Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 13-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
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 | 'RVNC | ' |
Entity Registrant Name | 'Revance Therapeutics, Inc. | ' |
Entity Central Index Key | '0001479290 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 18,700,384 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $87,853 | $3,914 |
Restricted cash, current portion | 75 | 75 |
Prepaid expenses and other current assets | 3,244 | 825 |
Total current assets | 91,172 | 4,814 |
Property and equipment, net | 15,150 | 14,315 |
Restricted cash, net of current portion | 435 | 510 |
Other non-current assets | 155 | 3,006 |
TOTAL ASSETS | 106,912 | 22,645 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 3,689 | 5,526 |
Accruals and other current liabilities | 5,515 | 4,161 |
Deferred revenue, current portion | ' | 83 |
Derivative liabilities associated with convertible notes, current portion | ' | 4,890 |
Derivative liabilities associated with Medicis settlement, current portion | ' | 6,684 |
Convertible notes, current portion | ' | 12,157 |
Notes payable, current portion | 13,405 | 10,702 |
Common stock warrant liability | ' | 3,358 |
Total current liabilities | 22,609 | 47,561 |
Convertible preferred stock warrant liability | ' | 1,233 |
Note payable, net of current portion and discount | 400 | 2,632 |
Derivative liabilities associated with Medicis settlement, net of current portion | 1,637 | 1,610 |
Deferred rent | 3,579 | 3,176 |
TOTAL LIABILITIES | 28,225 | 56,212 |
Commitments and Contingencies (Note 9) | ' | ' |
Convertible preferred stock, par value $0.001 per share - 5,000,000 shares and 145,010,269 shares authorized as of March 31, 2014 and December 31, 2013, respectively; 0 shares and 8,689,999 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively (aggregate liquidation preference of $0 and $215,264 as of March 31, 2014 and December 31, 2013, respectively) | ' | 123,982 |
STOCKHOLDERS' EQUITY (DEFICIT) | ' | ' |
Common stock, par value $0.001 per share - 95,000,000 and 224,000,000 shares authorized as of March 31, 2014 and December 31, 2013, respectively; 18,653,301 and 260,789 shares issued and outstanding as of March 31, 2014 and December 31, 2013, respectively | 19 | ' |
Additional paid-in capital | 295,974 | 38,331 |
Deficit accumulated during the development stage | -217,306 | -195,880 |
TOTAL STOCKHOLDERS' EQUITY (DEFICIT) | 78,687 | -157,549 |
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) | $106,912 | $22,645 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 5,000,000 | 145,010,269 |
Convertible preferred stock, shares issued | 0 | 8,689,999 |
Convertible preferred stock, shares outstanding | 0 | 8,689,999 |
Convertible preferred stock, aggregate liquidation preference | $0 | $215,264 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 95,000,000 | 224,000,000 |
Common stock, shares issued | 18,653,301 | 260,789 |
Common stock, shares outstanding | 18,653,301 | 260,789 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statement of Operations and Comprehensive Loss (USD $) | 3 Months Ended | 176 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Revenue | $158,000 | $75,000 | $5,379,000 |
Cost of revenue | ' | ' | 519,000 |
Gross profit | 158,000 | 75,000 | 4,860,000 |
Operating expenses: | ' | ' | ' |
Research and development | 7,551,000 | 7,527,000 | 172,316,000 |
Sales, general and administrative | 4,093,000 | 2,225,000 | 65,670,000 |
Total operating expenses | 11,644,000 | 9,752,000 | 237,986,000 |
Loss from operations | -11,486,000 | -9,677,000 | -233,126,000 |
Interest income | 2,000 | ' | 300,000 |
Interest expense | -9,841,000 | -12,624,000 | -79,100,000 |
Loss on settlement of preferred stock warrant | -1,356,000 | ' | -1,356,000 |
Other income, net | ' | 2,000 | 3,961,000 |
Loss before income taxes | -21,426,000 | -21,657,000 | -292,258,000 |
Benefit from income taxes | ' | ' | 58,000 |
Net and comprehensive loss | -21,426,000 | -21,657,000 | -292,200,000 |
Net income (loss) attributable to common stockholders: | ' | ' | ' |
Basic | -21,426,000 | 5,216,000 | ' |
Diluted | -21,426,000 | 13,349,000 | ' |
Net income (loss) per share attributable to common stockholders: | ' | ' | ' |
Basic | ($1.93) | $25.54 | ' |
Diluted | ($1.93) | $21 | ' |
Weighted-average number of shares used in computing net income (loss) per share attributable to common stockholders: | ' | ' | ' |
Basic | 11,092,471 | 204,220 | ' |
Diluted | 11,092,471 | 635,726 | ' |
Medicis settlement [Member] | ' | ' | ' |
Operating expenses: | ' | ' | ' |
Change in fair value of derivative liabilities | -416,000 | ' | -369,000 |
Convertible preferred stock [Member] | ' | ' | ' |
Operating expenses: | ' | ' | ' |
Change in fair value of warrant liability | -210,000 | -1,158,000 | 5,172,000 |
Common Stock [Member] | ' | ' | ' |
Operating expenses: | ' | ' | ' |
Change in fair value of warrant liability | -2,151,000 | ' | -2,772,000 |
Convertible Notes [Member] | ' | ' | ' |
Operating expenses: | ' | ' | ' |
Change in fair value of derivative liabilities | $4,032,000 | $1,800,000 | $20,196,000 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (USD $) | Total | Series B-1 convertible preferred stock [Member] | Series C-3 convertible preferred stock [Member] | Series E-1 convertible preferred stock [Member] | Series E- 2 convertible preferred stock [Member] | Series E-3 convertible preferred stock [Member] | Series E-4 convertible preferred stock [Member] | Series E-5 convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Convertible preferred stock [Member] | Notes Receivable from Stockholders [Member] | Notes Receivable from Stockholders [Member] | Notes Receivable from Stockholders [Member] | Notes Receivable from Stockholders [Member] | Common Stock [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Other Comprehensive Income (Loss) [Member] | Deficit Accumulated During the Development Stage [Member] | Deficit Accumulated During the Development Stage [Member] | Deficit Accumulated During the Development Stage [Member] | Deficit Accumulated During the Development Stage [Member] |
In Thousands, except Share data | Series A convertible preferred stock [Member] | Series B-1 convertible preferred stock [Member] | Series B-2 convertible preferred stock [Member] | Series C- 1 convertible preferred stock [Member] | Series C-2 convertible preferred stock [Member] | Series C-3 convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series E-1 convertible preferred stock [Member] | Series E- 2 convertible preferred stock [Member] | Series E-3 convertible preferred stock [Member] | Series E-4 convertible preferred stock [Member] | Series E-5 convertible preferred stock [Member] | Series A convertible preferred stock [Member] | Series C- 1 convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series B-1 convertible preferred stock [Member] | Series C-3 convertible preferred stock [Member] | Series E-1 convertible preferred stock [Member] | Series E-4 convertible preferred stock [Member] | Series E-5 convertible preferred stock [Member] | Series E-1 convertible preferred stock [Member] | Series E- 2 convertible preferred stock [Member] | Series E-3 convertible preferred stock [Member] | ||||||||||||||
Beginning Balance at Dec. 31, 2001 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,876 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | $483 | ' | ' | ' | ' | ' | ' | ' | ' | $1,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($25) | ' | ' | ' | $483 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -1,884 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,884 | ' | ' | ' |
Ending Balance at Dec. 31, 2002 | -1,401 | ' | ' | ' | ' | ' | ' | ' | 1,415 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -25 | ' | ' | ' | ' | 483 | ' | ' | ' | ' | ' | ' | -1,884 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2002 | ' | ' | ' | ' | ' | ' | ' | ' | 42,876 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 179,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | 6 | ' | ' | ' | ' | ' | ' | ' | ' | 391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of notes receivable from stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -1,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,180 | ' | ' | ' |
Ending Balance at Dec. 31, 2003 | -2,566 | ' | ' | ' | ' | ' | ' | ' | 1,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 498 | ' | ' | ' | ' | ' | ' | -3,064 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2003 | ' | ' | ' | ' | ' | ' | ' | ' | 54,727 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 182,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 199,224 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,837 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of Series B-1 convertible preferred stock warrants in connection with conversion of convertible note | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants issued in connection with convertible notes (January through June and September through December) | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -2,534 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,534 | ' | ' | ' |
Ending Balance at Dec. 31, 2004 | -5,066 | ' | ' | ' | ' | ' | ' | ' | 8,643 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 532 | ' | ' | ' | ' | ' | ' | -5,598 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2004 | ' | ' | ' | ' | ' | ' | ' | ' | 253,951 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 182,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized loss on marketable securities | -3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3 | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 134,843 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,230 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -5,004 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -5,004 | ' | ' | ' |
Ending Balance at Dec. 31, 2005 | -10,073 | ' | ' | ' | ' | ' | ' | ' | 14,873 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 532 | ' | ' | ' | ' | ' | -3 | -10,602 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2005 | ' | ' | ' | ' | ' | ' | ' | ' | 388,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 182,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of convertible preferred stock warrants to liabilities | -26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Realized loss on marketable securities | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3 | ' | ' | ' | ' |
Net loss | -9,378 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -9,378 | ' | ' | ' |
Ending Balance at Dec. 31, 2006 | -19,399 | ' | ' | ' | ' | ' | ' | ' | 14,873 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 581 | ' | ' | ' | ' | ' | ' | -19,980 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2006 | ' | ' | ' | ' | ' | ' | ' | ' | 388,794 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 182,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,710 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 279,425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 64,242 | 144,927 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | 1,708 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,972 | 15,452 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,708 | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 228 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -19,965 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -19,965 | ' | ' | ' |
Ending Balance at Dec. 31, 2007 | -37,456 | ' | ' | ' | ' | ' | ' | ' | 52,007 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15 | ' | ' | ' | ' | 2,489 | ' | ' | ' | ' | ' | ' | -39,945 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2007 | ' | ' | ' | ' | ' | ' | ' | ' | 877,388 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 182,428 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 404 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96,969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -21,966 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21,966 | ' | ' | ' |
Ending Balance at Dec. 31, 2008 | -59,014 | ' | ' | ' | ' | ' | ' | ' | 59,407 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -15 | ' | ' | ' | ' | 2,897 | ' | ' | ' | ' | ' | ' | -61,911 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2008 | ' | ' | ' | ' | ' | ' | ' | ' | 974,357 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 183,066 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 391 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 383,851 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,450 | ' | ' | ' | ' | ' | ' | ' | ' | -6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,634 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | 96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 96 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of notes receivable from stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -24,064 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -24,064 | ' | ' | ' |
Ending Balance at Dec. 31, 2009 | -82,591 | ' | ' | ' | ' | ' | ' | ' | 84,857 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6 | ' | ' | ' | ' | 3,384 | ' | ' | ' | ' | ' | ' | -85,975 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2009 | ' | ' | ' | ' | ' | ' | ' | ' | 1,358,208 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 191,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 455 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 455 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 159,023 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,576 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayment of notes receivable from stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -29,229 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -29,229 | ' | ' | ' |
Ending Balance at Dec. 31, 2010 | -111,355 | ' | ' | ' | ' | ' | ' | ' | 95,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,849 | ' | ' | ' | ' | ' | ' | -115,204 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2010 | ' | ' | ' | ' | ' | ' | ' | ' | 1,517,231 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 195,166 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 273 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 273 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock subject to repurchase | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,333 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants issued in connection with convertible notes (January through June and September through December) | 463 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 463 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -44,863 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -44,863 | ' | ' | ' |
Ending Balance at Dec. 31, 2011 | -155,482 | ' | ' | ' | ' | ' | ' | ' | 95,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,585 | ' | ' | ' | ' | ' | ' | -160,067 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | 1,517,381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 198,499 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 79 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock warrants issued in connection with convertible notes (January through June and September through December) | 153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 153 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,530 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of common stock warrants, value | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of common stock warrants, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,995 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock modification | ' | ' | -3,225 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -3,225 | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -58,259 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -58,259 | ' | ' | ' |
Ending Balance at Dec. 31, 2012 | -216,727 | ' | ' | ' | ' | ' | ' | ' | 95,433 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,599 | ' | ' | ' | ' | ' | ' | -218,326 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2012 | ' | ' | ' | ' | ' | ' | ' | ' | 1,517,381 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 204,024 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | 548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 548 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares, value | ' | ' | ' | 63 | ' | ' | 32,008 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -63 | ' | ' | 66,954 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63 | 32,008 | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,694 | ' | ' | 4,748,484 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares | ' | ' | ' | 11,256 | 39,000 | 24,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -11,256 | -39,000 | -24,638 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,256 | 39,000 | 24,638 |
Conversion of convertible debt into shares, shares | ' | ' | ' | ' | ' | ' | ' | ' | 607,476 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,810,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36,375 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,284 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, deemed dividend | ' | ' | ' | ' | ' | ' | ' | -177 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 177 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -177 | ' | ' | ' | ' | ' |
Exercise of common stock warrants, value | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of common stock warrants, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52,481 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible preferred stock, deemed dividend, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,911 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock warrants in connection with Series E-5 convertible preferred stock financing | ' | ' | ' | ' | ' | ' | ' | 4,272 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,272 | ' | ' | ' | ' | ' |
Net loss | -52,448 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -52,448 | ' | ' | ' |
Ending Balance at Dec. 31, 2013 | -157,549 | ' | ' | ' | ' | ' | ' | ' | 123,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 38,331 | ' | ' | ' | ' | ' | ' | -195,880 | ' | ' | ' |
Ending Balance, Shares at Dec. 31, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | 8,689,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 260,789 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Compensation expense relating to employee stock purchase plan | 209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation expense | -810 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-employee stock-based compensation expense related to stock options | 325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 325 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee stock-based compensation expense related to stock options | 276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 276 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock in connection with initial public offering | 123,981 | ' | ' | ' | ' | ' | ' | ' | -123,982 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9 | 123,972 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock to common stock in connection with initial public offering, shares | ' | ' | ' | ' | ' | ' | ' | ' | -8,689,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,689,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of preferred stock warrants to common stock warrants in connection with initial public offering | 1,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,441 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in connection with initial public offering, net of underwriting discounts, commissions and issuance costs | 98,644 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7 | 98,637 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock in connection with initial public offering, net of underwriting discounts, commissions and issuance costs, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares | 26,206 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | 26,204 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of convertible debt into shares, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,637,846 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon net exercise of common stock warrants and related extinguishment of warrant liability in connection with initial public offering | 6,490 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1 | 6,489 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock upon net exercise of common stock warrants and related extinguishment of warrant liability in connection with initial public offering, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,158,443 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,111 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued, value | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 17 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,113 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of stock options, value | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Termination of repurchase rights related to vesting of common stock issued pursuant to early exercises | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | -21,426 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -21,426 | ' | ' | ' |
Ending Balance at Mar. 31, 2014 | $78,687 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $19 | $295,974 | ' | ' | ' | ' | ' | ' | ($217,306) | ' | ' | ' |
Ending Balance, Shares at Mar. 31, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18,653,301 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2003 | Dec. 31, 2002 | Dec. 31, 2004 | Dec. 31, 2005 | Dec. 31, 2007 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2007 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2013 |
Series A convertible preferred stock [Member] | Series A convertible preferred stock [Member] | Series B-1 convertible preferred stock [Member] | Series B-2 convertible preferred stock [Member] | Series C- 1 convertible preferred stock [Member] | Series C-2 convertible preferred stock [Member] | Series C-2 convertible preferred stock [Member] | Series C-3 convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series D convertible preferred stock [Member] | Series E-5 convertible preferred stock [Member] | ||||||||
Stock issuance costs | $11,800 | ' | ' | ' | ' | ' | ' | ' | ' | $140 | $20 | $1,103 | $600 | $328 | $1,132 | $39 | $172 | $132 |
Shares issued, price per share | $15.45 | ' | ' | ' | ' | ' | ' | $33 | $33 | $35.40 | $46.35 | $63.75 | $82.50 | $82.50 | $138 | $66.75 | $66.75 | $22.50 |
Exercise of stock options price per share | ' | $2.55 | $2.55 | $2.70 | $11.10 | $6.60 | $6.60 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise of common stock warrants, price per share | ' | 0.15 | 0.15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Condensed_Consolidated_Stateme3
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | 176 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net loss | ($21,426,000) | ($21,657,000) | ($292,200,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 488,000 | 453,000 | 9,399,000 |
Amortization of discount on debt and capital leases | 1,046,000 | 2,821,000 | 20,907,000 |
Amortization of debt issuance cost | 52,000 | 101,000 | 921,000 |
Convertible preferred stock warrant modification remeasurement adjustment | ' | ' | 1,168,000 |
Extinguishment of warrant liability upon exercise of put option by warrant holder | 1,356,000 | ' | 1,356,000 |
Loss on extinguishment of 2013 Notes | 8,331,000 | ' | 8,331,000 |
Stock-based compensation expense | 810,000 | 14,000 | 3,250,000 |
Interest on convertible notes converted to convertible preferred stock | ' | 9,220,000 | 38,521,000 |
Interest for new debt upon issuance, non-cash | 271,000 | ' | 544,000 |
Capitalized interest | -231,000 | ' | -684,000 |
Modification of Series C-3 convertible preferred stock in accordance with Medicis settlement agreement | ' | ' | -3,225,000 |
Derivative liabilities recognized as result of Medicis settlement agreement | ' | ' | 15,268,000 |
Cumulative effect of change in accounting principle | ' | ' | -8,000 |
Realized loss on sale of short-term investments | ' | ' | 3,000 |
Gain on sale lease back transactions | ' | ' | -258,000 |
Loss on sale of fixed assets | ' | ' | 145,000 |
Write-off of technology | ' | ' | 485,000 |
Issuance of common stock for services rendered | 17,000 | ' | 21,000 |
Issuance of Series A convertible preferred stock for services rendered | ' | ' | 166,000 |
Issuance of convertible preferred stock warrants to a service provider | ' | ' | 598,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Prepaid expenses and other current assets | -2,428,000 | -158,000 | -3,959,000 |
Other non-current assets | -1,253,000 | -288,000 | -4,424,000 |
Accounts payable | -1,944,000 | 1,854,000 | 3,054,000 |
Accruals and other current liabilities | 1,813,000 | 1,663,000 | 3,956,000 |
Deferred rent | 403,000 | 36,000 | 3,579,000 |
Deferred revenue | -83,000 | ' | 0 |
Net cash used in operating activities | -21,106,000 | -6,583,000 | -229,313,000 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchases of property and equipment | -985,000 | -325,000 | -21,415,000 |
Change in restricted cash | 75,000 | 75,000 | -510,000 |
Proceeds from sale of property and equipment | ' | ' | 54,000 |
Proceeds from sale leaseback transactions | ' | ' | 3,385,000 |
Purchase of short-term investments | ' | ' | -2,268,000 |
Sales and maturities of short-term investments | ' | ' | 2,265,000 |
Net cash used in investing activities | -910,000 | -250,000 | -18,489,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of common stock, net of deferred initial public offering costs | 102,672,000 | ' | 102,672,000 |
Proceeds from issuance of convertible notes and notes payable | 6,750,000 | ' | 132,973,000 |
Principal payments made on capital leases | -2,000 | -308,000 | -3,382,000 |
Principal payments made on notes payable | -2,042,000 | -1,816,000 | -32,038,000 |
Proceeds from the exercise of stock options, net of repurchases | 15,000 | ' | 143,000 |
Payments to settle warrants | -1,438,000 | ' | -1,438,000 |
Proceeds from convertible Series B, C, and D convertible notes and Series B, C, and D bridge loan | ' | ' | 73,007,000 |
Repayments on notes receivable from stockholders | ' | ' | 21,000 |
Proceeds from capital equipment loan | ' | ' | 413,000 |
Repayments on capital equipment loan | ' | ' | -413,000 |
Net cash provided by financing activities | 105,955,000 | 29,659,000 | 335,655,000 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 83,939,000 | 22,826,000 | 87,853,000 |
CASH AND CASH EQUIVALENTS - Beginning of period | 3,914,000 | 4,083,000 | ' |
CASH AND CASH EQUIVALENTS - End of period | 87,853,000 | 26,909,000 | 87,853,000 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' | ' |
Cash paid for interest | 372,000 | 499,000 | 8,766,000 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ' | ' | ' |
Conversion of Series E-1, E-2, E-3. E-4 and E-5 preferred stock into common stock | 123,982,000 | ' | 123,982,000 |
Conversion of convertible notes and interest into Series B-1, C-1 and D convertible preferred stock | 26,206,000 | ' | 26,206,000 |
Issuance of common stock upon net exercise of common stock warrants in connection with IPO | 6,490,000 | ' | 6,490,000 |
Fair value in excess of debt host for derivative liabilities associated with convertible notes | 1,050,000 | ' | 22,104,000 |
Deferred initial public offering costs | 4,028,000 | ' | 4,028,000 |
Conversion of preferred stock warrants to common stock warrants | 1,441,000 | ' | 1,441,000 |
Termination of stock option repurchase right | 58,000 | ' | 58,000 |
Capital contribution on the extinguishment of the prior convertible preferred stock | ' | 74,894,000 | 74,894,000 |
Capital contribution on the extinguishment of Notes | ' | 32,008,000 | 32,008,000 |
Deemed dividend on issuance of Series E-5 convertible preferred stock | ' | 177,000 | 177,000 |
Property and equipment purchases included in accounts payable and accruals and other current liabilities | 3,594,000 | ' | 3,594,000 |
Rescission of note receivable from stockholder | ' | ' | 60,000 |
Issuance of convertible preferred stock warrants | 80,000 | ' | 5,535,000 |
Reclassification of convertible preferred stock warrants to liabilities | ' | ' | 18,000 |
Assets held under capital leases [Member] | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ' | ' | ' |
Additions of property and equipment under capital lease obligations | ' | ' | 3,338,000 |
2013 Convertible Notes [Member] | ' | ' | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Loss on extinguishment of 2013 Notes | -8,300,000 | ' | ' |
Interest on convertible notes converted to convertible preferred stock | 9,600,000 | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ' | ' | ' |
Issuance of common stock warrants in connection with Series E-5 convertible preferred stock financing and in connection with the 2013 Notes | 981,000 | ' | 3,718,000 |
Convertible preferred stock [Member] | ' | ' | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Revaluation of convertible preferred stock warrant liability. | 210,000 | 1,158,000 | -5,172,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from issuance of convertible preferred stock, net | ' | 31,782,000 | 40,646,000 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ' | ' | ' |
Conversion of convertible notes and interest into Series B-1, C-1 and D convertible preferred stock | ' | ' | 23,962,000 |
Series E-5 convertible preferred stock [Member] | ' | ' | ' |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ' | ' | ' |
Issuance of common stock warrants in connection with Series E-5 convertible preferred stock financing and in connection with the 2013 Notes | ' | 3,247,000 | 4,888,000 |
Common Stock [Member] | ' | ' | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Revaluation of convertible preferred stock warrant liability. | 2,151,000 | ' | 2,772,000 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from the exercise of common stock warrants | ' | 1,000 | 8,000 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ' | ' | ' |
Conversion of convertible notes and interest into Series B-1, C-1 and D convertible preferred stock | 2,000 | ' | ' |
Medicis settlement [Member] | ' | ' | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Revaluation of derivative liabilities | 416,000 | ' | 369,000 |
Changes in operating assets and liabilities: | ' | ' | ' |
Payments against Medicis liabilities | -7,073,000 | ' | -14,000,000 |
Convertible Notes [Member] | ' | ' | ' |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Amortization of debt issuance cost | 1,250,000 | 9,203,000 | ' |
Revaluation of derivative liabilities | -4,032,000 | -1,800,000 | -20,196,000 |
Series B bridge loan [Member] | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from convertible Series B, C, and D convertible notes and Series B, C, and D bridge loan | ' | ' | 495,000 |
Series C bridge loan [Member] | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from convertible Series B, C, and D convertible notes and Series B, C, and D bridge loan | ' | ' | 16,936,000 |
Series D bridge loan [Member] | ' | ' | ' |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Proceeds from convertible Series B, C, and D convertible notes and Series B, C, and D bridge loan | ' | ' | $5,612,000 |
The_Company_and_Basis_of_Prese
The Company and Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
The Company and Basis of Presentation | ' | |
1 | The Company and Basis of Presentation | |
Revance Therapeutics, Inc., or the Company, was incorporated in Delaware on August 10, 1999 under the name Essentia Biosystems, Inc. The Company commenced operations in June 2002 and on April 19, 2005, changed its name to Revance Therapeutics, Inc. The Company is a clinical stage specialty biopharmaceutical company focused on the development, manufacturing and commercialization of novel botulinum toxin products for multiple aesthetic and therapeutic applications. Botulinum toxin is a well-characterized protein currently used in numerous aesthetic and therapeutic indications representing a multi-billion dollar market in the United States and other countries. All currently approved and commercially available botulinum toxin products are administered by injection. The Company’s lead product candidate, RT001, is a topical formulation of botulinum toxin type A, which is believed to have significant advantages over existing injectable products and could significantly grow the botulinum toxin market. The Company’s second product candidate, RT002, is a novel injectable formulation of botulinum toxin type A designed to be more targeted and longer lasting than currently available botulinum toxin injectable products. These product candidates combine the Company’s purified botulinum toxin with the Company’s proprietary TransMTS® peptide delivery system. The Company owns the worldwide rights to both of its product candidates. | ||
Since commencing operations in 2002, the Company has devoted substantially all of its efforts identifying and developing product candidates for the aesthetics and therapeutic pharmaceutical markets, recruiting personnel and raising capital. The Company has devoted predominantly all of its resources to preclinical, clinical, and manufacturing development of RT001 and RT002. The Company has never been profitable and has not yet commenced commercial operations. Accordingly, the Company is considered to be in the development stage. | ||
Since the Company’s inception, the Company has incurred losses from operations and negative cash flows from operations. For the three months ended March 31, 2014, the Company had a net loss of $21.4 million, which includes net non-cash interest expenses of $9.5 million. The Company also used $21.1 million for operating activities. As of March 31, 2014, the Company had a working capital surplus of $68.6 million and an accumulated deficit of $217.3 million. The Company believes that its existing cash and cash equivalents, including net proceeds from its initial public offering of $98.6 million, and existing credit facility will allow the Company to fund its operating plan through at least the next 15 months. | ||
Basis of Presentation | ||
The accompanying unaudited Condensed Consolidated Financial Statements, in the opinion of management, include all adjustments which the Company considers necessary for the fair statement of the condensed results of operations and cash flows for the interim periods covered and the condensed consolidated financial position of the Company at the date of the balance sheets. The December 31, 2013 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America, or US GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2014, or any other future period. | ||
The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission, or SEC, on March 28, 2014. | ||
The Condensed Consolidated Financial Statements of the Company include the Company’s accounts and those of the Company’s wholly-owned subsidiary and have been prepared in conformity with accounting principles generally accepted in the United States of America, or US GAAP. | ||
Initial Public Offering | ||
In February 2014, the Company completed its initial public offering, or IPO, pursuant to which the Company issued 6,900,000 shares of common stock at $16.00 per share, including the exercise of the underwriters’ over-allotment option to purchase 900,000 additional shares of common stock, and received net proceeds of $98.6 million, after underwriting discounts, commissions and other offering expenses. In addition, in connection with the completion of the Company’s IPO, all convertible preferred stock converted into common stock. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
Significant accounting policies are described in Note 2 to the consolidated financial statements in Item 8 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the SEC on March 28, 2014. There have been no changes to the Company’s significant accounting policies during the three months ended March 31, 2014. | ||
Use of Estimates | ||
The preparation of Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting periods. Such management estimates include the fair value of common stock, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates. | ||
Interest Expense | ||
The accrued interest, and related interest expense, includes cash and non-cash components with the non-cash components consisting of (i) interest recognized from the amortization of debt issuance costs which are generally derived from cash payments related to the issuance of convertible notes and notes payable and which are capitalized on the Condensed Consolidated Balance Sheets, (ii) interest recognized from the amortization of debt discounts derived from the issuance of warrants and derivatives issued in conjunction with convertible notes which are also capitalized on the Condensed Consolidated Balance Sheets, (iii) interest recognized on 2011 convertible notes, or 2011 Notes, which were not paid but instead converted into shares of convertible preferred stock, and (iv) interest recognized on the 2013 convertible notes, or 2013 Notes, which were not paid but instead converted into shares of common stock. The capitalized amounts related to the debt issuance costs and debt discounts are generally amortized to interest expense over the term of the related debt instruments. The Company classifies gain or loss on debt extinguishments within interest expense. |
Medicis_Settlement
Medicis Settlement | 3 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
Medicis Settlement | ' | |
3 | Medicis Settlement | |
In October 2012, or Settlement Date, the Company entered into a settlement and termination agreement with Medicis. The terms of the settlement provided for the reacquisition of the rights related to all territories of RT001 and RT002 from Medicis and for consideration payable by the Company to Medicis of up to $25.0 million, comprised of (i) an upfront payment of $7.0 million made in November 2012, (ii) $14.0 million to be made upon specified capital raising achievements by the Company, or Proceeds Sharing Arrangement Payment, and (iii) $4.0 million to be made upon the achievement of specified regulatory milestones by the Company, or Product Approval Payment. Beginning on the third anniversary of the Settlement Date, any unpaid amount will begin to accrue interest at a rate of 8% per annum. The Company determined that the settlement provisions related to the Proceeds Sharing Arrangement Payment in (ii) and the Product Approval Payment in (iii) above were derivative instruments that require fair value accounting as a liability at the time of settlement and periodic fair value remeasurements going forward. At the time of the settlement, the fair value of the Proceeds Sharing Arrangement Payment was estimated to be $12.9 million and the fair value of the Product Approval Payment was estimated to be $2.4 million upon issuance in October 2012 and as of December 31, 2012. The fair value of the Proceeds Sharing Arrangement Payment derivative was initially determined using an option pricing model, and the fair value of the Product Approval Payment derivative was determined by estimating the timing and probability of the related approval and multiplying the payment amount by this probability percentage and a discount factor assuming a term of two years and an appropriate risk-free rate. | ||
The Company recorded $0.4 million to remeasure the fair value of the derivative for the remaining obligation under the Proceeds Sharing Arrangement through February 13, 2014, which is the date the Company made a payment of $7.1 million to Medicis, which represented the remaining obligation under the Proceeds Sharing Arrangement. The Company did not make any payments under the Product Approval Payment during the quarter ended March 31, 2014. As of March 31, 2014, the Company determined the fair value of its liability for the Product Approval Payment was $1.6 million, which was measured by updating the estimate of the timing and probability of the related approval and a discount factor assuming a term of 3 years, a risk-free rate of 0.9% and a credit risk adjustment of 6.0%. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
4 | Fair Value Measurements | ||||||||||||||||
The Company measures and reports certain financial instruments as liabilities at fair value on a recurring basis. These instruments consist of derivative liabilities associated with convertible notes, derivative liabilities associated with the Medicis settlement, common stock warrant liabilities, and convertible preferred stock warrant liabilities, all of which are considered Level 3 instruments. The fair value of these instruments was as follows (in thousands): | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Derivative liabilities associated with the Medicis settlement | $ | 1,637 | — | — | $ | 1,637 | |||||||||||
Total liabilities measured at fair value | $ | 1,637 | $ | — | $ | — | $ | 1,637 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Derivative liabilities associated with convertible notes | $ | 4,890 | $ | — | $ | — | $ | 4,890 | |||||||||
Derivative liabilities associated with the Medicis settlement | 8,294 | — | — | 8,294 | |||||||||||||
Common stock warrant liability | 3,358 | — | — | 3,358 | |||||||||||||
Convertible preferred stock warrant liability | 1,233 | — | — | 1,233 | |||||||||||||
Total liabilities measured at fair value | $ | 17,775 | $ | — | $ | — | $ | 17,775 | |||||||||
The Company did not transfer any assets measured at fair value on a recurring basis to or from Level 1 and Level 2 during the three months ended March 31, 2014 and the year ended December 31, 2013. | |||||||||||||||||
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments as follows (in thousands): | |||||||||||||||||
Derivative | Derivative | Common | Convertible | ||||||||||||||
Liability | Liability | Stock Warrant | Preferred | ||||||||||||||
Associated with | Associated with | Liability | Stock Warrant | ||||||||||||||
Convertible | the Medicis | Liability | |||||||||||||||
Notes | Settlement | ||||||||||||||||
Fair value as of December 31, 2013 | $ | 4,890 | $ | 8,294 | $ | 3,358 | $ | 1,233 | |||||||||
Fair value of financial instruments issued | 1,050 | — | 981 | 80 | |||||||||||||
Cash payments against Medicis liabilities | — | (7,073 | ) | — | — | ||||||||||||
Change in fair value | (4,032 | ) | 416 | 2,151 | 210 | ||||||||||||
Extinguishment of warrant liability upon exercise of put option by warrant holder | — | — | — | (82 | ) | ||||||||||||
Conversion in connection with IPO | (1,908 | ) | — | (6,490 | ) | (1,441 | ) | ||||||||||
Fair value as of March 31, 2014 | $ | — | $ | 1,637 | $ | — | $ | — | |||||||||
Level 3 instruments consist of the Company’s derivative liabilities related to convertible notes, derivative liabilities related to the Medicis settlement, common stock warrant liabilities, and convertible preferred stock warrant liabilities. The fair value of the derivative liabilities associated with the convertible notes was measured using the Monte Carlo valuation methodology. Inputs used to determine estimated fair value of these derivative instruments include the probability estimates of potential settlement scenarios for the convertible notes, a present value discount rate and an estimate of the expected timing of settlement. The significant unobservable inputs used in the fair value measurement of the derivatives associated with the convertible notes are the scenario probabilities and the discount rate estimated at the valuation date. Generally, increases or decreases in the discount rate would result in a directionally opposite impact to the fair value measurement of this derivative instrument. Also, changes in the probability scenarios would have had varying impacts depending on the weighting of each specific scenario. Heavier weighting towards a change in control, a private investment in public equity transaction or IPO would result in an increase in fair value of this derivative instrument. The fair value upon the IPO took into account a 100% weighting towards the IPO scenario. | |||||||||||||||||
The fair value of one of the derivative liabilities resulting from the Medicis litigation settlement, specifically the previously outstanding liability for the derivative related to the Proceeds Sharing Arrangement Payment (Note 3) as recognized cash payments against the liability, was measured using an option pricing model. Inputs used to determine estimated fair value of this derivative include the equity value of the Company, expected timing of the respective settlement payments, a risk-free interest rate and the expected volatility. The significant unobservable inputs used in the fair value measurement of the Proceeds Sharing Arrangement Payment derivative are the equity value of the Company and the expected timing of the payments at the valuation date. Generally, increases or decreases in these unobservable inputs would result in a directionally similar impact to the fair value measurement of this derivative instrument. The Company settled the remaining obligation under the Proceeds Sharing Arrangement upon the IPO. The Company remeasured the liability to the value of the payment due to Medicis, or $7.1 million. | |||||||||||||||||
The fair value of the remaining derivative liability resulting from the Medicis litigation settlement, specifically the derivative related to the Product Approval Payment, was determined by estimating the timing and probability of the related regulatory approval and multiplying the payment amount by this probability percentage and a discount factor based primarily on the estimated timing of the payment and a credit risk adjustment. The significant unobservable inputs used in the fair value measurement of the Product Approval Payment derivative are the expected timing and probability of the payments at the valuation date and the credit risk adjustment. Generally, increases or decreases in probability estimate and decreases or increases, respectively, in the credit risk adjustment inputs would result in a directionally similar impact to the fair value measurement. | |||||||||||||||||
The fair values of the outstanding common stock warrants and previously outstanding convertible preferred stock warrants were measured using the Black-Scholes option-pricing model. Inputs used to determine estimated fair value of the warrant liabilities include the estimated fair value of the underlying stock at the valuation date, the estimated term of the warrants, risk-free interest rates, expected dividends and the expected volatility of the underlying stock. The significant unobservable inputs used in the fair value measurement of the convertible preferred stock warrant liability are the fair value of the underlying stock at the valuation date and the estimated term of the warrants. Generally, increases or decreases in the fair value of the underlying stock and estimated term would result in a directionally similar impact to the fair value measurement. |
Balance_Sheet_Components
Balance Sheet Components | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Balance Sheet Components | ' | ||||||||
5 | Balance Sheet Components | ||||||||
Property and Equipment, net | |||||||||
Property and equipment, net consists of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Research equipment | $ | 9,094 | $ | 9,045 | |||||
Computer equipment | 497 | 496 | |||||||
Furniture and fixtures | 449 | 451 | |||||||
Leasehold improvements | 3,632 | 3,632 | |||||||
Construction in progress | 10,153 | 8,880 | |||||||
Total property and equipment | 23,825 | 22,504 | |||||||
Less: accumulated depreciation | (8,675 | ) | (8,189 | ) | |||||
Property and equipment, net | $ | 15,150 | $ | 14,315 | |||||
Depreciation expense was $0.5 million, $0.5 million, and $9.4 million for the three months ended March 31, 2014 and 2013, and for the cumulative period from August 10, 1999 (Date of Inception) to March 31, 2014. | |||||||||
The Company has obligations to make future payments to certain vendors that become due and payable during the construction of its manufacturing facilities in Newark, California, in 2013. The arrangement was accounted for as construction-in-progress and the outstanding obligations as of March 31, 2014 and December 31, 2013 were $3.0 million and $1.8 million, respectively. The Company recorded capitalized interest costs of $0.2 million, $0, and $0.7 million during the three months ended March 31, 2014 and 2013, and for the cumulative period from August 10, 1999 (Date of Inception) to March 31, 2014. | |||||||||
Prepaid Expenses and Other Current Assets | |||||||||
Prepaid expenses and other current assets consist of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 1,082 | $ | 512 | |||||
Prepaid clinical trial expenses | 28 | 19 | |||||||
Accounts receivable | 1,786 | 225 | |||||||
Deferred rent, current portion | 322 | — | |||||||
Other current assets | 26 | 69 | |||||||
Total prepaid expenses and other current assets | $ | 3,244 | $ | 825 | |||||
Accruals and Other Current Liabilities | |||||||||
Accruals and other current liabilities consist of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued compensation | $ | 936 | $ | 689 | |||||
Accrued clinical trial expenses | 254 | 169 | |||||||
Accrued interest on notes payable | 79 | 478 | |||||||
Accrued construction-in-progress obligations | 2,959 | 1,757 | |||||||
Accrued initial public offering costs | — | 506 | |||||||
Other current liabilities | 1,287 | 562 | |||||||
Total accruals and other current liabilities | $ | 5,515 | $ | 4,161 | |||||
Other Non-Current Assets | |||||||||
Other non-current assets consist of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred initial public offering costs | $ | — | $ | 2,812 | |||||
Unamortized debt issuance costs | 155 | 194 | |||||||
Total other non-current assets | $ | 155 | $ | 3,006 | |||||
Notes_Payable
Notes Payable | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Notes Payable | ' | ||||
6 | Notes Payable | ||||
Hercules Notes Payable | |||||
In September 2011, the Company entered into a loan and security agreement with Hercules Technology Growth Capital for $22.0 million, referred to as the Hercules Notes Payable. From the proceeds of the Hercules Notes Payable, $7.0 million was used to fully repay the principal and accrued interest due under the Venture Debt. At the time of the Venture Debt repayment, the remaining unamortized debt discount of $579,000 was written-off to interest expense. | |||||
The Hercules Notes Payable, which matures in March 2015, is secured by all assets of the Company, and bears interest at the greater of (i) 9.85% per annum or (ii) 9.85% per annum plus the difference of the prime rate less 3.25% per annum and contains covenants that require, among other things, that the Company seek consent from Hercules prior to certain corporate changes and provide certain unaudited financial information within 30 days after the end of each month. Starting in July 2012, the loan is to be repaid in 33 equal monthly payments of principal and interest of $764,000 plus an end of term payment of $500,000 if the loan is prepaid, or $400,000 if paid upon maturity. The loan also allows for prepayment at any time with a premium ranging from 1% to 4% of $15.0 million, depending on when the prepayment occurs. | |||||
In connection with the Hercules Notes Payable, the Company issued warrants to purchase 17,977 shares of Series D convertible preferred stock at $66.75 per share, which converted to common stock upon the Company’s IPO. The fair value of the warrants of $122,000 was recorded as a debt discount and is amortized to interest expense using the straight-line method over the loan term. The Company recognized interest expense of $9,000 and $9,000 from the amortization of the warrant related debt discount for the three months ended March 31, 2014 and 2013. The unamortized debt discount balance was $35,000 and $43,000 as of March 31, 2014 and December 31, 2013. The Company incurred $544,000 of debt issuance costs in connection with the Hercules Notes Payable which is also being amortized to interest expense over the term of the borrowings. The Company recognized interest expense of $39,000 and $39,000 from the amortization of the debt issuance costs during the three months ended March 31, 2014 and 2013. The unamortized debt issuance costs balances were $155,000 and $194,000 as of March 31, 2014 and December 31, 2013. | |||||
Essex Capital Notes | |||||
On December 20, 2013, the Company signed a Loan and Lease Agreement to borrow up to $10.8 million in the form of Secured Promissory Notes from Essex Capital, or the Essex Notes, to finance the completion and installation of the Company’s RT001 commercial fill/finish line, or the Fill/Finish Line. Under the Loan and Lease Agreement, with the issuance of each Note, the Company will issue warrants to purchase its capital stock. Upon acceptance of the Fill/Finish Line by the Company, Essex Capital will purchase the Fill/Finish Line at the original invoice amounts in exchange for extinguishing the principal balance due under the Notes. Concurrently with this sale, the Company will lease the Fill/Finish Line from Essex Capital for a fixed monthly payment to be paid monthly over three years. At the end of the lease, the Company will have the option to purchase the Fill/Finish Line for 10% of the original purchase amount. During the term of the Essex Notes, the Company will make interest only payments. The Essex Notes must be repaid in full if the Fill/Finish Line is not accepted and the sale-leaseback is not executed prior to the one year anniversary of the Essex Notes. In December 2013, the Company drew down $2.5 million under short-term notes pursuant to the Essex Capital Facility, and an additional $2.5 million in January 2014 under short-term notes. | |||||
In connection with the Essex Notes, the Company is required to issue the warrants regardless of whether it draws down the full $10.8 million under the agreement, unless it chooses to discontinue construction of the equipment. The Company issued warrants to Essex to purchase 12,345 shares of Series E-5 convertible preferred stock in December 2013 and January 2014. Subsequent to the IPO in February 2014, the previously issued warrants to purchase shares of Series E-5 convertible preferred stock converted into warrants to purchase shares of common stock. The fair value of the warrants at the issuance date of $0.2 million and debt issuance costs totaling $0.03 million were recorded as discount on debt, and will be amortized to interest expense using the straight-line method over the loan term. The Company recognized interest expense of $9,000 for the amortization of the warrant related debt discount for the three months ended March 31, 2014. The unamortized debt discount balance was $0.2 million as of March 31, 2014. | |||||
As of March 31, 2014, future principal payments under the Notes Payable are as follows (in thousands): | |||||
2014 | $ | 11,380 | |||
2015 | 2,641 | ||||
Total principal payments | 14,021 | ||||
Less: debt discount | (216 | ) | |||
Less: current portion | (13,405 | ) | |||
Long-term portion of notes payable | $ | 400 | |||
During the three months ended March 31, 2014 and 2013, the Company made principal and interest payments on the Hercules Notes Payable of $2.3 million and $2.3 million, respectively. Additionally, the Company made principal and interest payments on the Essex Notes in the amount of $6,000 and $0 during the three months ended March 31, 2014 and 2013, respectively. |
2013_Convertible_Notes_and_Com
2013 Convertible Notes and Common Stock Warrants | 3 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
2013 Convertible Notes and Common Stock Warrants | ' | |
7 | 2013 Convertible Notes and common stock warrants | |
At December 31, 2013, the 2013 Notes had an aggregate outstanding principal amount of $19.4 million. In January 2014, the Company issued an additional $4.3 million in 2013 Notes. In February 2014, in connection with the Company’s IPO, the 2013 Notes with a principal amount, accrued interest, and derivative liability of $26.2 million were converted into 1,637,846 shares of the Company’s common stock. In connection with the issuance of the 2013 Notes, the Company issued warrants to purchase 409,450 shares of common stock. In February 2014, these warrants were net exercised for 405,594 shares of common stock. | ||
Additionally, the 2013 Notes had conversion and redemption features which were determined to be embedded derivatives, requiring bifurcation and separate fair value accounting. Immediately prior to the conversion, the Company determined that the fair value of the derivative liabilities associated with the convertible notes was reduced to $1.9 million. Upon the conversion of the 2013 Notes into shares of common stock, the Company applied extinguishment accounting resulting in a loss of $8.3 million as discussed below. As of the date of conversion, the Company was in compliance with all covenants in the 2013 Notes. | ||
During the three months ended March 31, 2014, the Company recognized non-cash interest expense of $9.6 million related to the 2013 Notes, including amortization of warrant-related debt discount of approximately $0.4 million up to the date of conversion, amortization of the derivative-related debt discount of $0.6 million up to the date of conversion, accrued interest of $0.3 million up to the date of conversion and a loss on extinguishment of $8.3 million upon conversion of the 2013 Notes into common stock. The Company had unamortized debt discount balance $0 and $7.3 million as of March 31, 2014 and December 31, 2013, respectively. | ||
Interest_Expense
Interest Expense | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||
Interest Expense | ' | ||||||||
8 | Interest Expense | ||||||||
The accrued interest, and related interest expense, includes cash and non-cash components with the non-cash components consisting of (i) interest recognized from the amortization of debt issuance costs which are generally derived from cash payments related to the issuance of convertible notes and notes payable and which are capitalized on the Condensed Consolidated Balance Sheets, (ii) interest recognized from the amortization of debt discounts derived from the issuance of warrants and derivatives issued in conjunction with convertible notes which are also capitalized on the Condensed Consolidated Balance Sheets, (iii) interest recognized on 2011 Notes which were not paid but instead converted into shares of convertible preferred stock and (iv) interest recognized on the 2013 Notes which were not paid but instead converted into shares of common stock. The capitalized amounts related to the debt issuance costs and debt discounts are generally amortized to interest expense over the term of the related debt instruments. The interest expense by cash and non-cash components is as follows (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Cash interest expense (1) | $ | (372 | ) | $ | (499 | ) | |||
Non-cash interest expense | |||||||||
Non-cash interest expense — debt issuance costs | (52 | ) | (101 | ) | |||||
Non-cash interest expense — warrant and derivative related debt discounts | (67 | ) | (2,821 | ) | |||||
Non-cash interest expense — convertible notes | (1,250 | ) | (9,203 | ) | |||||
Loss on extinguishment of 2013 Notes | (8,331 | ) | — | ||||||
Non-cash capitalized interest expense (2) | 231 | — | |||||||
Total non-cash interest expense | (9,469 | ) | (12,125 | ) | |||||
Total interest expense | $ | (9,841 | ) | $ | (12,624 | ) | |||
(1) | Cash interest expense included interest payments under the Hercules Notes Payable and Essex Notes. | ||||||||
(2) | Interest expense capitalized pursuant to Accounting Standards Codification Topic 835, Interest. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
9 | Commitments and Contingencies | ||||
Facility Lease | |||||
In January 2010, the Company entered into a non-cancelable facility lease that requires monthly payments through January 2022. This facility will be used for research, manufacturing, and administrative functions. | |||||
In February 2014, the Company extended the term of the Lease by thirty-six (36) months to January 2025. As part of this agreement, the Lessor shall provide the Company with a tenant improvement allowance during 2014 in an amount not to exceed $3.0 million. Under the terms of the lease, the Company’s payments escalate over the term of the lease; however, the Company recognizes the expense on a straight-line basis over the life of the lease. | |||||
Rent expense was $1.3 million, $1.1 million, and $21.5 million for the three months ended March 31, 2014 and 2013 and for the cumulative period from August 10, 1999 (Date of Inception) to March 31, 2014. | |||||
As of March 31, 2014, the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 3,685 | |||
2015 | 5,070 | ||||
2016 | 5,222 | ||||
2017 | 5,394 | ||||
2018 and thereafter | 37,932 | ||||
Total payments | $ | 57,303 | |||
Other Milestone-Based Commitments | |||||
The Company has obligations to make future milestone payments to List Laboratories that become due and payable on the achievement of certain development, regulatory and commercial milestones. The Company is obligated to pay royalties to List Laboratories on future sales of botulinum toxin products. | |||||
Purchase Commitments | |||||
The Company has certain commitments from outstanding purchase orders related to the acquisition of equipment to be installed in the Company’s manufacturing facility and the cost of the design, construction, and installation of the Company’s fill to finish line. These agreements, which total $14.7 million, are cancellable at any time with the Company required to pay all costs incurred through the cancellation date. | |||||
Contingencies | |||||
From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. The Company is not subject to any known current pending legal matters or claims that would have a material adverse effect on its financial position, results of operations or cash flows. | |||||
Indemnification | |||||
The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. | |||||
The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. | |||||
No amounts associated with such indemnifications have been recorded to date. |
Common_Stock
Common Stock | 3 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
Common Stock | ' | |
10 | Common Stock | |
Reverse Stock Split | ||
In January 2014, the Company’s Board of Directors and stockholders approved an amended and restated certificate of incorporation effecting a 1-for-15 reverse stock split of the Company’s issued and outstanding shares of common stock and convertible preferred stock that was effective on February 3, 2014. The par value of the common and convertible preferred stock was not adjusted as a result of the reverse stock split. All issued and outstanding share and per share amounts included in the accompanying financial statements have been retroactively adjusted to reflect this reverse stock split. |
Convertible_Preferred_Stock
Convertible Preferred Stock | 3 Months Ended | |
Mar. 31, 2014 | ||
Equity [Abstract] | ' | |
Convertible Preferred Stock | ' | |
11 | Convertible Preferred Stock | |
In connection with the IPO in February 2014, the Company converted the convertible preferred stock into 8,689,999 shares of common stock at a ratio of 1:1. |
Warrants
Warrants | 3 Months Ended | |
Mar. 31, 2014 | ||
Text Block [Abstract] | ' | |
Warrants | ' | |
12 | Warrants | |
Common Stock Warrants | ||
In January 2014, the Company issued warrants to purchase 72,248 shares of common stock in connection with the issuance of the most recent round of the 2013 Notes (see Note 7 for additional information). In February 2014, following the completion of the Company’s IPO, all outstanding common stock warrants net exercised into 1,158,443 shares of common stock. | ||
Convertible Preferred Stock Warrants | ||
In February 2014, two holders of preferred stock warrants exercised their put options to sell 22,856 warrants at an exercise price equal to the average fair value of the Company’s stock price for 5 days preceding the exercise. The Company recorded a loss on cash settlement of $1.4 million as a result of this exercise. | ||
In January 2014, in connection with the Company’s issuance of notes payable to Essex Capital (see Note 6 for additional information), the Company issued warrants to purchase 12,345 shares of Series E-5 convertible preferred stock. Upon completion of the IPO, all outstanding warrants to purchase Series E convertible preferred stock, excluding the 22,856 warrants that were exercised, converted into 173,975 warrants to purchase common stock at prices ranging from $14.95 per share to $31.50 per share, expiring in 2018 through 2021. | ||
Warrants Outstanding | ||
As of March 31, 2014, the Company has warrants to purchase 173,975 shares of common stock outstanding and no convertible preferred stock warrants outstanding. | ||
Equity_Incentive_Plans
Equity Incentive Plans | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||
Equity Incentive Plans | ' | ||||||||
13 | Equity Incentive Plans | ||||||||
2014 Equity Incentive Plan | |||||||||
On January 22, 2014, the Company’s board of directors authorized the adoption of the 2014 Equity Incentive Plan, or 2014 plan, which became effective after adoption and approval by the Company’s stockholders on January 23, 2014. Initially, the aggregate number of shares of common stock that may be issued pursuant to stock awards under the 2014 plan will not exceed 1,000,000 shares. The number of shares of common stock reserved for issuance under the Company’s 2014 plan will automatically increase on January 1 of each year, beginning on January 1, 2015 and continuing through and including January 1, 2024, by 4% of the total number of shares of the Company’s capital stock outstanding on December 31 of the preceding calendar year or a lesser number of shares determined by the Company’s board of directors. The maximum number of shares that may be issued upon the exercise of ISOs under the Company’s 2014 plan is 2,000,000 shares. The 2014 plan provides for the grant of incentive stock options, or ISOs, nonstatutory stock options, or NSOs, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance-based stock awards, and other forms of equity compensation, all of which may be granted to employees, including officers, non-employee directors and consultants of the Company and its affiliates. Additionally, the 2014 plan provides for the grant of performance cash awards. ISOs may be granted only to employees. All other awards may be granted to employees, including officers, and to non-employee directors and consultants. | |||||||||
2014 Employee Stock Purchase Plan | |||||||||
On January 22, 2014, the Company’s board of directors authorized the adoption of the 2014 Employee Stock Purchase Plan, or 2014 ESPP, which became effective after adoption and approval by the Company’s stockholders on January 23, 2014. The maximum number of shares of common stock that may be issued under the Company’s 2014 ESPP is 200,000 shares. The number of shares of common stock reserved for issuance under the Company’s 2014 ESPP will automatically increase on January 1 of each year, beginning on January 1 of the year after the closing of our IPO and ending on and including January 1, 2024, by the lesser of (i) 1% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, (ii) 300,000 shares of common stock or (iii) such lesser number of shares of common stock as determined by the Company’s board of directors. Shares subject to purchase rights granted under the Company’s 2014 ESPP that terminate without having been exercised in full will not reduce the number of shares available for issuance under the Company’s 2014 ESPP. The 2014 ESPP is intended to qualify as an “employee stock purchase plan,” or ESPP, under Section 423 of the Internal Revenue Code of 1986 with the purpose of providing employees with an opportunity to purchase the Company’s common stock through accumulated payroll deductions. As of March 31, 2014, the Company recorded stock-based compensation expense of $209,000 related to the 2014 ESPP. | |||||||||
The fair value of the option component of the shares expected to be purchased under the 2014 ESPP were estimated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||
Three Months ended | |||||||||
March 31, | |||||||||
2014 | |||||||||
Expected term (in years) | 0.5 | ||||||||
Expected volatility | 48 | % | |||||||
Risk-free interest rate | 0.08 | % | |||||||
Expected dividend rate | 0 | % | |||||||
Fair Value of Common Stock. The fair value of the shares of common stock is based on the Company’s stock price. | |||||||||
Expected Term. The expected term is based on the term of the purchase period under the 2014 ESPP. | |||||||||
Expected Volatility. Since the Company was a private entity with little historical data regarding the volatility of its common stock, the expected volatility used is based on volatility of a group of similar entities. In evaluating similarity, the Company considered factors such as industry, stage of life cycle and size. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. | |||||||||
Risk-Free Interest Rate. The risk-free interest rate is based on U.S. Treasury constant maturity treasury rates with remaining terms similar to the expected term. | |||||||||
Expected Dividend Rate. The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, used an expected dividend rate of zero in the valuation model. | |||||||||
Stock-based Compensation to Employees | |||||||||
Total stock-based compensation expense related to options and ESPP granted to employees was allocated as follows (in thousands): | |||||||||
Three Months | |||||||||
Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Research and development | $ | 245 | $ | 4 | |||||
Sales, general and administrative | 240 | 5 | |||||||
Total stock based compensation expense | $ | 485 | $ | 9 | |||||
Stock-based compensation to Non-Employees | |||||||||
Total stock-based compensation expense related to options granted to non-employees was allocated as follows (in thousands): | |||||||||
Three Months | |||||||||
Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Research and development | $ | 250 | $ | 1 | |||||
Sales, general and administrative | 75 | 4 | |||||||
Total stock based compensation expense | $ | 325 | $ | 5 | |||||
Net_Income_Loss_per_Share_Attr
Net Income (Loss) per Share Attributable to Common Stockholders | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Net Income (Loss) per Share Attributable to Common Stockholders | ' | ||||||||
14 | Net Income (Loss) per Share Attributable to Common Stockholders | ||||||||
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share attributable to common stockholders for the three months ended March 31, 2014 and 2013 (in thousands, except for share and per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net loss | $ | (21,426 | ) | $ | (21,657 | ) | |||
Capital contribution on the extinguishment of prior convertible preferred stock | — | 74,894 | |||||||
Deemed dividend on the issuance of Series E-5 convertible preferred stock | — | (177 | ) | ||||||
Noncumulative dividend on Series E convertible preferred stock | — | (2,143 | ) | ||||||
Undistributed earnings allocated to preferred stockholders | — | (45,701 | ) | ||||||
Net income (loss) attributable to common stockholders, basic | (21,426 | ) | 5,216 | ||||||
Adjustments to net income (loss) for dilutive securities | — | 8,133 | |||||||
Net income (loss) attributable to common stockholders, diluted | $ | (21,426 | ) | $ | 13,349 | ||||
Net income (loss) per share attributable to common stockholders | |||||||||
Basic | $ | (1.93 | ) | $ | 25.54 | ||||
Diluted | $ | (1.93 | ) | $ | 21 | ||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||
Basic | 11,092,471 | 204,220 | |||||||
Diluted | 11,092,471 | 635,726 | |||||||
The following common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive: | |||||||||
As of March 31, | |||||||||
2014 | 2013 | ||||||||
Stock options | 1,239,817 | — | |||||||
Convertible preferred stock | — | 8,292,844 | |||||||
Convertible preferred stock warrants | — | 82,262 | |||||||
Common stock warrants | 173,975 | 180,847 | |||||||
Shares expected to be purchased on June 30, 2014 under 2014 ESPP | 22,114 | — |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
15 | Income Taxes | |
Provision for Income Tax | ||
The Company’s effective tax rate is 0% for income tax for the three months ended March 31, 2014 and the Company expects that its effective tax rate for the full year 2014 will be 0%. Based on the weight of available evidence, including cumulative losses since inception and expected future losses, the Company has determined that it is more likely than not that the deferred tax asset amount will not be realized and therefore a valuation allowance has been provided on net deferred tax assets. | ||
In general, if the Company experiences a greater than 50 percentage point aggregate change in ownership over a three-year period (a Section 382 ownership change), utilization of its pre-change net operating loss, or NOL, and credit carryforwards are subject to an annual limitation under Sections 382 and 383 of the Internal Revenue Code. California and New Jersey, where the Company files state tax returns, have similar laws. The annual limitation generally is determined by multiplying the value of the Company’s stock at the time of such ownership change (subject to certain adjustments) by the applicable long-term tax-exempt rate. Such limitations may result in expiration of a portion of the NOL or tax credit carryforwards before utilization. The Company determined that ownership changes occurred in April 2004 and February 2014. As a result of the 2014 change, approximately $1.4 million of federal net operating loss carryforwards and $4.8 million of federal research and development, or R&D, credits are expected to expire unused. As of March 31, 2014, the Company derecognized $1.4 million of federal NOLs and $4.8 million of federal R&D credits. Since the R&D credits for California carry over indefinitely, there was no change to the California R&D credits. | ||
The Company files tax returns for U.S. Federal, State of California, and State of New Jersey. The Company is not currently subject to any income tax examinations. Since the Company’s inception, the Company had incurred losses from operations, which generally allows all tax years to remain open. | ||
Uncertain Tax Positions | ||
The Company recognizes the financial statement effects of a tax position when it becomes more likely than not, based upon the technical merits, that the position will be sustained upon examination. | ||
The gross amount of unrecognized tax benefits as of March 31, 2014 is $1.1 million related to the reserve on R&D credits, none of which will affect the effective tax rate if recognized due to the valuation allowance. In connection with the IPO in February 2014, the Company’s unrecognized tax benefits have decreased due to derecognition of federal R&D credits subject to Section 383 limitations. The Company does not expect any material changes in the next 12 months in unrecognized tax benefits. | ||
The Company recognizes interest and/or penalties related to uncertain tax positions. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected in the period that such determination is made. The interest and penalties are recognized as other expense and not tax expense. The Company currently has no interest and penalties related to uncertain tax positions. | ||
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
16 | Subsequent Events | |
In April and May 2014, the Company granted 168,800 stock options and 43,050 shares of restricted stock under the 2014 Equity Incentive Plan to non-employee directors and non-executive existing and new employees. The aggregate grant date fair value is estimated to be $2.6 million and $1.2 million for stock options and restricted stock, respectively. | ||
The_Company_and_Basis_of_Prese1
The Company and Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited Condensed Consolidated Financial Statements, in the opinion of management, include all adjustments which the Company considers necessary for the fair statement of the condensed results of operations and cash flows for the interim periods covered and the condensed consolidated financial position of the Company at the date of the balance sheets. The December 31, 2013 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America, or US GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2014, or any other future period. | |
The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited consolidated financial statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013, which was filed with the Securities and Exchange Commission, or SEC, on March 28, 2014. | |
The Condensed Consolidated Financial Statements of the Company include the Company’s accounts and those of the Company’s wholly-owned subsidiary and have been prepared in conformity with accounting principles generally accepted in the United States of America, or US GAAP. | |
Use of Estimates | ' |
Use of Estimates | |
The preparation of Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the Condensed Consolidated Financial Statements and reported amounts of revenues and expenses during the reporting periods. Such management estimates include the fair value of common stock, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates. | |
Interest Expense | ' |
Interest Expense | |
The accrued interest, and related interest expense, includes cash and non-cash components with the non-cash components consisting of (i) interest recognized from the amortization of debt issuance costs which are generally derived from cash payments related to the issuance of convertible notes and notes payable and which are capitalized on the Condensed Consolidated Balance Sheets, (ii) interest recognized from the amortization of debt discounts derived from the issuance of warrants and derivatives issued in conjunction with convertible notes which are also capitalized on the Condensed Consolidated Balance Sheets, (iii) interest recognized on 2011 convertible notes, or 2011 Notes, which were not paid but instead converted into shares of convertible preferred stock, and (iv) interest recognized on the 2013 convertible notes, or 2013 Notes, which were not paid but instead converted into shares of common stock. The capitalized amounts related to the debt issuance costs and debt discounts are generally amortized to interest expense over the term of the related debt instruments. The Company classifies gain or loss on debt extinguishments within interest expense. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value of Financial Instruments | ' | ||||||||||||||||
The fair value of these instruments was as follows (in thousands): | |||||||||||||||||
As of March 31, 2014 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Derivative liabilities associated with the Medicis settlement | $ | 1,637 | — | — | $ | 1,637 | |||||||||||
Total liabilities measured at fair value | $ | 1,637 | $ | — | $ | — | $ | 1,637 | |||||||||
As of December 31, 2013 | |||||||||||||||||
Fair Value | Level 1 | Level 2 | Level 3 | ||||||||||||||
Liabilities | |||||||||||||||||
Derivative liabilities associated with convertible notes | $ | 4,890 | $ | — | $ | — | $ | 4,890 | |||||||||
Derivative liabilities associated with the Medicis settlement | 8,294 | — | — | 8,294 | |||||||||||||
Common stock warrant liability | 3,358 | — | — | 3,358 | |||||||||||||
Convertible preferred stock warrant liability | 1,233 | — | — | 1,233 | |||||||||||||
Total liabilities measured at fair value | $ | 17,775 | $ | — | $ | — | $ | 17,775 | |||||||||
Summary of Changes in Fair Value of Financial Instruments | ' | ||||||||||||||||
The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments as follows (in thousands): | |||||||||||||||||
Derivative | Derivative | Common | Convertible | ||||||||||||||
Liability | Liability | Stock Warrant | Preferred | ||||||||||||||
Associated with | Associated with | Liability | Stock Warrant | ||||||||||||||
Convertible | the Medicis | Liability | |||||||||||||||
Notes | Settlement | ||||||||||||||||
Fair value as of December 31, 2013 | $ | 4,890 | $ | 8,294 | $ | 3,358 | $ | 1,233 | |||||||||
Fair value of financial instruments issued | 1,050 | — | 981 | 80 | |||||||||||||
Cash payments against Medicis liabilities | — | (7,073 | ) | — | — | ||||||||||||
Change in fair value | (4,032 | ) | 416 | 2,151 | 210 | ||||||||||||
Extinguishment of warrant liability upon exercise of put option by warrant holder | — | — | — | (82 | ) | ||||||||||||
Conversion in connection with IPO | (1,908 | ) | — | (6,490 | ) | (1,441 | ) | ||||||||||
Fair value as of March 31, 2014 | $ | — | $ | 1,637 | $ | — | $ | — | |||||||||
Balance_Sheet_Components_Table
Balance Sheet Components (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Schedule of Property and Equipment, Net | ' | ||||||||
Property and equipment, net consists of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Research equipment | $ | 9,094 | $ | 9,045 | |||||
Computer equipment | 497 | 496 | |||||||
Furniture and fixtures | 449 | 451 | |||||||
Leasehold improvements | 3,632 | 3,632 | |||||||
Construction in progress | 10,153 | 8,880 | |||||||
Total property and equipment | 23,825 | 22,504 | |||||||
Less: accumulated depreciation | (8,675 | ) | (8,189 | ) | |||||
Property and equipment, net | $ | 15,150 | $ | 14,315 | |||||
Schedule of Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets consist of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Prepaid expenses | $ | 1,082 | $ | 512 | |||||
Prepaid clinical trial expenses | 28 | 19 | |||||||
Accounts receivable | 1,786 | 225 | |||||||
Deferred rent, current portion | 322 | — | |||||||
Other current assets | 26 | 69 | |||||||
Total prepaid expenses and other current assets | $ | 3,244 | $ | 825 | |||||
Schedule of Accruals and Other Current Liabilities | ' | ||||||||
Accruals and other current liabilities consist of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued compensation | $ | 936 | $ | 689 | |||||
Accrued clinical trial expenses | 254 | 169 | |||||||
Accrued interest on notes payable | 79 | 478 | |||||||
Accrued construction-in-progress obligations | 2,959 | 1,757 | |||||||
Accrued initial public offering costs | — | 506 | |||||||
Other current liabilities | 1,287 | 562 | |||||||
Total accruals and other current liabilities | $ | 5,515 | $ | 4,161 | |||||
Schedule of Other Non-Current Assets | ' | ||||||||
Other non-current assets consist of the following (in thousands): | |||||||||
As of | As of | ||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred initial public offering costs | $ | — | $ | 2,812 | |||||
Unamortized debt issuance costs | 155 | 194 | |||||||
Total other non-current assets | $ | 155 | $ | 3,006 | |||||
Notes_Payable_Tables
Notes Payable (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Debt Disclosure [Abstract] | ' | ||||
Summary of Future Principal Payment Under the Notes Payable | ' | ||||
As of March 31, 2014, future principal payments under the Notes Payable are as follows (in thousands): | |||||
2014 | $ | 11,380 | |||
2015 | 2,641 | ||||
Total principal payments | 14,021 | ||||
Less: debt discount | (216 | ) | |||
Less: current portion | (13,405 | ) | |||
Long-term portion of notes payable | $ | 400 | |||
Interest_Expense_Tables
Interest Expense (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Banking And Thrift Interest [Abstract] | ' | ||||||||
Summary of Interest Expense by Cash and Non-Cash Components | ' | ||||||||
The interest expense by cash and non-cash components is as follows (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
Cash interest expense (1) | $ | (372 | ) | $ | (499 | ) | |||
Non-cash interest expense | |||||||||
Non-cash interest expense — debt issuance costs | (52 | ) | (101 | ) | |||||
Non-cash interest expense — warrant and derivative related debt discounts | (67 | ) | (2,821 | ) | |||||
Non-cash interest expense — convertible notes | (1,250 | ) | (9,203 | ) | |||||
Loss on extinguishment of 2013 Notes | (8,331 | ) | — | ||||||
Non-cash capitalized interest expense (2) | 231 | — | |||||||
Total non-cash interest expense | (9,469 | ) | (12,125 | ) | |||||
Total interest expense | $ | (9,841 | ) | $ | (12,624 | ) | |||
(1) | Cash interest expense included interest payments under the Hercules Notes Payable and Essex Notes. | ||||||||
(2) | Interest expense capitalized pursuant to Accounting Standards Codification Topic 835, Interest. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2014 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | ' | ||||
As of March 31, 2014, the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): | |||||
Year Ending December 31, | |||||
2014 | $ | 3,685 | |||
2015 | 5,070 | ||||
2016 | 5,222 | ||||
2017 | 5,394 | ||||
2018 and thereafter | 37,932 | ||||
Total payments | $ | 57,303 | |||
Equity_Incentive_Plans_Tables
Equity Incentive Plans (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Fair Value of Option Component of Shares Expected to be Purchased | ' | ||||||||
The fair value of the option component of the shares expected to be purchased under the 2014 ESPP were estimated using the Black-Scholes option-pricing model with the following assumptions: | |||||||||
Three Months ended | |||||||||
March 31, | |||||||||
2014 | |||||||||
Expected term (in years) | 0.5 | ||||||||
Expected volatility | 48 | % | |||||||
Risk-free interest rate | 0.08 | % | |||||||
Expected dividend rate | 0 | % | |||||||
Employee Stock Options [Member] | ' | ||||||||
Schedule of Stock-based Compensation Expense | ' | ||||||||
Total stock-based compensation expense related to options and ESPP granted to employees was allocated as follows (in thousands): | |||||||||
Three Months | |||||||||
Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Research and development | $ | 245 | $ | 4 | |||||
Sales, general and administrative | 240 | 5 | |||||||
Total stock based compensation expense | $ | 485 | $ | 9 | |||||
Non-employee Stock Options [Member] | ' | ||||||||
Schedule of Stock-based Compensation Expense | ' | ||||||||
Total stock-based compensation expense related to options granted to non-employees was allocated as follows (in thousands): | |||||||||
Three Months | |||||||||
Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Research and development | $ | 250 | $ | 1 | |||||
Sales, general and administrative | 75 | 4 | |||||||
Total stock based compensation expense | $ | 325 | $ | 5 | |||||
Net_Income_Loss_per_Share_Attr1
Net Income (Loss) per Share Attributable to Common Stockholders (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Schedule of Computation of Basic and Diluted Net Income(Loss) Per Share Attributable to Common Stockholders | ' | ||||||||
The following table sets forth the computation of the Company’s basic and diluted net income (loss) per share attributable to common stockholders for the three months ended March 31, 2014 and 2013 (in thousands, except for share and per share amounts): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2014 | 2013 | ||||||||
Net loss | $ | (21,426 | ) | $ | (21,657 | ) | |||
Capital contribution on the extinguishment of prior convertible preferred stock | — | 74,894 | |||||||
Deemed dividend on the issuance of Series E-5 convertible preferred stock | — | (177 | ) | ||||||
Noncumulative dividend on Series E convertible preferred stock | — | (2,143 | ) | ||||||
Undistributed earnings allocated to preferred stockholders | — | (45,701 | ) | ||||||
Net income (loss) attributable to common stockholders, basic | (21,426 | ) | 5,216 | ||||||
Adjustments to net income (loss) for dilutive securities | — | 8,133 | |||||||
Net income (loss) attributable to common stockholders, diluted | $ | (21,426 | ) | $ | 13,349 | ||||
Net income (loss) per share attributable to common stockholders | |||||||||
Basic | $ | (1.93 | ) | $ | 25.54 | ||||
Diluted | $ | (1.93 | ) | $ | 21 | ||||
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||
Basic | 11,092,471 | 204,220 | |||||||
Diluted | 11,092,471 | 635,726 | |||||||
Summary of Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) Per Share | ' | ||||||||
The following common stock equivalents were excluded from the computation of diluted net income (loss) per share for the periods presented because including them would have been antidilutive: | |||||||||
As of March 31, | |||||||||
2014 | 2013 | ||||||||
Stock options | 1,239,817 | — | |||||||
Convertible preferred stock | — | 8,292,844 | |||||||
Convertible preferred stock warrants | — | 82,262 | |||||||
Common stock warrants | 173,975 | 180,847 | |||||||
Shares expected to be purchased on June 30, 2014 under 2014 ESPP | 22,114 | — |
The_Company_and_Basis_of_Prese2
The Company and Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 176 Months Ended | 1 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 2002 | Mar. 31, 2014 | Feb. 28, 2014 | |
Initial public offering [Member] | ||||||||||||||||
Organization And Description Of Business [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's incorporation date | 10-Aug-99 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commencement date of operations | 30-Jun-02 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Change of entity name date | 19-Apr-05 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income loss | ($21,426,000) | ($21,657,000) | ($52,448,000) | ($58,259,000) | ($44,863,000) | ($29,229,000) | ($24,064,000) | ($21,966,000) | ($19,965,000) | ($9,378,000) | ($5,004,000) | ($2,534,000) | ($1,180,000) | ($1,884,000) | ($292,200,000) | ' |
Non-cash interest expenses | 9,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net cash used in operating activities | -21,106,000 | -6,583,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -229,313,000 | ' |
Working capital surplus | 68,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,600,000 | ' |
Accumulated deficit | -217,306,000 | ' | -195,880,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -217,306,000 | ' |
Net proceeds from initial public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $98,600,000 |
Credit facility agreement period | '15 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock issued pursuant to initial public offering | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,900,000 |
Common stock issued, price per share | $15.45 | ' | ' | ' | $17.40 | ' | ' | ' | ' | ' | ' | ' | $2.70 | $2.70 | $15.45 | $16 |
Option to purchase additional shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 |
Medicis_Settlement_Additional_
Medicis Settlement - Additional Information (Detail) (Medicis Pharmaceutical Corporation [Member], USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Nov. 30, 2012 | Oct. 31, 2012 | Mar. 31, 2014 | Oct. 31, 2012 | Dec. 31, 2012 | Mar. 31, 2014 | Oct. 31, 2012 | Feb. 13, 2014 | Mar. 31, 2014 | Dec. 31, 2012 |
Proceeds Sharing Arrangement [Member] | Proceeds Sharing Arrangement [Member] | Product Approval Payment [Member] | Product Approval Payment [Member] | Product Approval Payment Derivative [Member] | Product Approval Payment Derivative [Member] | Product Approval Payment Derivative [Member] | ||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement Date | ' | ' | 31-Oct-12 | ' | ' | ' | ' | ' | ' | ' |
Settlement consideration payable | ' | $25 | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront payment paid | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Settlement consideration payable, description | ' | ' | 'The settlement provided for consideration payable by the Company to Medicis of up to $25.0 million, comprised of (i) an upfront payment of $7.0 million made in November 2012, (ii) $14.0 million to be made upon specified capital raising achievements by the Company, or Proceeds Sharing Arrangement Payment, and (iii) $4.0 million to be made upon the achievement of specified regulatory milestones by the Company, or Product Approval Payment. Beginning on the third anniversary of the Settlement Date, any unpaid amount will begin to accrue interest at a rate of 8% per annum. | ' | ' | ' | ' | ' | ' | ' |
Settlement agreement, payable | ' | ' | ' | 14 | ' | ' | 4 | ' | ' | ' |
Interest accrued on unpaid amount | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' |
Fair value of Proceeds Sharing Arrangement Payment | ' | ' | ' | 12.9 | ' | ' | ' | ' | ' | ' |
Fair value of product approval Payment | ' | ' | ' | ' | 2.4 | ' | ' | ' | ' | ' |
Fair value of the warrants, expected contractual term (in years) | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | '2 years |
Gain (loss) on derivative liability due to remeasurement | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' |
Fair value of derivative liability | ' | ' | ' | ' | ' | ' | ' | ' | 1.6 | ' |
Fair value of the warrants, risk-free interest rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | ' |
Fair value of credit risk, percentage | ' | ' | ' | ' | ' | ' | ' | ' | 6.00% | ' |
Proceeds sharing agreement payment | ' | ' | ' | ' | ' | ' | ' | $7.10 | ' | ' |
Fair_Value_Measurements_Schedu
Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Detail) (Recurring [Member], USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | $1,637 | $17,775 |
Derivative liabilities associated with the Medicis settlement [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | 1,637 | 8,294 |
Derivative liabilities associated with convertible notes [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | 4,890 |
Common stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | 3,358 |
Convertible preferred stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | 1,233 |
Level 1 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 1 [Member] | Derivative liabilities associated with the Medicis settlement [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 1 [Member] | Derivative liabilities associated with convertible notes [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 1 [Member] | Common stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 1 [Member] | Convertible preferred stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 2 [Member] | Derivative liabilities associated with the Medicis settlement [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 2 [Member] | Derivative liabilities associated with convertible notes [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 2 [Member] | Common stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 2 [Member] | Convertible preferred stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | 1,637 | 17,775 |
Level 3 [Member] | Derivative liabilities associated with the Medicis settlement [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | 1,637 | 8,294 |
Level 3 [Member] | Derivative liabilities associated with convertible notes [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | 4,890 |
Level 3 [Member] | Common stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | 3,358 |
Level 3 [Member] | Convertible preferred stock warrant liability [Member] | ' | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Total liabilities measured at fair value | ' | $1,233 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Derivative liabilities associated with convertible notes [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair value as of December 31, 2013 | $4,890 |
Fair value of financial instruments issued | 1,050 |
Cash payments against Medicis liabilities | ' |
Change in fair value | -4,032 |
Extinguishment of warrant liability upon exercise of put option by warrant holder | ' |
Conversion in connection with IPO | -1,908 |
Fair value as of March 31, 2014 | ' |
Derivative liabilities associated with the Medicis settlement [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair value as of December 31, 2013 | 8,294 |
Fair value of financial instruments issued | ' |
Cash payments against Medicis liabilities | -7,073 |
Change in fair value | 416 |
Extinguishment of warrant liability upon exercise of put option by warrant holder | ' |
Conversion in connection with IPO | ' |
Fair value as of March 31, 2014 | 1,637 |
Common stock warrant liability [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair value as of December 31, 2013 | 3,358 |
Fair value of financial instruments issued | 981 |
Cash payments against Medicis liabilities | ' |
Change in fair value | 2,151 |
Extinguishment of warrant liability upon exercise of put option by warrant holder | ' |
Conversion in connection with IPO | -6,490 |
Fair value as of March 31, 2014 | ' |
Convertible preferred stock warrant liability [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Fair value as of December 31, 2013 | 1,233 |
Fair value of financial instruments issued | 80 |
Cash payments against Medicis liabilities | ' |
Change in fair value | 210 |
Extinguishment of warrant liability upon exercise of put option by warrant holder | -82 |
Conversion in connection with IPO | -1,441 |
Fair value as of March 31, 2014 | ' |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Percentage of weightage took into account towards the IPO scenario | 100.00% |
Proceeds Sharing Arrangement [Member] | ' |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Proceeds sharing agreement payment due upon IPO | 7.1 |
Balance_Sheet_Components_Sched
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $23,825 | $22,504 |
Less: accumulated depreciation | -8,675 | -8,189 |
Property and equipment, net | 15,150 | 14,315 |
Research equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 9,094 | 9,045 |
Computer equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 497 | 496 |
Furniture and fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 449 | 451 |
Leasehold improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 3,632 | 3,632 |
Construction in progress [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $10,153 | $8,880 |
Balance_Sheet_Components_Addit
Balance Sheet Components - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 176 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | |
Collaboration Arrangement Disclosure [Abstract] | ' | ' | ' | ' |
Depreciation expense | $488,000 | $453,000 | ' | $9,399,000 |
Outstanding obligations related to construction-in-progress | 3,000,000 | ' | 1,800,000 | ' |
Capitalized interest costs | ($231,000) | ' | ' | ($684,000) |
Balance_Sheet_Components_Sched1
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Prepaid expenses | $1,082 | $512 |
Prepaid clinical trial expenses | 28 | 19 |
Accounts receivable | 1,786 | 225 |
Deferred rent, current portion | 322 | ' |
Other current assets | 26 | 69 |
Total prepaid expenses and other current assets | $3,244 | $825 |
Balance_Sheet_Components_Sched2
Balance Sheet Components - Schedule of Accruals and Other Current Liabilities (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued compensation | $936 | $689 |
Accrued clinical trial expenses | 254 | 169 |
Accrued interest on notes payable | 79 | 478 |
Accrued construction-in-progress obligations | 2,959 | 1,757 |
Accrued initial public offering costs | ' | 506 |
Other current liabilities | 1,287 | 562 |
Total accruals and other current liabilities | $5,515 | $4,161 |
Balance_Sheet_Components_Sched3
Balance Sheet Components - Schedule of Other Non-Current Assets (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ' | ' |
Deferred initial public offering costs | ' | $2,812 |
Unamortized debt issuance costs | 155 | 194 |
Total other non-current assets | $155 | $3,006 |
Notes_Payable_Additional_Infor
Notes Payable - Additional Information 1 (Detail) (USD $) | 3 Months Ended | 176 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||||
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2011 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2011 | |
Hercules Notes Payable [Member] | Hercules Notes Payable [Member] | Hercules Notes Payable [Member] | Hercules Notes Payable [Member] | Hercules Notes Payable [Member] | Hercules Notes Payable [Member] | Venture Debt [Member] | ||||
Minimum [Member] | Maximum [Member] | |||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from notes payable | $6,750,000 | $132,973,000 | ' | $22,000,000 | ' | ' | ' | ' | ' | ' |
Repayment of Venture Debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,000,000 |
Unamortized debt discount | 216,000 | 216,000 | ' | ' | 35,000 | ' | 43,000 | ' | ' | 579,000 |
Notes payable maturity | ' | ' | ' | ' | 31-Mar-15 | ' | ' | ' | ' | ' |
Interest rate, percentage | ' | ' | ' | ' | 9.85% | ' | ' | ' | ' | ' |
Difference of the prime rate | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' |
Notes payable repayment terms | ' | ' | ' | ' | '33 equal monthly payments | ' | ' | ' | ' | ' |
Notes payable description | ' | ' | ' | ' | 'The Hercules Notes Payable, which matures in March 2015, is secured by all assets of the Company, and bears interest at the greater of (i) 9.85% per annum or (ii) 9.85% per annum plus the difference of the prime rate less 3.25% per annum and contains covenants that require, among other things, that the Company seek consent from Hercules prior to certain corporate changes and provide certain unaudited financial information within 30 days after the end of each month. Starting in July 2012, the loan is to be repaid in 33 equal monthly payments of principal and interest of $764,000 plus an end of term payment of $500,000 if the loan is prepaid, or $400,000 if paid upon maturity. The loan also allows for prepayment at any time with a moving premium ranging from 1% to 4% of $15.0 million, depending on when the prepayment occurs. | ' | ' | ' | ' | ' |
Notes payable repayment start date | ' | ' | ' | ' | 31-Jul-12 | ' | ' | ' | ' | ' |
Payment of notes payable principal and interest | ' | ' | ' | ' | 764,000 | ' | ' | ' | ' | ' |
Prepayment charge on end of term payment | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' |
End of term payment | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Prepayment premium percentage | ' | ' | ' | ' | ' | ' | ' | 1.00% | 4.00% | ' |
Prepayment premium amount | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' |
Warrants issued to purchase shares | ' | ' | ' | ' | 17,977 | ' | ' | ' | ' | ' |
Exercise price per share | ' | ' | ' | ' | $66.75 | ' | ' | ' | ' | ' |
Debt discount amortized | ' | ' | ' | ' | 122,000 | ' | ' | ' | ' | ' |
Recognition of interest expense from warrant related debt discount | ' | ' | ' | ' | 9,000 | 9,000 | ' | ' | ' | ' |
Debt issuance costs | ' | ' | ' | ' | 544,000 | ' | ' | ' | ' | ' |
Amortization of debt issuance costs | ' | ' | ' | ' | 39,000 | 39,000 | ' | ' | ' | ' |
Unamortized debt issuance costs | $155,000 | $155,000 | $194,000 | ' | $155,000 | ' | $194,000 | ' | ' | ' |
Notes_Payable_Additional_Infor1
Notes Payable - Additional Information 2 (Detail) (USD $) | 3 Months Ended | 176 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2013 | Dec. 20, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Essex Notes [Member] | Essex Notes [Member] | Essex Notes [Member] | Essex Notes [Member] | Essex Notes [Member] | Essex Notes [Member] | Essex Notes [Member] | Essex Notes [Member] | Essex Notes [Member] | Hercules Notes Payable [Member] | Hercules Notes Payable [Member] | Hercules Notes Payable [Member] | ||||
Maximum [Member] | Warrants [Member] | Short Term [Member] | Series E-5 convertible preferred stock [Member] | ||||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Secured promissory notes | ' | ' | ' | ' | ' | ' | ' | ' | $10,800,000 | ' | ' | ' | ' | ' | ' |
Lease period | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' |
Percentage of original purchase amount of asset at end of lease | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Short term notes | ' | ' | ' | ' | ' | 2,500,000 | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock shares purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,345 | 12,345 | ' | ' | ' |
Fair value of warrants | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt issuance cost | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | 544,000 | ' | ' |
Interest expense for amortization of warrant | 9,841,000 | 12,624,000 | 79,100,000 | ' | ' | ' | ' | ' | ' | 9,000 | ' | ' | ' | ' | ' |
Unamortized debt discount | 216,000 | ' | 216,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | 43,000 |
Payment of principal and interest, Notes payable | $2,042,000 | $1,816,000 | $32,038,000 | $6,000 | $0 | ' | ' | ' | ' | ' | ' | ' | $2,300,000 | $2,300,000 | ' |
Notes_Payable_Summary_of_Futur
Notes Payable - Summary of Future Principal Payment Under the Notes Payable (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Less: debt discount | ($216,000) | ' |
Less: current portion | -13,405,000 | -10,702,000 |
Long-term portion of notes payable | 400,000 | 2,632,000 |
Notes Payable [Member] | ' | ' |
2014 | 11,380,000 | ' |
2015 | 2,641,000 | ' |
Total principal payments | $14,021,000 | ' |
2013_Convertible_Notes_and_Com1
2013 Convertible Notes and Common Stock Warrants - Additional Information (Detail) (USD $) | 3 Months Ended | 176 Months Ended | 1 Months Ended | 3 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | |
2013 Convertible Notes [Member] | 2013 Convertible Notes [Member] | 2013 Convertible Notes [Member] | 2013 Convertible Notes [Member] | |||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Amount borrowed during the period | ' | ' | ' | ' | ' | ' | $4,300,000 | $19,400,000 |
Principal amount, accrued interest, and derivative liability | ' | ' | ' | ' | 26,200,000 | ' | ' | ' |
Convertible notes converted into shares | ' | ' | ' | ' | 1,637,846 | ' | ' | ' |
Warrants issued to purchase of common stock | ' | ' | ' | ' | 409,450 | ' | ' | ' |
Warrants exercised for common stock | ' | ' | ' | ' | 405,594 | ' | ' | ' |
Derivative liabilities associated with the convertible notes | ' | ' | ' | 4,890,000 | ' | 1,900,000 | ' | ' |
Loss on extinguishment of 2013 Notes | -8,331,000 | ' | -8,331,000 | ' | ' | 8,300,000 | ' | ' |
Non-cash interest expense | ' | 9,220,000 | 38,521,000 | ' | ' | 9,600,000 | ' | ' |
Amortization of warrant-related debt discount | ' | ' | ' | ' | ' | 400,000 | ' | ' |
Amortization of derivative-related debt discount | ' | ' | ' | ' | ' | 600,000 | ' | ' |
Accrued interest up to the date of conversion | ' | ' | ' | ' | ' | 300,000 | ' | ' |
Unamortized debt discount | $155,000 | ' | $155,000 | $194,000 | ' | $0 | ' | $7,300,000 |
Interest_Expense_Summary_of_In
Interest Expense - Summary of Interest Expense by Cash and Non-Cash Components (Detail) (USD $) | 3 Months Ended | 176 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Debt Instrument [Line Items] | ' | ' | ' |
Cash interest expense | ($372,000) | ($499,000) | ' |
Non-cash interest expense | ' | ' | ' |
Non-cash interest expense | -52,000 | -101,000 | -921,000 |
Loss on extinguishment of 2013 Notes | -8,331,000 | ' | -8,331,000 |
Non-cash capitalized interest expense | 231,000 | ' | 684,000 |
Total non-cash interest expense | -9,469,000 | -12,125,000 | ' |
Total interest expense | -9,841,000 | -12,624,000 | -79,100,000 |
Convertible Notes [Member] | ' | ' | ' |
Non-cash interest expense | ' | ' | ' |
Non-cash interest expense | -1,250,000 | -9,203,000 | ' |
Debt issuance costs [Member] | ' | ' | ' |
Non-cash interest expense | ' | ' | ' |
Non-cash interest expense | -52,000 | -101,000 | ' |
Warrant and Derivative Related Debt Discounts [Member] | ' | ' | ' |
Non-cash interest expense | ' | ' | ' |
Non-cash interest expense | -67,000 | -2,821,000 | ' |
2013 Notes [Member] | ' | ' | ' |
Non-cash interest expense | ' | ' | ' |
Loss on extinguishment of 2013 Notes | ($8,331,000) | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 176 Months Ended | |
Feb. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
Other Commitments [Line Items] | ' | ' | ' | ' |
Extended term of lease | '36 months | ' | ' | ' |
Lease expiration date | 31-Jan-25 | ' | ' | ' |
Rent expense | ' | $1,300,000 | $1,100,000 | $21,500,000 |
Purchase commitments | ' | 14,700,000 | ' | 14,700,000 |
Maximum [Member] | ' | ' | ' | ' |
Other Commitments [Line Items] | ' | ' | ' | ' |
Tenant improvement allowance | ' | $3,000,000 | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 | $3,685 |
2015 | 5,070 |
2016 | 5,222 |
2017 | 5,394 |
2018 and thereafter | 37,932 |
Total payments | $57,303 |
Common_Stock_Additional_Inform
Common Stock - Additional Information (Detail) (Common Stock [Member]) | 3 Months Ended |
Mar. 31, 2014 | |
Common Stock [Member] | ' |
Class of Stock [Line Items] | ' |
Reverse stock split description | 'Company's Board of Directors and stockholders approved an amended and restated certificate of incorporation effecting a 1-for-15 reverse stock split of the Company's issued and outstanding shares of common stock and convertible preferred stock that was effective on February 3, 2014. |
Convertible_Preferred_Stock_Ad
Convertible Preferred Stock - Additional Information (Detail) | 0 Months Ended |
Feb. 28, 2014 | |
Equity [Abstract] | ' |
Conversion of convertible preferred stock into common stock shares | 8,689,999 |
Conversion ratio | 1 |
Warrants_Additional_Informatio
Warrants - Additional Information (Detail) (USD $) | 3 Months Ended | 176 Months Ended | 1 Months Ended | 1 Months Ended | 3 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Feb. 28, 2014 | Mar. 31, 2014 | Jan. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 |
Convertible Preferred Stock Warrants [Member] | Convertible Preferred Stock Warrants [Member] | Convertible Preferred Stock Warrants [Member] | Common stock warrants [Member] | Common stock warrants [Member] | Common stock warrants [Member] | Common stock warrants [Member] | Common stock warrants [Member] | |||||
Warrant | Minimum [Member] | Maximum [Member] | ||||||||||
Class of Warrant or Right [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants to purchase shares | ' | ' | ' | ' | ' | 0 | 12,345 | ' | 173,975 | 72,248 | ' | ' |
Number of outstanding common stock warrants net exercised | ' | ' | ' | ' | ' | ' | ' | 1,158,443 | ' | ' | ' | ' |
Number of warrants to purchase shares exercised | ' | ' | ' | ' | 22,856 | ' | ' | ' | ' | ' | ' | ' |
Loss on extinguishment of warrant liability upon exercise of put option by warrant holder | ($1,356) | ($1,356) | ' | ' | $1,400 | ' | ' | ' | ' | ' | ' | ' |
Number of preferred stock warrant holders | ' | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' |
Warrant issued, purchase price per share | ' | ' | 0.15 | 0.15 | ' | ' | ' | ' | ' | ' | 14.95 | 31.5 |
Warrant expiration year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2018 | '2021 |
Equity_Incentive_Plans_Additio
Equity Incentive Plans - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 176 Months Ended | ||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2004 | Dec. 31, 2003 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | $810 | $14 | ($548) | ($79) | ($273) | ($455) | ($391) | ($404) | ($198) | ($75) | ($8) | ($9) | $3,250 |
2014 Equity Incentive Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock that may be issued pursuant to equity incentive plan | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 |
Percentage of total number of shares of capital stock outstanding | 4.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 Equity Incentive Plan [Member] | Maximum [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock that may be issued pursuant to equity incentive plan | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 |
2014 Employee Stock Purchase Plan [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of common stock that may be issued pursuant to equity incentive plan | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 |
Percentage of total number of shares of capital stock outstanding | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional shares reserved for issuance | 300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock-based compensation | $209 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity_Incentive_Plans_Fair_Va
Equity Incentive Plans - Fair Value of Option Component of Shares Expected to be Purchased (Detail) | 3 Months Ended |
Mar. 31, 2014 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Expected term (in years) | '6 months |
Expected volatility | 48.00% |
Risk-free interest rate | 0.08% |
Expected dividend rate | 0.00% |
Equity_Incentive_Plans_Schedul
Equity Incentive Plans - Schedule of Stock-based Compensation Expense (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 176 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2004 | Dec. 31, 2003 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock based compensation expense | $810 | $14 | ($548) | ($79) | ($273) | ($455) | ($391) | ($404) | ($198) | ($75) | ($8) | ($9) | $3,250 |
Non-employee Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock based compensation expense | 325 | 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-employee Stock Options [Member] | Research and development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock based compensation expense | 250 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-employee Stock Options [Member] | Sales, general and administrative [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock based compensation expense | 75 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Options [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock based compensation expense | 485 | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Options [Member] | Research and development [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock based compensation expense | 245 | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Stock Options [Member] | Sales, general and administrative [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total stock based compensation expense | $240 | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Loss_per_Share_Attr2
Net Income (Loss) per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Income(Loss) Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 176 Months Ended | ||||||||||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2003 | Dec. 31, 2002 | Mar. 31, 2014 |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss | ($21,426) | ($21,657) | ($52,448) | ($58,259) | ($44,863) | ($29,229) | ($24,064) | ($21,966) | ($19,965) | ($9,378) | ($5,004) | ($2,534) | ($1,180) | ($1,884) | ($292,200) |
Capital contribution on the extinguishment of prior convertible preferred stock | ' | 74,894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,894 |
Deemed dividend on the issuance of Series E-5 convertible preferred stock | ' | -177 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -177 |
Undistributed earnings allocated to preferred stockholders | ' | -45,701 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to common stockholders, basic | -21,426 | 5,216 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to net income (loss) for dilutive securities | ' | 8,133 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) attributable to common stockholders, diluted | -21,426 | 13,349 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) per share attributable to common stockholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | ($1.93) | $25.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | ($1.93) | $21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | 11,092,471 | 204,220 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Diluted | 11,092,471 | 635,726 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Series E convertible preferred stock [Member] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncumulative dividend on Series E convertible preferred stock | ' | ($2,143) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Loss_per_Share_Attr3
Net Income (Loss) per Share Attributable to Common Stockholders - Summary of Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) Per Share (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from computation of diluted net income (loss) per share | 1,239,817 | ' |
Convertible preferred stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from computation of diluted net income (loss) per share | ' | 8,292,844 |
Convertible Preferred Stock Warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from computation of diluted net income (loss) per share | ' | 82,262 |
Common stock warrants [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from computation of diluted net income (loss) per share | 173,975 | 180,847 |
Shares expected to be purchased on June 30 2014 [Member] | 2014 Employee Stock Purchase Plan [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from computation of diluted net income (loss) per share | 22,114 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Income Tax Contingency [Line Items] | ' |
Effective tax rate | 0.00% |
Operating loss carryforwards, limitations on use | 'If the Company experiences a greater than 50 percentage point aggregate change in ownership over a three-year period (a Section 382 ownership change), utilization of its pre-change net operating loss, or NOL, and credit carryforwards are subject to an annual limitation under Sections 382 and 383 of the Internal Revenue Code. California and New Jersey, where the Company files state tax returns, have similar laws. The annual limitation generally is determined by multiplying the value of the Companybs stock at the time of such ownership change (subject to certain adjustments) by the applicable long-term tax-exempt rate. |
Unrecognized tax benefits related to the reserve on R&D credits | $1.10 |
Interest and penalties related to uncertain tax positions | 0 |
Federal [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Net operating loss carryforwards, amount | 1.4 |
Derecognition of net operating loss carryforwards | 1.4 |
Research and development tax credits [Member] | Federal [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Tax credit carryforwards, amount | 4.8 |
Derecognition of tax credit carryforwards | $4.80 |
Scenario, Forecast [Member] | ' |
Income Tax Contingency [Line Items] | ' |
Effective tax rate | 0.00% |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (2014 Equity Incentive Plan [Member], Subsequent Event [Member], Non-employee directors and non-executive existing and new employees [Member], USD $) | 1 Months Ended | |
In Millions, except Share data, unless otherwise specified | 31-May-14 | Apr. 30, 2014 |
Stock options [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Number of shares granted | 168,800 | 168,800 |
Aggregate grant date fair value | $2.60 | $2.60 |
Restricted stock [Member] | ' | ' |
Subsequent Event [Line Items] | ' | ' |
Number of shares granted | 43,050 | 43,050 |
Aggregate grant date fair value | $1.20 | $1.20 |