up-front signing or license fees, cost reimbursements, research services, minimum sublicense fees, milestone payments, and royalties on future licensees’ product sales.
	For revenue agreements with multiple-element arrangements, such as license and development agreements, the Company allocates revenue to each deliverable based on the relative selling price of each deliverable. When applying the relative selling price method, the Company determines the selling price for each deliverable using vendor-specific objective evidence or third-party evidence. If neither exists, the Company uses its best estimate of selling price for that deliverable. Revenue allocated is then recognized when the four basic revenue recognition criteria are met for each deliverable.
	The Company recognizes revenue from upfront payments ratably over the term of its estimated period of performance under the agreement which is recorded as licensing revenue. Reimbursements for development costs incurred under the Company’s license agreement with AstraZeneca are classified as collaborative development revenue. The Company recognizes cost reimbursement revenue under collaboration partnership agreements as the related research and development costs for services are rendered. Deferred revenue represents the portion of research or license payments received which has not been earned.
	Revenues from milestones, if they are nonrefundable and deemed substantive, are recognized upon successful accomplishment of the milestones. To the extent that non-substantive milestones are achieved and the Company has remaining performance obligations, milestones are deferred and recognized as revenue over the estimated remaining period of performance. The Company will recognize revenue associated with the non-substantive milestones upon achievement of the milestone if there are no undelivered elements and it has no remaining performance obligations. The Company will account for sales-based milestones as royalties that will be recognized as revenue upon achievement of the milestone.
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In May 2014, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which converges the FASB and the International Accounting Standards Board standards on revenue recognition. Areas of revenue recognition that will be affected include, but are not limited to, transfer of control, variable consideration, allocation of transfer pricing, licenses, time value of money, contract costs and disclosures. This guidance is effective for the fiscal years and interim reporting periods beginning after December 15, 2016, at which time the Company may adopt the new standard under the full retrospective method or the modified retrospective method. Early adoption is not permitted.
	On April 1, 2015, the FASB voted to propose a delay in the effective date of ASU No. 2014-09. The proposed new effective date will be annual reporting periods beginning after December 15, 2017, and the interim periods within that year and will allow early adoption for all entities as of the original effective date for public business entities, which was annual reporting periods beginning after December 15, 2016. The Company has not yet selected a transition method nor has the Company determined the impact of the new standard on its condensed financial statements and related disclosures.
Fair Value Measurements	Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
	The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:
	Level 1	–	Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by us at the reporting date. Examples of assets and liabilities utilizing Level 1 inputs are certain money market funds, U.S. Treasuries and trading securities with quoted prices on active markets.
	Level 2	–	Valuations based on inputs other than the quoted prices in active markets that are observable either directly or indirectly in active markets. Examples of assets and liabilities utilizing Level 2 inputs are U.S. government agency bonds, corporate bonds, commercial paper, certificates of deposit and over-the-counter derivatives.
	Level 3	–	Valuations based on unobservable inputs in which there is little or no market data, which require us to develop our own assumptions.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Summary of Fair Value Measurements of Company's Financial Assets	The following table sets forth the fair value of the Company’s financial assets measured on a recurring basis by level within the fair value hierarchy (in thousands):
		March 31, 2015
		Total		Level 1		Level 2		Level 3
	Assets:
	Money market funds	$	97,737	$	97,737	$	—	$	—
	Certificates of deposit		100		—		100		—
	Total	$	97,837	$	97,737	$	100	$	—
		31-Dec-14
		Total		Level 1		Level 2		Level 3
	Assets:
	Money market funds	$	105,410	$	105,410	$	—	$	—
	Certificates of deposit		100		—		100		—
	Total	$	105,510	$	105,410	$	100	$	—

StockBased_Compensation_Tables

Stock-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Expense Recognized for Stock Options and Employee Stock Purchase Plan (ESPP)	The following table presents stock-based compensation expense recognized for stock options and the Company’s employee stock purchase program (the “ESPP”) in the Company’s statements of operations (in thousands):
		Three Months Ended
		March 31,
		2015		2014
	Research and development	$	286	$	37
	General and administrative		238		27
	Total	$	524	$	64

Net_Loss_Per_Common_Share_Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	Basic and diluted earnings per common share are calculated as follows (in thousands, except share and per share data):
		Three Months Ended
		March 31,
		2015			2014
	Numerator:
	Net loss	$	(3,502	)	$	(3,071	)
	Denominator:
	Weighted average number of shares outstanding - basic and diluted		18,606,760			1,256,245
	Net loss per share - basic and diluted	$	(0.19	)	$	(2.44	)

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Mar. 31, 2015
Fair Value Disclosures [Abstract]
Transfer of assets from Level 1 to Level 2	$0
Transfer of assets from Level 2 to Level 1	$0

Fair_Value_Measurements_Summar

Fair Value Measurements - Summary of Fair Value Measurements of Company's Financial Assets (Detail) (Fair Value, Recurring [Member], USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Assets:
Assets at fair value	$97,837	$105,510
Level 1 [Member]
Assets:
Assets at fair value	97,737	105,410
Level 2 [Member]
Assets:
Assets at fair value	100	100
Money Market Funds [Member]
Assets:
Assets at fair value	97,737	105,410
Money Market Funds [Member] | Level 1 [Member]
Assets:
Assets at fair value	97,737	105,410
Certificates of Deposit [Member]
Assets:
Assets at fair value	100	100
Certificates of Deposit [Member] | Level 2 [Member]
Assets:
Assets at fair value	$100	$100

Collaboration_and_Licensing_Ag1

Collaboration and Licensing Agreements - Additional Information (Detail) (USD $)	1 Months Ended		12 Months Ended	3 Months Ended
In Millions, unless otherwise specified	31-May-14	Oct. 31, 2012	Dec. 31, 2013	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
AstraZeneca [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Upfront payment received	$25	$35	$15
Total deferred revenue				43.1		47.1
AstraZeneca [Member] | Amortization Of Up Front And Other License Fees [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenue recognized				3.9	3.2
AstraZeneca [Member] | Collaborative Development Services [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenue recognized				2	5.3
Sanofi [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Revenue recognized	$1.25

StockBased_Compensation_Summar

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized for Stock Options and Employee Stock Purchase Plan (ESPP) (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$524	$64
Research and Development [Member] | Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	286	37
General and Administrative [Member] | Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$238	$27

StockBased_Compensation_Additi

Stock-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$5.90
Unrecognized stock based compensation expense, weighted-average remaining recognition period	2 years 10 months 24 days
Purchase Rights [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$0.20
Unrecognized stock based compensation expense, weighted-average remaining recognition period	4 months 24 days

Net_Loss_Per_Common_Share_Comp

Net Loss Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Numerator:
Net loss	($3,502)	($3,071)
Denominator:
Weighted average number of shares outstanding - basic and diluted	18,606,760	1,256,245
Net loss per share - basic and diluted	($0.19)	($2.44)

Net_Loss_Per_Common_Share_Addi

Net Loss Per Common Share - Additional Information (Detail)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, shares	1.2	1.1

Stockholders_Equity_Additional

Stockholders Equity - Additional Information (Detail) (USD $)	3 Months Ended	1 Months Ended	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Feb. 28, 2015	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued upon exercise of options	$296
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from shares issued upon exercise of options		200
Shares sold under ESPP		19,614
Purchase price of shares		$12.43
Employee Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased by employees on exercise of options	26,212		46,797
Proceeds from shares issued upon exercise of options	$100

Subsequent_Events_Additional_I

Subsequent Events - Additional Information (Detail) (Subsequent Event [Member])	0 Months Ended
	5-May-15
	Patient
Subsequent Event [Member]
Subsequent Event [Line Items]
Number of patients under Phase 2a clinical trial	154