Revance Therapeutics (RVNC) 10-Q 9 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 27, 2017
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	Accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		30,273,478

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 38,235	$ 63,502
Short-term investments	150,404	122,026
Restricted cash, current portion	502	0
Prepaid expenses and other current assets	8,312	7,167
Total current assets	197,453	192,695
Property and equipment, net	11,205	10,585
Restricted cash, net of current portion	580	580
Other non-current assets	216	500
TOTAL ASSETS	209,454	204,360
CURRENT LIABILITIES
Accounts payable	5,573	3,754
Accruals and other current liabilities	14,967	12,418
Financing obligations, current portion	3,502	3,475
Total current liabilities	24,042	19,647
Financing obligations, net of current portion	983	1,872
Derivative liability associated with Medicis settlement	2,082	2,022
Deferred rent	3,576	3,648
Other non-current liabilities	100	100
TOTAL LIABILITIES	30,783	27,289
Commitments and Contingencies (Note 9)
STOCKHOLDERS’ EQUITY
Common stock, par value $0.001 per share — 95,000,000 shares authorized both as of March 31, 2017 and December 31, 2016; 30,129,240 and 28,648,954 shares issued and outstanding as of March 31, 2017 and December 31, 2016, respectively	30	29
Additional paid-in capital	627,475	598,630
Accumulated other comprehensive loss	(98)	(45)
Accumulated deficit	(448,736)	(421,543)
TOTAL STOCKHOLDERS’ EQUITY	178,671	177,071
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 209,454	$ 204,360

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
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)	30,129,240	28,648,954
Common stock, shares outstanding (in shares)	30,129,240	28,648,954

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue	$ 75	$ 75
Operating expenses:
Research and development	19,409	12,364
General and administrative	7,754	7,455
Total operating expenses	27,163	19,819
Loss from operations	(27,088)	(19,744)
Interest income	311	310
Interest expense	(193)	(315)
Change in fair value of derivative liability associated with Medicis settlement	(60)	(14)
Other expense, net	(126)	(125)
Net loss	(27,156)	(19,888)
Unrealized gain (loss) on available for sale securities	(52)	226
Comprehensive loss	(27,208)	(19,662)
Net loss attributable to common stockholders (Note 13):
Net loss attributable to common stockholders, basic and diluted	$ (27,156)	$ (19,888)
Net loss per share attributable to common stockholders:
Basic and Diluted (in USD per share)	$ (0.94)	$ (0.71)
Weighted-average number of shares used in computing net loss per share attributable to common stockholders:
Basic and Diluted (in shares)	28,808,195	28,005,611

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (27,156)	$ (19,888)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	357	344
Amortization of premium on investment	194	456
Change in fair value of derivative liability associated with Medicis settlement	60	14
Stock-based compensation expense	3,155	2,977
Effective interest on financing obligations	83	112
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,144)	(301)
Other non-current assets	69	0
Accounts payable	1,135	552
Accruals and other liabilities	2,055	54
Net cash used in operating activities	(21,192)	(15,680)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment	(296)	(690)
Proceeds from maturities of investments	7,750	15,050
Proceeds from sales of investments	0	1,000
Purchases of investments	(36,028)	(159,754)
Net cash used in investing activities	(28,574)	(144,394)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock, net of at-the-market offering commissions	26,217	0
Principal payments made on financing obligations	(944)	(851)
Net settlement of restricted stock awards to settle employee taxes	(277)	(224)
Proceeds from the exercise of stock options and employee stock purchase plan	210	509
Payment of registration statement costs	(205)	(37)
Net cash provided by financing activities	25,001	(603)
NET DECREASE IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	(24,765)	(160,677)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	64,082	202,050
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	39,317	41,373
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for interest	110	203
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Property and equipment purchases included in accounts payable and accruals and other current liabilities	882	147
Deferred at-the-market offering costs	$ 78	$ 179

The Company and Basis of Presen

The Company and Basis of Presentation	3 Months Ended
	Mar. 31, 2017
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, formulated with its patented and proprietary peptide technology, to address unmet needs in large and growing neurotoxin markets. The Company's proprietary peptide technology enables delivery of botulinum toxin type A through 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 in a broad spectrum of aesthetic and therapeutic indications and is planning to conduct additional preclinical development for RT001 topical. The Company holds worldwide rights to RT002 injectable, RT001 topical and the pharmaceutical uses of its proprietary peptide technology. 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, and preclinical and clinical development of, and manufacturing development for, RT002 injectable and RT001 topical. 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 months ended March 31, 2017 , the Company had a net loss of $27.2 million and used $21.2 million of cash for operating activities during the three months ended March 31, 2017 . As of March 31, 2017 , the Company had a working capital surplus of $173.4 million and an accumulated deficit of $448.7 million . The Company has funded its operations since inception primarily through the issuance and sale of common stock, convertible preferred stock, notes payable, and convertible notes. As of March 31, 2017 , the Company had capital resources consisting of cash, cash equivalents, and investments of $188.6 million . The Company believes that its existing cash, cash equivalents and investments will allow the Company to fund its operations through at least the next 12 months following the filing of this Form 10-Q. 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 Statements of Operations and Comprehensive Loss and Condensed Consolidated Statements of Cash Flows for the interim periods covered and the Condensed Consolidated Balance Sheets of the Company at the date of the balance sheets. The Condensed Consolidated Balance Sheet for the year ended December 31, 2016 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, 2017 , 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, 2016 , which was filed with the Securities and Exchange Commission, or SEC, on February 28, 2017. 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. The Company operates in one segment and there were no intercompany transactions to be eliminated during consolidation. At-The-Market Offering In March 2016, the Company entered into an At-The-Market Issuance Sales Agreement, or the 2016 ATM agreement, with Cowen and Company, LLC, or Cowen, under which the Company may offer and sell common stock having aggregate proceeds of up to $75.0 million from time to time through Cowen, the Company's sales agent. Sales of common stock through Cowen under the 2016 ATM agreement 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 sell the common stock from time to time, based upon instructions from the Company. 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. In 2017, the Company sold and completed a placement of 1,413,051 shares of its common stock under the 2016 ATM Agreement at a weighted average price of $21.23 per share resulting in net proceeds of $28.6 million , after commissions and other offering expenses. The placement was substantially completed during the three months ended March 31, 2017 , in which the Company sold 1,272,437 shares of its common stock under the 2016 ATM Agreement at a weighted average price of $21.24 per share resulting in net proceeds of $25.7 million , which was comprised of gross proceeds after commissions of $26.2 million net of offering expenses of $0.5 million of which $0.2 million was paid in 2016 and $0.1 million remained unpaid as of March 31, 2017.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
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, 2016 . There have been no changes to the Company’s significant accounting policies during the three months ended March 31, 2017 , 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, impairment of long-lived assets, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates. Recently Adopted Accounting Pronouncements On March 30, 2016, the FASB issued 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 statements 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. As of January 1, 2017, the Company adopted ASU 2016-09 on a modified retrospective basis for the income statement impact of forfeitures and income taxes. Accordingly, the Company recognized a cumulative charge of less than $0.1 million to the Company's Accumulated Deficit balance as of January 1, 2017 from a change in the forfeiture rate methodology to account for forfeitures as they occur. The Company also adopted the accounting methodology related to stock-based compensation for deferred tax assets and liabilities balances; however, given the Company has a full valuation allowance, it did not have a material impact on the Company's Consolidated Financial Statements. The new guidance had no impact to classification on the Condensed Consolidated Statements of Cash Flows. On November 18, 2016, the FASB issued Accounting Standards Update (ASU) 2016-18, Statements of Cash Flows (Topic 230), which requires restricted cash to be included in the beginning-of-period and end-of-period totals with cash and cash equivalents. The Company early adopted this amendment as of December 31, 2016. The adoption of this standard required the Company to reclassify its restricted cash balances from investing activities to the cash and cash equivalents section of the Condensed Consolidated Statements of Cash Flows for all periods presented. 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 also requires 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 Accounting Standards Update (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, 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.

In-Process Research and Develop

In-Process Research and Development	3 Months Ended
	Mar. 31, 2017
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 satisfaction of specified milestones relating to the Company’s product revenue, intellectual property, and clinical and regulatory events (the "BTRX milestone payments"). As of March 31, 2017, the Company did not record a liability in connection with the BTRX milestone payments. The Company accrues for milestones when it is probable that a contractual milestone will be met. 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	3 Months Ended
	Mar. 31, 2017
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 botulinum toxin type A product candidates. 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. As of March 31, 2017 , the Company determined the fair value of its liability for the Product Approval Payment was $2.1 million , which was measured by assuming a term of 3.25 years, a risk-free rate of 1.55% and a credit risk adjustment of 8.00% . 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 three months ended March 31, 2017 .

Cash Equivalents and Investment

Cash Equivalents and Investments	3 Months Ended
	Mar. 31, 2017
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. treasury securities, 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): March 31, 2017 December 31, 2016 Gross Unrealized Gross Unrealized Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 31,503 $ — $ — $ 31,503 $ 60,639 $ — $ — $ 60,639 U.S. treasury securities 117,253 2 (65 ) 117,190 81,103 4 (28 ) 81,079 U.S. government agency obligations 33,248 — (34 ) 33,214 40,968 1 (22 ) 40,947 Total cash equivalents and available-for-sale securities $ 182,004 $ 2 $ (99 ) $ 181,907 $ 182,710 $ 5 $ (50 ) $ 182,665 Classified as: Cash equivalents $ 31,503 $ 60,639 Short-term investments 150,404 122,026 Long-term investments — — Total cash equivalents and available-for-sale securities $ 181,907 $ 182,665 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 March 31, 2017 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 March 31, 2017 , unrealized losses on available-for-sale investments are not attributed to credit risk and are considered 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 does not believe it is 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): March 31, 2017 December 31, 2016 Due within one year $ 150,404 $ 122,026 Due between one and two years — — Total $ 150,404 $ 122,026 Related Party Transactions Of the Company's total cash, cash equivalents, and short-term investments of $188.6 million and $185.5 million as of March 31, 2017 and December 31, 2016, respectively, the Company held cash equivalents and short-term investments with a total fair value of $85.1 million and $86.0 million , respectively, in an investment account with a related party, J.P. Morgan Securities LLC. As of March 31, 2017, JPMorgan Chase & Co. and its wholly owned subsidiaries JPMorgan Chase Bank, National Association (NA), J.P. Morgan Investment Management Inc., and JPMorgan Asset Management (UK) Limited held approximately 3.5 million shares of the Company's common stock, which represents approximately 11.7% of the Company's outstanding common stock. J.P. Morgan Securities LLC, who acts as a custodian and trustee for certain Company investments, is an affiliate of JPMorgan Chase Bank, NA.

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2017
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 — 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; and • 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. 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 March 31, 2017 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 31,503 $ 31,503 $ — $ — U.S. treasury securities 117,190 117,190 — — U.S. government agency obligations 33,214 — 33,214 — Total assets measured at fair value $ 181,907 $ 148,693 $ 33,214 $ — Liabilities Derivative liability associated with the Medicis settlement $ 2,082 $ — $ — $ 2,082 Total liabilities measured at fair value $ 2,082 $ — $ — $ 2,082 As of December 31, 2016 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 60,639 $ 60,639 $ — $ — U.S. treasury securities 81,079 81,079 — — U.S. government agency obligations 40,947 — 40,947 — Total assets measured at fair value $ 182,665 $ 141,718 $ 40,947 $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 2,022 $ — $ — $ 2,022 Total liabilities measured at fair value $ 2,022 $ — $ — $ 2,022 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 three months ended March 31, 2017 and the year ended December 31, 2016 . 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, 2016 $ 2,022 Change in fair value 60 Fair value as of March 31, 2017 $ 2,082 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). 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 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	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Notes Payable and Financing Obligations	Notes Payable and Financing Obligations 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, of which $0.1 million will be paid in 2017 and the remainder will be paid in 2018. As of March 31, 2017 , the aggregate total future minimum lease payments under the financing obligations were as follows (in thousands): Year Ending December 31, 2017 $ 2,881 2018 949 Total payments $ 3,830

Interest Expense

Interest Expense	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Interest Expense	Interest Expense Interest expense, includes cash and non-cash components with the non-cash components consisting of effective interest recognized on the financing obligations. The interest expense by cash and non-cash components is as follows (in thousands): Three Months Ended 2017 2016 Interest expense Cash related interest expense (1) $ 110 $ 203 Non-cash effective interest expense 83 112 Total interest expense $ 193 $ 315 (1) Cash related interest expense includes interest payments on the Essex Notes.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2017
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 for each of the three months ended March 31, 2017 and 2016 , respectively. As of March 31, 2017 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2017 $ 4,051 2018 5,578 2019 5,763 2020 5,947 2021 and thereafter 20,644 Total payments $ 41,983 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., which acquired Medicis in December 2012, upon the achievement of regulatory approval for RT002 injectable or RT001 topical (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 product 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 On March 14, 2017, the Company entered into a Technology Transfer, Validation and Commercial Fill/Finish Services Agreement (the “Services Agreement”) and Statement of Work ("SoW") with Ajinomoto Althea, Inc., a contract development and manufacturing organization (“Althea”). Under the Services Agreement, Althea has agreed, among other things, to provide the Company with a future source of commercial fill/finish services for the Company’s neuromodulator products. The Services Agreement has an initial term that will expire in seven years , unless terminated sooner by either party. In accordance with the Services Agreement, the Company is obligated to make minimum purchases based on its production forecasts. Subsequent to March 31, 2017, the Company is obligated under the terms of this arrangement to make an advance payment of $0.9 million . The remaining costs are cancellable at any time, with the Company required to pay 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 31, 2016, the parties executed a stipulation of settlement ("the Stipulation"). Under the Stipulation, in exchange for a release of all claims by the plaintiff class, the Company has agreed to settle the litigation. The Stipulation maintains that the defendants, including the Company, deny all wrongdoing and liability related to the litigation. Plaintiff’s counsel filed a motion for preliminary approval of the settlement on November 11, 2016 and hearing regarding preliminary approval was set for January 6, 2017. On January 6, 2017, the Superior Court for the County of Santa Clara (the "Court") issued an order (the “Order”) preliminarily approving the settlement proposed in the Stipulation by and among the plaintiff class and all named defendants in the Action, including the Company ("the Settlement"), and directing that notice of the proposed settlement be given to all members of the plaintiff class. The Court scheduled a hearing (“Settlement Fairness Hearing”) on May 19, 2017 to, among other things, make a final determination whether the Settlement is fair, reasonable and adequate and should be approved by the Court. The Stipulation and the Settlement remain subject to approval by the Court and certain other conditions. 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. As a result of the Settlement, proposed in the Stipulation, the Company has accrued for a loss contingency and recorded an undiscounted liability of $6.4 million , which is included in Accruals and other current liabilities on the Consolidated Balance Sheet. The Company also recorded an undiscounted insurance recovery asset of $5.9 million within Prepaid expenses and other current assets on its Consolidated Balance Sheet. In January 2017, the Company paid $0.5 million , which was recorded in restricted cash on the Condensed Consolidated Balance Sheet, and its insurance company paid $5.9 million , both of which will be held in an escrow account until finalization of the settlement. This litigation, including the proposed settlement, remains subject to uncertainty, and the actual defense and disposition costs may depend upon many unknown factors. Therefore, there can be no assurance that this litigation will not have a material adverse effect on our 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, except as noted above.

Convertible Preferred Stock

Convertible Preferred Stock	3 Months Ended
	Mar. 31, 2017
Equity [Abstract]
Convertible Preferred Stock	Convertible Preferred Stock As of March 31, 2017 and December 31, 2016, the Company had 5,000,000 shares of convertible preferred stock with a par value of $0.001 per share authorized and no preferred stock issued and outstanding.

Warrants

Warrants	3 Months Ended
	Mar. 31, 2017
Warrants and Rights Note Disclosure [Abstract]
Warrants	Warrants As of March 31, 2017 and December 31, 2016 , the Company had outstanding warrants to purchase 61,595 shares of common stock.

Stock Option Plan

Stock Option Plan	3 Months Ended
	Mar. 31, 2017
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, 2017, 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, 2016, or 1,145,958 shares. During the three months ended March 31, 2017 , the Company granted stock options for 581,125 shares of common stock and 220,425 restricted stock awards under the 2014 EIP. As of March 31, 2017 , there were 1,123,720 shares available for issuance under the 2014 EIP. During the three months ended March 31, 2017 , there were no stock options or restricted stock awards granted under the 2014 Inducement Plan (the "2014 IN"). As of March 31, 2017 , there were 417,087 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 2017 2016 Expected term (in years) 6.0 6.0 Expected volatility 68.4 % 61.1 % Risk-free interest rate 2.1 % 1.4 % 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 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 a limited history of exercise data. The expected term for non-employee consultants is based on the remaining contractual term. Expected Volatility . As of January 1, 2017, the expected volatility is based on the historical volatility of a group of similar entities combined with the historical volatility of the Company, whereas prior to 2017, the expected volatility was based solely on the historical 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. 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. As of January 1, 2017, the Company adopted the forfeiture rate methodology change in accordance with ASC 2016-09 to account for forfeitures as they occur (Note 2). Prior to the adoption of ASC 2016-09, the Company was required to estimate forfeitures at the time of grant and revised those estimates in subsequent periods if actual forfeitures differed from those estimates. The Company used historical data to estimate pre-vesting option forfeitures and record stock-based compensation expense only for those awards that were expected to vest. To the extent actual forfeitures differed from the estimates, the difference was recorded as a cumulative adjustment in the period that the estimates were revised. There were no stock options outstanding or granted to non-employee consultants as of and during the three months ended March 31, 2017 . The fair value of the stock options granted to non-employee consultants is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2016 Expected term (in years) 7.7 Expected volatility 73.4 % Risk-free interest rate 1.6 % Expected dividend rate — % 2014 Employee Stock Purchase Plan On January 1, 2017, 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 common stock outstanding on December 31, 2016 , or 286,489 shares. As of March 31, 2017 , there were 944,969 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 Months Ended 2017 2016 Expected term (in years) 0.5 0.5 Expected volatility 72.4 % 50.9 % Risk-free interest rate 0.7 % 0.5 % 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. Expected Term . The expected term is based on the term of the purchase period under the 2014 ESPP. Expected Volatility . As of January 1, 2017 the expected volatility is based on the historical volatility of the Company's common stock. Prior to January 1, 2017, the expected volatility was 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. 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. 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, restricted stock awards, and ESPP for employees, non-employee directors, and non-employee consultants was allocated as follows (in thousands): Three Months Ended 2017 2016 Research and development $ 1,304 $ 1,404 General and administrative 1,851 1,573 Total stock based compensation expense $ 3,155 $ 2,977

Net Loss per Share Attributable

Net Loss per Share Attributable to Common Stockholders	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 and 2016 (in thousands, except for share and per share amounts): Three Months Ended 2017 2016 Net loss attributable to common stockholders, basic and diluted $ (27,156 ) $ (19,888 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.94 ) $ (0.71 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 28,808,195 28,005,611 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 March 31, 2017 2016 Outstanding common stock options 3,294,040 2,900,675 Outstanding common stock warrants 61,595 61,595 Unvested restricted stock awards 555,723 426,117 Shares expected to be purchased on June 30 under the 2014 ESPP 15,159 9,034

Summary of Significant Accoun19

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, impairment of long-lived assets, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates.
Accounting Pronouncements	Recently Adopted Accounting Pronouncements On March 30, 2016, the FASB issued 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 statements 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. As of January 1, 2017, the Company adopted ASU 2016-09 on a modified retrospective basis for the income statement impact of forfeitures and income taxes. Accordingly, the Company recognized a cumulative charge of less than $0.1 million to the Company's Accumulated Deficit balance as of January 1, 2017 from a change in the forfeiture rate methodology to account for forfeitures as they occur. The Company also adopted the accounting methodology related to stock-based compensation for deferred tax assets and liabilities balances; however, given the Company has a full valuation allowance, it did not have a material impact on the Company's Consolidated Financial Statements. The new guidance had no impact to classification on the Condensed Consolidated Statements of Cash Flows. On November 18, 2016, the FASB issued Accounting Standards Update (ASU) 2016-18, Statements of Cash Flows (Topic 230), which requires restricted cash to be included in the beginning-of-period and end-of-period totals with cash and cash equivalents. The Company early adopted this amendment as of December 31, 2016. The adoption of this standard required the Company to reclassify its restricted cash balances from investing activities to the cash and cash equivalents section of the Condensed Consolidated Statements of Cash Flows for all periods presented. 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 also requires 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 Accounting Standards Update (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, 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.

Cash Equivalents and Investme20

Cash Equivalents and Investments (Tables)	3 Months Ended
	Mar. 31, 2017
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): March 31, 2017 December 31, 2016 Gross Unrealized Gross Unrealized Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 31,503 $ — $ — $ 31,503 $ 60,639 $ — $ — $ 60,639 U.S. treasury securities 117,253 2 (65 ) 117,190 81,103 4 (28 ) 81,079 U.S. government agency obligations 33,248 — (34 ) 33,214 40,968 1 (22 ) 40,947 Total cash equivalents and available-for-sale securities $ 182,004 $ 2 $ (99 ) $ 181,907 $ 182,710 $ 5 $ (50 ) $ 182,665 Classified as: Cash equivalents $ 31,503 $ 60,639 Short-term investments 150,404 122,026 Long-term investments — — Total cash equivalents and available-for-sale securities $ 181,907 $ 182,665
Investments Securities by Contractual Maturities	The following table classifies our marketable securities by contractual maturities (in thousands): March 31, 2017 December 31, 2016 Due within one year $ 150,404 $ 122,026 Due between one and two years — — Total $ 150,404 $ 122,026

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The fair value of these instruments was as follows (in thousands): As of March 31, 2017 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 31,503 $ 31,503 $ — $ — U.S. treasury securities 117,190 117,190 — — U.S. government agency obligations 33,214 — 33,214 — Total assets measured at fair value $ 181,907 $ 148,693 $ 33,214 $ — Liabilities Derivative liability associated with the Medicis settlement $ 2,082 $ — $ — $ 2,082 Total liabilities measured at fair value $ 2,082 $ — $ — $ 2,082 As of December 31, 2016 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 60,639 $ 60,639 $ — $ — U.S. treasury securities 81,079 81,079 — — U.S. government agency obligations 40,947 — 40,947 — Total assets measured at fair value $ 182,665 $ 141,718 $ 40,947 $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 2,022 $ — $ — $ 2,022 Total liabilities measured at fair value $ 2,022 $ — $ — $ 2,022
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, 2016 $ 2,022 Change in fair value 60 Fair value as of March 31, 2017 $ 2,082

Notes Payable and Financing O22

Notes Payable and Financing Obligations (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation	As of March 31, 2017 , the aggregate total future minimum lease payments under the financing obligations were as follows (in thousands): Year Ending December 31, 2017 $ 2,881 2018 949 Total payments $ 3,830

Interest Expense (Tables)

Interest Expense (Tables)	3 Months Ended
	Mar. 31, 2017
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 2017 2016 Interest expense Cash related interest expense (1) $ 110 $ 203 Non-cash effective interest expense 83 112 Total interest expense $ 193 $ 315 (1) Cash related interest expense includes interest payments on the Essex Notes.

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases	As of March 31, 2017 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2017 $ 4,051 2018 5,578 2019 5,763 2020 5,947 2021 and thereafter 20,644 Total payments $ 41,983

Stock Option Plan (Tables)

Stock Option Plan (Tables)	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Fair Value Assumptions	The fair value of the stock options granted to non-employee consultants is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended March 31, 2016 Expected term (in years) 7.7 Expected volatility 73.4 % Risk-free interest rate 1.6 % 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 2017 2016 Expected term (in years) 6.0 6.0 Expected volatility 68.4 % 61.1 % Risk-free interest rate 2.1 % 1.4 % Expected dividend rate — % — % 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 Months Ended 2017 2016 Expected term (in years) 0.5 0.5 Expected volatility 72.4 % 50.9 % Risk-free interest rate 0.7 % 0.5 % Expected dividend rate — % — %
Schedule of Stock-based Compensation Expense	Total stock-based compensation expense related to options, restricted stock awards, and ESPP for employees, non-employee directors, and non-employee consultants was allocated as follows (in thousands): Three Months Ended 2017 2016 Research and development $ 1,304 $ 1,404 General and administrative 1,851 1,573 Total stock based compensation expense $ 3,155 $ 2,977

Net Loss per Share Attributab26

Net Loss per Share Attributable to Common Stockholders (Tables)	3 Months Ended
	Mar. 31, 2017
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 months ended March 31, 2017 and 2016 (in thousands, except for share and per share amounts): Three Months Ended 2017 2016 Net loss attributable to common stockholders, basic and diluted $ (27,156 ) $ (19,888 ) Net loss per share attributable to common stockholders, basic and diluted $ (0.94 ) $ (0.71 ) Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted 28,808,195 28,005,611
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 March 31, 2017 2016 Outstanding common stock options 3,294,040 2,900,675 Outstanding common stock warrants 61,595 61,595 Unvested restricted stock awards 555,723 426,117 Shares expected to be purchased on June 30 under the 2014 ESPP 15,159 9,034

The Company and Basis of Pres27

The Company and Basis of Presentation - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended		4 Months Ended	12 Months Ended
	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	May 09, 2017	Dec. 31, 2016
Class of Stock [Line Items]
Proceeds from issuance of common stock, net of at-the-market offering commissions		$ 26,217,000	$ 0
Company's incorporation date		Aug. 10, 1999
Commencement date of operations		Jun. 30, 2002
Change of entity name date		Apr. 19, 2005
Net loss		$ (27,156,000)	(19,888,000)
Net cash used in operating activities		21,192,000	$ 15,680,000
Working capital surplus		173,400,000
Accumulated deficit		448,736,000			$ 421,543,000
Cash, cash equivalents, and short-term investments		$ 188,600,000			185,500,000
Cash and cash equivalents, and investments, expected funding term for operating plan		12 months
At the Market Offering
Class of Stock [Line Items]
Aggregate authorized offering price	$ 75,000,000
Commission (percent)	3.00%
Issuance of common stock (in shares)		1,272,437
Proceeds from issuance of common stock, net of at-the-market offering commissions		$ 26,200,000
Proceeds from issuance of common stock, net of commissions and offering costs		25,700,000
Stock offering expenses		500,000
Stock offering expenses paid					$ 200,000
Unpaid stock offering expenses		$ 100,000
Weighted Average | At the Market Offering
Class of Stock [Line Items]
Offering price per share (in dollars per share)		$ 21.24
Subsequent Event | At the Market Offering
Class of Stock [Line Items]
Issuance of common stock (in shares)				1,413,051
Proceeds from issuance of common stock, net of at-the-market offering commissions				$ 28,600,000
Subsequent Event | Weighted Average | At the Market Offering
Class of Stock [Line Items]
Offering price per share (in dollars per share)				$ 21.23

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Details) $ in Millions	Dec. 31, 2016USD ($)
Accounting Standards Update 2016-09 | Accumulated Deficit
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative charge top accumulated deficit for adoption of new accounting pronouncement	$ 0.1

In-Process Research and Devel29

In-Process Research and Development (Details) - USD ($)	Jun. 02, 2016	Mar. 31, 2017	Mar. 31, 2016
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Research and development	$ 2,000,000	$ 19,409,000	$ 12,364,000
Payment for acquisition of in-process research and development	1,800,000
Holdback related to acquisition of in-process research and development	200,000
Botulinum Toxin Research Associates, Inc.
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Accrued milestone obligations	$ 16,000,000	$ 16,000,000

Medicis Settlement - Additional

Medicis Settlement - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended	12 Months Ended
	Oct. 31, 2012	Mar. 31, 2017	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2016
Settlement And Termination [Line Items]
Derivative liability associated with Medicis settlement		$ 2,082			$ 2,022
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]
Derivative Instruments Not Designated as Hedging Instruments, Liability, at Fair Value		$ 2,100
Remaining contractual term (in years)		3 years 3 months
Risk-free interest rate		1.55%
Fair value assumptions, credit risk adjustment (percent)		8.00%
Valeant Pharmaceuticals International, Inc. | Product Approval Payment Derivative
Settlement And Termination [Line Items]
Accrued milestone obligations		$ 4,000

Cash Equivalents and Investme31

Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	$ 182,004	$ 182,710
Gross unrealized gain	2	5
Gross unrealized loss	(99)	(50)
Available-for-sale securities, fair value	181,907	182,665
Cash equivalents
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	31,503	60,639
Short-term investments
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	150,404	122,026
Long-term investments
Schedule of Available-for-sale Securities [Line Items]
Available-for-sale securities, fair value	0	0
Money market funds
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	31,503	60,639
Gross unrealized gain	0	0
Gross unrealized loss	0	0
Available-for-sale securities, fair value	31,503	60,639
U.S. treasury securities
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	117,253	81,103
Gross unrealized gain	2	4
Gross unrealized loss	(65)	(28)
Available-for-sale securities, fair value	117,190	81,079
U.S. government agency obligations
Schedule of Available-for-sale Securities [Line Items]
Amortized cost	33,248	40,968
Gross unrealized gain	0	1
Gross unrealized loss	(34)	(22)
Available-for-sale securities, fair value	$ 33,214	$ 40,947

Cash Equivalents and Investme32

Cash Equivalents and Investments - Remaining Contractual Maturities Available-for-Sale Securities (Detail) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities, debt maturities, due within one year	$ 150,404	$ 122,026
Available-for-sale securities debt maturities, due between one and two years	0	0
Available-for-sale Securities, Debt Securities	$ 150,404	$ 122,026

Cash Equivalents and Investme33

Cash Equivalents and Investments - Related Party Transactions (Details) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2017	Dec. 31, 2016
Related Party Transaction [Line Items]
Cash, cash equivalents, and short-term investments	$ 188.6	$ 185.5
J.P. Morgan Securities LLC [Member]
Related Party Transaction [Line Items]
Cash, cash equivalents, and short-term investments, fair value	$ 85.1	$ 86
J.P. Morgan Chase & Co. and Wholly Owned Subsidiaries [Member]
Related Party Transaction [Line Items]
Outstanding common stock held by related parties (shares)	3.5
Outstanding common stock held by related parties (percent)	11.70%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Detail) - Recurring - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	$ 181,907	$ 182,665
Total liabilities measured at fair value	2,082	2,022
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	31,503	60,639
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	117,190	81,079
U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	33,214	40,947
Derivative liability associated with the Medicis settlement
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities measured at fair value	2,082	2,022
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	148,693	141,718
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	31,503	60,639
Level 1 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	117,190	81,079
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	33,214	40,947
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	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	33,214	40,947
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	2,082	2,022
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	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	$ 2,082	$ 2,022

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	3 Months Ended
	Mar. 31, 2017USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of December 31, 2016	$ 2,022
Change in fair value	60
Fair value as of March 31, 2017	$ 2,082

Notes Payable and Financing O36

Notes Payable and Financing Obligations - Essex Capital Notes (Detail) - USD ($) $ in Millions	1 Months Ended
	Jun. 30, 2015	Apr. 30, 2015	Feb. 28, 2015	May 31, 2014	Mar. 31, 2017	Dec. 17, 2014	Dec. 20, 2013
Debt Instrument [Line Items]
Payments in remainder of fiscal year to purchase equipment sold and leased back					$ 0.1
Essex Notes
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 O37

Notes Payable and Financing Obligations - Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Debt Disclosure [Abstract]
2,017	$ 2,881
2,018	949
Total payments	$ 3,830

Interest Expense - Summary of I

Interest Expense - Summary of Interest Expense by Cash and Non-Cash Components (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Cash related interest expense	$ 110	$ 203
Non-cash effective interest expense	83	112
Total interest expense	$ 193	$ 315

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) - USD ($)	1 Months Ended	3 Months Ended
	Feb. 28, 2014	Mar. 31, 2017	Mar. 31, 2016	Jun. 02, 2016
Loss Contingencies [Line Items]
Extended term of lease	36 months
Rent expense		$ 1,300,000	$ 1,300,000
Initial term of the Services Agreement		7 years
Purchase commitments		$ 900,000
Valeant Pharmaceuticals International, Inc. | Product Approval Payment Derivative
Loss Contingencies [Line Items]
Accrued milestone obligations		4,000,000
Botulinum Toxin Research Associates, Inc.
Loss Contingencies [Line Items]
Accrued milestone obligations		16,000,000		$ 16,000,000
BioSentinel, Inc.
Loss Contingencies [Line Items]
Accrued milestone obligations		300,000
City of Warren Police and Fire Retirement System | Pending Litigation
Loss Contingencies [Line Items]
Loss contingency accrual		6,400,000
Insurance policies receivable		5,900,000
Amount paid for litigation settlement included in Restricted Cash		(500,000)
Insurance Company | City of Warren Police and Fire Retirement System | Pending Litigation
Loss Contingencies [Line Items]
Loss Contingency Accrual, Payments		$ 5,900,000

Commitments and Contingencies40

Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) $ in Thousands	Mar. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,017	$ 4,051
2,018	5,578
2,019	5,763
2,020	5,947
2021 and thereafter	20,644
Total payments	$ 41,983

Convertible Preferred Stock (De

Convertible Preferred Stock (Details) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Convertible preferred stock authorized (shares)	5,000,000	5,000,000,000
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 1
Convertible preferred stock issued (shares)	0	0
Convertible preferred stock outstanding (shares)	0	0

Warrants - Additional Informati

Warrants - Additional Information (Detail) - shares	Mar. 31, 2017	Dec. 31, 2016
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, 2017	Mar. 31, 2017
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]
Share granted under restricted stock awards (shares)		220,425
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)	1,145,958
Shares underlying stock options granted (in shares)		581,125
Shares available for issuance (in shares)		1,123,720
2014 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying stock options granted (in shares)		0
2014 Inducement Plan | Non-employee Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying stock options granted (in shares)		0
2014 Inducement Plan | Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for issuance (in shares)		417,087
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)	286,489
Shares available for issuance (in shares)		944,969

Stock Option Plan - Fair Value

Stock Option Plan - Fair Value Assumptions (Detail)	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
2014 Inducement Plan | Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	6 years	6 years
Expected volatility percentage	68.40%	61.10%
Risk-free interest rate	2.10%	1.40%
Expected dividend rate	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 8 months 12 days
Expected volatility percentage		73.40%
Risk-free interest rate		1.60%
Expected dividend rate		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
Expected volatility percentage	72.40%	50.90%
Risk-free interest rate	0.70%	0.50%
Expected dividend rate	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
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock based compensation expense	$ 3,155	$ 2,977
Research and Development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock based compensation expense	1,304	1,404
General and Administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock based compensation expense	$ 1,851	$ 1,573

Net Loss per Share Attributab46

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
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net loss attributable to common stockholders, basic and diluted	$ (27,156)	$ (19,888)
Net loss per share attributable to common stockholders, basic and diluted (in USD per share)	$ (0.94)	$ (0.71)
Weighted-average shares used in computing net loss per share attributable to common stockholders, basic and diluted (in shares)	28,808,195	28,005,611

Net Loss per Share Attributab47

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	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Outstanding common 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)	3,294,040	2,900,675
Outstanding 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	61,595
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)	555,723	426,117
Shares expected to be purchased on June 30 under the 2014 ESPP
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)	15,159	9,034