Clovis Oncology (CLVSQ) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	1-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	'CLVS	'
Entity Registrant Name	'CLOVIS ONCOLOGY, INC.	'
Entity Central Index Key	'0001466301	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	33,911,587

Consolidated_Statements_of_Ope

Consolidated Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
License and milestone revenue	$13,625	'
Operating Expenses:	'	'
Research and development	24,151	12,122
General and administrative	5,320	3,218
Acquired in-process research and development	8,406	250
Amortization of intangible asset	3,409	'
Accretion of contingent purchase consideration	822	'
Total expenses	42,108	15,590
Operating loss	-28,483	-15,590
Other income (expense), net	-106	-78
Loss before income taxes	-28,589	-15,668
Income taxes	-2,129	'
Net loss	-30,718	-15,668
Basic and diluted net loss per common share	($0.91)	($0.60)
Basic and diluted weighted average common shares outstanding	33,820	26,034
Comprehensive loss	($30,199)	($15,677)

Consolidated_Balance_Sheets

Consolidated Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current assets:	'	'
Cash and cash equivalents	$303,654	$323,228
Prepaid research and development expenses	866	976
Other current assets	4,817	4,392
Total current assets	309,337	328,596
Property and equipment, net	1,113	955
Intangible assets	241,511	244,518
Goodwill	74,931	74,811
Other assets	2,499	755
Total assets	629,391	649,635
Current liabilities:	'	'
Accounts payable	2,796	4,420
Accrued research and development expenses	19,247	12,548
Other accrued expenses	2,113	3,984
Total current liabilities	24,156	20,952
Contingent purchase consideration	56,630	55,754
Deferred income taxes, net	75,835	74,955
Other non-current liabilities	26	88
Total liabilities	156,647	151,749
Commitments and contingencies (Note 14)	'	'
Stockholders' equity:	'	'
Preferred stock, par value $0.001 per share; 10,000,000 shares authorized, no shares issued and outstanding at March 31, 2014 and December 31, 2013	'	'
Common stock, $0.001 par value per share, 100,000,000 shares authorized at March 31, 2014 and December 31, 2013; 33,901,587 and 33,897,321 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	34	34
Additional paid-in capital	767,226	762,170
Accumulated other comprehensive income	5,216	4,696
Accumulated deficit	-299,732	-269,014
Total stockholders' equity	472,744	497,886
Total liabilities and stockholders' equity	$629,391	$649,635

Consolidated_Balance_Sheets_Pa

Consolidated Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
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	33,901,587	33,897,321
Common stock, shares outstanding	33,901,587	33,897,321

Consolidated_Statements_of_Cas

Consolidated Statements of Cash Flows (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Operating activities	'	'
Net loss	($30,718)	($15,668)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'
Depreciation and amortization	3,477	62
Share-based compensation expense	4,936	1,764
Change in value of contingent purchase consideration	876	'
Deferred income taxes	761	'
Changes in operating assets and liabilities, net of acquisition of a business:	'	'
Prepaid and accrued research and development expenses	5,731	-1,266
Other operating assets	-463	196
Accounts payable	-2,224	1,501
Other accrued expenses	-1,910	-1,072
Net cash used in operating activities	-19,534	-14,483
Investing activities	'	'
Purchases of property and equipment	-220	-47
Net cash used in investing activities	-220	-47
Financing activities	'	'
Proceeds from exercise of stock options and employee stock purchase plan	57	86
Net cash provided by financing activities	57	86
Effect of exchange rate changes on cash and cash equivalents	123	-19
Decrease in cash and cash equivalents	-19,574	-14,463
Cash and cash equivalents at beginning of period	323,228	144,097
Cash and cash equivalents at end of period	$303,654	$129,634

Nature_of_Business_and_Basis_o

Nature of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Nature of Business and Basis of Presentation	'
	1. Nature of Business and Basis of Presentation
	Clovis Oncology, Inc. (the “Company”) 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, evaluating new product acquisition candidates, and general corporate activities. In the first quarter of 2014, the Company exited the development stage, with the recognition of $13.6 million in license and milestone revenue related to its lucitanib collaboration and license agreement with Les Laboratoires Servier (Servier) (see Note 11). The license and milestone revenue recognized is the first significant revenue from principal operations and therefore the Company is no longer considered a development stage company as of March 31, 2014.
	Basis of Presentation
	All financial information presented includes the accounts of the Company’s wholly owned subsidiaries. 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. 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. Subsequent events have been evaluated through the date these financial statements were filed with the Securities & Exchange Commission. 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, 2013 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, revenue, other comprehensive loss and related disclosures. On an ongoing basis, management evaluates its estimates, including estimates related to contingent purchase consideration, the allocation of purchase consideration, intangible assets, 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 debt and 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 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	3 Months Ended
	Mar. 31, 2014
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, 2013.

EOS_Acquisition

EOS Acquisition	3 Months Ended
	Mar. 31, 2014
EOS Acquisition	'
	3. EOS Acquisition
	On November 19, 2013, the Company acquired all of the outstanding common and preferred stock of Ethical Oncology Science, S.p.A. (EOS). The initial purchase consideration was comprised of a cash payment of $11.8 million and the issuance of $173.7 million of Company’s common stock to the former EOS shareholders. The Company may make additional purchase payments to the previous EOS shareholders if certain lucitanib regulatory and sales milestones are achieved. The range of the potential contingent milestone payments are zero to an estimated maximum of $65.0 million US dollars and €115.0 million Euros. The Company records a liability for the estimated fair value of these payments, which totaled $56.6 million at March 31, 2014.

Financial_Instruments_and_Fair

Financial Instruments and Fair Value Measurement	3 Months Ended
	Mar. 31, 2014
Financial Instruments and Fair Value Measurement	'
	4. 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.
	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 Level 3 assets. The contingent purchase consideration related to the undeveloped lucitanib product rights acquired in 2013 with the purchase of Ethical Oncology Science, S.p.A. (EOS) is a level 3 liability. The fair value of this liability is based on unobservable inputs and includes valuations for which there is little, if any, market activity. See Note 3 of the Company’s 2013 Form 10-K for further discussion of the unobservable inputs and valuation techniques related to the contingent purchase consideration liability.
	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
	March 31, 2014
	Assets:
	Money market	$	282,986	$	282,986	$	—	$	—
	Total assets at fair value	$	282,986	$	282,986	$	—	$	—
	Liabilities:
	Contingent purchase consideration	$	56,630	$	—	$	—	$	56,630
	Total liabilities at fair value	$	56,630	$	—	$	—	$	56,630
	December 31, 2013
	Assets:
	Money market	$	318,886	$	318,886	$	—	$	—
	Total assets at fair value	$	318,886	$	318,886	$	—	$	—
	Liabilities:
	Contingent purchase consideration	$	55,754	$	—	$	—	$	55,754
	Total liabilities at fair value	$	55,754	$	—	$	—	$	55,754
	There were no security transfers between Levels 1 and 2 during the three month period ended March 31, 2014.
	The following table represents a roll-forward of the fair value of Level 3 instruments (significant unobservable inputs) in thousands:
		For the Three Months
		ended March 31, 2014
	Liabilities:
	Balance at beginning of period	$	55,754
	Net change in fair value		876
	Balance at end of period	$	56,630

Other_Current_Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2014
Other Current Assets	'
	5. Other Current Assets
	Other current assets are comprised of the following (in thousands):
		March 31, 2014		December 31, 2013
	Receivable from partner	$	2,935	$	2,921
	VAT recoverable		411		950
	Prepaid expenses and other		1,471		521
	Other current assets	$	4,817	$	4,392

Other_Accrued_Expenses

Other Accrued Expenses	3 Months Ended
	Mar. 31, 2014
Other Accrued Expenses	'
	6. Other Accrued Expenses
	Other accrued expenses are comprised of the following (in thousands):
		March 31, 2014		December 31, 2013
	Accrued personnel costs	$	1,652	$	3,356
	Accrued corporate legal fees and professional services		145		257
	Accrued expenses – other		316		371
	Other accrued expenses	$	2,113	$	3,984

Intangible_Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2014
Intangible Assets	'
	7. Intangible Assets
	Intangible acquired in-process research and development assets, or intangible assets, were established as part of the purchase accounting of EOS S.p.A. in November 2013. The balance of this account at March 31, 2014 and December 31, 2013 was $241.5 million and $244.5 million, respectively. The decrease to the intangible asset balance was primarily attributed to a reduction in expected future milestone revenue cash flows from our lucitanib development activities due to the receipt of a lucitanib milestone payment during the first quarter of 2014 from Servier. This reduction of $3.4 million was reported as amortization of intangible asset in the consolidated statements of operations and comprehensive loss. Recurring amortization of these assets will commence when the useful lives of the intangible assets have been determined. IPR&D intangible assets are evaluated for impairment at least annually or more frequently if impairment indicators exist and any reduction in fair value will be recognized as an expense to the statement of operations.

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2014
Goodwill	'
	8. Goodwill
	The acquisition of EOS S.p.A. in November 2013 generated a goodwill balance of $74.8 million at December 31, 2013. This balance increased to $74.9 million due to changes in foreign currency translation rates.

Accumulated_Other_Comprehensiv

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2014
Accumulated Other Comprehensive Loss	'
	9. Accumulated Other Comprehensive Income
	Other comprehensive income consists of foreign currency translation adjustments and is summarized as follows (in thousands):
		Foreign			Total
		Currency			Accumulated
		Translation			Other
		Adjustments			Comprehensive
					Income
	Balance December 31, 2013	$	4,696		$	4,696
	Period change		520			520
	Balance March 31, 2014	$	5,216		$	5,216
	Balance December 31, 2012	$	53		$	53
	Period change		(9	)		(9	)
	Balance March 31, 2013	$	44		$	44
	The period change between December 31, 2013 and March 31, 2014 is due mainly to the currency translation of the IPR&D intangible assets and goodwill associated with the acquisition of EOS in November 2013.

ShareBased_Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2014
Share-Based Compensation	'
	10. Share-Based Compensation
	Share-based compensation expense for all equity based programs, including stock options and the employee stock purchase plan, for the three months ended March 31, 2014 and 2013, respectively, was recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended March 31,
		2014			2013
	Research and development	$	2,434		$	854
	General and administrative		2,502			910
	Total share-based compensation expense	$	4,936		$	1,764
	The Company did not recognize a tax benefit related to share-based compensation expense during the three months ended March 31, 2014 and 2013, respectively, as the Company maintains net operating loss carryforwards and has established a valuation allowance against the entire net deferred tax asset as of March 31, 2014. No share-based compensation expense was capitalized on our Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013.
	The following table summarizes the activity relating to the Company’s options to purchase common stock for the three month period ended March 31, 2014:
		Option Shares			Weighted-		Weighted-		Aggregate
		Outstanding			Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price		Contractual
							Term (Years)
	Balance at December 31, 2013		2,520,170		$	21.19
	Granted		874,345			74.54
	Exercised		(4,266	)		13.28
	Forfeited		—			—
	Balance at March 31, 2014		3,390,249		$	34.96		8.51	$	121,404,150
	Vested and expected to vest at March 31, 2014		3,126,041		$	33.15		8.44	$	117,079,565
	Vested at March 31, 2014		1,228,548		$	16.5		7.59	$	64,927,605
	The aggregate intrinsic value in the table above represents the pretax intrinsic value, based on our closing stock price of $69.27 as of March 31, 2014, 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 months ended March 31, 2014 and 2013.
		Three Months Ended March 31,
		2014			2013
	Weighted-average grant-date fair value per share	$	46.38		$	13.58
	Intrinsic value of options exercised	$	285,808		$	175,887
	Cash received from stock option exercises	$	56,651		$	86,376
	As of March 31, 2014, the unrecognized share-based compensation expense related to nonvested options, adjusted for expected forfeitures, was $48.0 million and the estimated weighted-average remaining vesting period was 3.3 years.

License_Agreements

License Agreements	3 Months Ended
	Mar. 31, 2014
License Agreements	'
	11. License Agreements
	CO-1686
	In May 2010, the Company entered into a worldwide license agreement with Avila Therapeutics, Inc. (now part of Celgene Corporation) to discover, develop and commercialize a covalent inhibitor of mutant forms of the epidermal growth factor receptor gene product. 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 and 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 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.
	In February, 2014, the Company initiated a Phase II study for CO-1686 which resulted in a $5.0 million milestone payment to Celgene as required by the license agreement. This payment was recognized as acquired in-process research and development expense. The Company may be required to pay up to an additional aggregate of $110.0 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.
	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 a $7.0 million up-front payment to Pfizer. 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 $259.0 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.
	Lucitanib
	In connection with its November 2013 acquisition of Ethical Oncology Science, S.p.A., an Italian corporation (EOS), the Company gained rights to develop and commercialize lucitanib, an oral, selective tyrosine kinase inhibitor. As further described below, EOS licensed the worldwide rights, excluding China, to develop and commercialize lucitanib from Advenchen Laboratories LLC. Subsequently, rights to develop and commercialize lucitanib in markets outside the U.S. and Japan were sublicensed by EOS to Les Laboratoires Servier in exchange for upfront milestone fees, royalties on sales of lucitanib in the sublicensed territories, and research and development funding commitments.
	In October 2008, EOS entered into an exclusive license agreement with Advenchen Laboratories LLC (Advenchen) to develop and commercialize lucitanib on a global basis, excluding China. The Company is obligated to pay Advenchen royalties on net sales of lucitanib, based on the volume of annual net sales achieved. In addition, the Company is obligated to pay to Advenchen twenty five percent of any consideration, excluding royalties, received pursuant to any sublicense agreements for lucitanib, including the agreement with Les Laboratoires Servier (Servier). In the first quarter of 2014, the Company recorded $3.4 million due to Advenchen, which represented 25% of the sublicense agreement consideration of $13.6 million received from Servier upon the end of opposition and appeal of the lucitanib patent by the European Patent Office. The $3.4 million was reported as acquired in-process research and development expense on the consolidated statement of operations.
	In September 2012, EOS entered into a collaboration and license agreement with Les Laboratoires Servier (Servier) whereby EOS sublicensed to Servier exclusive rights to develop and commercialize lucitanib in all countries outside of the U.S., Japan, and China. In exchange for these rights, EOS received an upfront payment and is entitled to receive additional payments on the achievement of specified development, regulatory and commercial milestones up to €90.0 million in the aggregate. In addition, the Company is entitled to receive sales milestone payments if specified annual sales targets for lucitanib are met, which, in the aggregate, could total €250.0 million. The Company is also entitled to receive royalties on net sales of lucitanib by Servier.
	The development, regulatory and commercial milestones represent non-refundable amounts that would be paid by Servier to the Company if certain milestones are achieved in the future. These milestones, if achieved, are substantive as they relate solely to past performance, are commensurate with estimated enhancement of value associated with the achievement of each milestone as a result of the Company’s performance, which are reasonable relative to the other deliverables and terms of the arrangement, and are unrelated to the delivery of any further elements under the arrangement.
	In the first quarter of 2014, the Company received $13.6 million from Servier upon the end of opposition and appeal of the lucitanib patent by the European Patent Office. This payment was recorded as license and milestone revenue.
	The Company and Servier are developing lucitanib pursuant to a development plan agreed to between the parties. Servier is responsible for all of the initial global development costs under the agreed upon plan up to €80.0 million. Cumulative global development costs, if any, in excess of €80.0 million will be shared equally between the Company and Servier. At March 31, 2014, a receivable balance of $2.9 million was recorded by the Company for reimbursement by Servier for development activities performed under the global development plan. Reimbursements for expenses incurred under the plan are recorded as a reduction to research and development expense.

Net_Loss_Per_Common_Share

Net Loss Per Common Share	3 Months Ended
	Mar. 31, 2014
Net Loss Per Common Share	'
	12. Net Loss Per Common 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 Months Ended March 31,
		2014		2013
	Common shares under option		2,379		2,466
	Total potential dilutive shares		2,379		2,466

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Taxes	'
	13. Income Taxes
	Income tax expense of $2.1 million was recorded during the three months ended March 31, 2014 due to taxable income earned in a foreign jurisdiction resulting from milestone revenue received during the quarter. This expense was partially offset by a deferred tax benefit recognized upon the amortization of intangible assets in the first quarter of 2014 (see Note 7). The Company maintains a valuation allowance against the majority of the net deferred tax assets held at March 31, 2014 and intends to maintain this valuation allowance until there is sufficient evidence that consistent future earnings can be achieved, which is uncertain at this time.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies	'
	14. Commitments and Contingencies
	Royalty and License Fee Commitments
	The Company has entered into certain license agreements, as identified in Note 11, 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 March 31, 2014 and December 31, 2013.
	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 March 31, 2014, $1.0 million of purchase commitments were established under this agreement.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
	15. 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)	3 Months Ended
	Mar. 31, 2014
Basis of Presentation	'
	Basis of Presentation
	All financial information presented includes the accounts of the Company’s wholly owned subsidiaries. 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. 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. Subsequent events have been evaluated through the date these financial statements were filed with the Securities & Exchange Commission. 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, 2013 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, revenue, other comprehensive loss and related disclosures. On an ongoing basis, management evaluates its estimates, including estimates related to contingent purchase consideration, the allocation of purchase consideration, intangible assets, 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 debt and 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 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)	3 Months Ended
	Mar. 31, 2014
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
	March 31, 2014
	Assets:
	Money market	$	282,986	$	282,986	$	—	$	—
	Total assets at fair value	$	282,986	$	282,986	$	—	$	—
	Liabilities:
	Contingent purchase consideration	$	56,630	$	—	$	—	$	56,630
	Total liabilities at fair value	$	56,630	$	—	$	—	$	56,630
	December 31, 2013
	Assets:
	Money market	$	318,886	$	318,886	$	—	$	—
	Total assets at fair value	$	318,886	$	318,886	$	—	$	—
	Liabilities:
	Contingent purchase consideration	$	55,754	$	—	$	—	$	55,754
	Total liabilities at fair value	$	55,754	$	—	$	—	$	55,754
Roll-forward of Fair Value of Level 3 Instruments (significant unobservable inputs)	'
	The following table represents a roll-forward of the fair value of Level 3 instruments (significant unobservable inputs) in thousands:
		For the Three Months
		ended March 31, 2014
	Liabilities:
	Balance at beginning of period	$	55,754
	Net change in fair value		876
	Balance at end of period	$	56,630

Other_Current_Assets_Tables

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Other Current Assets	'
	Other current assets are comprised of the following (in thousands):
		March 31, 2014		December 31, 2013
	Receivable from partner	$	2,935	$	2,921
	VAT recoverable		411		950
	Prepaid expenses and other		1,471		521
	Other current assets	$	4,817	$	4,392

Other_Accrued_Expenses_Tables

Other Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2014
Other Accrued Expenses	'
	Other accrued expenses are comprised of the following (in thousands):
		March 31, 2014		December 31, 2013
	Accrued personnel costs	$	1,652	$	3,356
	Accrued corporate legal fees and professional services		145		257
	Accrued expenses – other		316		371
	Other accrued expenses	$	2,113	$	3,984

Accumulated_Other_Comprehensiv1

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2014
Component of Other Comprehensive Income	'
	Other comprehensive income consists of foreign currency translation adjustments and is summarized as follows (in thousands):
		Foreign			Total
		Currency			Accumulated
		Translation			Other
		Adjustments			Comprehensive
					Income
	Balance December 31, 2013	$	4,696		$	4,696
	Period change		520			520
	Balance March 31, 2014	$	5,216		$	5,216
	Balance December 31, 2012	$	53		$	53
	Period change		(9	)		(9	)
	Balance March 31, 2013	$	44		$	44

ShareBased_Compensation_Tables

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
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 months ended March 31, 2014 and 2013, respectively, was recognized in the accompanying Consolidated Statements of Operations and Comprehensive Loss as follows:
		Three Months Ended March 31,
		2014			2013
	Research and development	$	2,434		$	854
	General and administrative		2,502			910
	Total share-based compensation expense	$	4,936		$	1,764
Summary of Stock Options Activity	'
	The following table summarizes the activity relating to the Company’s options to purchase common stock for the three month period ended March 31, 2014:
		Option Shares			Weighted-		Weighted-		Aggregate
		Outstanding			Average		Average		Intrinsic
					Exercise		Remaining		Value
					Price		Contractual
							Term (Years)
	Balance at December 31, 2013		2,520,170		$	21.19
	Granted		874,345			74.54
	Exercised		(4,266	)		13.28
	Forfeited		—			—
	Balance at March 31, 2014		3,390,249		$	34.96		8.51	$	121,404,150
	Vested and expected to vest at March 31, 2014		3,126,041		$	33.15		8.44	$	117,079,565
	Vested at March 31, 2014		1,228,548		$	16.5		7.59	$	64,927,605
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 months ended March 31, 2014 and 2013.
		Three Months Ended March 31,
		2014			2013
	Weighted-average grant-date fair value per share	$	46.38		$	13.58
	Intrinsic value of options exercised	$	285,808		$	175,887
	Cash received from stock option exercises	$	56,651		$	86,376

Net_Loss_Per_Common_Share_Tabl

Net Loss Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
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 Months Ended March 31,
		2014		2013
	Common shares under option		2,379		2,466
	Total potential dilutive shares		2,379		2,466

Nature_of_Business_and_Basis_o2

Nature of Business and Basis of Presentation - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Nature Of Business [Line Items]	'
License and milestone revenue	$13,625
Les Laboratoires Servier	'
Nature Of Business [Line Items]	'
License and milestone revenue	$13,600

EOS_Acquisition_Additional_Inf

EOS Acquisition - Additional Information (Detail)	Mar. 31, 2014	Dec. 31, 2013	Nov. 19, 2013	Mar. 31, 2014	Nov. 19, 2013	Nov. 19, 2013	Nov. 19, 2013
	USD ($)	USD ($)	Ethical Oncology Science, S.p.A.	Ethical Oncology Science, S.p.A.	Ethical Oncology Science, S.p.A.	Ethical Oncology Science, S.p.A.	Ethical Oncology Science, S.p.A.
			USD ($)	USD ($)	Regulatory and Sales Milestones	Regulatory and Sales Milestones	Regulatory and Sales Milestones
					Maximum	Maximum	Minimum
					USD ($)	EUR (€)	USD ($)
Business Acquisition [Line Items]	'	'	'	'	'	'	'
Business acquisition cash payments made on acquisition	'	'	$11,800,000	'	'	'	'
Business acquisition, common stock issued at acquisition date	'	'	173,700,000	'	'	'	'
Future potential cash consideration payments	'	'	'	'	65,000,000	115,000,000	0
Fair value of contingent consideration	$56,630,000	$55,754,000	'	$56,600,000	'	'	'

Assets_Measured_at_Fair_Value_

Assets Measured at Fair Value on Recurring Basis (Detail) (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 at fair value	$282,986	$318,886
Contingent purchase consideration	56,630	55,754
Liabilities at fair value	56,630	55,754
Money Market	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets at fair value	282,986	318,886
Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets at fair value	282,986	318,886
Fair Value, Inputs, Level 1 | Money Market	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Assets at fair value	282,986	318,886
Fair Value, Inputs, Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Contingent purchase consideration	56,630	55,754
Liabilities at fair value	$56,630	$55,754

Fair_Value_Measurements_Additi

Fair Value Measurements - Additional Information (Detail) (USD $)	Mar. 31, 2014
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'
Security transfers between Levels 1 and 2	$0

Rollforward_of_Fair_Value_of_L

Roll-forward of Fair Value of Level 3 Instruments (significant unobservable inputs) (Detail) (Fair Value, Inputs, Level 3, USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Fair Value, Inputs, Level 3	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'
Balance at beginning of period	$55,754
Net change in fair value	876
Balance at end of period	$56,630

Other_Current_Assets_Detail

Other Current Assets (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other Current Assets [Line Items]	'	'
Receivable from partner	$2,935	$2,921
VAT recoverable	411	950
Prepaid expenses and other	1,471	521
Other current assets	$4,817	$4,392

Other_Accrued_Expenses_Detail

Other Accrued Expenses (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Accrued Liabilities [Line Items]	'	'
Accrued personnel costs	$1,652	$3,356
Accrued corporate legal fees and professional services	145	257
Accrued expenses - other	316	371
Other accrued expenses	$2,113	$3,984

Intangible_Assets_Additional_I

Intangible Assets - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Dec. 31, 2013
Finite-Lived Intangible Assets [Line Items]	'	'
Impairment charges for intangible assets	$3,409	'
Intangible assets	241,511	244,518
In Process Research and Development	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Intangible assets	$241,500	$244,500

Goodwill_Additional_Informatio

Goodwill - Additional Information (Detail) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Goodwill [Line Items]	'	'
Goodwill	$74,931	$74,811
Ethical Oncology Science, S.p.A.	'	'
Goodwill [Line Items]	'	'
Goodwill	$74,900	$74,800

Component_of_Other_Comprehensi

Component of Other Comprehensive Income (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning balance	$4,696	$53
Period change	520	-9
Ending balance	5,216	44
Foreign Currency Translation Adjustment	'	'
Accumulated Other Comprehensive Income (Loss) [Line Items]	'	'
Beginning balance	4,696	53
Period change	520	-9
Ending balance	$5,216	$44

ShareBased_Compensation_Expens

Share-Based Compensation Expense Recognized in Accompanying Statements of Operations (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based compensation expense	$4,936	$1,764
Research and development	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based compensation expense	2,434	854
General and administrative	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based compensation expense	$2,502	$910

ShareBased_Compensation_Additi

Share-Based Compensation - Additional Information (Detail) (USD $)	3 Months Ended		12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'	'
Share-based compensation expense, tax benefit recognized	$0	$0	'
Capitalized share-based compensation expense	0	'	0
Closing stock price	$69.27	'	'
Unrecognized stock-based compensation expense related to nonvested options	$48,000,000	'	'
Unrecognized stock-based compensation expense related to nonvested options, weighted-average remaining vesting period	'3 years 3 months 18 days	'	'

Summary_of_Stock_Options_Activ

Summary of Stock Options Activity (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'
Beginning Balance, Option Shares Outstanding	2,520,170
Granted, Option Shares Outstanding	874,345
Exercised, Option Shares Outstanding	-4,266
Forfeited, Option Shares Outstanding	'
Ending Balance, Option Shares Outstanding	3,390,249
Vested and expected to vest, Option Shares Outstanding	3,126,041
Vested, Option Shares Outstanding	1,228,548
Beginning Balance, Weighted Average Exercise Price	$21.19
Granted, Weighted Average Exercise Price	$74.54
Exercised, Weighted Average Exercise Price	$13.28
Forfeited, Weighted Average Exercise Price	'
Ending Balance, Weighted Average Exercise Price	$34.96
Vested and expected to vest, Weighted Average Exercise Price	$33.15
Vested, Weighted Average Exercise Price	$16.50
Outstanding, Weighted Average Remaining Contractual Term (Years)	'8 years 6 months 4 days
Vested and expected to vest, Weighted Average Remaining Contractual Term (Years)	'8 years 5 months 9 days
Vested, Weighted Average Remaining Contractual Term (Years)	'7 years 7 months 2 days
Outstanding, Aggregate Intrinsic Value	$121,404,150
Vested and expected to vest, Aggregate Intrinsic Value	117,079,565
Vested, Aggregate Intrinsic Value	$64,927,605

Schedule_of_ShareBased_Compens

Schedule of Share-Based Compensation Arrangements by Share-Based Payment Award (Detail) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Weighted-average grant-date fair value per share	$46.38	$13.58
Intrinsic value of options exercised	$285,808	$175,887
Cash received from stock option exercises	$56,651	$86,376

License_Agreements_Additional_

License Agreements - Additional Information (Detail)

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Sep. 30, 2012

Mar. 31, 2014

Apr. 30, 2012

Feb. 28, 2014

Mar. 31, 2014

Oct. 31, 2008

Mar. 31, 2014

Jan. 31, 2013

Apr. 30, 2012

31-May-10

Jun. 30, 2011

Feb. 28, 2014

USD ($)

USD ($)

USD ($)

Les Laboratoires Servier

Les Laboratoires Servier

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

Regulatory Milestone Payment

EUR (€)

USD ($)

License Agreements Licensor Astra Zeneca U K Ltd

License Agreements Licensor Avila Therapeutics

License Agreements Licensor Pfizer

Advenchen Laboratories LLC

Advenchen Laboratories LLC

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreement Terms

License Agreements Licensor Avila Therapeutics

Rucaparib

CO-1686

Rucaparib

USD ($)

License Agreements Licensor Gatekeeper

License Agreements Licensor Astra Zeneca U K Ltd

License Agreements Licensor Avila Therapeutics

License Agreements Licensor Pfizer

CO-1686

USD ($)

USD ($)

USD ($)

CO-1686

Rucaparib

CO-1686

Rucaparib

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

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

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Up-front payment

'

'

'

'

'

'

'

'

'

'

$250,000

$250,000

$2,000,000

$7,000,000

'

Acquired in process research and development costs

8,406,000

250,000

'

'

'

'

'

'

'

3,400,000

'

'

'

'

5,000,000

Future expected development and regulatory payment

'

'

'

'

'

700,000

110,000,000

'

'

'

'

'

'

'

'

Sales milestone payments

'

'

'

'

'

'

120,000,000

'

'

'

'

'

'

'

'

Future expected development, regulatory and sales milestone payments

'

'

'

'

'

'

'

259,000,000

'

'

'

'

'

'

'

Percentage of Non-Royalty Consideration Payable on Sublicense Agreements

'

'

'

'

'

'

'

'

25.00%

'

'

'

'

'

'

License and milestone revenue

13,625,000

'

'

'

13,600,000

'

'

'

'

13,600,000

'

'

'

'

'

Additional payments receivable on achievement

'

'

'

90,000,000

'

'

'

'

'

'

'

'

'

'

'

Additional payments receivable on attaining the sales target

'

'

'

250,000,000

'

'

'

'

'

'

'

'

'

'

'

Initial global development costs reimbursable

'

'

'

80,000,000

'

'

'

'

'

'

'

'

'

'

'

Development cost receivable

$2,935,000

'

$2,921,000

'

$2,900,000

'

'

'

'

'

'

'

'

'

'

Shares_Outstanding_Excluded_fr

Shares Outstanding Excluded from Calculation of Diluted Net Loss Per Share (Detail)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total potential dilutive shares	2,379	2,466
Stock Options	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Total potential dilutive shares	2,379	2,466

Income_Taxes_Additional_Inform

Income Taxes - Additional Information (Detail) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014
Income Taxes [Line Items]	'
Income tax expense	$2,129

Commitments_And_Contingencies_

Commitments And Contingencies - Additional Information (Detail) (USD $)	1 Months Ended
In Millions, unless otherwise specified	Feb. 28, 2013	Mar. 31, 2014
Purchase Commitment, Excluding Long-term Commitment [Line Items]	'	'
Purchase commitment	'	$1
Contractual agreement quarterly forecasts required period	'24 months	'
Contractual agreement obligated forecast period	'12 months	'