Clovis Oncology (CLVSQ) 10-Q 7 Nov 13 2013 Q3 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
	Sep. 30, 2013	Nov. 01, 2013
Document Information [Line Items]	'	'
Document Type	'10-Q	'
Amendment Flag	'false	'
Document Period End Date	30-Sep-13	'
Document Fiscal Year Focus	'2013	'
Document Fiscal Period Focus	'Q3	'
Trading Symbol	'CLVS	'
Entity Registrant Name	'CLOVIS ONCOLOGY, INC.	'
Entity Central Index Key	'0001466301	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	30,171,432

Consolidated_Statements_of_Ope

Consolidated Statements of Operations And Comprehensive Loss (USD $)	3 Months Ended		9 Months Ended		53 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Revenues	'	'	'	'	'
Operating Expenses:	'	'	'	'	'
Research and development	16,063	15,458	44,001	40,610	167,706
General and administrative	4,312	2,762	11,022	7,867	35,031
Acquired in-process research and development	'	'	250	4,250	36,585
Operating loss	-20,375	-18,220	-55,273	-52,727	-239,322
Other income (expense), net	55	-48	-56	-224	-489
Loss before income taxes	-20,320	-18,268	-55,329	-52,951	-239,811
Income taxes	'	'	'	27	'
Net loss	-20,320	-18,268	-55,329	-52,924	-239,811
Basic and diluted net loss per common share	($0.68)	($0.71)	($2)	($2.15)	($20.73)
Basic and diluted weighted average common shares outstanding	30,047	25,906	27,614	24,568	11,570
Comprehensive loss	($20,299)	($18,261)	($55,314)	($52,919)	($239,743)

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$356,624	$144,097
Prepaid research and development expenses	1,167	116
Other current assets	727	659
Total current assets	358,518	144,872
Property and equipment, net	988	1,084
Other assets	753	38
Total assets	360,259	145,994
Current liabilities:	'	'
Accounts payable	880	2,297
Accrued research and development expenses	10,916	7,161
Other accrued expenses	2,783	2,702
Total current liabilities	14,579	12,160
Non-current liabilities	150	338
Commitments and contingencies (Note 10)	'	'
Stockholders' equity:	'	'
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding at September 30, 2013 and December 31, 2012	'	'
Common stock, $0.001 par value per share, 100,000,000 shares authorized at September 30, 2013 and December 31, 2012; 30,171,432 and 26,207,190 shares issued and outstanding at September 30, 2013 and December 31, 2012, respectively	30	26
Additional paid-in capital	585,243	317,899
Accumulated other comprehensive income	68	53
Deficit accumulated during development stage	-239,811	-184,482
Total stockholders' equity	345,530	133,496
Total liabilities and stockholders' equity	$360,259	$145,994

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Sep. 30, 2013	Dec. 31, 2012
Preferred stock, par value	$0.00	$0.00
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$0.00	$0.00
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	30,171,432	26,207,190
Common stock, shares outstanding	30,171,432	26,207,190

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	9 Months Ended		53 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Operating activities	'	'	'
Net loss	($55,329)	($52,924)	($239,811)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Depreciation	185	269	812
Share-based compensation expense	6,663	3,608	13,009
Amortization of premiums and discounts on available for sale securities	'	11	471
Loss on disposal of equipment	'	'	1,162
Gain on sale of available for sale securities	'	'	-34
Non-cash acquired in-process research and development	'	'	7,000
Changes in operating assets and liabilities:	'	'	'
Prepaid and accrued research and development expenses	1,990	3,083	9,034
Other operating assets	-5	573	-222
Accounts payable	-1,463	-933	835
Other accrued expenses	81	-438	2,688
Net cash used in operating activities	-47,878	-46,751	-205,056
Investing activities	'	'	'
Purchases of property and equipment	-80	-1,038	-2,624
Purchases of available for sale securities	'	'	-27,008
Maturities and sales of available for sale securities	'	2,000	26,571
Net cash provided by (used in) investing activities	-80	962	-3,061
Financing activities	'	'	'
Proceeds from sale of convertible preferred stock, net of issuance costs	'	'	75,499
Proceeds from sale of common stock, net of issuance costs	259,071	69,976	458,406
Proceeds from exercise of stock options and employee stock purchase plan	1,403	42	2,869
Proceeds from issuance of convertible promissory notes, net of issuance costs	'	'	27,902
Net cash provided by financing activities	260,474	70,018	564,676
Effect of exchange rate changes on cash and cash equivalents	11	14	65
Increase in cash and cash equivalents	212,527	24,243	356,624
Cash and cash equivalents at beginning of period	144,097	138,236	'
Cash and cash equivalents at end of period	356,624	162,479	356,624
Non-cash items:	'	'	'
Conversion of convertible preferred stock to common stock	'	'	75,499
Conversion of convertible promissory notes and accrued interest to common stock	'	'	35,851
Assets recorded for which payment (has)/has not yet occurred	($34)	($684)	$29

Nature_of_Business_and_Basis_o

Nature of Business and Basis of Presentation	53 Months Ended
	Sep. 30, 2013
Nature of Business and Basis of Presentation	'
	1. Nature of Business and Basis of Presentation
	Clovis Oncology, Inc. (the “Company”), a corporation in the development stage, was incorporated in Delaware on April 20, 2009, and commenced operations in May 2009. The Company is a biopharmaceutical company focused on acquiring, developing and commercializing innovative anti-cancer agents in the United States, Europe and other international markets. The Company has and intends to continue to license or acquire rights to oncology compounds in all stages of development. In exchange for the right to develop and commercialize these compounds, the Company generally expects to provide the licensor with a combination of up-front payments, milestone payments and royalties on future sales. In addition, the Company generally expects to assume the responsibility for future drug development and commercialization costs. The Company currently operates in one segment. Since inception, the Company’s operations have consisted primarily of developing in-licensed compounds and their companion diagnostics, evaluating new product acquisition candidates, raising capital and corporate organization activities. The Company has never earned revenue from these activities, and accordingly, the Company is considered to be in the development stage as of September 30, 2013.
	Basis of Presentation
	The information reported within the Company’s financial statements from April 20, 2009 to December 31, 2010 was based solely on the accounts of Clovis Oncology, Inc. Effective January 1, 2011, Clovis Oncology UK Limited, a wholly owned subsidiary of the Company, commenced operations. All financial information presented after December 31, 2010 was consolidated and includes the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited financial statements of Clovis Oncology, Inc. included herein reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state our financial position, results of operations and cash flows for the periods presented. Changes in accumulated other comprehensive loss are not disclosed in our notes to the unaudited financial statements due to the insignificance of the activity. Interim results may not be indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in audited financial information prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. The Company evaluates subsequent events up to the time of filing with the SEC. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ended December 31, 2012 for a broader discussion of our business and the opportunities and risks inherent in such business.
	Use of Estimates
	The preparation of these unaudited consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, other comprehensive loss and related disclosures. On an ongoing basis, management evaluates its estimates, including estimates related to clinical trial accruals and share-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
	Liquidity
	The Company has incurred significant net losses since inception and has relied on its ability to fund its operations through public and private equity financings, and management expects operating losses and negative cash flows to continue for at least the next several years. As the Company continues to incur losses, transition to profitability is dependent upon the successful development, approval, and commercialization of its product candidates and achieving a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless or until it does, the Company will continue to need to raise additional cash. Management intends to fund future operations through cash and investments on hand and additional private or public debt or equity offerings, and may seek additional capital through arrangements with strategic partners or from other sources.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	53 Months Ended
	Sep. 30, 2013
Summary of Significant Accounting Policies	'
	2. Summary of Significant Accounting Policies
	The Company’s significant accounting policies are described in Note 2 of the Notes to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012.

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Measurement	53 Months Ended
	Sep. 30, 2013
Financial Instruments and Fair Value Measurement	'
	3. Financial Instruments and Fair Value Measurement
	Cash, Cash Equivalents and Available for Sale Securities
	The Company considers all highly liquid investments with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include bank demand deposits and money market funds that invest primarily in certificate of deposits, commercial paper and U.S. government and U.S. government agency obligations. Cash equivalents are reported at fair value.
	Marketable securities with original maturities greater than three months are considered to be available for sale securities and historically consisted of U.S. agency obligations, U.S. government obligations and corporate debt obligations. Available for sale securities are reported at fair market value and unrealized gains and losses are included as a separate component of stockholders’ equity. Realized gains, realized losses, the amortization of premiums and discounts, interest earned and dividends earned are included in other income (expense). The cost of investments for purposes of computing realized and unrealized gains and losses is based on the specific identification method. Investments with maturities beyond one year are classified as short-term based on management’s intent to fund current operations with these securities or to make them available for current operations. A decline in the market value of a security below its cost value that is deemed to be other than temporary is charged to earnings, and results in the establishment of a new cost basis for the security.
	Fair Value of Financial Instruments
	Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (at 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. The three levels of inputs that may be used to measure fair value include:
	Level 1:	Quoted prices in active markets for identical assets or liabilities. The Company’s Level 1 assets and liabilities consist of money market investments.
	Level 2:	Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The Company does not have Level 2 assets and liabilities.
	Level 3:	Unobservable inputs that are supported by little or no market activity. The Company does not have any Level 3 assets and liabilities.
	The following table identifies the Company’s assets that were measured at fair value on a recurring basis (in thousands):
		Balance		Level 1		Level 2		Level 3
	September 30, 2013
	Money market	$	352,885	$	352,885	$	—	$	—
	Total assets at fair value	$	352,885	$	352,885	$	—	$	—
	December 31, 2012
	Money market	$	135,385	$	135,385	$	—	$	—
	Total assets at fair value	$	135,385	$	135,385	$	—	$	—
	There were no security transfers between Levels 1 and 2 during the nine month period ended September 30, 2013.

Other_Accrued_Expenses

Other Accrued Expenses	53 Months Ended
	Sep. 30, 2013
Other Accrued Expenses	'
	4. Other Accrued Expenses
	Other accrued expenses are comprised of the following (in thousands):
		September 30, 2013		December 31, 2012
	Accrued personnel costs	$	2,205	$	2,441
	Accrued corporate legal fees and professional services		365		63
	Accrued expenses – other		213		198
	Other accrued expenses	$	2,783	$	2,702

Convertible_Promissory_Notes

Convertible Promissory Notes	53 Months Ended
	Sep. 30, 2013
Convertible Promissory Notes	'
	5. Convertible Promissory Notes
	In May 2011, the Company issued $20.0 million of 5% Convertible Promissory Notes to existing investors for cash. In June 2011, the Company issued $15.0 million of 5% Convertible Promissory Notes to Pfizer, which was comprised of a $7.0 million note issued to acquire the global rights to develop and market rucaparib and an $8.0 million note issued for cash (the “Notes”). The Notes accrued interest at an annual rate of 5% and had a maturity date of May 25, 2012. In connection with the completion of the Company’s initial public offering in November 2011, the principal balance and all accrued and unpaid interest due on the Notes was converted into 2,757,788 shares of the Company’s common stock.

Convertible_Preferred_Stock_an

Convertible Preferred Stock and Stockholders' Equity	53 Months Ended
	Sep. 30, 2013
Convertible Preferred Stock and Stockholders' Equity	'
	6. Convertible Preferred Stock and Stockholders’ Equity
	Common Stock
	In May 2009, the Company issued 1,206,899 shares of its common stock to the original founders at a purchase price of $.0029 per share. The shares were issued under restricted stock purchase agreements, which allowed the Company, at its discretion, to repurchase unvested shares if the founders terminated their employment with the Company. All common stock shares issued to the founders under the restricted stock purchase agreements became fully vested in May 2013.
	In November 2011, the Company sold 10,700,000 shares of its common stock in an initial public offering at a price of $13.00 per share. The Company received net proceeds from the offering of $129.4 million, after deduction of $6.9 million of underwriting commissions and $2.8 million of offering expenses.
	In April 2012, the Company sold 3,750,000 shares of its common stock in a public offering at $20.00 per share. The net offering proceeds realized after deducting offering expenses and underwriters’ discounts and commissions was $70.0 million.
	In June 2013, the Company sold 3,819,444 shares of its common stock in a public offering at $72.00 per share. The net offering proceeds realized after deducting offering expenses and underwriters’ discounts and commissions was $259.1 million.
	The holders of common stock are entitled to one vote per share on all matters to be voted upon by the stockholders of the Company. Subject to the preferences that may be applicable to any outstanding shares of preferred stock, the holders of common stock are entitled to receive ratably such dividends, if any, as may be declared by the Company’s Board of Directors.
	Preferred Stock
	In May 2009, the Company entered into the Series A-1, A-2, B and C Preferred Stock Purchase Agreement with various investors (the “Preferred Stock Purchase Agreement”). The Preferred Stock Purchase Agreement provided for the issuance of up to $146.3 million of the Company’s convertible preferred stock, subject to various terms and conditions. During 2009, the Company issued shares of Series A-1, Series A-2 and Series B convertible preferred stock resulting in total aggregate cash proceeds to the Company of $75.5 million, net of $174,000 related stock issuance costs.
	In connection with the completion of the Company’s initial public offering in November 2011, all of the outstanding shares of convertible preferred stock were automatically converted into 7,244,523 shares of the Company’s common stock. The Series A-1, A-2 and B convertible preferred stock converted at a rate of 2.9 for 1 into common stock based upon the election of the convertible preferred stock holders immediately prior to the closing of the initial public offering.

ShareBased_Compensation

Share-Based Compensation	53 Months Ended
	Sep. 30, 2013
Share-Based Compensation	'
	7. Share-Based Compensation
	Share-based compensation expense for all equity based programs, including stock options and the employee stock purchase plan, for the three and nine months ended September 30, 2013 and 2012, respectively, was recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013		2012
	Research and development	$	1,138		$	687	$	3,095	$	1,719
	General and administrative		1,653			807		3,568		1,889
	Total share-based compensation expense	$	2,791		$	1,494	$	6,663	$	3,608
	The Company did not recognize a tax benefit related to share-based compensation expense during the three and nine months ended September 30, 2013 and 2012, respectively, as the Company maintains net operating loss carryforwards and has established a valuation allowance against the entire net deferred tax asset as of September 30, 2013. No share-based compensation expense was capitalized on our Consolidated Balance Sheets as of September 30, 2013 and December 31, 2012.
	The following table summarizes the activity relating to the Company’s options to purchase common stock for the nine month period ended September 30, 2013:
		Option Shares			Weighted-		Weighted-		Aggregate
		Outstanding			Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price		Contractual
							Term (Years)
	Balance at December 31, 2012		1,599,044		$	14.05
	Granted		1,080,658			29.83
	Exercised		(132,349	)		9.24
	Forfeited		(29,400	)		16.75
	Balance at September 30, 2013		2,517,953		$	21.04		8.55	$	101,885,010
	Vested and expected to vest at September 30, 2013		2,325,710		$	20.59		8.5	$	95,108,922
	Vested at September 30, 2013		824,748		$	12.72		7.66	$	39,848,593
	The aggregate intrinsic value in the table above represents the pretax intrinsic value, based on our closing stock price of $60.80 as of September 30, 2013, which would have been received by the option holders had all option holders with in-the-money options exercised their options as of that date.
	Presented in the table below are financial details associated with our stock options during the three and nine months ended September 30, 2013 and 2012.
		Three Months Ended September 30,
		2013			2012
	Weighted-average grant-date fair value per share	$	43.43		$	14.32
	Intrinsic value of options exercised	$	85,589		$	—
	Cash received from stock option exercises	$	34,711		$	—
		Nine Months Ended September 30,
		2013			2012
	Weighted-average grant-date fair value per share	$	18.43		$	15.01
	Intrinsic value of options exercised	$	5,801,963		$	223,319
	Cash received from stock option exercises	$	1,223,023		$	42,149
	As of September 30, 2013, the unrecognized share-based compensation expense related to nonvested options, adjusted for expected forfeitures, was $22.2 million and the estimated weighted-average remaining vesting period was 2.7 years.

License_Agreements

License Agreements	53 Months Ended
	Sep. 30, 2013
License Agreements	'
	8. License Agreements
	CO-1686
	In May 2010, the Company entered into a worldwide license agreement with Avila Therapeutics, Inc. (“Avila”) to discover, develop and commercialize a covalent inhibitor of mutant forms of the epidermal growth factor receptor gene product. In March 2012, Avila was acquired by Celgene Corporation (“Celgene”). CO-1686 was identified as the lead drug candidate to be developed under the license agreement. The Company is responsible for all preclinical, clinical, regulatory and other activities necessary to develop and commercialize CO-1686. The Company made an up-front payment of $2.0 million upon execution of the license agreement which was recognized as acquired in-process research and development expense. The Company is obligated to pay royalties on net sales of CO-1686, based on the volume of annual net sales achieved. Celgene has the option to increase royalty rates by electing to reimburse a portion of the development expenses incurred by the Company. This option must be exercised within a limited period of time after Celgene is notified of our intent to pursue regulatory approval of CO-1686 in the United States or European Union as a first line therapy.
	In January 2012, the U.S. Food and Drug Administration (FDA) accepted our investigational new drug (IND) application to begin clinical investigation of CO-1686. Following the FDA’s acceptance of the IND application, the Company made a milestone payment of $4.0 million to Avila as required by the license agreement and recognized the payment as acquired in-process research and development expense. The Company may be required to pay up to an additional aggregate of $115.0 million in development and regulatory milestone payments if certain clinical study objectives and regulatory filings, acceptances and approvals are achieved. In addition, the Company may be required to pay up to an aggregate of $120.0 million in sales milestones if certain annual sales targets are achieved.
	In January 2013, the Company entered into an exclusive license agreement with Gatekeeper Pharmaceuticals, Inc. (“Gatekeeper”) to acquire exclusive rights under patent applications associated with mutant epidermal growth factor receptor (“EGFR”) inhibitors and methods of treatment. Pursuant to the terms of the license agreement, the Company made an up-front payment of $250,000 upon execution of the agreement, which was recognized as acquired in-process research and development expense. If CO-1686 is approved for commercial sale, the Company will pay royalties to Gatekeeper on future net sales.
	Rucaparib
	In June 2011, the Company entered into a worldwide license agreement with Pfizer Inc. to acquire exclusive development and commercialization rights to Pfizer’s drug candidate known as rucaparib. This drug candidate is a small molecule inhibitor of poly (ADP-ribose) polymerase, or PARP, which the Company is developing for the treatment of selected solid tumors. Pursuant to the terms of the license agreement, the Company made an up-front payment by issuing to Pfizer a $7.0 million convertible promissory note with a 5% annual interest rate, due in 2012. Upon completion of the Company’s initial public offering in November 2011, the principal balance and all accrued and unpaid interest due on this note of $7.2 million was converted into 551,222 shares of common stock. The Company is responsible for all development and commercialization costs of rucaparib and, if approved, Pfizer will receive royalties on the net sales of the product. In addition, Pfizer is eligible to receive up to $259 million of further payments, in aggregate, if certain development, regulatory and sales milestones are achieved.
	In April 2012, the Company entered into a license agreement with AstraZeneca UK Limited to acquire exclusive rights associated with rucaparib under a family of patents and patent applications that claim methods of treating patients with PARP inhibitors in certain indications. The license enables the development and commercialization of rucaparib for the uses claimed by these patents. Pursuant to the terms of the license agreement, the Company made an up-front payment of $250,000 upon execution of the agreement, which was recognized as acquired in-process research and development expense. The Company may be required to pay up to an aggregate of $0.7 million in milestone payments if certain regulatory filings, acceptances and approvals are achieved. If approved, AstraZeneca will also receive royalties on any net sales of rucaparib.
	CO-101
	In November 2009, the Company entered into a license agreement with Clavis Pharma ASA (“Clavis”) to develop and commercialize CO-101 in North America, Central America, South America and Europe. Under terms of the license agreement, the Company made an up-front payment to Clavis in the amount of $15.0 million, which was comprised of $13.1 million for development costs incurred prior to the execution of the agreement that was recognized as acquired in-process research and development and $1.9 million for the prepayment of preclinical activities to be performed by Clavis. In November 2010, the license agreement was amended to expand the license territory to include Asia and other international markets. The Company made a payment of $10.0 million to Clavis for the territory expansion and recognized the payment as acquired in-process research and development. As part of the amended license agreement, Clavis also agreed to reimburse up to $3.0 million of the Company’s research and development costs for certain CO-101 development activities subject to the Company incurring such costs, all of which was completed in 2011.
	On November 12, 2012, the Company reported results from a pivotal study for CO-101 as compared to gemcitabine in metastatic pancreatic cancer. The study results failed to demonstrate a difference in overall survival between the two study arms. Based on the results of the study, the Company has ceased development of CO-101 and terminated the license agreement.
	Drug Discovery Collaboration Agreement
	In July 2012, the Company entered into a drug discovery collaboration agreement with Array BioPharma Inc. for the discovery of a novel cKIT inhibitor targeting resistance mutations for the treatment of GIST, a gastrointestinal cancer. Under the terms of the agreement, the Company is responsible to fund all costs of the discovery program, as well as costs to develop and commercialize any clinical candidates discovered. If any clinical candidates are discovered and the Company seeks to pursue clinical development of such clinical candidates, the Company may be required to pay Array up to an aggregate of $192.0 million in milestone payments if certain development and regulatory objectives and annual net sales targets are achieved.

Net_Loss_Per_Share

Net Loss Per Share	53 Months Ended
	Sep. 30, 2013
Net Loss Per Share	'
	9. 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, without consideration for common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. For purposes of this calculation, stock options are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive.
	The shares outstanding at the end of the respective periods presented in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands):
		Three and
		Nine Months Ended September 30,
		2013		2012
	Common shares under option		2,341		1,067
	Total potential dilutive shares		2,341		1,067

Commitments_and_Contingencies

Commitments and Contingencies	53 Months Ended
	Sep. 30, 2013
Commitments and Contingencies	'
	10. Commitments and Contingencies
	Royalty and License Fee Commitments
	The Company has entered into certain license agreements, as identified in Note 8, with third parties that include the payment of development and regulatory milestones, as well as royalty payments, upon the achievement of pre-established development, regulatory and commercial targets. The Company’s payment obligation related to these license agreements is contingent upon the successful development, regulatory approval and commercialization of the licensed products. Due to the nature of these arrangements, the future potential payments are inherently uncertain, and accordingly no amounts have been recorded in the Company’s accompanying Consolidated Balance Sheets at September 30, 2013 and December 31, 2012.
	Development and Manufacturing Agreement Commitments
	In February 2013, the Company entered into a development and manufacturing agreement with a third-party supplier for the production of the active ingredient for rucaparib. Under the Development and Manufacturing Agreement, the Company will provide the third-party supplier a rolling 24-month forecast that will be updated by the Company on a quarterly basis. The Company is obligated to order the quantity specified in the first twelve months of any forecast. As of September 30, 2013, $6.8 million of purchase commitments were established under this agreement.

Subsequent_Events

Subsequent Events	53 Months Ended
	Sep. 30, 2013
Subsequent Events	'
	11. Subsequent Events
	The Company evaluated events up to the filing date of these interim financial statements and determined that no subsequent activity required disclosure.

Nature_of_Business_and_Basis_o1

Nature of Business and Basis of Presentation (Policies)	53 Months Ended
	Sep. 30, 2013
Basis of Presentation	'
	Basis of Presentation
	The information reported within the Company’s financial statements from April 20, 2009 to December 31, 2010 was based solely on the accounts of Clovis Oncology, Inc. Effective January 1, 2011, Clovis Oncology UK Limited, a wholly owned subsidiary of the Company, commenced operations. All financial information presented after December 31, 2010 was consolidated and includes the accounts of the Company and its wholly owned subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. The unaudited financial statements of Clovis Oncology, Inc. included herein reflect all adjustments, consisting only of normal recurring adjustments, which in the opinion of management are necessary to fairly state our financial position, results of operations and cash flows for the periods presented. Changes in accumulated other comprehensive loss are not disclosed in our notes to the unaudited financial statements due to the insignificance of the activity. Interim results may not be indicative of the results that may be expected for the full year. Certain information and footnote disclosures normally included in audited financial information prepared in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP, have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission, or SEC. The Company evaluates subsequent events up to the time of filing with the SEC. These financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto which are included in our Annual Report on Form 10-K for the year ended December 31, 2012 for a broader discussion of our business and the opportunities and risks inherent in such business.
Use of Estimates	'
	Use of Estimates
	The preparation of these unaudited consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, expenses, other comprehensive loss and related disclosures. On an ongoing basis, management evaluates its estimates, including estimates related to clinical trial accruals and share-based compensation expense. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Actual results may differ from those estimates or assumptions.
Liquidity	'
	Liquidity
	The Company has incurred significant net losses since inception and has relied on its ability to fund its operations through public and private equity financings, and management expects operating losses and negative cash flows to continue for at least the next several years. As the Company continues to incur losses, transition to profitability is dependent upon the successful development, approval, and commercialization of its product candidates and achieving a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless or until it does, the Company will continue to need to raise additional cash. Management intends to fund future operations through cash and investments on hand and additional private or public debt or equity offerings, and may seek additional capital through arrangements with strategic partners or from other sources.

Financial_Instruments_and_Fair1

Financial Instruments and Fair Value Measurement (Tables)	53 Months Ended
	Sep. 30, 2013
Assets Measured at Fair Value on Recurring Basis	'
	The following table identifies the Company’s assets that were measured at fair value on a recurring basis (in thousands):
		Balance		Level 1		Level 2		Level 3
	September 30, 2013
	Money market	$	352,885	$	352,885	$	—	$	—
	Total assets at fair value	$	352,885	$	352,885	$	—	$	—
	December 31, 2012
	Money market	$	135,385	$	135,385	$	—	$	—
	Total assets at fair value	$	135,385	$	135,385	$	—	$	—

Other_Accrued_Expenses_Tables

Other Accrued Expenses (Tables)	53 Months Ended
	Sep. 30, 2013
Other Accrued Expenses	'
	Other accrued expenses are comprised of the following (in thousands):
		September 30, 2013		December 31, 2012
	Accrued personnel costs	$	2,205	$	2,441
	Accrued corporate legal fees and professional services		365		63
	Accrued expenses – other		213		198
	Other accrued expenses	$	2,783	$	2,702

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	53 Months Ended
	Sep. 30, 2013
Share-Based Compensation Expense Recognized in Accompanying Statements of Operations	'
	Share-based compensation expense for all equity based programs, including stock options and the employee stock purchase plan, for the three and nine months ended September 30, 2013 and 2012, respectively, was recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended September 30,					Nine Months Ended September 30,
		2013			2012		2013		2012
	Research and development	$	1,138		$	687	$	3,095	$	1,719
	General and administrative		1,653			807		3,568		1,889
	Total share-based compensation expense	$	2,791		$	1,494	$	6,663	$	3,608
Summary of Stock Options Activity	'
	The following table summarizes the activity relating to the Company’s options to purchase common stock for the nine month period ended September 30, 2013:
		Option Shares			Weighted-		Weighted-		Aggregate
		Outstanding			Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price		Contractual
							Term (Years)
	Balance at December 31, 2012		1,599,044		$	14.05
	Granted		1,080,658			29.83
	Exercised		(132,349	)		9.24
	Forfeited		(29,400	)		16.75
	Balance at September 30, 2013		2,517,953		$	21.04		8.55	$	101,885,010
	Vested and expected to vest at September 30, 2013		2,325,710		$	20.59		8.5	$	95,108,922
	Vested at September 30, 2013		824,748		$	12.72		7.66	$	39,848,593
Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award	'
	Presented in the table below are financial details associated with our stock options during the three and nine months ended September 30, 2013 and 2012.
		Three Months Ended September 30,
		2013			2012
	Weighted-average grant-date fair value per share	$	43.43		$	14.32
	Intrinsic value of options exercised	$	85,589		$	—
	Cash received from stock option exercises	$	34,711		$	—
		Nine Months Ended September 30,
		2013			2012
	Weighted-average grant-date fair value per share	$	18.43		$	15.01
	Intrinsic value of options exercised	$	5,801,963		$	223,319
	Cash received from stock option exercises	$	1,223,023		$	42,149

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	53 Months Ended
	Sep. 30, 2013
Shares Outstanding Excluded from Calculation of Diluted Net Loss Per Share	'
	The shares outstanding at the end of the respective periods presented in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands):
		Three and
		Nine Months Ended September 30,
		2013		2012
	Common shares under option		2,341		1,067
	Total potential dilutive shares		2,341		1,067

Assets_Measured_at_Fair_Value_

Assets Measured at Fair Value on Recurring Basis (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets at fair value	$352,885	$135,385
Money Market	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets at fair value	352,885	135,385
Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets at fair value	352,885	135,385
Fair Value, Inputs, Level 1 | Money Market	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets at fair value	$352,885	$135,385

Financial_Instruments_and_Fair2

Financial Instruments and Fair Value Measurement - Additional Information (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Security transfers between Levels 1 and 2	$0

Other_Accrued_Expenses_Detail

Other Accrued Expenses (Detail) (USD $)	Sep. 30, 2013	Dec. 31, 2012
In Thousands, unless otherwise specified
Accrued Liabilities [Line Items]	'	'
Accrued personnel costs	$2,205	$2,441
Accrued corporate legal fees and professional services	365	63
Accrued expenses - other	213	198
Other accrued expenses	$2,783	$2,702

Convertible_Promissory_Notes_A

Convertible Promissory Notes - Additional Information (Detail) (USD $)	1 Months Ended	9 Months Ended
In Millions, except Share data, unless otherwise specified	Nov. 30, 2011	Sep. 30, 2013	Jun. 30, 2011	Jun. 30, 2011	Jun. 30, 2011	31-May-11
			Convertible Notes Payable	Convertible Notes Payable	Convertible Notes Payable	Convertible Notes Payable
			Cash	Developed Technology Rights	Pfizer	Existing Investors
						Cash
Debt Instrument [Line Items]	'	'	'	'	'	'
Notes issued	'	'	$8	$7	$15	$20
Notes accrued interest rate	'	5.00%	'	'	'	'
Notes accrued maturity date	'	25-May-12	'	'	'	'
Conversion of notes into common stock	2,757,788	'	'	'	'	'

Convertible_Preferred_Stock_an1

Convertible Preferred Stock and Stockholders' Equity - Additional Information (Detail) (USD $)	1 Months Ended	9 Months Ended		53 Months Ended	1 Months Ended					12 Months Ended
	Nov. 30, 2011	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Jun. 30, 2013	Apr. 30, 2012	Nov. 30, 2011	31-May-09	Nov. 30, 2011	Dec. 31, 2009	31-May-09
					Common Stock	Common Stock	Common Stock	Common Stock	Convertible Preferred Stock	Convertible Preferred Stock	Convertible Preferred Stock
Shareholders Equity [Line Items]	'	'	'	'	'	'	'	'	'	'	'
Common stock, shares issued	'	'	'	'	3,819,444	3,750,000	10,700,000	1,206,899	'	'	'
Common stock shares issued, per share	'	'	'	'	'	'	'	$0.00	'	'	'
Sale of stock price per share	'	'	'	'	$72	$20	$13	'	'	'	'
Net proceeds from issuance of common stock, initial public offering	'	'	'	'	'	'	$129,400,000	'	'	'	'
Underwriting commission cost	'	'	'	'	'	'	6,900,000	'	'	'	'
Issuance costs	'	'	'	'	'	'	2,800,000	'	'	174,000	'
Proceeds from sale of common stock, net of issuance costs	'	259,071,000	69,976,000	458,406,000	259,100,000	70,000,000	'	'	'	'	'
Maximum issuable value of preferred stock	'	'	'	'	'	'	'	'	'	'	146,300,000
Cash proceeds on issuance of convertible preferred stock	'	'	'	'	'	'	'	'	'	$75,500,000	'
Conversion of convertible preferred stock into common stock	2,757,788	'	'	'	'	'	'	'	7,244,523	'	'
Rate of conversion of convertible stock into common stock	'	'	'	'	'	'	2.9	'	'	'	'

ShareBased_Compensation_Expens

Share-Based Compensation Expense Recognized in Accompanying Statements of Operations (Detail) (USD $)	3 Months Ended		9 Months Ended		53 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Share-based compensation expense	$2,791	$1,494	$6,663	$3,608	$13,009
Research and Development Expense	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Share-based compensation expense	1,138	687	3,095	1,719	'
General and Administrative Expense	'	'	'	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Share-based compensation expense	$1,653	$807	$3,568	$1,889	'

ShareBased_Compensation_Additi

Share-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012	Dec. 31, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'	'
Share-based compensation expense, tax benefit recognized	$0	$0	$0	$0	'
Capitalized share-based compensation expense	'	'	0	'	0
Pretax intrinsic value, closing stock price	60.8	'	60.8	'	'
Unrecognized share-based compensation expense	$22,200,000	'	$22,200,000	'	'
Weighted average remaining vesting period	'	'	'2 years 8 months 12 days	'	'

Summary_of_Stock_Options_Activ

Summary of Stock Options Activity (Detail) (USD $)	9 Months Ended
	Sep. 30, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Beginning Balance, Option Shares Outstanding	1,599,044
Granted, Option Shares Outstanding	1,080,658
Exercised, Option Shares Outstanding	-132,349
Forfeited, Option Shares Outstanding	-29,400
Ending Balance, Option Shares Outstanding	2,517,953
Vested and expected to vest, Option Shares Outstanding	2,325,710
Vested, Option Shares Outstanding	824,748
Beginning Balance, Weighted Average Exercise Price	$14.05
Granted, Weighted Average Exercise Price	$29.83
Exercised, Weighted Average Exercise Price	$9.24
Forfeited, Weighted Average Exercise Price	$16.75
Ending Balance, Weighted Average Exercise Price	$21.04
Vested and expected to vest, Weighted Average Exercise Price	$20.59
Vested, Weighted Average Exercise Price	$12.72
Outstanding, Weighted Average Remaining Contractual Term (Years)	'8 years 6 months 18 days
Vested and expected to vest, Weighted Average Remaining Contractual Term (Years)	'8 years 6 months
Vested, Weighted Average Remaining Contractual Term (Years)	'7 years 7 months 28 days
Outstanding, Aggregate Intrinsic Value	$101,885,010
Vested and expected to vest, Aggregate Intrinsic Value	95,108,922
Vested, Aggregate Intrinsic Value	$39,848,593

Schedule_of_ShareBased_Compens

Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award (Detail) (USD $)	3 Months Ended		9 Months Ended
	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'	'
Weighted-average grant-date fair value per share	$43.43	$14.32	$18.43	$15.01
Intrinsic value of options exercised	$85,589	'	$5,801,963	$223,319
Cash received from stock option exercises	$34,711	'	$1,223,023	$42,149

License_Agreements_Additional_

License Agreements - Additional Information (Detail) (USD $)

1 Months Ended

9 Months Ended

53 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

1 Months Ended

1 Months Ended

Nov. 30, 2011

Sep. 30, 2013

Sep. 30, 2012

Sep. 30, 2013

Dec. 31, 2012

Nov. 30, 2011

Nov. 30, 2010

Sep. 30, 2013

Sep. 30, 2013

Apr. 30, 2012

Jul. 31, 2012

Nov. 30, 2009

Jun. 30, 2011

Nov. 30, 2009

31-May-10

Jun. 30, 2011

Apr. 30, 2012

Jan. 31, 2013

Nov. 30, 2010

Jan. 31, 2012

License Agreements Licensor Pfizer

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreement Terms

Up-front license payment

Up-front license payment

Up-front license payment

Up-front license payment

Up-front license payment

Up-front license payment

Up-front license payment

Payment On Territory Expansion

Regulatory Milestone Payment

License Agreements Licensor Clavis Pharma

License Agreements Licensor Avila Therapeutics

License Agreements Licensor Pfizer

License Agreements Licensor Astra Zeneca U K Ltd

License Agreements Licensor Array Bio Pharma Inc

License Agreements Licensor Clavis Pharma

License Agreements Licensor Pfizer

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreements Licensor Avila Therapeutics

CO-101

CO-1686

Rucaparib

Rucaparib

License Agreements KIT

CO-101

Rucaparib

License Agreements Licensor Clavis Pharma

License Agreements Licensor Avila Therapeutics

License Agreements Licensor Pfizer

License Agreements Licensor Astra Zeneca U K Ltd

License Agreements Licensor Gatekeeper

License Agreements Licensor Clavis Pharma

CO-1686

CO-101

CO-1686

Rucaparib

Rucaparib

CO-1686

CO-101

Research and Development Arrangement, Contract to Perform for Others [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Up-front payment

'

'

'

'

'

'

'

'

'

'

'

'

'

$15,000,000

$2,000,000

'

$250,000

$250,000

$10,000,000

'

Acquired in process research and development costs

'

250,000

4,250,000

36,585,000

'

'

'

'

'

'

'

13,100,000

'

'

'

'

'

'

'

4,000,000

Future expected development and regulatory payment

'

'

'

'

'

'

'

115,000,000

'

700,000

'

'

'

'

'

'

'

'

'

'

Sales milestone payments

'

'

'

'

'

'

'

120,000,000

'

'

'

'

'

'

'

'

'

'

'

'

Convertible promissory note

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,000,000

'

'

'

'

Interest rate on promissory note

'

5.00%

'

5.00%

'

'

'

'

'

'

'

'

5.00%

'

'

'

'

'

'

'

Principal balance and all accrued and unpaid interest on notes converted to common stock

'

'

'

'

'

7,200,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Conversion of convertible preferred stock into common stock

2,757,788

'

'

'

'

551,222

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Future expected development, regulatory and sales milestone payments

'

'

'

'

'

'

'

'

259,000,000

'

192,000,000

'

'

'

'

'

'

'

'

'

Prepayment of preclinical Activities

'

1,167,000

'

1,167,000

116,000

'

'

'

'

'

'

1,900,000

'

'

'

'

'

'

'

'

Maximum licensor reimbursement of development costs incurred

'

'

'

'

'

'

$3,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Shares_Outstanding_Excluded_fr

Shares Outstanding Excluded from Calculation of Diluted Net Loss Per Share (Detail)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2013	Sep. 30, 2012	Sep. 30, 2013	Sep. 30, 2012
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Total potential dilutive shares	2,341	1,067	2,341	1,067
Stock Options	'	'	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'	'	'
Total potential dilutive shares	2,341	1,067	2,341	1,067

Commitments_And_Contingencies_

Commitments And Contingencies - Additional Information (Detail) (USD $)	1 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2013	Sep. 30, 2013
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'	'
Purchase commitment	'	$6.80
Contractual agreement quarterly forecasts required period	'24 months	'
Contractual agreement obligated forecast period	'12 months	'