Auspex Pharmaceuticals 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	12-May-14
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Trading Symbol	'ASPX	'
Entity Registrant Name	'Auspex Pharmaceuticals, Inc.	'
Entity Central Index Key	'0001454189	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	23,610,007

CONDENSED_BALANCE_SHEETS

CONDENSED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$26,605	$36,650
Marketable securities	93,233	'
Prepaid expenses and other current assets	930	242
Total current assets	120,768	36,892
Deferred offering costs	'	1,817
Property and equipment, net	54	26
Other assets	138	137
Total assets	120,960	38,872
Current liabilities:	'	'
Accounts payable	1,321	1,365
Accrued liabilities	3,541	2,127
Total current liabilities	4,862	3,492
Note payable	14,462	14,420
Preferred stock warrant liability	'	3,975
Other long-term liabilities	104	77
Total liabilities	19,428	21,964
Commitments (Note 11)	'	'
Convertible preferred stock; par value $0.0001; 10,000,000 and 68,694,006 shares authorized at March 31, 2014 and December 31, 2013, respectively; none and 64,790,302 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively; $0 and $91,726 liquidation preference at March 31, 2014 and December 31, 2013, respectively.	'	81,846
Stockholders’ equity (deficit):	'	'
Common stock, par value $0.0001; 200,000,000 and 86,500,000 shares authorized at March 31, 2014 and December 31, 2013, respectively; 23,610,007 and 1,128,702 issued and 22,765,995 and 173,147 outstanding, excluding 844,012 and 955,555 shares subject to repurchase at March 31, 2014 and December 31, 2013, respectively.	2	'
Additional paid-in capital	177,155	542
Deficit accumulated during the development stage	-75,603	-65,480
Accumulated other comprehensive loss	-22	'
Total stockholders’ equity (deficit)	101,532	-64,938
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	$120,960	$38,872

CONDENSED_BALANCE_SHEETS_Paren

CONDENSED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Convertible Preferred stock, par value	$0.00	$0.00
Convertible Preferred stock, shares authorized	10,000,000	68,694,006
Convertible Preferred stock, shares issued	0	64,790,302
Convertible Preferred stock, shares outstanding	0	64,790,302
Convertible Preferred stock, liquidation preference	$0	$91,726
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	200,000,000	86,500,000
Common stock, shares issued	23,610,007	1,128,702
Common stock, shares outstanding	22,765,995	173,147
Common stock, shares subject repurchase	844,012	955,555

CONDENSED_STATEMENTS_OF_OPERAT

CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (USD $)	3 Months Ended		157 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Operating expenses:	'	'	'
Research and development	$3,432	$1,731	$48,180
General and administrative	2,674	899	22,418
Total operating expenses	6,106	2,630	70,598
Gain on sale of assets	'	'	3,091
Operating loss	-6,106	-2,630	-67,507
Other income (expense)	'	'	'
Grant income	'	'	244
Interest income and other expense, net	-383	-24	-3,155
Gain from troubled debt restructuring	'	'	569
Other financing expense	'	-37	-454
Change in fair value of preferred stock warrant liability	-3,634	386	-5,300
Total other (expense) income	-4,017	325	-8,096
Net loss	-10,123	-2,305	-75,603
Unrealized loss on available-for-sale securities, net	-22	'	-22
Other comprehensive loss	-22	'	-22
Comprehensive loss	($10,145)	($2,305)	($75,625)
Net loss per share , basic and diluted	($0.81)	($17,462)	'
Weighted-average common shares outstanding, basic and diluted	12,476,075	132	'

CONDENSED_STATEMENTS_OF_CASH_F

CONDENSED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended		157 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Operating activities	'	'	'
Net loss	($10,123)	($2,305)	($75,603)
Reconciliation of net loss to net cash used in operating activities:	'	'	'
Depreciation	6	6	1,473
Change in fair value of preferred stock warrant liability	3,634	-386	5,300
Amortization of debt discount on notes payable	42	'	1,989
Amortization of premium on investment	56	'	56
Other financing expense	'	37	454
Stock-based compensation	504	57	1,052
Forgiveness of notes receivable	'	'	10
Gain on sale of assets	'	'	-3,091
Noncash interest expense on convertible notes payable	'	'	1,062
Gain on troubled debt restructuring	'	'	-569
Change in operating assets and liabilities:	'	'	'
Prepaid expenses and other current assets	-688	-118	-931
Other assets	1,816	-16	1,680
Accounts payable and accrued expenses	1,402	444	4,434
Net cash used in operating activities	-3,351	-2,281	-62,684
Investing activities	'	'	'
Purchases of property and equipment	-34	'	-1,726
Purchases of investments	-93,311	'	-93,311
Proceeds from sale of assets	'	'	3,291
Net cash used in investing activities	-93,345	'	-91,746
Financing activities	'	'	'
Deferred IPO costs	'	'	-1,282
Public offering costs	-9,942	'	-9,942
Proceeds from term loans	'	'	20,000
Repayment of term loan	'	'	-5,000
Term loan origination fees	'	'	-100
Proceeds from the issuance of related-party note payable	'	'	200
Proceeds from the issuance of convertible debt, net	'	'	17,341
Proceeds from issuance of preferred stock warrants	'	'	984
Exercise of preferred stock warrants	'	'	240
Issuance costs on equity financing	-7	'	62,210
Proceeds from the issuance of common stock in initial public offering	96,600	'	96,616
Repurchase of common stock for cash	'	'	-32
Repayment on related-party debt principal	'	'	-200
Net cash provided by (used in) financing activities	86,651	'	181,035
(Decrease) increase in cash and cash equivalents	-10,045	-2,281	26,605
Cash and cash equivalents at beginning of period	36,650	4,279	'
Cash and cash equivalents at end of period	26,605	1,998	26,605
Supplemental disclosure of cash flow information	'	'	'
Cash paid for interest expense	225	'	306
Supplemental schedule of noncash financing activities	'	'	'
Conversion of notes and accrued interest to preferred stock	'	'	18,818
Issuance of common stock for notes	'	'	28
Repurchase of common stock issued for notes	'	'	($19)

Organization_and_Basis_of_Pres

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Organization and Basis of Presentation	'
	1. Organization and Basis of Presentation
	Auspex Pharmaceuticals, Inc. (the “Company”) was founded on February 28, 2001 (inception), incorporated in California upon inception and subsequently reincorporated in Delaware in June 2007. The Company is a biopharmaceutical company focused on the development and commercialization of novel medicines for the treatment of orphan diseases. The Company’s pipeline includes product candidates to address unmet medical needs in hyperkinetic movement disorders, such as chorea associated with Huntington’s disease, tardive dyskinesia and Tourette syndrome, as well as other orphan indications.
	From inception through March 31, 2014, the Company has devoted substantially all of its efforts to research, product development, raising capital, and building infrastructure. The Company has not generated any revenues from its planned principal operations. Accordingly, the Company is considered to be in the development stage.
	The Company has a limited operating history and the sales and income potential of the Company’s business and market are unproven. The Company has experienced net losses and negative cash flows from operating activities since its inception, and, as of March 31, 2014 had a deficit accumulated during the development stage of $75.6 million.
	The Company expects to continue to incur net losses into the foreseeable future. Successful transition to attaining profitable operations is dependent upon achieving a level of revenues adequate to support the Company’s cost structure. The Company plans to continue to fund its losses from operations and capital funding needs through future debt and equity financing or through collaborations or partnerships with other companies. If the Company is not able to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, or suspend or curtail planned programs. Any of these actions could materially harm the Company’s business, results of operations and future prospects.
	The unaudited financial statements at March 31, 2014, and for the three months ended March 31, 2014 and 2013, have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission, (“SEC”), and with accounting principles generally accepted in the United States applicable to interim financial statements. These unaudited financial statements have been prepared on the same basis as the audited financial statements and include all adjustments, consisting of only normal recurring accruals, which in the opinion of management are necessary to present fairly the Company’s financial position as of the interim date and results of operations for the interim periods presented. Interim results are not necessarily indicative of results for a full year or future periods. The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ materially from those estimates. These unaudited financial statements should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2013, included in its Annual Report on Form 10-K filed with the SEC on March 28, 2014.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies
	Use of Estimates
	The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to the valuation of convertible preferred stock warrants, equity awards and clinical trial accruals. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
	Segment Reporting
	Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.
	Reverse Stock Split
	On January 16, 2014, the Company effected a 1-for-4.5 reverse stock split of the Company’s issued and outstanding shares of common stock. All issued and outstanding common stock and per share amounts contained in the Company’s financial statements have been retroactively adjusted to reflect the January 2014 reverse stock split for all periods presented.
	Cash, Cash Equivalents and Marketable Securities
	Cash and cash equivalents consist of cash and highly liquid securities with original maturities at the date of acquisition of ninety days or less. Investments with an original maturity of more than ninety days are considered marketable securities and have been classified by management as available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary. Such investments are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Realized gains and losses from the sale of available-for-sale securities or the amounts, net of tax, reclassified out of accumulated other comprehensive income, if any, are determined on a specific identification basis.
	Fair Value of Financial Instruments
	The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.
	Convertible Preferred Stock Warrant
	The Company accounts for its warrants and other derivative financial instruments as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities are recorded on the Company’s balance sheet at their fair value on the date of issuance and are revalued at each subsequent balance sheet date, with fair value changes recognized as increases or reductions to other income (expense) in the statements of operations. The Company estimates the fair value of these liabilities using option pricing models and assumptions that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life, yield, and risk-free interest rate. In connection with the completion of the Company’s initial public offering in February 2014, all the outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase shares of common stock. The Company reclassified the warrant liability to stockholders’ equity as the warrants met the definition of an equity instrument under the derivative accounting guidance.
	The Company performed the final remeasurement of the warrant liability as of the IPO date and recorded $3.6 million change in fair value into other income (expense) for the three months ended March 31, 2014.
	Net Loss per Share
	Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, convertible preferred stock, unvested restricted common stock subject to repurchase, stock options and convertible preferred stock warrants are considered to be potentially dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented.
	The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):
		March 31,
			2014	2013
	Convertible preferred stock		-		9,109,868
	Warrants to purchase convertible preferred stock		-		863,613
	Warrants to purchase common stock		821,074		-
	Common stock  options		1,638,423		551,548
	Common stock subject to repurchase		881,291		-
			3,340,788		10,525,029

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
	3. Fair Value Measurements
	The Company follows ASC 820-10, Fair Value Measurements and Disclosures, which among other things, defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability.
	As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows:
	Level 1: Observable inputs such as quoted prices in active markets;
	Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and
	Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.
	The carrying amounts of the Company’s financial instruments, including prepaid expenses, other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. The Company believes the fair value of its note payable approximates its carrying value as of March 31, 2014 and December 31, 2013. The carrying amount of the convertible preferred stock warrant liability as of December 31, 2013 represents its estimated fair value. No transfers between levels have occurred during the periods presented.
	Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are as follows (in thousands):
					Fair Value Measurements Using
		Balance as of			Quoted Prices		Significant		Significant
		March 31,			in Active		Other		Unobservable
		2014			Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Assets(1):
	Money market funds	$	12,947		$	12,947	$	-	$	-
	Commercial paper		28,744					28,744
	Corporate debt securities		66,114					66,114
	Government sponsored entities		6,988			-		6,988		-
	Total	$	114,793		$	12,947	$	101,846	$	-
	-1	Included within cash and cash equivalents and marketable securities on the Company’s condensed balance sheet.
					Fair Value Measurements Using
		Balance as of			Quoted Prices		Significant		Significant
		December 31,			in Active		Other		Unobservable
		2013			Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Liabilities:
	Series C preferred stock warrants	$	1,165			-		-	$	1,165
	Series D preferred stock warrants		2,330			-		-		2,330
	Series E preferred stock warrants		480			-		-		480
	Total	$	3,975			-		-	$	3,975
	The Company’s investments in money market funds are valued based on publicly available quoted market prices for identical securities as of March 31, 2014. The Company determines the fair value of corporate bonds and other government-sponsored enterprise related securities with the aid of valuations provided by third parties using proprietary valuation models and analytical tools. These valuation models and analytical tools use market pricing or prices for similar instruments that are both objective and publicly available, including matrix pricing or reported trades, benchmark yields, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids and/or offers. The Company validates the valuations received from its primary pricing vendors for its level 2 securities by examining the inputs used in that vendor’s pricing process and determines whether they are reasonable and observable. The Company also compares those valuations to recent reported trades for those securities. The Company did not adjust any of the valuations received from these independent third parties with respect to any of its level 2 securities at March 31, 2014. The Company did not reclassify any investments between level categories during the three months ended March 31, 2014.
	The Company estimates the fair value of convertible preferred stock warrants at the time of issuance and subsequent remeasurement using the Black-Scholes option-pricing model at each reporting date, using the following inputs: the risk-free interest rates; the expected dividend rates; the remaining expected life of the warrants; and the expected volatility of the price of the underlying common stock. The estimates are based, in part, on subjective assumptions and could differ materially in the future. Changes to these assumptions as well as the Company’s estimated stock price on the reporting date could have a significant impact on the fair value of the convertible preferred stock warrant liability.
	As discussed in Note 2 above, all of the outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase shares of common stock and are accounted for as equity from the conversion date forward. The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of the convertible preferred stock warrant liability as of February 10, 2014 and December 31, 2013, the conversion date:
		February 10,		December 31,
		2014		2013
	Assumptions:
	Risk-free interest rate	0.07%-2.64%		0.07%-3.04%
	Expected dividend yield	0%		0%
	Expected volatility	69.66%-87.51%		66.49%-85.10%
	Expected term (in years)	0.29-9.89		0.39-9.99
	The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands):
		Warrant
		Liability
	Balance at January 1, 2013	$	1,556
	Issuance of warrants		606
	Exercise of tranche rights		(118	)
	Change in fair value (1)		1,931
	Balance at December 31, 2013		3,975
	Exercise of warrants		-
	Change in fair value (1)		3,634
	Reclassification of warrants		(7,609	)
	Balance at March 31, 2014	$	-
	-1	The changes in the fair value of the convertible preferred stock warrants were recorded as increase or reduction to other income (expenses) in the statement of operations.

Investments_in_Marketable_Secu

Investments in Marketable Securities	3 Months Ended
	Mar. 31, 2014
Investments in Marketable Securities	'
	4. Investments in Marketable Securities
	Investments classified as available-for-sale at March 31, 2014 consisted of the following (in thousands):
		Maturity (in years)	Amortized		Gross		Gross			Aggregate
			Cost		Unrealized		Unrealized			Estimated
					Gains		Losses			Fair Value
	Marketable Securities:
	Commercial paper	1 year or less	$	28,719	$	25	$	-		$	28,744
	Corporate debt securities	2 years or less (1)		57,532				(31	)		57,501
	Government sponsored entities	1-2 years		7,004		-		(16	)		6,988
	Total available-for-sale securities		$	93,255	$	25	$	(47	)	$	93,233
	-1	At March 31, 2014, $16.8 million of these securities were scheduled to mature outside of one year.
	The Company did not realize any realized gains or losses on sales of available-for-sale securities for the three months ended March 31, 2014. Unrealized gains and losses on available-for-sale securities are included as a component of comprehensive loss. At March 31, 2014, there were 16 securities in unrealized loss positions totaling $49,000. These securities have not been in a continuous unrealized loss position for more than 12 months. The Company does not intend to sell these investments and it is not more likely than not that the Company will be required to sell these investments before recovery of their amortized cost basis which may be at maturity. The Company reviews its investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the Company’s intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value.

Other_Balance_Sheet_Items

Other Balance Sheet Items	3 Months Ended
	Mar. 31, 2014
Other Balance Sheet Items	'
	5. Other Balance Sheet Items
	Prepaid and other current assets
	Prepaid and other current assets consisted of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Prepaid insurance	$	523		$	72
	Interest receivable		210			-
	Prepaid other		197			170
		$	930		$	242
	Property and Equipment
	Property and equipment consisted of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Computer	$	45		$	45
	Leasehold Improvements		35			5
	Furniture and fixtures		16			16
	Office equipment		16			12
	Machinery and equipment		4			4
			116			82
	Less accumulated depreciation and amortization		(62	)		(56	)
		$	54		$	26
	Accrued Liabilities
	Accrued liabilities consisted of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Clinical trial accruals	$	1,183		$	565
	Payroll and related expenses		1,064			475
	Manufacturing cost accrual		784			772
	Other accrued expenses		510			315
		$	3,541		$	2,127

Notes_Payable

Notes Payable	3 Months Ended
	Mar. 31, 2014
Notes Payable	'
	6. Notes Payable
	December 2013 Notes Payable
	On December 27, 2013, the Company entered into a term loan facility with Oxford Finance LLC and its assignees. The loan facility provides funding for an aggregate principal amount of $15.0 million which was funded at closing. The term loan bears interest at a fixed rate of 8.99% per annum with interest only payments for 12 months beginning on February 1, 2014 and equal monthly principal and interest payments over 36 months thereafter. In accordance with the terms of the loan facility, upon the completion of the initial public offering of the Company’s common stock in February 2014, the interest only period was extended by an additional 6 months to 18 months with equal month principal and interest payments over 30 months thereafter. The loan will mature on January 1, 2018. Upon repayment of the term loan, the Company is required to make a final payment to the lenders equal to 3% of the original principal balance of the loan. The Company incurred loan origination fees of $0.1 million which were recorded as a loan discount and additional issuance costs of $0.1 million which were recorded as a deferred asset accounted for by utilizing the effective interest method. The Company recorded $0.4 million of interest expense, of which $42,000 related to the amortization of debt discount and deferred asset related to this term loan for the three months ended March 31, 2014.
	The Company is permitted to make voluntary prepayments of the term loan with a prepayment fee equal to (i) 3% of the term loan prepaid during the first 12 months, (ii) 2% of the term loan prepaid in months 13-24 and (iii) 1% of the term loan prepaid thereafter. The Company is required to make mandatory prepayments of the outstanding term loan upon the acceleration by the lenders of such term loan following the occurrence of an event of default, along with a payment of the final payment, the prepayment fee and any other obligations that are due and payable at the time of the prepayment. The loan is collateralized by the Company’s assets excluding intellectual property.
	Long-term debt and unamortized discount balances are as follows (in thousands):
	Face value of promissory note		15,000
	Debt issuance costs associated with fair value of warrants and origination fee		(538	)
	Balance at March 31, 2014	$	14,462
	Future minimum payments under the Credit Facility are as follows (in thousands):
	Year Ending December 31,
	2014 (Nine months remaining)	$	1,012
	2015		3,588
	2016		6,722
	2017		6,722
	2018		1,011
	Total future minimum payments		19,055
	Less: Unamortized interest		(3,605	)
	Less: End of Term Payment		(450	)
	Total minimum payment		15,000
	Current portion		-
	Non-current portion	$	15,000

Convertible_Preferred_Stock_Wa

Convertible Preferred Stock Warrants	3 Months Ended
	Mar. 31, 2014
Convertible Preferred Stock Warrants	'
	7. Convertible Preferred Stock Warrants
	Prior to the completion of the Company’s initial public offering in February 2014, the Company accounted for its warrants to purchase shares of convertible preferred stock issued with the 2009, 2010, 2011 and 2012 convertible notes and the January and December 2013 credit facilities as liabilities based on the “deemed liquidation” terms of the convertible preferred stock. Upon consummation of the Company’s initial public offering in February 2014, all the outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase shares of common stock at a 1-to-1 ratio, adjusted for the January 16, 2014 reverse stock split, and the Company reclassified the warrant liability to stockholders’ equity as the warrants met the definition of an equity instrument under the derivatives accounting guidance.
	The following table summarizes the outstanding warrants and the corresponding exercise price as of March 31, 2014 and December 31, 2013:
		Number of Shares Outstanding
		March 31,		December 31,		Exercise Price		Expiration Date
		2014		2013
	May 2009 Series C Warrants		-		507,910	$	0.862	22-May-14
	October 2009 Series C Warrants		-		464,035	$	0.862	9-Oct-14
	January 2010 Series C Warrants		-		457,285	$	0.862	8-Jan-15
	December 2011 Series D Warrants		-		654,292	$	0.862	15-Dec-16
	April 2012 Series D Warrants		-		654,291	$	0.862	20-Apr-07
	July 2012 Series D Warrants		-		348,027	$	0.862	18-Jul-17
	August 2012 Series D Warrants		-		348,027	$	0.862	28-Aug-17
	January 2013 Series D Warrants		-		174,014	$	0.862	9-Jan-23
	December 2013 Series E Warrants		-		261,020	$	1.724	27-Dec-13
	Common Stock Warrants		821,074		-	$3.879- $7.758
	Total		821,074		3,868,901
	Series C and D Preferred Stock Warrants
	In conjunction with convertible notes that were fully converted to preferred stock prior to December 31, 2013, the Company issued warrants to note holders for the purchase of shares of Series C Preferred Stock (“Series C Warrants”) and Series D Preferred Stock (“Series D Warrants”). At December 31, 2013 there were 1,429,230 Series C warrants and 2,004,637 Series D warrants outstanding. Upon completion of the Company’s initial public offering in February 2014 the warrants converted into 763,073 warrants for the purchase of shares of the Company’s common stock and are immediately exercisable at an exercise price of $3.88 per share.
	January and December 2013 Preferred Stock Warrants
	In connection with a January 2013 credit facility which was paid in full prior to December 31, 2013, the Company issued a warrant for the purchase of 174,014 shares of Series D Preferred Stock at $0.862 per share. The warrant was immediately exercisable and would have expired on January 9, 2023. Upon completion of the Company’s initial public offering in February 2014 the warrant converted into 38,669 warrants for the  purchase of shares of the Company’s common stock at an exercise price of $3.88 per share. On February 28, 2014, the warrant was fully exercised via cashless net exercise and the Company issued a net of 33,469 shares of common stock.
	In connection with the funding of the December 2013 term loan, the Company issued warrants to the lenders to purchase an aggregate of up to 261,020 of Series E Preferred Stock at a purchase price of $1.724 per share. The warrants were exercisable on December 27, 2013 and will expire on December 27, 2023. The warrants were valued at $0.5 million at issuance and were recorded as a loan discount, utilizing the Black-Scholes option-pricing model. Upon completion of the Company’s initial public offering in February 2014 the warrant converted into 58,001 warrants for the  purchase of shares of the Company’s common stock at an exercise price of $7.76 per share.
	Prior to the completion of the Company’s initial public offering in February 2014, the Company accounted for its warrants to purchase shares of convertible preferred stock as liabilities based on the “deemed liquidation” terms of the convertible preferred stock. Upon consummation of the Company’s initial public offering in February 2014, all the outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase shares of common stock at a 4.5-to-1 ratio, adjusted for the January 16, 2014 reverse stock split, and the Company reclassified the warrant liability to stockholders’ equity as the warrants met the definition of an equity instrument under the derivatives accounting guidance.

Stockholders_Deficit

Stockholders' Deficit	3 Months Ended
	Mar. 31, 2014
Stockholders' Deficit	'
	8. Stockholders’ Deficit
	Initial Public Offering and Related Transactions
	On February 10, 2014, the Company completed its initial public offering selling 8,050,000 shares of common stock at $12.00 per share. Proceeds from the Company’s initial public offering net of underwriting discounts and commissions and other offering costs were $86.7 million.
	In addition, each of the following occurred in connection with the completion of the Company’s IPO on February 10, 2014:
	·	the conversion of all outstanding shares of convertible preferred stock into 14,397,836 shares of the Company’s common stock; and
	·	the conversion of warrants to purchase 3,868,901 shares of convertible preferred stock into warrants to purchase 859,743 shares of the Company’s common stock and the resultant reclassification of the warrant liability to additional paid-in capital.
	On February 10, 2014, the Company amended its Certificate of Incorporation to decrease the number of authorized shares of preferred stock to 10,000,000 with a par value of $0.0001 per share, and to increase the number of authorized shares of common stock to 200,000,000 with a par value of $0.0001 per share.
	Convertible Preferred Stock
	Prior to its conversion in the IPO, the Company’s convertible preferred stock was classified as temporary equity on the accompanying balance sheets instead of in stockholders’ (deficit) equity in accordance with authoritative guidance for the classification and measurement of redeemable securities. Upon certain change in control events that are outside of the Company’s control, including liquidation, sale or transfer of control of the Company, holders of the convertible preferred stock could cause its redemption.
	Employee Stock Purchase Plan
	On January 15, 2014, the Company’s board of directors and stockholders approved and adopted the 2014 Employee Stock Purchase Plan, or the ESPP. The ESPP became effective and the first purchase period began upon the execution and delivery of the underwriting agreement for our initial public offering on February 4, 2014. Stock compensation expense related to the ESPP was immaterial for the three month period ended March 31, 2014.
	Stock-Based Compensation Expense
	Stock-based compensation expense related to options granted was allocated as follows (in thousands):
		Three Months Ended March 31,				Period from
						February 28,
						2001 (Inception)
						through
						March 31,
		2014		2013		2014
	Research and development	$	129	$	17	$	379
	General and administrative		375		40		673
	Total Stock-based compensation expense	$	504	$	57	$	1,052

Commitments

Commitments	3 Months Ended
	Mar. 31, 2014
Commitments	'
	9. Commitments
	Lease
	The Company leases office space under a noncancelable operating lease. In November 2012, the Company amended the lease for additional square footage and on February 3, 2014, the Company signed an amendment to its facility lease for additional space. In addition, on February 28, 2014 the Company entered into lease assignment, which provided further additional space.
	The lease is subject to charges for common area maintenance and other costs. The lease and the lease assignment expire in August 2016 with one three-year extension period. The lease amendment for the additional space expires on November 30, 2014. Provisions of the lease provide for abatement of rent during certain periods and escalating rent payment during the initial and extended lease terms. Rent expense is being recorded on straight line basis over the life of the lease.
	Future minimum payments required under the lease are summarized as follows (in thousands):
	Year Ending December 31:
	2014 (Nine months remaining)		227
	2015		219
	2016		149
	Total minimum lease payments	$	595
	Patent Assignment Agreement
	In September 2011, the Company entered into a patent assignment agreement with Concert Pharmaceuticals, Inc. (Concert) pursuant to which Concert assigned to the Company a U.S. patent application relating to deuterated pirfenidone. Under the terms of the agreement, Concert is eligible to receive certain royalty payments (the Royalty Payments), equal to a percentage in the low single digits of net sales in the United States invoiced by the Company or any of its affiliates with respect to certain pharmaceutical products containing deuterated pirfenidone. If the Company sells to another party all of its U.S. rights to certain deuterated pirfenidone products or if the Company grants to another party a license to sell certain deuterated pirfenidone products in the United States, Concert will receive an amount (the Sublicense/Sale Payments), equal to a percentage in the teens of any proceeds the Company receives therefrom that are attributable to the rights to such deuterated pirfenidone products in the United States. If the Company is acquired in a change in control transaction at any time that the Company or any of its affiliates own certain patents or patent applications related to deuterated pirfenidone, Concert will receive 1.44% of any proceeds the Company receives in such transaction. Such payment is applied as a credit to any future Royalty Payments and Sublicense/Sale Payments that may be due to Concert under the agreement. The agreement expires upon the earlier to occur of (1) receipt by Concert of the final Sublicense/Sale Payment arising from (1) the sale of the Company’s U.S. rights to certain deuterated pirfenidone products or (2) the Company’s grant of an exclusive license to sell certain deuterated pirfenidone products in the United States in all indications and fields, or (2) the expiration of the last claim owned by the Company or any of its affiliates in certain patents or patent applications related to deuterated pirfenidone.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Use of Estimates	'
	Use of Estimates
	The Company’s financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”). The preparation of the Company’s financial statements requires it to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to the valuation of convertible preferred stock warrants, equity awards and clinical trial accruals. Although these estimates are based on the Company’s knowledge of current events and actions it may undertake in the future, actual results may ultimately materially differ from these estimates and assumptions.
Segment Reporting	'
	Segment Reporting
	Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision-maker in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment.
Reverse Stock Split	'
	Reverse Stock Split
	On January 16, 2014, the Company effected a 1-for-4.5 reverse stock split of the Company’s issued and outstanding shares of common stock. All issued and outstanding common stock and per share amounts contained in the Company’s financial statements have been retroactively adjusted to reflect the January 2014 reverse stock split for all periods presented.
Cash, Cash Equivalents and Marketable Securities	'
	Cash, Cash Equivalents and Marketable Securities
	Cash and cash equivalents consist of cash and highly liquid securities with original maturities at the date of acquisition of ninety days or less. Investments with an original maturity of more than ninety days are considered marketable securities and have been classified by management as available-for-sale. These investments are classified as current assets, even though the stated maturity date may be one year or more beyond the current balance sheet date which reflects management’s intention to use the proceeds from sales of these securities to fund its operations, as necessary. Such investments are carried at fair value, with unrealized gains and losses included as a separate component of stockholders’ equity. Realized gains and losses from the sale of available-for-sale securities or the amounts, net of tax, reclassified out of accumulated other comprehensive income, if any, are determined on a specific identification basis.
Fair Value of Financial Instruments	'
	Fair Value of Financial Instruments
	The Company measures certain financial assets and liabilities at fair value based on the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants.
Convertible Preferred Stock Warrant	'
	Convertible Preferred Stock Warrant
	The Company accounts for its warrants and other derivative financial instruments as either equity or liabilities based upon the characteristics and provisions of each instrument. Warrants classified as derivative liabilities are recorded on the Company’s balance sheet at their fair value on the date of issuance and are revalued at each subsequent balance sheet date, with fair value changes recognized as increases or reductions to other income (expense) in the statements of operations. The Company estimates the fair value of these liabilities using option pricing models and assumptions that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life, yield, and risk-free interest rate. In connection with the completion of the Company’s initial public offering in February 2014, all the outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase shares of common stock. The Company reclassified the warrant liability to stockholders’ equity as the warrants met the definition of an equity instrument under the derivative accounting guidance.
	The Company performed the final remeasurement of the warrant liability as of the IPO date and recorded $3.6 million change in fair value into other income (expense) for the three months ended March 31, 2014.
Net Loss Per Share	'
	Net Loss per Share
	Basic net loss per common share is calculated by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares and potentially dilutive securities outstanding for the period determined using the treasury-stock and if-converted methods. For purposes of the diluted net loss per share calculation, convertible preferred stock, unvested restricted common stock subject to repurchase, stock options and convertible preferred stock warrants are considered to be potentially dilutive securities but are excluded from the calculation of diluted net loss per share because their effect would be anti-dilutive and therefore, basic and diluted net loss per share were the same for all periods presented.
	The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):
		March 31,
			2014	2013
	Convertible preferred stock		-		9,109,868
	Warrants to purchase convertible preferred stock		-		863,613
	Warrants to purchase common stock		821,074		-
	Common stock  options		1,638,423		551,548
	Common stock subject to repurchase		881,291		-
			3,340,788		10,525,029

Summary_of_Significant_Account2

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2014
Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share	'
	The following table sets forth the outstanding potentially dilutive securities that have been excluded from the calculation of diluted net loss per share because to do so would be anti-dilutive (in common stock equivalent shares):
		March 31,
			2014	2013
	Convertible preferred stock		-		9,109,868
	Warrants to purchase convertible preferred stock		-		863,613
	Warrants to purchase common stock		821,074		-
	Common stock  options		1,638,423		551,548
	Common stock subject to repurchase		881,291		-
			3,340,788		10,525,029

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Assets and Liabilities Measured at Fair Value on Recurring Basis	'
	Assets and liabilities measured at fair value on a recurring basis as of March 31, 2014 and December 31, 2013 are as follows (in thousands):
					Fair Value Measurements Using
		Balance as of			Quoted Prices		Significant		Significant
		March 31,			in Active		Other		Unobservable
		2014			Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Assets(1):
	Money market funds	$	12,947		$	12,947	$	-	$	-
	Commercial paper		28,744					28,744
	Corporate debt securities		66,114					66,114
	Government sponsored entities		6,988			-		6,988		-
	Total	$	114,793		$	12,947	$	101,846	$	-
	-1	Included within cash and cash equivalents and marketable securities on the Company’s condensed balance sheet.
					Fair Value Measurements Using
		Balance as of			Quoted Prices		Significant		Significant
		December 31,			in Active		Other		Unobservable
		2013			Markets for		Observable		Inputs
					Identical Assets		Inputs		(Level 3)
					(Level 1)		(Level 2)
	Liabilities:
	Series C preferred stock warrants	$	1,165			-		-	$	1,165
	Series D preferred stock warrants		2,330			-		-		2,330
	Series E preferred stock warrants		480			-		-		480
	Total	$	3,975			-		-	$	3,975
Assumptions used to Determine Fair Value of Convertible Preferred Stock Warrant Liability	'
	As discussed in Note 2 above, all of the outstanding warrants to purchase shares of preferred stock automatically converted into warrants to purchase shares of common stock and are accounted for as equity from the conversion date forward. The following assumptions were used in the Black-Scholes option-pricing model to determine the fair value of the convertible preferred stock warrant liability as of February 10, 2014 and December 31, 2013, the conversion date:
		February 10,		December 31,
		2014		2013
	Assumptions:
	Risk-free interest rate	0.07%-2.64%		0.07%-3.04%
	Expected dividend yield	0%		0%
	Expected volatility	69.66%-87.51%		66.49%-85.10%
	Expected term (in years)	0.29-9.89		0.39-9.99
Reconciliation of all Liabilities Measured at Fair Value Using Level Three Significant Unobservable Inputs	'
	The following table provides a reconciliation of all liabilities measured at fair value using Level 3 significant unobservable inputs (in thousands):
		Warrant
		Liability
	Balance at January 1, 2013	$	1,556
	Issuance of warrants		606
	Exercise of tranche rights		(118	)
	Change in fair value (1)		1,931
	Balance at December 31, 2013		3,975
	Exercise of warrants		-
	Change in fair value (1)		3,634
	Reclassification of warrants		(7,609	)
	Balance at March 31, 2014	$	-
	-1	The changes in the fair value of the convertible preferred stock warrants were recorded as increase or reduction to other income (expenses) in the statement of operations.

Investments_in_Marketable_Secu1

Investments in Marketable Securities (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Investments Classified as Available-For-Sale Securities	'
	Investments classified as available-for-sale at March 31, 2014 consisted of the following (in thousands):
		Maturity (in years)	Amortized		Gross		Gross			Aggregate
			Cost		Unrealized		Unrealized			Estimated
					Gains		Losses			Fair Value
	Marketable Securities:
	Commercial paper	1 year or less	$	28,719	$	25	$	-		$	28,744
	Corporate debt securities	2 years or less (1)		57,532				(31	)		57,501
	Government sponsored entities	1-2 years		7,004		-		(16	)		6,988
	Total available-for-sale securities		$	93,255	$	25	$	(47	)	$	93,233

Other_Balance_Sheet_Items_Tabl

Other Balance Sheet Items (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Prepaid and Other Current Assets	'
	Prepaid and other current assets consisted of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Prepaid insurance	$	523		$	72
	Interest receivable		210			-
	Prepaid other		197			170
		$	930		$	242
Summary of Property and Equipment Balances	'
	Property and equipment consisted of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Computer	$	45		$	45
	Leasehold Improvements		35			5
	Furniture and fixtures		16			16
	Office equipment		16			12
	Machinery and equipment		4			4
			116			82
	Less accumulated depreciation and amortization		(62	)		(56	)
		$	54		$	26
Summary of Accrued Liabilities	'
	Accrued liabilities consisted of the following (in thousands):
		March 31,			December 31,
		2014			2013
	Clinical trial accruals	$	1,183		$	565
	Payroll and related expenses		1,064			475
	Manufacturing cost accrual		784			772
	Other accrued expenses		510			315
		$	3,541		$	2,127

Notes_Payable_Tables

Notes Payable (Tables)	3 Months Ended
	Mar. 31, 2014
Long-term Debt and Unamortized Discount Balances	'
	Long-term debt and unamortized discount balances are as follows (in thousands):
	Face value of promissory note		15,000
	Debt issuance costs associated with fair value of warrants and origination fee		(538	)
	Balance at March 31, 2014	$	14,462
Future Minimum Payments under Credit Facility	'
	Future minimum payments under the Credit Facility are as follows (in thousands):
	Year Ending December 31,
	2014 (Nine months remaining)	$	1,012
	2015		3,588
	2016		6,722
	2017		6,722
	2018		1,011
	Total future minimum payments		19,055
	Less: Unamortized interest		(3,605	)
	Less: End of Term Payment		(450	)
	Total minimum payment		15,000
	Current portion		-
	Non-current portion	$	15,000

Convertible_Preferred_Stock_Wa1

Convertible Preferred Stock Warrants (Tables)	3 Months Ended
	Mar. 31, 2014
Summary of Outstanding Convertible Preferred Stock Warrants and Corresponding Exercise Price	'
	The following table summarizes the outstanding warrants and the corresponding exercise price as of March 31, 2014 and December 31, 2013:
		Number of Shares Outstanding
		March 31,		December 31,		Exercise Price		Expiration Date
		2014		2013
	May 2009 Series C Warrants		-		507,910	$	0.862	22-May-14
	October 2009 Series C Warrants		-		464,035	$	0.862	9-Oct-14
	January 2010 Series C Warrants		-		457,285	$	0.862	8-Jan-15
	December 2011 Series D Warrants		-		654,292	$	0.862	15-Dec-16
	April 2012 Series D Warrants		-		654,291	$	0.862	20-Apr-07
	July 2012 Series D Warrants		-		348,027	$	0.862	18-Jul-17
	August 2012 Series D Warrants		-		348,027	$	0.862	28-Aug-17
	January 2013 Series D Warrants		-		174,014	$	0.862	9-Jan-23
	December 2013 Series E Warrants		-		261,020	$	1.724	27-Dec-13
	Common Stock Warrants		821,074		-	$3.879- $7.758
	Total		821,074		3,868,901

Stockholders_Deficit_Tables

Stockholders' Deficit (Tables)	3 Months Ended
	Mar. 31, 2014
Stock Based Compensation Expense Related to Options Granted	'
	Stock-based compensation expense related to options granted was allocated as follows (in thousands):
		Three Months Ended March 31,				Period from
						February 28,
						2001 (Inception)
						through
						March 31,
		2014		2013		2014
	Research and development	$	129	$	17	$	379
	General and administrative		375		40		673
	Total Stock-based compensation expense	$	504	$	57	$	1,052

Commitments_Tables

Commitments (Tables)	3 Months Ended
	Mar. 31, 2014
Future Minimum Lease Payments	'
	Future minimum payments required under the lease are summarized as follows (in thousands):
	Year Ending December 31:
	2014 (Nine months remaining)		227
	2015		219
	2016		149
	Total minimum lease payments	$	595

Organization_and_Basis_of_Pres1

Organization and Basis of Presentation - Additional Information (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Summary Of Significant Accounting Policies [Line Items]	'	'
Deficit accumulated during the development stage	($75,603)	($65,480)

Summary_of_Significant_Account3

Summary of Significant Accounting Policies - Additional Information (Details) (USD $)	1 Months Ended	3 Months Ended
In Millions, unless otherwise specified	Jan. 16, 2014	Mar. 31, 2014
		Segment
Summary Of Significant Accounting Policies [Line Items]	'	'
Number of operating segment	'	1
Reverse stock split, conversion ratio	0.22	1
Other income (expense)	'	$3.60

Summary_of_Significant_Account4

Summary of Significant Accounting Policies - Potentially Dilutive Securities Excluded in Calculation of Diluted Net Loss Per Share (Details)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Summary Of Significant Accounting Policies [Line Items]	'	'
Potentially dilutive securities excluded in calculation of diluted net loss per share	3,340,788	10,525,029
Convertible preferred stock	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Potentially dilutive securities excluded in calculation of diluted net loss per share	'	9,109,868
Warrants to purchase convertible preferred stock	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Potentially dilutive securities excluded in calculation of diluted net loss per share	'	863,613
Warrants to purchase common stock	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Potentially dilutive securities excluded in calculation of diluted net loss per share	821,074	'
Common stock options	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Potentially dilutive securities excluded in calculation of diluted net loss per share	1,638,423	551,548
Common stock subject to repurchase	'	'
Summary Of Significant Accounting Policies [Line Items]	'	'
Potentially dilutive securities excluded in calculation of diluted net loss per share	881,291	'

Fair_Value_Measurements_Assets

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on a Recurring Basis (Details) (Fair Value, Measurements, Recurring, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	$114,793	'
Liabilities	'	3,975
Series C Preferred Stock Warrants	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Liabilities	'	1,165
Series D Preferred Stock Warrants	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Liabilities	'	2,330
Series E Preferred Stock Warrants	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Liabilities	'	480
Corporate Debt Securities	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	66,114	'
US Government-sponsored Enterprises Debt Securities	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	6,988	'
Money Market Funds	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	12,947	'
Commercial Paper	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	28,744	'
Quoted Prices in Active Markets for Identical Assets (Level 1)	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	12,947	'
Quoted Prices in Active Markets for Identical Assets (Level 1) | Money Market Funds	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	12,947	'
Significant Other Observable Inputs (Level 2)	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	101,846	'
Significant Other Observable Inputs (Level 2) | Corporate Debt Securities	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	66,114	'
Significant Other Observable Inputs (Level 2) | US Government-sponsored Enterprises Debt Securities	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	6,988	'
Significant Other Observable Inputs (Level 2) | Commercial Paper	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Assets	28,744	'
Significant Unobservable Inputs (Level 3)	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Liabilities	'	3,975
Significant Unobservable Inputs (Level 3) | Series C Preferred Stock Warrants	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Liabilities	'	1,165
Significant Unobservable Inputs (Level 3) | Series D Preferred Stock Warrants	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Liabilities	'	2,330
Significant Unobservable Inputs (Level 3) | Series E Preferred Stock Warrants	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]	'	'
Liabilities	'	$480

Fair_Value_Measurements_Assump

Fair Value Measurements - Assumptions used to Determine Fair Value of Convertible Preferred Stock Warrant Liability (Details)	1 Months Ended	12 Months Ended
	Feb. 10, 2014	Dec. 31, 2013
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]	'	'
Expected dividend yield	0.00%	0.00%
Minimum	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]	'	'
Risk-free interest rate	0.07%	0.07%
Expected volatility	69.66%	66.49%
Expected term (in years)	'3 months 15 days	'4 months 21 days
Maximum	'	'
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]	'	'
Risk-free interest rate	2.64%	3.04%
Expected volatility	87.51%	85.10%
Expected term (in years)	'9 years 10 months 21 days	'9 years 11 months 27 days

Fair_Value_Measurements_Reconc

Fair Value Measurements - Reconciliation of all Liabilities Measured at Fair Value Using Level Three Significant Unobservable Inputs (Details) (USD $)	3 Months Ended	12 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]	'	'
Beginning Balance	$3,975	$1,556
Issuance of warrants	'	606
Exercise of tranche rights	'	-118
Exercise of warrants	'	'
Change in fair value	3,634	1,931
Reclassification of warrants	-7,609	'
Ending Balance	'	$3,975

Investments_in_Marketable_Secu2

Investments in Marketable Securities - Summary of Investments Classified as Available-for-Sale Securities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Schedule Of Available For Sale Securities [Line Items]	'
Amortized Cost	$93,255
Gross Unrealized Gains	25
Gross Unrealized Losses	-47
Aggregate Estimated Fair Value	93,233
Short-term investments | Commercial Paper	'
Schedule Of Available For Sale Securities [Line Items]	'
Amortized Cost	28,719
Gross Unrealized Gains	25
Gross Unrealized Losses	'
Aggregate Estimated Fair Value	28,744
Short-term investments | Commercial Paper | Maximum	'
Schedule Of Available For Sale Securities [Line Items]	'
Available for Sale Securities Debt Maturities Period	'1 year
Long-term Investments | Corporate Debt Securities	'
Schedule Of Available For Sale Securities [Line Items]	'
Amortized Cost	57,532
Gross Unrealized Losses	-31
Aggregate Estimated Fair Value	57,501
Long-term Investments | Corporate Debt Securities | Maximum	'
Schedule Of Available For Sale Securities [Line Items]	'
Available for Sale Securities Debt Maturities Period	'2 years	[1]
Long-term Investments | US Government-sponsored Enterprises Debt Securities	'
Schedule Of Available For Sale Securities [Line Items]	'
Amortized Cost	7,004
Gross Unrealized Gains	'
Gross Unrealized Losses	-16
Aggregate Estimated Fair Value	$6,988
Long-term Investments | US Government-sponsored Enterprises Debt Securities | Minimum	'
Schedule Of Available For Sale Securities [Line Items]	'
Available for Sale Securities Debt Maturities Period	'1 year
Long-term Investments | US Government-sponsored Enterprises Debt Securities | Maximum	'
Schedule Of Available For Sale Securities [Line Items]	'
Available for Sale Securities Debt Maturities Period	'2 years
[1]	At March 31, 2014, $16.8 million of these securities were scheduled to mature outside of one year.

Investments_in_Marketable_Secu3

Investments in Marketable Securities - Summary of Investments Classified as Available-for-Sale Securities (Parenthetical) (Details) (USD $)	Mar. 31, 2014
In Millions, unless otherwise specified
Schedule Of Available For Sale Securities [Line Items]	'
Available For Sale Securities Scheduled to Mature Outside of one year Fair Value	$16.80

Investments_in_Marketable_Secu4

Investments in Marketable Securities - Summary of Investments Classified as Available-For-Sale Securities (Additional Information) (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
	Security
Schedule Of Available For Sale Securities [Line Items]	'
Number of security in an unrealized loss position for less than 12 months	16
Gross Unrealized Losses	$49,000
Realized gains or losses on sales of available-for-sale securities	$0

Other_Balance_Sheet_Items_Summ

Other Balance Sheet Items - Summary of Prepaid and Other Current Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Prepaid And Other Current Assets [Line Items]	'	'
Prepaid insurance	$523	$72
Interest receivable	210	'
Prepaid other	197	170
Prepaid expenses and other current assets	$930	$242

Other_Balance_Sheet_Items_Summ1

Other Balance Sheet Items - Summary of Property and Equipment Balances (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Property Plant And Equipment [Line Items]	'	'
Property and equipment, gross	$116	$82
Less accumulated depreciation and amortization	-62	-56
Property and equipment, net	54	26
Computer	'	'
Property Plant And Equipment [Line Items]	'	'
Property and equipment, gross	45	45
Leasehold Improvements	'	'
Property Plant And Equipment [Line Items]	'	'
Property and equipment, gross	35	5
Furniture and Fixtures	'	'
Property Plant And Equipment [Line Items]	'	'
Property and equipment, gross	16	16
Office Equipment	'	'
Property Plant And Equipment [Line Items]	'	'
Property and equipment, gross	16	12
Machinery and Equipment	'	'
Property Plant And Equipment [Line Items]	'	'
Property and equipment, gross	$4	$4

Other_Balance_Sheet_Items_Summ2

Other Balance Sheet Items - Summary of Accrued Liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accrued Liabilities [Line Items]	'	'
Clinical trial accruals	$1,183	$565
Payroll and related expenses	1,064	475
Manufacturing cost accrual	784	772
Other accrued expenses	510	315
Total accrued liabilities	$3,541	$2,127

Notes_Payable_December_2013_No

Notes Payable - December 2013 Note Payable - Additional Information (Details) (USD $)	157 Months Ended	1 Months Ended	3 Months Ended
	Mar. 31, 2014	Dec. 27, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
		December 2013 Notes Payable	December 2013 Notes Payable	December 2013 Notes Payable	December 2013 Notes Payable
				Minimum	Maximum
Debt Instrument [Line Items]	'	'	'	'	'
Debt instrument maximum borrowing capacity	'	$15,000,000	'	'	'
Credit facility fixed interest rate	'	8.99%	'	'	'
Debt instrument, interest payment period	'	'12 months	'	'	'
Debt instrument, principal and interest payment period	'	'36 months	'	'	'
Debt instrument, interest payment extended period	'	'	'	'6 months	'18 months
Debt Instrument, Term	'	'	'30 months	'	'
Debt instrument maturity date	'	1-Jan-18	'	'	'
Percentage of original principal balance of loan to be paid to lenders	'	3.00%	'	'	'
Loan origination fee	100,000	100,000	'	'	'
Debt issuance costs	'	100,000	'	'	'
Interest Expense, Debt	'	'	400,000	'	'
Amortization of debt discount	'	'	$42,000	'	'
Debt maturities prepayment terms	'	'The Company is permitted to make voluntary prepayments of the term loan with a prepayment fee equal to (i) 3% of the term loan prepaid during the first 12 months, (ii) 2% of the term loan prepaid in months 13-24 and (iii) 1% of the term loan prepaid thereafter.	'	'	'

Notes_Payable_Longterm_Debt_an

Notes Payable - Long-term Debt and Unamortized Discount Balances (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'	'
Face value of promissory note	$15,000	'
Debt issuance costs associated with fair value of warrants and origination fee	538	'
Balance at March 31, 2014	$14,462	$14,420

Notes_Payable_Future_Minimum_P

Notes Payable - Future Minimum Payments under Credit Facility (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Debt Instrument [Line Items]	'
2014 (Nine months remaining)	$1,012
2015	3,588
2016	6,722
2017	6,722
2018	1,011
Total future minimum payments	19,055
Less: Unamortized interest	-3,605
Less: End of Term Payment	-450
Total minimum payment	15,000
Current portion	'
Non-current portion	$15,000

Convertible_Preferred_Stock_Wa2

Convertible Preferred Stock Warrants - Additional Information (Details) (USD $)	1 Months Ended	3 Months Ended				1 Months Ended	3 Months Ended			3 Months Ended
In Millions, except Share data, unless otherwise specified	Jan. 16, 2014	Mar. 31, 2014	Feb. 28, 2014	Dec. 31, 2013	Feb. 28, 2014	Feb. 28, 2014	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013	Mar. 31, 2014
					Initial Public Offering	Jan-13	Jan-13	Series C Preferred Stock	Series D Preferred Stock	Series E Preferred Stock
Class Of Stock [Line Items]	'	'	'	'	'	'	'	'	'	'
Reverse stock split, conversion ratio	0.22	1	'	'	'	'	'	'	'	'
Number of Shares Outstanding	'	821,074	'	3,868,901	'	'	'	1,429,230	2,004,637	'
Warrants exercised into common shares	'	'	763,073	'	58,001	38,669	'	'	'	'
Exercise Price	'	'	3.88	'	7.76	3.88	'	'	'	'
Issuance of warrants in purchase of Preferred Stock	'	'	'	'	'	'	174,014	'	'	261,020
Issuance price of Preferred stock	'	'	'	'	'	'	$0.86	'	'	$1.72
Warrant expiration date	'	'	'	'	'	'	9-Jan-23	'	'	27-Dec-23
Common stock issued, net	'	'	'	'	'	33,469	'	'	'	'
Estimated fair value of Warrants at issuance date	'	'	'	'	'	'	'	'	'	$0.50

Convertible_Preferred_Stock_Wa3

Convertible Preferred Stock Warrants - Summary of Outstanding Convertible Preferred Stock Warrants and Corresponding Excercise Price (Details)

Mar. 31, 2014

Feb. 28, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Common Stock Warrants

Common Stock Warrants

Common Stock Warrants

May-09

May-09

Oct-09

Oct-09

Jan-10

Jan-10

Dec-11

Dec-11

Apr-12

Apr-12

Jul-12

Jul-12

Aug-12

Aug-12

Jan-13

Jan-13

Dec-13

Dec-13

Minimum

Maximum

Series C Warrants

Series C Warrants

Series C Warrants

Series C Warrants

Series C Warrants

Series C Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series D Warrants

Series E Warrants

Series E Warrants

Class Of Stock [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of Shares Outstanding

821,074

'

3,868,901

821,074

'

'

'

507,910

'

464,035

'

457,285

'

654,292

'

654,291

'

348,027

'

348,027

'

174,014

'

261,020

Exercise Price

'

3.88

'

'

3.879

7.758

'

0.862

'

0.862

'

0.862

'

0.862

'

0.862

'

0.862

'

0.862

'

0.862

'

1.724

Expiration Date

'

'

'

'

'

'

22-May-14

'

9-Oct-14

'

8-Jan-15

'

15-Dec-16

'

20-Apr-07

'

18-Jul-17

'

28-Aug-17

'

9-Jan-23

'

27-Dec-23

'

Stockholders_Deficit_Initial_P

Stockholders' Deficit - Initial Public Offering and Related Transactions - Additional Information (Details) (USD $)	1 Months Ended	3 Months Ended
In Millions, except Share data, unless otherwise specified	Feb. 10, 2014	Mar. 31, 2014	Feb. 28, 2014	Dec. 31, 2013
Subsidiary Sale Of Stock [Line Items]	'	'	'	'
Initial public common stock offering, shares	8,050,000	'	'	'
Common stock offering price, per share	$12	'	'	'
Proceeds from initial public offering, net of underwriting discount and commissions	'	$86.70	'	'
Conversion of outstanding convertible preferred stock	14,397,836	'	'	'
Warrants exercised into common shares	'	'	763,073	'
Preferred stock, shares authorized	10,000,000	'	'	'
Preferred stock, par value	$0.00	'	'	'
Common stock, shares authorized	200,000,000	200,000,000	'	86,500,000
Common stock, par value	$0.00	$0.00	'	$0.00
Convertible preferred stock	'	'	'	'
Subsidiary Sale Of Stock [Line Items]	'	'	'	'
Warrants exercised into common shares	3,868,901	'	'	'
Common Stock	'	'	'	'
Subsidiary Sale Of Stock [Line Items]	'	'	'	'
Warrants exercised into common shares	859,743	'	'	'

Stockholders_Deficit_Stock_Bas

Stockholders' Deficit - Stock Based Compensation Expense Related to Options Granted (Details) (USD $)	3 Months Ended		157 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'
Stock-based compensation	$504	$57	$1,052
Research and Development Expense	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'
Stock-based compensation	129	17	379
General and Administrative Expense	'	'	'
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]	'	'	'
Stock-based compensation	$375	$40	$673

Commitments_Additional_Informa

Commitments - Additional Information (Details)	3 Months Ended
	Mar. 31, 2014
Commitments And Contingencies [Line Items]	'
Lease agreement amended date for additional space	'2012-11
Additional space lease agreement formalities completion date	3-Feb-14
Lease expiration period	'2016-08
Non-cancelable operating lease additional extension period	'3 years
Additional space lease expiration date	30-Nov-14
Percentage of Royalty Payments	1.44%

Commitments_Future_Minimum_Lea

Commitments - Future Minimum Lease Payments (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Commitments And Contingencies [Line Items]	'
2014 (Nine months remaining)	$227
2015	219
2016	149
Total minimum lease payments	$595