Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 29, 2015 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Revance Therapeutics, Inc. | |
Entity Central Index Key | 1,479,290 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,950,519 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 96,417 | $ 171,032 |
Short-term investments | 38,884 | 0 |
Restricted cash, current portion | 35 | 75 |
Prepaid expenses and other current assets | 1,920 | 1,624 |
Total current assets | 137,256 | 172,731 |
Property and equipment, net | 19,134 | 19,274 |
Long-term investments | 14,052 | 0 |
Restricted cash, net of current portion | 400 | 435 |
Other non-current assets | 374 | 29 |
TOTAL ASSETS | 171,216 | 192,469 |
CURRENT LIABILITIES | ||
Accounts payable | 2,211 | 3,149 |
Accruals and other current liabilities | 5,040 | 4,145 |
Financing obligation, current portion | 2,906 | 307 |
Notes payable, current portion and net of discount | 0 | 2,635 |
Total current liabilities | 10,157 | 10,236 |
Financing obligation, net of current portion | 6,973 | 598 |
Derivative liabilities associated with Medicis settlement | 1,494 | 1,541 |
Deferred rent | 3,751 | 3,725 |
TOTAL LIABILITIES | $ 22,375 | $ 16,100 |
Commitments and Contingencies (Note 9) | ||
STOCKHOLDERS’ EQUITY | ||
Common stock, par value $0.001 per share — 95,000,000 shares authorized both as of June 30, 2015 and December 31, 2014, respectively; 23,945,936 and 23,774,465 shares issued and outstanding as of June 30, 2015 and December 31, 2014, respectively | $ 24 | $ 24 |
Additional paid-in capital | 439,833 | 435,142 |
Accumulated other comprehensive loss | (12) | 0 |
Accumulated deficit | (291,004) | (258,797) |
TOTAL STOCKHOLDERS’ EQUITY | 148,841 | 176,369 |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ 171,216 | $ 192,469 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 95,000,000 | 95,000,000 |
Common stock, shares issued (in shares) | 23,945,936 | 23,774,465 |
Common stock, shares outstanding (in shares) | 23,945,936 | 23,774,465 |
Condensed Consolidated Statemen
Condensed Consolidated Statement of Operations and Comprehensive Loss - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2012 | |
Income Statement [Abstract] | ||||
Revenue | $ 75,000 | $ 75,000 | $ 233,000 | $ 150,000 |
Operating expenses: | ||||
Research and development | 10,303,000 | 8,110,000 | 15,661,000 | 19,557,000 |
General and administrative | 6,360,000 | 4,857,000 | 8,950,000 | 12,356,000 |
Total operating expenses | 16,663,000 | 12,967,000 | 24,611,000 | 31,913,000 |
Loss from operations | (16,588,000) | (12,892,000) | (24,378,000) | (31,763,000) |
Interest income | 49,000 | 1,000 | 4,000 | 76,000 |
Interest expense | (279,000) | (267,000) | (10,108,000) | (444,000) |
Change in fair value of derivative liabilities associated with the convertible notes | 0 | 0 | 4,032,000 | 0 |
Changes in fair value of derivative liabilities associated with Medicis settlement | 89,000 | (76,000) | (493,000) | 47,000 |
Change in fair value of common stock warrant liability | 0 | 0 | (2,151,000) | 0 |
Change in fair value of convertible preferred stock warrant liability | 0 | 0 | (210,000) | 0 |
Loss on settlement of preferred stock warrant | 0 | 0 | (1,356,000) | 0 |
Other expense, net | (76,000) | (68,000) | (68,000) | (123,000) |
Net loss | (16,805,000) | (13,302,000) | (34,728,000) | (32,207,000) |
Unrealized loss on available for sale securities | (12,000) | 0 | 0 | (12,000) |
Comprehensive loss | (16,817,000) | (13,302,000) | (34,728,000) | (32,219,000) |
Net loss attributable to common stockholders (Note 12): | ||||
Basic | (16,805,000) | (13,302,000) | (34,728,000) | (32,207,000) |
Diluted | $ (16,805,000) | $ (13,302,000) | $ (34,728,000) | $ (32,207,000) |
Net loss per share attributable to common stockholders: | ||||
Basic (in dollars per share) | $ (0.71) | $ (0.69) | $ (2.26) | $ (1.37) |
Diluted (in dollars per share) | $ (0.71) | $ (0.69) | $ (2.26) | $ (1.37) |
Weighted-average number of shares used in computing net loss per share attributable to common stockholders: | ||||
Basic (in shares) | 23,584,910 | 19,380,934 | 15,361,215 | 23,560,133 |
Diluted (in shares) | 23,584,910 | 19,380,934 | 15,361,215 | 23,560,133 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (32,207) | $ (34,728) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 1,075 | 1,019 |
Amortization of premium on investment | 128 | 0 |
Amortization of discount on debt and capital leases | 5 | 1,122 |
Amortization of debt issuance cost | 39 | 99 |
Change in fair value of derivative liabilities associated with the convertible notes | 0 | (4,032) |
Changes in fair value of derivative liabilities associated with Medicis settlement | (47) | 493 |
Change in fair value of common stock warrant liability | 0 | 2,151 |
Change in fair value of convertible preferred stock warrant liability | 0 | 210 |
Loss on settlement of preferred stock warrant | 0 | 1,356 |
Loss on extinguishment of 2013 Notes | 0 | 8,331 |
Stock-based compensation expense | 4,724 | 2,327 |
Interest for 2013 Notes and Essex Notes upon issuance, non-cash | 0 | 271 |
Capitalized interest | 0 | (411) |
Effective interest on financing obligation | 100 | 0 |
Loss on disposal of fixed assets | 29 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (412) | (1,340) |
Other non-current assets | (345) | (1,055) |
Accounts payable | (938) | (4,084) |
Accruals and other current liabilities | 2,234 | 1,633 |
Payments against Medicis liabilities | 0 | (7,073) |
Deferred rent | 103 | 451 |
Net cash used in operating activities | (25,512) | (33,260) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchases of property and equipment | (2,292) | (3,418) |
Purchases of investments | (53,076) | 0 |
Change in restricted cash | 75 | 75 |
Net cash used in investing activities | (55,293) | (3,343) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock, net of deferred follow-on public offering costs | 0 | 131,882 |
Proceeds from issuance of common stock, net of deferred initial public offering costs | 0 | 102,672 |
Proceeds from issuance of convertible notes and notes payable | 0 | 6,750 |
Principal payments made on capital leases and financing obligation | (956) | (66) |
Net settlement of restricted stock awards to settle employee taxes | (620) | 0 |
Principal payments made on notes payable | (2,652) | (4,106) |
Proceeds from sale and leaseback financing | 9,831 | 0 |
Proceeds from the exercise of stock options and employee stock purchase plan | 587 | 303 |
Payments to settle warrants | 0 | (1,438) |
Net cash provided by financing activities | 6,190 | 235,997 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (74,615) | 199,394 |
CASH AND CASH EQUIVALENTS — Beginning of period | 171,032 | 3,914 |
CASH AND CASH EQUIVALENTS — End of period | 96,417 | 203,308 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Cash paid for interest | 300 | 696 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING INFORMATION: | ||
Property and equipment purchases included in accounts payable and accruals and other current liabilities | 20 | 1,484 |
Write-off of fixed assets | 28 | 0 |
Conversion of Series E-1, E-2, E-3, E-4 and E-5 preferred stock into common stock | 0 | 123,982 |
Conversion of 2013 Notes into common stock | 0 | 26,206 |
Issuance of common stock upon net exercise of common stock warrants in connection with IPO | 0 | 6,490 |
Fair value in excess of debt host for derivative liabilities associated with convertible notes | 0 | 1,050 |
Deferred initial public offering costs | 0 | 4,028 |
Deferred follow-on public offering costs | 0 | 546 |
Conversion of preferred stock warrants to common stock warrants | 0 | 1,441 |
Conversion of Essex Notes into financing obligations | 0 | 1,095 |
Termination of stock option repurchase right | 0 | 58 |
Issuance of common stock warrants in connection with the 2013 Notes | 0 | 981 |
Issuance of convertible preferred stock warrants | 0 | 80 |
Accrual for reimbursable tenant improvements | $ 0 | $ 1,109 |
The Company and Basis of Presen
The Company and Basis of Presentation | 6 Months Ended |
Jun. 30, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Basis of Presentation | The Company and Basis of Presentation Revance Therapeutics, Inc., or the Company, was incorporated in Delaware on August 10, 1999 under the name Essentia Biosystems, Inc. The Company commenced operations in June 2002 and on April 19, 2005 , changed its name to Revance Therapeutics, Inc. The Company is a clinical-stage specialty biopharmaceutical company focused on the development, manufacturing and commercialization of novel botulinum toxin products for multiple aesthetic and therapeutic indications. The Company is leveraging its proprietary portfolio of botulinum toxin type A compounds, combined with its patented TransMTS® peptide delivery system to address unmet needs in large and growing neurotoxin markets. Revance's proprietary TransMTS technology enables delivery of botulinum toxin type A through two novel product candidates, topical RT001 and injectable RT002. The Company is pursuing clinical development for RT001 and RT002 for aesthetic and therapeutic indications. The Company holds worldwide rights for all indications of RT001, RT002, and its TransMTS technology platform. Since commencing operations in 2002, the Company has devoted substantially all of its efforts to identifying and developing product candidates for the aesthetic and therapeutic pharmaceutical markets, recruiting personnel and raising capital. The Company has devoted predominantly all of its resources to preclinical, clinical, and manufacturing development of RT001 and RT002. The Company has never been profitable and has not commenced commercial operations. Since the Company's inception, the Company has incurred losses and negative cash flows from operations. The Company has not generated significant revenue from product sales to date and will continue to incur significant research and development and other expenses related to its ongoing operations. For the three and six months ended June 30, 2015 , the Company had a net loss of $16.8 million and $32.2 million and used $25.5 million of cash for operating activities during the six months ended June 30, 2015. As of June 30, 2015 , the Company had a working capital surplus of $127.1 million and an accumulated deficit of $291.0 million . The Company has funded its operations primarily through the sale and issuance of common stock, convertible preferred stock, notes payable, and convertible notes. As of June 30, 2015 , the Company had capital resources consisting of cash, cash equivalents, and investments of $149.4 million . The Company believes that its existing cash, cash equivalents, and investments will allow the Company to fund its operations for at least the next 12 months . Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements, in the opinion of management, include all adjustments which the Company considers necessary for the fair statement of the Condensed Consolidated Results of Operations and Comprehensive Loss and Cash Flows for the interim periods covered and the Condensed Consolidated Financial Position of the Company at the date of the balance sheets. The December 31, 2014 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America, or US GAAP. The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2015 , 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, 2014 , which was filed with the Securities and Exchange Commission, or SEC, on March 4, 2015. The Condensed Consolidated Financial Statements of the Company include the Company’s accounts and those of the Company’s wholly-owned subsidiary and have been prepared in conformity with US GAAP. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2015 | |
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, 2014 . There have been no changes to the Company’s significant accounting policies during the three and six months ended June 30, 2015 , except as described below. Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Such management estimates include the fair value of common stock, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates. Cash and Cash Equivalents The Company considers all highly liquid investment securities with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents may include cash on deposit, money market funds, and debt securities. Investments Short-term investments generally consist of securities with original maturities greater than three months and remaining maturities of less than one year, while long-term investments generally consist of securities with remaining maturities greater than one year. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. All of its investments are classified as available-for-sale and carried at fair value, with the change in unrealized gains and losses reported as a separate component of other comprehensive income (loss) on the Condensed Consolidated Statements of Operations and Comprehensive Loss and accumulated as a separate component of stockholders' equity on the Condensed Consolidated Balance Sheets. Interest income, net includes interest, dividends, amortization of purchase premiums and discounts, realized gains and losses on sales of securities and other-than-temporary declines in the fair value of investments, if any. The cost of securities sold is based on the specific-identification method. The Company monitors its investment portfolio for potential impairment on a quarterly basis. If the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be other-than-temporary, the carrying amount of the security is reduced to fair value and a loss is recognized in operating results for the amount of such decline. In order to determine whether a decline in value is other-than-temporary, the Company evaluates, among other factors, the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, and its intent and ability to hold the security to maturity or forecasted recovery. The Company mitigates its credit risk by investing in money market funds and U.S. government agency obligations which limits the amount of investment exposure as to credit quality and maturity. Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain financial and non-financial assets and liabilities to determine fair value disclosures. The accounting standards define fair value, establish a framework for measuring fair value, and require disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which the Company would transact are considered along with assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable, that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are as follows: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. Accounting Pronouncements In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) , which will require management to assess an entity’s ability to continue as a going concern at each annual and interim period. Related footnote disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year of the report issuance date. If conditions do not give rise to substantial doubt, no disclosures will be required specific to going concern uncertainties. The guidance defines substantial doubt using a likelihood threshold of “probable” similar to the current use of that term in U.S. GAAP for loss contingencies and provides example indicators. The guidance is effective for reporting periods ending after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s financial statements. |
Medicis Settlement
Medicis Settlement | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Medicis Settlement | Medicis Settlement In October 2012 , the Company entered into a settlement and termination agreement with Medicis Pharmaceutical Corporation, or Medicis. Medicis was subsequently acquired by Valeant Pharmaceuticals International, Inc. in December 2012. The terms of the settlement provided for the reacquisition of the rights related to all territories of RT001 and RT002 from Medicis and for consideration payable by the Company to Medicis of up to $25.0 million , comprised of (i) an upfront payment of $7.0 million , which was paid in 2012, (ii) a Proceeds Sharing Arrangement Payment of $14.0 million due upon specified capital raising achievements by the Company, of which $6.9 million was paid in 2013 and the remaining $7.1 million was paid in 2014, and (iii) $4.0 million to be paid upon the achievement of regulatory approval for RT001 or RT002 by the Company, or Product Approval Payment. As of June 30, 2015 , the Company determined the fair value of its liability for the Product Approval Payment was $1.5 million , which was measured by assuming a term of 4 years, a risk-free rate of 1.3% and a credit risk adjustment of 6.3% . The Company’s assumption for the expected term is based on an expected Biologics License Application, or BLA, approval in 2019. The Company did not make any payments under the Product Approval Payment during the six months ended June 30, 2015 . |
Cash Equivalents and Investment
Cash Equivalents and Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash Equivalents and Investments | Cash Equivalents and Investments The Company's cash equivalents and investments consist of money market funds and U.S. government agency obligations, which are classified as available-for-sale securities. The following table is a summary of amortized cost, unrealized gain and loss, and fair value (in thousands): June 30, 2015 December 31, 2014 Gross Unrealized Gross Unrealized Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 90,659 $ — $ — $ 90,659 $ 166,038 $ — $ — $ 166,038 U.S. government agency obligations 52,948 2 (14 ) 52,936 — — — — Total cash equivalents and available-for-sale securities $ 143,607 $ 2 $ (14 ) $ 143,595 $ 166,038 $ — $ — $ 166,038 Classified as: Cash equivalents $ 90,659 $ 166,038 Short-term investments 38,884 — Long-term investments 14,052 — Total cash equivalents and available-for-sale securities $ 143,595 $ 166,038 As of June 30, 2015 and December 31, 2014 , the remaining contractual maturities of available-for-sale securities were less than two years. There have been no significant realized gains or losses on available-for-sale securities for the periods presented. No significant available-for-sale securities held as of June 30, 2015 have been in a continuous unrealized loss position for more than 12 months. As of June 30, 2015 , unrealized losses on available-for-sale investments are not attributed to credit risk and are considered to be temporary. The Company believes that it is more-likely-than-not that investments in an unrealized loss position will be held until maturity or the cost basis of the investment will be recovered. The Company believes it has no other-than-temporary impairments on its securities as it does not intend to sell these securities and believes it is not more likely than not that it will be required to sell these securities before the recovery of their amortized cost basis. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in fair value. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. These liabilities, consisting of the Medicis settlement, are considered Level 3 instruments, while the assets, consisting of money market funds and U.S. government agency obligations, are considered Level 1 and Level 2 instruments, respectively. The fair value of these instruments was as follows (in thousands): June 30, 2015 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 90,659 $ 90,659 $ — $ — U.S. government agency obligations 52,936 — 52,936 — Total assets measured at fair value $ 143,595 $ 90,659 $ 52,936 $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,494 $ — $ — $ 1,494 Total liabilities measured at fair value $ 1,494 $ — $ — $ 1,494 As of December 31, 2014 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 166,038 $ 166,038 $ — $ — Total assets measured at fair value $ 166,038 $ 166,038 $ — $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,541 $ — $ — $ 1,541 Total liabilities measured at fair value $ 1,541 $ — $ — $ 1,541 The fair value of the U.S. government agency obligations are 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 to or from Level 1 and Level 2 during the six months ended June 30, 2015 and the year ended December 31, 2014 . The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments as follows (in thousands): Derivative Liability Associated with the Medicis Settlement Fair value as of December 31, 2014 1,541 Change in fair value (47 ) Fair value as of June 30, 2015 $ 1,494 The fair value of the derivative liability resulting from the Medicis litigation settlement, specifically the derivative related to the Product Approval Payment (Note 3), was determined by estimating the timing and probability of the related regulatory approval and multiplying the payment amount by this probability percentage and a discount factor based primarily on the estimated timing of the payment and a credit risk adjustment. The significant unobservable inputs used in the fair value measurement of the Product Approval Payment derivative are the expected timing and probability of the payments at the valuation date and the credit risk adjustment. |
Notes Payable and Financing Obl
Notes Payable and Financing Obligation | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Notes Payable and Financing Obligation | Notes Payable and Financing Obligation Hercules Notes Payable In September 2011, the Company entered into a loan and security agreement with Hercules Technology Growth Capital for $22.0 million , referred to as the Hercules Notes Payable. The Hercules Notes Payable, which matured in March 2015 and has been repaid in full, was collateralized by all assets of the Company, and bore interest at the greater of (i) 9.85% per annum or (ii) 9.85% per annum plus the difference of the prime rate less 3.25% per annum and contained covenants that required, among other things, that the Company seek consent from Hercules prior to certain corporate changes and provide certain unaudited financial information within 45 days after the end of each quarter and within 90 days after each year end. Starting in July 2012 , the loan was repaid in 33 equal monthly payments of principal and interest of $0.8 million plus an end of term payment of $0.5 million if the loan is prepaid, or $0.4 million if paid upon maturity. In March 2015, the Hercules Notes Payable was repaid in full, including the end of term payment of $0.4 million . In connection with the Hercules Notes Payable, the Company issued warrants to purchase 17,977 shares of Series D convertible preferred stock at $66.75 per share, which converted to warrants to purchase common stock upon the Company's initial public offering, or IPO. The fair value of the warrants of $0.1 million was recorded as a debt discount and was amortized to interest expense using the straight-line method over the loan term. The Company incurred $0.5 million of debt issuance costs in connection with the Hercules Notes Payable which was also amortized to interest expense over the loan term. The Company made principal and interest payments on the Hercules Notes Payable of $0 and $2.6 million and $2.3 million and $4.6 million during the three and six months ended June 30, 2015 and 2014 , respectively. Essex Capital Notes On December 20, 2013, the Company signed a Loan and Lease Agreement to borrow up to $10.8 million in the form of Secured Promissory Notes from Essex Capital, or the Essex Notes, to finance the completion and installation of the Company’s RT001 commercial fill/finish line, or the Fill/Finish Line. Under the Loan and Lease Agreement, with the issuance of each Note, the Company issued warrants to purchase its capital stock. The Essex Notes incurred interest at 11.5% per annum through the completion of the IPO in February 2014 and 10.375% per annum thereafter. In December 2013, the Company drew down $2.5 million under short-term notes pursuant to the Loan and Lease Agreement, and an additional $2.5 million in January 2014. 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. 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 repaid the outstanding debt balance of $3.9 million and issued warrants 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 of the equipment was increased by $0.1 million to approximately $9.8 million . In accordance with the terms of the Loan and Lease Agreement, in April 2015, the Company sold equipment to Essex Capital for approximately $9.8 million , and concurrently with this sale, entered into a lease for the equipment for a fixed monthly payment to be paid over 3 years. This transaction also did not qualify for sale-leaseback accounting due to the Company’s continuing involvement in the equipment. Therefore, the Company accounted for this transaction as a financing obligation using the effective interest rate method. In June 2015, the Company exercised its option to purchase all equipment sold and leased back from Essex Capital for 10% of the original purchase amount, or approximately $1.1 million , at the conclusion of the lease terms. As of June 30, 2015 , the aggregate total future minimum lease payments under the financing obligation were as follows (in thousands): Year Ending December 31, 2015 $ 2,109 2016 4,217 2017 3,971 2018 949 Total payments $ 11,246 Additionally, the Company made interest payments on the Essex Notes in the amount of $0.01 million for the six months ended June 30, 2014. |
Convertible Notes, Warrants, an
Convertible Notes, Warrants, and Related Derivatives | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Convertible Notes, Warrants, and Related Derivatives | Convertible Notes, Warrants, and Related Derivatives 2013 Convertible Notes, Common Stock Warrants, and Related Derivatives In February 2014, in connection with the Company’s IPO, the 2013 Notes with a principal amount of $23.7 million , accrued interest through the date of the IPO, remaining interest due through October 7, 2014, and derivative liability totaling $26.2 million converted into 1,637,846 shares of the Company’s common stock. In connection with the issuance of the 2013 Notes, the Company issued warrants to purchase 409,450 shares of common stock, which were net exercised for 405,594 shares of common stock upon the IPO. Additionally, the 2013 Notes had conversion and redemption features which were determined to be embedded derivatives, requiring bifurcation and separate fair value accounting. Immediately prior to the conversion, the Company determined that the fair value of the derivative liabilities associated with the convertible notes was reduced to $1.9 million , the value of interest due to note holders from the date of the IPO through the maturity date of the loan in October 2014. Upon the conversion of the 2013 Notes into shares of common stock, the Company applied extinguishment accounting resulting in a loss of $8.3 million . As of the date of conversion, the Company was in compliance with all covenants in the 2013 Notes. During the six months ended June 30, 2014 , the Company recognized non-cash interest expense of $9.6 million related to the 2013 Notes, including amortization of warrant-related debt discount of approximately $0.4 million up to the date of conversion, amortization of the derivative-related debt discount of $0.6 million up to the date of conversion, accrued interest of $0.3 million up to the date of conversion and a loss on extinguishment of $8.3 million upon conversion of the 2013 Notes into common stock. |
Interest Expense
Interest Expense | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Interest Expense | Interest Expense Interest expense, includes cash and non-cash components with the non-cash components consisting of (i) interest recognized from the amortization of debt issuance costs, which were capitalized on the Condensed Consolidated Balance Sheets and are generally derived from cash payments related to the issuance of convertible notes and notes payable, (ii) interest recognized from the amortization of debt discounts, which were capitalized on the Condensed Consolidated Balance Sheets and derived from the issuance of warrants and derivatives issued in conjunction with convertible notes and notes payable, (iii) interest recognized on the 2013 convertible notes, or 2013 Notes, which was not paid but rather converted into shares of common stock, (iv) interest capitalized for assets constructed for use in operations, (v) interest related to the extinguishment of debt, which is classified as a loss on debt extinguishments, and (vi) effective interest recognized on the financing obligation. The capitalized amounts related to the debt issuance costs and debt discounts are generally amortized to interest expense over the term of the related debt instruments. The interest expense by cash and non-cash components is as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Interest expense Cash related interest expense (1) $ (190 ) $ (324 ) $ (300 ) $ (696 ) Non-cash interest expense Non-cash interest expense — debt issuance costs — (48 ) (39 ) (100 ) Non-cash interest expense — warrant and derivative related debt discounts — (75 ) (5 ) (142 ) Non-cash interest expense — convertible notes — — — (1,250 ) Loss on extinguishment of 2013 Notes — — — (8,331 ) Effective interest on financing obligation (89 ) — (100 ) — Non-cash capitalized interest expense (2) — 180 — 411 Total non-cash interest expense (89 ) 57 (144 ) (9,412 ) Total interest expense $ (279 ) $ (267 ) $ (444 ) $ (10,108 ) (1) Cash related interest expense includes interest payments to Hercules Notes Payable, Essex Notes, and Financing Obligations. (2) Interest expense capitalized pursuant to Accounting Standards Codification Topic 835, Interest. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Facility Lease In January 2010, the Company entered into a non-cancelable facility lease that requires monthly payments through January 2022. This facility will be used for research, manufacturing, and administrative functions. In February 2014, the Company extended the term of the Lease by thirty-six ( 36 ) months to January 2025. Under the terms of the lease agreement, the payments escalate over the term of the lease with the exception of a decrease in payments at the beginning of 2022, however, the Company recognizes the expense on a straight-line basis over the life of the lease. Rent expense was $1.3 million and $2.6 million for each of the three and six months ended June 30, 2015 and 2014 . As of June 30, 2015 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2015 $ 2,538 2016 5,222 2017 5,394 2018 5,578 2019 and thereafter 32,354 Total payments $ 51,086 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 upon the achievement of regulatory approval for RT001 or RT002 by the Company (Note 3). Purchase Commitments The Company has certain commitments from outstanding purchase orders primarily related to clinical trial development and other costs related to the Company’s manufacturing facility. These agreements, which total $20.1 million , are cancellable at any time with the Company required to pay all costs incurred through the cancellation date. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business activities. As of May 2015, the Company became subject to a legal 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 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 clinical program and made false and misleading statements regarding the formulation, manufacturing and efficacy of its drug candidate, RT001, for the treatment of lateral canthal lines at the time of the follow-on public offering. The complaint has been brought as a purported class action on behalf of those who purchased common stock in the follow-on public offering and seeks unspecified monetary damages and other relief. The Company accrues a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. At this time, neither the outcome of this matter, nor an estimate of the maximum potential exposure or the range of possible loss can be determined. The Company believes that the class action lawsuit is without merit and intends to vigorously defend the action. Nevertheless, this litigation, as any other litigation, is subject to uncertainty and there can be no assurance that this litigation will not have a material adverse effect on the Company's business, results of operations, financial position or cash flows. Indemnification The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company has not incurred costs to defend lawsuits or settle claims related to these indemnification agreements. The Company has entered into indemnification agreements with its directors and officers that may require the Company to indemnify them against liabilities that may arise by reason of their status or service as directors or officers, other than liabilities arising from willful misconduct of the individual. No amounts associated with such indemnifications have been recorded to date. |
Warrants
Warrants | 6 Months Ended |
Jun. 30, 2015 | |
Warrants and Rights Note Disclosure [Abstract] | |
Warrants | Warrants As of June 30, 2015 , the Company has warrants to purchase 198,662 shares of common stock outstanding and no convertible preferred stock warrants outstanding. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity | Equity 2014 Equity Incentive Plan On January 1, 2015, the number of shares of common stock reserved for issuance under the Company’s 2014 Equity Incentive Plan, or 2014 EIP, automatically increased by 4% of the total number of shares of the Company’s capital stock outstanding on December 31, 2014, or 950,978 shares. During the six months ended June 30, 2015 , the Company granted stock options for 663,038 shares of common stock and 149,486 restricted stock awards under the 2014 EIP, including a stock option grants for 90,000 shares to non-employee directors. As of June 30, 2015 , there were 333,185 shares available for issuance under the 2014 EIP. 2014 Inducement Plan As of June 30, 2015, there were 141,500 shares available for issuance under the 2014 Inducement Plan, or 2014 IN. The 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 June 30, Six Months Ended 2015 2014 2015 2014 Expected term (in years) 5.7 6.0 6.2 5.8 Expected volatility 59.3 % 57.6 % 64.8 % 55.8 % Risk-free interest rate 1.8 % 1.9 % 1.5 % 1.8 % 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. Prior to the IPO, the fair value of the shares of common stock underlying the stock options had historically been determined by the Board of Directors. Because there was no public market for the Company’s common stock, the Board of Directors had determined fair value of the common stock at the time of grant of the option by considering a number of objective and subjective factors including valuation of comparable companies, sales of convertible preferred stock to unrelated third parties, operating and financial performance, the lack of liquidity of capital stock, and general and industry specific economic outlook, amongst other factors. Expected Term . The expected term for employees and directors is based on the simplified method, as the Company’s stock options have the following characteristics: (i) granted at-the-money; (ii) exercisability is conditioned upon service through the vesting date; (iii) termination of service prior to vesting results in forfeiture; (iv) limited exercise period following termination of service; and (v) options are non-transferable and non-hedgeable, or “plain vanilla” options, and the Company has limited history of exercise data. The expected term for non-employees is based on the remaining contractual term. Expected Volatility . Since the Company was a private entity until February 2014 with no historical data regarding the volatility of its common stock, the expected volatility used is based on volatility of a group of similar entities. In evaluating similarity, the Company considered factors such as industry, stage of life cycle, capital structure, and size. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. Risk-Free Interest Rate . The risk-free interest rate is based on U.S. Treasury constant maturity rates with remaining terms similar to the expected term of the options. Expected Dividend Rate . The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, used an expected dividend rate of zero in the valuation model. Forfeitures. The Company is required to estimate forfeitures at the time of grant, and revise those estimates in subsequent periods if actual forfeitures differ from those estimates. The Company uses historical data to estimate pre-vesting option forfeitures and record stock based compensation expense only for those awards that are expected to vest. To the extent actual forfeitures differ from the estimates, the difference will be recorded as a cumulative adjustment in the period that the estimates are revised. The fair value of the stock options granted to non-employees is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended Six Months Ended 2015 2014 2015 2014 Expected term (in years) 8.8 9.1 8.9 9.1 Expected volatility 71.2 % 57.6 % 69.4 % 57.6 % Risk-free interest rate 2.1 % 2.6 % 2.0 % 2.6 % Expected dividend rate — % — % — % — % 2014 Employee Stock Purchase Plan On January 1, 2015, the number of shares of common stock reserved for issuance under the Company’s 2014 Employee Stock Purchase Plan, or 2014 ESPP, automatically increased by 1% of the total number of shares of the Company’s capital stock outstanding on December 31, 2014, or 237,744 shares. As of June 30, 2015, there were 404,073 shares available for issuance under the 2014 EIP. The fair value of the option component of the shares purchased under the 2014 ESPP was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Three and Six Months Ended June 30, 2015 2014 Expected term (in years) 0.5 0.5 Expected volatility 49.9 % 48.0 % Risk-free interest rate 0.1 % 0.1 % Expected dividend rate — % — % Fair Value of Common Stock . The fair value of the shares of common stock is based on the Company’s stock price as quoted by the NASDAQ. Expected Term . The expected term is based on the term of the purchase period under the 2014 ESPP. Expected Volatility . Since the Company was a private entity until February 2014 with no historical data regarding the volatility of its common stock, the expected volatility used is based on volatility of a group of similar entities. In evaluating similarity, the Company considered factors such as industry, stage of life cycle, capital structure, and size. The Company will continue to analyze the historical stock price volatility and expected term assumptions as more historical data for the Company’s common stock becomes available. Risk-Free Interest Rate . The risk-free interest rate is based on U.S. Treasury constant maturity treasury rates with remaining terms similar to the expected term. Expected Dividend Rate . The Company has never paid any dividends and does not plan to pay dividends in the foreseeable future, and, therefore, used an expected dividend rate of zero in the valuation model. Total Stock-Based Compensation Total stock-based compensation expense related to options and restricted stock awards granted to employees and nonemployees was allocated as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Research and development $ 869 $ 592 $ 1,697 $ 1,087 General and administrative 1,538 907 3,027 1,240 Total stock based compensation expense $ 2,407 $ 1,499 $ 4,724 $ 2,327 Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in accumulated other comprehensive income (loss) by component (in thousands): Unrealized Gains and Losses on Available-for-Sale Securities Balance at December 31, 2014 $ — Other comprehensive income (loss) before reclassifications (12 ) Reclassications from accumulated other comprehensive income (loss) — Net current period other comprehensive income (loss) (12 ) Balance at June 30, 2015 $ (12 ) |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2015 and 2014 (in thousands, except for share and per share amounts): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net loss attributable to common stockholders, basic $ (16,805 ) $ (13,302 ) $ (32,207 ) $ (34,728 ) Net loss attributable to common stockholders, diluted $ (16,805 ) $ (13,302 ) $ (32,207 ) $ (34,728 ) Net loss per share attributable to common stockholders Basic $ (0.71 ) $ (0.69 ) $ (1.37 ) $ (2.26 ) Diluted $ (0.71 ) $ (0.69 ) $ (1.37 ) $ (2.26 ) Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic 23,584,910 19,380,934 23,560,133 15,361,215 Diluted 23,584,910 19,380,934 23,560,133 15,361,215 The following common stock equivalents were excluded from the computation of diluted net loss per share for the periods presented because including them would have been antidilutive: As of June 30 2015 2014 Stock options 2,347,195 1,890,019 Common stock warrants 198,662 153,909 Unvested restricted stock awards 316,763 205,050 |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Policies [Abstract] | |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and accompanying notes. Such management estimates include the fair value of common stock, stock-based compensation, fair value of convertible preferred stock and warrants, fair value of derivatives, and the valuation of deferred tax assets. The Company bases its estimates on historical experience and also on assumptions that it believes are reasonable, however, actual results could significantly differ from those estimates |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investment securities with original maturities at the date of purchase of three months or less to be cash equivalents. Cash and cash equivalents may include cash on deposit, money market funds, and debt securities. |
Investments | Investments Short-term investments generally consist of securities with original maturities greater than three months and remaining maturities of less than one year, while long-term investments generally consist of securities with remaining maturities greater than one year. The Company determines the appropriate classification of its investments at the time of purchase and reevaluates such determination at each balance sheet date. All of its investments are classified as available-for-sale and carried at fair value, with the change in unrealized gains and losses reported as a separate component of other comprehensive income (loss) on the Condensed Consolidated Statements of Operations and Comprehensive Loss and accumulated as a separate component of stockholders' equity on the Condensed Consolidated Balance Sheets. Interest income, net includes interest, dividends, amortization of purchase premiums and discounts, realized gains and losses on sales of securities and other-than-temporary declines in the fair value of investments, if any. The cost of securities sold is based on the specific-identification method. The Company monitors its investment portfolio for potential impairment on a quarterly basis. If the carrying amount of an investment in debt securities exceeds its fair value and the decline in value is determined to be other-than-temporary, the carrying amount of the security is reduced to fair value and a loss is recognized in operating results for the amount of such decline. In order to determine whether a decline in value is other-than-temporary, the Company evaluates, among other factors, the cause of the impairment, including the creditworthiness of the security issuers, the number of securities in an unrealized loss position, the severity and duration of the unrealized losses, and its intent and ability to hold the security to maturity or forecasted recovery. The Company mitigates its credit risk by investing in money market funds and U.S. government agency obligations which limits the amount of investment exposure as to credit quality and maturity. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses fair value measurements to record fair value adjustments to certain financial and non-financial assets and liabilities to determine fair value disclosures. The accounting standards define fair value, establish a framework for measuring fair value, and require disclosures about fair value measurements. Fair value is defined as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the principal or most advantageous market in which the Company would transact are considered along with assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions, and risk of nonperformance. The accounting standard for fair value establishes a fair value hierarchy based on three levels of inputs, the first two of which are considered observable and the last unobservable, that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels of inputs that may be used to measure fair value are as follows: Level 1 — Observable inputs, such as quoted prices in active markets for identical assets or liabilities. Level 2 — Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 — Valuations based on unobservable inputs to the valuation methodology and including data about assumptions market participants would use in pricing the asset or liability based on the best information available under the circumstances. |
Accounting Pronouncements | Accounting Pronouncements In August 2014, the FASB issued Accounting Standard Update No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) , which will require management to assess an entity’s ability to continue as a going concern at each annual and interim period. Related footnote disclosures will be required if conditions give rise to substantial doubt about an entity’s ability to continue as a going concern within one year of the report issuance date. If conditions do not give rise to substantial doubt, no disclosures will be required specific to going concern uncertainties. The guidance defines substantial doubt using a likelihood threshold of “probable” similar to the current use of that term in U.S. GAAP for loss contingencies and provides example indicators. The guidance is effective for reporting periods ending after December 15, 2016, and early adoption is permitted. The Company is currently evaluating the impact of the adoption of this guidance on the Company’s financial statements. |
Cash Equivalents and Investme19
Cash Equivalents and Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Available-for-sale Securities | The following table is a summary of amortized cost, unrealized gain and loss, and fair value (in thousands): June 30, 2015 December 31, 2014 Gross Unrealized Gross Unrealized Cost Gains Losses Fair Value Cost Gains Losses Fair Value Money market funds $ 90,659 $ — $ — $ 90,659 $ 166,038 $ — $ — $ 166,038 U.S. government agency obligations 52,948 2 (14 ) 52,936 — — — — Total cash equivalents and available-for-sale securities $ 143,607 $ 2 $ (14 ) $ 143,595 $ 166,038 $ — $ — $ 166,038 Classified as: Cash equivalents $ 90,659 $ 166,038 Short-term investments 38,884 — Long-term investments 14,052 — Total cash equivalents and available-for-sale securities $ 143,595 $ 166,038 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | The fair value of these instruments was as follows (in thousands): June 30, 2015 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 90,659 $ 90,659 $ — $ — U.S. government agency obligations 52,936 — 52,936 — Total assets measured at fair value $ 143,595 $ 90,659 $ 52,936 $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,494 $ — $ — $ 1,494 Total liabilities measured at fair value $ 1,494 $ — $ — $ 1,494 As of December 31, 2014 Fair Value Level 1 Level 2 Level 3 Assets Money market funds $ 166,038 $ 166,038 $ — $ — Total assets measured at fair value $ 166,038 $ 166,038 $ — $ — Liabilities Derivative liabilities associated with the Medicis settlement $ 1,541 $ — $ — $ 1,541 Total liabilities measured at fair value $ 1,541 $ — $ — $ 1,541 |
Summary of Changes in Fair Value of Financial Instruments | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial instruments as follows (in thousands): Derivative Liability Associated with the Medicis Settlement Fair value as of December 31, 2014 1,541 Change in fair value (47 ) Fair value as of June 30, 2015 $ 1,494 |
Notes Payable and Financing O21
Notes Payable and Financing Obligation (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Debt Disclosure [Abstract] | |
Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation | As of June 30, 2015 , the aggregate total future minimum lease payments under the financing obligation were as follows (in thousands): Year Ending December 31, 2015 $ 2,109 2016 4,217 2017 3,971 2018 949 Total payments $ 11,246 |
Interest Expense (Tables)
Interest Expense (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | |
Summary of Interest Expense by Cash and Non-Cash Components | The interest expense by cash and non-cash components is as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Interest expense Cash related interest expense (1) $ (190 ) $ (324 ) $ (300 ) $ (696 ) Non-cash interest expense Non-cash interest expense — debt issuance costs — (48 ) (39 ) (100 ) Non-cash interest expense — warrant and derivative related debt discounts — (75 ) (5 ) (142 ) Non-cash interest expense — convertible notes — — — (1,250 ) Loss on extinguishment of 2013 Notes — — — (8,331 ) Effective interest on financing obligation (89 ) — (100 ) — Non-cash capitalized interest expense (2) — 180 — 411 Total non-cash interest expense (89 ) 57 (144 ) (9,412 ) Total interest expense $ (279 ) $ (267 ) $ (444 ) $ (10,108 ) (1) Cash related interest expense includes interest payments to Hercules Notes Payable, Essex Notes, and Financing Obligations. (2) Interest expense capitalized pursuant to Accounting Standards Codification Topic 835, Interest. |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases | As of June 30, 2015 , the aggregate total future minimum lease payments under non-cancelable operating leases were as follows (in thousands): Year Ending December 31, 2015 $ 2,538 2016 5,222 2017 5,394 2018 5,578 2019 and thereafter 32,354 Total payments $ 51,086 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Fair Value Assumptions | The 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 June 30, Six Months Ended 2015 2014 2015 2014 Expected term (in years) 5.7 6.0 6.2 5.8 Expected volatility 59.3 % 57.6 % 64.8 % 55.8 % Risk-free interest rate 1.8 % 1.9 % 1.5 % 1.8 % Expected dividend rate — % — % — % — % The fair value of the stock options granted to non-employees is calculated at each reporting date using the Black-Scholes option pricing model with the following weighted-average assumptions: Three Months Ended Six Months Ended 2015 2014 2015 2014 Expected term (in years) 8.8 9.1 8.9 9.1 Expected volatility 71.2 % 57.6 % 69.4 % 57.6 % Risk-free interest rate 2.1 % 2.6 % 2.0 % 2.6 % 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 and Six Months Ended June 30, 2015 2014 Expected term (in years) 0.5 0.5 Expected volatility 49.9 % 48.0 % Risk-free interest rate 0.1 % 0.1 % Expected dividend rate — % — % |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense related to options and restricted stock awards granted to employees and nonemployees was allocated as follows (in thousands): Three Months Ended Six Months Ended 2015 2014 2015 2014 Research and development $ 869 $ 592 $ 1,697 $ 1,087 General and administrative 1,538 907 3,027 1,240 Total stock based compensation expense $ 2,407 $ 1,499 $ 4,724 $ 2,327 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in accumulated other comprehensive income (loss) by component (in thousands): Unrealized Gains and Losses on Available-for-Sale Securities Balance at December 31, 2014 $ — Other comprehensive income (loss) before reclassifications (12 ) Reclassications from accumulated other comprehensive income (loss) — Net current period other comprehensive income (loss) (12 ) Balance at June 30, 2015 $ (12 ) |
Net Loss per Share Attributab25
Net Loss per Share Attributable to Common Stockholders (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders | The following table sets forth the computation of the Company’s basic and diluted net loss per share attributable to common stockholders for the three and six months ended June 30, 2015 and 2014 (in thousands, except for share and per share amounts): Three Months Ended Six Months Ended 2015 2014 2015 2014 Net loss attributable to common stockholders, basic $ (16,805 ) $ (13,302 ) $ (32,207 ) $ (34,728 ) Net loss attributable to common stockholders, diluted $ (16,805 ) $ (13,302 ) $ (32,207 ) $ (34,728 ) Net loss per share attributable to common stockholders Basic $ (0.71 ) $ (0.69 ) $ (1.37 ) $ (2.26 ) Diluted $ (0.71 ) $ (0.69 ) $ (1.37 ) $ (2.26 ) Weighted-average shares used in computing net loss per share attributable to common stockholders: Basic 23,584,910 19,380,934 23,560,133 15,361,215 Diluted 23,584,910 19,380,934 23,560,133 15,361,215 |
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 because including them would have been antidilutive: As of June 30 2015 2014 Stock options 2,347,195 1,890,019 Common stock warrants 198,662 153,909 Unvested restricted stock awards 316,763 205,050 |
The Company and Basis of Pres26
The Company and Basis of Presentation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2012 | Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||
Company's incorporation date | Aug. 10, 1999 | |||||
Commencement date of operations | Jun. 30, 2002 | |||||
Change of entity name date | Apr. 19, 2005 | |||||
Net loss | $ 16,805 | $ 13,302 | $ 32,207 | $ 34,728 | $ 32,207 | |
Net cash used in operating activities | 25,512 | $ 33,260 | ||||
Working capital surplus | 127,100 | 127,100 | ||||
Accumulated deficit | (291,004) | (291,004) | $ (258,797) | |||
Cash, cash equivalents, and investments | $ 149,400 | $ 149,400 | ||||
Cash and cash equivalents, and investments, expected funding term for operating plan | 12 months |
Medicis Settlement - Additional
Medicis Settlement - Additional Information (Detail) - Medicis Pharmaceutical Corporation - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2012 | Jun. 30, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Settlement And Termination [Line Items] | ||||
Settlement consideration payable | $ 25 | |||
Upfront payment paid | 7 | |||
Proceeds Sharing Arrangement | ||||
Settlement And Termination [Line Items] | ||||
Settlement agreement, payable | 14 | |||
Settlement payment | $ 7.1 | $ 6.9 | ||
Remaining contractual term (in years) | 4 years | |||
Risk-free interest rate | 1.30% | |||
Fair value assumptions, credit risk adjustment | 6.30% | |||
Product Approval Payment Derivative | ||||
Settlement And Termination [Line Items] | ||||
Accrued milestone obligations | $ 4 | |||
Fair value of derivative | $ 1.5 |
Cash Equivalents and Investme28
Cash Equivalents and Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 143,607 | $ 166,038 |
Gross unrealized gain | 2 | 0 |
Gross unrealized loss | (14) | 0 |
Available-for-sale securities, fair value | 143,595 | 166,038 |
Cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, fair value | 90,659 | 166,038 |
Short-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, fair value | 38,884 | 0 |
Long-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale securities, fair value | 14,052 | 0 |
Money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 90,659 | 166,038 |
Gross unrealized gain | 0 | 0 |
Gross unrealized loss | 0 | 0 |
Available-for-sale securities, fair value | 90,659 | 166,038 |
U.S. government agency obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 52,948 | 0 |
Gross unrealized gain | 2 | 0 |
Gross unrealized loss | (14) | 0 |
Available-for-sale securities, fair value | $ 52,936 | $ 0 |
Fair Value Measurements - Sched
Fair Value Measurements - Schedule of Fair Value of Financial Instruments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | $ 90,659 | $ 166,038 |
Total liabilities measured at fair value | 0 | 0 |
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 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 90,659 | 166,038 |
Level 1 | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 52,936 | 0 |
Total liabilities 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 | 52,936 | |
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 | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Total liabilities measured at fair value | 1,494 | 1,541 |
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 | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 0 | 0 |
Level 3 | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,494 | 1,541 |
Recurring | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 143,595 | 166,038 |
Total liabilities measured at fair value | 1,494 | 1,541 |
Recurring | U.S. government agency obligations | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 52,936 | |
Recurring | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total assets measured at fair value | 90,659 | 166,038 |
Recurring | Derivative liabilities associated with the Medicis settlement | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities measured at fair value | $ 1,494 | $ 1,541 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Changes in Fair Value of Financial Instruments (Detail) - Derivative liabilities associated with the Medicis settlement $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | |
Fair value as of December 31, 2014 | $ 1,541 |
Change in fair value | (47) |
Fair value as of June 30, 2015 | $ 1,494 |
Notes Payable and Financing O31
Notes Payable and Financing Obligation - Hercules Notes Payable (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2011USD ($) | Jun. 30, 2015USD ($) | Mar. 31, 2015USD ($)monthly_payment$ / sharesshares | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | |
Debt Instrument [Line Items] | ||||||
Proceeds from notes payable | $ 0 | $ 6,750 | ||||
Payments made on notes payable | 2,652 | 4,106 | ||||
Interest paid | $ 300 | 696 | ||||
Hercules Notes Payable | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from notes payable | $ 22,000 | |||||
Notes payable maturity | Mar. 31, 2015 | |||||
Interest rate, percentage | 9.85% | |||||
Notes payable repayment start date | Jul. 31, 2012 | |||||
Notes payable repayment terms | monthly_payment | 33 | |||||
Payment of notes payable principal and interest | $ 800 | |||||
Prepayment charge on end of term payment | 500 | |||||
End of term payment | $ 400 | |||||
Warrants issued to purchase shares | shares | 17,977 | |||||
Exercise price per share | $ / shares | $ 66.75 | |||||
Debt discount amortized | $ 100 | |||||
Debt issuance costs | $ 500 | |||||
Amortization of debt issuance costs | $ 2,600 | $ 4,600 | ||||
Payments made on notes payable | $ 0 | |||||
Interest paid | $ 2,300 | |||||
Hercules Notes Payable | Prime Rate | ||||||
Debt Instrument [Line Items] | ||||||
Plus (minus) difference from the prime rate | 3.25% |
Notes Payable and Financing O32
Notes Payable and Financing Obligation - Essex Capital Notes (Detail) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | |||||||||
Jun. 30, 2015 | Apr. 30, 2015 | Feb. 28, 2015 | May. 31, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 17, 2014 | Feb. 28, 2014 | Jan. 31, 2014 | Dec. 31, 2013 | Dec. 20, 2013 | |
Debt Instrument [Line Items] | |||||||||||
Interest paid | $ 300 | $ 696 | |||||||||
Essex Notes | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Secured promissory notes, able to borrow (up to) | $ 10,800 | ||||||||||
Interest rate, percentage | 10.375% | 11.50% | |||||||||
Short-term notes | $ 2,500 | $ 2,500 | |||||||||
Settlement of outstanding loan balance | $ 1,100 | ||||||||||
Notes payable | $ 3,900 | ||||||||||
Shares available for purchase under common stock warrants | 44,753 | ||||||||||
Equipment purchased by third party, increase during period | $ 100 | ||||||||||
Equipment purchased by third party | $ 9,800 | ||||||||||
Lease period | 3 years | ||||||||||
Percentage of original purchase amount of asset at end of lease | 10.00% | 10.00% | |||||||||
Purchase of equipment sold and leased back | $ 1,100 | ||||||||||
Interest paid | $ 10 |
Notes Payable and Financing O33
Notes Payable and Financing Obligation - Summary of Aggregate Total Future Minimum Lease Payments under the Financing Obligation (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Debt Disclosure [Abstract] | |
2,015 | $ 2,109 |
2,016 | 4,217 |
2,017 | 3,971 |
2,018 | 949 |
Total payments | $ 11,246 |
Convertible Notes, Warrants, 34
Convertible Notes, Warrants, and Related Derivatives - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Oct. 31, 2013 | |
Debt Instrument [Line Items] | ||||||
Gain (loss) on debt extinguishment | $ 0 | $ 0 | $ 0 | $ (8,331,000) | ||
Interest expense | 0 | 271,000 | ||||
Amortization of debt discount | 5,000 | 1,122,000 | ||||
Interest expense, excluding amortization of debt discount | $ 190,000 | $ 324,000 | 300,000 | $ 696,000 | ||
2013 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Shares available for purchase under common stock warrants | 409,450 | |||||
Shares issued upon exercise of warrants (in shares) | 405,594 | |||||
Fair value of embedded derivative liability | $ 1,900,000 | |||||
Gain (loss) on debt extinguishment | (8,300,000) | |||||
Interest expense | 9,600,000 | |||||
Interest expense, excluding amortization of debt discount | 300,000 | |||||
2013 Notes, Warrant | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of debt discount | 400,000 | |||||
2013 Notes, Embedded Derivative Liability | ||||||
Debt Instrument [Line Items] | ||||||
Amortization of debt discount | $ 600,000 | |||||
Convertible Debt | 2013 Notes | ||||||
Debt Instrument [Line Items] | ||||||
Debt Instrument, Face Amount | 23,700,000 | |||||
Convertible debt | $ 26,200,000 | |||||
Shares issued upon debt conversion (in shares) | 1,637,846 |
Interest Expense - Summary of I
Interest Expense - Summary of Interest Expense by Cash and Non-Cash Components (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2012 | |
Other Income and Expenses [Abstract] | |||||
Cash related interest expense | $ (190) | $ (324) | $ (300) | $ (696) | |
Non-cash interest expense | |||||
Non-cash interest expense — debt issuance costs | 0 | (48) | (39) | (100) | |
Non-cash interest expense — warrant and derivative related debt discounts | 0 | (75) | (5) | (142) | |
Non-cash interest expense — convertible notes | 0 | 0 | 0 | (1,250) | |
Loss on extinguishment of 2013 Notes | 0 | 0 | 0 | (8,331) | |
Effective interest on financing obligation | (89) | 0 | (100) | 0 | |
Non-cash capitalized interest expense | 0 | 180 | 0 | 411 | |
Total non-cash interest expense | (89) | 57 | (144) | (9,412) | |
Total interest expense | $ (279) | $ (267) | $ (444) | $ (10,108) | $ (444) |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
Feb. 28, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Oct. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Extended term of lease | 36 months | |||||
Rent expense | $ 1.3 | $ 1.3 | $ 2.6 | $ 2.6 | ||
Purchase commitments | $ 20.1 | $ 20.1 | ||||
Medicis Pharmaceutical Corporation | Product Approval Payment Derivative | ||||||
Related Party Transaction [Line Items] | ||||||
Accrued Milestone Obligations | $ 4 |
Commitments and Contingencies37
Commitments and Contingencies - Schedule of Future Minimum Lease Payments under Non-Cancelable Operating Leases (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,015 | $ 2,538 |
2,016 | 5,222 |
2,017 | 5,394 |
2,018 | 5,578 |
2019 and thereafter | 32,354 |
Total payments | $ 51,086 |
Warrants - Additional Informati
Warrants - Additional Information (Detail) | Jun. 30, 2015shares |
Common Stock | |
Class of Warrant or Right [Line Items] | |
Common stock warrants | 198,662 |
Convertible preferred stock warrants | |
Class of Warrant or Right [Line Items] | |
Number of shares underlying warrants | 0 |
Equity - Additional Information
Equity - Additional Information (Detail) - shares | Jan. 01, 2015 | Jun. 30, 2015 |
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 | Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock shares outstanding increase during period | 950,978 | |
Shares underlying stock options granted | 663,038 | |
Shares available for issuance | 333,185 | |
2014 Equity Incentive Plan | Restricted Stock Award | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock awards granted | 149,486 | |
2014 Equity Incentive Plan | Board Member | Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares underlying stock options granted | 90,000 | |
2014 Inducement Plan | Common Stock | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares available for issuance | 141,500 | |
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 | 237,744 | |
Shares available for issuance | 404,073 |
Equity - Fair Value Assumptions
Equity - Fair Value Assumptions (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
2014 Employee Stock Purchase Plan | Employee Stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 6 months | 6 months | 6 months | 6 months |
Expected volatility | 49.90% | 49.90% | 49.90% | 48.00% |
Risk-free interest rate | 0.10% | 0.10% | 0.10% | 0.10% |
Expected dividend rate | 0.00% | 0.00% | 0.00% | 0.00% |
2014 Inducement Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 5 years 8 months 23 days | 6 years | 6 years 2 months 23 days | 5 years 9 months 29 days |
Expected volatility | 59.30% | 57.60% | 64.80% | 55.80% |
Risk-free interest rate | 1.80% | 1.90% | 1.50% | 1.80% |
Expected dividend rate | 0.00% | 0.00% | 0.00% | 0.00% |
2014 Inducement Plan | Non-employee Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected term (in years) | 8 years 9 months 29 days | 9 years 1 month 2 days | 8 years 10 months 13 days | 9 years 1 month 2 days |
Expected volatility | 71.20% | 57.60% | 69.40% | 57.60% |
Risk-free interest rate | 2.10% | 2.60% | 2.00% | 2.60% |
Expected dividend rate | 0.00% | 0.00% | 0.00% | 0.00% |
Equity - Schedule of Stock-base
Equity - Schedule of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock based compensation expense | $ 2,407 | $ 1,499 | $ 4,724 | $ 2,327 |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock based compensation expense | 869 | 592 | 1,697 | 1,087 |
General and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total stock based compensation expense | $ 1,538 | $ 907 | $ 3,027 | $ 1,240 |
Equity - Schedule of Accumulate
Equity - Schedule of Accumulated Other Comprehensive Income (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |
Balance at December 31, 2014 | $ 0 |
Other comprehensive income (loss) before reclassifications | (12) |
Reclassications from accumulated other comprehensive income (loss) | 0 |
Net current period other comprehensive income (loss) | (12) |
Balance at June 30, 2015 | $ (12) |
Net Loss per Share Attributab43
Net Loss per Share Attributable to Common Stockholders - Schedule of Computation of Basic and Diluted Net Income (Loss) Per Share Attributable to Common Stockholders (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2012 | |
Earnings Per Share [Abstract] | |||||
Net loss attributable to common stockholders, basic | $ (16,805) | $ (13,302) | $ (32,207) | $ (34,728) | $ (32,207) |
Net loss attributable to common stockholders, diluted | $ (16,805) | $ (13,302) | $ (32,207) | $ (34,728) | $ (32,207) |
Net income (loss) per share attributable to common stockholders | |||||
Basic (in dollars per share) | $ (0.71) | $ (0.69) | $ (1.37) | $ (2.26) | $ (1.37) |
Diluted (in dollars per share) | $ (0.71) | $ (0.69) | $ (1.37) | $ (2.26) | $ (1.37) |
Weighted-average shares used in computing net income (loss) per share attributable to common stockholders: | |||||
Basic (in shares) | 23,584,910 | 19,380,934 | 23,560,133 | 15,361,215 | 23,560,133 |
Diluted (in shares) | 23,584,910 | 19,380,934 | 23,560,133 | 15,361,215 | 23,560,133 |
Net Loss per Share Attributab44
Net Loss per Share Attributable to Common Stockholders - Summary of Common Stock Equivalents Excluded from Computation of Diluted Net Income (Loss) Per Share (Detail) - shares | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Stock options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from computation of diluted net income (loss) per share | 2,347,195 | 1,890,019 |
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 | 198,662 | 153,909 |
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 | 316,763 | 205,050 |