Ardelyx (ARDX) 10-Q 8 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Aug. 03, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Trading Symbol	ARDX
Entity Registrant Name	Ardelyx, Inc.
Entity Central Index Key	1,437,402
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		47,250,496

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 146,669	$ 107,004
Prepaid expenses and other current assets	3,735	5,027
Total current assets	150,404	112,031
Property and equipment, net	4,827	4,711
Other assets	148	104
Restricted cash		100
Total assets	155,379	116,946
Current liabilities:
Accounts payable	4,746	2,777
Accrued compensation and benefits	2,038	2,366
Accrued and other liabilities	7,277	2,580
Total current liabilities	14,061	7,723
Other long-term liabilities	713	322
Total liabilities	14,774	8,045
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized as of June 30, 2016 and December 31, 2015, respectively; no shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively.
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2016 and December 31, 2015, respectively; 34,650,266 and 25,964,886 shares issued and outstanding as of June 30 2016 and December 31, 2015, respectively.	4	3
Additional paid-in capital	294,171	210,386
Accumulated deficit	(153,570)	(101,488)
Total stockholders' equity	140,605	108,901
Total liabilities and stockholders' equity	$ 155,379	$ 116,946

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
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	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	34,650,266	25,964,886
Common stock, shares outstanding	34,650,266	25,964,886

Condensed Statements of Operati

Condensed Statements of Operations and Comprehensive (Loss) Income - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Licensing revenue		$ 17,727		$ 21,611
Collaborative development revenue		416		2,415
Total revenue		18,143		24,026
Operating expenses:
Research and development	$ 23,838	6,198	$ 43,091	12,396
General and administrative	4,852	2,889	9,130	6,064
Total operating expenses	28,690	9,087	52,221	18,460
(Loss) income from operations	(28,690)	9,056	(52,221)	5,566
Other income (expense), net	77	(49)	139	(61)
(Loss) income before provision for income taxes	(28,613)	9,007	(52,082)	5,505
Provision for income taxes	0	0	0	0
Net (loss) income and comprehensive (loss) income	$ (28,613)	$ 9,007	$ (52,082)	$ 5,505
Basic net (loss) income per common share	$ (0.83)	$ 0.43	$ (1.53)	$ 0.28
Diluted net (loss) income per common share	$ (0.83)	$ 0.42	$ (1.53)	$ 0.27
Shares used in computing basic net (loss) income per share	34,636,559	20,880,235	34,051,785	19,749,778
Shares used in computing diluted net (loss) income per share	34,636,559	21,636,487	34,051,785	20,506,916

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Operating activities
Net (loss) income	$ (52,082)	$ 5,505
Adjustments to reconcile net (loss) income to net cash used in operating activities:
Depreciation expense	631	278
Amortization of deferred financing costs	174
Amortization of deferred compensation for services	101
Stock-based compensation	2,476	1,165
Loss from disposal of fixed assets		11
Changes in operating assets and liabilities:
Accounts receivable		2,557
Prepaid expenses and other assets	1,073	(959)
Accounts payable	1,717	(631)
Accrued compensation and benefits	(328)	(192)
Accrued and other liabilities	5,089	886
Deferred revenue		(47,053)
Net cash used in operating activities	(41,149)	(38,433)
Investing activities
Purchases of property and equipment	(495)	(2,320)
Net cash used in investing activities	(495)	(2,320)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	80,837	74,654
Proceeds from exercise of stock options	472	317
Other		30
Net cash provided by financing activities	81,309	75,001
Net increase in cash and cash equivalents	39,665	34,248
Cash and cash equivalents at beginning of period	107,004	107,286
Cash and cash equivalents at end of period	146,669	141,534
Supplemental cash flow disclosure:
Cash paid during the period for income taxes		310
Supplemental noncash financing activities:
Acquisition of property and equipment included in accounts payable and accrued liabilities	$ 252	134
Common stock issuance costs included in accounts payable and accrued liabilities		$ 287

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Organization and Basis of Presentation	NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Ardelyx, Inc., or “the Company,” is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of innovative, minimally-systemic therapeutic drugs that work exclusively in the gastrointestinal, or GI, tract to treat cardio-renal and GI diseases. The Company has developed a proprietary 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 its lead product candidate, tenapanor, which is currently being evaluated in two pivotal Phase 3 clinical studies in patients with constipation-predominant irritable bowel syndrome, or IBS-C. In a Phase 2b clinical study, tenapanor demonstrated the ability to lower elevated serum phosphorus levels in patients with end-stage renal disease, or ESRD. The Company has initiated the first of two registration studies to evaluate efficacy, safety and dosing regimens of tenapanor for the treatment of hyperphosphatemia, or elevated serum phosphorus in ESRD patients on dialysis. The Company is developing another drug candidate, RDX227675, the lead product candidate from its RDX022 program, for the treatment of hyperkalemia, or elevated serum potassium. The Company is pursuing a 505(b)(2) regulatory pathway for RDX227675. The Company has additional drug candidates in earlier research and development programs focused in GI and cardio-renal diseases, including RDX98940, the lead development compound from its RDX009 program focused on secretagogues of glucagon-like peptide-1, or GLP-1, and glucagon-like peptide-2, or GLP-2, and RDX013 program compounds focused on potassium secretagogues. 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, or 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 (“U.S. GAAP”) 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 and six months ended June 30, 2016 are not necessarily indicative of results to be expected for the entire year ending December 31, 2016 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, 2015, included in the Company’s Annual Report on Form 10-K filed with the SEC (the “2015 Form 10-K”). The balance sheet at December 31, 2015 has been derived from the audited financial statements at that date, as filed with the 2015 Form 10-K.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
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. GAAP 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. Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research organizations and clinical sites. The Company determines estimated costs through discussions with internal personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed. Recent Accounting Pronouncements In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In January 2016, the FASB issued ASU 2016-01 , Financial Instruments-Overall. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards 2016-09, Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016-10 , Identifying Performance Obligations and Licensing. In May 2016, the FASB issued ASU 2016-12 , Narrow-Scope Improvements and Practical Expedients. The Company has reviewed all other significant newly-issued accounting pronouncements and concluded that they either are not applicable to the Company’s operations or that no material effect is expected on its condensed financial statements as a result of future adoption.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
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 Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices 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 assets or liabilities. 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): June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 147,202 $ 147,202 $ — $ — Total $ 147,202 $ 147,202 $ — $ — December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 105,819 $ 105,819 $ — $ — Certificates of deposit 100 — 100 — Total $ 105,919 $ 105,819 $ 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. The carrying amounts reflected in the condensed balance sheets for cash equivalents, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values at June 30, 2016 and December 31, 2015, due to their short-term nature.

Collaboration and Licensing Agr

Collaboration and Licensing Agreements	6 Months Ended
	Jun. 30, 2016
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, or the AstraZeneca Agreement, the Company received $75.0 million in up-front license fees and milestone payments which was recorded as deferred revenue when received and were recognized as revenue on a straight-line basis over the remaining estimated period of performance under the AstraZeneca Agreement, which, prior to its termination in June 2015, we estimated to be December 2017. In June 2015, the Company entered into a termination agreement with AstraZeneca (the “Termination Agreement”) pursuant to which all licenses granted to AstraZeneca to the Company’s portfolio of NHE3 inhibitors, including the Company’s lead product candidate, tenapanor, were terminated, except for the limited purpose of allowing AstraZeneca to satisfy its obligations under the Termination Agreement. AstraZeneca was obligated to supply the Company with clinical trial materials, drug substance and drug product. The Company was obligated to pay for clinical trial materials, drug substance and drug product with a maximum amount initially set at $10 million in the Termination Agreement, which maximum amount was subsequently reduced to $8.0 million pursuant to an amendment to the Termination Agreement (“Amendment Number One”) of which $6.0 million was paid during 2015 and $2.0 million was paid during the second quarter of 2016. As the AstraZeneca Agreement was terminated in June 2015, the Company recognized the remaining deferred revenue balance of $43.1 million during the three months ended June 30, 2015. Also in the three months ended June 30, 2015, the Company recorded a $15.0 million upfront payment for the return of the licenses as well as the $10.0 million payment for reimbursement of research and development expenses and the acceleration of the transfer of information and materials as a reduction in licensing revenue in the condensed statements of operations and comprehensive (loss) income.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2016
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, restricted stock units and the Company’s employee stock purchase program, the ESPP, in the Company’s statements of operations (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Research and development $ 681 $ 346 $ 1,306 $ 632 General and administrative 605 295 1,170 533 Total $ 1,286 $ 641 $ 2,476 $ 1,165 At June 30, 2016, the Company had $11.8 million, $0.9 million and $0.1 million of total unrecognized compensation expense, net of estimated forfeitures, related to stock option grants, restricted stock unit grants and ESPP, respectively, that will be recognized over an average vesting period of 3.1 years, 3.4 years and 0.2 years, respectively.

Net (Loss) Income Per Share

Net (Loss) Income Per Share	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net (Loss) Income Per Share	NOTE 6. NET (LOSS) INCOME PER SHARE Basic net (loss) income per share is calculated by dividing the net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income 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. The Company uses the treasury-stock method to compute diluted earnings per share with respect to its stock options and common stock equivalents. For purposes of this calculation, options to purchase stock are considered to be potential common shares and are only included in the calculation of diluted net (loss) income per share when their effect is dilutive. Basic and diluted earnings per common share are calculated as follows (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net (loss) income $ (28,613 ) $ 9,007 $ (52,082 ) $ 5,505 Denominator: Basic shares: Weighted average common shares outstanding 34,636,559 20,880,235 34,051,785 19,749,778 Diluted shares: Weighted average effect of dilutive stock options — 692,110 — 724,890 Weighted average private placement warrants outstanding — 64,142 — 32,248 34,636,559 21,636,487 34,051,785 20,506,916 Net (loss) income per share - basic $ (0.83 ) $ 0.43 $ (1.53 ) $ 0.28 Net (loss) income per share - diluted $ (0.83 ) $ 0.42 $ (1.53 ) $ 0.27 For the three and six months ended June 30, 2016, the total number of anti-dilutive outstanding common stock equivalents excluded from the net loss per common share computation was 4.7 million and 4.6 million, respectively. For the three and six months ended June 30, 2015 the total number of anti-dilutive outstanding common stock equivalents excluded from the net loss per common share computation was 0.5 million and 0.4 million, respectively.

Accrued and Other Liabilities

Accrued and Other Liabilities	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Accrued and Other Liabilities	NOTE 7. ACCRUED AND OTHER LIABILITIES Accrued liabilities and other liabilities consist of the following (in thousands) June 30, December 31, 2016 2015 Accrued clinical trial expenses $ 4,202 $ 311 Accrued contract manufacturing 1,694 289 Accrued professional and consulting services 610 272 AZ clinical trial material accrual — 1,328 Other 771 380 $ 7,277 $ 2,580

Stockholders Equity

Stockholders Equity	6 Months Ended
	Jun. 30, 2016
Equity [Abstract]
Stockholders Equity	NOTE 8. STOCKHOLDERS EQUITY Option Exercises For the three and six months ended June 30, 2016, employees exercised options to purchase zero and 6,250 shares, respectively, of the Company’s common stock with insignificant net proceeds to the Company. For the three and six months ended June 30, 2015, employees and consultants exercised options to purchase 20,189 and 46,401 shares of the Company’s common stock, respectively, with net proceeds to the Company of insignificant and approximately $0.1 million, respectively. Employee Stock Purchase Plan In February 2016, the Company sold 34,012 shares under the ESPP. The shares were purchased at a purchase price of $8.21 per share with proceeds to the Company of approximately $0.3 million. Offerings of Common Stock and Warrants In June 2015, the Company sold and issued an aggregate of 7,242,992 shares of its common stock and warrants to purchase 2,172,899 shares of common stock in a private placement transaction for aggregate gross proceeds of approximately $77.8 million or net proceeds, after deducting issuance costs, of approximately $74.3 million. The purchase price for the common stock was $10.70 per share and the purchase price for the warrants was $0.125 per warrant. The warrants are exercisable at an exercise price of $13.91 per share at any time prior to the earlier of (i) 5 years from the date of issuance or (ii) certain changes in control of the Company. The Company has determined that the warrants should be classified as equity. In July 2015, the Company filed a registration statement with the SEC registering the resale of the common stock and shares of common stock underlying the warrants sold and issued in the private placement transaction. Other than with respect to warrants issued to holders affiliated with New Enterprise Associates, the warrants contain limitations that prevent each holder of warrants from acquiring shares upon exercise of the warrants that would cause the number of shares beneficially owned by it and its affiliates to exceed 9.99% of the total number of shares of the Company’s common stock then issued and outstanding. In addition, upon certain changes in control of the Company, each holder of a warrant can elect to receive, subject to certain limitations and assumptions, securities in a successor entity. None of the warrants issued in June 2015 have been exercised as of June 30, 2016. In January 2016, the Company completed an underwritten public offering of 8,625,000 shares of common stock at an offering price of $10.00 per share for gross proceeds of $86.3 million. The Company received net proceeds from the offering of approximately $80.8 million, after deducting the underwriters’ discounts and commissions and offering expenses.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 9. SUBSEQUENT EVENTS In July 2016, the Company sold and issued an aggregate of 12,600,230 shares of common stock in a private placement transaction for net proceeds of approximately $110.0 million. The price paid for the common stock was $8.73 per share which was equal to the consolidated closing bid price on the Nasdaq Global Market on the day of pricing, July 14, 2016.

Summary of Significant Accoun15

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP 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.
Clinical Trial Accruals	Clinical Trial Accruals Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties based upon actual work completed in accordance with agreements established with clinical research organizations and clinical sites. The Company determines estimated costs through discussions with internal personnel and external service providers as to the progress or stage of completion of trials or services and the agreed-upon fee to be paid for such services. Nonrefundable advance payments for goods and services that will be used or rendered in future research and development activities, are deferred and recognized as expense in the period that the related goods are delivered or services are performed.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In May, 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In January 2016, the FASB issued ASU 2016-01 , Financial Instruments-Overall. In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In March 2016, the FASB issued Accounting Standards 2016-09, Improvements to Employee Share-Based Payment Accounting In April 2016, the FASB issued ASU 2016-10 , Identifying Performance Obligations and Licensing. In May 2016, the FASB issued ASU 2016-12 , Narrow-Scope Improvements and Practical Expedients. The Company has reviewed all other significant newly-issued accounting pronouncements and concluded that they either are not applicable to the Company’s operations or that no material effect is expected on its condensed financial statements as a result of future adoption.
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 Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices 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 assets or liabilities. 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)	6 Months Ended
	Jun. 30, 2016
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): June 30, 2016 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 147,202 $ 147,202 $ — $ — Total $ 147,202 $ 147,202 $ — $ — December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 105,819 $ 105,819 $ — $ — Certificates of deposit 100 — 100 — Total $ 105,919 $ 105,819 $ 100 $ —

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of Stock-Based Compensation Recognized	The following table presents stock-based compensation expense recognized for stock options, restricted stock units and the Company’s employee stock purchase program, the ESPP, in the Company’s statements of operations (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Research and development $ 681 $ 346 $ 1,306 $ 632 General and administrative 605 295 1,170 533 Total $ 1,286 $ 641 $ 2,476 $ 1,165

Net (Loss) Income Per Share (Ta

Net (Loss) Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Share Attributable to Common Stockholders	Basic and diluted earnings per common share are calculated as follows (in thousands, except share and per share data): Three Months Ended June 30, Six Months Ended June 30, 2016 2015 2016 2015 Numerator: Net (loss) income $ (28,613 ) $ 9,007 $ (52,082 ) $ 5,505 Denominator: Basic shares: Weighted average common shares outstanding 34,636,559 20,880,235 34,051,785 19,749,778 Diluted shares: Weighted average effect of dilutive stock options — 692,110 — 724,890 Weighted average private placement warrants outstanding — 64,142 — 32,248 34,636,559 21,636,487 34,051,785 20,506,916 Net (loss) income per share - basic $ (0.83 ) $ 0.43 $ (1.53 ) $ 0.28 Net (loss) income per share - diluted $ (0.83 ) $ 0.42 $ (1.53 ) $ 0.27

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Liabilities and Other Liabilities	Accrued liabilities and other liabilities consist of the following (in thousands) June 30, December 31, 2016 2015 Accrued clinical trial expenses $ 4,202 $ 311 Accrued contract manufacturing 1,694 289 Accrued professional and consulting services 610 272 AZ clinical trial material accrual — 1,328 Other 771 380 $ 7,277 $ 2,580

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value Measurements of Company's Financial Assets (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Assets:
Assets at fair value	$ 147,202	$ 105,919
Level 1 [Member]
Assets:
Assets at fair value	147,202	105,819
Level 2 [Member]
Assets:
Assets at fair value		100
Money Market Funds [Member]
Assets:
Assets at fair value	147,202	105,819
Money Market Funds [Member] | Level 1 [Member]
Assets:
Assets at fair value	$ 147,202	105,819
Certificates of Deposit [Member]
Assets:
Assets at fair value		100
Certificates of Deposit [Member] | Level 2 [Member]
Assets:
Assets at fair value		$ 100

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail)	Jun. 30, 2016USD ($)
Fair Value Disclosures [Abstract]
Transfer of assets from Level 1 to Level 2	$ 0
Transfer of assets from Level 2 to Level 1	$ 0

Collaboration and Licensing A22

Collaboration and Licensing Agreements - Additional Information (Detail) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2015	Jun. 30, 2015	Oct. 31, 2012	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Clinical trial material expenses paid				$ 23,838,000	$ 6,198,000	$ 43,091,000	$ 12,396,000
AstraZeneca [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Upfront payment received			$ 75,000,000
Clinical trial material expenses paid				$ 2,000,000				$ 6,000,000
Amount of upfront payment for return of licenses		$ 15,000,000			15,000,000		15,000,000
Amount of reimbursement paid for certain research and development expenses in consideration of acceleration of transfer of information and materials		10,000,000			10,000,000		$ 10,000,000
Recognized deferred revenue					$ 43,100,000
AstraZeneca [Member] | Maximum [Member]
Revenue Recognition, Multiple-deliverable Arrangements [Line Items]
Maximum amount of obligation to supply clinical trial materials, drug substance and drug product	$ 8,000,000	$ 10,000,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recognized (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 1,286	$ 641	$ 2,476	$ 1,165
Research and Development [Member] | Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	681	346	1,306	632
General and Administrative [Member] | Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 605	$ 295	$ 1,170	$ 533

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2016USD ($)
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 11.8
Unrecognized stock based compensation expense, weighted-average remaining recognition period	3 years 1 month 6 days
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 0.9
Unrecognized stock based compensation expense, weighted-average remaining recognition period	3 years 4 months 24 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense	$ 0.1
Unrecognized stock based compensation expense, weighted-average remaining recognition period	2 months 12 days

Net (Loss) Income Per Share - C

Net (Loss) Income Per Share - Computation of Basic and Diluted Earnings Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Numerator:
Net (loss) income	$ (28,613)	$ 9,007	$ (52,082)	$ 5,505
Basic shares:
Weighted average common shares outstanding	34,636,559	20,880,235	34,051,785	19,749,778
Diluted shares:
Weighted average effect of dilutive stock options		692,110		724,890
Weighted average private placement warrants outstanding		64,142		32,248
Weighted average number of shares outstanding, diluted	34,636,559	21,636,487	34,051,785	20,506,916
Net (loss) income per share - basic	$ (0.83)	$ 0.43	$ (1.53)	$ 0.28
Net (loss) income per share - diluted	$ (0.83)	$ 0.42	$ (1.53)	$ 0.27

Net (Loss) Income Per Share - A

Net (Loss) Income Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of diluted net loss per share attributable to common stockholders	4.7	0.5	4.6	0.4

Accrued and Other Liabilities -

Accrued and Other Liabilities - Schedule of Accrued Liabilities and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Payables and Accruals [Abstract]
Accrued clinical trial expenses	$ 4,202	$ 311
Accrued contract manufacturing	1,694	289
Accrued professional and consulting services	610	272
AZ clinical trial material accrual		1,328
Other	771	380
Accrued liabilities and other liabilities	$ 7,277	$ 2,580

Stockholders Equity - Additiona

Stockholders Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Feb. 29, 2016	Jan. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from exercise of stock options						$ 472	$ 317
Purchase price of common shares		$ 10	$ 10.70		$ 10.70		$ 10.70
Gross proceeds from issuance of common stock		$ 86,300	$ 77,800
Proceeds from issuance of common stock, net of issuance costs		$ 80,800	$ 74,300			$ 80,837	$ 74,654
Common stock sold and issued		8,625,000	7,242,992
Warrants issued to purchase common stock			2,172,899		2,172,899		2,172,899
Purchase price for warrants			$ 0.125		$ 0.125		$ 0.125
Warrants exercise price per share			$ 13.91
Warrants expiration term			5 years
Warrants description						The warrants are exercisable at an exercise price of $13.91 per share at any time prior to the earlier of (i) 5 years from the date of issuance or (ii) certain changes in control of the Company.
Maximum warrants ownership percentage by each holder of warrants			9.99%
Number of warrants exercised						0
Employees and Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased by employees on exercise of options					20,189		46,401
Proceeds from exercise of stock options							$ 100
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares sold under ESPP	34,012
Purchase price of common shares	$ 8.21
Proceeds from issuance of shares under the ESPP	$ 300
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares purchased by employees on exercise of options				0		6,250

Subsequent Events - Additional

Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended			6 Months Ended
	Jul. 31, 2016	Jan. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Subsequent Event [Line Items]
Common stock sold and issued		8,625,000	7,242,992
Proceeds from issuance of common stock, net of issuance costs		$ 80,800	$ 74,300	$ 80,837	$ 74,654
Purchase price of common shares		$ 10	$ 10.70		$ 10.70
Private Placement [Member] | Subsequent Event [Member]
Subsequent Event [Line Items]
Common stock sold and issued	12,600,230
Proceeds from issuance of common stock, net of issuance costs	$ 110,000
Purchase price of common shares	$ 8.73