Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 26, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Entity Registrant Name | Revance Therapeutics, Inc. | ||
Entity Central Index Key | 1,479,290 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Non-accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 28,433,208 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 469.5 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 201,615 | $ 171,032 |
Short-term investments | 50,688 | 0 |
Restricted cash, current portion | 35 | 75 |
Prepaid expenses and other current assets | 1,625 | 1,624 |
Total current assets | 253,963 | 172,731 |
Property and equipment, net | 19,708 | 19,274 |
Long-term investments | 1,751 | 0 |
Restricted cash, net of current portion | 400 | 435 |
Other non-current assets | 0 | 29 |
TOTAL ASSETS | 275,822 | 192,469 |
CURRENT LIABILITIES | ||
Accounts payable | 2,657 | 3,149 |
Accruals and other current liabilities | 6,245 | 4,145 |
Financing obligations, current portion | 3,135 | 307 |
Notes payable, current portion and net of discount | 0 | 2,635 |
Total current liabilities | 12,037 | 10,236 |
Financing obligations, net of current portion | 5,346 | 598 |
Derivative liabilities associated with Medicis settlement | 1,414 | 1,541 |
Deferred rent | 3,773 | 3,725 |
TOTAL LIABILITIES | $ 22,570 | $ 16,100 |
Commitments and Contingencies (Note 11) | ||
Convertible preferred stock, par value $0.001 per share — 5,000,000 shares authorized both as of December 31, 2015 and 2014; no shares issued and outstanding both as of December 31, 2015 and 2014 | $ 0 | $ 0 |
STOCKHOLDERS’ EQUITY | ||
Common stock, par value $0.001 per share — 95,000,000 shares authorized both as of December 31, 2015 and 2014; 28,288,464 and 23,774,465 shares issued and outstanding as of December 31, 2015 and 2014, respectively | 28 | 24 |
Additional paid-in capital | 585,537 | 435,142 |
Accumulated other comprehensive loss | (40) | 0 |
Accumulated deficit | 332,273 | 258,797 |
TOTAL STOCKHOLDERS’ EQUITY | 253,252 | 176,369 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 275,822 | $ 192,469 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Convertible preferred stock, shares issued (in shares) | 0 | 0 |
Convertible preferred stock, shares outstanding (in shares) | 0 | 0 |
Aggregate liquidation preference | $ 0 | $ 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 95,000,000 | 95,000,000 |
Common stock, shares issued (in shares) | 28,288,464 | 23,774,465 |
Common stock, shares outstanding (in shares) | 28,288,464 | 23,774,465 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Revenue | $ 300 | $ 383 | $ 617 |
Operating expenses: | |||
Research and development | 47,529 | 33,390 | 27,831 |
General and administrative | 25,088 | 19,043 | 11,011 |
Total operating expenses | 72,617 | 52,433 | 38,842 |
Loss from operations | (72,317) | (52,050) | (38,225) |
Interest income | 231 | 44 | 2 |
Interest expense | (1,190) | (10,672) | (15,164) |
Change in fair value of derivative liabilities associated with the convertible notes | 0 | 4,032 | 2,660 |
Changes in fair value of derivative liabilities associated with Medicis settlement | 127 | (320) | 47 |
Change in fair value of common stock warrant liability | 0 | (2,151) | (621) |
Change in fair value of convertible preferred stock warrant liability | 0 | (210) | (743) |
Loss on settlement of preferred stock warrant | 0 | (1,356) | 0 |
Other expense, net | (327) | (234) | (404) |
Net loss | (73,476) | (62,917) | (52,448) |
Unrealized loss on available for sale securities | (40) | 0 | 0 |
Comprehensive loss | (73,516) | (62,917) | (52,448) |
Net income (loss) attributable to common stockholders (Note 15): | |||
Basic | (73,476) | (62,917) | 258 |
Diluted | $ (73,476) | $ (62,917) | $ 1,083 |
Net income (loss) per share attributable to common stockholders: | |||
Basic (in dollars per share) | $ (3.02) | $ (3.24) | $ 1.17 |
Diluted (in dollars per share) | $ (3.02) | $ (3.24) | $ 1.05 |
Weighted-average number of shares used in computing net income (loss) per share attributable to common stockholders: | |||
Basic (in shares) | 24,340,466 | 19,391,523 | 220,220 |
Diluted (in shares) | 24,340,466 | 19,391,523 | 1,029,150 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Convertible Preferred Stock and of Stockholders’ Equity (Deficit) - USD ($) $ in Thousands | Total | Series E-1 Convertible Preferred Stock | Series E-2 | Series E-3 | Series E-4 | Series E-5 | IPO | Common Stock | Common StockIPO | Additional Paid-In Capital | Additional Paid-In CapitalSeries E-1 Convertible Preferred Stock | Additional Paid-In CapitalSeries E-4 | Additional Paid-In CapitalSeries E-5 | Additional Paid-In CapitalIPO | Other Comprehensive Income (Loss) | Accumulated Deficit | Accumulated DeficitSeries E-1 Convertible Preferred Stock | Accumulated DeficitSeries E-2 | Accumulated DeficitSeries E-3 |
Beginning balance (in shares) at Dec. 31, 2012 | 1,517,381 | ||||||||||||||||||
Beginning balance at Dec. 31, 2012 | $ 95,433 | ||||||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||
Issuance of convertible preferred stock | $ 11,256 | $ (11,256) | $ 36,375 | $ 11,256 | |||||||||||||||
Issuance of convertible preferred stock (in shares) | 607,476 | 4,748,484 | 1,810,441 | ||||||||||||||||
Conversion of convertible preferred stock | $ (39,000) | $ (24,638) | |||||||||||||||||
Conversion of convertible debt | $ 66,954 | ||||||||||||||||||
Issuance of convertible preferred stock as a deemed dividend (in shares) | 7,911 | ||||||||||||||||||
Issuance of convertible preferred stock as a deemed dividend | $ 177 | ||||||||||||||||||
Expiration of note payable from stockholder, Series E-1 (in shares) | (1,694) | ||||||||||||||||||
Expiration of note payable from stockholder, Series E-1 | $ (63) | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2013 | 8,689,999 | ||||||||||||||||||
Ending balance at Dec. 31, 2013 | $ 123,982 | ||||||||||||||||||
Beginning balance (in shares) at Dec. 31, 2012 | 204,024 | ||||||||||||||||||
Beginning balance at Dec. 31, 2012 | (216,727) | $ 0 | $ 1,599 | $ 0 | $ (218,326) | ||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation expense related to stock-based compensation | 548 | 548 | |||||||||||||||||
Issuance of convertible preferred stock | 11,256 | (11,256) | 36,375 | $ 11,256 | |||||||||||||||
Conversion of convertible preferred stock | $ 39,000 | $ 24,638 | $ 39,000 | $ 24,638 | |||||||||||||||
Conversion of convertible notes | $ 32,008 | $ 32,008 | |||||||||||||||||
Issuance of Series E-5 convertible preferred stock as a deemed dividend | (177) | $ (177) | |||||||||||||||||
Issuance of common stock warrants | $ 4,272 | $ 4,272 | |||||||||||||||||
Expiration of note payable from stockholder, Series E-1 | $ 63 | $ 63 | |||||||||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 4,284 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 11 | 11 | |||||||||||||||||
Issuance of common stock upon net exercise of warrant (in shares) | 52,481 | ||||||||||||||||||
Issuance of common stock upon exercise of warrants | 7 | 7 | |||||||||||||||||
Net loss | (52,448) | (52,448) | |||||||||||||||||
Unrealized loss on available for sale securities | 0 | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2013 | 260,789 | ||||||||||||||||||
Ending balance at Dec. 31, 2013 | $ (157,549) | $ 0 | 38,331 | 0 | (195,880) | ||||||||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||||||||||||
Conversion of preferred stock to common stock in connection with initial public offering (in shares) | (8,689,999) | ||||||||||||||||||
Conversion of preferred stock to common stock in connection with initial public offering | $ (123,982) | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2014 | 0 | ||||||||||||||||||
Ending balance at Dec. 31, 2014 | $ 0 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation expense related to stock-based compensation | 6,513 | 6,513 | |||||||||||||||||
Conversion of convertible preferred stock | 123,981 | 9 | 123,972 | ||||||||||||||||
Conversion of convertible notes | 26,206 | $ 2 | 26,204 | ||||||||||||||||
Issuance of common stock warrants | 379 | $ 1,441 | 379 | $ 1,441 | |||||||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 239,000 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 1,422 | 1,422 | |||||||||||||||||
Issuance of common stock upon net exercise of warrant (in shares) | 10,613 | ||||||||||||||||||
Net loss | (62,917) | (62,917) | |||||||||||||||||
Issuance of common stock and compensation expense relating to employee stock purchase plan (in shares) | 25,339 | ||||||||||||||||||
Issuance of common stock relating to employee stock purchase plan | 349 | 349 | |||||||||||||||||
Conversion of preferred stock to common stock in connection with initial public offering (in shares) | 8,689,999 | ||||||||||||||||||
Issuance of common stock (in shares) | 6,900,000 | ||||||||||||||||||
Issuance of common stock | $ 98,644 | $ 7 | $ 98,637 | ||||||||||||||||
Conversion of convertible notes (in 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 (in shares) | 1,158,443 | ||||||||||||||||||
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 in connection with follow on offering (in shares) | 4,600,000 | ||||||||||||||||||
Issuance of common stock in connection with follow on offering | 131,335 | $ 5 | 131,330 | ||||||||||||||||
Issuance of restricted stock awards, net of repurchase (in shares) | 251,325 | ||||||||||||||||||
Issuance of common stock for services rendered (in shares) | 1,111 | ||||||||||||||||||
Issuance of common stock for services rendered | 17 | 17 | |||||||||||||||||
Termination of repurchase rights related to vesting of common stock issued pursuant to early exercises | 58 | 58 | |||||||||||||||||
Unrealized loss on available for sale securities | $ 0 | ||||||||||||||||||
Ending balance (in shares) at Dec. 31, 2014 | 23,774,465 | 23,774,465 | |||||||||||||||||
Ending balance at Dec. 31, 2014 | $ 176,369 | $ 24 | 435,142 | 0 | (258,797) | ||||||||||||||
Ending balance (in shares) at Dec. 31, 2015 | 0 | ||||||||||||||||||
Ending balance at Dec. 31, 2015 | $ 0 | ||||||||||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||||||||
Stock-based compensation expense related to stock-based compensation | 12,388 | 12,388 | |||||||||||||||||
Issuance of common stock upon exercise of stock options (in shares) | 205,735 | ||||||||||||||||||
Issuance of common stock upon exercise of stock options | 2,435 | 2,435 | |||||||||||||||||
Issuance of common stock upon net exercise of warrant (in shares) | 68,993 | ||||||||||||||||||
Net loss | (73,476) | (73,476) | |||||||||||||||||
Issuance of common stock and compensation expense relating to employee stock purchase plan (in shares) | 15,745 | ||||||||||||||||||
Issuance of common stock relating to employee stock purchase plan | 318 | 318 | |||||||||||||||||
Issuance of common stock (in shares) | 352,544 | ||||||||||||||||||
Issuance of common stock | 10,021 | 10,021 | |||||||||||||||||
Issuance of common stock in connection with follow on offering (in shares) | 3,737,500 | ||||||||||||||||||
Issuance of common stock in connection with follow on offering | 126,230 | $ 4 | 126,226 | ||||||||||||||||
Issuance of restricted stock awards, net of repurchase (in shares) | 169,562 | ||||||||||||||||||
Vested restricted stock awards to pay taxes (in shares) | (36,080) | ||||||||||||||||||
Vested restricted stock awards to pay taxes | (993) | (993) | |||||||||||||||||
Unrealized loss on available for sale securities | $ (40) | (40) | |||||||||||||||||
Ending balance (in shares) at Dec. 31, 2015 | 28,288,464 | 28,288,464 | |||||||||||||||||
Ending balance at Dec. 31, 2015 | $ 253,252 | $ 28 | $ 585,537 | $ (40) | $ (332,273) |
Consolidated Statements of Cha6
Consolidated Statements of Changes in Convertible Preferred Stock and of Stockholders’ Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Common stock issued, price per share (in dollars per share) | $ 15.45 | $ 22.50 |
Exercise price of warrants (in dollars per share) | $ 0.15 | |
Stock issuance costs | $ 9,000 | $ 132 |
Common stock issued, exercise of stock options (in dollars per share) | $ 2.55 | |
IPO | ||
Stock issuance costs | $ 11,800 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Net loss | $ (73,476) | $ (62,917) | $ (52,448) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 1,995 | 2,051 | 1,881 |
Amortization of premium on investments | 601 | 0 | 0 |
Amortization of discount on debt and capital leases | 5 | 1,250 | 4,128 |
Amortization of debt issuance cost | 39 | 203 | 217 |
Change in fair value of derivative liabilities associated with convertible notes | 0 | (4,032) | (2,660) |
Change in fair value of derivative liabilities associated with the Medicis settlement | (127) | 320 | (47) |
Change in fair value of common stock warrant liability | 0 | 2,151 | 621 |
Change in fair value of convertible preferred stock warrant liability | 0 | 210 | (425) |
Extinguishment of warrant liability upon exercise of put option by warrant holder | 0 | 1,356 | 0 |
Convertible preferred stock warrant modification remeasurement adjustment | 0 | 0 | 1,168 |
Loss on extinguishment of 2013 Notes | 0 | 8,331 | 0 |
Stock-based compensation expense | 12,388 | 6,530 | 548 |
Interest on convertible notes converted to convertible preferred stock | 0 | 0 | 9,220 |
Interest for 2013 Notes and Essex Notes upon issuance, non-cash | 0 | 271 | 273 |
Capitalized interest | 0 | (972) | (453) |
Fair value of common stock warrants issued | 0 | 379 | 0 |
Effective interest on financing obligations | 344 | 28 | 0 |
Loss on disposal of fixed assets | 38 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (192) | (999) | 422 |
Other non-current assets | 29 | (1,621) | (2,770) |
Accounts payable | (692) | (3,399) | 3,193 |
Accruals and other current liabilities | 3,179 | 2,311 | (3,832) |
Payments against Medicis liabilities | 0 | (7,073) | (6,927) |
Deferred rent | 200 | 549 | 133 |
Net cash used in operating activities | (55,669) | (55,073) | (47,758) |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Purchases of property and equipment | (3,328) | (6,975) | (6,477) |
Proceeds from maturities of investments | 1,000 | 0 | 0 |
Purchases of investments | (54,087) | 0 | 0 |
Change in restricted cash | 75 | 75 | 75 |
Net cash used in investing activities | (56,340) | (6,900) | (6,402) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Proceeds from issuance of common stock, net of deferred follow-on offering costs | 126,230 | 131,880 | |
Proceeds from issuance of common stock, net of deferred at-the-market offering costs | 10,021 | ||
Proceeds from failed sale-leaseback financings | 9,831 | 0 | 0 |
Proceeds from the exercise of stock options, employee stock purchase plan, and common stock warrants | 2,753 | 1,771 | 18 |
Net settlement of restricted stock awards to settle employee taxes | (993) | 0 | 0 |
Principal payments made on capital leases and financing obligations | (2,598) | (228) | (982) |
Principal payments made on notes payable | (2,652) | (12,316) | (7,594) |
Proceeds from issuance of common stock, net of deferred initial public offering costs | 102,672 | ||
Proceeds from issuance of convertible notes and notes payable | 0 | 6,750 | 21,903 |
Payments to settle warrants | 0 | (1,438) | 0 |
Proceeds from issuance of convertible preferred stock, net | 0 | 0 | 40,646 |
Net cash provided by financing activities | 142,592 | 229,091 | 53,991 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 30,583 | 167,118 | (169) |
CASH AND CASH EQUIVALENTS — Beginning of period | 171,032 | 3,914 | 4,083 |
CASH AND CASH EQUIVALENTS — End of period | 201,615 | 171,032 | 3,914 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | |||
Cash paid for interest | 802 | 1,182 | 1,590 |
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 | 0 | 123,982 | 0 |
Conversion of 2013 Notes into common stock | 0 | 26,206 | 0 |
Issuance of common stock upon net exercise of common stock warrants in connection with IPO | 0 | 6,490 | 0 |
Fair value in excess of debt host for derivative liabilities associated with convertible notes | 0 | 1,050 | 5,750 |
Deferred initial public offering costs | 0 | 4,028 | 2,490 |
Deferred follow-on public offering costs | 0 | 546 | 0 |
Conversion of preferred stock warrants to common stock warrants | 0 | 1,441 | 0 |
Conversion of Essex Notes into financing obligations | 0 | 1,095 | 0 |
Termination of stock option repurchase right | 0 | 58 | 0 |
Capital contribution on the extinguishment of the prior convertible preferred stock | 0 | 0 | 74,894 |
Capital contribution on the extinguishment of the 2011 Notes | 0 | 0 | 32,008 |
Deemed dividend on issuance of Series E-5 convertible preferred stock | 0 | 0 | 177 |
Issuance of common stock warrants in connection with Series E-5 convertible preferred stock financing | 0 | 0 | 4,272 |
Issuance of common stock warrants in connection with the 2013 Notes | 0 | 981 | 2,737 |
Property and equipment purchases included in accounts payable and accruals and other current liabilities | 487 | 1,348 | 2,285 |
Issuance of convertible preferred stock warrants | 0 | 80 | 139 |
Fair value of common stock warrants issued | $ 0 | $ 379 | $ 0 |
The Company and Basis of Presen
The Company and Basis of Presentation | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | 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 biotechnology company focused on the development, manufacturing and commercialization of novel botulinum toxin products for multiple aesthetic and therapeutic indications. The Company is leveraging its proprietary portfolio of botulinum toxin type A compounds, combined with its patented TransMTS® peptide delivery system to address unmet needs in large and growing neurotoxin markets. The Company's proprietary TransMTS technology enables delivery of botulinum toxin type A through two investigational drug product candidates, DaxibotulinumtoxinA Topical Gel (RT001), or RT001 topical, and DaxibotulinumtoxinA for Injection (RT002), or RT002 injectable. The Company is pursuing clinical development for RT001 topical and RT002 injectable in a broad spectrum of aesthetic and therapeutic indications. The Company holds worldwide rights for all indications of RT001 topical, RT002 injectable and our TransMTS technology platform. Since commencing operations in 2002, the Company has devoted substantially all of its efforts to 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 topical and RT002 injectable. The Company has never been profitable and has not yet commenced commercial operations. Since the Company's inception, the Company has incurred losses and negative cash flows from operations. The Company has not generated significant revenue from product sales to date and will continue to incur significant research and development and other expenses related to its ongoing operations. The Company has recorded net losses of $73.5 million , $62.9 million and $52.4 million for the years ended December 31, 2015 , 2014 and 2013 . As of December 31, 2015 , the Company had a working capital surplus of $241.9 million and an accumulated deficit of $332.3 million . The Company has funded its operations primarily through the sale and issuance of common stock, convertible preferred stock, notes payable, and convertible notes. As of December 31, 2015 , the Company had capital resources consisting of cash, cash equivalents, and investments of $254.1 million . The Company believes that its existing cash, cash equivalents, and investments will allow the Company to fund its operating plan through at least the next 12 months . 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. Follow-On Public Offerings In June 2014, the Company completed a follow-on public offering, or the 2014 follow-on offering, pursuant to which the Company issued 4,600,000 shares of common stock at $30.50 per share, including the exercise of the underwriters’ over-allotment option to purchase 600,000 additional shares of common stock, and received net proceeds of $131.3 million , after underwriting discounts, commissions and other offering expenses. In November 2015, the Company completed a follow-on public offering, or the 2015 follow-on offering, pursuant to which the Company issued 3,737,500 shares of common stock at $36.00 per share, including the exercise of the underwriters’ over-allotment option to purchase 487,500 additional shares of common stock, for net proceeds of $126.2 million , after underwriting discounts, commissions and other offering expenses. At-The-Market Offering In March 2015, the Company entered into an At-The-Market Issuance Sales Agreement, or the ATM agreement, with Cowen and Company, LLC, or Cowen, under which the Company may offer and sell our common stock having aggregate proceeds of up to $50.0 million from time to time through Cowen as our sales agent. Sales of common stock through Cowen will be made by means of ordinary brokers’ transactions on the NASDAQ Global Market or otherwise at market prices prevailing at the time of sale, in block transactions, or as otherwise agreed upon by the Company and Cowen. Cowen will use commercially reasonable efforts to sell the common stock from time to time, based upon instructions from the Company (including any price, time or size limits or other customary parameters or conditions we may impose). The Company agreed to pay Cowen a commission of up to 3.0% of the gross sales proceeds of any common stock sold through Cowen under the ATM agreement. During the third quarter 2015, the Company sold 352,544 shares of common stock under the ATM agreement at a weighted average price of $30.76 per share resulting in net proceeds of approximately $10.0 million , after underwriting discounts, commissions, and other offering expenses. As of December 31, 2015 , common stock for aggregate gross proceeds of $39.2 million remained available under this facility, subject to certain conditions as specified in the ATM agreement. 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. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The Consolidated Financial Statements of the Company include the Company’s accounts and those of its wholly-owned subsidiary, Revance Therapeutics Limited, and have been prepared in conformity with accounting principles generally accepted in the United States of America, or US GAAP. All significant intercompany transactions and balances have been eliminated during consolidation. Use of Estimates The preparation of Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Such management estimates include the fair value of common stock prior to the IPO, accruals, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives liability, 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. Risks and Uncertainties The product candidates developed by the Company require approvals from the U.S. Food and Drug Administration (FDA) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s current and future product candidates will meet desired efficacy and safety requirements to obtain the necessary approvals. If the Company is denied approval or approval is delayed, it may have a material adverse impact on the Company’s business and its Consolidated Financial Statements. The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its product candidates, ability to obtain regulatory approval of its product candidates, the need for substantial additional financing to achieve its goals, uncertainty of board adoption of its approved products, if any, by physicians and consumers, significant competition and untested manufacturing capabilities. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of short and long-term investments. Under the Company's Investment Policy, the Company limits its credit exposure by investing in highly liquid funds and debt obligations of the U.S. government and its agencies with high credit quality. The Company’s cash, cash equivalents, and investments are held in the United States of America. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash, cash equivalents, and investments. Cash and Cash Equivalents The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit, money market funds, and debt securities. Restricted Cash Deposits of $435,000 and $510,000 were restricted from withdrawal as of December 31, 2015 and 2014 . The restriction is related to securing the Company’s facility lease and expires in 2025 in accordance with the operating lease agreement, as amended. The restrictions on these balances are being released at a rate of $75,000 per year until the balance is $400,000 and then remain at that limit until the end of the lease. These balances are included in restricted cash on the accompanying Consolidated Balance Sheets. Investments Short-term investments generally consist of securities with original maturities greater than three months and remaining maturities of less than one year, while long-term investments generally consist of securities with remaining maturities greater than one year. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. All of its investments are classified as available-for-sale and carried at fair value, with the change in unrealized gains and losses reported as a separate component of other comprehensive income (loss) on the Consolidated Statements of Operations and Comprehensive Loss and accumulated as a separate component of stockholders' equity on the Consolidated Balance Sheets. Interest income, net includes interest, dividends, amortization of purchase premiums and discounts, realized gains and losses on sales of securities and other-than-temporary declines in the fair value of investments, if any. The cost of securities sold is based on the specific-identification method. The Company monitors its investment portfolio for potential impairment on a quarterly basis. If the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be other-than-temporary, the carrying amount of the security is reduced to fair value and a loss is recognized in operating results for the amount of such decline. In order to determine whether a decline in value is other-than-temporary, the Company evaluates, among other factors, the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, and its intent and ability to hold the security to maturity or forecasted recovery. The Company mitigates its credit risk by investing in money market funds and U.S. government agency obligations which limits the amount of investment exposure as to credit quality and maturity. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain financial and non-financial assets and liabilities to determine fair value disclosures. The accounting standards define fair value, establish a framework for measuring fair value, and require disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which the Company would transact are considered along with assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable, that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are as follows: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment, lab equipment, furniture and fixtures, and manufacturing equipment is depreciated over 3 , 5 , 5 , and 7 years, respectively. Repairs and maintenance that do not extend the life or improve an asset are expensed in the period incurred. Leasehold improvements are amortized over the lesser of 15 years years or the term of the lease. Repairs and maintenance are charged to operations as incurred. When assets are retired or otherwise disposed of, the costs and accumulated depreciation are removed from the Consolidated Balance Sheets and any resulting gain or loss is reflected in the Consolidated Statements of Operations and Comprehensive Loss in the period realized. Impairment of Long-Lived Assets The Company evaluates its long-lived assets for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows, attributable to these assets. Should impairment exist, the impairment would be measured by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from those assets. There have been no such impairments of long-lived assets as of and for the years ended December 31, 2015 , 2014 , and 2013 . Clinical Trial Accruals Clinical trial costs are charged to research and development expense as incurred. The Company accrues for expenses resulting from obligations under contracts with clinical research organizations (CROs), consultants, and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate expense in the Consolidated Financial Statements by matching the appropriate expenses with the period in which services and efforts are expended. In the event advance payments are made to a CRO, the payments will be recorded as a prepaid expense which will be amortized as services are rendered. The CRO contracts generally include pass-through fees including, but not limited to, regulatory expenses, investigator fees, travel costs and other miscellaneous costs, including shipping and printing fees. The Company determines accrual estimates through reports from and discussion with clinical personnel and outside services providers as to the progress or state of completion of trials, or the services completed. The Company estimates accrued expenses as of each balance sheet date in the Consolidated Financial Statements based on the facts and circumstances known to the Company at that time. The Company’s clinical trial accrual is dependent, in part, upon the receipt of timely and accurate reporting from the CROs and other third-party vendors. Revenue We recognize revenue when the following criteria are met: persuasive evidence of a sales arrangement exists; delivery has occurred; the price is fixed or determinable; and collectability is reasonably assured. During the years ended December 31, 2015, 2014, and 2013, we received revenue through various sources, such as license and royalty agreements, which may include milestone payments. Revenue from license agreements is recognized when an arrangement is entered into and if we have substantially completed our obligations under the terms of the arrangement and our remaining involvement is inconsequential and perfunctory. If we have significant continuing involvement under such an arrangement, license fees are deferred and recognized over the estimated performance period. License fee payments received in excess of amounts earned are classified as deferred revenue until earned. Revenue from royalty payments is contingent on sales activities by our licensees. As a result, we recognize royalty revenue when all revenue recognition criteria have been satisfied. We recognize revenue for milestone payments upon the achievement of specified milestones if (1) the milestone is substantive in nature, and the achievement of the milestone was not reasonably assured at the inception of the agreement, (2) the achievement relates to past performance, and (3) the fees are nonrefundable. Milestone payments received in excess of amounts earned are classified as deferred revenue until earned. Research and Development Expenditures Research and development costs are charged to operations as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses, clinical trial supplies, fees for clinical trial services, manufacturing costs, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. Income Taxes The Company accounts for income taxes under the asset and liability method. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differences in accounting for reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s Consolidated Balance Sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s Consolidated Statements of Operations and comprehensive loss become deductible expenses under applicable income tax laws or when net operating loss or credit carryforwards are utilized. Accordingly, realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses and credits can be utilized. The Company must assess the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. Based on the available evidence, the Company is unable, at this time, to support the determination that it is more likely than not that its deferred tax assets will be utilized in the future. Accordingly, the Company recorded a full valuation allowance as of December 31, 2015 and 2014 . The Company intends to maintain valuation allowances until sufficient evidence exists to support its reversal. Stock-Based Compensation The Company has equity incentive plans under which various types of equity-based awards including, but not limited to, incentive stock options, non-qualified stock options, and restricted stock awards, may be granted to employees, non-employee directors, and non-employee consultants. The Company also has an inducement plan under which various types of equity-based awards, including non-qualified stock options and restricted stock awards, may be granted to new employees. For stock options granted to employees and directors, the Company recognizes compensation expense for all stock-based awards based on the estimated grant-date fair values, net of an estimated forfeiture rate. For restricted stock awards to employees, the fair value is based on the closing price of the Company's common stock on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The fair value of stock options is determined using the Black-Scholes option pricing model. The Company estimates its forfeiture rate based on an analysis of its actual forfeitures and will continue to evaluate the adequacy of the forfeiture rate assumption based on actual forfeitures, analysis of employee turnover, and other related factors. Stock-based compensation expense related to stock options granted to non-employees is recognized based on the fair value of the stock options, determined using the Black-Scholes option pricing model, as they are earned. The awards vest over the time period the Company expects to receive services from the non-employee. Warrants The Company has issued freestanding warrants to purchase shares of common stock and convertible preferred stock in connection with certain debt and lease transactions. The warrants are recorded at fair value using the Black-Scholes option pricing model. Common Stock Warrants Prior to completion of the IPO, the Company accounted for warrants to purchase shares of its common stock as liabilities at fair value because these warrants may have obligated the Company to transfer assets to the holders at a future date under certain circumstances, such as change of control. The Company remeasured these warrants to current fair value at each balance sheet date, with changes in fair value recognized as a change in fair value of the warrant liability on the Consolidated Statements of Operations and Comprehensive Loss. Upon completion of the IPO, these warrant liabilities were remeasured to fair value and settled in conjunction with a cashless net exercise of these warrants. Common stock warrants classified as equity at inception are recorded to additional paid-in capital at fair value upon issuance. Convertible Preferred Stock Warrants The Company accounted for previously outstanding warrants to purchase shares of its convertible preferred stock that are contingently redeemable as liabilities at their estimated fair value because these warrants obligated the Company to transfer assets to the holders at a future date under certain circumstances, such as a deemed liquidation event. The warrants were subject to remeasurement to fair value at each balance sheet date, with changes in fair value recognized as a change in fair value of convertible preferred stock warrant liability on the Consolidated Statements of Operations and Comprehensive Loss. Upon completion of the IPO, the convertible preferred stock warrants converted into equity-classified warrants to purchase shares of common stock. Derivative Liabilities The Company bifurcated and separately accounted for derivative instruments related to redemption and conversion features embedded within previously outstanding convertible notes and other derivative instruments related to payment provisions underlying the Medicis settlement. These derivatives are accounted for as liabilities, which will be remeasured to fair value as of each balance sheet date, with changes in fair value recognized in the Consolidated Statements of Operations and Comprehensive Loss. The derivative liabilities associated with the 2013 Convertible Notes are no longer outstanding due to the conversion of the related convertible notes upon the IPO in February 2014. The Company will continue to record adjustments to the fair value of the derivative liabilities associated with the Medicis settlement until the remaining settlement payment has been paid. Comprehensive Loss Comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. During the year ended December 31, 2015 , the Company had an unrealized loss for investments, which qualified as other comprehensive loss and, therefore have been reflected in the Statements of Operations and Comprehensive Loss. There was no comprehensive loss for the years ended December 31, 2014 and 2013. Net Income (Loss) per Share Attributable to Common Stockholders The Company calculated its basic and diluted net income (loss) per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities prior to the IPO. Under the two-class method, the Company determines whether it has net income attributable to common stockholders, which includes the results of operations, capital contributions and deemed dividends less current period convertible preferred stock non-cumulative dividends. If it is determined that the Company does have net income attributable to common stockholders during a period, the related undistributed earnings are then allocated between common stock and the convertible preferred stock based on the weighted average number of shares outstanding during the period to determine the numerator for the basic net income per share attributable to common stockholders. In computing diluted net income attributable to common stockholders, undistributed earnings are re-allocated to reflect the potential impact of dilutive securities to determine the numerator for the diluted net income per share attributable to common stockholders. The Company’s basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period, which includes vested restricted stock awards. The diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. The diluted net income (loss) per share attributable to common stockholders also includes vested restricted stock awards and, if the effect is not anti-dilutive, unvested restricted stock awards. For purposes of this calculation, options to purchase common stock, unvested restricted stock, and common stock warrants are considered common stock equivalents. Interest Expense 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 were capitalized on the Consolidated Balance Sheets, that are generally derived from cash payments related to the issuance of convertible notes and notes payable, (ii) interest recognized from the amortization of debt discounts, which were capitalized on the Consolidated Balance Sheets, derived from the issuance of warrants and derivatives issued in conjunction with convertible notes and notes payable, (iii) interest recognized on the 2011 convertible notes, or 2011 Notes, which was not paid but instead converted into shares of convertible preferred stock, (iv) interest recognized on the 2013 Notes, which was not paid but instead converted into shares of common stock, (v) interest capitalized for assets constructed for use in operations, (vi) interest related to the extinguishment of debt, which is classified as a gain or loss on debt extinguishments, and (vii) effective interest recognized on the financing obligation. 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. Recent Accounting Pronouncements On February 25. 2016, the FASB issued Accounting Standards Update (ASU) 2016-02 Leases (Topic 842) , which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its Consolidated Financial Statements. On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The updated standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is not permitted. The Company is currently evaluating the impact that the standard will have on its Consolidated Financial Statements. On November 20, 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The updated standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 with early adoption permitted. We early adopted this standard prospectively. Since the Company has a full valuation allowance, there was no impact on our previously reported Consolidated Balance Sheets. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) , which will require management to assess an entity’s ability to continue as a going concern at each annual and interim period. Related footnote disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year of the report issuance date. If conditions do not give rise to substantial doubt, no disclosures will be required specific to going concern uncertainties. The guidance defines substantial doubt using a likelihood threshold of “probable” similar to the current use of that term in U.S. GAAP for loss contingencies and provides example indicators. The guidance is effective for reporting periods ending after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s financial statements. |
Revenue and License Agreements
Revenue and License Agreements | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue and License Arrangements | Revenue and License Agreements In June 2013, the Company entered into an exclusive technology evaluation agreement with the Procter & Gamble Company to co-develop and explore applications of the TransMTS ® delivery technology in over-the-counter cosmetic compounds. The Company did not recognized license revenue during the year ended December 31, 2015 in connection with this agreement. The Company received an upfront payment in the amount of $0.3 million , which was initially recorded as deferred revenue and was recognized over the estimated performance period of 9 months. The Company estimated the performance period as the remaining life of the underlying patent at the inception of the license agreement, which was periodically reevaluated. The Company recognized total license revenue of $0.1 million and $0.2 million during the years ended December 31, 2014 and 2013, respectively. In August 2011, the Company entered into an asset purchase and royalty agreement for the sale of the Relastin product line for $0.05 million and royalties on future sales of Relastin. Accordingly, under the Relastin asset purchase agreement, the Company recognized royalty revenue of $0.3 million during each of the years ended December 31, 2015 , 2014 , and 2013 and $0.2 million in milestone revenue in the year ended December 31, 2013 for achievement of a one-time milestone. On April 23, 2015, the Company received notice from Valeant terminating the royalty agreement effective as of July 23, 2015; however, as of December 31, 2015, reversion of the Relastin intellectual property rights had not been completed and the Company is entitled to the minimum royalty payment until such rights are reverted back to us. In February 2007, the Company entered into a license and service agreement and a manufacturing and supply agreement with List Biological Laboratories, Inc. (List Laboratories), a developer of botulinum toxin. The agreement, as amended in April 2009, included certain milestone payments for the preparation of botulinum toxin and the development of the toxin manufacturing process as well as royalties from future sales of botulinum toxin. The Company expensed research and development costs associated with manufacturing for RT001 topical of $2.0 million during the year ended December 31, 2013. No costs associated with this agreement were recorded during the years ended December 31, 2015 and 2014. |
Medicis Settlement
Medicis Settlement | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Medicis Settlement | Medicis Settlement In July 2009, the Company and Medicis Pharmaceutical Corporation, or Medicis, entered into a license agreement granting Medicis worldwide aesthetic and dermatological rights to the Company’s investigational, injectable botulinum toxin type A product candidate. In October 2012, 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 topical and RT002 injectable 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 , which was paid in 2012, (ii) a Proceeds Sharing Arrangement Payment of $14.0 million due upon specified capital raising achievements by the Company, of which $6.9 million was paid in 2013 and the remaining $7.1 million was paid in 2014, and (iii) $4.0 million to be paid upon the achievement of regulatory approval for RT001 topical or RT002 injectable by the Company, or Product Approval Payment. Medicis was subsequently acquired by Valeant Pharmaceuticals International, Inc. in December 2012. The Company determined that the settlement provisions related to the Proceeds Sharing Arrangement Payment in (ii) above and Product Approval Payment in (iii) above were derivative instruments that require fair value accounting as a liability and periodic fair value remeasurements until settled. As of December 31, 2013, the Proceeds Sharing Arrangement Payment derivative was remeasured to fair value. The fair value of the Proceeds Sharing Arrangement Payment derivative as of December 31, 2013 of $6.7 million was determined using an option pricing model with the following assumption: expected term of 0.1 - 0.5 years, risk-free rate of 0.01% - 0.10% and volatility of 37.00% - 47.50% . Upon the completion of our IPO, we paid $7.1 million in settlement of our remaining obligation for the Proceeds Sharing Arrangement Payment. At the settlement date, the derivative liability was remeasured to the fair value of the obligation due, or $7.1 million , and the Company recorded $0.3 million to remeasure the fair value of the derivative for the remaining obligation through the date of settlement, or February 13, 2014. The fair value of the Product Approval Payment derivative as of December 31, 2014 in the amount of $1.5 million was determined by updating the estimate of the timing and probability of the related approval and a discount factor assuming a term of 3.5 years, a risk-free rate of 1.2% and a credit risk adjustment of 6.5% . As of December 31, 2015 , the Company determined the fair value of its liability for the Product Approval Payment was $1.4 million , which was measured by assuming a term of 3.5 years, a risk-free rate of 1.4% and a credit risk adjustment of 9.0% . The Company’s assumption for the expected term is based on an expected Biologics License Application, or BLA, approval in mid-2019. The Company did not make any payments under the Product Approval Payment during the year ended December 31, 2015 . As a result of the fair value measurements during the years ended December 31, 2015 , 2014 , and 2013 , the Company recognized an aggregate gain of $0.1 million , an aggregate loss $0.3 million , and an aggregate gain of $0.05 million , respectively. |
Cash Equivalents and Investment
Cash Equivalents and Investments | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | Cash Equivalents and Investments The Company's cash equivalents and investments consist of money market funds and U.S. government agency obligations, which are classified as available-for-sale securities. The following table is a summary of amortized cost, unrealized gain and loss, and fair value (in thousands): December 31, 2015 December 31, 2014 Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 145,747 $ — $ — $ 145,747 $ 166,038 $ — $ — $ 166,038 U.S. government agency obligations 52,479 — (40 ) 52,439 — — — — Total cash equivalents and available-for-sale securities $ 198,226 $ — $ (40 ) $ 198,186 $ 166,038 $ — $ — $ 166,038 Classified as: Cash equivalents $ 145,747 $ 166,038 Short-term investments 50,688 — Long-term investments 1,751 — Total cash equivalents and available-for-sale securities $ 198,186 $ 166,038 There have been no significant realized gains or losses on available-for-sale securities for the periods presented. No significant available-for-sale securities held as of December 31, 2015 have been in a continuous unrealized loss position for more than 12 months. As of December 31, 2015 , unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and believes it is not more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in fair value. As of December 31, 2015 , the remaining contractual maturities of available-for-sale securities were less than two years. We had no available-for-sale securities as of December 31, 2014. The following table classifies our marketable securities by contractual maturities (in thousands): December 31, 2015 2014 Due within one year $50,688 $— Due between one and two years 1,751 — Total $52,439 $— |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. These liabilities, consisting of derivative liabilities associated with the Medicis settlement, are considered Level 3 instruments, while the assets, consisting of money market funds and U.S. government agency obligations, are considered Level 1 and Level 2 instruments, respectively. The fair value of these instruments was as follows (in thousands): As of December 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 145,747 $ 145,747 $ — $ — U.S. government agency obligations 52,439 — 52,439 $ — Total assets measured at fair value $ 198,186 $ 145,747 $ 52,439 $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,414 $ — $ — $ 1,414 Total liabilities measured at fair value $ 1,414 $ — $ — $ 1,414 As of December 31, 2014 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 166,038 $ 166,038 $ — $ — Total assets measured at fair value $ 166,038 $ 166,038 $ — $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,541 $ — $ — $ 1,541 Total liabilities measured at fair value $ 1,541 $ — $ — $ 1,541 The Company did not transfer any assets or liabilities measured at fair value on a recurring basis to or from Level 1 and Level 2 during the years ended December 31, 2015 and 2014 . 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 Liability Associated with the Medicis Settlement Fair value as of December 31, 2014 1,541 Change in fair value (127 ) Fair value as of December 31, 2015 $ 1,414 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 (Note 9). 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. As discussed further in Note 9, 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 the derivative liability resulting from the Medicis litigation settlement, specifically the previously outstanding liability for the derivative related to the Proceeds Sharing Arrangement Payment (Note 4), was measured using an option pricing model (Note 4). 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, and remeasured the liability to the value of the remaining Proceeds Sharing Arrangement Payment of $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 (Note 4), 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 (Note 4). 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. 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 (Note 16). 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. |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Components [Abstract] | |
Balance Sheet Components | Balance Sheet Components Property and Equipment, net Property and equipment, net consists of the following (in thousands): As of December 31, 2015 2014 Research equipment $ 12,053 $ 10,914 Computer equipment 879 477 Furniture and fixtures 604 534 Leasehold improvements 4,164 3,833 Construction in progress 13,480 13,422 Total property and equipment 31,180 29,180 Less: accumulated depreciation and amortization (11,472 ) (9,906 ) Property and equipment, net $ 19,708 $ 19,274 Depreciation expense was $2.0 million , $2.1 million , and $1.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. As of December 31, 2015 , the Company had obligations to make future payments to certain vendors that become due and payable during the construction of its manufacturing facilities in Newark, California. The arrangement was accounted for as construction-in-progress and the outstanding obligations as of December 31, 2015 and 2014 were $0.03 million and $0.5 million , respectively. The Company capitalized interest costs in the amount of $1.0 million and $0.5 million within construction-in-progress during the years ended December 31, 2014 and 2013, respectively. The Company did not capitalize interest costs during the year ended December 31, 2015. Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): As of December 31, 2015 2014 Prepaid expenses $ 1,200 $ 1,085 Accounts receivable and other receivables 158 300 Other current assets 267 239 Total prepaid expenses and other current assets $ 1,625 $ 1,624 Accruals and Other Current Liabilities Accruals and other current liabilities consist of the following (in thousands): As of December 31, 2015 2014 Accrued compensation $ 3,282 $ 2,088 Accrued professional service fees 471 577 Accrued manufacturing and quality control costs 207 361 Accrued clinical trial expenses 1,300 322 Accrued fixed assets 262 266 Accrued construction-in-progress obligations 25 60 Accrued interest on notes payable — 23 Other current liabilities 698 448 Total accruals and other current liabilities $ 6,245 $ 4,145 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable | 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. The Hercules Notes Payable, which matured in March 2015 and has been repaid in full, was collateralized by all assets of the Company, and bore 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 contained covenants that required, among other things, that the Company seek consent from Hercules prior to certain corporate changes and provide certain unaudited financial information within 45 days after the end of each quarter and within 90 days after each year end. Starting in July 2012 , the loan was repaid in 33 equal monthly payments of principal and interest of $0.8 million plus an end of term payment of $0.4 million which was paid upon maturity. In March 2015, the Hercules Notes Payable was repaid in full. 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 warrants to purchase common stock upon the Company's IPO. The fair value of the warrants of $0.1 million was recorded as a debt discount and is amortized to interest expense using the straight-line method over the loan term. The Company incurred $0.5 million of debt issuance costs in connection with the Hercules Notes Payable which was also amortized to interest expense over the term. The Company made principal and interest payments on the Hercules Notes Payable of $2.6 million and $9.2 million for the years ended December 31, 2015 and 2014, respectively. 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 topical commercial fill to finish line, or the Fill/Finish Line. Under the Loan and Lease Agreement, with the issuance of each Note the Company issued warrants to purchase its capital stock. The Essex Notes incurred interest at 11.5% until the completion of the IPO in February 2014. Subsequent to the IPO, the notes incurred interest at 10.375% per annum. 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 May 2014, pursuant to the terms of this agreement, the Company sold equipment to Essex Capital, resulting in partial settlement of the outstanding loan balance by $1.1 million , and sold and leased the equipment back from Essex Capital for fixed monthly payments to be paid over 3 years. The lease provides for the option to purchase the leased equipment for 10% of the original purchase amount. This transaction did not qualify for sale-leaseback accounting due to the Company’s continuing involvement in the equipment. Therefore, the Company accounted for this transaction as a financing obligation using the effective interest rate method. On December 17, 2014, the Company entered into the First Amendment to the Loan and Lease Agreement with Essex Capital. Under the terms of this Amendment, the Company agreed to repay the outstanding debt balance of $3.9 million and issue a warrant to purchase 44,753 shares of common stock. In February 2015, the Company executed the Second Amendment to the Loan and Lease Agreement, under which the term of the facility was extended to April 15, 2015 and the purchase price for the remainder of the equipment was increased by $0.1 million to approximately $9.8 million . Concurrently with this sale, the Company will lease the equipment from Essex Capital for a fixed monthly payment to be paid monthly over 3 years. The lease provides for the option to purchase the leased equipment for 10% of the original purchase amount. This transaction also did not qualify for sale-leaseback accounting due to the Company’s continuing involvement in the equipment. Therefore, the Company accounted for this transaction as a financing obligation using the effective interest rate method. In June 2015, the Company exercised its option to purchase all equipment sold and leased back from Essex Capital for 10% of the original purchase amount, or approximately $1.1 million , at the conclusion of the lease terms. As of December 31, 2015 , the aggregate total future minimum lease payments under the financing obligation were as follows (in thousands): Year Ending December 31, 2016 4,217 2017 3,936 2018 949 Total payments 9,102 In connection with the Essex Notes, the Company issued warrants to purchase 12,345 shares of Series E-5 convertible preferred stock in both December 2013 and January 2014. Subsequent to the February 2014 IPO, 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 amortized to interest expense using the straight-line method over the loan term. There was no interest expense for the amortization of the warrant related debt discount for the year ended December 31, 2015 . The Company recognized interest expense $0.2 million for the amortization of the warrant related debt discount for the year ended December 31, 2014. There was no unamortized debt discount balance as of December 31, 2015 and 2014 . Additionally, the Company made interest payments on the Essex Notes in the amount $0.4 million for year ended December 31, 2014. There was no interest expense recorded on the Essex Notes for the year ended December 31, 2015. |
Convertible Notes, Warrants, an
Convertible Notes, Warrants, and Related Derivatives | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Notes, Warrants, and Related Derivatives | Convertible Notes, Warrants, and Related Derivatives 2011 Convertible Notes and Common Stock Warrants In January 2011, the Company entered into a convertible promissory note agreement, or the 2011 Notes, and borrowed an aggregate of $40.6 million through 2012. The 2011 Notes were issued to related parties of which $30.9 million were issued to existing stockholders with holdings of 5% or more of the outstanding equity of the Company at the time of issuance. These holders were determined to be related parties because they include holders of convertible preferred stock and board members who could influence the conversion or redemption of the 2011 Notes. In conjunction with a Series E-5 convertible preferred stock offering in the year ended December 31, 2013, the Company, with the consent of at least 75% of the Convertible Note holders, amended the Note and Warrant Purchase Agreement under which the 2011 Notes were issued to allow for the conversion of 2011 Notes into 4,748,484 shares of Series E-4 convertible preferred stock. The outstanding principal and accrued interest of the 2011 Notes of $71.0 million were converted at a price equal to 66 2 /3% of the Series E-5 offering price of $22.425 per share per the terms of the 2011 Notes. The modification of the 2011 Notes was treated as an extinguishment of debt, in which the resulting issuances of Series E-4 convertible preferred stock was recorded at its estimated fair value on the date of the extinguishment. The difference in the estimated fair value of the Series E-4 convertible preferred stock and the carrying values of the outstanding principal, accrued interest and the remaining debt issuance costs related to the 2011 Notes was recorded as a capital contribution in the amount of $32.0 million which was recognized to additional paid-in capital during the year ended December 31, 2013 . The Company recognized the capital contribution as such because, immediately prior to the conversion, substantially all of the holders of the 2011 Notes were holders of the Company’s outstanding capital stock. In addition, the Company remeasured the embedded derivative to its fair value of approximately zero immediately prior to the conversion of the 2011 Notes in March 2013, as the execution of a qualified financing approached certainty, resulting in a gain of $1.8 million . As of the date of conversion, the Company was in compliance with all covenants in the 2011 Notes. Also, in connection with the issuance of the 2011 Notes, the Company issued warrants to purchase 77,521 shares of common stock and with a fair value of $0.2 million during the year ended December 31, 2012, with an exercise price of $0.15 per share. The relative fair value of the warrants was recorded as debt discount which was amortized to interest expense over the loan term. The Company recognized interest expense of $0.2 million from the amortization of the warrant related debt discounts during the year ended December 31, 2013. There was no unamortized warrant related debt discount balance beyond December 31, 2013. Also, in connection with the 2011 Notes, the Company determined that the conversion and redemption features were embedded derivatives requiring bifurcation and separate accounting. The fair value of the derivative liabilities associated with the 2011 Notes at the time of issuance was recognized as an additional debt discount and was amortized to interest expense over the term of the 2011 Notes. The Company recognized interest expense of $2.8 million from the amortization of the derivative liability related debt discounts during the year ended December 31, 2013. In the year ended December 31, 2013, the 2011 Notes converted into shares of Series E-4 convertible preferred stock. Immediately prior to the conversion, the Company determined that the fair value of the derivative liabilities associated with the convertible notes were reduced to zero . There was no unamortized derivative related debt discount balance beyond December 31, 2013. 2013 Convertible Notes, Common Stock Warrants, and Related Derivatives In October 2013, the Company entered into a convertible promissory note and warrant agreement, referred to as the 2013 Notes, to borrow up to $30.0 million . The Company borrowed $19.4 million in the fourth quarter of 2013. In January 2014, the Company issued an additional $4.3 million in 2013 Notes. The 2013 Notes bear interest at 12% per annum and mature in October 2014. In February 2014, in connection with the Company’s IPO, the 2013 Notes with a principal amount, accrued interest through the date of the IPO, remaining interest due through October 7, 2014, and derivative liability totaling $26.2 million 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, which were net exercised for 405,594 shares of common stock upon the IPO. 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 , the value of interest due to note holders from the date of the IPO through the maturity date of the loan in October 2014. 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 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. |
Interest Expense
Interest Expense | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [Abstract] | |
Interest Expense | Interest Expense 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 were capitalized on the Condensed Consolidated Balance Sheets, that are generally derived from cash payments related to the issuance of convertible notes and notes payable, (ii) interest recognized from the amortization of debt discounts, which were capitalized on the Condensed Consolidated Balance Sheets, derived from the issuance of warrants and derivatives issued in conjunction with convertible notes and notes payable, (iii) interest recognized on the 2011 convertible notes, or 2011 Notes, which was not paid but instead converted into shares of convertible preferred stock, (iv) interest recognized on the 2013 convertible notes, or 2013 Notes, which was not paid but instead converted into shares of common stock, (v) interest capitalized for assets constructed for use in operations, (vi) interest related to the extinguishment of debt, which is classified as a gain or loss on debt extinguishments, and (vii) effective interest recognized on the financing obligation. 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): Year Ended December 31, 2015 2014 2013 Interest expense Cash related interest expense (1) $ (802 ) $ (1,182 ) $ (1,590 ) Non-cash interest expense Non-cash interest expense — debt issuance costs (39 ) (203 ) (490 ) Non-cash interest expense — warrant and derivative related debt discounts (5 ) (650 ) (4,128 ) Non-cash interest expense — convertible notes — (1,250 ) (9,409 ) Loss on extinguishment of 2013 Notes — (8,331 ) — Effective interest on financing obligation (344 ) (28 ) — Capitalized interest expense (2) — 972 453 Total non-cash interest expense (388 ) (9,490 ) (13,574 ) Total interest expense $ (1,190 ) $ (10,672 ) $ (15,164 ) (1) Cash related interest expense included interest payments to Hercules Notes Payable and Essex Notes. (2) Interest expense capitalized pursuant to Accounting Standards Codification Topic 835, Interest . |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 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 provided the Company with a tenant improvement allowance during 2014 in an amount not to exceed $3.0 million . Under the terms of the lease agreement, the Company will make total rent payments of $72.8 million for a period of 15 years commencing in January 2010. This lease was determined to be an operating lease. The payments escalate over the term of the lease with the exception of a decrease in payments at the beginning of 2022, however, the Company recognizes the expense on a straight-line basis over the life of the lease. Rent expense for the years ended December 31, 2015 , 2014 , and 2013 was $5.3 million , $5.2 million , and $4.4 million . As of December 31, 2015 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2016 $ 5,222 2017 5,394 2018 5,578 2019 5,763 2020 and thereafter 26,591 Total payments $ 48,548 Other Milestone-Based Commitments The Company has one remaining obligation to make a future milestone payment to List Laboratories that becomes due and payable on the achievement of a certain regulatory milestone. The Company is obligated to pay royalties to List Laboratories on future sales of botulinum toxin products. The Company also has one remaining future milestone payment of $4.0 million due and payable to Valeant Pharmaceuticals International, Inc. upon the achievement of regulatory approval for RT001 topical or RT002 injectable (Note 4). Purchase Commitments The Company has certain commitments from outstanding purchase orders primarily related to clinical trial development and other costs related to the Company’s manufacturing facility. These agreements, which total $20.2 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. As of May 2015, the Company became subject to a securities class action complaint, captioned City of Warren Police and Fire Retirement System v. Revance Therapeutics Inc., et al, CIV 533635, which was filed on behalf of City of Warren Police and Fire Retirement System in the Superior Court for San Mateo County, California against the Company and certain of its directors and executive officers at the time of the June 2014 follow-on public offering, and the investment banking firms that acted as the underwriters in the follow-on public offering. In general, the complaint alleges that the defendants misrepresented the then-present status of the RT001 topical clinical program and made false and misleading statements regarding the formulation, manufacturing and efficacy of its drug candidate, RT001 topical, for the treatment of lateral canthal lines at the time of the follow-on public offering. The complaint has been brought as a purported class action on behalf of those who purchased common stock in the follow-on public offering and seeks unspecified monetary damages and other relief. On October 5, 2015, the Company made a motion for transfer of the action to the Superior Court for the County of Santa Clara on the basis that venue was improper in San Mateo County. Plaintiff’s counsel did not oppose the transfer motion, and the action was received by Santa Clara Superior Court on November 6, 2015 and assigned the following case number, 15-CV-287794. 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. At this time, neither the outcome of this matter, nor an estimate of the maximum potential exposure or the range of possible loss can be determined. The Company believes that the class action lawsuit is without merit and intends to vigorously defend the action. Nevertheless, this litigation, as any other litigation, is subject to uncertainty and there can be no assurance that this litigation will not have a material adverse effect on the Company's business, results of operations, financial position 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 | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Common Stock | Common Stock As of December 31, 2015 , the Company was authorized to issue up to 95,000,000 shares of par value $0.001 per share common stock. As of December 31, 2015 and 2014 , the Company had no shares of common stock subject to repurchase. The Company has also issued shares of common stock as a result of stock option exercises throughout its existence. Common stockholders are entitled to dividends when and if declared by the Board of Directors subject to the prior rights of the preferred stockholders. The holder of each share of common stock is entitled to one vote. The common stockholders voting as a class are entitled to elect one member to the Company’s Board of Directors. As of December 31, 2015 , no dividends have been declared. The Company had reserved shares of common stock, on an as if converted basis, for issuance as follows: As of December 31, 2015 2014 Issuances under stock incentive plans 273,948 91,634 Issuances upon exercise of common stock warrants 61,595 198,662 Issuances under employee stock purchase plan 396,660 174,661 Issuances under inducement plan 449,889 141,500 1,182,092 606,457 |
Convertible Preferred Stock
Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2015 | |
Temporary Equity Disclosure [Abstract] | |
Convertible Preferred Stock | Convertible Preferred Stock Upon completion of the Company’s IPO in February 2014, all shares of convertible preferred stock were converted into 8,689,999 shares of common stock at a ratio of 1 :1. As of December 31, 2015 and 2014 , there was no preferred stock outstanding. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | Warrants In January 2014, in connection with the Company’s issuance of notes payable to Essex Capital (Note 8), the Company issued warrants to purchase 12,345 shares of Series E-5 convertible preferred stock. 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. 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. As of December 31, 2015 and 2014 , the Company had no convertible preferred stock warrants outstanding. 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 (Note 9). 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. In May 2014, warrants to purchase 20,066 shares of common stock were net exercised into 10,613 shares of common stock. In December 2014, the Company issued Essex Capital 44,753 common stock warrants with an exercise price of $14.40 in connection with the First Amendment to the Loan and Lease Agreement as discussed in Note 8. The fair value was determined to be $0.4 million upon issuance. The fair value of the warrants upon issuance was determined using a Black-Scholes option-pricing model with the following assumptions: expected volatility of 53% , contractual term of 4 years and risk-free rate of 1.4% . The fair value of the common stock warrants was recorded to additional paid-in capital upon issuance. In the fourth quarter of 2015, three holders of common stock warrants net exercised warrants to purchase 137,067 shares into 68,993 shares of common stock at exercise prices ranging from $14.40 to $22.43 . As of December 31, 2015 and 2014 , the Company had warrants to purchase 61,595 and 198,662 shares of common stock outstanding, respectively, with a weighted average exercise price of $16.78 and $18.12 , respectively, and with exercise prices ranging from $14.40 to $31.50 . |
Net Income (Loss) per Share Att
Net Income (Loss) per Share Attributable to Common Stockholders | 12 Months Ended |
Dec. 31, 2015 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) per Share Attributable to Common Stockholders | 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 years ended December 31, 2015 , 2014 , and 2013 (in thousands, except for share and per share amounts): Year Ended December 31, 2015 2014 2013 Net loss $ (73,476 ) $ (62,917 ) $ (52,448 ) 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 — — (13,878 ) Undistributed earnings allocated to preferred stockholders — — (8,133 ) Net income (loss) attributable to common stockholders, basic (73,476 ) (62,917 ) 258 Adjustments to net income (loss) for dilutive securities — — 825 Net income (loss) attributable to common stockholders, diluted $ (73,476 ) $ (62,917 ) $ 1,083 Net income (loss) per share attributable to common stockholders Basic $ (3.02 ) $ (3.24 ) $ 1.17 Diluted $ (3.02 ) $ (3.24 ) $ 1.05 Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: Basic 24,340,466 19,391,523 220,220 Stock options — — 167,655 Warrants to purchase common stock — — 641,275 Diluted 24,340,466 19,391,523 1,029,150 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 December 31, 2015 2014 2013 Stock options 2,420,105 1,818,323 — Convertible preferred stock — — 8,689,999 Convertible preferred stock warrants — — 184,486 Common stock warrants 61,595 198,662 — Unvested restricted stock awards 315,600 251,325 — |
Stock Option Plan
Stock Option Plan | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Plan | Stock Option Plan Equity Incentive Plans On January 23, 2014, the stockholders' approved the adoption of the 2014 Equity Incentive Plan, or 2014 EIP. Initially, the aggregate number of shares of common stock that may be issued pursuant to stock awards under the 2014 EIP will not exceed 1,000,000 shares. The number of shares of common stock reserved for issuance under the Company’s 2014 EIP 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 EIP is 2,000,000 shares. The 2014 EIP 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 EIP 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. Under the 2014 EIP, options may be granted with different vesting terms from time to time, but not to exceed 10 years from the date of grant. Upon the effectiveness of the 2014 Plan, the Company ceased granting any equity awards under the 2012 Equity Incentive Plan and any cancelled or forfeited shares under the 2012 and 2002 Equity Incentive Plans will be retired. On January 1, 2015, the number of shares of common stock reserved for issuance under the Company’s 2014 Equity Incentive Plan, or 2014 EIP, automatically increased by 4% of the total number of shares of the Company’s common stock outstanding on December 31, 2014, or 950,978 shares. During the year ended December 31, 2015 , the Company granted stock options for 747,338 shares of common stock and 169,336 restricted stock awards under the 2014 EIP, including a stock option grants for 90,000 shares to non-employee directors. As of December 31, 2015 , there were 273,948 shares available for issuance under the 2014 EIP. 2014 Inducement Plan On August 26, 2014, the Company’s Board of Directors authorized the adoption of the 2014 Inducement Plan, or 2014 IN, which became effective immediately. Stockholder approval of the 2014 IN was not required pursuant to Rule 5635 (c)(4) of the NASDAQ Listing Rules. The 2014 IN reserves 325,000 shares of common stock and provides for the grant of NSOs that will be used exclusively for grants to individuals that were not previously employees or directors of the Company, as an inducement material to the individual’s entry into employment with the Company. On December 14, 2015, the Company’s Board of Directors authorized an additional 500,000 shares of common stock to be reserved for issuance under the 2014 IN. Under the 2014 IN, options may be granted with different vesting terms from time to time, but not to exceed 10 years from the date of grant. During the year ended December 31, 2015 , the Company granted stock options for 206,250 shares of common stock and 34,375 restricted stock awards under the 2014 IN. As of December 31, 2015 , there were 449,889 shares available for issuance under the 2014 IN. Under the 2014 EIP and the 2014 IN plan, restricted stock awards typically vest annually over 1 , 3 , or 4 years , while options typically vest over four years , either with 25% of the total grant vesting on the first anniversary of the option grant date and 1/36th of the remaining grant vesting each month thereafter or 1/48th vesting monthly. The following summary of stock option and restricted stock award activity, excluding 2014 IN, for the periods presented is as follows: Number of Shares Available for Grant Number of Shares Underlying Outstanding Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (In thousands) Balance as of December 31, 2012 32,985 306,317 $ 3.45 — $ — Additional shares reserved 1,080,661 — — Options granted (992,213 ) 992,213 8.80 Options exercised — (4,340 ) 2.55 Options cancelled/forfeited 81,125 (81,125 ) 6.42 Balance as of December 31, 2013 202,558 1,213,065 7.65 Additional shares reserved 1,000,000 — — Options granted (728,349 ) 728,349 30.21 Awards granted (212,450 ) 212,450 — Options exercised — (238,999 ) 5.96 Options cancelled/forfeited 14,600 (14,600 ) 26.89 Awards forfeited 4,500 (4,500 ) — Shares cancelled/retired under 2002/2012 plans (189,225 ) (9,617 ) — Balance as of December 31, 2014 91,634 1,886,148 17.90 Additional shares reserved 950,978 — — Options granted (747,338 ) 747,338 18.94 Awards granted (169,336 ) 169,336 — Options exercised — (205,735 ) 11.84 Options cancelled/forfeited 116,540 (116,540 ) 21.33 Awards forfeited 24,306 (24,306 ) — Awards released — (74,755 ) — Shares cancelled/retired under 2002/2012 plans (19,276 ) — — Shares traded for taxes 26,440 — — Balance as of December 31, 2015 273,948 2,381,486 $ 18.36 8.1 $ 33,274 Options vested and expected to vest as of December 31, 2015 2,070,287 $ 18.28 8.0 $ 32,926 Exercisable as of December 31, 2015 870,911 $ 16.30 7.4 $ 15,558 The intrinsic values of outstanding, vested and exercisable options were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2015 of $34.16 per share. The total intrinsic values of options exercised as of December 31, 2015 , 2014 and 2013 of $4.6 million , $2.6 million and $0.04 million were determined by multiplying the number of shares by the difference in exercise price of the options and the fair value of the common stock as of December 31, 2015 , 2014 , and 2013 of $34.16 , $16.94 and $11.40 per share. The following table summarizes the stock option activity for the 2014 IN is as follows: Number of Number of Weighted Weighted Aggregate (In thousands) Shares reserved 325,000 — $ — — $ — Options granted (140,125 ) 140,125 $ 22.52 Restricted stock awards granted (43,375 ) 43,375 $ — Outstanding as of December 31, 2014 141,500 183,500 $ 22.52 $ — Additional shares reserved 500,000 Options granted (206,250 ) 206,250 $ 36.32 Restricted stock awards granted (34,375 ) 34,375 — Option forfeitures 29,531 (29,531 ) $ 22.97 Award forfeitures 9,843 (9,843 ) $ — Awards released — (30,532 ) $ — Traded for taxes 9,640 — $ — Outstanding as of December 31, 2015 449,889 354,219 $ 31.46 7.2 $ 1,300 Options vested and expected to vest as of December 31, 2015 314,221 $ 31.49 7.1 $ 1,281 Exercisable as of December 31, 2015 95,469 $ 22.77 0.9 $ 1,088 The following table summarizes information with respect to stock options outstanding and currently exercisable as of December 31, 2015 : Options Outstanding Options Exercisable Exercise Price Number of Options Weighted- Average Remaining Contractual Life (In Years) $0.45 - 6.60 76,838 4.3 76,231 $8.70 549,097 7.4 319,747 $8.85 - 16.10 249,223 8.3 95,345 $16.23 384,977 8.5 102,776 $16.46 - 22.97 264,953 6.2 101,164 $24.58 - 32.00 222,945 8.7 110,719 $32.22 430,822 8.4 158,762 $32.81 - 36.32 229,250 9.9 1,636 $37.69 10,000 9.9 — $39.57 2,000 9.9 — 2,420,105 966,380 The following table summarizes information with respect to restricted stock awards outstanding as of December 31, 2015 : Number of Weighted-Average Grant-Date Fair Value Aggregate (In thousands) Outstanding as of December 31, 2013 — $ — $ — Granted 255,825 29.47 — Vested — — — Forfeited (4,500 ) 26.89 — Outstanding as of December 31, 2014 251,325 $ 29.51 — Granted 203,711 21.55 — Vested (105,287 ) 27.79 — Forfeited (34,149 ) 22.77 — Outstanding as of December 31, 2015 315,600 $ 25.67 $ 10,781 Stock Options Granted to Employees and Non-employee Directors During the years ended December 31, 2015 , 2014 and 2013 , the Company granted stock options to employees and non-employee directors to purchase shares of common stock with a weighted-average grant date fair value of $22.70 , $29.31 and $8.23 per share. As of December 31, 2015 , 2014 and 2013 , there was total unrecognized compensation cost for outstanding stock options and restricted stock awards of $21.5 million , $19.1 million and $3.2 million to be recognized over a period of approximately 2.8 years , 3.0 years , and 3.2 years , respectively. The fair value of the employee and non-employee director stock options was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Expected term (in years) 6.0 6.0 6.0 Expected volatility 62.2 % 57.4 % 59.1 % Risk-free interest rate 1.6 % 1.9 % 1.3 % Expected dividend rate 0.0 % 0.0 % 0.0 % Fair Value of Common Stock . The fair value of the shares of common stock is based on the Company's stock price. Prior to the IPO, the fair value of the shares of common stock underlying the stock options has historically been determined by the Board of Directors. Because there was no public market for the Company’s common stock, the Board of Directors has determined fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including valuation of comparable companies, sales of convertible preferred stock to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock, and general and industry specific economic outlook, amongst other factors. Expected Term . The expected term for employees and non-employee directors is based on the simplified method, as the Company’s stock options have the following characteristics: (i) granted at-the-money; (ii) exercisability is conditioned upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable, or “plain vanilla” options, and the Company has limited history of exercise data. The expected term for non-employees is based on the remaining contractual term. Expected Volatility . Since the Company was a private entity with no 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 rates with remaining terms similar to the expected term of the options. 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. Forfeitures. The Company is required to estimate forfeitures at the time of grant, and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and record stock based compensation expense only for those awards that are expected to vest. To the extent actual forfeitures differ from the estimates, the difference will be recorded as a cumulative adjustment in the period that the estimates are revised. Stock Options Granted to Consultants During the year ended December 31, 2015 , the Company did not grant options to purchase shares of common stock to consultants; however, grants to consultants were made prior to 2015 and two employees converted to consultants during 2015. Stock-based compensation expense related to stock options granted to consultants (other than non-employee directors) is recognized as the stock options are earned. During the years ended December 31, 2014 and 2013 , the Company granted options to purchase 13,333 shares and 76,666 shares of common stock to consultants with a weighted-average exercise price of $15.45 and $8.74 per share. Stock-based compensation expense related to stock options granted to consultants is recognized as the stock options are earned. The Company believes that the fair value of the stock options is more reliably measurable than the fair value of services received. The fair value of the stock options vested is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Expected term (in years) 8.2 7.3 9.0 Expected volatility 73.0 % 56.1 % 58.8 % Risk-free interest rate 2.0 % 2.1 % 2.7 % Expected dividend rate 0.0 % 0.0 % 0.0 % 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 was initially 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, 2015 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 return to the 2014 ESPP reserve and 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. On January 1, 2015, the number of shares of common stock reserved for issuance under the Company’s 2014 Employee Stock Purchase Plan, or 2014 ESPP, automatically increased by 1% of the total number of shares of the Company’s capital stock outstanding on December 31, 2014, or 237,744 shares. As of December 31, 2015 , there were 396,660 shares available for issuance under the 2014 ESPP. For the year ended December 31, 2015 , the Company recorded stock-based compensation expense of $0.1 million and issued 15,745 shares of common stock to employees under the 2014 ESPP. The fair value of the option component of the shares purchased under the 2014 ESPP was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 Expected term (in years) 0.5 0.5 Expected volatility 63.4 % 46.8 % Risk-free interest rate 0.2 % 0.1 % Expected dividend rate — % — % 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. Total Stock-Based Compensation Total stock-based compensation expense related to options, awards, and ESPP to employees and non-employees was allocated as follows (in thousands): Year Ended December 31, 2015 2014 2013 Research and development $ 6,511 $ 2,357 $ 194 General and administrative 5,877 4,173 354 Total stock-based compensation expense $ 12,388 $ 6,530 $ 548 There were no capitalized stock-based compensation costs or recognized stock-based compensation tax benefits during the years ended December 31, 2015 , 2014 , and 2013 . On October 31, 2015, the Company entered into a separation agreement with one of its employees, pursuant to which the Company agreed to accelerate vesting of a portion of the employee’s outstanding stock options and restricted stock awards. As the employee would have forfeited the unvested awards upon termination under the awards’ original terms, the awards would not be expected to vest under the original service conditions. The acceleration in vesting of the unvested awards resulted in a Type III modification, which occurs when there is a change from an improbable to probable vesting condition. The Company recognized the incremental fair value, which was equal to the fair value of the awards on the modification date, and recognized the stock-based compensation over the remaining requisite service period. During the year ended December 31, 2015, the Company recorded $2.4 million of stock-based compensation expense in connection with this modification. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Since inception, the Company has only generated pretax losses in the United States and has not generated any pretax income or loss outside of the United States. The Company did not record a provision (benefit) for income taxes for the years ended December 31, 2015 , 2014 , and 2013 . Significant components of the Company’s deferred tax assets as of December 31, 2015 and 2014 consist of the following (in thousands): Year Ended December 31, 2015 2014 Deferred tax assets: Net operating loss carryforward $ 115,949 $ 92,859 Accruals and reserves 2,371 2,458 Stock based compensation 3,367 1,602 Tax credits 3,311 2,623 Fixed and intangible assets 4,935 5,223 Valuation Allowance (129,933 ) (104,765 ) Total deferred tax assets — — Deferred tax liabilities: Debt discount — — Total deferred tax liabilities — — Net deferred tax assets $ — $ — Reconciliations of the statutory federal income tax (benefit) to the Company’s effective tax for the years ended December 31, 2015 , 2014, and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Tax (benefit) at statutory federal rate $ (24,982 ) $ (21,392 ) $ (17,832 ) State Tax (benefit) — net of federal benefit — 79 849 Permanent differences 224 660 3,931 Debt discount — 756 2,888 Research and development credits (516 ) 3,137 (642 ) Other 607 537 284 Change in valuation allowance $ 24,667 $ 16,226 $ 10,522 Provision for taxes $ — $ 3 $ — The valuation allowance is determined using an assessment of both negative and positive evidence. Based on the available objective evidence and the Company’s history of losses management believes it is more likely than not that the net deferred tax assets will not be realized. The Company has established a valuation allowance to offset deferred tax assets as of December 31, 2015 and 2014 due to the uncertainty of realizing future tax benefits from its net operating loss carryforwards and other deferred tax assets. The valuation allowance increased by $25.2 million and $19.3 million during the years ended December 31, 2015 and 2014 , respectively. The valuation allowance increased primarily due to an increase in the net operating loss carryforwards incurred during the taxable years. During the year ended 2015, the Company performed an analysis of the fixed and intangible assets and NOL carry forwards to assess whether an additional carryforward may be available to offset future taxable income. Based on this analysis, the Company corrected the fixed and intangible assets to $5.2 million and the NOL carryforward to $92.9 million as of December 31, 2014. The fixed and intangible assets and the NOL carryforward were previously presented in our annual report on Form 10-K for year ended December 31, 2014 as $1.7 million and $93.3 million , respectively. As of December 31, 2015 , the Company had net operating loss carryforwards available to reduce future taxable income, if any, for Federal, California, and New Jersey income tax purposes of $318.2 million , $162.3 million , and $243.8 million , respectively. If not utilized, the Federal net operating loss carryforward begin expiring in 2020, the California net operating loss carryforwards began expiring in 2010, and the New Jersey state net operating loss carryforwards begin expiring in 2030. The Company recognizes excess tax benefits associated with the exercise of stock options directly to stockholders’ equity only when realized. The net operating loss related deferred tax assets do not include excess tax benefits from employee stock option exercises. As of December 31, 2015 , the net operating loss reported as a deferred tax asset for Federal and State purposes does not include approximately $8.0 million attributable to excess stock option deductions. The Company follows with or without method to determine when such net operating loss has been realized. As of December 31, 2015 , the Company also had research and development credit carryforwards of $1.0 million and $5.1 million available to reduce future taxable income, if any, for Federal and California state income tax purposes, respectively. If not utilized, the Federal credit carryforwards will begin expiring in 2023 and the California credit carryforwards have no expiration date. In general, if the Company experiences a greater than 50 percentage point aggregate change in ownership over a 3-year period (a Section 382 ownership change), utilization of its pre-change NOL carryforwards are subject to an annual limitation under Section 382 of the Internal Revenue Code (California and New Jersey 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 carryforwards before utilization. The Company determined that an ownership change occurred on April 7, 2004 but that all carryforwards can be utilized prior to the expiration. The Company also determined that an ownership change occurred in 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. During the year ended December 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 has reviewed its IRC §382 limitation through December 31, 2015 and have not identified any ownership changes resulting in a limitation. The ability of the Company to use its remaining NOL carryforwards may be further limited if the Company experiences a Section 382 ownership change in connection with an IPO or as a result of future changes in its stock ownership. The Company follows the provisions of FASB’s guidance for accounting for uncertain tax positions. The guidance prescribes a comprehensive model for the recognition, measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or expected to be taken on a tax return. No liability related to uncertain tax positions is recorded in the financial statements due to the fact the liabilities have been netted against deferred attribute carryovers. It is the Company’s policy to include penalties and interest related to income tax matters in income tax expense. The unrecognized tax benefit was $1.5 million and $1.3 million at December 31, 2015 and December 31, 2014 , respectively. The Company does not expect that its uncertain tax positions will materially change in the next twelve months. No liability related to uncertain tax positions is recorded on the financial statements. During the year ending December 31, 2014 , the amount of unrecognized tax benefits decreased due to limitation of research and development credits for prior periods offset by an increase for additional research and development credits generated during the year. The reversal of the uncertain tax benefits would not impact the Company’s effective tax rate to the extent that the Company continues to maintain a full valuation allowance against its deferred tax assets. The unrecognized tax benefit was as follows (in thousands): Unrecognized tax benefits Balance as of December 31, 2012 2,012 Additions for current tax positions 276 Balance as of December 31, 2013 2,288 Decrease for prior tax positions (1,216 ) Additions for current tax positions 196 Balance as of December 31, 2014 1,268 Additions for prior tax positions 10 Additions for current tax positions $ 259 Balance as of December 31, 2015 $ 1,537 The Company files income tax returns in the United States, California, and in New Jersey. The Company is not currently under examination by income tax authorities in federal, state or other jurisdictions. All tax returns will remain open for examination by the federal and state authorities for three and four years, respectively, from the date of utilization of any net operating loss or tax credits. |
Defined Contribution Plan
Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined Contribution Plan | Defined Contribution Plan The Company sponsors a defined contribution plan under Section 401(k) of the Internal Revenue Code covering substantially all employees over the age of 18 years. Contributions made by the Company are voluntary and are determined annually by the Board of Directors on an individual basis subject to the maximum allowable amount under federal tax regulations. The Company has made no contributions to the plan since its inception. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 2, 2016, the Company granted 60,000 stock options and 10,000 restricted stock awards under the 2014 EIP to an executive employee. The aggregate grant date fair value is estimated to be $0.9 million . On February 9, 2016, the Company granted 225,000 stock options and 33,000 restricted stock awards under the 2014 EIP to executive employees and granted 196,500 stock options and 98,250 restricted stock awards under the 2014 EIP to employees. The aggregate grant date fair value is estimated to be $6.4 million . |
Quarterly Results of Operations
Quarterly Results of Operations (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Quarterly Results of Operations (Unaudited) | Quarterly Results of Operations (Unaudited) The following amounts are in thousands, except per share amounts: For the Quarters Ended March 31, June 30, September 30, December 31, 2015 Revenue $ 75 $ 75 $ 75 $ 75 Net loss $ (15,402 ) $ (16,805 ) $ (19,175 ) $ (22,094 ) Net income (loss) attributable to common stockholders: Basic $ (15,402 ) $ (16,805 ) $ (19,175 ) $ (22,094 ) Diluted $ (15,402 ) $ (16,805 ) $ (19,175 ) $ (22,094 ) Net income (loss) per share attributable to common stockholders: Basic $ (0.65 ) $ (0.71 ) $ (0.81 ) $ (0.83 ) Diluted $ (0.65 ) $ (0.71 ) $ (0.81 ) $ (0.83 ) 2014 Revenue $ 158 $ 75 $ 75 $ 75 Net loss $ (21,426 ) $ (13,302 ) $ (13,977 ) $ (14,212 ) Net income (loss) attributable to common stockholders: Basic $ (21,426 ) $ (13,302 ) $ (13,977 ) $ (14,212 ) Diluted $ (21,426 ) $ (13,302 ) $ (13,977 ) $ (14,212 ) Net income (loss) per share attributable to common stockholders: Basic $ (1.93 ) $ (0.69 ) $ (0.60 ) $ (0.60 ) Diluted $ (1.93 ) $ (0.69 ) $ (0.60 ) $ (0.60 ) |
Summary of Significant Accoun28
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements of the Company include the Company’s accounts and those of its wholly-owned subsidiary, Revance Therapeutics Limited, and have been prepared in conformity with accounting principles generally accepted in the United States of America, or US GAAP. All significant intercompany transactions and balances have been eliminated during consolidation. |
Use of Estimates | Use of Estimates The preparation of Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Consolidated Financial Statements and accompanying notes. Such management estimates include the fair value of common stock prior to the IPO, accruals, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives liability, 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. |
Risks and Uncertainties | Risks and Uncertainties The product candidates developed by the Company require approvals from the U.S. Food and Drug Administration (FDA) or foreign regulatory agencies prior to commercial sales. There can be no assurance that the Company’s current and future product candidates will meet desired efficacy and safety requirements to obtain the necessary approvals. If the Company is denied approval or approval is delayed, it may have a material adverse impact on the Company’s business and its Consolidated Financial Statements. The Company is subject to risks common to companies in the development stage including, but not limited to, dependency on the clinical and commercial success of its product candidates, ability to obtain regulatory approval of its product candidates, the need for substantial additional financing to achieve its goals, uncertainty of board adoption of its approved products, if any, by physicians and consumers, significant competition and untested manufacturing capabilities. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of short and long-term investments. Under the Company's Investment Policy, the Company limits its credit exposure by investing in highly liquid funds and debt obligations of the U.S. government and its agencies with high credit quality. The Company’s cash, cash equivalents, and investments are held in the United States of America. Such deposits may, at times, exceed federally insured limits. The Company has not experienced any losses on its deposits of cash, cash equivalents, and investments. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investment securities with remaining maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents include deposit, money market funds, and debt securities. |
Restricted Cash | Restricted Cash Deposits of $435,000 and $510,000 were restricted from withdrawal as of December 31, 2015 and 2014 . The restriction is related to securing the Company’s facility lease and expires in 2025 in accordance with the operating lease agreement, as amended. The restrictions on these balances are being released at a rate of $75,000 per year until the balance is $400,000 and then remain at that limit until the end of the lease. These balances are included in restricted cash on the accompanying Consolidated Balance Sheets. |
Investments | Investments Short-term investments generally consist of securities with original maturities greater than three months and remaining maturities of less than one year, while long-term investments generally consist of securities with remaining maturities greater than one year. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. All of its investments are classified as available-for-sale and carried at fair value, with the change in unrealized gains and losses reported as a separate component of other comprehensive income (loss) on the Consolidated Statements of Operations and Comprehensive Loss and accumulated as a separate component of stockholders' equity on the Consolidated Balance Sheets. Interest income, net includes interest, dividends, amortization of purchase premiums and discounts, realized gains and losses on sales of securities and other-than-temporary declines in the fair value of investments, if any. The cost of securities sold is based on the specific-identification method. The Company monitors its investment portfolio for potential impairment on a quarterly basis. If the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be other-than-temporary, the carrying amount of the security is reduced to fair value and a loss is recognized in operating results for the amount of such decline. In order to determine whether a decline in value is other-than-temporary, the Company evaluates, among other factors, the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, and its intent and ability to hold the security to maturity or forecasted recovery. The Company mitigates its credit risk by investing in money market funds and U.S. government agency obligations which limits the amount of investment exposure as to credit quality and maturity. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain financial and non-financial assets and liabilities to determine fair value disclosures. The accounting standards define fair value, establish a framework for measuring fair value, and require disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which the Company would transact are considered along with assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable, that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are as follows: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. |
Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Computer equipment, lab equipment, furniture and fixtures, and manufacturing equipment is depreciated over 3 , 5 , 5 , and 7 years, respectively. Repairs and maintenance that do not extend the life or improve an asset are expensed in the period incurred. Leasehold improvements are amortized over the lesser of 15 years years or the term of the lease. Repairs and maintenance are charged to operations as incurred. When assets are retired or otherwise disposed of, the costs and accumulated depreciation are removed from the Consolidated Balance Sheets and any resulting gain or loss is reflected in the Consolidated Statements of Operations and Comprehensive Loss in the period realized. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates its long-lived assets for indications of possible impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability is measured by comparison of the carrying amounts to the future undiscounted cash flows, attributable to these assets. Should impairment exist, the impairment would be measured by the amount by which the carrying amount of the assets exceeds the projected discounted future cash flows arising from those assets. |
Clinical Trial Accruals | Clinical Trial Accruals Clinical trial costs are charged to research and development expense as incurred. The Company accrues for expenses resulting from obligations under contracts with clinical research organizations (CROs), consultants, and clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided to the Company under such contracts. The Company’s objective is to reflect the appropriate expense in the Consolidated Financial Statements by matching the appropriate expenses with the period in which services and efforts are expended. In the event advance payments are made to a CRO, the payments will be recorded as a prepaid expense which will be amortized as services are rendered. The CRO contracts generally include pass-through fees including, but not limited to, regulatory expenses, investigator fees, travel costs and other miscellaneous costs, including shipping and printing fees. The Company determines accrual estimates through reports from and discussion with clinical personnel and outside services providers as to the progress or state of completion of trials, or the services completed. The Company estimates accrued expenses as of each balance sheet date in the Consolidated Financial Statements based on the facts and circumstances known to the Company at that time. The Company’s clinical trial accrual is dependent, in part, upon the receipt of timely and accurate reporting from the CROs and other third-party vendors. |
Revenue | Revenue We recognize revenue when the following criteria are met: persuasive evidence of a sales arrangement exists; delivery has occurred; the price is fixed or determinable; and collectability is reasonably assured. During the years ended December 31, 2015, 2014, and 2013, we received revenue through various sources, such as license and royalty agreements, which may include milestone payments. Revenue from license agreements is recognized when an arrangement is entered into and if we have substantially completed our obligations under the terms of the arrangement and our remaining involvement is inconsequential and perfunctory. If we have significant continuing involvement under such an arrangement, license fees are deferred and recognized over the estimated performance period. License fee payments received in excess of amounts earned are classified as deferred revenue until earned. Revenue from royalty payments is contingent on sales activities by our licensees. As a result, we recognize royalty revenue when all revenue recognition criteria have been satisfied. We recognize revenue for milestone payments upon the achievement of specified milestones if (1) the milestone is substantive in nature, and the achievement of the milestone was not reasonably assured at the inception of the agreement, (2) the achievement relates to past performance, and (3) the fees are nonrefundable. Milestone payments received in excess of amounts earned are classified as deferred revenue until earned. |
Research and Development Expenditures | Research and Development Expenditures Research and development costs are charged to operations as incurred. Research and development costs include, but are not limited to, payroll and personnel expenses, clinical trial supplies, fees for clinical trial services, manufacturing costs, consulting costs and allocated overhead, including rent, equipment, depreciation and utilities. |
Income Taxes | Income Taxes The Company accounts for income taxes under the asset and liability method. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differences in accounting for reporting purposes and tax purposes for certain items, such as accruals and allowances not currently deductible for tax purposes. These temporary differences result in deferred tax assets and liabilities, which are included in the Company’s Consolidated Balance Sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the Company’s Consolidated Statements of Operations and comprehensive loss become deductible expenses under applicable income tax laws or when net operating loss or credit carryforwards are utilized. Accordingly, realization of the Company’s deferred tax assets is dependent on future taxable income against which these deductions, losses and credits can be utilized. The Company must assess the likelihood that the Company’s deferred tax assets will be recovered from future taxable income, and to the extent the Company believes that recovery is not likely, the Company establishes a valuation allowance. Based on the available evidence, the Company is unable, at this time, to support the determination that it is more likely than not that its deferred tax assets will be utilized in the future. Accordingly, the Company recorded a full valuation allowance as of December 31, 2015 and 2014 . The Company intends to maintain valuation allowances until sufficient evidence exists to support its reversal. |
Stock-Based Compensation | Stock-Based Compensation The Company has equity incentive plans under which various types of equity-based awards including, but not limited to, incentive stock options, non-qualified stock options, and restricted stock awards, may be granted to employees, non-employee directors, and non-employee consultants. The Company also has an inducement plan under which various types of equity-based awards, including non-qualified stock options and restricted stock awards, may be granted to new employees. For stock options granted to employees and directors, the Company recognizes compensation expense for all stock-based awards based on the estimated grant-date fair values, net of an estimated forfeiture rate. For restricted stock awards to employees, the fair value is based on the closing price of the Company's common stock on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as expense ratably over the requisite service period. The fair value of stock options is determined using the Black-Scholes option pricing model. The Company estimates its forfeiture rate based on an analysis of its actual forfeitures and will continue to evaluate the adequacy of the forfeiture rate assumption based on actual forfeitures, analysis of employee turnover, and other related factors. Stock-based compensation expense related to stock options granted to non-employees is recognized based on the fair value of the stock options, determined using the Black-Scholes option pricing model, as they are earned. The awards vest over the time period the Company expects to receive services from the non-employee. |
Warrants | Warrants The Company has issued freestanding warrants to purchase shares of common stock and convertible preferred stock in connection with certain debt and lease transactions. The warrants are recorded at fair value using the Black-Scholes option pricing model. |
Common Stock Warrants | Common Stock Warrants Prior to completion of the IPO, the Company accounted for warrants to purchase shares of its common stock as liabilities at fair value because these warrants may have obligated the Company to transfer assets to the holders at a future date under certain circumstances, such as change of control. The Company remeasured these warrants to current fair value at each balance sheet date, with changes in fair value recognized as a change in fair value of the warrant liability on the Consolidated Statements of Operations and Comprehensive Loss. Upon completion of the IPO, these warrant liabilities were remeasured to fair value and settled in conjunction with a cashless net exercise of these warrants. Common stock warrants classified as equity at inception are recorded to additional paid-in capital at fair value upon issuance. |
Convertible Preferred Stock Warrants | Convertible Preferred Stock Warrants The Company accounted for previously outstanding warrants to purchase shares of its convertible preferred stock that are contingently redeemable as liabilities at their estimated fair value because these warrants obligated the Company to transfer assets to the holders at a future date under certain circumstances, such as a deemed liquidation event. The warrants were subject to remeasurement to fair value at each balance sheet date, with changes in fair value recognized as a change in fair value of convertible preferred stock warrant liability on the Consolidated Statements of Operations and Comprehensive Loss. Upon completion of the IPO, the convertible preferred stock warrants converted into equity-classified warrants to purchase shares of common stock. |
Derivative Liabilities | Derivative Liabilities The Company bifurcated and separately accounted for derivative instruments related to redemption and conversion features embedded within previously outstanding convertible notes and other derivative instruments related to payment provisions underlying the Medicis settlement. These derivatives are accounted for as liabilities, which will be remeasured to fair value as of each balance sheet date, with changes in fair value recognized in the Consolidated Statements of Operations and Comprehensive Loss. The derivative liabilities associated with the 2013 Convertible Notes are no longer outstanding due to the conversion of the related convertible notes upon the IPO in February 2014. The Company will continue to record adjustments to the fair value of the derivative liabilities associated with the Medicis settlement until the remaining settlement payment has been paid. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss is defined as a change in equity of a business enterprise during a period, resulting from transactions from non-owner sources. During the year ended December 31, 2015 , the Company had an unrealized loss for investments, which qualified as other comprehensive loss and, therefore have been reflected in the Statements of Operations and Comprehensive Loss. There was no comprehensive loss for the years ended December 31, 2014 and 2013. |
Net Income (Loss) per Share Attributable to Common Stockholders | Net Income (Loss) per Share Attributable to Common Stockholders The Company calculated its basic and diluted net income (loss) per share attributable to common stockholders in conformity with the two-class method required for companies with participating securities prior to the IPO. Under the two-class method, the Company determines whether it has net income attributable to common stockholders, which includes the results of operations, capital contributions and deemed dividends less current period convertible preferred stock non-cumulative dividends. If it is determined that the Company does have net income attributable to common stockholders during a period, the related undistributed earnings are then allocated between common stock and the convertible preferred stock based on the weighted average number of shares outstanding during the period to determine the numerator for the basic net income per share attributable to common stockholders. In computing diluted net income attributable to common stockholders, undistributed earnings are re-allocated to reflect the potential impact of dilutive securities to determine the numerator for the diluted net income per share attributable to common stockholders. The Company’s basic net income (loss) per share attributable to common stockholders is calculated by dividing the net income (loss) by the weighted average number of shares of common stock outstanding for the period, which includes vested restricted stock awards. The diluted net income (loss) per share attributable to common stockholders is computed by giving effect to all potential dilutive common stock equivalents outstanding for the period. The diluted net income (loss) per share attributable to common stockholders also includes vested restricted stock awards and, if the effect is not anti-dilutive, unvested restricted stock awards. For purposes of this calculation, options to purchase common stock, unvested restricted stock, and common stock warrants are considered common stock equivalents. |
Interest Expense | Interest Expense 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 were capitalized on the Consolidated Balance Sheets, that are generally derived from cash payments related to the issuance of convertible notes and notes payable, (ii) interest recognized from the amortization of debt discounts, which were capitalized on the Consolidated Balance Sheets, derived from the issuance of warrants and derivatives issued in conjunction with convertible notes and notes payable, (iii) interest recognized on the 2011 convertible notes, or 2011 Notes, which was not paid but instead converted into shares of convertible preferred stock, (iv) interest recognized on the 2013 Notes, which was not paid but instead converted into shares of common stock, (v) interest capitalized for assets constructed for use in operations, (vi) interest related to the extinguishment of debt, which is classified as a gain or loss on debt extinguishments, and (vii) effective interest recognized on the financing obligation. 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. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements On February 25. 2016, the FASB issued Accounting Standards Update (ASU) 2016-02 Leases (Topic 842) , which requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company is currently evaluating the effect this standard will have on its Consolidated Financial Statements. On January 5, 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities , which addresses certain aspects of recognition, measurement, presentation, and disclosure of financial instruments. The updated standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2017 and early adoption is not permitted. The Company is currently evaluating the impact that the standard will have on its Consolidated Financial Statements. On November 20, 2015, the FASB issued ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes , which simplifies the presentation of deferred income taxes by requiring deferred tax assets and liabilities to be classified as noncurrent on the balance sheet. The updated standard is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016 with early adoption permitted. We early adopted this standard prospectively. Since the Company has a full valuation allowance, there was no impact on our previously reported Consolidated Balance Sheets. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) , which will require management to assess an entity’s ability to continue as a going concern at each annual and interim period. Related footnote disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year of the report issuance date. If conditions do not give rise to substantial doubt, no disclosures will be required specific to going concern uncertainties. The guidance defines substantial doubt using a likelihood threshold of “probable” similar to the current use of that term in U.S. GAAP for loss contingencies and provides example indicators. The guidance is effective for reporting periods ending after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s financial statements. |
Cash Equivalents and Investme29
Cash Equivalents and Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale securities | The following table is a summary of amortized cost, unrealized gain and loss, and fair value (in thousands): December 31, 2015 December 31, 2014 Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 145,747 $ — $ — $ 145,747 $ 166,038 $ — $ — $ 166,038 U.S. government agency obligations 52,479 — (40 ) 52,439 — — — — Total cash equivalents and available-for-sale securities $ 198,226 $ — $ (40 ) $ 198,186 $ 166,038 $ — $ — $ 166,038 Classified as: Cash equivalents $ 145,747 $ 166,038 Short-term investments 50,688 — Long-term investments 1,751 — Total cash equivalents and available-for-sale securities $ 198,186 $ 166,038 |
Marketable securities by contractual maturities | The following table classifies our marketable securities by contractual maturities (in thousands): December 31, 2015 2014 Due within one year $50,688 $— Due between one and two years 1,751 — Total $52,439 $— |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | The fair value of these instruments was as follows (in thousands): As of December 31, 2015 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 145,747 $ 145,747 $ — $ — U.S. government agency obligations 52,439 — 52,439 $ — Total assets measured at fair value $ 198,186 $ 145,747 $ 52,439 $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,414 $ — $ — $ 1,414 Total liabilities measured at fair value $ 1,414 $ — $ — $ 1,414 As of December 31, 2014 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 166,038 $ 166,038 $ — $ — Total assets measured at fair value $ 166,038 $ 166,038 $ — $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,541 $ — $ — $ 1,541 Total liabilities measured at fair value $ 1,541 $ — $ — $ 1,541 |
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 Liability Associated with the Medicis Settlement Fair value as of December 31, 2014 1,541 Change in fair value (127 ) Fair value as of December 31, 2015 $ 1,414 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Balance Sheet Components [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): As of December 31, 2015 2014 Research equipment $ 12,053 $ 10,914 Computer equipment 879 477 Furniture and fixtures 604 534 Leasehold improvements 4,164 3,833 Construction in progress 13,480 13,422 Total property and equipment 31,180 29,180 Less: accumulated depreciation and amortization (11,472 ) (9,906 ) Property and equipment, net $ 19,708 $ 19,274 |
Schedule of Prepaid Expenses and Other Current Assets | Prepaid expenses and other current assets consist of the following (in thousands): As of December 31, 2015 2014 Prepaid expenses $ 1,200 $ 1,085 Accounts receivable and other receivables 158 300 Other current assets 267 239 Total prepaid expenses and other current assets $ 1,625 $ 1,624 |
Schedule of Accruals and Other Current Liabilities | Accruals and other current liabilities consist of the following (in thousands): As of December 31, 2015 2014 Accrued compensation $ 3,282 $ 2,088 Accrued professional service fees 471 577 Accrued manufacturing and quality control costs 207 361 Accrued clinical trial expenses 1,300 322 Accrued fixed assets 262 266 Accrued construction-in-progress obligations 25 60 Accrued interest on notes payable — 23 Other current liabilities 698 448 Total accruals and other current liabilities $ 6,245 $ 4,145 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation | As of December 31, 2015 , the aggregate total future minimum lease payments under the financing obligation were as follows (in thousands): Year Ending December 31, 2016 4,217 2017 3,936 2018 949 Total payments 9,102 |
Interest Expense (Tables)
Interest Expense (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Other Income and Expenses [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): Year Ended December 31, 2015 2014 2013 Interest expense Cash related interest expense (1) $ (802 ) $ (1,182 ) $ (1,590 ) Non-cash interest expense Non-cash interest expense — debt issuance costs (39 ) (203 ) (490 ) Non-cash interest expense — warrant and derivative related debt discounts (5 ) (650 ) (4,128 ) Non-cash interest expense — convertible notes — (1,250 ) (9,409 ) Loss on extinguishment of 2013 Notes — (8,331 ) — Effective interest on financing obligation (344 ) (28 ) — Capitalized interest expense (2) — 972 453 Total non-cash interest expense (388 ) (9,490 ) (13,574 ) Total interest expense $ (1,190 ) $ (10,672 ) $ (15,164 ) (1) Cash related interest expense included interest payments to 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) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | As of December 31, 2015 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2016 $ 5,222 2017 5,394 2018 5,578 2019 5,763 2020 and thereafter 26,591 Total payments $ 48,548 |
Common Stock (Tables)
Common Stock (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Schedule of Reserved Shares of Common Stock | The Company had reserved shares of common stock, on an as if converted basis, for issuance as follows: As of December 31, 2015 2014 Issuances under stock incentive plans 273,948 91,634 Issuances upon exercise of common stock warrants 61,595 198,662 Issuances under employee stock purchase plan 396,660 174,661 Issuances under inducement plan 449,889 141,500 1,182,092 606,457 |
Net Income (Loss) per Share A36
Net Income (Loss) per Share Attributable to Common Stockholders (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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 years ended December 31, 2015 , 2014 , and 2013 (in thousands, except for share and per share amounts): Year Ended December 31, 2015 2014 2013 Net loss $ (73,476 ) $ (62,917 ) $ (52,448 ) 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 — — (13,878 ) Undistributed earnings allocated to preferred stockholders — — (8,133 ) Net income (loss) attributable to common stockholders, basic (73,476 ) (62,917 ) 258 Adjustments to net income (loss) for dilutive securities — — 825 Net income (loss) attributable to common stockholders, diluted $ (73,476 ) $ (62,917 ) $ 1,083 Net income (loss) per share attributable to common stockholders Basic $ (3.02 ) $ (3.24 ) $ 1.17 Diluted $ (3.02 ) $ (3.24 ) $ 1.05 Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: Basic 24,340,466 19,391,523 220,220 Stock options — — 167,655 Warrants to purchase common stock — — 641,275 Diluted 24,340,466 19,391,523 1,029,150 |
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 December 31, 2015 2014 2013 Stock options 2,420,105 1,818,323 — Convertible preferred stock — — 8,689,999 Convertible preferred stock warrants — — 184,486 Common stock warrants 61,595 198,662 — Unvested restricted stock awards 315,600 251,325 — |
Stock Option Plan (Tables)
Stock Option Plan (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option and Restricted Stock Award Activity | The following table summarizes the stock option activity for the 2014 IN is as follows: Number of Number of Weighted Weighted Aggregate (In thousands) Shares reserved 325,000 — $ — — $ — Options granted (140,125 ) 140,125 $ 22.52 Restricted stock awards granted (43,375 ) 43,375 $ — Outstanding as of December 31, 2014 141,500 183,500 $ 22.52 $ — Additional shares reserved 500,000 Options granted (206,250 ) 206,250 $ 36.32 Restricted stock awards granted (34,375 ) 34,375 — Option forfeitures 29,531 (29,531 ) $ 22.97 Award forfeitures 9,843 (9,843 ) $ — Awards released — (30,532 ) $ — Traded for taxes 9,640 — $ — Outstanding as of December 31, 2015 449,889 354,219 $ 31.46 7.2 $ 1,300 Options vested and expected to vest as of December 31, 2015 314,221 $ 31.49 7.1 $ 1,281 Exercisable as of December 31, 2015 95,469 $ 22.77 0.9 $ 1,088 The following summary of stock option and restricted stock award activity, excluding 2014 IN, for the periods presented is as follows: Number of Shares Available for Grant Number of Shares Underlying Outstanding Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (in Years) Aggregate Intrinsic Value (In thousands) Balance as of December 31, 2012 32,985 306,317 $ 3.45 — $ — Additional shares reserved 1,080,661 — — Options granted (992,213 ) 992,213 8.80 Options exercised — (4,340 ) 2.55 Options cancelled/forfeited 81,125 (81,125 ) 6.42 Balance as of December 31, 2013 202,558 1,213,065 7.65 Additional shares reserved 1,000,000 — — Options granted (728,349 ) 728,349 30.21 Awards granted (212,450 ) 212,450 — Options exercised — (238,999 ) 5.96 Options cancelled/forfeited 14,600 (14,600 ) 26.89 Awards forfeited 4,500 (4,500 ) — Shares cancelled/retired under 2002/2012 plans (189,225 ) (9,617 ) — Balance as of December 31, 2014 91,634 1,886,148 17.90 Additional shares reserved 950,978 — — Options granted (747,338 ) 747,338 18.94 Awards granted (169,336 ) 169,336 — Options exercised — (205,735 ) 11.84 Options cancelled/forfeited 116,540 (116,540 ) 21.33 Awards forfeited 24,306 (24,306 ) — Awards released — (74,755 ) — Shares cancelled/retired under 2002/2012 plans (19,276 ) — — Shares traded for taxes 26,440 — — Balance as of December 31, 2015 273,948 2,381,486 $ 18.36 8.1 $ 33,274 Options vested and expected to vest as of December 31, 2015 2,070,287 $ 18.28 8.0 $ 32,926 Exercisable as of December 31, 2015 870,911 $ 16.30 7.4 $ 15,558 |
Schedule of Stock Options and Restricted Stock Exercise Price Range | The following table summarizes information with respect to stock options outstanding and currently exercisable as of December 31, 2015 : Options Outstanding Options Exercisable Exercise Price Number of Options Weighted- Average Remaining Contractual Life (In Years) $0.45 - 6.60 76,838 4.3 76,231 $8.70 549,097 7.4 319,747 $8.85 - 16.10 249,223 8.3 95,345 $16.23 384,977 8.5 102,776 $16.46 - 22.97 264,953 6.2 101,164 $24.58 - 32.00 222,945 8.7 110,719 $32.22 430,822 8.4 158,762 $32.81 - 36.32 229,250 9.9 1,636 $37.69 10,000 9.9 — $39.57 2,000 9.9 — 2,420,105 966,380 |
Nonvested Restricted Stock Shares Activity | The following table summarizes information with respect to restricted stock awards outstanding as of December 31, 2015 : Number of Weighted-Average Grant-Date Fair Value Aggregate (In thousands) Outstanding as of December 31, 2013 — $ — $ — Granted 255,825 29.47 — Vested — — — Forfeited (4,500 ) 26.89 — Outstanding as of December 31, 2014 251,325 $ 29.51 — Granted 203,711 21.55 — Vested (105,287 ) 27.79 — Forfeited (34,149 ) 22.77 — Outstanding as of December 31, 2015 315,600 $ 25.67 $ 10,781 |
Fair Value Assumptions | The fair value of the option component of the shares purchased under the 2014 ESPP was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 Expected term (in years) 0.5 0.5 Expected volatility 63.4 % 46.8 % Risk-free interest rate 0.2 % 0.1 % Expected dividend rate — % — % The fair value of the employee and non-employee director stock options was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Expected term (in years) 6.0 6.0 6.0 Expected volatility 62.2 % 57.4 % 59.1 % Risk-free interest rate 1.6 % 1.9 % 1.3 % Expected dividend rate 0.0 % 0.0 % 0.0 % The fair value of the stock options vested is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended December 31, 2015 2014 2013 Expected term (in years) 8.2 7.3 9.0 Expected volatility 73.0 % 56.1 % 58.8 % Risk-free interest rate 2.0 % 2.1 % 2.7 % Expected dividend rate 0.0 % 0.0 % 0.0 % |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense related to options, awards, and ESPP to employees and non-employees was allocated as follows (in thousands): Year Ended December 31, 2015 2014 2013 Research and development $ 6,511 $ 2,357 $ 194 General and administrative 5,877 4,173 354 Total stock-based compensation expense $ 12,388 $ 6,530 $ 548 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Significant Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets as of December 31, 2015 and 2014 consist of the following (in thousands): Year Ended December 31, 2015 2014 Deferred tax assets: Net operating loss carryforward $ 115,949 $ 92,859 Accruals and reserves 2,371 2,458 Stock based compensation 3,367 1,602 Tax credits 3,311 2,623 Fixed and intangible assets 4,935 5,223 Valuation Allowance (129,933 ) (104,765 ) Total deferred tax assets — — Deferred tax liabilities: Debt discount — — Total deferred tax liabilities — — Net deferred tax assets $ — $ — |
Reconciliations of Statutory Federal Income Tax to Effective Tax Rate | Reconciliations of the statutory federal income tax (benefit) to the Company’s effective tax for the years ended December 31, 2015 , 2014, and 2013 are as follows (in thousands): Year Ended December 31, 2015 2014 2013 Tax (benefit) at statutory federal rate $ (24,982 ) $ (21,392 ) $ (17,832 ) State Tax (benefit) — net of federal benefit — 79 849 Permanent differences 224 660 3,931 Debt discount — 756 2,888 Research and development credits (516 ) 3,137 (642 ) Other 607 537 284 Change in valuation allowance $ 24,667 $ 16,226 $ 10,522 Provision for taxes $ — $ 3 $ — |
Unrecognized Tax Benefit | The unrecognized tax benefit was as follows (in thousands): Unrecognized tax benefits Balance as of December 31, 2012 2,012 Additions for current tax positions 276 Balance as of December 31, 2013 2,288 Decrease for prior tax positions (1,216 ) Additions for current tax positions 196 Balance as of December 31, 2014 1,268 Additions for prior tax positions 10 Additions for current tax positions $ 259 Balance as of December 31, 2015 $ 1,537 |
Quarterly Results of Operatio39
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Data [Abstract] | |
Schedule of Quarterly Financial Information | The following amounts are in thousands, except per share amounts: For the Quarters Ended March 31, June 30, September 30, December 31, 2015 Revenue $ 75 $ 75 $ 75 $ 75 Net loss $ (15,402 ) $ (16,805 ) $ (19,175 ) $ (22,094 ) Net income (loss) attributable to common stockholders: Basic $ (15,402 ) $ (16,805 ) $ (19,175 ) $ (22,094 ) Diluted $ (15,402 ) $ (16,805 ) $ (19,175 ) $ (22,094 ) Net income (loss) per share attributable to common stockholders: Basic $ (0.65 ) $ (0.71 ) $ (0.81 ) $ (0.83 ) Diluted $ (0.65 ) $ (0.71 ) $ (0.81 ) $ (0.83 ) 2014 Revenue $ 158 $ 75 $ 75 $ 75 Net loss $ (21,426 ) $ (13,302 ) $ (13,977 ) $ (14,212 ) Net income (loss) attributable to common stockholders: Basic $ (21,426 ) $ (13,302 ) $ (13,977 ) $ (14,212 ) Diluted $ (21,426 ) $ (13,302 ) $ (13,977 ) $ (14,212 ) Net income (loss) per share attributable to common stockholders: Basic $ (1.93 ) $ (0.69 ) $ (0.60 ) $ (0.60 ) Diluted $ (1.93 ) $ (0.69 ) $ (0.60 ) $ (0.60 ) |
The Company and Basis of Pres40
The Company and Basis of Presentation - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||||
Nov. 30, 2015USD ($)$ / sharesshares | Mar. 31, 2015USD ($) | Jun. 30, 2014USD ($)$ / sharesshares | Feb. 28, 2014USD ($)$ / sharesshares | Jan. 31, 2014 | Dec. 31, 2015USD ($) | Sep. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Sep. 30, 2014USD ($) | Jun. 30, 2014USD ($)$ / shares | Mar. 31, 2014USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Company's incorporation date | Aug. 10, 1999 | |||||||||||||||
Commencement date of operations | Jun. 30, 2002 | |||||||||||||||
Change of entity name date | Apr. 19, 2005 | |||||||||||||||
Net loss | $ 22,094,000 | $ 19,175,000 | $ 16,805,000 | $ 15,402,000 | $ 14,212,000 | $ 13,977,000 | $ 13,302,000 | $ 21,426,000 | $ 73,476,000 | $ 62,917,000 | $ 52,448,000 | |||||
Working capital surplus | 241,900,000 | 241,900,000 | ||||||||||||||
Accumulated deficit | (332,273,000) | $ (258,797,000) | (332,273,000) | $ (258,797,000) | ||||||||||||
Cash and cash equivalents | 254,054,000 | $ 254,054,000 | ||||||||||||||
Cash and Cash Equivalents, and Investments, Operating Plan Funding Term, Minimum | 12 months | |||||||||||||||
Proceeds from issuance of common stock, net of deferred at-the-market offering costs | $ 10,021,000 | |||||||||||||||
Reverse stock split, conversion ratio | 0.0667 | |||||||||||||||
IPO | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Issuance of common stock (in shares) | shares | 6,900,000 | |||||||||||||||
Offering price per share (in dollars per share) | $ / shares | $ 16 | |||||||||||||||
Proceeds from issuance of common stock, net of deferred at-the-market offering costs | $ 98,600,000 | |||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Issuance of common stock (in shares) | shares | 487,500 | 600,000 | 900,000 | |||||||||||||
Follow on public offering | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Issuance of common stock (in shares) | shares | 3,737,500 | 4,600,000 | ||||||||||||||
Offering price per share (in dollars per share) | $ / shares | $ 36 | $ 30.5 | $ 30.5 | |||||||||||||
Proceeds from issuance of common stock, net of deferred at-the-market offering costs | $ 126,200,000 | $ 131,300,000 | ||||||||||||||
At the Market offering | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Issuance of common stock (in shares) | shares | 352,544 | |||||||||||||||
Proceeds from issuance of common stock, net of deferred at-the-market offering costs | $ 10,000,000 | |||||||||||||||
Authorized aggregate offering price | $ 50,000,000 | |||||||||||||||
Commission percentage | 3.00% | |||||||||||||||
Stock issuance sales agreement authorized offering price remaining | $ 39,200,000 | $ 39,200,000 | ||||||||||||||
At the Market offering | Weighted Average | ||||||||||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||||||||||
Offering price per share (in dollars per share) | $ / shares | $ 30.76 |
Summary of Significant Accoun41
Summary of Significant Accounting Policies (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Restricted cash | $ 435,000 | $ 510,000 | |
Annual release of restricted cash | 75,000 | ||
Restricted cash, balance to remain until end of lease | 400,000 | ||
Impairment | $ 0 | $ 0 | $ 0 |
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years | ||
Lab equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Furniture and fixtures | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 5 years | ||
Manufacturing equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 7 years | ||
Leasehold improvements | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 15 years |
Revenue and License Agreements
Revenue and License Agreements (Details) - USD ($) | 1 Months Ended | 9 Months Ended | 12 Months Ended | ||
Aug. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Research and development costs expensed | $ 47,529,000 | $ 33,390,000 | $ 27,831,000 | ||
Relastin [Member] | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Asset purchase and royalty agreement, sale price | $ 50,000 | ||||
Royalty revenue | 300,000 | 300,000 | 300,000 | ||
Milestone revenue | 200,000 | ||||
Procter and Gamble | Collaborative Arrangement, Product | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Deferred revenue | $ 300,000 | ||||
License revenue | 100,000 | 200,000 | |||
List Biological Laboratories, Inc. | Collaborative Arrangement, Product | |||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||
Research and development costs expensed | $ 0 | $ 0 | $ 2,000,000 |
Medicis Settlement - Additional
Medicis Settlement - Additional Information (Detail) - USD ($) $ in Thousands | Feb. 13, 2014 | Oct. 31, 2012 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Settlement And Termination [Line Items] | |||||
Fair value of derivative | $ 7,100 | ||||
Accrued professional service fees | $ 471 | $ 577 | |||
Medicis Pharmaceutical Corporation | |||||
Settlement And Termination [Line Items] | |||||
Settlement consideration payable | $ 25,000 | ||||
Upfront payment paid | 7,000 | ||||
Gain (loss) on derivative liability due to remeasurement | 100 | (300) | $ 50 | ||
Medicis Pharmaceutical Corporation | Proceeds Sharing Arrangement | |||||
Settlement And Termination [Line Items] | |||||
Settlement agreement, payable | 14,000 | ||||
Settlement payment | 6,900 | ||||
Fair value of derivative | $ 6,700 | ||||
Remeasurement gain (loss) | $ 300 | ||||
Medicis Pharmaceutical Corporation | Product Approval Payment Derivative | |||||
Settlement And Termination [Line Items] | |||||
Fair value of derivative | $ 1,400 | $ 1,500 | |||
Accrued professional service fees | $ 4,000 | ||||
Remaining contractual term (in years) | 3 years 6 months | 3 years 6 months | |||
Risk-free interest rate | 1.40% | 1.20% | |||
Fair value assumptions, credit risk adjustment | 9.00% | 6.50% | |||
Medicis Pharmaceutical Corporation | Minimum | Proceeds Sharing Arrangement | |||||
Settlement And Termination [Line Items] | |||||
Remaining contractual term (in years) | 1 month 2 days | ||||
Risk-free interest rate | 0.01% | ||||
Fair value assumptions, expected volatility | 37.00% | ||||
Medicis Pharmaceutical Corporation | Maximum | Proceeds Sharing Arrangement | |||||
Settlement And Termination [Line Items] | |||||
Remaining contractual term (in years) | 6 months | ||||
Risk-free interest rate | 0.10% | ||||
Fair value assumptions, expected volatility | 47.50% |
Cash Equivalents and Investme44
Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 198,226 | $ 166,038 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | (40) | 0 |
Available-for-sale Securities | 198,186 | 166,038 |
Cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 145,747 | 166,038 |
Short-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 50,688 | 0 |
Long-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale Securities | 1,751 | 0 |
Money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 145,747 | 166,038 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Available-for-sale Securities | 145,747 | 166,038 |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 52,479 | 0 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | (40) | 0 |
Available-for-sale Securities | $ 52,439 | $ 0 |
Cash Equivalents and Investme45
Cash Equivalents and Investments Remaining Contractual Maturities Available-for-Sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Investments, Debt and Equity Securities [Abstract] | ||
Available-for-sale securities maturities, due within one year | $ 50,688 | $ 0 |
Available-for-sale securities maturities, due between one and two years | 1,751 | 0 |
Available-for-sale Securities, Debt Securities | $ 52,439 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | $ 145,747 | $ 166,038 |
Total liabilities measured at fair value | 0 | 0 |
Level 1 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 145,747 | 166,038 |
Level 1 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | |
Level 1 | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 52,439 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 2 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 2 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 52,439 | |
Level 2 | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Total liabilities measured at fair value | 1,414 | 1,541 |
Level 3 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 3 | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | |
Level 3 | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,414 | 1,541 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 198,186 | 166,038 |
Total liabilities measured at fair value | 1,414 | 1,541 |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 145,747 | 166,038 |
Recurring | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 52,439 | |
Recurring | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | $ 1,414 | $ 1,541 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments (Detail) - Derivative liabilities associated with the Medicis settlement $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value as of December 31 | $ 1,541 |
Change in fair value | (127) |
Fair value as of December 31 | $ 1,414 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) $ in Millions | Feb. 13, 2014USD ($) |
Fair Value Disclosures [Abstract] | |
Fair value of derivative | $ 7.1 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance Sheet Components [Abstract] | |||
Depreciation expense | $ 1,995 | $ 2,051 | $ 1,881 |
Outstanding obligations related to construction-in-progress | 30 | 500 | |
Capitalized interest | $ 0 | $ 972 | $ 453 |
Balance Sheet Components - Sche
Balance Sheet Components - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 31,180 | $ 29,180 |
Less: accumulated depreciation and amortization | (11,472) | (9,906) |
Property and equipment, net | 19,708 | 19,274 |
Research equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 12,053 | 10,914 |
Computer equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 879 | 477 |
Furniture and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 604 | 534 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 4,164 | 3,833 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 13,480 | $ 13,422 |
Balance Sheet Components - Sc51
Balance Sheet Components - Schedule of Prepaid Expenses and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Components [Abstract] | ||
Prepaid expenses | $ 1,200 | $ 1,085 |
Accounts receivable and other receivables | 158 | 300 |
Other current assets | 267 | 239 |
Total prepaid expenses and other current assets | $ 1,625 | $ 1,624 |
Balance Sheet Components - Sc52
Balance Sheet Components - Schedule of Accruals and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Components [Abstract] | ||
Accrued compensation | $ 3,282 | $ 2,088 |
Accrued professional service fees | 471 | 577 |
Accrued manufacturing and quality control costs | 207 | 361 |
Accrued clinical trial expenses | 1,300 | 322 |
Accrued fixed assets | 262 | 266 |
Accrued construction-in-progress obligations | 25 | 60 |
Accrued interest on notes payable | 0 | 23 |
Other current liabilities | 698 | 448 |
Total accruals and other current liabilities | $ 6,245 | $ 4,145 |
Notes Payable - Hercules Notes
Notes Payable - Hercules Notes Payable (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2011USD ($) | Mar. 31, 2015 | Dec. 31, 2015USD ($)monthly_payment$ / sharesshares | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Instrument [Line Items] | |||||
Proceeds from notes payable | $ 0 | $ 6,750 | $ 21,903 | ||
Repayment of notes payable | $ 2,652 | 12,316 | $ 7,594 | ||
Hercules Notes Payable | |||||
Debt Instrument [Line Items] | |||||
Proceeds from notes payable | $ 22,000 | ||||
Notes payable maturity | Mar. 31, 2015 | ||||
Interest rate, percentage | 9.85% | ||||
Notes payable repayment start date | Jul. 31, 2012 | ||||
Notes payable repayment terms | monthly_payment | 33 | ||||
Payment of notes payable principal and interest | $ 800 | ||||
End of term payment | $ 400 | ||||
Warrants issued to purchase shares (in shares) | shares | 17,977 | ||||
Exercise price per share | $ / shares | $ 66.75 | ||||
Debt discount amortized | $ 100 | ||||
Debt issuance costs | 500 | ||||
Repayment of notes payable | $ 2,600 | $ 9,200 | |||
Hercules Notes Payable | Prime Rate | |||||
Debt Instrument [Line Items] | |||||
Plus (minus) difference from the prime rate | 3.25% |
Notes Payable - Essex Capital N
Notes Payable - Essex Capital Notes (Detail) - USD ($) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
Jun. 30, 2015 | Feb. 28, 2015 | May. 31, 2014 | Jan. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 17, 2014 | Feb. 28, 2014 | Dec. 20, 2013 | |
Debt Instrument [Line Items] | ||||||||||
Settlement of outstanding loan balance | $ 0 | $ 0 | $ 32,008,000 | |||||||
Interest expense for amortization of warrant | 1,190,000 | 10,672,000 | 15,164,000 | |||||||
Interest paid | $ 802,000 | $ 1,182,000 | 1,590,000 | |||||||
Warrants | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of shares called by warrant | 61,595 | 198,662 | ||||||||
Essex Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Secured promissory notes, able to borrow (up to) | $ 10,800,000 | |||||||||
Interest rate, percentage | 10.375% | 11.50% | ||||||||
Short-term notes | $ 2,500,000 | $ 2,500,000 | ||||||||
Settlement of outstanding loan balance | $ 1,100,000 | |||||||||
Lease period | 3 years | 3 years | ||||||||
Total principal payments | $ 3,900,000 | |||||||||
Number of shares called by warrant | 44,753 | |||||||||
Equipment Purchased by Third Party, Increase During Period | $ 100,000 | |||||||||
Equipment purchased by third party | $ 9,800,000 | |||||||||
Percentage of original purchase amount of asset at end of lease | 10.00% | |||||||||
Purchase of equipment sold and leased back | $ 1,100,000 | |||||||||
Common stock shares purchased (in shares) | 12,345 | |||||||||
Fair value of warrants | $ 200,000 | |||||||||
Debt issuance costs | $ 30,000 | |||||||||
Unamortized debt discount | 0 | |||||||||
Interest paid | 0 | 400,000 | ||||||||
Essex Notes | Warrants | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest expense for amortization of warrant | $ 0 | $ 200,000 |
Notes Payable - Summary of Aggr
Notes Payable - Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,016 | $ 4,217 |
2,017 | 3,936 |
2,018 | 949 |
Total payments | $ 9,102 |
Convertible Notes, Warrants, 56
Convertible Notes, Warrants, and Related Derivatives - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Feb. 28, 2014 | Jan. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Dec. 31, 2012 | |
Debt Instrument [Line Items] | ||||||||||
Exercise price of warrants (in dollars per share) | $ 0.15 | $ 0.15 | ||||||||
Amortization of debt discount | $ 5,000 | $ 1,250,000 | $ 4,128,000 | |||||||
Gain (loss) on debt extinguishment | 0 | 8,331,000 | 0 | |||||||
Interest expense | 0 | 271,000 | 273,000 | |||||||
Interest expense, excluding amortization of debt discount | 802,000 | 1,182,000 | $ 1,590,000 | |||||||
Series E-5 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Offering price of convertible preferred stock (in dollars per share) | $ 22.425 | $ 22.425 | ||||||||
2011 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible debt | $ 71,000,000 | $ 71,000,000 | ||||||||
Percentage of equity held | 5.00% | |||||||||
Percentage of Convertible Note holders required to consent to agreement amendment, at least | 75.00% | |||||||||
Shares issued upon debt conversion (in shares) | 4,748,484 | |||||||||
Debt conversion price, percentage of offering price of convertible preferred stock | 66.67% | |||||||||
Difference in the estimated fair value of the convertible preferred stock and the carrying value of the convertible debt, recorded as a capital contribution | $ 32,000,000 | |||||||||
Fair value of embedded derivative liability | $ 0 | |||||||||
Gain (loss) on embedded derivative liability | $ 1,800,000 | |||||||||
Number of shares called by warrant | 77,521 | |||||||||
Fair value of warrants | $ 200,000 | |||||||||
Exercise price of warrants (in dollars per share) | $ 0.15 | |||||||||
2011 Notes | Convertible Notes Payable, Related Party | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible debt | $ 40,600,000 | |||||||||
2011 Notes | Convertible Notes Payable, Related Party | Stockholders With Holdings of 5% or More | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible debt | $ 30,900,000 | |||||||||
2011 Notes, Warrant | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amortization of debt discount | 200,000 | |||||||||
Unamortized debt discount | 0 | 0 | ||||||||
2011 Notes, Embedded Derivative Liability | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Fair value of embedded derivative liability | 0 | 0 | ||||||||
Amortization of debt discount | $ 2,800,000 | |||||||||
Unamortized debt discount | $ 0 | $ 0 | ||||||||
2013 Notes | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Convertible debt | $ 26,200,000 | $ 30,000,000 | ||||||||
Shares issued upon debt conversion (in shares) | 1,637,846 | |||||||||
Fair value of embedded derivative liability | $ 1,900,000 | |||||||||
Number of shares called by warrant | 409,450 | |||||||||
Amount borrowed | $ 4,300,000 | $ 19,400,000 | ||||||||
Interest rate, percentage | 12.00% | |||||||||
Shares issued upon exercise of warrants (in shares) | 405,594 | |||||||||
Gain (loss) on debt extinguishment | $ 8,300,000 | |||||||||
Interest expense | $ 9,600,000 | |||||||||
Interest expense, excluding amortization of debt discount | 300,000 | |||||||||
2013 Notes, Warrant | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amortization of debt discount | 400,000 | |||||||||
2013 Notes, Embedded Derivative Liability | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amortization of debt discount | $ 600,000 |
Interest Expense - Summary of I
Interest Expense - Summary of Interest Expense by Cash and Non-Cash Components (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Income and Expenses [Abstract] | |||
Cash related interest expense | $ (802) | $ (1,182) | $ (1,590) |
Non-cash interest expense | |||
Non-cash interest expense — debt issuance costs | (39) | (203) | (490) |
Non-cash interest expense — warrant and derivative related debt discounts | (5) | (650) | (4,128) |
Non-cash interest expense — convertible notes | 0 | (1,250) | (9,409) |
Loss on extinguishment of 2013 Notes | 0 | (8,331) | 0 |
Effective interest on financing obligation | (344) | (28) | 0 |
Capitalized interest | 0 | 972 | 453 |
Total non-cash interest expense | (388) | (9,490) | (13,574) |
Total interest expense | $ (1,190) | $ (10,672) | $ (15,164) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Feb. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||||
Extended term of lease | 36 months | ||||
Tenant improvement allowance | $ 3,000,000 | ||||
Total rent payments payable under lease agreement | $ 72,800,000 | $ 48,548,000 | |||
Term of lease agreement | 15 years | ||||
Rent expense | 5,300,000 | $ 5,200,000 | $ 4,400,000 | ||
Purchase commitments | 20,200,000 | ||||
Related Party Transaction [Line Items] | |||||
Accrued Milestone Obligations | $ 471,000 | $ 577,000 | |||
Medicis Pharmaceutical Corporation | Product Approval Payment Derivative | |||||
Related Party Transaction [Line Items] | |||||
Accrued Milestone Obligations | $ 4,000,000 |
Commitments and Contingencies59
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Feb. 28, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
2,016 | $ 5,222 | |
2,017 | 5,394 | |
2,018 | 5,578 | |
2,019 | 5,763 | |
2020 and thereafter | 26,591 | |
Total payments | $ 48,548 | $ 72,800 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2015USD ($)votes_per_share$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | |
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 95,000,000 | 95,000,000 |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | $ 0.001 |
Common stock, reserved for future issuance (in shares) | 1,182,092 | 606,457 |
Common stock voting rights, number of votes per share | votes_per_share | 1 | |
Employee Stock | ||
Class of Stock [Line Items] | ||
Common stock, reserved for future issuance (in shares) | 396,660 | 174,661 |
Stock Compensation Plan | ||
Class of Stock [Line Items] | ||
Common stock, reserved for future issuance (in shares) | 273,948 | 91,634 |
Stock Inducement Plan | ||
Class of Stock [Line Items] | ||
Common stock, reserved for future issuance (in shares) | 449,889 | 141,500 |
Common Stock | ||
Class of Stock [Line Items] | ||
Common stock, shares authorized (in shares) | 95,000,000 | |
Common stock, par value (in dollars per share) | $ / shares | $ 0.001 | |
Stock repurchase program, authorized amount (in shares) | $ | $ 0 | $ 0 |
Convertible preferred stock warrants | ||
Class of Stock [Line Items] | ||
Common stock, reserved for future issuance (in shares) | 61,595 | 198,662 |
Convertible Preferred Stock - A
Convertible Preferred Stock - Additional Information (Detail) - shares | Feb. 28, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Temporary Equity Disclosure [Abstract] | |||||
Conversion of preferred stock to common stock (in shares) | 8,689,999 | ||||
Conversion ratio | 1 | ||||
Shares outstanding | 0 | 0 | 8,689,999 | 1,517,381 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2014warrant$ / sharesshares | May. 31, 2014shares | Feb. 28, 2014USD ($)investor$ / sharesshares | Jan. 31, 2014shares | Dec. 31, 2015investor$ / sharesshares | Dec. 31, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / sharesshares | Dec. 17, 2014shares | |
Class of Warrant or Right [Line Items] | |||||||||
Loss on cash settlement | $ | $ 0 | $ 1,356 | $ 0 | ||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 0.15 | ||||||||
Fair value of common stock warrants issued | $ | $ 0 | $ 379 | $ 0 | ||||||
Essex Notes | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Fair value of Essex warrants (in shares) | 44,753 | ||||||||
Convertible preferred stock warrants | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Number of shares underlying warrants | 20,066 | 72,248 | |||||||
Number of investors | investor | 2 | ||||||||
Issuance of common stock upon net exercise of warrant (in shares) | 22,856 | ||||||||
Fair value, number of days preceding | 5 days | ||||||||
Loss on cash settlement | $ | $ 1,400 | ||||||||
Fair value of Essex warrants (in shares) | 198,662 | 61,595 | 61,595 | 198,662 | |||||
Convertible preferred stock warrants | Minimum | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 14.40 | $ 14.40 | $ 14.40 | $ 14.40 | |||||
Convertible preferred stock warrants | Maximum | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | 31.50 | 31.50 | 31.50 | 31.50 | |||||
Convertible preferred stock warrants | Weighted Average | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | 18.12 | $ 16.78 | $ 16.78 | 18.12 | |||||
Convertible preferred stock warrants | Essex Notes | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 14.40 | $ 14.40 | |||||||
Warrants issued (in shares) | warrant | 44,753 | ||||||||
Fair value of common stock warrants issued | $ | $ 379 | ||||||||
Expected volatility | 53.00% | ||||||||
Expected term (in years) | 4 years | ||||||||
Risk-free interest rate | 1.40% | ||||||||
Convertible preferred stock warrants | Series E-5 | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Number of shares underlying warrants | 0 | 0 | |||||||
Number of warrant conversions (in shares) | 173,975 | ||||||||
Convertible preferred stock warrants | Series E-5 | Minimum | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 14.95 | ||||||||
Convertible preferred stock warrants | Series E-5 | Maximum | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 31.50 | ||||||||
Convertible preferred stock warrants | Series E-5 | Essex Notes | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Number of shares underlying warrants | 12,345 | ||||||||
Convertible preferred stock warrants | Warrants Exercised by Three Shareholders | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Number of shares underlying warrants | 137,067 | 137,067 | |||||||
Number of investors | investor | 3 | ||||||||
Convertible preferred stock warrants | Warrants Exercised by Three Shareholders | Minimum | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 14.40 | $ 14.40 | |||||||
Convertible preferred stock warrants | Warrants Exercised by Three Shareholders | Maximum | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Exercise price of warrants (in dollars per share) | $ / shares | $ 22.43 | $ 22.43 | |||||||
Common Stock | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Issuance of common stock upon net exercise of warrant (in shares) | 10,613 | 1,158,443 | 68,993 | 10,613 | 52,481 | ||||
Common Stock | Warrants Exercised by Three Shareholders | |||||||||
Class of Warrant or Right [Line Items] | |||||||||
Issuance of common stock upon net exercise of warrant (in shares) | 68,993 |
Net Income (Loss) per Share A63
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 ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net loss | $ (22,094) | $ (19,175) | $ (16,805) | $ (15,402) | $ (14,212) | $ (13,977) | $ (13,302) | $ (21,426) | $ (73,476) | $ (62,917) | $ (52,448) |
Capital contribution on the extinguishment of prior convertible preferred stock | 0 | 0 | 74,894 | ||||||||
Deemed dividend on the issuance of Series E-5 convertible preferred stock | 0 | 0 | (177) | ||||||||
Noncumulative dividend on Series E convertible preferred stock | 0 | 0 | (13,878) | ||||||||
Undistributed earnings allocated to preferred stockholders | 0 | 0 | (8,133) | ||||||||
Net income (loss) attributable to common stockholders, basic | (22,094) | (19,175) | (16,805) | (15,402) | (14,212) | (13,977) | (13,302) | (21,426) | (73,476) | (62,917) | 258 |
Adjustments to net income (loss) for dilutive securities | 0 | 0 | 825 | ||||||||
Net income (loss) attributable to common stockholders, diluted | $ (22,094) | $ (19,175) | $ (16,805) | $ (15,402) | $ (14,212) | $ (13,977) | $ (13,302) | $ (21,426) | $ (73,476) | $ (62,917) | $ 1,083 |
Net income (loss) per share attributable to common stockholders | |||||||||||
Basic (in dollars per share) | $ (0.83) | $ (0.81) | $ (0.71) | $ (0.65) | $ (0.60) | $ (0.60) | $ (0.69) | $ (1.93) | $ (3.02) | $ (3.24) | $ 1.17 |
Diluted (in dollars per share) | $ (0.83) | $ (0.81) | $ (0.71) | $ (0.65) | $ (0.60) | $ (0.60) | $ (0.69) | $ (1.93) | $ (3.02) | $ (3.24) | $ 1.05 |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||||||||
Basic (in shares) | 24,340,466 | 19,391,523 | 220,220 | ||||||||
Stock options (in shares) | 0 | 0 | 167,655 | ||||||||
Warrants to purchase common stock (in shares) | 0 | 0 | 641,275 | ||||||||
Diluted (in shares) | 24,340,466 | 19,391,523 | 1,029,150 |
Net Income (Loss) per Share A64
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) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Convertible preferred stock | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents excluded from computation of diluted net income (loss) per share | 0 | 0 | 8,689,999 |
Stock options | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents excluded from computation of diluted net income (loss) per share | 2,420,105 | 1,818,323 | 0 |
Convertible preferred stock warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents excluded from computation of diluted net income (loss) per share | 0 | 0 | 184,486 |
Common stock warrants | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents excluded from computation of diluted net income (loss) per share | 61,595 | 198,662 | 0 |
Unvested restricted stock awards | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Common stock equivalents excluded from computation of diluted net income (loss) per share | 315,600 | 251,325 | 0 |
Stock Option Plan - Additional
Stock Option Plan - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2015 | Jan. 01, 2015 | Aug. 26, 2014 | Jan. 22, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, reserved for future issuance (in shares) | 1,182,092 | 606,457 | |||||
Stock-based compensation | $ 12,388 | $ 6,530 | $ 548 | ||||
Restricted Stock Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock awards granted (in shares) | 203,711 | 255,825 | |||||
Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Weighted average grant date fair value, employee stock (in dollars per share) | $ 22.70 | $ 29.31 | $ 8.23 | ||||
Unrecognized compensation cost | $ 21,500 | $ 19,100 | $ 3,200 | ||||
Unrecognized compensation cost, recognition period | 2 years 9 months | 3 years | 3 years 2 months 12 days | ||||
Non-employee Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 13,333 | 76,666 | |||||
Weighted average exercise price per share, nonemployee stock | $ 15.45 | $ 8.74 | |||||
Employee Stock Purchase Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Percentage of outstanding stock | 1.00% | ||||||
Number of shares available for grant, additional shares reserved | 300,000 | 237,744 | |||||
Shares available for issuance (in shares) | 396,660 | ||||||
Common stock, reserved for future issuance (in shares) | 200,000 | ||||||
Stock-based compensation | $ 100 | ||||||
Issued shares of common stock (in shares) | 15,745 | ||||||
2014 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of common stock that may be issued pursuant to the plan (in shares) | 1,000,000 | ||||||
Percentage of outstanding stock | 4.00% | ||||||
Number of shares available for grant, additional shares reserved | 950,978 | ||||||
Stock options granted (in shares) | 747,338 | ||||||
Restricted stock awards granted (in shares) | 169,336 | ||||||
Shares available for issuance (in shares) | 273,948 | ||||||
2014 Equity Incentive Plan | Incentive Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of common stock that may be issued pursuant to the plan (in shares) | 2,000,000 | ||||||
Expiration period | 10 years | ||||||
2014 Inducement Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expiration period | 10 years | ||||||
Number of shares available for grant, additional shares reserved | 500,000 | ||||||
Stock options granted (in shares) | 206,250 | ||||||
Restricted stock awards granted (in shares) | 34,375 | ||||||
Shares available for issuance (in shares) | 449,889 | ||||||
Common stock, reserved for future issuance (in shares) | 325,000 | ||||||
Share price (in dollars per share) | $ 34.16 | $ 16.94 | $ 11.40 | ||||
Intrinsic value of options exercised | $ 4,600 | $ 2,600 | $ 40 | ||||
2014 Inducement Plan | Restricted Stock Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 34,375 | 43,375 | |||||
Weighted average exercise price per share, nonemployee stock | $ 0 | $ 0 | |||||
2014 Inducement Plan | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares available for grant, additional shares reserved | 500,000 | 325,000 | |||||
Stock options granted (in shares) | 206,250 | 140,125 | |||||
Shares available for issuance (in shares) | 449,889 | 141,500 | |||||
Weighted average exercise price per share, nonemployee stock | $ 36.32 | $ 22.52 | |||||
2014 Inducement Plan | Vesting Period 1 | Restricted Stock Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 1 year | ||||||
2014 Inducement Plan | Vesting Period 1 | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 25.00% | ||||||
2014 Inducement Plan | Vesting Period 2 | Restricted Stock Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 3 years | ||||||
2014 Inducement Plan | Vesting Period 2 | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 27.78% | ||||||
2014 Inducement Plan | Vesting Period 3 | Restricted Stock Award | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
2014 Inducement Plan | Vesting Period 3 | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting rights, percentage | 20.83% | ||||||
2014 Inducement Plan | Weighted Average | Employee Stock Option | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Award vesting period | 4 years | ||||||
Non-employee Director | 2014 Equity Incentive Plan | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock options granted (in shares) | 90,000 | ||||||
One Employee, Separation Agreement | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based Compensation Accelerated Compensation Cost | $ 2,400 |
Stock Option Plan - Summary of
Stock Option Plan - Summary of Stock Option and Restricted Stock Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | Dec. 14, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price per share, exercised | $ 2.55 | |||
Restricted Stock Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares Available for Grant [Roll Forward] | ||||
Restricted stock units, grants (in shares) | (203,711) | (255,825) | ||
Forfeited (in shares) | 34,149 | 4,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 203,711 | 255,825 | ||
Restricted stock units, forfeited (in shares) | (34,149) | (4,500) | ||
2014 Equity Incentive Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares Available for Grant [Roll Forward] | ||||
Number of shares available for grant, additional shares reserved | 950,978 | |||
Number of Shares Available for Grant, grants in period | (747,338) | |||
Restricted stock units, grants (in shares) | (169,336) | |||
Number of shares available for grant, ending balance | 273,948 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of shares underlying outstanding options, grants in period | 747,338 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 169,336 | |||
2014 Equity Incentive Plan | Employee Stock Option and Restricted Stock Awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares Available for Grant [Roll Forward] | ||||
Number of shares available for grant, beginning balance | 91,634 | 202,558 | 32,985 | |
Number of shares available for grant, additional shares reserved | 950,978 | 1,000,000 | 1,080,661 | |
Number of Shares Available for Grant, grants in period | (747,338) | (728,349) | (992,213) | |
Number of shares underlying outstanding options, cancelled/forfeited | 116,540 | 14,600 | 81,125 | |
Restricted stock units, grants (in shares) | (169,336) | (212,450) | ||
Forfeited (in shares) | 24,306 | 4,500 | ||
Number of shares underlying outstanding options, retired | (19,276) | (189,225) | ||
Shares Paid for Tax Withholding for Share Based Compensation (in shares) | 26,440 | |||
Number of shares available for grant, ending balance | 273,948 | 91,634 | 202,558 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of shares underlying outstanding options, beginning balance | 1,886,148 | 1,213,065 | 306,317 | |
Number of shares underlying outstanding options, grants in period | 747,338 | 728,349 | 992,213 | |
Number of shares underlying outstanding options, exercises | (205,735) | (238,999) | (4,340) | |
Number of shares underlying outstanding options, cancelled/forfeited | (116,540) | (14,600) | (81,125) | |
Number of shares underlying outstanding options, released | (74,755) | |||
Number of shares underlying outstanding options, ending balance | 2,381,486 | 1,886,148 | 1,213,065 | |
Number of shares underlying outstanding options, vested and expected to vest | 2,070,287 | |||
Number of shares underlying outstanding options, exercisable | 870,911 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 169,336 | 212,450 | ||
Restricted stock units, forfeited (in shares) | (24,306) | (4,500) | ||
Restricted stock units, retired (in shares) | (9,617) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price per share, beginning balance | $ 17.90 | $ 7.65 | $ 3.45 | |
Weighted average exercise price per share, granted | 18.94 | 30.21 | 8.80 | |
Weighted average exercise price per share, exercised | 11.84 | 5.96 | 2.55 | |
Weighted average exercise price per share, cancelled/forfeited | 21.33 | 26.89 | 6.42 | |
Weighted average exercise price per share, ending balance | 18.36 | $ 17.90 | $ 7.65 | |
Weighted average exercise price per share, vested and expected to vest | 18.28 | |||
Weighted average exercise price per share, exercisable | $ 16.30 | |||
Weighted average remaining contractual life, outstanding (in years) | 8 years 1 month | |||
Weighted average remaining contractual life, vested and expected to vest (in years) | 8 years | |||
Weighted average remaining contractual life, exercisable (in years) | 89 months | |||
Aggregate intrinsic value, outstanding | $ 33,274 | |||
Aggregate intrinsic value, vested and expected to vest | 32,926 | |||
Aggregate intrinsic value, exercisable | $ 15,558 | |||
2014 Inducement Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares Available for Grant [Roll Forward] | ||||
Number of shares available for grant, additional shares reserved | 500,000 | |||
Number of Shares Available for Grant, grants in period | (206,250) | |||
Restricted stock units, grants (in shares) | (34,375) | |||
Number of shares available for grant, ending balance | 449,889 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of shares underlying outstanding options, grants in period | 206,250 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 34,375 | |||
2014 Inducement Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares Available for Grant [Roll Forward] | ||||
Number of shares available for grant, beginning balance | 141,500 | |||
Number of shares available for grant, additional shares reserved | 500,000 | 325,000 | ||
Number of Shares Available for Grant, grants in period | (206,250) | (140,125) | ||
Number of shares underlying outstanding options, cancelled/forfeited | 29,531 | |||
Shares Paid for Tax Withholding for Share Based Compensation (in shares) | 9,640 | |||
Number of shares available for grant, ending balance | 449,889 | 141,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of shares underlying outstanding options, beginning balance | 183,500 | |||
Number of shares underlying outstanding options, grants in period | 206,250 | 140,125 | ||
Number of shares underlying outstanding options, cancelled/forfeited | (29,531) | |||
Number of shares underlying outstanding options, ending balance | 354,219 | 183,500 | ||
Number of shares underlying outstanding options, vested and expected to vest | 314,221 | |||
Number of shares underlying outstanding options, exercisable | 95,469 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price per share, beginning balance | $ 22.52 | |||
Weighted average exercise price per share, granted | 36.32 | $ 22.52 | ||
Weighted average exercise price per share, cancelled/forfeited | 22.97 | |||
Weighted average exercise price per share, ending balance | 31.46 | $ 22.52 | ||
Weighted average exercise price per share, vested and expected to vest | 31.49 | |||
Weighted average exercise price per share, exercisable | $ 22.77 | |||
Weighted average remaining contractual life, outstanding (in years) | 7 years 2 months | |||
Weighted average remaining contractual life, vested and expected to vest (in years) | 7 years 1 month | |||
Weighted average remaining contractual life, exercisable (in years) | 11 months | |||
Aggregate intrinsic value, outstanding | $ 1,300 | |||
Aggregate intrinsic value, vested and expected to vest | 1,281 | |||
Aggregate intrinsic value, exercisable | $ 1,088 | |||
2014 Inducement Plan | Restricted Stock Award | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Number of Shares Available for Grant [Roll Forward] | ||||
Number of Shares Available for Grant, grants in period | (34,375) | (43,375) | ||
Forfeited (in shares) | 9,843 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Number of shares underlying outstanding options, grants in period | 34,375 | 43,375 | ||
Number of shares underlying outstanding options, released | (30,532) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Restricted stock units, forfeited (in shares) | (9,843) | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ||||
Weighted average exercise price per share, granted | $ 0 | $ 0 |
Stock Option Plan - Stock Optio
Stock Option Plan - Stock Options Outstanding and Exercisable (Details) - Employee Stock Option | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number of Options (in shares) | 2,420,105 |
Options Exercisable (in shares) | 966,380 |
$0.45 - 6.60 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 0.45 |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 6.6 |
Number of Options (in shares) | 76,838 |
Weighted- Average Remaining Contractual Life (In Years) | 4 years 4 months |
Options Exercisable (in shares) | 76,231 |
$ 8.70 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 8.70 |
Number of Options (in shares) | 549,097 |
Weighted- Average Remaining Contractual Life (In Years) | 7 years 5 months |
Options Exercisable (in shares) | 319,747 |
$8.85 - 16.10 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 8.85 |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 16.10 |
Number of Options (in shares) | 249,223 |
Weighted- Average Remaining Contractual Life (In Years) | 8 years 4 months |
Options Exercisable (in shares) | 95,345 |
$ 16.23 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 16.23 |
Number of Options (in shares) | 384,977 |
Weighted- Average Remaining Contractual Life (In Years) | 8 years 6 months |
Options Exercisable (in shares) | 102,776 |
$16.46 - 22.97 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 16.46 |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 22.97 |
Number of Options (in shares) | 264,953 |
Weighted- Average Remaining Contractual Life (In Years) | 6 years 2 months |
Options Exercisable (in shares) | 101,164 |
$24.58 - 32.00 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 24.58 |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 32 |
Number of Options (in shares) | 222,945 |
Weighted- Average Remaining Contractual Life (In Years) | 8 years 8 months |
Options Exercisable (in shares) | 110,719 |
$ 32.22 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 32.22 |
Number of Options (in shares) | 430,822 |
Weighted- Average Remaining Contractual Life (In Years) | 8 years 5 months |
Options Exercisable (in shares) | 158,762 |
$32.81 - 36.32 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, lower range limit (in dollars per share) | $ / shares | $ 32.81 |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 36.32 |
Number of Options (in shares) | 229,250 |
Weighted- Average Remaining Contractual Life (In Years) | 9 years 11 months |
Options Exercisable (in shares) | 1,636 |
$ 37.69 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 37.69 |
Number of Options (in shares) | 10,000 |
Weighted- Average Remaining Contractual Life (In Years) | 9 years 11 months |
Options Exercisable (in shares) | 0 |
$ 39.57 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Exercise price range, upper range limit (in dollars per share) | $ / shares | $ 39.57 |
Number of Options (in shares) | 2,000 |
Weighted- Average Remaining Contractual Life (In Years) | 9 years 11 months |
Options Exercisable (in shares) | 0 |
Stock Option Plan - Summary o68
Stock Option Plan - Summary of Restricted Stock Award Activity (Details) - Restricted Stock - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Outstanding, beginning balance (in shares) | 251,325 | 0 |
Granted (in shares) | 203,711 | 255,825 |
Vested (in shares) | (105,287) | 0 |
Forfeited (in shares) | (34,149) | (4,500) |
Outstanding, ending balance (in shares) | 315,600 | 251,325 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ||
Outstanding, beginning balance (in dollars per share) | $ 29.51 | $ 0 |
Granted (in dollars per share) | 21.55 | 29.47 |
Vested (in dollars per share) | 27.79 | 0 |
Forfeited (in dollars per share) | 22.77 | 26.89 |
Outstanding, ending balance (in dollars per share) | $ 25.67 | $ 29.51 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||
Outstanding, beginning balance | $ 0 | $ 0 |
Outstanding, ending balance | $ 10,781 | $ 0 |
Stock Option Plan - Fair Value
Stock Option Plan - Fair Value Assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining contractual term (in years) | 6 months | 6 months | |
Expected volatility | 63.40% | 46.80% | |
Risk-free interest rate | 0.20% | 0.10% | |
Expected dividend rate | 0.00% | 0.00% | |
Employee Stock Option | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining contractual term (in years) | 6 years | 6 years | 6 years |
Expected volatility | 62.20% | 57.40% | 59.10% |
Risk-free interest rate | 1.60% | 1.90% | 1.30% |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Non-employee Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Remaining contractual term (in years) | 8 years 2 months 18 days | 7 years 3 months 18 days | 9 years |
Expected volatility | 73.00% | 56.10% | 58.80% |
Risk-free interest rate | 2.00% | 2.10% | 2.70% |
Expected dividend rate | 0.00% | 0.00% | 0.00% |
Stock Option Plan - Schedule of
Stock Option Plan - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock based compensation expense | $ 12,388 | $ 6,530 | $ 548 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock based compensation expense | 6,511 | 2,357 | 194 |
Sales, general and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock based compensation expense | $ 5,877 | $ 4,173 | $ 354 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Contingency [Line Items] | ||||
Increase (decrease) in valuation allowance for deferred tax assets | $ 25,200 | $ 19,300 | ||
Excess stock option deductions | 8,000 | |||
Unrecognized tax benefits | 1,537 | 1,268 | $ 2,288 | $ 2,012 |
Federal | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, amount | 318,200 | |||
Net operating loss carryforwards derecognized | 1,400 | |||
Federal | Research and development tax credits | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, amount | 4,800 | |||
Research and development credit carryforwards | 1,000 | |||
Unrecognized tax benefits | 1,500 | 1,300 | ||
California | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, amount | 162,300 | |||
California | Research and development tax credits | ||||
Income Tax Contingency [Line Items] | ||||
Research and development credit carryforwards | 5,100 | |||
New Jersey | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards, amount | $ 243,800 | |||
Scenario, Previously Reported | ||||
Income Tax Contingency [Line Items] | ||||
Property, Plant, and Equipment and Intangible Assets | 1,700 | |||
Net operating loss carryforwards, amount | 93,300 | |||
Change in Estimate, Fixed Assets and Intangibles, and NOL Carryforward | ||||
Income Tax Contingency [Line Items] | ||||
Property, Plant, and Equipment and Intangible Assets | 5,200 | |||
Net operating loss carryforwards, amount | $ 92,900 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred Tax Assets (Liabilities) | ||
Net operating loss carryforward | $ 115,949 | $ 92,859 |
Accruals and reserves | 2,371 | 2,458 |
Stock based compensation | 3,367 | 1,602 |
Tax credits | 3,311 | 2,623 |
Fixed and intangible assets | 4,935 | 5,223 |
Valuation Allowance | (129,933) | (104,765) |
Total deferred tax assets | 0 | 0 |
Debt discount | 0 | 0 |
Total deferred tax liabilities | 0 | 0 |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax (benefit) at statutory federal rate | $ (24,982) | $ (21,392) | $ (17,832) |
State Tax (benefit) — net of federal benefit | 0 | 79 | 849 |
Permanent differences | 224 | 660 | 3,931 |
Debt discount | 0 | 756 | 2,888 |
Research and development credits | (516) | 3,137 | (642) |
Other | 607 | 537 | 284 |
Change in valuation allowance | 24,667 | 16,226 | 10,522 |
Provision for taxes | $ 0 | $ 3 | $ 0 |
Income Taxes - Unrecognized Tax
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Balance | $ 1,268 | $ 2,288 | $ 2,012 |
Additions for current tax positions | 259 | 196 | 276 |
Decrease for prior tax positions | (1,216) | ||
Additions for prior tax positions | 10 | ||
Balance | $ 1,537 | $ 1,268 | $ 2,288 |
Defined Contribution Plan - Add
Defined Contribution Plan - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Defined contribution plan, age over which employees are covered | 18 years |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - USD ($) $ in Millions | Feb. 09, 2016 | Feb. 02, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
2014 Equity Incentive Plan | ||||
Subsequent Event [Line Items] | ||||
Stock options granted (in shares) | 747,338 | |||
Restricted stock awards granted (in shares) | 169,336 | |||
Restricted Stock | ||||
Subsequent Event [Line Items] | ||||
Restricted stock awards granted (in shares) | 203,711 | 255,825 | ||
Subsequent Event | 2014 Equity Incentive Plan | ||||
Subsequent Event [Line Items] | ||||
Aggregate intrinsic value, outstanding | $ 6.4 | |||
Subsequent Event | 2014 Equity Incentive Plan | Executive Employees | ||||
Subsequent Event [Line Items] | ||||
Aggregate intrinsic value, outstanding | $ 0.9 | |||
Subsequent Event | Employee Stock Option | Executive Employees | ||||
Subsequent Event [Line Items] | ||||
Stock options granted (in shares) | 225,000 | 60,000 | ||
Subsequent Event | Employee Stock Option | Employees | ||||
Subsequent Event [Line Items] | ||||
Stock options granted (in shares) | 196,500 | |||
Subsequent Event | Restricted Stock | Executive Employees | ||||
Subsequent Event [Line Items] | ||||
Restricted stock awards granted (in shares) | 33,000 | 10,000 | ||
Subsequent Event | Restricted Stock | Employees | ||||
Subsequent Event [Line Items] | ||||
Restricted stock awards granted (in shares) | 98,250 |
Quarterly Results of Operatio77
Quarterly Results of Operations (Unaudited) - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Data [Abstract] | |||||||||||
Revenue | $ 75 | $ 75 | $ 75 | $ 75 | $ 75 | $ 75 | $ 75 | $ 158 | $ 300 | $ 383 | $ 617 |
Net loss | (22,094) | (19,175) | (16,805) | (15,402) | (14,212) | (13,977) | (13,302) | (21,426) | (73,476) | (62,917) | (52,448) |
Net income (loss) attributable to common stockholders, basic | (22,094) | (19,175) | (16,805) | (15,402) | (14,212) | (13,977) | (13,302) | (21,426) | (73,476) | (62,917) | 258 |
Net income (loss) attributable to common stockholders, diluted | $ (22,094) | $ (19,175) | $ (16,805) | $ (15,402) | $ (14,212) | $ (13,977) | $ (13,302) | $ (21,426) | $ (73,476) | $ (62,917) | $ 1,083 |
Net income (loss) attributable to common stockholders, basic (in dollars per share) | $ (0.83) | $ (0.81) | $ (0.71) | $ (0.65) | $ (0.60) | $ (0.60) | $ (0.69) | $ (1.93) | $ (3.02) | $ (3.24) | $ 1.17 |
Net income (loss) attributable to common stockholders, diluted (in dollars per share) | $ (0.83) | $ (0.81) | $ (0.71) | $ (0.65) | $ (0.60) | $ (0.60) | $ (0.69) | $ (1.93) | $ (3.02) | $ (3.24) | $ 1.05 |