Revance Therapeutics (RVNC) 10-Q 5 Aug 16 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 29, 2016
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-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false
Entity Common Stock, Shares Outstanding		28,484,935

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
CURRENT ASSETS
Cash and cash equivalents	$ 52,651	$ 201,615
Short-term investments	164,293	50,688
Restricted cash, current portion	0	35
Prepaid expenses and other current assets	1,613	1,625
Total current assets	218,557	253,963
Property and equipment, net	17,658	19,708
Long-term investments	0	1,751
Restricted cash, net of current portion	580	400
Other non-current assets	214	0
TOTAL ASSETS	237,009	275,822
CURRENT LIABILITIES
Accounts payable	2,982	2,657
Accruals and other current liabilities	5,622	6,245
Financing obligations, current portion	3,314	3,135
Total current liabilities	11,918	12,037
Financing obligations, net of current portion	3,659	5,346
Derivative liability associated with Medicis settlement	1,842	1,414
Deferred rent	3,714	3,773
Other non-current liabilities	100	0
TOTAL LIABILITIES	21,233	22,570
Commitments and Contingencies (Note 10)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.001 per share — 5,000,000 shares authorized both as of June 30, 2016 and December 31, 2015; no shares issued and outstanding both as of June 30, 2016 and December 31, 2015.	0	0
Common stock, par value $0.001 per share — 95,000,000 shares authorized both as of June 30, 2016 and December 31, 2015; 28,481,172 and 28,288,464 shares issued and outstanding as of June 30, 2016 and December 31, 2015, respectively	28	28
Additional paid-in capital	592,362	585,537
Accumulated other comprehensive income (loss)	148	(40)
Accumulated deficit	(376,762)	(332,273)
TOTAL STOCKHOLDERS’ EQUITY	215,776	253,252
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 237,009	$ 275,822

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in usd 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
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	95,000,000	95,000,000
Common stock, shares issued (in shares)	28,481,172	28,288,464
Common stock, shares outstanding (in shares)	28,481,172	28,288,464

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Income Statement [Abstract]
Revenue	$ 75	$ 75	$ 150	$ 150
Operating expenses:
Research and development	15,192	10,303	27,556	19,557
General and administrative	7,018	6,360	14,473	12,356
Loss on impairment	1,949	0	1,949	0
Total operating expenses	24,159	16,663	43,978	31,913
Loss from operations	(24,084)	(16,588)	(43,828)	(31,763)
Interest income	324	49	635	76
Interest expense	(286)	(279)	(601)	(444)
Change in fair value of derivative liability associated with Medicis settlement	(413)	89	(428)	47
Other expense, net	(143)	(76)	(268)	(123)
Net loss	(24,602)	(16,805)	(44,490)	(32,207)
Unrealized gain/(loss) on available for sale securities	(38)	(12)	188	(12)
Comprehensive loss	(24,640)	(16,817)	(44,302)	(32,219)
Net loss attributable to common stockholders (Note 13):
Basic	(24,602)	(16,805)	(44,490)	(32,207)
Diluted	$ (24,602)	$ (16,805)	$ (44,490)	$ (32,207)
Net loss per share attributable to common stockholders:
Basic (in usd per share)	$ (0.88)	$ (0.71)	$ (1.59)	$ (1.37)
Diluted (in usd per share)	$ (0.88)	$ (0.71)	$ (1.59)	$ (1.37)
Weighted-average number of shares used in computing net loss per share attributable to common stockholders:
Basic (in shares)	28,089,731	23,584,910	28,047,671	23,560,133
Diluted (in shares)	28,089,731	23,584,910	28,047,671	23,560,133

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (44,490)	$ (32,207)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	699	1,075
Amortization of premium on investment	786	128
Amortization of discount on debt and capital leases	0	5
Amortization of debt issuance cost	0	39
Change in fair value of derivative liability associated with Medicis settlement	428	(47)
Stock-based compensation expense	6,229	4,724
Effective interest on financing obligations	217	100
Loss on disposal of fixed assets	0	29
Loss on impairment	1,949	0
Acquisition of in-process research and development	2,000	0
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(74)	(412)
Other non-current assets	0	(345)
Accounts payable	279	(938)
Accruals and other liabilities	(33)	2,337
Net cash used in operating activities	(32,010)	(25,512)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(994)	(2,292)
Proceeds from maturities of investments	46,050	0
Proceeds from sales of investments	1,000	0
Purchases of investments	(159,755)	(53,076)
Payment for acquisition of in-process research and development	(1,800)	0
Change in restricted cash	(145)	75
Net cash used in investing activities	(115,644)	(55,293)
CASH FLOWS FROM FINANCING ACTIVITIES
Principal payments made on capital leases and financing obligations	(1,725)	(956)
Net settlement of restricted stock awards to settle employee taxes	(341)	(620)
Principal payments made on notes payable	0	(2,652)
Proceeds from sale and leaseback financing	0	9,831
Proceeds from the exercise of stock options and employee stock purchase plan	938	587
Payment of registration statement costs	(182)	0
Net cash provided by financing activities	(1,310)	6,190
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(148,964)	(74,615)
CASH AND CASH EQUIVALENTS — Beginning of period	201,615	171,032
CASH AND CASH EQUIVALENTS — End of period	52,651	96,417
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	384	300
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Property and equipment purchases included in accounts payable and accruals and other current liabilities	90	20
Deferred offering costs	32	0
Holdback related to acquisition of in-process research and development	200	0
Write-off of fixed assets	$ 0	$ 28

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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 compound, DaxibotulinumtoxinA, combined with its patented TransMTS® peptide technology to address unmet needs in large and growing neurotoxin markets. The Company's proprietary TransMTS® technology is used in two investigational drug product candidates, DaxibotulinumtoxinA for Injection (RT002), or RT002 injectable, and DaxibotulinumtoxinA Topical Gel, or RT001 topical. The Company is pursuing clinical development for RT002 injectable. The Company discontinued the clinical development of RT001 topical for the treatment of crow's feet and for the treatment of axillary hyperhidrisis in June, 2016 and has moved RT001 topical into preclinical development. The Company holds worldwide rights for all indications of RT002 injectable and RT001 topical and the pharmaceutical uses of the 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 its product candidates. 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. For the three and six months ended June 30, 2016 , the Company had a net loss of $24.6 million and $44.5 million , respectively, and used $32.0 million of cash for operating activities during the six months ended June 30, 2016 . As of June 30, 2016 , the Company had a working capital surplus of $206.6 million and an accumulated deficit of $376.8 million . The Company has funded its operations since inception primarily through the sale and issuance of common stock, convertible preferred stock, notes payable, and convertible notes. As of June 30, 2016 , the Company had capital resources consisting of cash, cash equivalents, and investments of $216.9 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 . Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements, in the opinion of management, include all adjustments which the Company considers necessary for the fair statement of the Condensed Consolidated Results of Operations and Comprehensive Loss and Condensed Consolidated Statement of Cash Flows for the interim periods covered and the Condensed Consolidated Financial Position of the Company at the date of the balance sheets. The December 31, 2015 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America, or US GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2016 , or any other future period. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s audited Consolidated Financial Statements contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 , which was filed with the Securities and Exchange Commission, or SEC, on March 4, 2016. The Condensed Consolidated Financial Statements of the Company include the Company’s accounts and those of the Company’s wholly-owned subsidiary and have been prepared in conformity with US GAAP.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Significant accounting policies are described in Note 2 to the consolidated financial statements in Item 15 of the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 . There have been no changes to the Company’s significant accounting policies during the three and six months ended June 30, 2016 , except as described below. Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Such management estimates include accruals, stock-based compensation, the fair value of derivative liability associated with the Medicis settlement, 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. Accounting Pronouncements On March 30, 2016, the FASB issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) . The amendments in ASU 2016-09 affect all entities that issue share-based payment awards to their employees and involve multiple aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact that the standard will have on its financial statements. On February 25, 2016, the FASB issued 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 impact that the standard will have on its 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 financial statements. In August 2014, the FASB issued Accounting Standard Update 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.

In-Process Research and Develop

In-Process Research and Development	6 Months Ended
	Jun. 30, 2016
Research and Development [Abstract]
In-Process Research and Development	In-Process Research and Development On June 2, 2016, the Company entered into an asset purchase agreement with Botulinum Toxin Research Associates, Inc., or BTRX (the "BTRX Purchase Agreement"). Under the BTRX Purchase Agreement, the Company acquired all rights, title and interest in a portfolio of botulinum toxin-related patents and patent applications from BTRX and was granted the right of first negotiation and first refusal with respect to other botulinum toxin-related patents owned or controlled by BTRX. In exchange, the Company agreed to an upfront expenditure of $2.0 million of which $1.8 million was paid immediately with the remaining $0.2 million due and payable over the next two years. The Company also agreed to pay up to an additional $16.0 million in aggregate upon the satisfaction of specified milestones relating to the Company’s sales revenue, intellectual property, and clinical and regulatory events. The Company concluded that the BTRX Purchase Agreement did not meet the criteria of a business combination pursuant to the guidance prescribed in Accounting Standards Codification Topic 805, Business Combinations . The Company accounted for the initial $2.0 million expenditure as research and development expense, as future alternative use of the acquired assets was deemed contingent upon the successful outcome of existing research and development activities as of the transaction date.

Medicis Settlement

Medicis Settlement	6 Months Ended
	Jun. 30, 2016
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 RT002 injectable and RT001 topical 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 $7.1 million in 2014, and (iii) $4.0 million to be paid upon the achievement of regulatory approval for RT002 injectable or RT001 topical 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. The proceeds sharing arrangement payment derivative in (ii) above was settled upon completion of our IPO. As of June 30, 2016 , the Company determined the fair value of its liability for the Product Approval Payment was $1.8 million , which was measured by assuming a term of 3.75 years, a risk-free rate of 0.82% and a credit risk adjustment of 11.00% . The Company’s assumption for the expected term is based on an expected Biologics License Application, or BLA, approval in 2020. The Company did not make any payments under the Product Approval Payment during six months ended June 30, 2016 .

Cash Equivalents and Investment

Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2016
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, U.S. government agency obligations, and U.S. treasury securities 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): June 30, 2016 December 31, 2015 Gross Unrealized Gross Unrealized Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 43,082 $ — $ — $ 43,082 $ 145,747 $ — $ — $ 145,747 U.S. treasury securities 150,207 146 — 150,353 — — — — U.S. government agency obligations 13,938 3 (1 ) 13,940 52,479 — (40 ) 52,439 Total cash equivalents and available-for-sale securities $ 207,227 $ 149 $ (1 ) $ 207,375 $ 198,226 $ — $ (40 ) $ 198,186 Classified as: Cash equivalents $ 43,082 $ 145,747 Short-term investments 164,293 50,688 Long-term investments — 1,751 Total cash equivalents and available-for-sale securities $ 207,375 $ 198,186 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 June 30, 2016 have been in a continuous unrealized loss position for more than 12 months, and unrealized gains and losses are included in “accumulated other comprehensive loss” within shareholders’ equity on the Condensed Consolidated Balance Sheets. As of June 30, 2016 , 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 either 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. The following table classifies our marketable securities by contractual maturities (in thousands): June 30, 2016 December 31, 2015 Due within one year $ 164,293 $ 50,688 Due between one and two years — 1,751 Total $ 164,293 $ 52,439

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The Company determines the fair value of certain financial assets and liabilities using three levels of inputs as follows: • Level 1—Observable inputs, such as quoted prices in active markets for identical assets or liabilities; • Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; and • Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, therefore requiring an entity to develop its own valuation techniques and assumptions. The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The fair value of these instruments was as follows (in thousands): As of June 30, 2016 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 43,082 $ 43,082 $ — $ — U.S. treasury securities 150,353 150,353 — U.S. government agency obligations 13,940 — 13,940 — Total assets measured at fair value $ 207,375 $ 193,435 $ 13,940 $ — Liabilities Derivative liability associated with the Medicis settlement $ 1,842 $ — $ — $ 1,842 Total liabilities measured at fair value $ 1,842 $ — $ — $ 1,842 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 The fair value of the U.S. government agency obligations is estimated by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income- and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs. Changes in the ability to observe valuation inputs may result in a reclassification of levels of certain securities within the fair value hierarchy. The Company did not transfer any assets or liabilities measured at fair value on a recurring basis between Level 1 and Level 2 during the six months ended June 30, 2016 and the year ended December 31, 2015 . 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, 2015 $ 1,414 Change in fair value 428 Fair value as of June 30, 2016 $ 1,842 The fair value of the derivative liability resulting from the Medicis litigation settlement 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.

Notes Payable and Financing Obl

Notes Payable and Financing Obligations	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Notes Payable and Financing Obligations	Notes Payable and Financing Obligations 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 Note Payable matured in March 2015 and was repaid in full. The Company made principal and interest payments on the Hercules Notes Payable of $2.6 million for the three months ended March 31, 2015. 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/finish line, or the Fill/Finish Line. 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 of $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 issued 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 June 30, 2016 , the aggregate total future minimum lease payments under the financing obligations were as follows (in thousands): Year Ending December 31, 2016 $ 2,109 2017 3,936 2018 949 Total payments $ 6,994

Interest Expense

Interest Expense	6 Months Ended
	Jun. 30, 2016
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, and 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, and derived from the issuance of warrants in conjunction with notes payable, and (iii) effective interest recognized on the financing obligations. The capitalized amounts related to the debt issuance costs and debt discounts are generally amortized to interest expense over the term of the related debt instruments. The interest expense by cash and non-cash components is as follows (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Interest expense Cash related interest expense (1) $ (181 ) $ (190 ) $ (384 ) $ (300 ) Non-cash interest expense Non-cash interest expense — debt issuance costs — — — (39 ) Non-cash interest expense — warrant related debt discounts — — — (5 ) Effective interest on financing obligations (105 ) (89 ) (217 ) (100 ) Total non-cash interest expense (105 ) (89 ) (217 ) (144 ) Total interest expense $ (286 ) $ (279 ) $ (601 ) $ (444 ) (1) Cash related interest expense includes interest payments on the Hercules Notes Payable and the Essex Financing Obligations.

Loss on Impairment

Loss on Impairment	6 Months Ended
	Jun. 30, 2016
Restructuring and Related Activities [Abstract]
Loss on Impairment	Loss on Impairment The Company constructed a large capacity Fill/Finish Line for the future commercial manufacturing of RT001 topical and to support its clinical trials and regulatory license applications. In June 2016 following the results of the REALISE 1 Phase 3 clinical trial, the Company discontinued its RT001 topical clinical development programs for the treatment of crow’s feet and for the treatment of primary axillary hyperhidrosis. Long-lived assets such as the Company’s Fill/Finish Line are reviewed for impairment whenever adverse events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used are measured by a comparison of the carrying amount of the asset to the estimated undiscounted future cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset. The Company performed an impairment analysis of the RT001 topical Fill/Finish Line to determine its fair value based on its highest and best use. Based on the analysis, the Company determined that for certain components of the Fill/Finish Line, the carrying value of the equipment was not entirely recoverable and the determined fair value, which was calculated using the market approach, is lower than the carrying value. Accordingly, during the three months ended June 30, 2016, the Company recorded a loss on impairment of $1.9 million related to certain components of the RT001 topical Fill/Finish Line.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2016
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 is 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. Under the terms of the lease agreement, 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 was $1.3 million and $2.6 million for each of the three and six months ended June 30, 2016 and 2015 . As of June 30, 2016 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2016 $ 2,614 2017 5,394 2018 5,578 2019 5,763 2020 and thereafter 26,591 Total payments $ 45,940 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 outcome. The Company is also obligated to pay royalties to List Laboratories on future sales of botulinum toxin products. The Company has a remaining future milestone payment of $4.0 million due and payable to Valeant Pharmaceuticals International, Inc. upon the achievement of regulatory approval for RT002 injectable (Note 4). The Company has obligations to pay Botulinum Toxin Research Associates, Inc. (BTRX) up to $16.0 million upon the satisfaction of specified milestones relating to the Company’s sales revenue, intellectual property, and clinical and regulatory events (Note 3). On April 11, 2016, the Company entered into an agreement with BioSentinel, Inc. to in-license their technology and expertise for research and development and manufacturing purposes. In addition to minimum quarterly use fees, the Company is obligated to make a one-time future milestone payment of $0.3 million payable to BioSentinel, Inc. upon the achievement of regulatory approval. The Company accrues for contingencies when it is probable that a loss has been incurred and the amount of loss can be reasonably estimated. The Company expects that contingencies related to regulatory approval milestones will only become probable once such regulatory outcome is achieved. 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 total $19.7 million and 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. 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 crow's feet 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. On November 23, 2015, the Court issued an Order deeming the case complex and staying all discovery and motions pending further order. Before proceeding with further Court action, including the filing of its motions to dismiss under California rules, the Company agreed with Plaintiff to conduct a mediation. 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 them 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.

Warrants

Warrants	6 Months Ended
	Jun. 30, 2016
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants As of June 30, 2016 and December 31, 2015 , the Company had warrants to purchase 61,595 shares of common stock.

Stock Option Plan

Stock Option Plan	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock Option Plan	Stock Option Plan 2014 Equity Incentive Plan and 2014 Inducement Plan On January 1, 2016, 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, 2015, or 1,131,538 shares. During the six months ended June 30, 2016 , the Company granted stock options for 620,000 shares of common stock and 149,550 restricted stock awards under the 2014 EIP. As of June 30, 2016 , there were 840,555 shares available for issuance under the 2014 EIP. During the six months ended June 30, 2016 , the Company granted stock options for 110,000 shares of common stock and 15,000 restricted stock awards under the 2014 Inducement Plan, or 2014 IN. As of June 30, 2016 , there were 413,483 shares available for issuance under the 2014 IN. The grant-date fair value of the employee stock options under the 2014 EIP and 2014 IN was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended Six Months Ended 2016 2015 2016 2015 Expected term (in years) 5.7 5.7 6.0 6.2 Expected volatility 61.9 % 59.3 % 61.2 % 64.8 % Risk-free interest rate 1.4 % 1.8 % 1.4 % 1.5 % 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 as quoted by the NASDAQ. Expected Term . The expected term for employees and 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 a 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 until February 2014 with no historical data regarding the volatility of its common stock, the expected volatility is based on volatility of a group of similar entities. In evaluating similarity, the Company considered factors such as industry, stage of life cycle, capital structure, 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 dividends and does not plan to pay dividends in the foreseeable future, and therefore used an expected dividend rate of zero percent 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. The fair value of the stock options granted to non-employees is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended 2016 2015 2016 2015 Expected term (in years) 7.5 8.8 7.6 8.9 Expected volatility 69.2 % 71.2 % 71.3 % 69.4 % Risk-free interest rate 1.5 % 2.1 % 1.6 % 2.0 % Expected dividend rate — % — % — % — % 2014 Employee Stock Purchase Plan On January 1, 2016, 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, 2015, or 282,884 shares. As of June 30, 2016 , there were 668,815 shares available for issuance 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: Three and Six Months Ended 2016 2015 Expected term (in years) 0.5 0.5 Expected volatility 50.9 % 49.9 % Risk-free interest rate 0.5 % 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 as quoted by the NASDAQ. 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 until February 2014 with no historical data regarding the volatility of its common stock, the expected volatility is based on volatility of a group of similar entities. In evaluating similarity, the Company considered factors such as industry, stage of life cycle, capital structure, 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 dividends and does not plan to pay dividends in the foreseeable future, and therefore used an expected dividend rate of zero percent in the valuation model. Total Stock-Based Compensation Total stock-based compensation expense related to options and restricted stock awards granted to employees and nonemployees and the employee stock purchase plan was allocated as follows (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Research and development $ 1,797 $ 869 $ 3,201 $ 1,697 General and administrative 1,455 1,538 3,028 3,027 Total stock based compensation expense $ 3,252 $ 2,407 $ 6,229 $ 4,724

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	6 Months Ended
	Jun. 30, 2016
Earnings Per Share [Abstract]
Net Loss per Share Attributable to Common Stockholders	Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2016 and 2015 (in thousands, except for share and per share amounts): Three Months Ended Six Months Ended 2016 2015 2016 2015 Net loss attributable to common stockholders, basic $ (24,602 ) $ (16,805 ) $ (44,490 ) $ (32,207 ) Net loss attributable to common stockholders, diluted $ (24,602 ) $ (16,805 ) $ (44,490 ) $ (32,207 ) Net loss per share attributable to common stockholders Basic $ (0.88 ) $ (0.71 ) $ (1.59 ) $ (1.37 ) Diluted $ (0.88 ) $ (0.71 ) $ (1.59 ) $ (1.37 ) Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic 28,089,731 23,584,910 28,047,671 23,560,133 Diluted 28,089,731 23,584,910 28,047,671 23,560,133 The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented as their inclusion would have been antidilutive: As of June 30, 2016 2015 Stock options 2,815,913 2,347,195 Common stock warrants 61,595 198,662 Unvested restricted stock awards 336,684 316,763

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of Condensed Consolidated Financial Statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Such management estimates include accruals, stock-based compensation, the fair value of derivative liability associated with the Medicis settlement, 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.
Accounting Pronouncements	Accounting Pronouncements On March 30, 2016, the FASB issued Accounting Standards Update (ASU) 2016-09, Improvements to Employee Share-Based Payment Accounting (Topic 718) . The amendments in ASU 2016-09 affect all entities that issue share-based payment awards to their employees and involve multiple aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The ASU is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted for any entity in any interim or annual period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating the impact that the standard will have on its financial statements. On February 25, 2016, the FASB issued 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 impact that the standard will have on its 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 financial statements. In August 2014, the FASB issued Accounting Standard Update 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 Investme20

Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2016
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): June 30, 2016 December 31, 2015 Gross Unrealized Gross Unrealized Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 43,082 $ — $ — $ 43,082 $ 145,747 $ — $ — $ 145,747 U.S. treasury securities 150,207 146 — 150,353 — — — — U.S. government agency obligations 13,938 3 (1 ) 13,940 52,479 — (40 ) 52,439 Total cash equivalents and available-for-sale securities $ 207,227 $ 149 $ (1 ) $ 207,375 $ 198,226 $ — $ (40 ) $ 198,186 Classified as: Cash equivalents $ 43,082 $ 145,747 Short-term investments 164,293 50,688 Long-term investments — 1,751 Total cash equivalents and available-for-sale securities $ 207,375 $ 198,186
Investments Securities by Contractual Maturities	The following table classifies our marketable securities by contractual maturities (in thousands): June 30, 2016 December 31, 2015 Due within one year $ 164,293 $ 50,688 Due between one and two years — 1,751 Total $ 164,293 $ 52,439

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2016
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The fair value of these instruments was as follows (in thousands): As of June 30, 2016 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 43,082 $ 43,082 $ — $ — U.S. treasury securities 150,353 150,353 — U.S. government agency obligations 13,940 — 13,940 — Total assets measured at fair value $ 207,375 $ 193,435 $ 13,940 $ — Liabilities Derivative liability associated with the Medicis settlement $ 1,842 $ — $ — $ 1,842 Total liabilities measured at fair value $ 1,842 $ — $ — $ 1,842 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
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, 2015 $ 1,414 Change in fair value 428 Fair value as of June 30, 2016 $ 1,842

Notes Payable and Financing O22

Notes Payable and Financing Obligations (Tables)	6 Months Ended
	Jun. 30, 2016
Debt Disclosure [Abstract]
Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation	As of June 30, 2016 , the aggregate total future minimum lease payments under the financing obligations were as follows (in thousands): Year Ending December 31, 2016 $ 2,109 2017 3,936 2018 949 Total payments $ 6,994

Interest Expense (Tables)

Interest Expense (Tables)	6 Months Ended
	Jun. 30, 2016
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): Three Months Ended Six Months Ended 2016 2015 2016 2015 Interest expense Cash related interest expense (1) $ (181 ) $ (190 ) $ (384 ) $ (300 ) Non-cash interest expense Non-cash interest expense — debt issuance costs — — — (39 ) Non-cash interest expense — warrant related debt discounts — — — (5 ) Effective interest on financing obligations (105 ) (89 ) (217 ) (100 ) Total non-cash interest expense (105 ) (89 ) (217 ) (144 ) Total interest expense $ (286 ) $ (279 ) $ (601 ) $ (444 ) (1) Cash related interest expense includes interest payments on the Hercules Notes Payable and the Essex Financing Obligations.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2016
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases	As of June 30, 2016 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2016 $ 2,614 2017 5,394 2018 5,578 2019 5,763 2020 and thereafter 26,591 Total payments $ 45,940

Stock Option Plan (Tables)

Stock Option Plan (Tables)	6 Months Ended
	Jun. 30, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
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: Three and Six Months Ended 2016 2015 Expected term (in years) 0.5 0.5 Expected volatility 50.9 % 49.9 % Risk-free interest rate 0.5 % 0.1 % Expected dividend rate — % — % The grant-date fair value of the employee stock options under the 2014 EIP and 2014 IN was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three Months Ended Six Months Ended 2016 2015 2016 2015 Expected term (in years) 5.7 5.7 6.0 6.2 Expected volatility 61.9 % 59.3 % 61.2 % 64.8 % Risk-free interest rate 1.4 % 1.8 % 1.4 % 1.5 % Expected dividend rate — % — % — % — % The fair value of the stock options granted to non-employees is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended June 30, Six Months Ended 2016 2015 2016 2015 Expected term (in years) 7.5 8.8 7.6 8.9 Expected volatility 69.2 % 71.2 % 71.3 % 69.4 % Risk-free interest rate 1.5 % 2.1 % 1.6 % 2.0 % Expected dividend rate — % — % — % — %
Schedule of Stock-based Compensation Expense	Total stock-based compensation expense related to options and restricted stock awards granted to employees and nonemployees and the employee stock purchase plan was allocated as follows (in thousands): Three Months Ended Six Months Ended 2016 2015 2016 2015 Research and development $ 1,797 $ 869 $ 3,201 $ 1,697 General and administrative 1,455 1,538 3,028 3,027 Total stock based compensation expense $ 3,252 $ 2,407 $ 6,229 $ 4,724

Net Loss per Share Attributab26

Net Loss per Share Attributable to Common Stockholders (Tables)	6 Months Ended
	Jun. 30, 2016
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 loss per share attributable to common stockholders for the three and six months ended June 30, 2016 and 2015 (in thousands, except for share and per share amounts): Three Months Ended Six Months Ended 2016 2015 2016 2015 Net loss attributable to common stockholders, basic $ (24,602 ) $ (16,805 ) $ (44,490 ) $ (32,207 ) Net loss attributable to common stockholders, diluted $ (24,602 ) $ (16,805 ) $ (44,490 ) $ (32,207 ) Net loss per share attributable to common stockholders Basic $ (0.88 ) $ (0.71 ) $ (1.59 ) $ (1.37 ) Diluted $ (0.88 ) $ (0.71 ) $ (1.59 ) $ (1.37 ) Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic 28,089,731 23,584,910 28,047,671 23,560,133 Diluted 28,089,731 23,584,910 28,047,671 23,560,133
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 loss per share for the periods presented as their inclusion would have been antidilutive: As of June 30, 2016 2015 Stock options 2,815,913 2,347,195 Common stock warrants 61,595 198,662 Unvested restricted stock awards 336,684 316,763

The Company and Basis of Pres27

The Company and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Company's incorporation date			Aug. 10, 1999
Commencement date of operations			Jun. 30, 2002
Change of entity name date			Apr. 19, 2005
Net loss	$ 24,602	$ 16,805	$ 44,490	$ 32,207
Net cash used in operating activities			32,010	$ 25,512
Working capital surplus	206,600		206,600
Accumulated deficit	(376,762)		(376,762)		$ (332,273)
Cash, cash equivalents, and investments	$ 216,900		$ 216,900
Cash and cash equivalents, and investments, expected funding term for operating plan			12 months

In-Process Research and Devel28

In-Process Research and Development (Details) - USD ($)	Jun. 02, 2016	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Payment for acquisition of in-process research and development	$ 1,800,000			$ 1,800,000	$ 0
Holdback related to acquisition of in-process research and development	200,000			200,000	0
Research and development	2,000,000	$ 15,192,000	$ 10,303,000	$ 27,556,000	$ 19,557,000
Botulinum Toxin Research Associates, Inc.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accrued milestone obligations	$ 16,000,000

Medicis Settlement - Additional

Medicis Settlement - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended	12 Months Ended
	Oct. 31, 2012	Jun. 30, 2016	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2015
Settlement And Termination [Line Items]
Derivative liability associated with Medicis settlement		$ 1,842			$ 1,414
Medicis Pharmaceutical Corporation
Settlement And Termination [Line Items]
Settlement consideration payable	$ 25,000
Upfront payment paid	7,000
Medicis Pharmaceutical Corporation | Proceeds Sharing Arrangement
Settlement And Termination [Line Items]
Settlement agreement, payable	14,000
Settlement payment			$ 7,100	$ 6,900
Medicis Pharmaceutical Corporation | Product Approval Payment Derivative
Settlement And Termination [Line Items]
Accrued milestone obligations	$ 4,000
Remaining contractual term (in years)		3 years 9 months
Risk-free interest rate		0.82%
Fair value assumptions, credit risk adjustment (percent)		11.00%

Cash Equivalents and Investme30

Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 207,227	$ 198,226
Gross unrealized gain	149	0
Gross unrealized loss	(1)	(40)
Available-for-sale securities, fair value	207,375	198,186
Cash equivalents
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	43,082	145,747
Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	164,293	50,688
Long-term investments
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	0	1,751
Money market funds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	43,082	145,747
Gross unrealized gain	0	0
Gross unrealized loss	0	0
Available-for-sale securities, fair value	43,082	145,747
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	150,207	0
Gross unrealized gain	146	0
Gross unrealized loss	0	0
Available-for-sale securities, fair value	150,353	0
U.S. government agency obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	13,938	52,479
Gross unrealized gain	3	0
Gross unrealized loss	(1)	(40)
Available-for-sale securities, fair value	$ 13,940	$ 52,439

Cash Equivalents and Investme31

Cash Equivalents and Investments - Remaining Contractual Maturities Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities, debt maturities, due within one year	$ 164,293	$ 50,688
Available-for-sale securities debt maturities, due between one and two years	0	1,751
Available-for-sale Securities, Debt Securities	$ 164,293	$ 52,439

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	$ 193,435	$ 145,747
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	43,082	145,747
Level 1 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	150,353
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	0
Level 1 | Derivative liability 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	13,940	52,439
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. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value
Level 2 | U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	13,940	52,439
Level 2 | Derivative liability 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	1,842	1,414
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. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	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	0
Level 3 | Derivative liability associated with the Medicis settlement
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities measured at fair value	1,842	1,414
Recurring
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	207,375	198,186
Total liabilities measured at fair value	1,842	1,414
Recurring | Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	43,082	145,747
Recurring | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	150,353
Recurring | U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	13,940	52,439
Recurring | Derivative liability associated with the Medicis settlement
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities measured at fair value	$ 1,842	$ 1,414

Fair Value Measurements - Summa

Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments (Detail) - Derivative liability associated with the Medicis settlement $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of December 31, 2015	$ 1,414
Change in fair value	428
Fair value as of June 30, 2016	$ 1,842

Notes Payable and Financing O34

Notes Payable and Financing Obligations - Hercules Notes Payable (Detail) - Hercules Notes Payable - USD ($) $ in Millions	1 Months Ended	3 Months Ended
	Sep. 30, 2011	Mar. 31, 2015
Debt Instrument [Line Items]
Proceeds from notes payable	$ 22
Payment of notes payable principal and interest		$ 2.6

Notes Payable and Financing O35

Notes Payable and Financing Obligations - Essex Capital Notes (Detail) - Essex Notes - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2015	Apr. 30, 2015	Feb. 28, 2015	May 31, 2014	Dec. 17, 2014	Dec. 20, 2013
Debt Instrument [Line Items]
Secured promissory notes, able to borrow, maximum						$ 10.8
Settlement of outstanding loan balance				$ 1.1
Lease period		3 years		3 years
Percentage of original purchase amount of asset at end of lease	10.00%			10.00%
Notes payable					$ 3.9
Shares available for purchase under common stock warrants (in shares)					44,753
Equipment purchased by third party, increase during period			$ 0.1
Equipment purchased by third party		$ 9.8
Purchase of equipment sold and leased back	$ 1.1

Notes Payable and Financing O36

Notes Payable and Financing Obligations - Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Debt Disclosure [Abstract]
2,016	$ 2,109
2,017	3,936
2,018	949
Total payments	$ 6,994

Interest Expense - Summary of I

Interest Expense - Summary of Interest Expense by Cash and Non-Cash Components (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Other Income and Expenses [Abstract]
Cash related interest expense	$ (181)	$ (190)	$ (384)	$ (300)
Non-cash interest expense
Non-cash interest expense — debt issuance costs	0	0	0	(39)
Non-cash interest expense — warrant related debt discounts	0	0	0	(5)
Effective interest on financing obligations	(105)	(89)	(217)	(100)
Total non-cash interest expense	(105)	(89)	(217)	(144)
Total interest expense	$ (286)	$ (279)	$ (601)	$ (444)

Loss on Impairment (Detail)

Loss on Impairment (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Restructuring and Related Activities [Abstract]
Loss on impairment related to discontinued clinical development	$ 1,949	$ 0	$ 1,949	$ 0

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Feb. 28, 2014	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015	Jun. 02, 2016	Apr. 11, 2016	Oct. 31, 2012
Commitments and Contingencies Disclosure [Abstract]
Extended term of lease	36 months
Rent expense		$ 1,300,000	$ 1,300,000	$ 2,600,000	$ 2,600,000
Purchase commitments		$ 19,700,000		$ 19,700,000
Medicis Pharmaceutical Corporation | Product Approval Payment Derivative
Related Party Transaction [Line Items]
Accrued milestone obligations								$ 4,000,000
Botulinum Toxin Research Associates, Inc.
Related Party Transaction [Line Items]
Accrued milestone obligations						$ 16,000,000
BioSentinel, Inc.
Related Party Transaction [Line Items]
Accrued milestone obligations							$ 300,000

Commitments and Contingencies40

Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) $ in Thousands	Jun. 30, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,016	$ 2,614
2,017	5,394
2,018	5,578
2,019	5,763
2020 and thereafter	26,591
Total payments	$ 45,940

Warrants - Additional Informati

Warrants - Additional Information (Detail) - shares	Jun. 30, 2016	Dec. 31, 2015
Common Stock
Class of Warrant or Right [Line Items]
Common stock warrants (in shares)	61,595	61,595

Stock Option Plan - Additional

Stock Option Plan - Additional Information (Detail) - shares	Jan. 01, 2016	Jan. 01, 2015	Jun. 30, 2016
2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock		4.00%
2014 Equity Incentive Plan | Restricted Stock Award
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock awards granted (in shares)			149,550
2014 Equity Incentive Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock shares outstanding increase during period (in shares)		1,131,538
Shares underlying stock options granted (in shares)			620,000
Shares available for issuance (in shares)			840,555
2014 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying stock options granted (in shares)			110,000
Restricted stock awards granted (in shares)			15,000
2014 Inducement Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)			413,483
2014 Employee Stock Purchase Plan | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of outstanding stock	1.00%
Common stock shares outstanding increase during period (in shares)	282,884
Shares available for issuance (in shares)			668,815

Stock Option Plan - Fair Value

Stock Option Plan - Fair Value Assumptions (Detail)	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
2014 Inducement Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	5 years 8 months 12 days	5 years 8 months 12 days	6 years	6 years 2 months 12 days
Expected volatility (percent)	61.90%	59.30%	61.20%	64.80%
Risk-free interest rate	1.40%	1.80%	1.40%	1.50%
Expected dividend rate	0.00%	0.00%	0.00%	0.00%
2014 Inducement Plan | Non-employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	7 years 6 months	8 years 9 months 18 days	7 years 7 months 6 days	8 years 10 months 24 days
Expected volatility (percent)	69.20%	71.20%	71.30%	69.40%
Risk-free interest rate	1.50%	2.10%	1.60%	2.00%
Expected dividend rate	0.00%	0.00%	0.00%	0.00%
2014 Employee Stock Purchase Plan | Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 months	6 months	6 months	6 months
Expected volatility (percent)	50.90%	49.90%	50.90%	49.90%
Risk-free interest rate	0.50%	0.10%	0.50%	0.10%
Expected dividend rate	0.00%	0.00%	0.00%	0.00%

Stock Option Plan - Schedule of

Stock Option Plan - Schedule of Stock-based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock based compensation expense	$ 3,252	$ 2,407	$ 6,229	$ 4,724
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock based compensation expense	1,797	869	3,201	1,697
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock based compensation expense	$ 1,455	$ 1,538	$ 3,028	$ 3,027

Net Loss per Share Attributab45

Net 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		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic	$ (24,602)	$ (16,805)	$ (44,490)	$ (32,207)
Net loss attributable to common stockholders, diluted	$ (24,602)	$ (16,805)	$ (44,490)	$ (32,207)
Net income (loss) per share attributable to common stockholders
Basic (in usd per share)	$ (0.88)	$ (0.71)	$ (1.59)	$ (1.37)
Diluted (in usd per share)	$ (0.88)	$ (0.71)	$ (1.59)	$ (1.37)
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders:
Basic (in shares)	28,089,731	23,584,910	28,047,671	23,560,133
Diluted (in shares)	28,089,731	23,584,910	28,047,671	23,560,133

Net Loss per Share Attributab46

Net Loss per Share Attributable to Common Stockholders - Summary of Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) Per Share (Detail) - shares	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
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 (in shares)	2,815,913	2,347,195
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 (in shares)	61,595	198,662
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 (in shares)	336,684	316,763