Revance Therapeutics (RVNC) 10-Q 6 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 26, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-36297
Entity Registrant Name	Revance Therapeutics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	77-0551645
Entity Address, Address Line One	7555 Gateway Boulevard
Entity Address, City or Town	Newark
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94560
City Area Code	510
Local Phone Number	742-3400
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	RVNC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		44,102,532
Entity Central Index Key	0001479290
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
CURRENT ASSETS
Cash and cash equivalents	$ 90,034	$ 73,256
Short-term investments	151,858	102,556
Accounts receivable		27,000
Prepaid expenses and other current assets	8,013	5,110
Total current assets	249,905	207,922
Property and equipment, net	15,263	14,449
Operating lease right of use assets	27,602
Restricted cash	730	730
Other non-current assets	2,392	3,247
TOTAL ASSETS	295,892	226,348
CURRENT LIABILITIES
Accounts payable	7,966	8,434
Accruals and other current liabilities	14,737	14,948
Deferred revenue, current portion	18,825	8,588
Operating lease liabilities, current portion	3,168
Total current liabilities	44,696	31,970
Derivative liability associated with the Medicis settlement	2,824	2,753
Deferred revenue, net of current portion	32,169	42,684
Operating lease liabilities, net of current portion	27,661
Deferred rent		3,319
TOTAL LIABILITIES	107,350	80,726
Commitments and Contingencies (Note 7)
STOCKHOLDERS’ EQUITY
Convertible preferred stock, par value $0.001 per share — 5,000,000 shares authorized, and no shares issued and outstanding as of June 30, 2019 and December 31, 2018	0	0
Common stock, par value $0.001 per share — 95,000,000 shares authorized as of June 30, 2019 and December 31, 2018; 44,105,474 and 36,975,203 shares issued and outstanding as of June 30, 2019 and December 31, 2018, respectively	44	37
Additional paid-in capital	945,851	830,368
Accumulated other comprehensive income (loss)	116	(8)
Accumulated deficit	(757,469)	(684,775)
TOTAL STOCKHOLDERS’ EQUITY	188,542	145,622
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 295,892	$ 226,348

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Convertible preferred stock, par value (in dollars per share)	$ 0.001	$ 0.001
Convertible preferred stock authorized (shares)	5,000,000	5,000,000
Convertible preferred stock issued (shares)	0	0
Convertible preferred stock outstanding (shares)	0	0
Common stock, par value (in dollar per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	95,000,000	95,000,000
Common stock, shares issued (in shares)	44,105,474	36,975,203
Common stock, shares outstanding (in shares)	44,105,474	36,975,203

Condensed Consolidated Statemen

Condensed Consolidated Statement of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Revenue	$ 0	$ 686	$ 278	$ 880
Operating expenses:
Research and development	25,526	22,871	49,521	45,111
General and administrative	13,596	12,734	26,506	26,350
Total operating expenses	39,122	35,605	76,027	71,461
Loss from operations	(39,122)	(34,919)	(75,749)	(70,581)
Interest income	1,596	1,081	3,166	2,103
Interest expense	0	0	0	(44)
Change in fair value of derivative liability associated with the Medicis settlement	21	(70)	(71)	(104)
Other income (expense), net	115	(172)	(40)	(492)
Net loss	(37,390)	(34,080)	(72,694)	(69,118)
Unrealized gain (loss) and adjustment on securities included in net loss	46	52	124	(224)
Comprehensive loss	(37,344)	(34,028)	(72,570)	(69,342)
Basic and diluted net loss	$ (37,390)	$ (34,080)	$ (72,694)	$ (69,118)
Basic and diluted net loss (in dollar per share)	$ (0.86)	$ (0.94)	$ (1.71)	$ (1.92)
Basic and diluted weighted-average number of shares used in computing net loss per share (in shares)	43,260,317	36,123,659	42,434,137	36,037,604

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Shareholders' Equity Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Other Accumulated Comprehensive Gain (Loss)	Accumulated Deficit
Beginning Balance (in shares) at Dec. 31, 2017		36,516,075
Beginning Balance at Dec. 31, 2017		$ 37	$ 810,975	$ 0	$ (542,167)
Issuance of common stock upon exercise of stock options (in shares)		233,088
Issuance of restricted stock awards, net of cancellation (in shares)		205,686
Net settlement of restricted stock awards for employee taxes (in shares)		(55,921)
Issuance of common stock relating to employee stock purchase plan (in shares)	18,795
Stock-based compensation expense			8,330
Issuance of common stock upon exercise of stock options			3,395
Net settlement of restricted stock awards for employee taxes			(1,813)
Issuance of common stock relating to employee stock purchase plan	$ 439
Unrealized gain (loss) and adjustment on securities included in net loss	(224)			(224)
Net loss	$ (69,118)				(69,117)
Ending Balance (in shares) at Jun. 30, 2018	36,917,723	36,917,723
Ending Balance at Jun. 30, 2018	$ 209,855	$ 37	821,326	(224)	(611,284)
Beginning Balance (in shares) at Mar. 31, 2018		36,742,847
Beginning Balance at Mar. 31, 2018		$ 37	814,084	(276)	(577,204)
Issuance of common stock upon exercise of stock options (in shares)		150,698
Issuance of restricted stock awards, net of cancellation (in shares)		10,345
Net settlement of restricted stock awards for employee taxes (in shares)		(4,962)
Issuance of common stock relating to employee stock purchase plan (in shares)	18,795
Stock-based compensation expense			4,172
Issuance of common stock upon exercise of stock options			2,779
Net settlement of restricted stock awards for employee taxes			(147)
Issuance of common stock relating to employee stock purchase plan	$ 438
Unrealized gain (loss) and adjustment on securities included in net loss	52			52
Net loss	$ (34,080)				(34,080)
Ending Balance (in shares) at Jun. 30, 2018	36,917,723	36,917,723
Ending Balance at Jun. 30, 2018	$ 209,855	$ 37	821,326	(224)	(611,284)
Beginning Balance (in shares) at Dec. 31, 2018	36,975,203	36,975,203
Beginning Balance at Dec. 31, 2018	$ 145,622	$ 37	830,368	(8)	(684,775)
Issuance of common stock in connection with the 2019 follow-on offering (in shares)		6,764,705
Issuance of common stock in connection with the 2019 follow-on offering		$ 7	107,572
Issuance of common stock upon exercise of stock options (in shares)		8,240
Issuance of restricted stock awards, net of cancellation (in shares)		391,023
Net settlement of restricted stock awards for employee taxes (in shares)		(68,863)
Issuance of common stock relating to employee stock purchase plan (in shares)	35,166
Stock-based compensation expense			8,579
Issuance of common stock upon exercise of stock options			93
Net settlement of restricted stock awards for employee taxes			(1,148)
Issuance of common stock relating to employee stock purchase plan	$ 387
Unrealized gain (loss) and adjustment on securities included in net loss	124			124
Net loss	$ (72,694)				(72,694)
Ending Balance (in shares) at Jun. 30, 2019	44,105,474	44,105,474
Ending Balance at Jun. 30, 2019	$ 188,542	$ 44	945,851	116	(757,469)
Beginning Balance (in shares) at Mar. 31, 2019		44,004,658
Beginning Balance at Mar. 31, 2019		$ 44	941,068	70	(720,079)
Issuance of common stock in connection with the 2019 follow-on offering (in shares)		0
Issuance of common stock in connection with the 2019 follow-on offering		$ 0	0
Issuance of common stock upon exercise of stock options (in shares)		5,416
Issuance of restricted stock awards, net of cancellation (in shares)		67,997
Net settlement of restricted stock awards for employee taxes (in shares)		(7,763)
Issuance of common stock relating to employee stock purchase plan (in shares)	35,166
Stock-based compensation expense			4,420
Issuance of common stock upon exercise of stock options			75
Net settlement of restricted stock awards for employee taxes			(99)
Issuance of common stock relating to employee stock purchase plan	$ 387
Unrealized gain (loss) and adjustment on securities included in net loss	46			46
Net loss	$ (37,390)				(37,390)
Ending Balance (in shares) at Jun. 30, 2019	44,105,474	44,105,474
Ending Balance at Jun. 30, 2019	$ 188,542	$ 44	$ 945,851	$ 116	$ (757,469)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Shareholders' Equity Consolidated Statements of Stockholders' Equity (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Follow On Offering
Payments of Stock Issuance Costs	$ 521

Condensed Consolidated Statem_4

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (72,694)	$ (69,118)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,418	807
Amortization of discount on investments	(1,481)	(610)
Stock-based compensation expense	8,579	8,330
Other non-cash operating activities	338	263
Changes in operating assets and liabilities:
Accounts receivable	27,000
Prepaid expenses and other current assets	(2,903)	(6,970)
Operating lease right of use assets	(2,938)
Other non-current assets	853	(2,291)
Accounts payable	(321)	(958)
Accruals and other liabilities	(914)	(1,274)
Deferred revenue	(278)	24,120
Operating lease liabilities	2,637
Net cash used in operating activities	(40,704)	(47,701)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of investments	(164,970)	(212,197)
Purchases of investments	(1,466)	(2,335)
Proceeds from sales of property and equipment	117,000	18,000
Purchases of property and equipment	7	146
Payment for acquisition of in-process research and development		(100)
Net cash used in investing activities	(49,429)	(196,486)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of common stock in connection with the 2019 follow-on offering, net of commissions and discount	108,100
Proceeds from the exercise of stock options and employee stock purchase plan	480	3,834
Net settlement of restricted stock awards for employee taxes	(1,148)	(1,813)
Payment of offering costs	(521)	(366)
Principal payments made on financing obligations		(932)
Net cash provided by financing activities	106,911	723
NET INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS, AND RESTRICTED CASH	16,778	(243,464)
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — Beginning of period	73,986	283,476
CASH, CASH EQUIVALENTS, AND RESTRICTED CASH — End of period	90,764	40,012
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid for income taxes	3,000	0
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION:
Property and equipment purchases included in accounts payable and accruals	$ 1,408	$ 2,128

The Company and Summary of Sign

The Company and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Summary of Significant Accounting Policies	The Company and Summary of Significant Accounting Policies The Company Revance Therapeutics, Inc. (“the Company” or “Revance”) is a biotechnology company developing new innovations in neuromodulators for aesthetic and therapeutic indications. The Company's lead product candidate, DaxibotulinumtoxinA for Injection (“DAXI”), combines a proprietary stabilizing peptide excipient with a highly purified botulinum toxin that does not contain human or animal-based components. The Company has successfully completed a Phase 3 program for DAXI in glabellar (frown) lines, demonstrating efficacy and long-lasting duration of effect, and is pursuing U.S. regulatory approval in 2020. The Company is also evaluating DAXI in forehead lines and lateral canthal lines (crow’s feet), as well as three therapeutic indications including cervical dystonia, adult upper limb spasticity, and plantar fasciitis, with plans to study migraine. Beyond DAXI, the Company has begun development of a biosimilar to BOTOX®, which would compete in the existing short-acting neuromodulator marketplace. Revance is dedicated to making a difference by transforming patient experiences. Since inception, the Company has devoted substantially all of its efforts to identifying and developing product candidates for the aesthetic and therapeutic pharmaceutical markets, recruiting personnel, raising capital, conducting preclinical and clinical development of, and manufacturing development for DAXI, DaxibotulinumtoxinA Topical and the biosimilar to BOTOX®. The Company has incurred losses and negative cash flows from operations. The Company has not commenced commercial operations, has not generated product revenue 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, 2019 , the Company had a net loss of $37.4 million and $72.7 million , respectively. As of June 30, 2019 , the Company had a working capital surplus of $205.2 million and an accumulated deficit of $757.5 million . The Company has funded its operations primarily through the issuance and sale of common stock, convertible preferred stock, notes payable, and convertible notes . As of June 30, 2019 , the Company had capital resources of $241.9 million consisting cash, cash equivalents, and investments. The Company believes that its existing capital resources will fund the operating plan through at least the next 12 months following the issuance of this Form 10-Q, and may identify additional capital resources to fund its operations. Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented. The Condensed Consolidated Balance Sheet for the year ended December 31, 2018 was derived from audited Consolidated Financial Statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“U.S. 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, 2019 , 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 its Annual Report on Form 10-K for the year ended December 31, 2018 , which was filed with the Securities and Exchange Commission (“SEC”), on February 28, 2019. The Condensed Consolidated Financial Statements include the Company’s accounts and those of its wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. The Company operates in one segment. Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated. Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. 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 revenue recognition, deferred revenue, accruals including clinical trial accruals, stock-based compensation, fair value of derivative liability, 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 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which requires an entity to recognize right-of-use asset and lease liabilities arising from a lease for both financing and operating leases with terms greater than twelve months. In July 2018, the FASB issued ASU 2018-10, Leases (Topic 842), Codification Improvements and ASU 2018-11, Leases (Topic 842), Targeted Improvements , to provide additional guidance for the Topic 842 adoption. ASU 2018-10 clarifies certain provisions and correct unintended applications of the guidance such as the application of implicit rate, lessee reassessment of lease classification, and certain transition adjustments that should be recognized to earnings rather than to stockholders’ equity. ASU 2018-11 provides an alternative transition method to allow entities initially applying Topic 842 at the adoption date, rather than at the beginning of the earliest comparative period presented, and recognizing the cumulative effect of applying the new standard as an adjustment to beginning retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. ASU 2018-11 also provides a number of optional practical expedients in transition. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements . The Company evaluated ASU 2019-01 in its entirety and determined that Issue 3, Transition disclosures related to Topic 250, Accounting Changes and Error Corrections , is the only provision that currently applies to the Company. Issue 3 of ASU 2019-01 exempts certain interim disclosures in the fiscal year of adoption. ASU 2018-11, ASU 2018-10, ASU 2016-02, and Issue 3 of ASU 2019-01 (collectively, “the new lease standards”) are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company has elected the transition method under ASU 2018-11 at the adoption date of January 1, 2019 on a modified retrospective basis and will not restate comparative periods. The Company has also elected all of the available practical expedients except the practical expedient allowing the use of hindsight in determining the lease term and assessing impairment of right-of-use assets based on all facts and circumstances through the effective date of the new standard. The Company has elected the recognition exemption for short-term leases for all leases that qualify. Under this exemption, the Company will not recognize right-of-use assets or lease liabilities for those leases that qualify as a short-term lease. For real estate leases, the Company did not elect the practical expedient to combine lease and non-lease components, therefore the Company accounts for lease and non-lease components separately. For equipment leases, lease and non-lease components are accounted for as a single lease component. The Company recognized $24.7 million and $28.2 million as total right-of-use assets and total lease liabilities, respectively, on its Condensed Consolidated Balance Sheet as of January 1, 2019 for its existing operating lease agreements for the office and manufacturing spaces in Newark, California and equipment leases. The existing deferred rent liabilities of $3.5 million associated with the same lease agreements was reversed as of January 1, 2019. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company is evaluating the impact of this standard on its Condensed Consolidated Financial Statements and disclosures.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Revenue	Revenue Mylan Collaboration and License Agreement The Company and Mylan entered into a collaboration agreement in February 2018 (the “Mylan Collaboration”), pursuant to which the companies will collaborate exclusively, on a world-wide basis (excluding Japan), to develop, manufacture, and commercialize a biosimilar to the branded biologic product (onabotulinumtoxinA) marketed as BOTOX®. Under the Mylan Collaboration, Mylan paid the Company a non-refundable upfront payment of $25.0 million with additional contingent payments of up to $100.0 million in the aggregate, upon the achievement of specified clinical and regulatory (i.e. biosimilar biological pathway) milestones and of specified, tiered sales milestones of up to $225.0 million . The upfront payment does not represent a financing component for the transfer of goods or services. The contingent payments would be payable following Mylan’s decision to continue development services for Initial Phase and Phase 3 clinical trials and upon meeting certain milestones. In addition, Mylan would pay the Company low to mid double-digit royalties on any sales of the biosimilar in the U.S., mid double-digit royalties on any sales in Europe, and high single-digit royalties on any sales in other areas excluding Japan. However, the Company agreed to waive royalties for U.S. sales, up to a limit of $50.0 million in annual sales, during the first approximately four years after commercialization to defray launch costs. Revenue Recognition In accordance with ASC 606, transaction price is defined as the amount of consideration to which an entity expects to be entitled in exchange for promised goods or services to a customer. The initial estimated transaction price was $81.0 million which included a $25.0 million upfront payment, $40.0 million of development milestones, and the estimated variable consideration for cost-sharing payments from Mylan. The Company re-evaluates the transaction price at each reporting period. As of June 30, 2019 , the transaction price allocated to the unfulfilled performance obligations is $76.4 million . The Company recognizes revenue and estimates deferred revenue based on the cost of services incurred over the total estimated cost of services to be provided for the development period. For revenue recognition purposes, the development period is estimated to extend through 2022. However, it is possible that this period will change and is assessed at each reporting date. For the three months ended June 30, 2019 , the Company recognized no revenue as no development services were provided during this period, and for the six months ended June 30, 2019 , the Company recognized revenue related to development services provided of $0.3 million . For the three and six months ended June 30, 2018 , the Company recognized revenue related to development services of $0.7 million and $0.9 million , respectively. As of June 30, 2019 and December 31, 2018 , the Company estimated short-term deferred revenue of $18.8 million and $8.6 million , respectively; and long-term deferred revenue of $2.2 million and $12.7 million , respectively. Fosun License Agreement The Company and Fosun entered into a license agreement (the “Fosun License Agreement”) in December 2018, whereby the Company has granted Fosun the exclusive rights to develop and commercialize the Company’s proprietary DAXI in mainland China, Hong Kong and Macau (the “Fosun Territory”) and certain sublicense rights. Under the Fosun License Agreement, the Company received a non-refundable upfront payment of $30.0 million net of foreign withholding tax of $3.0 million from Fosun in January 2019. The Company is also eligible to receive (i) additional contingent payments of up to $230.5 million upon the achievement of specified milestones, and (ii) tiered royalty payments in low double-digit to high-teen percentages on annual net sales. Revenue Recognition In accordance with ASC 606, transaction price is defined as the amount of consideration to which an entity expects to be entitled in exchange for promised goods or services to a customer. The Company estimated the transaction price for the Fosun License Agreement using the most likely amount method. The Company evaluated all of the variable payments to be received during the duration of the contract, which included payments from specified milestones, royalties, and estimated supplies to be delivered, and concluded only a certain milestone of $1.0 million was included in the transaction price. The Company will re-evaluate the transaction price at each reporting period and upon a change in circumstances. As of June 30, 2019 , the transaction price allocated to unfulfilled performance obligation is $31.0 million . The Company will recognize revenue on the single performance obligation as control of the manufactured product is supplied to Fosun. For the six months ended June 30, 2019 , no revenue has been recognized from the Fosun License Agreement. As of June 30, 2019 and December 31, 2018, substantially all of the $30.0 million non-refundable upfront payment was included in long-term deferred revenue.

Medicis Settlement

Medicis Settlement	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Medicis Settlement	Medicis Settlement In July 2009, the Company and Medicis Pharmaceutical Corporation (“Medicis”) entered into a license agreement granting Medicis worldwide aesthetic and dermatological rights to the Company’s investigational 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 DAXI and DaxibotulinumtoxinA 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) a product approval payment of $4.0 million to be paid upon the achievement of regulatory approval for DAXI or DaxibotulinumtoxinA Topical by the Company. In December 2012, Medicis was subsequently acquired by Valeant Pharmaceuticals International Inc., now known as Bausch Health Companies Inc. 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 June 30, 2019 , the fair value of the Company’s liability for the product approval payment was $2.8 million , which was measured using a term of 1.4 years , a risk-free rate of 1.8% and a credit risk adjustment of 7.5% . As of December 31, 2018 , the fair value of the Company’s liability for the product approval payment was $2.7 million , which was measured using a term of 1.5 years , a risk-free rate of 2.6% and a credit risk adjustment of 8.0% . The term is based on an expected Biologics License Application (“BLA”) approval in 2020. For the six months ended June 30, 2019 and 2018, no payment was made for the product approval payment.

Cash Equivalents and Investment

Cash Equivalents and Investments	6 Months Ended
	Jun. 30, 2019
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, U.S. government agency obligations, and commercial paper which are classified as available-for-sale securities. The following table is a summary of amortized cost, unrealized gains and losses, and fair value: June 30, 2019 December 31, 2018 Unrealized Unrealized (in thousands) Cost Gains Fair Value Cost Gains Losses Fair Value Money market funds $ 81,734 $ — $ 81,734 $ 38,354 $ — $ — $ 38,354 U.S. treasury securities 113,991 116 114,107 80,844 5 (5 ) 80,844 U.S. government agency obligations — — — 52,586 — (8 ) 52,578 Commercial paper 44,730 — 44,730 — — — — Total cash equivalents and available-for-sale securities $ 240,455 $ 116 $ 240,571 $ 171,784 $ 5 $ (13 ) $ 171,776 Classified as: Cash equivalents $ 88,713 $ 69,220 Short-term investments 151,858 102,556 Total cash equivalents and available-for-sale securities $ 240,571 $ 171,776 As of June 30, 2019 and December 31, 2018, the Company has no other-than-temporary impairments on its available-for-sale securities. Related Party Transactions The Company had no related party transactions for the six months ended June 30, 2019 . As of December 31, 2018 , 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 3.8 million shares or 10.3% of the Company’s outstanding common stock. J.P. Morgan Securities LLC is an affiliate of JPMorgan Chase Bank, NA, and it acts as a custodian and trustee for certain investments of the Company. As of December 31, 2018, cash, cash equivalents, and investments of $87.7 million were held in an investment account with J.P. Morgan Securities LLC. As of June 30, 2019

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
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 following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy: June 30, 2019 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 81,734 $ 81,734 $ — $ — U.S. treasury securities 114,107 114,107 — — Commercial paper 44,730 — 44,730 — Total assets measured at fair value $ 240,571 $ 195,841 $ 44,730 $ — Liabilities Derivative liability associated with the Medicis settlement $ 2,824 $ — $ — $ 2,824 Total liabilities measured at fair value $ 2,824 $ — $ — $ 2,824 December 31, 2018 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 38,354 $ 38,354 $ — $ — U.S. treasury securities 80,844 80,844 — — U.S. government agency obligations 52,578 — 52,578 — Total assets measured at fair value $ 171,776 $ 119,198 $ 52,578 $ — Liabilities Derivative liability associated with the Medicis settlement $ 2,753 $ — $ — $ 2,753 Total liabilities measured at fair value $ 2,753 $ — $ — $ 2,753 The Company classifies U.S. government agency obligations and commercial paper within Level 2 because it uses alternative pricing sources and models utilizing market observable inputs to determine their fair values. The following table summarizes the change in the fair value of the Company’s Level 3 financial instrument: (in thousands) Derivative Liability Associated with the Medicis Settlement Fair value as of December 31, 2018 $ 2,753 Change in fair value 71 Fair value as of June 30, 2019 $ 2,824 The fair value of the derivative liability associated with the Medicis 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 3). 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.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Leases	Leases The Company has non-cancelable operating leases for facilities for research, manufacturing, and administrative functions, and equipment operating leases. One of the facility operating leases commenced in February 2019. As of June 30, 2019 , the weighted average remaining lease term is 7.2 years . The monthly payments for the facility lease escalate over the facility lease term with the exception of a decrease in payments at the beginning of 2022. The Company has options to extend the facility operating leases for up to 14 years. The Company’s lease contracts do not contain termination options, residual value guarantees or restrictive covenants. The operating lease costs are summarized as follows: Three Months Ended Six Months Ended (in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 1,425 $ 2,768 Variable lease cost (1) 298 588 Total operating lease costs $ 1,723 $ 3,356 (1) Variable lease cost includes management fees, common area maintenance, property taxes, and insurance, which are not included in the lease liabilities and are expensed as incurred. As of June 30, 2019 , maturities of the Company’s operating lease liabilities are as follows: Year Ending December 31, (in thousands) 2019 remaining six months $ 3,268 2020 6,735 2021 6,942 2022 5,464 2023 5,557 2024 and thereafter 17,959 Total operating lease payments 45,925 Less imputed interest (1) (15,096 ) Present value of operating lease payments $ 30,829 (1) The Company’s lease contracts do not provide a readily determinable implicit rate. The imputed interest was based on a weighted average discount rate of 12.0% , which represents the estimated incremental borrowing based on the information available at the adoption or commencement dates. As of December 31, 2018 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows: Year Ending December 31, (in thousands) 2019 $ 5,826 2020 6,011 2021 6,196 2022 4,696 2023 and thereafter 20,173 Total payments $ 42,902 Supplemental cash flow information related to the operating leases was as follows: Six Months Ended (in thousands) June 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,069 Right-of-use assets obtained in exchange for operating lease liabilities $ 3,890

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Purchase Commitments The Company and Ajinomoto Althea, Inc. (“Althea”) are parties to a Technology Transfer, Validation and Commercial Fill/Finish Services Agreement (the “Althea Services Agreement”), under which Althea provides the Company a contract development and manufacturing organization, which allows the Company to have expanded capacity and a second source for drug product manufacturing in order to support a global launch of DAXI. Under the Althea Services Agreement, the initial term is to 2024, unless terminated sooner by either company, and the Company has minimum purchase obligations based on its production forecasts. As of June 30, 2019 , the Company made non-refundable advanced payments of $1.9 million under the Althea Services Agreement. The remaining services can be canceled at any time, with the Company required to pay costs incurred through the cancellation date. Contingencies The Company is obligated to pay $2.0 million milestone payment to a developer of botulinum toxin, List Biological Laboratories, Inc. (“List Laboratories”), when a certain regulatory milestone is achieved. As of June 30, 2019 , the milestone has not been achieved. The Company is also obligated to pay royalties to List Laboratories on future sales of botulinum toxin products. The Company and Botulinum Toxin Research Associates, Inc. (“BTRX”) are parties to an asset purchase agreement (the “BTRX Purchase Agreement”), under which the Company is obligated to pay up to $16.0 million to BTRX upon the satisfaction of milestones relating to the Company’s product revenue, intellectual property, and clinical and regulatory events. As of June 30, 2019 , a one-time intellectual property development milestone liability of $1.0 million has been recorded in accruals on the Company’s Condensed Consolidated Balance Sheets. The Company and BioSentinel, Inc. (“BioSentinel”) are parties to an agreement under which the Company in-licenses BioSentinel’s technology and expertise for research, development and manufacturing purposes. The Company is obligated to pay BioSentinel minimum quarterly use fees, and a one-time milestone payment of $0.3 million when regulatory approval is achieved. As of June 30, 2019 , the milestone has not been achieved. Indemnification The Company has standard indemnification agreements in the ordinary course of business. Under these indemnification agreements, 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 agreements. The maximum potential amount of future payments the Company is obligated to pay under these indemnification agreements is not determinable because it involves claims that may be made against the Company in the future, but have not been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has 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. For the six months ended June 30, 2019 , no amounts associated with the indemnification agreements have been recorded.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Common Stock Warrants As of June 30, 2019 and December 31, 2018 , 34,113 common stock warrants were outstanding at an exercise price of $14.95 per share, which expire in 2020. Stock Option Plan 2014 Equity Incentive Plan (“2014 EIP”) On January 1, 2019, the number of shares of common stock reserved for issuance under the 2014 EIP increased by 1,479,008 shares. For the six months ended June 30, 2019 , 1,070,950 stock options and 460,325 restricted stock awards were granted under the 2014 EIP. As of June 30, 2019 , 1,984,483 shares were available for issuance under the 2014 EIP. 2014 Inducement Plan (the “2014 IN”) For the six months ended June 30, 2019 , no stock options or restricted stock awards were granted under the 2014 IN. As of June 30, 2019 , 170,019 shares were available for issuance under the 2014 IN. 2014 Employee Stock Purchase Plan (the “2014 ESPP”) On January 1, 2019, the number of shares of common stock reserved for issuance under the 2014 ESPP increased by 300,000 shares. As of June 30, 2019 , 1,443,774 shares were available for issuance under the 2014 ESPP. Stock-Based Compensation Stock-based compensation expense was allocated as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 2,253 $ 1,868 $ 4,332 $ 3,791 General and administrative 2,167 2,304 4,247 4,539 Total stock-based compensation expense $ 4,420 $ 4,172 $ 8,579 $ 8,330 Net Loss per Share The Company’s basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, which includes the vested restricted stock awards. The diluted net loss per share is calculated by giving effect to all potential dilutive common stock equivalents outstanding for the period. For purposes of this calculation, outstanding stock options, outstanding common stock warrants, unvested restricted stock awards, and shares of common stock expected to be purchased under 2014 ESPP are considered common stock equivalents, which were excluded from the computation of diluted net loss per share because including them would have been antidilutive. Common stock equivalents that were excluded from the computation of diluted net loss per share are presented as below: As of June 30, 2019 2018 Outstanding common stock options 4,438,894 3,530,799 Outstanding common stock warrants 34,113 34,113 Unvested restricted stock awards 797,190 668,619 Follow-On Public Offering In January 2019, the Company completed the 2019 follow-on public offering, pursuant to which the Company issued 6,764,705 shares of common stock at $17.00 per share, including the exercise of the underwriters’ over-allotment option to purchase 882,352 additional shares of common stock, for net proceeds of $107.6 million , after underwriting discounts, commissions and other offering expenses. At-The-Market Offering The Company and Cantor Fitzgerald & Co. (“Cantor Fitzgerald”) are parties to a Controlled Equity Offering sales agreement (the “2018 ATM Agreement”), under which the Company may offer and sell common stock having aggregate proceeds of up to $125.0 million through Cantor Fitzgerald as its sales agent. Under the 2018 ATM Agreement, sales of common stock through Cantor Fitzgerald 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 Cantor Fitzgerald. From time to time, Cantor Fitzgerald may sell the common stock based upon the Company’s instructions, and the Company will pay a commission to Cantor Fitzgerald of up to 3.0% of the gross sales proceeds of any common stock sold through Cantor Fitzgerald. For the six months ended June 30, 2019 and 2018, no

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes California State Apportionment In 2018, the Company petitioned the California Franchise Tax Board for an alternative apportionment percentage due to the insignificant apportionment percentage derived from the single sales factor methodology for California. In January 2019, the California Franchise Tax Board approved the use of an alternative apportionment method. The Company’s net operating losses (“NOL”) in California is estimated to increase by approximately $209 million as a result of the change in apportionment model. The Company has increased its deferred tax assets by $15 million with a corresponding offsetting adjustment to its valuation allowance. There is no impact to the Company’s net loss in the period as a result of the adjustment.

The Company and Summary of Si_2

The Company and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying Condensed Consolidated Financial Statements are unaudited, and reflect all adjustments which are, in the opinion of management, of a normal recurring nature and necessary for a fair statement of the results for the interim periods presented. The Condensed Consolidated Balance Sheet for the year ended December 31, 2018 was derived from audited Consolidated Financial Statements, but does not include all disclosures required by U.S. generally accepted accounting principles (“U.S. 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, 2019 , 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 its Annual Report on Form 10-K for the year ended December 31, 2018 , which was filed with the Securities and Exchange Commission (“SEC”), on February 28, 2019. The Condensed Consolidated Financial Statements include the Company’s accounts and those of its wholly-owned subsidiaries, and have been prepared in conformity with U.S. GAAP. The Company operates in one segment.
Principles of Consolidation	Principles of Consolidation The Condensed Consolidated Financial Statements include the accounts of the company and its wholly-owned subsidiaries. All intercompany transactions have been eliminated.
Use of Estimates	Use of Estimates The preparation of the Condensed Consolidated Financial Statements in conformity with U.S. 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 revenue recognition, deferred revenue, accruals including clinical trial accruals, stock-based compensation, fair value of derivative liability, 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 In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) which requires an entity to recognize right-of-use asset and lease liabilities arising from a lease for both financing and operating leases with terms greater than twelve months. In July 2018, the FASB issued ASU 2018-10, Leases (Topic 842), Codification Improvements and ASU 2018-11, Leases (Topic 842), Targeted Improvements , to provide additional guidance for the Topic 842 adoption. ASU 2018-10 clarifies certain provisions and correct unintended applications of the guidance such as the application of implicit rate, lessee reassessment of lease classification, and certain transition adjustments that should be recognized to earnings rather than to stockholders’ equity. ASU 2018-11 provides an alternative transition method to allow entities initially applying Topic 842 at the adoption date, rather than at the beginning of the earliest comparative period presented, and recognizing the cumulative effect of applying the new standard as an adjustment to beginning retained earnings in the year of adoption while continuing to present all prior periods under previous lease accounting guidance. ASU 2018-11 also provides a number of optional practical expedients in transition. In March 2019, the FASB issued ASU 2019-01, Leases (Topic 842): Codification Improvements . The Company evaluated ASU 2019-01 in its entirety and determined that Issue 3, Transition disclosures related to Topic 250, Accounting Changes and Error Corrections , is the only provision that currently applies to the Company. Issue 3 of ASU 2019-01 exempts certain interim disclosures in the fiscal year of adoption. ASU 2018-11, ASU 2018-10, ASU 2016-02, and Issue 3 of ASU 2019-01 (collectively, “the new lease standards”) are effective for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company has elected the transition method under ASU 2018-11 at the adoption date of January 1, 2019 on a modified retrospective basis and will not restate comparative periods. The Company has also elected all of the available practical expedients except the practical expedient allowing the use of hindsight in determining the lease term and assessing impairment of right-of-use assets based on all facts and circumstances through the effective date of the new standard. The Company has elected the recognition exemption for short-term leases for all leases that qualify. Under this exemption, the Company will not recognize right-of-use assets or lease liabilities for those leases that qualify as a short-term lease. For real estate leases, the Company did not elect the practical expedient to combine lease and non-lease components, therefore the Company accounts for lease and non-lease components separately. For equipment leases, lease and non-lease components are accounted for as a single lease component. The Company recognized $24.7 million and $28.2 million as total right-of-use assets and total lease liabilities, respectively, on its Condensed Consolidated Balance Sheet as of January 1, 2019 for its existing operating lease agreements for the office and manufacturing spaces in Newark, California and equipment leases. The existing deferred rent liabilities of $3.5 million associated with the same lease agreements was reversed as of January 1, 2019. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018-15, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40) Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract . The amendments in ASU 2018-15 align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. ASU 2018-15 is effective for fiscal years beginning after December 15, 2019 with early adoption permitted. The Company is evaluating the impact of this standard on its Condensed Consolidated Financial Statements and disclosures.

Cash Equivalents and Investme_2

Cash Equivalents and Investments (Tables)	6 Months Ended
	Jun. 30, 2019
Investments, Debt and Equity Securities [Abstract]
Available-for-sale Securities	The following table is a summary of amortized cost, unrealized gains and losses, and fair value: June 30, 2019 December 31, 2018 Unrealized Unrealized (in thousands) Cost Gains Fair Value Cost Gains Losses Fair Value Money market funds $ 81,734 $ — $ 81,734 $ 38,354 $ — $ — $ 38,354 U.S. treasury securities 113,991 116 114,107 80,844 5 (5 ) 80,844 U.S. government agency obligations — — — 52,586 — (8 ) 52,578 Commercial paper 44,730 — 44,730 — — — — Total cash equivalents and available-for-sale securities $ 240,455 $ 116 $ 240,571 $ 171,784 $ 5 $ (13 ) $ 171,776 Classified as: Cash equivalents $ 88,713 $ 69,220 Short-term investments 151,858 102,556 Total cash equivalents and available-for-sale securities $ 240,571 $ 171,776

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Schedule of Fair Value of Financial Instruments	The following table summarizes, for assets and liabilities measured at fair value, the respective fair value and the classification by level of input within the fair value hierarchy: June 30, 2019 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 81,734 $ 81,734 $ — $ — U.S. treasury securities 114,107 114,107 — — Commercial paper 44,730 — 44,730 — Total assets measured at fair value $ 240,571 $ 195,841 $ 44,730 $ — Liabilities Derivative liability associated with the Medicis settlement $ 2,824 $ — $ — $ 2,824 Total liabilities measured at fair value $ 2,824 $ — $ — $ 2,824 December 31, 2018 (in thousands) Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 38,354 $ 38,354 $ — $ — U.S. treasury securities 80,844 80,844 — — U.S. government agency obligations 52,578 — 52,578 — Total assets measured at fair value $ 171,776 $ 119,198 $ 52,578 $ — Liabilities Derivative liability associated with the Medicis settlement $ 2,753 $ — $ — $ 2,753 Total liabilities measured at fair value $ 2,753 $ — $ — $ 2,753
Summary of Changes in Fair Value of Financial Instruments	The following table summarizes the change in the fair value of the Company’s Level 3 financial instrument: (in thousands) Derivative Liability Associated with the Medicis Settlement Fair value as of December 31, 2018 $ 2,753 Change in fair value 71 Fair value as of June 30, 2019 $ 2,824

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases [Abstract]
Operating Lease Costs	The operating lease costs are summarized as follows: Three Months Ended Six Months Ended (in thousands) June 30, 2019 June 30, 2019 Operating lease cost $ 1,425 $ 2,768 Variable lease cost (1) 298 588 Total operating lease costs $ 1,723 $ 3,356 (1) Variable lease cost includes management fees, common area maintenance, property taxes, and insurance, which are not included in the lease liabilities and are expensed as incurred.
Operating Lease Liability Maturities	As of June 30, 2019 , maturities of the Company’s operating lease liabilities are as follows: Year Ending December 31, (in thousands) 2019 remaining six months $ 3,268 2020 6,735 2021 6,942 2022 5,464 2023 5,557 2024 and thereafter 17,959 Total operating lease payments 45,925 Less imputed interest (1) (15,096 ) Present value of operating lease payments $ 30,829 (1) The Company’s lease contracts do not provide a readily determinable implicit rate. The imputed interest was based on a weighted average discount rate of 12.0% , which represents the estimated incremental borrowing based on the information available at the adoption or commencement dates. As of December 31, 2018 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows: Year Ending December 31, (in thousands) 2019 $ 5,826 2020 6,011 2021 6,196 2022 4,696 2023 and thereafter 20,173 Total payments $ 42,902
Supplemental Cash Flow Information	Supplemental cash flow information related to the operating leases was as follows: Six Months Ended (in thousands) June 30, 2019 Cash paid for amounts included in the measurement of operating lease liabilities $ 3,069 Right-of-use assets obtained in exchange for operating lease liabilities $ 3,890

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Stock-based Compensation Expense	Stock-based compensation expense was allocated as follows: (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Research and development $ 2,253 $ 1,868 $ 4,332 $ 3,791 General and administrative 2,167 2,304 4,247 4,539 Total stock-based compensation expense $ 4,420 $ 4,172 $ 8,579 $ 8,330
Summary of Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) Per Share	Common stock equivalents that were excluded from the computation of diluted net loss per share are presented as below: As of June 30, 2019 2018 Outstanding common stock options 4,438,894 3,530,799 Outstanding common stock warrants 34,113 34,113 Unvested restricted stock awards 797,190 668,619

The Company and Summary of Si_3

The Company and Summary of Significant Accounting Policies- Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Jan. 01, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 37,390	$ 34,080	$ 72,694	$ 69,118
Working capital surplus	205,200		205,200
Accumulated deficit	757,469		757,469			$ 684,775
Contract with customer, liability, net	241,900		$ 241,900
Cash and cash equivalents, and investments, expected funding term for operating plan			12 months
Operating lease right of use assets	27,602		$ 27,602		$ 24,700
Operating lease liabilities	$ 30,829		$ 30,829		28,200
Deferred rent liabilities					$ (3,500)

Revenue (Details)

Revenue (Details) - USD ($)	Feb. 28, 2018	Jan. 31, 2019	Dec. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Deferred revenue, current portion			$ 8,588,000	$ 18,825,000		$ 18,825,000
Deferred revenue, net of current portion			42,684,000	32,169,000		32,169,000
Mylan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non-refundable upfront payment	$ 25,000,000
Contingent payments	100,000,000
Revenue maximum for receipt of tiered milestone payments	225,000,000
Revenue maximum for waiver of royalties	50,000,000
Transaction price	81,000,000
Remaining performance obligation				76,400,000		76,400,000
Shanghai Fosun Pharmaceutical Industrial Development Co., Ltd. [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contingent payments				230,500,000		230,500,000
Revenue maximum for receipt of tiered milestone payments			1,000,000
Remaining performance obligation				31,000,000		31,000,000
Deferred revenue, net of current portion				30,000,000		30,000,000
Contract with Customer, Asset, before Allowance for Credit Loss		$ 30,000,000
Foreign Withholding Tax, Amount		$ 3,000,000
Development Services [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Contract with customer, liability, revenue recognized				0	$ 700,000	300,000	$ 900,000
Deferred revenue, current portion			8,600,000	18,800,000		18,800,000
Contract with Customer, Refund Liability, Noncurrent			$ 12,700,000	$ 2,200,000		$ 2,200,000
Development Milestones | Mylan
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue maximum for receipt of tiered milestone payments	$ 40,000,000

Medicis Settlement - Additional

Medicis Settlement - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	6 Months Ended		12 Months Ended
	Oct. 31, 2012	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2014	Dec. 31, 2013
Medicis Pharmaceutical Corporation
Settlement And Termination [Line Items]
Settlement consideration payable	$ 25
Upfront payment paid	7
Medicis Pharmaceutical Corporation | Proceeds Sharing Arrangement
Settlement And Termination [Line Items]
Settlement agreement, payable	$ 14
Settlement payment				$ 7.1	$ 6.9
Medicis Pharmaceutical Corporation | Product Approval Payment Derivative
Settlement And Termination [Line Items]
Derivative liability for the Product Approval Payment		$ 2.8	$ 2.7
Valeant Pharmaceuticals International, Inc. | Product Approval Payment Derivative
Settlement And Termination [Line Items]
Accrued milestone obligations		$ 4
Measurement Input, Expected Term | Medicis Pharmaceutical Corporation | Product Approval Payment Derivative
Settlement And Termination [Line Items]
Fair Value, Measurement Input, Duration		1 year 4 months 24 days	1 year 6 months
Measurement Input, Risk Free Interest Rate | Medicis Pharmaceutical Corporation | Product Approval Payment Derivative
Settlement And Termination [Line Items]
Fair Value, Measurement Input		1.80%	2.60%
Measurement Input, Entity Credit Risk | Medicis Pharmaceutical Corporation | Product Approval Payment Derivative
Settlement And Termination [Line Items]
Fair Value, Measurement Input		7.50%	8.00%

Cash Equivalents and Investme_3

Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Cost	$ 240,455	$ 171,784
Gains	116	5
Losses		(13)
Fair Value	240,571	171,776
Cash equivalents
Debt Securities, Available-for-sale [Line Items]
Fair Value	88,713	69,220
Short-term investments
Debt Securities, Available-for-sale [Line Items]
Fair Value	151,858	102,556
Money market funds
Debt Securities, Available-for-sale [Line Items]
Cost	81,734	38,354
Gains	0	0
Losses		0
Fair Value	81,734	38,354
U.S. treasury securities
Debt Securities, Available-for-sale [Line Items]
Cost	113,991	80,844
Gains	116	5
Losses		(5)
Fair Value	114,107	80,844
U.S. government agency obligations
Debt Securities, Available-for-sale [Line Items]
Cost	0	52,586
Gains	0	0
Losses		(8)
Fair Value	0	52,578
Commercial paper
Debt Securities, Available-for-sale [Line Items]
Cost	44,730	0
Gains	0	0
Losses		0
Fair Value	$ 44,730	$ 0

Cash Equivalents and Investme_4

Cash Equivalents and Investments - Related Party Transactions (Details) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2018USD ($)shares
Related Party Transaction [Line Items]
Common stock outstanding, held by JP Morgan Chase (shares) | shares	3.8
Cash, cash equivalents and investments, held by JP Morgan Chase | $	$ 87.7
J.P. Morgan Securities LLC
Related Party Transaction [Line Items]
Percent of outstanding common stock held by JP Morgan Chase during the period	10.30%

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Detail) - Recurring - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	$ 240,571	$ 171,776
Total liabilities measured at fair value	2,824	2,753
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	81,734	38,354
U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	114,107	80,844
U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value		52,578
Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	44,730
Derivative liability associated with the Medicis settlement
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total liabilities measured at fair value	2,824	2,753
Level 1
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	195,841	119,198
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	81,734	38,354
Level 1 | U.S. treasury securities
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	114,107	80,844
Level 1 | U.S. government agency obligations
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value		0
Level 1 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	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	44,730	52,578
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		52,578
Level 2 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	44,730
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	2,824	2,753
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
Level 3 | Commercial paper
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items]
Total assets measured at fair value	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	$ 2,824	$ 2,753

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, 2019USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value as of December 31, 2018	$ 2,753
Change in fair value	71
Fair value as of June 30, 2019	$ 2,824

Leases (Details)

Leases (Details)	Jun. 30, 2019
Leases [Abstract]
Weighted average remaining lease term	7 years 2 months 12 days
Extended term of lease	14 years

Leases -Operating Lease Costs (

Leases -Operating Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2019
Leases [Abstract]
Operating lease cost	$ 1,425	$ 2,768
Variable lease cost	298	588
Total operating lease costs	$ 1,723	$ 3,356

Leases - Operating Lease Liabil

Leases - Operating Lease Liability Maturities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019
Leases [Abstract]
2019 remaining six months	$ 3,268
2020	6,735
2021	6,942
2022	5,464
2023	5,557
2024 and thereafter	17,959
Total operating lease payments	45,925
Less imputed interest (1)	(15,096)
Present value of operating lease payments	$ 30,829	$ 28,200
Weighted average discount rate (percent)	12.00%

Leases - Aggregate Future Nonca

Leases - Aggregate Future Noncancelable Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Leases [Abstract]
2019	$ 5,826
2020	6,011
2021	6,196
2022	4,696
2023 and thereafter	20,173
Total payments	$ 42,902

Leases - Supplemental Cash Flow

Leases - Supplemental Cash Flow Information (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Leases [Abstract]
Cash paid for amounts included in the measurement of operating lease liabilities	$ 3,069
Right-of-use assets obtained in exchange for operating lease liabilities	$ 3,890

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)	6 Months Ended
	Jun. 30, 2019USD ($)
Loss Contingencies [Line Items]
Indemnification liability recorded during the period	$ 0
List Laboratories | Product Approval Payment Derivative
Loss Contingencies [Line Items]
Accrued milestone obligations	2,000,000
Botulinum Toxin Research Associates, Inc.
Loss Contingencies [Line Items]
Accrued milestone obligations	16,000,000
BioSentinel, Inc.
Loss Contingencies [Line Items]
Accrued milestone obligations	300,000
Other Current Liabilities
Loss Contingencies [Line Items]
Fair Value of Assets Acquired	1,000,000
Service Agreements | Ajinomoto Althea, Inc.
Loss Contingencies [Line Items]
Prepaid Purchase Obligations	$ 1,900,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Plan Additional Information (Details) - USD ($)	Jan. 01, 2019	Jan. 31, 2019	Jun. 30, 2019	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Follow On Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, new issues (in shares)		6,764,705
Share price (in dollar per share)		$ 17
Proceeds from issuance of common stock		$ 107,600,000
Over-Allotment Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, new issues (in shares)		882,352
At the Market Offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock issued during period, shares, new issues (in shares)				0	0
Stock issuance sales agreement, authorized offering price, maximum				$ 125,000,000
Stock issuance sales agreement, commission rate (percent)				3.00%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for purchase under common stock warrants (in shares)			34,113	34,113		34,113,000
Employee Stock Option and Restricted Stock Awards | 2014 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of additional shares authorized (in shares)	1,479,008
Shares underlying stock options granted (in shares)			1,070,950
Share granted under restricted stock awards (shares)			460,325
Shares available for issuance (in shares)			1,984,483	1,984,483
Employee Stock Option | 2014 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares underlying stock options granted (in shares)				0
Shares available for issuance (in shares)			170,019	170,019
Employee Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation arrangement by share-based payment award, number of additional shares authorized (in shares)	300,000
Common stock, capital shares reserved for future issuance (in shares)			1,443,774	1,443,774
Weighted Average | Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price per share (in USD per share)			$ 14.95	$ 14.95		$ 14.95

Stockholders' Equity - Stock _2

Stockholders' Equity - Stock Option Plan Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock based compensation expense	$ 4,420	$ 4,172	$ 8,579	$ 8,330
Research and Development
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock based compensation expense	2,253	1,868	4,332	3,791
General and Administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock based compensation expense	$ 2,167	$ 2,304	$ 4,247	$ 4,539

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Equivalents Excluded from the Calculation of Earnings per Share (Details) - shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
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)	4,438,894	3,530,799
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)	34,113	34,113
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)	797,190	668,619

Income Taxes (Details)

Income Taxes (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Income Tax Contingency [Line Items]
Increase in deferred tax assets	$ 15
CALIFORNIA
Income Tax Contingency [Line Items]
Increase in NOL due to change in apportionment model	$ 209