Ardelyx (ARDX) 10-Q 7 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Aug. 02, 2018
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2018
Document Fiscal Year Focus	2,018
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 Current Reporting Status	Yes
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		62,053,751

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	[1]
Current assets:
Cash and cash equivalents	$ 91,751	$ 75,383
Short-term investments	120,980	58,593
Accounts receivable	30	10,796
Unbilled license revenue	5,000
Prepaid expenses and other current assets	3,927	4,940
Total current assets	221,688	149,712
Property and equipment, net	6,689	8,032
Other assets	159	159
Total assets	228,536	157,903
Current liabilities:
Accounts payable	3,172	3,933
Accrued compensation and benefits	2,203	3,229
Uncharged license fees	1,000
Accrued and other liabilities	9,234	10,709
Total current liabilities	15,609	17,871
Loan payable, long term	48,836
Other long-term liabilities	677	720
Total liabilities	65,122	18,591
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; no shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively.
Common stock, $0.0001 par value; 300,000,000 shares authorized; 62,053,751 and 47,534,979 shares issued and outstanding as of June 30, 2018 and December 31, 2017, respectively.	6	5
Additional paid-in capital	476,968	417,568
Accumulated deficit	(313,524)	(278,214)
Accumulated other comprehensive loss	(36)	(47)
Total stockholders' equity	163,414	139,312
Total liabilities and stockholders' equity	$ 228,536	$ 157,903
[1]	Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017.

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2018	Dec. 31, 2017
Condensed Consolidated Balance Sheets
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	62,053,751	47,534,979
Common stock, shares outstanding	62,053,751	47,534,979

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenue:
Total revenues	$ 30		$ 2,350
Cost of revenue			464
Gross profit	30		1,886
Operating expenses:
Research and development	16,046	$ 20,572	29,396	$ 42,960
General and administrative	6,138	5,846	12,329	11,892
Total operating expenses	22,184	26,418	41,725	54,852
Loss from operations	(22,154)	(26,418)	(39,839)	(54,852)
Other income (expense), net	(135)	697	535	1,123
Loss before provision for income taxes	(22,289)	(25,721)	(39,304)	(53,729)
Provision for income taxes	2		6
Net loss	$ (22,291)	$ (25,721)	$ (39,310)	$ (53,729)
Net loss per common share, basic and diluted	$ (0.42)	$ (0.54)	$ (0.78)	$ (1.13)
Shares used in computing net loss per share - basic and diluted	52,824,483	47,403,243	50,206,470	47,373,404
Comprehensive loss:
Net loss	$ (22,291)	$ (25,721)	$ (39,310)	$ (53,729)
Unrealized (loss) gain on available-for-sale securities, net of tax	55	9	11	31
Comprehensive loss	(22,236)	$ (25,712)	(39,299)	$ (53,698)
Licensing
Revenue:
Total revenues			2,320
Other
Revenue:
Total revenues	$ 30		$ 30

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018		Jun. 30, 2017
Operating activities
Net loss	$ (39,310)		$ (53,729)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	1,343		1,242
Amortization of deferred financing costs	59		325
Amortization of deferred compensation for services	101		91
Amortization of premium on investment securities	(256)		1
Stock-based compensation	5,028		4,899
Non-cash interest expense relating to loan payable	54
Changes in operating assets and liabilities:
Accounts receivable	10,766
Prepaid expenses and other assets	1,192		(2,961)
Accounts payable	(706)		(451)
Accrued compensation and benefits	(1,026)		(562)
Accrued and other liabilities	(2,064)		498
Net cash used in operating activities	(24,819)		(50,647)
Investing activities
Proceeds from maturities of investments	56,050		75,434
Sales and redemptions of investments	850		10,482
Purchases of investments	(119,021)		(44,748)
Purchases of property and equipment	(55)		(1,907)
Net cash (used in) provided by investing activities	(62,176)		39,261
Financing activities
Proceeds from loan payable, net of issuance costs	49,292
Proceeds from underwritten public offering, net of issuance costs	53,770
Proceeds from issuance of common stock under stock plans	301		424
Net cash provided by financing activities	103,363		424
Net decrease in cash and cash equivalents	16,368		(10,962)
Cash and cash equivalents at beginning of period	75,383	[1]	74,598
Cash and cash equivalents at end of period	91,751		$ 63,636
Supplementary disclosure of non-cash financing information:
Issuance of derivative in connection with issuance of loan payable	$ 546
[1]	Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017.

Organization and Basis of Prese

Organization and Basis of Presentation	6 Months Ended
	Jun. 30, 2018
Organization and Basis of Presentation
Organization and Basis of Presentation	NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Ardelyx, Inc., or “the Company,” is a specialized biopharmaceutical company focused on developing disruptive medicines for the treatment of renal diseases, which affect both the heart and the kidneys. Tenapanor, a first-in-class inhibitor of NHE3, is being evaluated in a second Phase 3 trial for the treatment of hyperphosphatemia in patients with end-stage renal disease, or ESRD, who are on dialysis. The Company is also advancing a small molecule potassium secretagogue program, RDX013, for the potential treatment of hyperkalemia as well as tenapanor for the treatment of people with irritable bowel syndrome with constipation, or IBS-C, for which the Company is preparing to submit a New Drug Application, or NDA, to the United States Food and Drug Administration, or FDA, in the second half of 2018. The Company operates in only one business segment, which is the development of biopharmaceutical products. Basis of Presentation These unaudited condensed consolidated 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, or 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 consolidated 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 three and six months ended June 30, 2018, are not necessarily indicative of results to be expected for the entire year ending December 31, 2018, or future operating periods. 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, 2017, included in the Company’s Annual Report on Form 10‑K filed with the SEC (the “2017 Form 10‑K”). The balance sheet at December 31, 2017, has been derived from the audited consolidated financial statements at that date, as filed with the 2017 Form 10‑K. The accompanying condensed consolidated financial statements include the accounts of Ardelyx, Inc. and its wholly-owned subsidiary, Ardelyx Cayman Islands, which was placed into voluntary liquidation in December 2017, and have been prepared in accordance with U.S. GAAP. Intercompany transactions and balances have been eliminated in consolidation.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to recognition of revenue, clinical trial accruals, contract manufacturing accruals, fair value of assets and liabilities, 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 materially differ from those estimates. Accrued Research and Development Expenses As part of the process of preparing its financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing open contracts and purchase orders, communicating with its personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers submit its monthly invoices in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to the Company at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued research and development expenses include fees paid to: · contract research organizations, or CROs, in connection with clinical studies; · investigative sites in connection with clinical studies; · vendors related to product manufacturing, development and distribution of clinical supplies; and · vendors in connection with preclinical development activities. The Company records expenses related to clinical studies and manufacturing development activities based on its estimates of the services received and efforts expended pursuant to contracts with multiple CROs and manufacturing vendors that conduct and manage these activities on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the expense. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed, enrollment of subjects, number of sites activated and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company will adjust the accrued or prepaid expense balance accordingly. To date, there have been no material differences from the Company’s estimates to the amounts actually incurred. Revenue Recognition On January 1, 2018 the Company adopted the new standard for Revenue from Contracts with Customers, Topic 606, on a modified retrospective method as an adjustment to the opening balance of retained earnings of the annual reporting period. On January 1, 2018, the Company recorded an increase in current assets of $5.0 million representing a future receivable related to the first milestone under the Company’s license agreement with Kyowa Hakko Kirin Co., Ltd., or KHK,, which the Company believes is not materially at risk, an increase in current liabilities of $1.0 million representing a future payable related to the corresponding payment to AstraZeneca AB, or AstraZeneca,, in accordance with the Company’s termination agreement with AstraZeneca and a related decrease in its accumulated deficit of approximately $4.0 million as the new standard permits revenue from milestones that possess certain criteria to be recognized earlier of approximately $4.0 million as the new standard contains different recognition criteria related to milestones than under the previous standard, Revenue Recognition, Multiple-Element Arrangements, ASC 605, Licensing revenues. The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain rights to its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and future royalties on net sales of licensed products. Each of these payments results in license, collaboration and other revenues, except for revenues from royalties on net sales of licensed products, which are classified as royalty revenues. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Milestone Payments: At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. Manufacturing Supply Services: Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the customer’s discretion are generally considered as options. The Company assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. If the Company is entitled to additional payments when the customer exercises these options, any payments are recorded in license, collaboration and other revenues when the customer obtains control of the goods, which is upon delivery. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements. Reclassification Approximately $0.2 million in the six months ended June 30, 2017, which was previously recorded within “Proceeds from issuance of common stock under stock plans” in Financing activities in the Statement of Cash Flows, has been reclassified as a Changes in operating assets and liabilities item “Prepaid expenses and other assets” within Operating activities. Recent Accounting Pronouncements New Accounting Pronouncements - Recently Adopted In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, which amends the guidance for accounting for revenue from contracts with customers. This ASU supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and creates a new Topic 606, Revenue from Contracts with Customers. In 2015 and 2016, the FASB issued additional ASUs related to Topic 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identifying performance obligations, and licensing, and they include other improvements and practical expedients. The Company adopted this new standard on January 1, 2018 using the modified retrospective transition method. Impact of Adoption The Company, on adopting Topic 606 on January 1, 2018, has used the modified retrospective transition method with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application. The following adjustments were recorded in the opening balance on January 1, 2018. December 31, Adjustments January 1, 2017 Due to Topic 606 2018 Total current assets $ — 5,000 $ 5,000 Total current liabilities — 1,000 1,000 Accumulated deficit $ — 4,000 $ 4,000 As a result of adopting Topic 606 on January 1, 2018, the following financial statement line items in the Company’s Condensed Consolidated Balance Sheet at June 30, 2018 and the Condensed Consolidated Statement of Income for the six months ended June 30, 2018 were affected. June 30, 2018 As Reported Under Topic 605 Effect of Change Total current assets $ 221,688 216,688 $ 5,000 Total current liabilities 15,609 14,609 1,000 Accumulated deficit (313,524) (317,524) 4,000 Six Months Ended June 30, 2018 As Reported Under Topic 605 Effect of Change Revenue: Licensing revenue $ 2,320 2,320 $ — Other revenue 30 30 — Cost of revenue 464 464 — In May 2017, FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) - Scope of Modification Accounting (ASU 2017-09). The amendments included in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. On January 1, 2018, we adopted ASU 2017-09 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which replaces most current lease guidance when it becomes effective. This standard update intends to increase the transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations. The new guidance will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. The Company plans to adopt the new guidance effective January 1, 2019, and is currently evaluating the effect that this guidance will have on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 is intended to reduce the cost and complexity and to improve financial reporting for nonemployee share-based payments. ASU 2018-07 expands the scope of Topic 718, Compensation-Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU 2018-07 supersedes Subtopic 505-50, Equity-Based Payments to Non-Employees. ASU 2018-07 is effective for the Company for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year and early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. 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 no material effect is expected on its condensed consolidated financial statements as a result of future adoption.

Cash, Cash Equivalents and Inve

Cash, Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2018
Cash, Cash Equivalents and Investments
Cash, Cash Equivalents and Investments	NOTE 3. CASH, CASH EQUIVALENTS AND INVESTMENTS Securities classified as cash, cash equivalents and short-term investments as of June 30, 2018 and December 31, 2017, are summarized below (in thousands). Estimated fair value is based on quoted market prices for these investments. June 30, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value Cash and cash equivalents: Cash $ 2,932 — — $ 2,932 Money market funds 67,611 — — 67,611 Corporate bonds 2,664 — 2,664 Commercial paper 18,544 — — 18,544 Total cash and cash equivalents $ 91,751 $ — $ — $ 91,751 Short-term investments U.S. treasury securities 8,459 1 — 8,460 Corporate bonds 38,788 — (31) 38,757 Commercial paper 64,642 — (2) 64,640 Asset-backed securities 9,126 — (3) 9,123 Total short-term investments $ 121,015 $ 1 $ (36) $ 120,980 Total cash equivalents and investments $ 212,766 $ 1 $ (36) $ 212,731 December 31, 2017 Gross Unrealized Amortized Cost Gains Losses Fair Value Cash and cash equivalents: Cash $ 5,882 $ — $ — $ 5,882 Money market funds 68,651 — — 68,651 Commercial paper 850 — — 850 Total cash equivalents and investments $ 75,383 $ — $ — $ 75,383 Short-term investments U.S. treasury securities $ 3,994 — (1) $ 3,993 Corporate bonds 26,853 — (26) 26,827 Commercial paper 19,584 — (14) 19,570 Asset-backed securities 8,209 — (6) 8,203 Total short-term investments $ 58,640 $ — $ (47) $ 58,593 Total cash equivalents and investments $ 134,023 $ — $ (47) $ 133,976 Cash equivalents consist of money market funds and other debt securities with original maturities of three months or less at the time of purchase, and the carrying amount is a reasonable approximation of fair value. The Company invests its cash in high quality securities of financial and commercial institutions. These securities are carried at fair value, which is based on readily available market information, with unrealized gains and losses included in “accumulated other comprehensive loss” within stockholders’ equity on the Company’s condensed consolidated balance sheets. The Company uses the specific identification method to determine the amount of realized gains or losses on sales of marketable securities. Realized gains or losses have been insignificant and are included in “other income, net” in the consolidated condensed statement of operations. All available-for-sale securities held as of June 30, 2018, had contractual maturities of less than one year. The Company’s available-for-sale securities are subject to a periodic impairment review. The Company considers a debt security to be impaired when its fair value is less than its carrying cost, in which case the Company would further review the investment to determine whether it is other-than-temporarily impaired. When the Company evaluates an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, intent to sell, and whether it is more likely than not the Company will be required to sell the investment before the recovery of it cost basis. If an investment is other-than-temporarily impaired, the Company writes it down through the statement of operations to its fair value and establishes that value as a new cost basis for the investment. The Company did not identify any of its available-for-sale securities as other-than-temporarily impaired in any of the periods presented. As of June 30, 2018, no investment was in a continuous unrealized loss position for more than one year and the Company believes that is more likely than not the investments will be held until maturity or a forecasted recovery of fair value.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
Fair Value Measurements
Fair Value Measurements	NOTE 4. 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 the Company 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 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 the Company to develop its own assumptions. The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2018 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 67,611 $ 67,611 $ — $ — U.S. treasury securities 8,460 8,460 — — Corporate bonds 41,421 — 41,421 — Commercial paper 83,184 — 83,184 — Asset-backed securities 9,123 — 9,123 — Total $ 209,799 $ 76,071 $ 133,728 $ — Liabilities: Derivative liability $ 546 $ — $ — $ 546 December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 68,651 $ 68,651 $ — $ — U.S. treasury securities 3,993 3,993 — — Corporate bonds 26,827 — 26,827 — Commercial paper 20,420 — 20,420 — Asset-backed securities 8,203 — 8,203 — Total $ 128,094 $ 72,644 $ 55,450 $ — Where quoted prices are available in an active market, securities are classified as Level 1. The Company classifies money market funds, U.S. treasury securities and U.S. government-sponsored agency bonds 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 corporate bonds, commercial paper and asset-backed securities 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. In May 2018, pursuant to the loan and security agreement with Solar Capital Ltd. and Western Alliance Bank (see Note 5), the Company entered into an Exit Fee Agreement under which the Company agreed to pay $1.5 million in cash, or the Exit Fee, upon any change of control transaction or if the Company obtains FDA approval of tenapanor in the treatment of hyperphosphatemia in ESRD patients on dialysis and FDA approval of tenapanor for the treatment of patients with IBS-C. Notwithstanding the prepayment or termination of the Term Loan, the Company’s obligation to pay the Exit Fee will expire 10 years from the Closing Date. The Company evaluated that the Exit Fee is a freestanding derivative which should be accounted for at fair value on a recurring basis. The estimated fair value of the Exit Fee was determined to be $546,000 and is recorded as a derivative liability and included in accrued and other liabilities on the accompanying consolidated balance sheet. The fair value of the derivative liability was determined using a discounted cash flow analysis, and is classified as a Level 3 measurement within the fair value hierarchy since the Company’s valuation utilized significant unobservable inputs. Specifically, the key assumptions included in the calculation of the estimated fair value of the derivative instrument include: i) the Company’s estimates of both the probability and timing of a potential $1.5 million payment to Solar Capital Ltd. and Western Alliance Bank as a result of the FDA approvals, and ii) a discount rate which was derived from the Company's estimated cost of debt. Generally, increases or decreases in the probability of occurrence would result in a directionally similar impact in the fair value measurement of the derivative instrument and it is estimated that a 10% increase (decrease) in the probability of occurrence would result in a fair value fluctuation of approximately $55,000. The carrying amounts reflected in the balance sheets for cash equivalents, short-term investments, accounts receivable, prepaid expenses and other current assets, accounts payable and accrued expenses approximate their fair values at both June 30, 2018 and December 31, 2017, due to their short-term nature.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2018
Borrowings
Borrowings	NOTE 5. BORROWINGS Solar Capital and Western Alliance Bank Loan Agreement On May 16, 2018, Borrowings under the Term Loan bear interest at a floating per annum rate equal to 7.45% plus the one-month LIBOR. The Company is permitted to make interest-only payments on the Term Loan through December 1, 2020 if the Company achieves its primary endpoint in the Phase 3 study of tenapanor for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis, prior to June 1, 2020; otherwise, The Loan Agreement contains customary representations and warranties and customary affirmative and negative covenants. Additionally, if the Company elects to enter into an exclusive license agreement for the use of its intellectual property in the United States (other than for tenapanor for hyperphosphatemia or for our FXR and TGR5 agonist programs) and has not obtained the written consent of the Lenders to enter into such license agreement, the Company has agreed to not allow our unrestricted cash and cash equivalents to be less than $50.0 million, until the Company achieves its primary endpoint in the second Phase 3 study of tenapanor for the treatment of hyperphosphatemia in end-stage renal disease patients on dialysis. As of June 30, 2018, the Company was in compliance with the covenants. In addition, the Loan Agreement contains customary events of default that entitle the Lender to cause the Company’s indebtedness under the Loan Agreement to become immediately due and payable, and to exercise remedies against the Company and the collateral securing the Term Loan, including our cash. Upon the occurrence and for the duration of an event of default, an additional default interest rate equal to 4.0% per annum will apply to all obligations owed under the Loan Agreement. As of June 30, 2018, there were no events of default. As of June 30, 2018, assuming the principal payments start on December 1, 2020, the Company’s future debt payment obligations towards the principal and final fee, excluding interest payments and exit fee, for the respective fiscal years are as follows (in thousands): 2018 $ — 2019 — 2020 2,083 2021 25,000 2022 24,892 Total principal and final fee payments 51,975 Less: Unamortized discount and debt issuance costs (1,218) Less: Unaccreted value of final fee (1,921) Loan payable, long term $ 48,836

Shareholders Equity

Shareholders Equity	6 Months Ended
	Jun. 30, 2018
Shareholders Equity
Shareholders Equity	NOTE 6. SHAREHOLDERS EQUITY On May 22, 2018, the Company entered into an underwriting agreement with Jefferies LLC and Leerink Partners LLC, as representatives of several underwriters, or collectively the Underwriters, pursuant to which the Company agreed to issue and sell 12,500,000 shares of its common stock, par value $0.0001 per share, or Common Stock, to the Underwriters, or the Offering. The shares were sold at a public offering price of $4.00 per share, and were purchased by the Underwriters from the Company at a price of $3.76 per Share. Under the terms of the underwriting agreement, the Company granted the Underwriters the option, for 30 days, to purchase up to 1,875,000 additional shares of Common Stock at the public offering price. On May 25, 2018, the Offering closed and the Company completed the sale and issuance of 12,500,000 shares of Common Stock. The Company received net proceeds from the Offering of approximately $46.7 million, after deducting the Underwriters’ discounts and commissions and offering expenses payable by the Company. Subsequently, on June 25, 2018, the Underwriters exercised their option to purchase the full 1,875,000 shares of Common Stock at the public offering price of $4.00 per share that were purchased by the Underwriters from the Company at a price of $3.76 per Share and the Company received additional net proceeds of $7.1 million, after deducting the Underwriters’ commissions. In aggregate, the Company completed the sale and issuance of 14,375,000 shares of Common Stock and received net proceeds from the Offering of approximately $53.8 million, after deducting the Underwriters’ discounts, commissions and offering expenses.

Stock-Based Compensation

Stock-Based Compensation	6 Months Ended
	Jun. 30, 2018
Stock-Based Compensation
Stock-Based Compensation	NOTE 7. STOCK-BASED COMPENSATION The following table presents stock-based compensation expense recognized for stock options, restricted stock units, or RSUs, performance-based restricted stock units, or PRSUs, and the Company’s employee stock purchase program, or ESPP, in the Company’s statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Research and development $ 983 $ 1,414 $ 1,890 $ 2,445 General and administrative 1,620 1,376 3,138 2,454 Total $ 2,603 $ 2,790 $ 5,028 $ 4,899 In January 2017, the Company granted PRSU awards to certain employees which vest upon the achievement of specified performance conditions, subject to the employees’ continued service relationship with the Company. None vested during the three and six months ended June 30, 2018 and 2017. However, the related compensation cost is recognized as an expense over the estimated vesting period when achievement of the milestone is considered probable. The expense recognized for these awards is based on the grant date fair value of the Company’s common stock multiplied by the number of units granted. The Company recognized $0.3 million and $0.4 million of related expense during the three and six months ended June 30, 2018, respectively. At June 30, 2018, the Company had $14.5 million, $1.6 million, $0.3 million and $0.1 million of total unrecognized compensation expense, net of estimated forfeitures, related to stock option grants, RSU grants, PRSUs and the ESPP, respectively, that will be recognized over an average vesting period of 2.7 years, 1.0 years, 0.3 years and 0.2 years, respectively. Option Exercises For the three and six months ended June 30, 2018, zero options were exercised to purchase shares of the Company's common stock, with zero net proceeds to the Company. For the three and six months ended June 30, 2017, 9,025 and 28,326 options, respectively, were exercised to purchase shares of the Company’s common stock, with insignificant net proceeds to the Company. Restricted Stock Units For the three and six months ended June 30, 2018, the Company issued zero shares, of its common stock upon vesting of restricted stock units to its employees. For the three and six months ended June 30, 2017, the Company issued zero and 15,188 shares, respectively, of the Company’s common stock due to vesting of restricted stock units resulting in insignificant net proceeds to the Company. Employee Stock Purchase Plan In February 2018, the Company sold 68,589 shares under the ESPP. The shares were purchased by employees at a purchase price of $4.38 per share with proceeds to the Company of approximately $0.3 million. In February 2017, the Company sold 42,845 shares under the ESPP. The shares were purchased by employees at a purchase price of $8.77 per share with proceeds to the Company of approximately $0.4 million. Issuance of Common Stock for Services For the three and six months ended June 30, 2018, the Company issued 75,183 shares of common stock to members of the board of directors who elected to receive stock in lieu of their cash fees under the Non-Employee Director Compensation Plan. The shares issued were valued at $0.3 million based on the fair value of the common stock on the date of grant. For the three and six months ended June 30, 2017, the Company issued 46,858 shares of common stock to members of the board of directors who elected to receive stock in lieu of their cash fees under the Non-Employee Director Compensation Plan. The shares issued were valued at $0.2 million based on the fair value of the common stock on the date of grant.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2018
Net Loss Per Share
Net Loss Per Share	NOTE 8. NET LOSS PER SHARE Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, less shares subject to repurchase, and excludes any dilutive effects of stock-based awards and warrants. 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 and six months ended June 30, 2018 and 2017, all potential common shares were determined to be anti-dilutive. The following table sets forth the computation of net loss per common share (in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net loss $ (22,291) $ (25,721) $ (39,310) $ (53,729) Denominator: Weighted average common shares outstanding - basic and diluted 52,824,483 47,403,243 50,206,470 47,373,404 Net loss per share - basic and diluted $ (0.42) $ (0.54) $ (0.78) $ (1.13) For the three and six months ended June 30, 2018 the total number of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share because the effect would have been antidilutive was 7.9 million and 8.0 million, respectively. For the three and six months ended June 30, 2017, the total number of securities that could potentially dilute basic net loss per share in the future that were not included in the computation of diluted net loss per share because the effect would have been antidilutive was 6.6 million and 6.4 million, respectively.

Accrued and Other Liabilities

Accrued and Other Liabilities	6 Months Ended
	Jun. 30, 2018
Accrued and Other Liabilities
Accrued and Other Liabilities	NOTE 9. ACCRUED AND OTHER LIABILITIES Accrued liabilities and other liabilities consist of the following (in thousands): June 30, December 31, 2018 2017 Accrued clinical and non-clinical expenses $ 5,518 $ 5,447 Accrued contract manufacturing 1,958 3,980 Derivative liability 546 — Accrued professional and consulting services 368 530 Other 844 752 $ 9,234 $ 10,709

Collaboration and Licensing Agr

Collaboration and Licensing Agreements	6 Months Ended
	Jun. 30, 2018
Collaboration and Licensing Agreements
Collaboration and Licensing Agreements	NOTE 10. COLLABORATION AND LICENSING AGREEMENTS Kyowa Hakko Kirin Co., Ltd., or KHK In November 2017, the Company entered into an exclusive license agreement with KHK, or the KHK Agreement, for the development, commercialization and distribution of tenapanor in Japan for cardiorenal indications. The Company assessed these arrangements in accordance with Topic 606 and concluded that the contract counterparty, KHK, is a customer. Under the terms of the KHK Agreement, the Company received $30.0 million in up-front license fees which was recognized as revenue when the agreement was executed. Based on the Company’s assessment, it identified that the license and the manufacturing supply services were its material performance obligations at the inception of the agreement, and as such each of the performance obligations are distinct. Additionally, on January 1, 2018, the Company recorded an increase in current assets of $5.0 million as well as in current liabilities of $1.0 million related to the first milestone under the KHK Agreement which the Company believes is not materially at risk, reflecting revenues and cost of revenue, respectively, that would have been recognized in the fourth quarter 2017 if the Company had adopted Topic 606 prior to January 1, 2018. In addition to the up-front license fee of $30.0 million, the Company may be entitled to receive up to $55.0 million in total development milestones and 8.5 billion yen in commercialization milestones, as well as reimbursement of cost plus a reasonable overhead for the supply of product and high-teen royalties on net sales throughout the term of the agreement. The Company recorded $30,000 of other revenue for manufacturing supply of tenapanor and other materials to KHK for KHK’s product development and clinical trials in Japan, in accordance with the Company’s agreement with KHK, for the three and six months ended June 30, 2018. Shanghai Fosun Pharmaceutical Industrial Development Co. Ltd., or Fosun Pharma In December 2017, the Company entered into an exclusive license agreement with Fosun Pharma, or the Fosun Agreement, for the development, commercialization and distribution of tenapanor in China for both hyperphosphatemia and irritable bowel syndrome with constipation, or IBS-C. The Company assessed these arrangements in accordance with Topic 606 and concluded that the contract counterparty, Fosun Pharma, is a customer. Under the terms of the Fosun Agreement, the Company received $12.0 million in up-front license fees which was recognized as revenue when the agreement was executed. Based on the Company’s assessment, it identified that the license and the manufacturing supply services were its material performance obligations at the inception of the agreement, and as such each of the performance obligations are distinct. In addition, the Company may be entitled to additional development and commercialization milestones of up to $113.0 million, as well as reimbursement of cost plus a reasonable overhead for the supply of product and tiered royalties on net sales ranging from the mid-teens to 20%. There was no revenue recorded in the three and six month period ended June 30, 2018 related to the Fosun Agreement. Knight Therapeutics, Inc., or Knight In March 2018, the Company entered into an exclusive license agreement with Knight Therapeutics, Inc., or the Knight Agreement, for the development, commercialization and distribution of tenapanor in Canada for hyperphosphatemia and IBS-C. The Company assessed these arrangements in accordance with Topic 606 and concluded that the contract counterparty, Knight, is a customer. Based on the Company’s assessment, it identified that the license and the manufacturing supply services were its material performance obligations at the inception of the agreement, and as such each of the performance obligations are distinct. Under the terms of the agreement, the Company is eligible to receive up to CAD 25 million in total payments including an up-front payment and development and sales milestones, reimbursement of supply costs on a schedule specifying cost per tablet, with a reasonable mark up for overhead, as well as double-digit tiered royalties on net sales. There was no revenue recorded in the three month period ended June 30, 2018 related to the Knight Agreement. In the six month period ended June 30, 2018, there was $2.3 million of revenue recorded related to the Knight Agreement and $0.5 million of cost of revenue pursuant to the AstraZeneca Termination Agreement. AstraZeneca In June 2015, the Company entered into a termination agreement with AstraZeneca, or the Termination Agreement, pursuant to which the Company remains liable to pay AstraZeneca license fees for (i) future royalties at a royalty rate of 10% of net sales of tenapanor or other NHE3 products by the Company or its licensees, and (ii) 20% of non-royalty revenue received from a new collaboration partner should the Company elect to license, or otherwise provide rights to develop and commercialize tenapanor or another NHE3 inhibitor, up to a maximum of $75.0 million in aggregate for (i) and (ii). To date in aggregate, the Company has recognized $9.9 million of the $75.0 million, recorded as cost of revenue comprising (i) $6.0 million and $2.4 million related to the KHK Agreement and Fosun Agreement, respectively, recorded in 2017 (ii) $1.0 million related to the KHK Agreement associated with a future milestone which the Company believes is not materially at risk for which the Company recorded an increase in current liabilities in the six month period ended June 30, 2018 reflecting the future payable to AstraZeneca and (iii) $0.5 million related to the Knight Agreement recorded in the six month period ended June 30, 2018.

Contingencies

Contingencies	6 Months Ended
	Jun. 30, 2018
Contingencies
Contingencies	NOTE 11. CONTINGENCIES From time to time the Company may be involved in claims arising in connection with its business. Based on information currently available, the Company believes that the amount, or range, of reasonably possible losses in connection with any pending actions against it in excess of established reserves, in the aggregate, not to be material to its consolidated financial condition or cash flows. However, losses may be material to the Company’s operating results for any particular future period, depending on the level of income or loss for such period.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Summary of Significant Accounting Policies
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the amounts reported in the consolidated financial statements and accompanying notes. On an ongoing basis, management evaluates its estimates, including those related to recognition of revenue, clinical trial accruals, contract manufacturing accruals, fair value of assets and liabilities, 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 materially differ from those estimates.
Accrued Research and Development Expenses	Accrued Research and Development Expenses As part of the process of preparing its financial statements, the Company is required to estimate its accrued expenses. This process involves reviewing open contracts and purchase orders, communicating with its personnel to identify services that have been performed on its behalf and estimating the level of service performed and the associated cost incurred for the service when the Company has not yet been invoiced or otherwise notified of the actual cost. The majority of the Company’s service providers submit its monthly invoices in arrears for services performed or when contractual milestones are met. The Company makes estimates of its accrued expenses as of each balance sheet date in its financial statements based on facts and circumstances known to the Company at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. Examples of estimated accrued research and development expenses include fees paid to: · contract research organizations, or CROs, in connection with clinical studies; · investigative sites in connection with clinical studies; · vendors related to product manufacturing, development and distribution of clinical supplies; and · vendors in connection with preclinical development activities. The Company records expenses related to clinical studies and manufacturing development activities based on its estimates of the services received and efforts expended pursuant to contracts with multiple CROs and manufacturing vendors that conduct and manage these activities on its behalf. The financial terms of these agreements are subject to negotiation, vary from contract to contract, and may result in uneven payment flows. There may be instances in which payments made to the Company’s vendors will exceed the level of services provided and result in a prepayment of the expense. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed, enrollment of subjects, number of sites activated and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from the Company’s estimate, the Company will adjust the accrued or prepaid expense balance accordingly. To date, there have been no material differences from the Company’s estimates to the amounts actually incurred.
Revenue Recognition	Revenue Recognition On January 1, 2018 the Company adopted the new standard for Revenue from Contracts with Customers, Topic 606, on a modified retrospective method as an adjustment to the opening balance of retained earnings of the annual reporting period. On January 1, 2018, the Company recorded an increase in current assets of $5.0 million representing a future receivable related to the first milestone under the Company’s license agreement with Kyowa Hakko Kirin Co., Ltd., or KHK,, which the Company believes is not materially at risk, an increase in current liabilities of $1.0 million representing a future payable related to the corresponding payment to AstraZeneca AB, or AstraZeneca,, in accordance with the Company’s termination agreement with AstraZeneca and a related decrease in its accumulated deficit of approximately $4.0 million as the new standard permits revenue from milestones that possess certain criteria to be recognized earlier of approximately $4.0 million as the new standard contains different recognition criteria related to milestones than under the previous standard, Revenue Recognition, Multiple-Element Arrangements, ASC 605, Licensing revenues. The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain rights to its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and future royalties on net sales of licensed products. Each of these payments results in license, collaboration and other revenues, except for revenues from royalties on net sales of licensed products, which are classified as royalty revenues. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success. Milestone Payments: At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. Amounts of variable consideration are included in the transaction price to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur and when the uncertainty associated with the variable consideration is subsequently resolved. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license, collaboration and other revenues and earnings in the period of adjustment. Manufacturing Supply Services: Arrangements that include a promise for future supply of drug substance or drug product for either clinical development or commercial supply at the customer’s discretion are generally considered as options. The Company assess if these options provide a material right to the licensee and if so, they are accounted for as separate performance obligations. If the Company is entitled to additional payments when the customer exercises these options, any payments are recorded in license, collaboration and other revenues when the customer obtains control of the goods, which is upon delivery. Royalties: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). To date, the Company has not recognized any royalty revenue resulting from any of its licensing arrangements.
Reclassification	Reclassification Approximately $0.2 million in the six months ended June 30, 2017, which was previously recorded within “Proceeds from issuance of common stock under stock plans” in Financing activities in the Statement of Cash Flows, has been reclassified as a Changes in operating assets and liabilities item “Prepaid expenses and other assets” within Operating activities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements - Recently Adopted In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-09, which amends the guidance for accounting for revenue from contracts with customers. This ASU supersedes the revenue recognition requirements in Topic 605, Revenue Recognition, and creates a new Topic 606, Revenue from Contracts with Customers. In 2015 and 2016, the FASB issued additional ASUs related to Topic 606 that delayed the effective date of the guidance and clarified various aspects of the new revenue guidance, including principal versus agent considerations, identifying performance obligations, and licensing, and they include other improvements and practical expedients. The Company adopted this new standard on January 1, 2018 using the modified retrospective transition method. Impact of Adoption The Company, on adopting Topic 606 on January 1, 2018, has used the modified retrospective transition method with the cumulative effect of initially applying the standard as an adjustment to the opening balance of retained earnings of the annual reporting period that includes the date of initial application. The following adjustments were recorded in the opening balance on January 1, 2018. December 31, Adjustments January 1, 2017 Due to Topic 606 2018 Total current assets $ — 5,000 $ 5,000 Total current liabilities — 1,000 1,000 Accumulated deficit $ — 4,000 $ 4,000 As a result of adopting Topic 606 on January 1, 2018, the following financial statement line items in the Company’s Condensed Consolidated Balance Sheet at June 30, 2018 and the Condensed Consolidated Statement of Income for the six months ended June 30, 2018 were affected. June 30, 2018 As Reported Under Topic 605 Effect of Change Total current assets $ 221,688 216,688 $ 5,000 Total current liabilities 15,609 14,609 1,000 Accumulated deficit (313,524) (317,524) 4,000 Six Months Ended June 30, 2018 As Reported Under Topic 605 Effect of Change Revenue: Licensing revenue $ 2,320 2,320 $ — Other revenue 30 30 — Cost of revenue 464 464 — In May 2017, FASB issued ASU No. 2017-09, Compensation-Stock Compensation (Topic 718) - Scope of Modification Accounting (ASU 2017-09). The amendments included in this update provide guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting. The amendments in this update will be applied prospectively to an award modified on or after the adoption date. On January 1, 2018, we adopted ASU 2017-09 and the adoption of this standard did not have a material impact on the Company’s condensed consolidated financial statements. New Accounting Pronouncements Not Yet Adopted In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which replaces most current lease guidance when it becomes effective. This standard update intends to increase the transparency and improve comparability by requiring entities to recognize assets and liabilities on the balance sheet for all leases, with certain exceptions. The new standard states that a lessee will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the consolidated statements of operations. The new guidance will be effective for the Company starting in the first quarter of fiscal 2019. Early adoption is permitted. The Company plans to adopt the new guidance effective January 1, 2019, and is currently evaluating the effect that this guidance will have on its consolidated financial statements and related disclosures. In June 2018, the FASB issued ASU No. 2018-07, Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting . ASU 2018-07 is intended to reduce the cost and complexity and to improve financial reporting for nonemployee share-based payments. ASU 2018-07 expands the scope of Topic 718, Compensation-Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. ASU 2018-07 supersedes Subtopic 505-50, Equity-Based Payments to Non-Employees. ASU 2018-07 is effective for the Company for fiscal years beginning after December 15, 2018, including interim periods within that fiscal year and early adoption is permitted. The Company is currently assessing the impact of this standard on its consolidated financial statements. 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 no material effect is expected on its condensed consolidated 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 the Company 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 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 the Company to develop its own assumptions.

Summary Of Significant Accoun18

Summary Of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
ASU 2014-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Schedule of adjustments of topic 606	December 31, Adjustments January 1, 2017 Due to Topic 606 2018 Total current assets $ — 5,000 $ 5,000 Total current liabilities — 1,000 1,000 Accumulated deficit $ — 4,000 $ 4,000 June 30, 2018 As Reported Under Topic 605 Effect of Change Total current assets $ 221,688 216,688 $ 5,000 Total current liabilities 15,609 14,609 1,000 Accumulated deficit (313,524) (317,524) 4,000 Six Months Ended June 30, 2018 As Reported Under Topic 605 Effect of Change Revenue: Licensing revenue $ 2,320 2,320 $ — Other revenue 30 30 — Cost of revenue 464 464 —

Cash, Cash Equivalents and In19

Cash, Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2018
Cash, Cash Equivalents and Investments
Schedule of Securities Classified as Cash, Cash Equivalents and Short-term Investments	Securities classified as cash, cash equivalents and short-term investments as of June 30, 2018 and December 31, 2017, are summarized below (in thousands). Estimated fair value is based on quoted market prices for these investments. June 30, 2018 Gross Unrealized Amortized Cost Gains Losses Fair Value Cash and cash equivalents: Cash $ 2,932 — — $ 2,932 Money market funds 67,611 — — 67,611 Corporate bonds 2,664 — 2,664 Commercial paper 18,544 — — 18,544 Total cash and cash equivalents $ 91,751 $ — $ — $ 91,751 Short-term investments U.S. treasury securities 8,459 1 — 8,460 Corporate bonds 38,788 — (31) 38,757 Commercial paper 64,642 — (2) 64,640 Asset-backed securities 9,126 — (3) 9,123 Total short-term investments $ 121,015 $ 1 $ (36) $ 120,980 Total cash equivalents and investments $ 212,766 $ 1 $ (36) $ 212,731 December 31, 2017 Gross Unrealized Amortized Cost Gains Losses Fair Value Cash and cash equivalents: Cash $ 5,882 $ — $ — $ 5,882 Money market funds 68,651 — — 68,651 Commercial paper 850 — — 850 Total cash equivalents and investments $ 75,383 $ — $ — $ 75,383 Short-term investments U.S. treasury securities $ 3,994 — (1) $ 3,993 Corporate bonds 26,853 — (26) 26,827 Commercial paper 19,584 — (14) 19,570 Asset-backed securities 8,209 — (6) 8,203 Total short-term investments $ 58,640 $ — $ (47) $ 58,593 Total cash equivalents and investments $ 134,023 $ — $ (47) $ 133,976

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Fair Value Measurements
Summary of Fair Value Measurements of Company's Financial Assets and Liabilities	The following table sets forth the fair value of the Company’s financial assets and liabilities measured on a recurring basis by level within the fair value hierarchy (in thousands): June 30, 2018 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 67,611 $ 67,611 $ — $ — U.S. treasury securities 8,460 8,460 — — Corporate bonds 41,421 — 41,421 — Commercial paper 83,184 — 83,184 — Asset-backed securities 9,123 — 9,123 — Total $ 209,799 $ 76,071 $ 133,728 $ — Liabilities: Derivative liability $ 546 $ — $ — $ 546 December 31, 2017 Total Level 1 Level 2 Level 3 Assets: Money market funds $ 68,651 $ 68,651 $ — $ — U.S. treasury securities 3,993 3,993 — — Corporate bonds 26,827 — 26,827 — Commercial paper 20,420 — 20,420 — Asset-backed securities 8,203 — 8,203 — Total $ 128,094 $ 72,644 $ 55,450 $ —

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2018
Borrowings
Schedule of future debt payment obligations	As of June 30, 2018, assuming the principal payments start on December 1, 2020, the Company’s future debt payment obligations towards the principal and final fee, excluding interest payments and exit fee, for the respective fiscal years are as follows (in thousands): 2018 $ — 2019 — 2020 2,083 2021 25,000 2022 24,892 Total principal and final fee payments 51,975 Less: Unamortized discount and debt issuance costs (1,218) Less: Unaccreted value of final fee (1,921) Loan payable, long term $ 48,836

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	6 Months Ended
	Jun. 30, 2018
Stock-Based Compensation
Summary of Stock-Based Compensation Expense Recognized	The following table presents stock-based compensation expense recognized for stock options, restricted stock units, or RSUs, performance-based restricted stock units, or PRSUs, and the Company’s employee stock purchase program, or ESPP, in the Company’s statements of operations (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Research and development $ 983 $ 1,414 $ 1,890 $ 2,445 General and administrative 1,620 1,376 3,138 2,454 Total $ 2,603 $ 2,790 $ 5,028 $ 4,899

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2018
Net Loss Per Share
Computation of Basic and Diluted Loss Per Share Attributable to Common Stockholders	As the Company had net losses for the three and six months ended June 30, 2018 and 2017, all potential common shares were determined to be anti-dilutive. The following table sets forth the computation of net loss per common share (in thousands, except share and per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Numerator: Net loss $ (22,291) $ (25,721) $ (39,310) $ (53,729) Denominator: Weighted average common shares outstanding - basic and diluted 52,824,483 47,403,243 50,206,470 47,373,404 Net loss per share - basic and diluted $ (0.42) $ (0.54) $ (0.78) $ (1.13)

Accrued and Other Liabilities (

Accrued and Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2018
Accrued and Other Liabilities
Schedule of Accrued Liabilities and Other Liabilities	June 30, December 31, 2018 2017 Accrued clinical and non-clinical expenses $ 5,518 $ 5,447 Accrued contract manufacturing 1,958 3,980 Derivative liability 546 — Accrued professional and consulting services 368 530 Other 844 752 $ 9,234 $ 10,709

Organization and Basis of Pre25

Organization and Basis of Presentation - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018segment
Organization and Basis of Presentation
Number of operating segments	1

Summary of Significant Accoun26

Summary of Significant Accounting Policies - Reclassification (Detail) $ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)
Summary of Significant Accounting Policies
Amount reclassified from financing activities to operating activities	$ 0.2

Summary of Significant Accoun27

Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2018	Jan. 02, 2018	Dec. 31, 2017	[1]
Impact of Adoption
Current assets	$ 221,688	$ 221,688	$ 5,000	$ 149,712
Current liabilities	15,609	15,609	1,000	17,871
Accumulated deficit	(313,524)	(313,524)	4,000	$ (278,214)
Total revenues	30	2,350
Cost of revenue		464
Licensing
Impact of Adoption
Total revenues		2,320
Other
Impact of Adoption
Total revenues	30	30
Adjustments | ASU 2014-09
Impact of Adoption
Current assets	5,000	5,000	5,000
Current liabilities	1,000	1,000	1,000
Accumulated deficit	4,000	4,000	$ 4,000
Before topic 606 | ASU 2014-09
Impact of Adoption
Current assets	216,688	216,688
Current liabilities	14,609	14,609
Accumulated deficit	$ (317,524)	(317,524)
Before topic 606 | ASU 2014-09 | Licensing
Impact of Adoption
Total revenues		2,320
Cost of revenue		464
Before topic 606 | ASU 2014-09 | Other
Impact of Adoption
Total revenues		$ 30
[1]	Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017.

Cash Equivalents and Investment

Cash Equivalents and Investments - Schedule of Securities Classified as Cash, Cash Equivalents and Short-term Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017		Jun. 30, 2017	Dec. 31, 2016
Cash Cash Equivalents And Short Term Investments [Line Items]
Cash and cash equivalents, Amortized Cost	$ 91,751	$ 75,383	[1]	$ 63,636	$ 74,598
Cash and cash equivalents, at Carrying Value	91,751
Cash and cash equivalents, Fair Value	91,751	75,383
Short-term investments, Amortized Cost	121,015	58,640
Short-term investments, Gross Unrealized Gains	1
Short-term investments, Gross Unrealized Losses	(36)	(47)
Short-term investments, Fair Value	120,980	58,593
Cash equivalents and short-term investments, Amortized Cost	212,766	134,023
Cash equivalents and short-term investments, Gross Unrealized Gains	1
Cash equivalents and short-term investments, Gross Unrealized Losses	(36)	(47)
Cash equivalents and short-term investments, Fair Value	212,731	133,976
Cash [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Cash and cash equivalents, Amortized Cost	2,932	5,882
Cash and cash equivalents, Fair Value	2,932	5,882
Money Market Funds [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Cash and cash equivalents, Amortized Cost	67,611	68,651
Cash and cash equivalents, Fair Value	67,611	68,651
Corporate Bonds [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Cash and cash equivalents, Amortized Cost	2,664
Cash and cash equivalents, Fair Value	2,664
Commercial Paper (Cash Equivalents) [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Cash and cash equivalents, Amortized Cost	18,544	850
Cash and cash equivalents, Fair Value	18,544	850
U.S. Treasury Securities [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Short-term investments, Amortized Cost	8,459	3,994
Short-term investments, Gross Unrealized Gains	1
Short-term investments, Gross Unrealized Losses		(1)
Short-term investments, Fair Value	8,460	3,993
Corporate Bonds [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Short-term investments, Amortized Cost	38,788	26,853
Short-term investments, Gross Unrealized Losses	(31)	(26)
Short-term investments, Fair Value	38,757	26,827
Commercial Paper (Investments) [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Short-term investments, Amortized Cost	64,642	19,584
Short-term investments, Gross Unrealized Losses	(2)	(14)
Short-term investments, Fair Value	64,640	19,570
Asset-Backed Securities [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Short-term investments, Amortized Cost	9,126	8,209
Short-term investments, Gross Unrealized Losses	(3)	(6)
Short-term investments, Fair Value	$ 9,123	$ 8,203
[1]	Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017.

Cash Equivalents and Investme29

Cash Equivalents and Investments - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2018USD ($)
Cash Cash Equivalents And Short Term Investments [Line Items]
Investment in continuous unrealized loss position for more than one year	$ 0
Maximum [Member]
Cash Cash Equivalents And Short Term Investments [Line Items]
Available for sale securities contractual maturity period	1 year

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Fair Value Measurements of Company's Financial Assets and Liabilities (Detail) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Assets:
Assets at fair value	$ 209,799	$ 128,094
Liabilities
Derivative liability	546
Level 1 [Member]
Assets:
Assets at fair value	76,071	72,644
Level 2 [Member]
Assets:
Assets at fair value	133,728	55,450
Money Market Funds [Member]
Assets:
Assets at fair value	67,611	68,651
Money Market Funds [Member] | Level 1 [Member]
Assets:
Assets at fair value	67,611	68,651
U.S. Treasury Securities [Member]
Assets:
Assets at fair value	8,460	3,993
U.S. Treasury Securities [Member] | Level 1 [Member]
Assets:
Assets at fair value	8,460	3,993
Corporate Bonds [Member]
Assets:
Assets at fair value	41,421	26,827
Corporate Bonds [Member] | Level 2 [Member]
Assets:
Assets at fair value	41,421	26,827
Commercial Paper [Member]
Assets:
Assets at fair value	83,184	20,420
Commercial Paper [Member] | Level 2 [Member]
Assets:
Assets at fair value	83,184	20,420
Asset-Backed Securities [Member]
Assets:
Assets at fair value	9,123	8,203
Asset-Backed Securities [Member] | Level 2 [Member]
Assets:
Assets at fair value	$ 9,123	$ 8,203

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) $ in Thousands	Jun. 30, 2018USD ($)
Fair Value Measurements
Transfer of assets from Level 1 to Level 2	$ 0
Transfer of assets from Level 2 to Level 1	$ 0

Fair Value Measurements - Loan

Fair Value Measurements - Loan and Security Agreement (Details) - Solar Capital and Western Alliance Bank Loan Agreement [Member] - USD ($)	1 Months Ended	6 Months Ended
	May 31, 2018	Jun. 30, 2018
Fair Value Measurements
Exit Fee	$ 1,500,000
Exit fee payable term (in years)	10 years
Level 3
Fair Value Measurements
Potential payment to Solar Capital Ltd. and Western Alliance Bank		$ 1,500,000
Percentage of increase in risk component		10.00%
Percentage decrease in risk component		10.00%
Fair value fluctuation due to increase in risk component		$ 55,000,000
Fair value fluctuation due to decrease in risk component		$ 55,000,000
Other Current Liabilities
Fair Value Measurements
Estimated fair value of Exit Fee	$ 546,000

Borrowings (Details)

Borrowings (Details) - USD ($) $ in Thousands	May 16, 2018	Jun. 30, 2018
Term Loans
Amount of term loan facility	$ 50,000
Net proceeds from the loan	$ 49,300	$ 49,292
Percentage of premium payable on redemption of the term loan	1.00%
Amount of fee payable upon closing of the term loan	$ 500
Exit fee (as a percent)	3.00%
Expiration term of exit fee	10 years
Minimum unrestricted cash and cash equivalents to be maintained	$ 50,000
Additional default interest rate	4.00%
Future debt payment obligations
2,020		2,083
2,021		25,000
2,022		24,892
Total		51,975
Less: Unamortized discount and debt issuance costs		(1,218)
Less: Unaccreted value of final fee		(1,921)
Loans Payable, Noncurrent		$ 48,836
At Maturity
Term Loans
Prepayment fee (as a percent)	3.95%
Prior to first anniversary of closing date
Term Loans
Prepayment fee (as a percent)	3.00%
After first anniversary of closing date
Term Loans
Prepayment fee (as a percent)	2.00%
After second anniversary to maturity date
Term Loans
Prepayment fee (as a percent)	1.00%
LIBOR
Term Loans
Floating interest rate	7.45%

Shareholders Equity (Details)

Shareholders Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Jun. 25, 2018	May 25, 2018	May 22, 2018	Jun. 30, 2018	Dec. 31, 2017
Subsidiary, Sale of Stock [Line Items]
Common stock issued	14,375,000			62,053,751	47,534,979
Common stock, par value				$ 0.0001	$ 0.0001
Net proceeds	$ 53.8
Offering
Subsidiary, Sale of Stock [Line Items]
Common stock issued			12,500,000
Common stock, par value			$ 0.0001
Public offering price			$ 4
Net proceeds		$ 46.7
Underwriters option
Subsidiary, Sale of Stock [Line Items]
Common stock issued	1,875,000		1,875,000
Public offering price	$ 4
Purchase price			$ 3.76
Number of days to underwriters to sell additional common shares			30 days
Net proceeds	$ 7.1

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, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 2,603	$ 2,790	$ 5,028	$ 4,899
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	983	1,414	1,890	2,445
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation	$ 1,620	$ 1,376	$ 3,138	$ 2,454

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Feb. 28, 2018	Feb. 28, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options exercised			0		0
Proceeds from exercise of stock options			$ 0		$ 0
Issuance of common stock for services (Shares)			75,183	46,858	75,183	46,858
Issuance of common stock for services, amount			$ 300	$ 200	$ 300	$ 200
Options to Purchase Common Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense			14,500		$ 14,500
Unrecognized stock based compensation expense, weighted-average remaining recognition period					2 years 8 months 12 days
Number of options exercised				9,025		28,326
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense			$ 1,600		$ 1,600
Unrecognized stock based compensation expense, weighted-average remaining recognition period					1 year
Number of shares issued upon vesting of restricted stock units			0	0	0	15,188
Performance-Based Restricted Stock Units (PRSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of vested shares			0	0	0	0
Recognized stock-based compensation related expense in connection with vesting of award granted			$ 300		$ 400
Unrecognized stock based compensation expense			300		$ 300
Unrecognized stock based compensation expense, weighted-average remaining recognition period					3 months 18 days
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense			$ 100		$ 100
Unrecognized stock based compensation expense, weighted-average remaining recognition period					2 months 12 days
Number of shares issued under ESPP	68,589	42,845
Purchase price	$ 4.38	$ 8.77
Proceeds	$ 300	$ 400

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Loss Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator:
Net loss	$ (22,291)	$ (25,721)	$ (39,310)	$ (53,729)
Denominator:
Weighted average common shares outstanding - basic and diluted	52,824,483	47,403,243	50,206,470	47,373,404
Net loss per share - basic and diluted	$ (0.42)	$ (0.54)	$ (0.78)	$ (1.13)

Net Loss Per Share - Additional

Net Loss Per Share - Additional Information (Detail) - shares shares in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Net Loss Per Share
Anti-dilutive securities excluded from computation of diluted net loss per share attributable to common stockholders	7.9	6.6	8	6.4

Accrued and Other Liabilities -

Accrued and Other Liabilities - Schedule of Accrued Liabilities and Other Liabilities (Detail) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accrued and Other Liabilities
Accrued clinical and non-clinical expenses	$ 5,518	$ 5,447
Accrued contract manufacturing	1,958	3,980
Derivative liability	546
Accrued professional and consulting services	368	530
Other	844	752
Accrued liabilities and other liabilities	$ 9,234	$ 10,709	[1]
[1]	Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017.

Collaboration and Licensing A40

Collaboration and Licensing Agreements - Additional Information (Detail) $ in Millions, ¥ in Billions	1 Months Ended				3 Months Ended	6 Months Ended			12 Months Ended
	Dec. 31, 2017USD ($)		Nov. 30, 2017USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018CAD ($)	Jun. 30, 2018JPY (¥)	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)		Jan. 02, 2018USD ($)
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Current assets	$ 149,712,000	[1]			$ 221,688,000			$ 221,688,000	$ 149,712,000	[1]	$ 5,000,000
Current liabilities	17,871,000	[1]			15,609,000			15,609,000	17,871,000	[1]	1,000,000
Revenue					30,000			2,350,000
Cost of revenue								464,000
Other
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue					30,000			30,000
Adjustments | ASU 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Current assets					5,000,000			5,000,000			5,000,000
Current liabilities					1,000,000			1,000,000			1,000,000
Kyowa Hakko Kirin [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment received			$ 30,000,000
Kyowa Hakko Kirin [Member] | Product supply
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue					30,000			30,000
Kyowa Hakko Kirin [Member] | Adjustments | ASU 2014-09
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Current assets											5,000,000
Current liabilities											$ 1,000,000
Shanghai Fosun Pharmaceutical Industrial Development [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment received	12,000,000
Revenue					0			0
Future development milestones	$ 113,000,000
Threshold percentage of net sales for tiered royalties	20.00%
Astra Zeneca [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Upfront payment received				$ 75,000,000
Development And Commercialization [Member] | Kyowa Hakko Kirin [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Development milestones								55,000,000
Commercialization milestones | ¥							¥ 8.5
Development And Commercialization [Member] | Shanghai Fosun Pharmaceutical Industrial Development [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cost of revenue									2,400,000
Development And Commercialization [Member] | Astra Zeneca [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cost of revenue								1,000,000
Development And Commercialization [Member] | Knight Therapeutics Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Revenue					$ 0			2,300,000
Total payments, including an up-front payment and development and sales milestones to be received						$ 25
Cost of revenue								500,000	$ 6,000,000
Termination Agreement [Member] | Astra Zeneca [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cost of revenue								$ 500,000
Termination Agreement [Member] | Knight Therapeutics Inc [Member]
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Cost of revenue				$ 9,900,000
[1]	Derived from the audited consolidated financial statements included in the Company’s Annual Report on Form 10K for the year ended December 31, 2017.