Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 28, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | AAVL | ||
Entity Registrant Name | Avalanche Biotechnologies, Inc. | ||
Entity Central Index Key | 1501756 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 25,221,495 | ||
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $159,404 | $564 |
Accounts receivable | 8 | |
Prepaid expenses and other current assets | 874 | 250 |
Total current assets | 160,278 | 822 |
Property and equipment, net | 1,085 | 69 |
Deposit and other long-term assets | 543 | 194 |
Total assets | 161,906 | 1,085 |
Current liabilities: | ||
Accounts payable | 951 | 769 |
Accrued expenses and other current liabilities | 3,707 | 393 |
Deferred revenue | 813 | |
Total current liabilities | 5,471 | 1,162 |
Long-term liabilities: | ||
Common and Convertible preferred stock warrant liability | 133 | |
Deferred rent | 306 | 8 |
Deferred revenue, net of current portion | 6,646 | |
Total liabilities | 12,423 | 1,303 |
Commitments and contingencies (Note 7) | ||
Stockholders' equity (deficit): | ||
Preferred stock, par value $0.0001 per share, 5,000,000 shares authorized at December 31, 2014; no shares issued and outstanding | ||
Common stock, par value $0.0001 per share-300,000,000 and 15,000,000 shares authorized at December 31, 2014 and 2013, respectively; 22,754,037 and 3,672,885 shares issued and outstanding at December 31, 2014 and 2013, respectively | 2 | |
Additional paid-in capital | 186,186 | 632 |
Accumulated other comprehensive income | 10 | 27 |
Accumulated deficit | -36,715 | -8,869 |
Total stockholders' equity (deficit) | 149,483 | -8,210 |
Total liabilities, convertible preferred stock and stockholders' equity (deficit) | 161,906 | 1,085 |
Series A Convertible Preferred Stock [Member] | ||
Convertible preferred stock (Note 9) | ||
Series A convertible preferred stock, par value $0.0001 per share-no shares and 4,233,295 shares authorized at December 31, 2014 and 2013, respectively; no shares and 3,899,232 shares issued and outstanding at December 31, 2014 and 2013, respectively (liquidation preference of $0 and $5,654 at December 31, 2014 and 2013, respectively) | 7,992 | |
Warrants [Member] | Series A and B Convertible Preferred Stock [Member] | ||
Long-term liabilities: | ||
Common and Convertible preferred stock warrant liability | 91 | |
Common Stock [Member] | ||
Stockholders' equity (deficit): | ||
Total stockholders' equity (deficit) | 2 | |
Common Stock [Member] | Warrants [Member] | ||
Long-term liabilities: | ||
Common and Convertible preferred stock warrant liability | $42 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 0 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 300,000,000 | 15,000,000 |
Common stock, shares issued | 22,754,037 | 3,672,885 |
Common stock, shares outstanding | 22,754,037 | 3,672,885 |
Series A Convertible Preferred Stock [Member] | ||
Convertible preferred stock, par value | $0.00 | $0.00 |
Convertible preferred stock, shares authorized | 0 | 4,233,295 |
Convertible preferred stock, shares issued | 0 | 3,899,232 |
Convertible preferred stock, shares outstanding | 0 | 3,899,232 |
Convertible preferred stock, liquidation preference | $0 | $5,654 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Collaboration and license revenue | $572 | ||
Government grant revenue | 0 | 480 | 30 |
Total revenue | 572 | 480 | 30 |
Operating expenses: | |||
Research and development | 16,976 | 2,151 | 1,310 |
General and administrative | 7,998 | 1,783 | 536 |
Total operating expenses | 24,974 | 3,934 | 1,846 |
Operating loss | -24,402 | -3,454 | -1,816 |
Other (expense) income: | |||
Interest expense | -18 | -73 | -8 |
Other income (expense), net | -21 | -4 | -6 |
Change in fair value of embedded derivative | 18 | 6 | |
Changes in fair value of warrant liabilities | -759 | -92 | 13 |
Loss on extinguishment of related-party convertible notes | -204 | -1,671 | |
Total other (expense) income, net | -1,002 | -1,822 | 5 |
Net loss | -25,404 | -5,276 | -1,811 |
Deemed dividend | -3,230 | ||
Net loss attributable to common stockholders | -28,634 | -5,276 | -1,811 |
Other comprehensive income (loss): | |||
Foreign currency translation adjustment | -17 | 19 | 8 |
Comprehensive loss | ($25,421) | ($5,257) | ($1,803) |
Net loss per share attributable to common stockholders-basic and diluted | ($2.46) | ($1.44) | ($0.50) |
Weighted-average common shares outstanding-basic and diluted | 11,651 | 3,673 | 3,643 |
Consolidated_Statements_of_Con
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit during Development Stage [Member] | Convertible Preferred Stock Warrant [Member] | Convertible Preferred Stock Warrant [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | IPO [Member] | IPO [Member] | IPO [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Common Stock Warrant [Member] | Common Stock Warrant [Member] | Common Stock Warrant [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series A Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] | Series B Convertible Preferred Stock [Member] |
In Thousands, except Share data | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Additional Paid-in Capital [Member] | USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | USD ($) | Related-party convertible notes [Member] | Convertible Preferred Stock Warrant [Member] | Series A Preferred Stock [Member] | USD ($) | Related-party convertible notes [Member] | Series B Preferred Stock [Member] |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||
Temporary equity, Balance at Dec. 31, 2011 | $2,471 | ||||||||||||||||||||||||||||
BALANCE at Dec. 31, 2011 | -1,744 | 38 | -1,782 | ||||||||||||||||||||||||||
Temporary equity, Balance, shares at Dec. 31, 2011 | 1,789,618 | ||||||||||||||||||||||||||||
BALANCE, SHARES at Dec. 31, 2011 | 3,573,927 | ||||||||||||||||||||||||||||
Vesting of common stock related to purchase of unvested restricted stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | ||||||||||||||||||||||
Vesting of common stock related to purchase of unvested restricted stock, shares | 98,958 | ||||||||||||||||||||||||||||
Issuance of common stock warrants in consideration for services | 3 | 3 | |||||||||||||||||||||||||||
Stock-based compensation expense | 76 | 76 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | 8 | 8 | |||||||||||||||||||||||||||
Net loss | -1,811 | -1,811 | |||||||||||||||||||||||||||
Temporary equity, Balance at Dec. 31, 2012 | 2,471 | ||||||||||||||||||||||||||||
BALANCE at Dec. 31, 2012 | -3,468 | 117 | 8 | -3,593 | |||||||||||||||||||||||||
Temporary equity, Balance, shares at Dec. 31, 2012 | 1,789,618 | ||||||||||||||||||||||||||||
BALANCE, shares at Dec. 31, 2012 | 3,672,885 | ||||||||||||||||||||||||||||
Conversion of the convertible securities | 3,730 | ||||||||||||||||||||||||||||
Conversion of the convertible securities, shares | 1,419,959 | ||||||||||||||||||||||||||||
Issuance of convertible preferred stock for cash, net of issuance costs | 1,791 | ||||||||||||||||||||||||||||
Issuance of convertible preferred stock for cash, shares | 689,655 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 515 | 515 | |||||||||||||||||||||||||||
Foreign currency translation adjustment | 19 | 19 | |||||||||||||||||||||||||||
Net loss | -5,276 | -5,276 | |||||||||||||||||||||||||||
Temporary equity, Balance at Dec. 31, 2013 | 7,992 | ||||||||||||||||||||||||||||
BALANCE at Dec. 31, 2013 | -8,210 | 632 | 27 | -8,869 | |||||||||||||||||||||||||
Temporary equity, Balance, shares at Dec. 31, 2013 | 3,899,232 | ||||||||||||||||||||||||||||
BALANCE, SHARES at Dec. 31, 2013 | 3,672,885 | ||||||||||||||||||||||||||||
Beneficial conversion feature in related-party convertible notes | 2,000 | 2,000 | |||||||||||||||||||||||||||
Repurchase of beneficial conversion feature upon conversion of related-party convertible notes | -2,000 | -2,000 | |||||||||||||||||||||||||||
Conversion of the convertible securities | 7,301 | 7,301 | 52,321 | 1 | 52,320 | -7,301 | 2,222 | -52,321 | |||||||||||||||||||||
Conversion of the convertible securities, shares | 3,422,740 | 7,321,003 | -3,422,740 | 295,115 | -7,321,003 | ||||||||||||||||||||||||
Issuance of convertible preferred stock for cash, net of issuance costs | 50,099 | ||||||||||||||||||||||||||||
Issuance of convertible preferred stock for cash, shares | 7,025,888 | ||||||||||||||||||||||||||||
Repurchase of Series A convertible preferred stock for cash | -3,230 | -788 | -2,442 | -770 | |||||||||||||||||||||||||
Repurchase of Series A convertible preferred stock for cash, shares | -531,208 | ||||||||||||||||||||||||||||
Issuance of common stock warrants in consideration for services | 307 | 307 | |||||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants | 851 | 851 | 526 | 526 | 79 | ||||||||||||||||||||||||
Issuance of common stock upon exercise of warrants, shares | 352,415 | 54,716 | |||||||||||||||||||||||||||
Issuance of common stock net of issuance costs | 92,224 | 1 | 92,223 | 10,000 | 10,000 | ||||||||||||||||||||||||
Issuance of common stock net of issuance costs, shares | 6,000,000 | 588,235 | |||||||||||||||||||||||||||
Issuance of common stock upon exercise of overallotment by underwriters, net of issuance costs | 14,229 | 14,229 | |||||||||||||||||||||||||||
Issuance of common stock upon exercise of overallotment by underwriters, net of issuance costs, shares | 900,000 | ||||||||||||||||||||||||||||
Stock-based compensation expense | 8,567 | 8,567 | |||||||||||||||||||||||||||
Common stock issued upon exercise of stock options | 18 | 18 | |||||||||||||||||||||||||||
Common stock issued upon exercise of stock options, shares | 496,759 | ||||||||||||||||||||||||||||
Foreign currency translation adjustment | -17 | -17 | |||||||||||||||||||||||||||
Net loss | -25,404 | -25,404 | |||||||||||||||||||||||||||
BALANCE at Dec. 31, 2014 | $149,483 | $2 | $186,186 | $10 | ($36,715) | ||||||||||||||||||||||||
Temporary equity, Balance, shares at Dec. 31, 2014 | 0 | ||||||||||||||||||||||||||||
BALANCE, shares at Dec. 31, 2014 | 22,754,037 |
Consolidated_Statements_of_Con1
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Issuance costs | $2,806 | $20 |
IPO [Member] | ||
Issuance costs | 9,776 | |
Over-Allotment Option [Member] | ||
Issuance costs | $1,071 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | ($25,404) | ($5,276) | ($1,811) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 162 | 26 | 1 |
Stock-based compensation | 8,567 | 515 | 76 |
Non-cash research and development expense | 8 | ||
Non-cash interest expense | 18 | 53 | 5 |
Amortization of debt issuance costs | 20 | 3 | |
Change in fair value of embedded derivative liability | -18 | -6 | |
Change in fair value of warrants liabilities | 759 | 92 | -13 |
Loss on extinguishment of related-party convertible notes | 204 | 1,671 | |
Non-cash collaboration acquisition costs associated with sale of Series A convertible preferred stock | 812 | ||
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 8 | -7 | |
Prepaid expenses and other assets | -624 | -293 | -18 |
Deposit | 7 | -144 | |
Accounts payable | -6 | 286 | 445 |
Accrued expenses and other liabilities | 2,904 | 80 | 43 |
Deferred revenue | 7,459 | ||
Deferred rent | 298 | 8 | |
Net cash used in operating activities | -5,648 | -2,175 | -1,267 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | -943 | -91 | -3 |
Net cash used in investing activities | -943 | -91 | -3 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from public offering of common stock, net | 106,453 | ||
Proceeds from issuance of related-party convertible notes | 2,000 | 1,500 | 500 |
Repurchase of Series A convertible preferred stock | -4,000 | ||
Proceeds from exercises of warrants | 606 | ||
Net cash provided by financing activities | 165,442 | 2,480 | 500 |
Effect of foreign exchange rate on cash | -11 | -7 | 9 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 158,840 | 207 | -761 |
Cash and cash equivalents at beginning of year | 564 | 357 | 1,118 |
Cash and cash equivalents at end of year | 159,404 | 564 | 357 |
SUPPLEMENTAL DISCLOSURES OF NONCASH INVESTING AND FINANCING INFORMATION | |||
Conversion of related-party convertible notes and accrued interest to convertible preferred stock | 2,000 | 2,059 | |
Warrants issued in connection with issuance of Series B convertible preferred stock | 266 | ||
Deferred stock issuance costs | 379 | 50 | |
Warrants issued in connection with license agreements | 42 | 3 | |
Fixed assets in accounts payable | 235 | ||
Collaborative Partner [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from the sale / issuance of common stock | 10,000 | ||
Stock Option Exercises [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from the sale / issuance of common stock | 18 | ||
Series A Preferred Stock [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of convertible preferred stock | 1,000 | ||
Expenses related to issuance of convertible preferred stock | -20 | ||
Series B Preferred Stock [Member] | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from issuance of convertible preferred stock | 52,905 | ||
Expenses related to issuance of convertible preferred stock | ($2,540) |
Description_of_the_business
Description of the business | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Description of the business | 1. Description of the business | |||
Nature of Business—Avalanche Biotechnologies, Inc. (the “Company”, “we” or “us”) was incorporated in Delaware on July 17, 2006, and is headquartered in Menlo Park, California. The Company is a clinical-stage biotechnology company focused on discovering and developing novel gene therapies to transform the lives of patients with sight-threatening ophthalmic diseases. Since the Company’s inception, it has devoted its efforts principally to performing research and development activities, including early clinical trials, filing patent applications, obtaining regulatory approvals, hiring personnel, and raising capital to support these activities. | ||||
The Company has not generated any revenue from the sale of products since its inception. The Company has experienced net losses since its inception and has an accumulated deficit of $36.7 million as of December 31, 2014. The Company expects to incur losses and have negative net cash flows from operating activities as it expands its portfolio and engages in further research and development activities, particularly conducting preclinical studies and clinical trials. | ||||
Initial Public and Follow-on Offerings —On August 5, 2014, the Company completed its initial public offering (IPO) of shares of its common stock. As a result, the following transactions were recorded in the Company’s consolidated financial statements on August 5, 2014 (the third quarter of 2014): | ||||
• | the sale of 6,900,000 shares of common stock, including 900,000 from the exercise by the underwriters of their option to purchase additional shares, at an offering price of $17.00 per share, for net proceeds of $106.5 million, after deducting the underwriters’ discounts, commissions and offering expenses; | |||
• | concurrent with the IPO, the private placement of 588,235 shares of common stock to Regeneron Pharmaceuticals, Inc. (Regeneron), pursuant to the Regeneron agreement signed in May 2014, at the offering price of $17.00 per share for gross proceeds of $10.0 million and no underwriting discounts or commissions; | |||
• | immediately prior to the completion of the IPO, all the outstanding shares of the Company’s convertible preferred stock were converted into 10,689,027 shares of common stock; and | |||
• | immediately prior to the completion of the IPO, all outstanding warrants for convertible preferred stock and common stock were exercised into 407,131 shares of common stock for proceeds of $0.6 million. | |||
In January 2015, the Company completed a public offering of 2,369,375 shares of its common stock (Follow-on Offering), which includes 359,918 shares the Company issued pursuant to the underwriters’ exercise of their option to purchase additional shares, and the Company received net proceeds of approximately $130.5 million, after underwriting discounts, commissions and estimated offering expenses. |
Summary_of_significant_account
Summary of significant accounting policies and basis of presentation | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Summary of significant accounting policies and basis of presentation | 2. Summary of significant accounting policies and basis of presentation | |||
Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to clinical trial accruals, stock-based compensation, income taxes and, prior to the IPO, fair value of embedded derivative liability, fair value of convertible preferred stock and fair values of common and convertible preferred stock warrants. The Company’s actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes from our original estimates in any periods presented. | ||||
Principles of Consolidation—The Company’s consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly-owned subsidiary in Australia. All intercompany transactions and balances have been eliminated in consolidation. | ||||
Reclassifications—The Company has reclassified certain prior period amounts to conform to the current period presentation. The Company reclassified changes in fair value of warrant liabilities from other income (expense), net and presented it as a separate line item on our consolidated statements of operations and comprehensive loss. The reclassification had no impact on the total income (expense), net or net loss. | ||||
Foreign Currency Translation—The Company’s consolidated financial statements are prepared in U.S. dollars. Its foreign subsidiary uses the Australian dollar as its functional currency and maintains its records in the local currency. Assets and liabilities are re-measured at exchange rates in effect at the end of the reporting period. Equity is measured at historical rates and income and expenses are re-measured at average exchange rates for the reporting period. The resulting foreign currency translation adjustment is recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets and in the consolidated statements of operations and comprehensive loss. Transactions denominated in foreign currency are translated at exchange rates at the date of transaction with foreign currency gains (losses) recorded in other income (expense), net in the consolidated statements of operations and other comprehensive loss. | ||||
Cash and Cash Equivalents—As December 31, 2014, cash equivalents were comprised of money market funds. We consider all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at fair value. | ||||
Deposit—Deposit in the amount of $0.1 million as of December 31, 2014 and 2013 represents amounts paid in connection with the Company’s facility lease agreement and recorded as a long-term asset. | ||||
Segment Reporting—The Company operates and manages its business as one reporting and operating segment, which is the business of developing and commercializing gene therapeutics. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. | ||||
Concentrations of Credit Risk and Other Uncertainties—Financial instruments that potentially subject us to significant concentrations of credit risk consists primarily of cash and cash equivalents. As of December 31, 2014, substantially all of the Company’s cash and cash equivalents was deposited in accounts at four financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which the financial instrument are held. | ||||
The Company is subject to certain risks and uncertainties, including, but not limited to changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, the Company’s product candidates; performance of third-party clinical research organizations and manufacturers; development of sales channels; protection of the intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support the growth. | ||||
Property and Equipment—Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are capitalized and amortized over the shorter period, expected life or lease term. Major replacements and improvements are capitalized, while general repairs and maintenance are expensed as incurred. | ||||
Impairment of Long-Lived Assets—We evaluate the carrying amount of the Company’s long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than the carrying amount of the asset. To date, there have been no such impairment losses. | ||||
Deferred Offering Costs—We capitalize deferred offering costs, which primarily consist of direct incremental legal and accounting fees relating to our public offerings. We offset the deferred offering costs against our public offering proceeds upon the consummation of our public offerings. As of December 31, 2014 and 2013, $0.4 million and $50,000 of deferred offering costs were capitalized in deposits and other long-term assets on our consolidated balance sheets, respectively. | ||||
Convertible Preferred Stock—The Company recorded issued convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The convertible preferred stock was recorded outside of stockholders’ deficit because the shares contain liquidation features that are not solely within the Company’s control. All of the outstanding shares of convertible preferred stock were converted into common stock shares immediately prior to the completion of the IPO in July 2014. | ||||
Derivative Instruments—The Company has recorded convertible preferred stock warrants issued to investors and note holders as derivative liabilities. The convertible preferred stock warrants are initially recorded at fair value, with gains and losses arising from changes in fair value recognized in other income (expense) in the consolidated statements of operations and comprehensive loss at each period end while such instruments are outstanding and classified as long-term liabilities. In connection with the completion of the Company’s IPO in August 2014, all of the outstanding warrants to purchase convertible preferred stock were exercised. As a result of the exercises, the Company recorded a $0.8 million loss related to the change in fair value in our consolidated statements of operations and comprehensive loss and reclassified the fair value of $0.9 million to additional paid-in capital. | ||||
The Company has also recorded as a derivative liability the Company’s obligation to issue common stock warrants in connection with license agreements as the terms of the warrants were not fixed due to potential adjustments in the exercise price. The derivative liability associated with the common stock warrants was initially recorded at fair value, with gains and losses arising from changes in fair value recognized in the consolidated statements of operations and comprehensive loss at each period end while such instruments are classified as liabilities. In March 2014, the liability terminated upon the issuance of common stock warrant and was recorded to additional paid-in capital. | ||||
Both the preferred stock and common stock warrant liabilities were valued using a Black-Scholes valuation model (refer to Note 10). | ||||
Immediately prior to the completion of the IPO, all outstanding warrants to purchase preferred stock and common stock were exercised, and the outstanding liability was reversed. | ||||
Revenue Recognition—The Company has primarily generated contract revenue through a research and collaboration arrangement with a strategic partner for the development and commercialization of product candidates, and a license agreement related to the licensing of certain of our intellectual property. Additionally, the Company has historically generated grant revenue from research and development grant programs. | ||||
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 605, Revenue Recognition (ASC 605). Accordingly, revenue is recognized for each unit of accounting when all of the following criteria are met: | ||||
• | Persuasive evidence of an arrangement exists; | |||
• | Delivery has occurred or services have been rendered; | |||
• | The seller’s price to the buyer is fixed or determinable; and | |||
• | Collectability is reasonably assured. | |||
Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, current portion. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. | ||||
Collaboration and License Revenue | ||||
In May 2014, the Company entered into a research collaboration and license agreement with Regeneron to discover, develop and commercialize novel gene therapy products for the treatment of ophthalmologic diseases. The collaboration covers up to eight distinct therapeutic targets (collaboration targets). The Company and Regeneron will collaborate during the initial research period of three years that can be extended by Regeneron for up to an additional five years. During the research period, Regeneron has the option to obtain an exclusive worldwide license for a collaboration target’s further development by giving written notice to the Company and paying $2.0 million per target. If Regeneron exercises its option, it will be responsible for all further development and commercialization of the target. The Company is then eligible to receive contingent payments of up to $80.0 million upon achievement of certain development and regulatory milestones for product candidates directed toward each collaboration target, for a combined total of up to $640.0 million in potential milestone payments for product candidates directed toward all eight collaboration targets, plus a royalty in the low- to mid-single-digits on worldwide net sales of collaboration products. | ||||
For any two collaboration targets, the Company has an option to share up to 35% of the worldwide product candidate development costs and profits. If the Company exercises this option, the Company will not be eligible for milestone and royalty payments discussed above but rather the Company will share development costs and profits with Regeneron. | ||||
The agreement will expire with respect to each collaboration target upon the earlier of the (a) expiration of the research term if the option right has not been triggered by the end of the research term or (b) expiration of the option right if the option right has not been exercised by Regeneron. If the option right has been exercised, the agreement in connection with each collaboration target will expire upon expiration of all payment obligations by Regeneron. In addition, the agreement, or Regeneron’s rights to any target development under the agreement, may terminate early under the following situations: | ||||
• | Regeneron may terminate the agreement for convenience at any time on a target by target basis or in totality upon a 30-day notice. | |||
• | Each party can terminate the agreement if another party commits a material breach or material default in performance of its obligations and such breach or default is not cured within 60 days. | |||
• | The agreement is automatically terminated upon initiation of any bankruptcy proceedings, reorganization or dissolution of either party. | |||
• | The Company can terminate the agreement upon 30-day notice if Regeneron challenges the validity, scope or enforceability of any Company patent. | |||
In connection with the agreement, Regeneron also acquired a time-limited right of first negotiation for a potential license to develop and commercialize AVA-101, the Company’s gene therapy product currently under development and undergoing a Phase 2a clinical trial. If and when such negotiation is successful, the Company and Regeneron will enter into a separate agreement for AVA-101. | ||||
Under the terms of the agreement, the Company received initial upfront non-refundable cash payments of $8.0 million that included payment for research license fees, prepaid collaboration research costs and the time-limited right of first negotiation for AVA-101. As the agreement provides for multiple deliverables, the Company accounts for this agreement as a multiple elements revenue arrangement. If deliverables did not appear to have a standalone value, they were combined with other deliverables into a unit of accounting with standalone value. The Company allocated the $8.0 million to the relative fair value of the two units of accounting identified in the arrangement. The Company expects to recognize $6.5 million for the research licenses and related research and development services ratably over the associated period of performance, which is the maximum research period of eight years. As there is no discernible pattern of performance and/or objectively measurable performance measures do not exist, the Company will recognize revenue on a straight-line basis over the eight year performance period. The remaining $1.5 million allocated to the second unit of accounting for the rights of first negotiation for AVA-101 is deferred and will be recognized during the period when Regeneron has exclusive access to the results of the Phase 2a clinical trial. | ||||
For the year ended December 31, 2014, the Company recognized $0.5 million of collaboration and license revenue related to the research collaboration license agreement with Regeneron. As of December 31, 2014, we have deferred revenue relating to this collaboration agreement of $7.5 million. | ||||
The Company also recorded $30,000 license revenue in 2014 related to the licensing of certain of its intellectual property under a licensing agreement entered into during February 2014. | ||||
Government Grants | ||||
Government grants provide funds for certain types of expenditures in connection with research and development activities over a contractually defined period. Revenue related to government grants is recognized in the period during which the related costs are incurred and the related services are rendered, provided that the applicable performance obligations under the government grants have been met. | ||||
Funds received under government grants are recorded as revenue if we are deemed to be the principal participant in the contract arrangements because the activities under the contracts are part of our development programs. If we are not the principal participant, the funds from government grants are recorded as a reduction to research and development expense. Funds received from government grants are not refundable and are recognized when the related qualified research and development expenses are incurred and when there is reasonable assurance that the funds will be received. Funds received in advance of the performance of the services are recorded as deferred revenue. | ||||
For the years ending December 31, 2013 and 2012, the Company recognized $0.5 million and $30,000, respectively, of government grant revenue. No government grant revenue was recorded in 2014 as we completed the work performed under the grant in 2013. We intend to continue to evaluate pursuing additional grant opportunities on a case-by-case basis. | ||||
Research and Development Expenses—Research and development expenses are charged to expense as incurred. Research and development expenses include certain payroll, stock compensation and other personnel-related expenses, laboratory supplies, consulting costs, external contract research and development expenses, and allocated overhead, including rent, equipment depreciation and utilities. Advance payments for goods or services for future research and development activities are deferred and expensed as the goods are delivered or the related services are performed. | ||||
The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third party service providers and our estimates of accrued expenses and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. There have been no significant changes from our original estimates in any of the periods presented. | ||||
The Company received tax credits from the Australian government in connection with certain research costs incurred in conducting research by the Company’s Australian subsidiary. These refunds do not depend on the taxable income or tax position of the Company and therefore the Company does not account for them under an income tax accounting model. The Company recognizes such refunds as government grants in the period when qualified expenses are incurred as a reduction of research expenses. The Company has recorded the reimbursement of $0.1 million, $0.8 million and zero from the Australian tax authorities as a reduction of research and development expense in the consolidated statements of operations and comprehensive loss in the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, accounts payable, accrued expenses and other warrant liabilities approximate its fair value due to their short-term maturities. Refer to Note 3 for the methodologies and assumptions used in valuing financial instruments. | ||||
Stock-Based Compensation Expense—Stock-based compensation expense related to awards to employees is measured at the grant date based on the fair value of the award. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The expense recognized for the portion of the award that is expected to vest has been reduced by an estimated forfeiture rate. The forfeiture rate is determined at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | ||||
The Company uses the Black-Scholes valuation model as the method for determining the estimated fair value of stock-based awards. | ||||
Expected Term—The expected term assumption represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method. | ||||
Expected Volatility—Expected volatility is estimated using comparable public companies volatility for similar terms. | ||||
Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no plans to pay dividends. | ||||
Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issues in effect at the time of grant for periods corresponding with the expected term of option. | ||||
Stock-based compensation expense related to awards to non-employees is recognized based on the then-current fair value at each measurement date over the associated service period of the award, which is generally the vesting term, using the accelerated attribution method. The fair value of non-employee stock options is estimated using the Black-Scholes valuation model with assumptions generally consistent with those used for employee stock options, with the exception of the expected term, which is the remaining contractual life at each measurement date. Refer to Note 11 for more information on assumptions used in estimated stock-based compensation expense. | ||||
Income Taxes—The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. | ||||
In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period when such determination is made. As of December 31, 2014 and 2013, the Company has recorded a full valuation allowance on its deferred tax assets. | ||||
Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax. | ||||
Comprehensive Loss—Comprehensive loss is comprised of net loss, deemed dividend to a preferred stockholder and other comprehensive income or loss. Other comprehensive income or loss consists of foreign currency translation adjustments related to translation of the financial statements of the Australian subsidiary. | ||||
Basic and Diluted Net Loss Per Share—Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period. Because the Company has reported a net loss attributable to common stockholders for all periods presented, diluted net loss per common share is the same as basic net loss attributable to common stockholders per common share for those periods. While shares of the convertible preferred stock were outstanding they were considered to be participating securities as they were entitled to participate in undistributed earnings with shares of common stock. Due to net losses in all periods presented, there is no impact on net loss per share calculation in applying the two-class method since the participating securities have no legal requirement to share in any losses. | ||||
Recently Issued Accounting Pronouncements—In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, requiring management to evaluate whether events or conditions could impact an entity’s ability to continue as a going concern and to provide disclosures if necessary. Management will be required to perform the evaluation within one year after the date that the financial statements are issued. Disclosures will be required if conditions give rise to substantial doubt and the type of disclosure will be determined based on whether management’s plans will be able to alleviate the substantial doubt. The accounting standards update will be effective for the first annual period ending after December 15, 2016, and for annual periods and interim periods thereafter with early application permitted. The adoption of this guidance is not expected to impact the Company’s financial position or results of operations. | ||||
In June 2014, the FASB issued ASU No. 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company has elected to early adopt this guidance, as permitted, for its consolidated financial statements for the year ended December 31, 2014, and no longer labeled its financial statements as those of a development stage entity or included any inception-to-date information. | ||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The ASU’s effective date for the Company will be January 1, 2017. The Company is evaluating the application of this ASU, but has not yet determined the potential effects it may have on the Company’s consolidated financial statements. |
Fair_Value_Measurements_and_Fa
Fair Value Measurements and Fair Value of Financial Instruments | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements and Fair Value of Financial Instruments | 3. Fair Value Measurements and Fair Value of Financial Instruments | ||||||||||||||||
The authoritative guidance on fair value measurements establishes a three-tier fair value hierarchy for disclosure of fair value measurements as follows: | |||||||||||||||||
Level 1: 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, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | |||||||||||||||||
Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | |||||||||||||||||
Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the fair value measurement in its entirety requires management to make judgments and consider factors specific to the asset or liability. | |||||||||||||||||
The fair value of Level 1 assets has been determined using quoted prices in active markets for identical assets. Level 1 securities consist of highly liquid money market funds and recorded as cash and cash equivalents on the consolidated balance sheets. | |||||||||||||||||
The Company’s financial instruments had consisted of Level 3 liabilities. In certain cases where there is limited activity or less transparency around inputs to valuation, securities are classified as Level 3 within the valuation hierarchy. Level 3 liabilities that are measured at estimated fair value on a recurring basis consist of common and preferred stock warrant liabilities, and change in control provision embedded derivative liability related to the Company’s convertible notes. | |||||||||||||||||
The estimated fair values of the outstanding common and preferred stock warrant liabilities are measured using the Black-Scholes valuation model. This method of valuation involves using such inputs as the estimated fair value of the underlying stock at the measurement date, the expected term, which is the remaining contractual term of the warrants, risk-free interest rates, expected dividends on stock and expected volatility of the price of the underlying stock (refer to Note 10). Due to the nature of these inputs, the valuation of the warrants is considered a Level 3 measurement. The convertible preferred stock and common stock warrant liabilities will increase or decrease each period based on the fluctuations of the fair value of the underlying security. A significant fluctuation in the common or convertible preferred stock fair value would result in a material change in the fair values of the convertible preferred stock and common stock warrant liabilities. | |||||||||||||||||
The estimated fair value of the change in control embedded derivative liability related to the Company’s convertible notes was determined using a probability-weighted expected return model. The probability of a change in control occurring was determined to be 5% during fiscal 2013 and 2012. The future cash flows were discounted to their net present value using a discount rate of 21% at each measurement date. The embedded derivative liability increases or decreases each period based on the amount of convertible notes outstanding at each measurement date. This liability ceased in November 2013 upon the conversion of the convertible notes into Series A convertible preferred stock (refer to Note 8). | |||||||||||||||||
During the periods presented, the Company has not changed the manner in which it values liabilities that are measured at estimated fair value using Level 3 inputs. There were no transfers within the hierarchy during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||
The following table summarizes, for assets and liabilities recorded at fair value, the respective fair value and the classification by level of input within the fair value hierarchy as described above (in thousands): | |||||||||||||||||
TOTAL | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||
CARRYING | PRICES | OTHER | UNOBSERVABLE | ||||||||||||||
VALUE | IN ACTIVE | OBSERVABLE | INPUTS | ||||||||||||||
MARKETS | INPUTS | (LEVEL 3) | |||||||||||||||
(LEVEL 1) | (LEVEL 2) | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 40,000 | $ | 40,000 | $ | — | $ | — | |||||||||
Total assets | $ | 40,000 | $ | 40,000 | $ | — | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred stock warrant liability | $ | 91 | $ | — | $ | — | $ | 91 | |||||||||
Common stock warrant liability | 42 | — | — | 42 | |||||||||||||
Total liabilities | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||
The following table provides a summary of changes in the estimated fair value of the Company’s warrants liabilities and embedded derivative liability measured at estimated fair value using significant Level 3 inputs (in thousands): | |||||||||||||||||
CONVERTIBLE | COMMON | EMBEDDED | |||||||||||||||
PREFERRED | STOCK | DERIVATIVE | |||||||||||||||
STOCK | WARRANT | LIABILITY (3) | |||||||||||||||
WARRANT | LIABILITY (2) | ||||||||||||||||
LIABILITY (1) | |||||||||||||||||
Balance—January 1, 2012 | $ | 49 | $ | — | $ | — | |||||||||||
Obligation to issue a warrant | — | 5 | — | ||||||||||||||
Embedded derivative on notes payable issuance | — | — | 24 | ||||||||||||||
Change in fair value | (13 | ) | — | (6 | ) | ||||||||||||
Balance—December 31, 2012 | 36 | 5 | 18 | ||||||||||||||
De-recognition of embedded derivative upon convertible notes conversion | — | — | (18 | ) | |||||||||||||
Change in fair value | 55 | 37 | — | ||||||||||||||
Balance—December 31, 2013 | 91 | 42 | — | ||||||||||||||
Issuance of common stock warrant | — | (41 | ) | — | |||||||||||||
Change in fair value | 760 | (1 | ) | — | |||||||||||||
Exercises | (851 | ) | — | — | |||||||||||||
Balance—December 31, 2014 | $ | — | $ | — | $ | — | |||||||||||
-1 | In July 2014, all of the outstanding warrants to purchase convertible preferred stock and common stock were exercised immediately prior to the completion of the IPO. | ||||||||||||||||
(2) | In March 2014, the common stock warrant was issued and was recorded to additional paid-in capital. | ||||||||||||||||
(3) | In November 2013, the liability terminated upon the conversion of the notes into Series A convertible preferred stock. |
Significant_Agreements
Significant Agreements | 12 Months Ended |
Dec. 31, 2014 | |
Research and Development [Abstract] | |
Significant Agreements | 4. Significant Agreements |
University of California—In May 2010, the Company entered into a license agreement, as amended, with the Regents of University of California (Regents) for exclusive rights in the United States to certain patents owned by the Regents. Under the terms of the agreement, the Company paid an up-front license fee of $100,000 and agreed to reimburse the Regents for patent-related expenses. The Company is obligated to pay the Regents royalties on net sales, if any, as well as an annual maintenance fee of $50,000 beginning in the calendar year after the first commercial sale of a licensed product and milestone payments related to the achievement of certain clinical and regulatory goals totaling up to $900,000 for the first indication and $500,000 for each additional indication for up to two additional indications. Through December 31, 2014, none of these goals had been achieved, and no milestones were payable. |
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property and Equipment, Net | 5. Property and Equipment, Net | ||||||||
Property and equipment, net consists of the following (in thousands): | |||||||||
DECEMBER 31, | |||||||||
2014 | 2013 | ||||||||
Computer equipment and software | $ | 142 | $ | 10 | |||||
Laboratory equipment | 1,012 | 87 | |||||||
Furniture and fixtures | 73 | — | |||||||
Leasehold improvements | 48 | — | |||||||
Total property and equipment | 1,275 | 97 | |||||||
Less accumulated depreciation | (190 | ) | (28 | ) | |||||
Property and equipment, net | $ | 1,085 | $ | 69 | |||||
Depreciation expense related to property and equipment was $162,000, $26,000 and $1,000 for the years ending December 31, 2014, 2013 and 2012, respectively. |
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses and Other Current Liabilities | 6. Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities consist of the following (in thousands): | |||||||||
DECEMBER 31, | |||||||||
2014 | 2013 | ||||||||
Employee compensation | $ | 1,509 | $ | 162 | |||||
Accrued professional fees | 1,236 | 162 | |||||||
Accrued clinical and process development costs | 942 | 54 | |||||||
Other | 20 | 15 | |||||||
Total accrued expenses and other current liabilities | $ | 3,707 | $ | 393 | |||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies | 7. Commitments and Contingencies | ||||
Facility Lease Agreement | |||||
The Company leases its’ office building under a non-cancelable lease agreement, which expires on May 8, 2020. The Company may extend this lease for up to four years. The lease agreement provides for an escalation of rent payments each year. The Company records rent expense on a straight-line basis over the term of the lease. | |||||
As of December 31, 2014, future minimum commitments under our facility operating lease were as follows (in thousands): | |||||
YEARS ENDED DECEMBER 31, | TOTAL LEASE | ||||
COMMITMENTS | |||||
2015 | 826 | ||||
2016 | 1,099 | ||||
2017 | 1,129 | ||||
2018 | 1,162 | ||||
2019 | 1,197 | ||||
2020 and thereafter | 403 | ||||
Total minimum lease payments | $ | 5,816 | |||
Rent expense recognized under the operating lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes was $662,000, $53,000 and $17,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
Collaborations and License Agreements | |||||
The Company is party to various agreements, principally relating to licensed technology that requires future payments relating to milestones or royalties on future sales of specified products. Through December 31, 2014, none of the goals had been achieved under the license agreements and no cash milestones were accrued or payable. Because the achievement of these milestones is not fixed and determinable, such commitments have not been included on the Company’s consolidated balance sheets. Royalty payment was $0.1 million for the year ended December 31, 2014. | |||||
Guarantees and Indemnifications | |||||
In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for indemnification for certain liabilities. The exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. However, the Company may record charges in the future as a result of these indemnification obligations. The Company also has indemnification obligations to its directors and executive officers for specified events or occurrences, subject to some limits, while they are serving at the Company’s request in such capacities. There have been no claims to date and the Company believe the fair value of these indemnification agreements is minimal. Accordingly, the Company has not recorded any liabilities for these agreements as of December 31, 2014. |
RelatedParty_Convertible_Notes
Related-Party Convertible Notes | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related-Party Convertible Notes | 8. Related-Party Convertible Notes |
2012 Related-Party Convertible Notes | |
On August 28, 2012, the Company entered into a convertible note payable agreement with a related party investor for the issuance of up to an aggregate principal amount of $2.0 million of convertible notes (2012 Notes). The 2012 Notes were due to mature on February 28, 2014 and accrue interest at a rate of 5% per year. In November 2012, the Company borrowed $0.5 million of 2012 Notes. During February, April, July and September 2013, the Company borrowed the remaining aggregate principal amount of $1.5 million of 2012 Notes. | |
Upon occurrence of a change of control transaction prior to the maturity date, 130% of $2.0 million minus the outstanding principal balance would be payable to the investor. The change of control provision met the accounting definition of an embedded derivative and required bifurcation. The Company valued this embedded derivative on the 2012 Notes using a probability-weighted model which included significant estimates regarding the expected time to a change of control event, and a discount rate. The estimated fair value of this embedded derivative on the date of issuance was determined to be approximately $24,000, and was recorded as a discount to the 2012 Notes. This discount was amortized to interest expense through the maturity date of the 2012 Notes. The embedded derivative was re-measured each period end with changes in fair value recorded in the consolidated statements of operations and comprehensive loss. In November 2013, the derivative terminated upon the conversion of the 2012 Notes into Series A convertible preferred stock. | |
In November 2013, the Company amended the 2012 Notes agreement to provide for the acceleration of the conversion of the 2012 Notes into shares of Series A convertible preferred stock. The outstanding principal and accrued and unpaid interest of $2.1 million was converted into 1,419,959 shares of Series A convertible preferred stock at $1.45 per share. The 2012 Notes modification was recorded as a $1.7 million loss on extinguishment of related-party convertible notes in the consolidated statement of operations and comprehensive loss (refer to Note 9). | |
2013 Related-Party Convertible Notes | |
On October 22, 2013, the Company entered into a convertible note purchase agreement with a related party investor for the issuance and sale of up to an aggregate principal amount of $5.0 million of convertible notes (2013 Notes). In each of January 2014 and April 2014, the Company borrowed an aggregate principal amount of $1.0 million of 2013 Notes. | |
The 2013 Notes had a stated maturity date of December 31, 2016 and accrued interest at a rate of 5% per year. The 2013 Notes and any accrued and unpaid interest were automatically convertible into equity securities sold in the next qualified round of financing occurring prior to the maturity date, at a conversion price equal to 90% of the original issuance price of such equity securities sold in such next round of financing. | |
The difference between the fair value of the securities into which the debt was convertible and the effective conversion price on the borrowing date represents a beneficial conversion feature. In connection with the January 2014 and April 2014 borrowings, the Company recorded the fair value of the beneficial conversion feature of $1.0 million and $1.0 million, respectively, by allocating a portion of the proceeds to additional paid-in capital, resulting in a discount on the convertible instrument, to be amortized over the repayment period using the effective interest method. | |
In April 2014, the Company completed a Series B convertible preferred stock financing (refer to Note 9), pursuant to which the outstanding principal amount on the 2013 Notes converted into 295,115 shares of Series B convertible preferred stock at a conversion price of $6.78, which is equal to 90% of the original issuance price of $7.53 per share. At the time of the conversion, the Company recorded a $0.2 million loss on extinguishment of related-party convertible notes in the consolidated statements of operations and comprehensive loss and a repurchase of beneficial conversion feature of $2.0 million as credit to additional paid-in capital. | |
As of December 31, 2014, there are no outstanding convertible notes recorded in the Company’s consolidated balance sheet. |
Convertible_Preferred_Stock
Convertible Preferred Stock | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Convertible Preferred Stock | 9. Convertible Preferred Stock |
In November 2013, the Company issued 1,419,959 shares of Series A convertible preferred stock upon the conversion of the 2012 Notes (refer to Note 8) and issued 689,655 shares to a potential collaborator for cash at $1.45 per share. The estimated fair value of Series A convertible preferred stock was $2.63 per share on the issuance date. The fair value of the Series A convertible preferred stock was determined using a PWERM model, a scenario-based analysis that estimates the value per share based on the probability-weighted present value of expected future investment returns, considering several possible outcomes for the Company in the future, as well as the economic and control rights of each share class. In the November 2013 valuation, the Company considered the estimated fair value of the Series A preferred stock under three potential scenarios, including an initial public offering, a collaborative partnering agreement model, and a corporate failure. The Company recorded the difference between the effective conversion price and the fair value of the securities into which the debt was converted, resulting in a $1.7 million loss on extinguishment for the 2012 Notes (refer to Note 8). The Company also recorded a charge of $0.8 million associated with the intrinsic value of the convertible preferred Series A shares issued to a potential collaborator, which is recorded in general and administrative expense in the consolidated statements of operations and comprehensive loss for the year ended December 31, 2013. | |
At December 31, 2013, the Series A convertible preferred stock rights, privileges and preferences were as follows: | |
Conversion Rights—Each share of Series A convertible preferred stock was convertible at an option of the holder into one share of common stock (subject to adjustment for certain events, including dilutive issuances, stock splits, and reclassifications). The Series A convertible preferred stock converted automatically into shares of common stock in the IPO. | |
Dividends—Each holder was entitled to 8% noncumulative dividends per share, if and when declared by the board of directors. The 8% noncumulative dividends were to be paid in advance of any distributions to common stock holders. Each holder was also entitled to participate in dividends on an as-converted pari passu basis together with common stock after distribution of 8% noncumulative dividends. No dividends were declared on the Series A convertible preferred stock . | |
Voting—Each holder had the right to one vote for each share of common stock into which such Series A convertible preferred stock could have been converted. Certain financing, acquisition, disposition, and recapitalization transactions required the vote of the majority of the shares of outstanding Series A convertible preferred stock, provided that at least 1,000,000 shares of convertible preferred stock were issued and outstanding. | |
Liquidation Preference—In the event of any liquidation, dissolution, or winding-up of the Company, including a merger, acquisition, or sale of assets, as defined, each Series A convertible preferred stock holder would have been entitled to receive the greater of (1) an amount of $1.45 per share for each share of Series A convertible preferred stock held (as adjusted for recapitalizations, stock combinations, stock dividends, stock splits, and reclassifications), plus any declared but unpaid dividends prior to and in preference to any distribution to the holders of common stock or (2) an amount of cash, securities or other property per share on as-converted to common stock basis. If the assets of the Company had been insufficient to make payment in full to all Series A convertible preferred stock holders than the assets or consideration would have been distributed ratably among such holders. | |
Any remaining assets would then have been distributed among the holders of the common stock on a pro rata basis based on the number of shares of common stock held by them. | |
Election of Board of Directors—The holders of Series A convertible preferred stock, voting as a separate class, were entitled to elect one member of the board of directors. | |
In April 2014, the Company repurchased 531,208 shares of Series A convertible preferred stock for $4.0 million. The difference between the repurchase price of $7.53 and original issuance price of $1.45 was recorded as a deemed dividend of $3.2 million to a preferred stockholder and effected the calculation of net loss attributable to common stockholders and net loss per share for the year ended December 31, 2014. | |
In April 2014, the Company issued 7,025,888 shares of Series B convertible preferred stock to investors for cash for an aggregate of $52.9 million at $7.53 per share. The Company also converted the $2.0 million outstanding balance under its related-party convertible notes into 295,115 shares of Series B convertible preferred stock. | |
In connection with the completion of the IPO in August 2014, all outstanding shares of Series A and Series B convertible preferred stock were converted into 10,689,027 shares of common stock on a one-for-one basis. |
Warrants
Warrants | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||
Warrants | 10. Warrants | ||||||||||||||||||||||
As of December 31, 2013, the following warrants and obligations to issue warrants to purchase shares of common stock and convertible preferred stock were outstanding and exercisable: | |||||||||||||||||||||||
WARRANT | ISSUE | ISSUED IN | WARRANT TO | EXERCISABLE | EXERCISE | EXPIRATION | |||||||||||||||||
HOLDER | DATE | CONNECTION WITH | PURCHASE | INTO | PRICE | DATE | |||||||||||||||||
LEI | 8/20/10 | License Agreement | 125,000 | Common | $ | 0.001 | 8/20/15 | ||||||||||||||||
LEI | 2/24/12 | License Agreement | 80,000 | Common | $ | 0.19 | 2/24/17 | ||||||||||||||||
Investors | 9/7/10 | Conversion of Notes | 59,000 | Common | $ | 0.15 | 9/7/15 | ||||||||||||||||
Payable | |||||||||||||||||||||||
Investors | 9/7/10 | Conversion of Notes | 54,716 | Series A | $ | 1.45 | 9/7/15 | ||||||||||||||||
Payable | |||||||||||||||||||||||
The fair value of each warrant recorded as liability was estimated as of December 31, 2013 using the Black-Scholes valuation model with the following assumptions: | |||||||||||||||||||||||
CLASS | DECEMBER 31, 2013 | ||||||||||||||||||||||
WARRANT | EXPECTED | EXPECTED | RISK-FREE | DIVIDEND | FAIR VALUE OF | ||||||||||||||||||
ISSUE DATE | TERM | VOLATILITY | INTEREST | YIELD | UNDERLYING | ||||||||||||||||||
(IN YEARS) | RATE | SHARES | |||||||||||||||||||||
Sep-10 | Series A preferred stock | 1.68 | 59 | % | 0.3 | % | — | $ | 2.96 | ||||||||||||||
August 2012 (obligation) | Common stock | 5 | 75 | % | 1.6 | % | — | $ | 2.75 | ||||||||||||||
In connection with an amendment to the LEI license agreement in August 2012 the Company agreed to issue to LEI a warrant to purchase 25,000 shares of common stock. The Company estimated the fair value of the obligation to issue this warrant to be approximately $5,000, which was recorded as research and development expense and common stock warrant liability. The fair value of the obligation was calculated using the Black-Scholes valuation model, and was based on the common stock fair value of $0.30 per share, contractual term of the warrants of 5 years, a risk-free interest rate of 0.7%, an expected volatility of 86% and a 0% expected dividend yield. Until the Company issued the warrant, it classified it as a common stock warrant liability and re-measured the fair value at the end of each reporting period. The fair value of this liability was $42,000 as of December 31, 2013. In March 2014, the Company issued the common stock warrant to LEI with an exercise price of $2.75 per share, at which time the issued common stock warrant was reclassified to additional paid-in capital. | |||||||||||||||||||||||
In May 2014, the Company issued a warrant to purchase 63,415 shares of common stock with an exercise price of $6.83 to a financial services firm in connection with the Series B convertible preferred stock financing completed in April 2014. This warrant was exercisable immediately and expired on the earlier of the Company’s IPO or May 15, 2019. The Company estimated the fair value of this warrant to be approximately $0.3 million which was recorded as expenses related to issuance of Series B convertible preferred stock. The fair value of the warrant was calculated using the Black-Scholes valuation model, and was based on the common stock fair value of $6.83 per share, contractual term of the warrant of 5 years, a risk-free interest rate of 1.55%, an expected volatility of 75% and a 0% expected dividend yield. | |||||||||||||||||||||||
All of the warrants to purchase common stock and preferred stock were exercised for cash in connection with the completion of the IPO in August 2014, resulting in the issuance of an aggregate of 407,131 shares of common stock in exchange for proceeds of $0.6 million. As a result of the exercises of the warrants to purchase preferred stock, the Company recorded a $0.8 million loss related to the change in fair value in our consolidated statements of operations and comprehensive loss and reclassified the fair value of $0.9 million to permanent equity. The fair value of the warrants to purchase preferred stock was calculated using the Black-Scholes valuation model, and was based on the common stock fair value of $17.00 per share, contractual term of the warrants of 1.1 years, a risk-free interest rate of 0.1%, an expected volatility of 70% and a 0% expected dividend yield. |
Stock_Option_Plan
Stock Option Plan | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock Option Plan | 11. STOCK OPTION PLAN | ||||||||||||||||
On December 26, 2006, the Company adopted the 2006 Equity Incentive Plan, which was amended by the board of directors on November 15, 2012 (2006 Plan). The 2006 Plan allowed for the granting of ISOs and NSOs to the employees, members of the board of directors and consultants of the Company. ISOs were granted only to the Company’s employees, including officers and directors who are also employees. NSOs were granted to the employees and consultants. In July 2014, the Company’s board of directors and its stockholders approved the establishment of the 2014 Equity Incentive Award Plan (2014 Plan), effective upon the date upon which the registration statement for the IPO was declared effective, which was July 30, 2014. As of the date of the IPO, the Company reserved for issuance under the 2014 Plan a total of 2,088,332 shares of its common stock, plus any additional shares that would otherwise return to the 2006 Plan as a result of forfeiture, termination or expiration of awards previously granted under the 2006 Plan. Options may no longer be issued under the 2006 Plan after July 30, 2014, the effective date of the 2014 Plan. In addition, the 2014 Plan provides for annual increases in the number of shares available for issuance thereunder on the first business day of each fiscal year, beginning with 2015, equal to four percent (4%) of the number of shares of the Company’s common stock outstanding as of such date or a lesser number of shares as determined by the Company’s board of directors. | |||||||||||||||||
As of December 31, 2014, a total of 7,544,207 shares of common stock were authorized for issuance and 2,043,715 shares were available for future grants under the 2014 Plan. | |||||||||||||||||
Options under the 2006 Plan and 2014 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided, however, that the exercise price of an ISO and NSO granted to a 10% shareholder may not be less than 110% of the estimated fair value of the shares on the date of grant. Options granted to employees and non-employees generally vest ratably over four years. | |||||||||||||||||
In July 2014, the Company’s board of directors and its stockholders approved the establishment of the 2014 Employee Stock Purchase Plan (2014 ESPP). The Company reserved for issuance 208,833 shares of its common stock and provided for annual increases in the number of shares available for issuance on the first business day of each fiscal year, beginning in 2015, equal to the lesser of one percent (1%) of the number of shares of the Company’s common stock outstanding as of such date or a number of shares as determined by the Company’s board of directors. | |||||||||||||||||
The following table summarizes option activity under our stock plans and related information: | |||||||||||||||||
NUMBER | WEIGHTED- | WEIGHTED- | AGGREGATE | ||||||||||||||
OF | AVERAGE | AVERAGE | INTRINSIC | ||||||||||||||
SHARES | EXERCISE | REMAINING | VALUE (a) | ||||||||||||||
PRICE | CONTRACTUAL | (IN THOUSANDS) | |||||||||||||||
LIFE | |||||||||||||||||
(IN YEARS) | |||||||||||||||||
Balances, January 1, 2012 | 705,000 | $ | 0.05 | ||||||||||||||
Options granted | 2,890,000 | $ | 0.19 | ||||||||||||||
Options exercised | — | — | |||||||||||||||
Options cancelled | — | — | |||||||||||||||
Balances, December 31, 2012 | 3,595,000 | $ | 0.16 | 9.3 | $ | 495 | |||||||||||
Options granted | 45,000 | $ | 0.34 | ||||||||||||||
Options exercised | — | — | |||||||||||||||
Options cancelled | — | — | |||||||||||||||
Balances, December 31, 2013 | 3,640,000 | $ | 0.16 | 8.3 | $ | 9,411 | |||||||||||
Options granted | 1,870,700 | $ | 14.58 | ||||||||||||||
Options exercised | (496,759 | ) | $ | 0.04 | |||||||||||||
Options cancelled | (82,083 | ) | $ | 1.91 | |||||||||||||
Balances, December 31, 2014 | 4,931,858 | $ | 5.61 | 8.2 | $ | 238,653 | |||||||||||
Vested and expected to vest as of December 31, 2014 | 4,831,195 | $ | 5.09 | 8.2 | $ | 236,275 | |||||||||||
Exercisable as of December 31, 2014 | 1,885,366 | $ | 0.39 | 7.4 | $ | 101,080 | |||||||||||
(a) | The aggregate intrinsic value is calculated as the difference between the options exercise price and the estimated fair value of the underlying common stock at December 31, 2012, 2013 and 2014, respectively. | ||||||||||||||||
The weighted-average fair values of options granted during fiscal years 2014, 2013 and 2012 were $9.56, $0.37 and $0.21, respectively. The total intrinsic value of options exercised during the year ended December 31, 2014 was $15.7 million. There were no options exercised in 2013 and 2012. | |||||||||||||||||
The following table summarizes information with respect to stock options outstanding and currently exercisable and vested. | |||||||||||||||||
As of December 31, 2014: | |||||||||||||||||
OPTIONS OUTSTANDING | OPTIONS EXERCISABLE | ||||||||||||||||
AND VESTED | |||||||||||||||||
RANGE OF | NUMBER | WEIGHTED- | NUMBER | WEIGHTED- | |||||||||||||
EXERCISE PRICES | OUTSTANDING | AVERAGE | OUTSTANDING | AVERAGE | |||||||||||||
REMAINING | REMAINING | ||||||||||||||||
CONTRACTUAL | CONTRACTUAL | ||||||||||||||||
LIFE | LIFE | ||||||||||||||||
(IN YEARS) | (IN YEARS) | ||||||||||||||||
$ .0001 – $0.27 | 3,071,158 | 7.5 | 1,789,700 | 7.3 | |||||||||||||
$ 0.28 – $ 2.95 | 484,200 | 9.1 | 91,500 | 9 | |||||||||||||
$ 2.96 – $ 9.16 | 265,000 | 9.3 | — | — | |||||||||||||
$ 9.17 – $11.50 | 278,400 | 9.5 | — | — | |||||||||||||
$11.51 – $35.00 | 743,850 | 9.7 | — | — | |||||||||||||
$35.01 – $50.49 | 89,250 | 9.9 | 4,166 | 9.9 | |||||||||||||
The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards to employees and nonemployees in the consolidated statement of operations and comprehensive loss as follows: | |||||||||||||||||
(in thousands) | YEARS ENDED DECEMBER 31 | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development | $ | 7,331 | $ | 362 | $ | 54 | |||||||||||
General and administrative | 1,236 | 153 | 22 | ||||||||||||||
Total | $ | 8,567 | $ | 515 | $ | 76 | |||||||||||
Stock Options Granted to Employees | |||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, the Company recorded $1,672,000, $136,000 and $20,000, respectively, of stock-based compensation expense related to employees options. The fair value of each option issued to employees was estimated at the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions: | |||||||||||||||||
YEARS ENDED DECEMBER 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 79 | % | 80 | % | 82 | % | |||||||||||
Expected term (in years) | 6 | 6 | 6 | ||||||||||||||
Risk-free interest rate | 1.9 | % | 1 | % | 0.9 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
As of December 31, 2014, there was $15.1 million of unrecognized stock-based compensation expense related to employees’ awards that is expected to be recognized over a weighted-average period of 3.5 years. | |||||||||||||||||
Stock Options Granted to Non-Employees | |||||||||||||||||
Stock-based compensation expense related to stock options granted to nonemployees is recognized as the stock options are earned. The Company believes that the estimated fair value of the stock options is more readily measurable than the fair value of the services rendered. For the years ended December 31, 2014, 2013 and 2012, the Company recorded $6,895,000, $379,000 and $56,000, respectively, of stock-based compensation expense related to non-employees options. | |||||||||||||||||
We used the following weighted-average assumptions in estimating non-employees stock-based compensation expense: | |||||||||||||||||
YEARS ENDED DECEMBER 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 79 | % | 79 | % | 78 | % | |||||||||||
Expected term (in years) | 7.5 | 7.9 | 9 | ||||||||||||||
Risk-free interest rate | 2.2 | % | 1.8 | % | 1.6 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
As of December 31, 2014, there was $3.4 million of unrecognized stock-based compensation expense related to non-employees’ awards that is expected to be recognized over a weighted-average period of 2.9 years. | |||||||||||||||||
Fair Value of Common Stock | |||||||||||||||||
In determining the exercise prices for options granted, the Company’s board of directors has considered the fair value of the common stock as of each grant date. Prior to the IPO, the fair value of the common stock underlying the stock options was determined by the board of directors at each award grant date based upon a variety of factors, including the results obtained from an independent third party valuation, the Company’s financial position and historical financial performance, the status of technological developments within the Company’s products, the composition and ability of the current management team, an evaluation or benchmark of the Company’s competition, the current business climate in the marketplace, the illiquid nature of the common stock, arm’s-length sales of the Company’s capital stock (including convertible preferred stock), the effect of the rights and preferences of the preferred shareholders and the prospects of a liquidity event, among others. After the completion of the Company’s IPO in August 2014, the fair value of the common stock is based on the closing price of the common stock on the date of grant. |
401k_Savings_Plan
401(k) Savings Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
401(k) Savings Plan | 12. 401(k) Savings Plan |
The Company established a defined-contribution savings plan under Section 401(k) of the Code. The 401(k) Plan covers all employees who meet defined minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pretax basis. The amount of contributions that the Company made to the 401(k) Plan during the year ended December 31, 2014 was $25,000 and no contributions were made during the year ended December 31, 2013. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 13. Income Taxes | ||||||||||||
No income tax benefit or expense was recorded for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||
The following table presents domestic and foreign components of loss before provision for income taxes (in thousands): | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | (25,006 | ) | $ | (5,031 | ) | $ | (1,051 | ) | ||||
Foreign | (398 | ) | (245 | ) | (760 | ) | |||||||
loss before income taxes | $ | (25,404 | ) | $ | (5,276 | ) | $ | (1,811 | ) | ||||
A reconciliation of income tax expense computed at the statutory federal income tax rate of 34% to income taxes as reflected in the financial statements is as follows (in thousands): | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax expense at statutory rate | $ | (8,637 | ) | $ | (1,794 | ) | $ | (616 | ) | ||||
Loss on extinguishment of related-party convertible notes | 69 | 568 | — | ||||||||||
Non-deductible foreign research expenses | 85 | 26 | 222 | ||||||||||
Non-deductible expenses | 446 | 74 | 5 | ||||||||||
Research and development tax credits | (304 | ) | (93 | ) | — | ||||||||
Change in valuation allowance | 8,349 | 1,209 | 359 | ||||||||||
Foreign rate differential | (8 | ) | 10 | 30 | |||||||||
Total tax expense (benefit) | $ | — | $ | — | $ | — | |||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table presents significant components of the Company’s deferred tax assets (in thousands): | |||||||||||||
AS OF DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 8,526 | $ | 1,876 | $ | 827 | |||||||
Accruals, reserve and other | 222 | 109 | 88 | ||||||||||
Stock-based compensation | 3,032 | 183 | 32 | ||||||||||
Tax credit carryforwards | 659 | 145 | 13 | ||||||||||
Property and equipment | — | 2 | — | ||||||||||
Intangibles | 24 | 223 | 130 | ||||||||||
Other | 24 | (1 | ) | 1 | |||||||||
Total deferred tax assets before valuation allowance | 12,487 | 2,537 | 1,091 | ||||||||||
Valuation allowance | (12,457 | ) | (2,537 | ) | (1,091 | ) | |||||||
Total deferred tax assets | 30 | — | — | ||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (30 | ) | — | — | |||||||||
Total deferred tax liabilities | (30 | ) | — | — | |||||||||
Net deferred tax assets | $ | — | $ | — | $ | — | |||||||
The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of December 31, 2014, 2013 and 2012. The valuation allowance increased approximately $9.9 million, $1.4 million and $0.4 million during the years ended December 31, 2014, 2013 and 2012, respectively, due to net operating losses. | |||||||||||||
As of December 31, 2014, the Company had U.S. federal NOL carryforwards of approximately $39.6 million to offset future federal income. NOLs expire at various years beginning with 2026. As of December 31, 2014, the Company also had U.S. state NOL carryforwards of approximately $41.0 million to offset future state income. U.S. State NOLs expire at various years beginning with 2016. At December 31, 2014, the Company also had approximately $0.2 million of foreign net operating loss carryforwards which may be available to offset future foreign income; these carryforwards do not expire. | |||||||||||||
As a result of certain realization requirements of Accounting Standard Codification Topic 718, Compensation – Stock Compensation (ASC 718), the table of deferred tax assets and liabilities does not include certain deferred tax assets as of December 31, 2014 that arose directly from tax deductions related to equity compensation that are greater than the compensation recognized for financial reporting. Equity will be increased by $7.4 million if and when such deferred tax assets are ultimately realized. We use ASC 740 ordering when determining when excess tax benefits have been realized. | |||||||||||||
As of December 31, 2014, the Company had federal research and development tax credit carryforwards of approximately $0.5 million available to reduce future tax liabilities which expire at various years beginning with 2032. As of December 31, 2014, the Company had state credit carryforwards of approximately $0.5 million available to reduce future tax liabilities which do not expire. | |||||||||||||
Under Section 382 of the Internal Revenue Code of 1986, as amended (Code), our ability to utilize NOL carryforwards or other tax attributes, such as research tax credits, in any taxable year may be limited if we have experienced an “ownership change.” Generally, a Section 382 ownership change occurs if there is a cumulative increase of more than 50 percentage points in the stock ownership of one or more stockholders or groups of stockholders who owns at least 5% of a corporation’s stock within a specified testing period. Similar rules may apply under state tax laws. We believe that we have experienced at least two ownership changes under Section 382, which will result in limitations in our ability to utilize net operating losses and credits. In addition, we may experience ownership changes as a result of our initial public offering in August 2014, future offerings or other changes in the ownership of our stock. As a result, the amount of the NOLs and research and credit carryforwards presented in our financial statements could be limited and may expire unutilized. | |||||||||||||
The Company files income tax returns in the United States, and state and foreign jurisdictions. The federal, state and foreign income tax returns are open under the statute of limitations subject to tax examinations for the tax years ended December 31, 2010 through December 31, 2014. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, state or foreign tax authorities to the extent utilized in a future period. | |||||||||||||
The Company has total unrecognized tax benefits as of December 31, 2014, 2013 and 2012 of approximately $471,000, $43,000 and $5,000 respectively. No amount of the unrecognized tax benefits, if recognized, would reduce the Company’s annual effective tax rate because the benefits are in the form of deferred tax assets for which a full valuation allowance has been recorded. The Company does not anticipate a significant change to its unrecognized tax benefits over the next twelve months. A reconciliation of the unrecognized tax benefits is as follows (in thousands): | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits as of the beginning of the year | $ | 43 | $ | 5 | $ | — | |||||||
Increase related to prior year tax provisions | 272 | 7 | — | ||||||||||
Increase related to current year tax provisions | 156 | 31 | 5 | ||||||||||
Unrecognized tax benefits as of the end of the year | $ | 471 | $ | 43 | $ | 5 | |||||||
The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2014 and 2013, the Company had no accrued interest or penalties related to uncertain tax positions and no amounts have been recognized in the Company’s consolidated statements of operations and comprehensive loss. There are no ongoing examinations by taxing authorities at this time. |
Net_Loss_Per_Share
Net Loss Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Net Loss Per Share | 14. Net Loss Per Share | ||||||||||||
The following table sets forth the computation of the basic and diluted net loss per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share data): | |||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss | $ | (25,404 | ) | $ | (5,276 | ) | $ | (1,811 | ) | ||||
Deemed dividend | (3,230 | ) | — | — | |||||||||
Net loss attributable to common stockholders | (28,634 | ) | (5,276 | ) | (1,811 | ) | |||||||
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share: | |||||||||||||
Shares issued | 11,651 | 3,673 | 3,673 | ||||||||||
Less: restricted stock subject to repurchase | — | — | (30 | ) | |||||||||
Net shares outstanding | 11,651 | 3,673 | 3,643 | ||||||||||
Basic and diluted net loss per common share | $ | (2.46 | ) | $ | (1.44 | ) | $ | (0.50 | ) | ||||
The following common stock equivalents outstanding at the end of the periods presented were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: | |||||||||||||
(Shares in thousands) | AS OF | ||||||||||||
DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options to purchase common stock | 4,932 | 3,640 | 3,595 | ||||||||||
Warrants to purchase common stock | — | 264 | 264 | ||||||||||
Series A preferred stock | — | 3,899 | 1,789 | ||||||||||
Warrants to purchase preferred stock | — | 55 | 55 | ||||||||||
4,932 | 7,858 | 5,703 | |||||||||||
Selected_Quarterly_Financial_I
Selected Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Selected Quarterly Financial Information | 15. Selected Quarterly Financial Information (Unaudited) | ||||||||||||||||
The following amounts are in thousands, except per share amounts: | |||||||||||||||||
Quarter Ended | |||||||||||||||||
Quarterly Results of Operations | March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenue | $ | 30 | $ | 135 | $ | 204 | $ | 203 | |||||||||
Total operating expenses | $ | (1,636 | ) | $ | (4,588 | ) | $ | (8,144 | ) | $ | (10,606 | ) | |||||
Net loss | $ | (1,663 | ) | $ | (5,094 | ) | $ | (8,256 | ) | $ | (10,391 | ) | |||||
Deemed dividend (1) | $ | — | $ | (3,230 | ) | $ | — | $ | — | ||||||||
Net loss attributable to common stockholders | $ | (1,663 | ) | $ | (8,324 | ) | $ | (8,256 | ) | $ | (10,391 | ) | |||||
Basic and diluted net loss per share | $ | (0.45 | ) | $ | (2.27 | ) | $ | (0.50 | ) | $ | (0.46 | ) | |||||
Quarter Ended | |||||||||||||||||
Quarterly Results of Operations | March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenue | $ | 300 | $ | 150 | $ | 30 | $ | — | |||||||||
Total operating expenses | $ | (342 | ) | $ | (855 | ) | $ | (808 | ) | $ | (1,929 | ) | |||||
Net loss | $ | (49 | ) | $ | (721 | ) | $ | (813 | ) | $ | (3,693 | ) | |||||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.20 | ) | $ | (0.22 | ) | $ | (1.01 | ) | |||||
(1) | In April 2014, we repurchased 531,208 shares of Series A convertible preferred stock for $4.0 million. The difference between the repurchase price of $7.53 per share and original issuance price of $1.45 per share was recorded as a deemed dividend of $3.2 million to a preferred stockholder and effected the calculation of net loss attributable to common stockholders and net loss per share for the year ended December 31, 2014. | ||||||||||||||||
Basic and diluted net loss per share is computed independently for each of the quarters presented. Therefore, the sum of quarterly basic and diluted per share amounts may not equal annual basic and diluted net loss per share amounts. |
Subsequent_Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Event | 16. Subsequent Event |
In January 2015, the Company completed a public offering of 2,369,375 shares of its common stock (Follow-on Offering), which includes 359,918 shares the Company issued pursuant to the underwriters’ exercise of their option to purchase additional shares, and the Company received net proceeds of approximately $130.5 million, after underwriting discounts, commissions and estimated offering expenses. |
Summary_of_significant_account1
Summary of significant accounting policies and basis of presentation (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Use of Estimates | Use of Estimates—The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. On an ongoing basis, the Company evaluates its estimates and assumptions, including those related to clinical trial accruals, stock-based compensation, income taxes and, prior to the IPO, fair value of embedded derivative liability, fair value of convertible preferred stock and fair values of common and convertible preferred stock warrants. The Company’s actual results may differ from these estimates under different assumptions or conditions. There have been no significant changes from our original estimates in any periods presented. | |||
Principles of Consolidation | Principles of Consolidation—The Company’s consolidated financial statements have been prepared in accordance with U.S. GAAP and include the accounts of the Company and its wholly-owned subsidiary in Australia. All intercompany transactions and balances have been eliminated in consolidation. | |||
Reclassifications | Reclassifications—The Company has reclassified certain prior period amounts to conform to the current period presentation. The Company reclassified changes in fair value of warrant liabilities from other income (expense), net and presented it as a separate line item on our consolidated statements of operations and comprehensive loss. The reclassification had no impact on the total income (expense), net or net loss. | |||
Foreign Currency Translation | Foreign Currency Translation—The Company’s consolidated financial statements are prepared in U.S. dollars. Its foreign subsidiary uses the Australian dollar as its functional currency and maintains its records in the local currency. Assets and liabilities are re-measured at exchange rates in effect at the end of the reporting period. Equity is measured at historical rates and income and expenses are re-measured at average exchange rates for the reporting period. The resulting foreign currency translation adjustment is recorded in accumulated other comprehensive income (loss) in the consolidated balance sheets and in the consolidated statements of operations and comprehensive loss. Transactions denominated in foreign currency are translated at exchange rates at the date of transaction with foreign currency gains (losses) recorded in other income (expense), net in the consolidated statements of operations and other comprehensive loss. | |||
Cash and Cash Equivalents | Cash and Cash Equivalents—As December 31, 2014, cash equivalents were comprised of money market funds. We consider all highly liquid investments purchased with original maturities of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at fair value. | |||
Deposit | Deposit—Deposit in the amount of $0.1 million as of December 31, 2014 and 2013 represents amounts paid in connection with the Company’s facility lease agreement and recorded as a long-term asset. | |||
Segment Reporting | Segment Reporting—The Company operates and manages its business as one reporting and operating segment, which is the business of developing and commercializing gene therapeutics. The Company’s chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for purposes of allocating resources and evaluating financial performance. | |||
Concentrations of Credit Risk and Other Uncertainties | Concentrations of Credit Risk and Other Uncertainties—Financial instruments that potentially subject us to significant concentrations of credit risk consists primarily of cash and cash equivalents. As of December 31, 2014, substantially all of the Company’s cash and cash equivalents was deposited in accounts at four financial institutions, and amounts may exceed federally insured limits. Management believes that the Company is not exposed to significant credit risk due to the financial strength of the depository institutions in which the financial instrument are held. | |||
The Company is subject to certain risks and uncertainties, including, but not limited to changes in any of the following areas that the Company believes could have a material adverse effect on future financial position or results of operations: ability to obtain future financing; regulatory approval and market acceptance of, and reimbursement for, the Company’s product candidates; performance of third-party clinical research organizations and manufacturers; development of sales channels; protection of the intellectual property; litigation or claims against the Company based on intellectual property, patent, product, regulatory or other factors; and the Company’s ability to attract and retain employees necessary to support the growth. | ||||
Property and Equipment | Property and Equipment—Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Depreciation is recorded using the straight-line method over the estimated useful lives of the assets, generally three to five years. Leasehold improvements are capitalized and amortized over the shorter period, expected life or lease term. Major replacements and improvements are capitalized, while general repairs and maintenance are expensed as incurred. | |||
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets—We evaluate the carrying amount of the Company’s long-lived assets whenever events or changes in circumstances indicate that the assets may not be recoverable. An impairment loss would be recognized when estimated future cash flows expected to result from the use of the asset and its eventual disposition is less than the carrying amount of the asset. To date, there have been no such impairment losses. | |||
Deferred Offering Costs | Deferred Offering Costs—We capitalize deferred offering costs, which primarily consist of direct incremental legal and accounting fees relating to our public offerings. We offset the deferred offering costs against our public offering proceeds upon the consummation of our public offerings. As of December 31, 2014 and 2013, $0.4 million and $50,000 of deferred offering costs were capitalized in deposits and other long-term assets on our consolidated balance sheets, respectively. | |||
Convertible Preferred Stock | Convertible Preferred Stock—The Company recorded issued convertible preferred stock at fair value on the dates of issuance, net of issuance costs. The convertible preferred stock was recorded outside of stockholders’ deficit because the shares contain liquidation features that are not solely within the Company’s control. All of the outstanding shares of convertible preferred stock were converted into common stock shares immediately prior to the completion of the IPO in July 2014. | |||
Derivative Instruments | Derivative Instruments—The Company has recorded convertible preferred stock warrants issued to investors and note holders as derivative liabilities. The convertible preferred stock warrants are initially recorded at fair value, with gains and losses arising from changes in fair value recognized in other income (expense) in the consolidated statements of operations and comprehensive loss at each period end while such instruments are outstanding and classified as long-term liabilities. In connection with the completion of the Company’s IPO in August 2014, all of the outstanding warrants to purchase convertible preferred stock were exercised. As a result of the exercises, the Company recorded a $0.8 million loss related to the change in fair value in our consolidated statements of operations and comprehensive loss and reclassified the fair value of $0.9 million to additional paid-in capital. | |||
The Company has also recorded as a derivative liability the Company’s obligation to issue common stock warrants in connection with license agreements as the terms of the warrants were not fixed due to potential adjustments in the exercise price. The derivative liability associated with the common stock warrants was initially recorded at fair value, with gains and losses arising from changes in fair value recognized in the consolidated statements of operations and comprehensive loss at each period end while such instruments are classified as liabilities. In March 2014, the liability terminated upon the issuance of common stock warrant and was recorded to additional paid-in capital. | ||||
Both the preferred stock and common stock warrant liabilities were valued using a Black-Scholes valuation model (refer to Note 10). | ||||
Immediately prior to the completion of the IPO, all outstanding warrants to purchase preferred stock and common stock were exercised, and the outstanding liability was reversed. | ||||
Revenue Recognition | Revenue Recognition—The Company has primarily generated contract revenue through a research and collaboration arrangement with a strategic partner for the development and commercialization of product candidates, and a license agreement related to the licensing of certain of our intellectual property. Additionally, the Company has historically generated grant revenue from research and development grant programs. | |||
The Company recognizes revenue in accordance with Accounting Standards Codification Topic 605, Revenue Recognition (ASC 605). Accordingly, revenue is recognized for each unit of accounting when all of the following criteria are met: | ||||
• | Persuasive evidence of an arrangement exists; | |||
• | Delivery has occurred or services have been rendered; | |||
• | The seller’s price to the buyer is fixed or determinable; and | |||
• | Collectability is reasonably assured. | |||
Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue in the Company’s consolidated balance sheets. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, current portion. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. | ||||
Collaboration and License Revenue | ||||
In May 2014, the Company entered into a research collaboration and license agreement with Regeneron to discover, develop and commercialize novel gene therapy products for the treatment of ophthalmologic diseases. The collaboration covers up to eight distinct therapeutic targets (collaboration targets). The Company and Regeneron will collaborate during the initial research period of three years that can be extended by Regeneron for up to an additional five years. During the research period, Regeneron has the option to obtain an exclusive worldwide license for a collaboration target’s further development by giving written notice to the Company and paying $2.0 million per target. If Regeneron exercises its option, it will be responsible for all further development and commercialization of the target. The Company is then eligible to receive contingent payments of up to $80.0 million upon achievement of certain development and regulatory milestones for product candidates directed toward each collaboration target, for a combined total of up to $640.0 million in potential milestone payments for product candidates directed toward all eight collaboration targets, plus a royalty in the low- to mid-single-digits on worldwide net sales of collaboration products. | ||||
For any two collaboration targets, the Company has an option to share up to 35% of the worldwide product candidate development costs and profits. If the Company exercises this option, the Company will not be eligible for milestone and royalty payments discussed above but rather the Company will share development costs and profits with Regeneron. | ||||
The agreement will expire with respect to each collaboration target upon the earlier of the (a) expiration of the research term if the option right has not been triggered by the end of the research term or (b) expiration of the option right if the option right has not been exercised by Regeneron. If the option right has been exercised, the agreement in connection with each collaboration target will expire upon expiration of all payment obligations by Regeneron. In addition, the agreement, or Regeneron’s rights to any target development under the agreement, may terminate early under the following situations: | ||||
• | Regeneron may terminate the agreement for convenience at any time on a target by target basis or in totality upon a 30-day notice. | |||
• | Each party can terminate the agreement if another party commits a material breach or material default in performance of its obligations and such breach or default is not cured within 60 days. | |||
• | The agreement is automatically terminated upon initiation of any bankruptcy proceedings, reorganization or dissolution of either party. | |||
• | The Company can terminate the agreement upon 30-day notice if Regeneron challenges the validity, scope or enforceability of any Company patent. | |||
In connection with the agreement, Regeneron also acquired a time-limited right of first negotiation for a potential license to develop and commercialize AVA-101, the Company’s gene therapy product currently under development and undergoing a Phase 2a clinical trial. If and when such negotiation is successful, the Company and Regeneron will enter into a separate agreement for AVA-101. | ||||
Under the terms of the agreement, the Company received initial upfront non-refundable cash payments of $8.0 million that included payment for research license fees, prepaid collaboration research costs and the time-limited right of first negotiation for AVA-101. As the agreement provides for multiple deliverables, the Company accounts for this agreement as a multiple elements revenue arrangement. If deliverables did not appear to have a standalone value, they were combined with other deliverables into a unit of accounting with standalone value. The Company allocated the $8.0 million to the relative fair value of the two units of accounting identified in the arrangement. The Company expects to recognize $6.5 million for the research licenses and related research and development services ratably over the associated period of performance, which is the maximum research period of eight years. As there is no discernible pattern of performance and/or objectively measurable performance measures do not exist, the Company will recognize revenue on a straight-line basis over the eight year performance period. The remaining $1.5 million allocated to the second unit of accounting for the rights of first negotiation for AVA-101 is deferred and will be recognized during the period when Regeneron has exclusive access to the results of the Phase 2a clinical trial. | ||||
For the year ended December 31, 2014, the Company recognized $0.5 million of collaboration and license revenue related to the research collaboration license agreement with Regeneron. As of December 31, 2014, we have deferred revenue relating to this collaboration agreement of $7.5 million. | ||||
The Company also recorded $30,000 license revenue in 2014 related to the licensing of certain of its intellectual property under a licensing agreement entered into during February 2014. | ||||
Government Grants | ||||
Government grants provide funds for certain types of expenditures in connection with research and development activities over a contractually defined period. Revenue related to government grants is recognized in the period during which the related costs are incurred and the related services are rendered, provided that the applicable performance obligations under the government grants have been met. | ||||
Funds received under government grants are recorded as revenue if we are deemed to be the principal participant in the contract arrangements because the activities under the contracts are part of our development programs. If we are not the principal participant, the funds from government grants are recorded as a reduction to research and development expense. Funds received from government grants are not refundable and are recognized when the related qualified research and development expenses are incurred and when there is reasonable assurance that the funds will be received. Funds received in advance of the performance of the services are recorded as deferred revenue. | ||||
For the years ending December 31, 2013 and 2012, the Company recognized $0.5 million and $30,000, respectively, of government grant revenue. No government grant revenue was recorded in 2014 as we completed the work performed under the grant in 2013. We intend to continue to evaluate pursuing additional grant opportunities on a case-by-case basis. | ||||
Research and Development Expenses | Research and Development Expenses—Research and development expenses are charged to expense as incurred. Research and development expenses include certain payroll, stock compensation and other personnel-related expenses, laboratory supplies, consulting costs, external contract research and development expenses, and allocated overhead, including rent, equipment depreciation and utilities. Advance payments for goods or services for future research and development activities are deferred and expensed as the goods are delivered or the related services are performed. | |||
The Company estimates preclinical studies and clinical trial expenses based on the services performed pursuant to contracts with research institutions and clinical research organizations that conduct and manage preclinical studies and clinical trials on the Company’s behalf. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. These estimates are based on communications with the third party service providers and our estimates of accrued expenses and on information available at each balance sheet date. If the actual timing of the performance of services or the level of effort varies from the estimate, the Company will adjust the accrual accordingly. There have been no significant changes from our original estimates in any of the periods presented. | ||||
The Company received tax credits from the Australian government in connection with certain research costs incurred in conducting research by the Company’s Australian subsidiary. These refunds do not depend on the taxable income or tax position of the Company and therefore the Company does not account for them under an income tax accounting model. The Company recognizes such refunds as government grants in the period when qualified expenses are incurred as a reduction of research expenses. The Company has recorded the reimbursement of $0.1 million, $0.8 million and zero from the Australian tax authorities as a reduction of research and development expense in the consolidated statements of operations and comprehensive loss in the years ended December 31, 2014, 2013 and 2012, respectively. | ||||
Fair Value Measurements | Fair Value Measurements—Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. The carrying amounts of the Company’s financial instruments, including cash and cash equivalents, prepaid and other current assets, accounts payable, accrued expenses and other warrant liabilities approximate its fair value due to their short-term maturities. Refer to Note 3 for the methodologies and assumptions used in valuing financial instruments. | |||
Stock-Based Compensation Expense | Stock-Based Compensation Expense—Stock-based compensation expense related to awards to employees is measured at the grant date based on the fair value of the award. The fair value of the award that is ultimately expected to vest is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The expense recognized for the portion of the award that is expected to vest has been reduced by an estimated forfeiture rate. The forfeiture rate is determined at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||
The Company uses the Black-Scholes valuation model as the method for determining the estimated fair value of stock-based awards. | ||||
Expected Term—The expected term assumption represents the period that the Company’s stock-based awards are expected to be outstanding and is determined using the simplified method. | ||||
Expected Volatility—Expected volatility is estimated using comparable public companies volatility for similar terms. | ||||
Expected Dividend—The Black-Scholes valuation model calls for a single expected dividend yield as an input. The Company has never paid dividends and has no plans to pay dividends. | ||||
Risk-Free Interest Rate—The risk-free interest rate is based on the U.S. Treasury zero-coupon issues in effect at the time of grant for periods corresponding with the expected term of option. | ||||
Stock-based compensation expense related to awards to non-employees is recognized based on the then-current fair value at each measurement date over the associated service period of the award, which is generally the vesting term, using the accelerated attribution method. The fair value of non-employee stock options is estimated using the Black-Scholes valuation model with assumptions generally consistent with those used for employee stock options, with the exception of the expected term, which is the remaining contractual life at each measurement date. Refer to Note 11 for more information on assumptions used in estimated stock-based compensation expense. | ||||
Income Taxes | Income Taxes—The Company accounts for income taxes using the asset and liability method. The Company recognizes deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements or tax returns. Deferred tax assets and liabilities are determined based on the difference between the financial statement and tax basis of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. | |||
In evaluating the ability to recover its deferred income tax assets, the Company considers all available positive and negative evidence, including its operating results, ongoing tax planning and forecasts of future taxable income on a jurisdiction-by-jurisdiction basis. In the event the Company determines that it would be able to realize its deferred income tax assets in the future in excess of their net recorded amount, it would make an adjustment to the valuation allowance that would reduce the provision for income taxes. Conversely, in the event that all or part of the net deferred tax assets are determined not to be realizable in the future, an adjustment to the valuation allowance would be charged to earnings in the period when such determination is made. As of December 31, 2014 and 2013, the Company has recorded a full valuation allowance on its deferred tax assets. | ||||
Tax benefits related to uncertain tax positions are recognized when it is more likely than not that a tax position will be sustained during an audit. Interest and penalties related to unrecognized tax benefits are included within the provision for income tax. | ||||
Comprehensive Loss | Comprehensive Loss—Comprehensive loss is comprised of net loss, deemed dividend to a preferred stockholder and other comprehensive income or loss. Other comprehensive income or loss consists of foreign currency translation adjustments related to translation of the financial statements of the Australian subsidiary. | |||
Basic and Diluted Net Loss Per Share | Basic and Diluted Net Loss Per Share—Basic net loss per common share is computed by dividing the net loss attributable to common stockholders by the weighted-average number of common shares outstanding during the period. Diluted net loss per common share is computed by dividing the net loss by the weighted-average number of common shares and dilutive common share equivalents outstanding during the period. Because the Company has reported a net loss attributable to common stockholders for all periods presented, diluted net loss per common share is the same as basic net loss attributable to common stockholders per common share for those periods. While shares of the convertible preferred stock were outstanding they were considered to be participating securities as they were entitled to participate in undistributed earnings with shares of common stock. Due to net losses in all periods presented, there is no impact on net loss per share calculation in applying the two-class method since the participating securities have no legal requirement to share in any losses. | |||
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements—In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standard Update (ASU) 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, requiring management to evaluate whether events or conditions could impact an entity’s ability to continue as a going concern and to provide disclosures if necessary. Management will be required to perform the evaluation within one year after the date that the financial statements are issued. Disclosures will be required if conditions give rise to substantial doubt and the type of disclosure will be determined based on whether management’s plans will be able to alleviate the substantial doubt. The accounting standards update will be effective for the first annual period ending after December 15, 2016, and for annual periods and interim periods thereafter with early application permitted. The adoption of this guidance is not expected to impact the Company’s financial position or results of operations. | |||
In June 2014, the FASB issued ASU No. 2014-10, Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The Company has elected to early adopt this guidance, as permitted, for its consolidated financial statements for the year ended December 31, 2014, and no longer labeled its financial statements as those of a development stage entity or included any inception-to-date information. | ||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. This ASU is based on the principle that revenue is recognized to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The ASU’s effective date for the Company will be January 1, 2017. The Company is evaluating the application of this ASU, but has not yet determined the potential effects it may have on the Company’s consolidated financial statements. |
Fair_Value_Measurements_and_Fa1
Fair Value Measurements and Fair Value of Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Assets Measured and Recognized at Fair Value on Recurring Basis | The following table summarizes, for assets and liabilities recorded at fair value, the respective fair value and the classification by level of input within the fair value hierarchy as described above (in thousands): | ||||||||||||||||
TOTAL | QUOTED | SIGNIFICANT | SIGNIFICANT | ||||||||||||||
CARRYING | PRICES | OTHER | UNOBSERVABLE | ||||||||||||||
VALUE | IN ACTIVE | OBSERVABLE | INPUTS | ||||||||||||||
MARKETS | INPUTS | (LEVEL 3) | |||||||||||||||
(LEVEL 1) | (LEVEL 2) | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | 40,000 | $ | 40,000 | $ | — | $ | — | |||||||||
Total assets | $ | 40,000 | $ | 40,000 | $ | — | $ | — | |||||||||
December 31, 2013 | |||||||||||||||||
Liabilities: | |||||||||||||||||
Preferred stock warrant liability | $ | 91 | $ | — | $ | — | $ | 91 | |||||||||
Common stock warrant liability | 42 | — | — | 42 | |||||||||||||
Total liabilities | $ | 133 | $ | — | $ | — | $ | 133 | |||||||||
Summary of Changes in Estimated Fair Value of Warrants Liabilities and Embedded Derivative Liability | The following table provides a summary of changes in the estimated fair value of the Company’s warrants liabilities and embedded derivative liability measured at estimated fair value using significant Level 3 inputs (in thousands): | ||||||||||||||||
CONVERTIBLE | COMMON | EMBEDDED | |||||||||||||||
PREFERRED | STOCK | DERIVATIVE | |||||||||||||||
STOCK | WARRANT | LIABILITY (3) | |||||||||||||||
WARRANT | LIABILITY (2) | ||||||||||||||||
LIABILITY (1) | |||||||||||||||||
Balance—January 1, 2012 | $ | 49 | $ | — | $ | — | |||||||||||
Obligation to issue a warrant | — | 5 | — | ||||||||||||||
Embedded derivative on notes payable issuance | — | — | 24 | ||||||||||||||
Change in fair value | (13 | ) | — | (6 | ) | ||||||||||||
Balance—December 31, 2012 | 36 | 5 | 18 | ||||||||||||||
De-recognition of embedded derivative upon convertible notes conversion | — | — | (18 | ) | |||||||||||||
Change in fair value | 55 | 37 | — | ||||||||||||||
Balance—December 31, 2013 | 91 | 42 | — | ||||||||||||||
Issuance of common stock warrant | — | (41 | ) | — | |||||||||||||
Change in fair value | 760 | (1 | ) | — | |||||||||||||
Exercises | (851 | ) | — | — | |||||||||||||
Balance—December 31, 2014 | $ | — | $ | — | $ | — | |||||||||||
-1 | In July 2014, all of the outstanding warrants to purchase convertible preferred stock and common stock were exercised immediately prior to the completion of the IPO. | ||||||||||||||||
(2) | In March 2014, the common stock warrant was issued and was recorded to additional paid-in capital. | ||||||||||||||||
(3) | In November 2013, the liability terminated upon the conversion of the notes into Series A convertible preferred stock. |
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): | ||||||||
DECEMBER 31, | |||||||||
2014 | 2013 | ||||||||
Computer equipment and software | $ | 142 | $ | 10 | |||||
Laboratory equipment | 1,012 | 87 | |||||||
Furniture and fixtures | 73 | — | |||||||
Leasehold improvements | 48 | — | |||||||
Total property and equipment | 1,275 | 97 | |||||||
Less accumulated depreciation | (190 | ) | (28 | ) | |||||
Property and equipment, net | $ | 1,085 | $ | 69 | |||||
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Expenses and Other Current Liabilities | Accrued expenses and other current liabilities consist of the following (in thousands): | ||||||||
DECEMBER 31, | |||||||||
2014 | 2013 | ||||||||
Employee compensation | $ | 1,509 | $ | 162 | |||||
Accrued professional fees | 1,236 | 162 | |||||||
Accrued clinical and process development costs | 942 | 54 | |||||||
Other | 20 | 15 | |||||||
Total accrued expenses and other current liabilities | $ | 3,707 | $ | 393 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Commitments under Facility Operating Lease | As of December 31, 2014, future minimum commitments under our facility operating lease were as follows (in thousands): | ||||
YEARS ENDED DECEMBER 31, | TOTAL LEASE | ||||
COMMITMENTS | |||||
2015 | 826 | ||||
2016 | 1,099 | ||||
2017 | 1,129 | ||||
2018 | 1,162 | ||||
2019 | 1,197 | ||||
2020 and thereafter | 403 | ||||
Total minimum lease payments | $ | 5,816 | |||
Warrants_Tables
Warrants (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Text Block [Abstract] | |||||||||||||||||||||||
Summary of Warrants to Purchase Shares of Common Stock and Convertible Preferred Stock Outstanding and Exercisable | As of December 31, 2013, the following warrants and obligations to issue warrants to purchase shares of common stock and convertible preferred stock were outstanding and exercisable: | ||||||||||||||||||||||
WARRANT | ISSUE | ISSUED IN | WARRANT TO | EXERCISABLE | EXERCISE | EXPIRATION | |||||||||||||||||
HOLDER | DATE | CONNECTION WITH | PURCHASE | INTO | PRICE | DATE | |||||||||||||||||
LEI | 8/20/10 | License Agreement | 125,000 | Common | $ | 0.001 | 8/20/15 | ||||||||||||||||
LEI | 2/24/12 | License Agreement | 80,000 | Common | $ | 0.19 | 2/24/17 | ||||||||||||||||
Investors | 9/7/10 | Conversion of Notes | 59,000 | Common | $ | 0.15 | 9/7/15 | ||||||||||||||||
Payable | |||||||||||||||||||||||
Investors | 9/7/10 | Conversion of Notes | 54,716 | Series A | $ | 1.45 | 9/7/15 | ||||||||||||||||
Payable | |||||||||||||||||||||||
Summary of Fair Value of Each Warrant Estimated Using Black-Scholes Valuation Model | The fair value of each warrant recorded as liability was estimated as of December 31, 2013 using the Black-Scholes valuation model with the following assumptions: | ||||||||||||||||||||||
CLASS | DECEMBER 31, 2013 | ||||||||||||||||||||||
WARRANT | EXPECTED | EXPECTED | RISK-FREE | DIVIDEND | FAIR VALUE OF | ||||||||||||||||||
ISSUE DATE | TERM | VOLATILITY | INTEREST | YIELD | UNDERLYING | ||||||||||||||||||
(IN YEARS) | RATE | SHARES | |||||||||||||||||||||
Sep-10 | Series A preferred stock | 1.68 | 59 | % | 0.3 | % | — | $ | 2.96 | ||||||||||||||
August 2012 (obligation) | Common stock | 5 | 75 | % | 1.6 | % | — | $ | 2.75 |
Stock_Option_Plan_Tables
Stock Option Plan (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Summary of Information with Respect to Stock Options Outstanding and Currently Exercisable and Vested | The following table summarizes information with respect to stock options outstanding and currently exercisable and vested. | ||||||||||||||||
As of December 31, 2014: | |||||||||||||||||
OPTIONS OUTSTANDING | OPTIONS EXERCISABLE | ||||||||||||||||
AND VESTED | |||||||||||||||||
RANGE OF | NUMBER | WEIGHTED- | NUMBER | WEIGHTED- | |||||||||||||
EXERCISE PRICES | OUTSTANDING | AVERAGE | OUTSTANDING | AVERAGE | |||||||||||||
REMAINING | REMAINING | ||||||||||||||||
CONTRACTUAL | CONTRACTUAL | ||||||||||||||||
LIFE | LIFE | ||||||||||||||||
(IN YEARS) | (IN YEARS) | ||||||||||||||||
$ .0001 – $0.27 | 3,071,158 | 7.5 | 1,789,700 | 7.3 | |||||||||||||
$ 0.28 – $ 2.95 | 484,200 | 9.1 | 91,500 | 9 | |||||||||||||
$ 2.96 – $ 9.16 | 265,000 | 9.3 | — | — | |||||||||||||
$ 9.17 – $11.50 | 278,400 | 9.5 | — | — | |||||||||||||
$11.51 – $35.00 | 743,850 | 9.7 | — | — | |||||||||||||
$35.01 – $50.49 | 89,250 | 9.9 | 4,166 | 9.9 | |||||||||||||
Stock-Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Nonemployees | The Company has recorded aggregate stock-based compensation expense related to the issuance of stock option awards to employees and nonemployees in the consolidated statement of operations and comprehensive loss as follows: | ||||||||||||||||
(in thousands) | YEARS ENDED DECEMBER 31 | ||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development | $ | 7,331 | $ | 362 | $ | 54 | |||||||||||
General and administrative | 1,236 | 153 | 22 | ||||||||||||||
Total | $ | 8,567 | $ | 515 | $ | 76 | |||||||||||
Schedule of Fair Value of Option Issued to Employees Valuation Assumptions | The fair value of each option issued to employees was estimated at the date of grant using the Black-Scholes valuation model with the following weighted-average assumptions: | ||||||||||||||||
YEARS ENDED DECEMBER 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 79 | % | 80 | % | 82 | % | |||||||||||
Expected term (in years) | 6 | 6 | 6 | ||||||||||||||
Risk-free interest rate | 1.9 | % | 1 | % | 0.9 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % | |||||||||||
2006 Equity Incentive Plan [Member] | |||||||||||||||||
Summary of Stock Options Activity | The following table summarizes option activity under our stock plans and related information: | ||||||||||||||||
NUMBER | WEIGHTED- | WEIGHTED- | AGGREGATE | ||||||||||||||
OF | AVERAGE | AVERAGE | INTRINSIC | ||||||||||||||
SHARES | EXERCISE | REMAINING | VALUE (a) | ||||||||||||||
PRICE | CONTRACTUAL | (IN THOUSANDS) | |||||||||||||||
LIFE | |||||||||||||||||
(IN YEARS) | |||||||||||||||||
Balances, January 1, 2012 | 705,000 | $ | 0.05 | ||||||||||||||
Options granted | 2,890,000 | $ | 0.19 | ||||||||||||||
Options exercised | — | — | |||||||||||||||
Options cancelled | — | — | |||||||||||||||
Balances, December 31, 2012 | 3,595,000 | $ | 0.16 | 9.3 | $ | 495 | |||||||||||
Options granted | 45,000 | $ | 0.34 | ||||||||||||||
Options exercised | — | — | |||||||||||||||
Options cancelled | — | — | |||||||||||||||
Balances, December 31, 2013 | 3,640,000 | $ | 0.16 | 8.3 | $ | 9,411 | |||||||||||
Options granted | 1,870,700 | $ | 14.58 | ||||||||||||||
Options exercised | (496,759 | ) | $ | 0.04 | |||||||||||||
Options cancelled | (82,083 | ) | $ | 1.91 | |||||||||||||
Balances, December 31, 2014 | 4,931,858 | $ | 5.61 | 8.2 | $ | 238,653 | |||||||||||
Vested and expected to vest as of December 31, 2014 | 4,831,195 | $ | 5.09 | 8.2 | $ | 236,275 | |||||||||||
Exercisable as of December 31, 2014 | 1,885,366 | $ | 0.39 | 7.4 | $ | 101,080 | |||||||||||
(a) | The aggregate intrinsic value is calculated as the difference between the options exercise price and the estimated fair value of the underlying common stock at December 31, 2012, 2013 and 2014, respectively. | ||||||||||||||||
Non Employee Stock Option [Member] | |||||||||||||||||
Schedule of Non-Employees Stock Purchase Plan Valuation Assumptions | We used the following weighted-average assumptions in estimating non-employees stock-based compensation expense: | ||||||||||||||||
YEARS ENDED DECEMBER 31 | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Expected volatility | 79 | % | 79 | % | 78 | % | |||||||||||
Expected term (in years) | 7.5 | 7.9 | 9 | ||||||||||||||
Risk-free interest rate | 2.2 | % | 1.8 | % | 1.6 | % | |||||||||||
Expected dividend yield | 0 | % | 0 | % | 0 | % |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Schedule of Components of Loss Before Income Taxes | The following table presents domestic and foreign components of loss before provision for income taxes (in thousands): | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
U.S. | $ | (25,006 | ) | $ | (5,031 | ) | $ | (1,051 | ) | ||||
Foreign | (398 | ) | (245 | ) | (760 | ) | |||||||
loss before income taxes | $ | (25,404 | ) | $ | (5,276 | ) | $ | (1,811 | ) | ||||
Schedule of Reconciliation of Income Tax Expense Computed Statutory Federal Income Tax and Financial Statements | A reconciliation of income tax expense computed at the statutory federal income tax rate of 34% to income taxes as reflected in the financial statements is as follows (in thousands): | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Federal income tax expense at statutory rate | $ | (8,637 | ) | $ | (1,794 | ) | $ | (616 | ) | ||||
Loss on extinguishment of related-party convertible notes | 69 | 568 | — | ||||||||||
Non-deductible foreign research expenses | 85 | 26 | 222 | ||||||||||
Non-deductible expenses | 446 | 74 | 5 | ||||||||||
Research and development tax credits | (304 | ) | (93 | ) | — | ||||||||
Change in valuation allowance | 8,349 | 1,209 | 359 | ||||||||||
Foreign rate differential | (8 | ) | 10 | 30 | |||||||||
Total tax expense (benefit) | $ | — | $ | — | $ | — | |||||||
Schedule of Deferred Tax Assets | The following table presents significant components of the Company’s deferred tax assets (in thousands): | ||||||||||||
AS OF DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss carryforwards | $ | 8,526 | $ | 1,876 | $ | 827 | |||||||
Accruals, reserve and other | 222 | 109 | 88 | ||||||||||
Stock-based compensation | 3,032 | 183 | 32 | ||||||||||
Tax credit carryforwards | 659 | 145 | 13 | ||||||||||
Property and equipment | — | 2 | — | ||||||||||
Intangibles | 24 | 223 | 130 | ||||||||||
Other | 24 | (1 | ) | 1 | |||||||||
Total deferred tax assets before valuation allowance | 12,487 | 2,537 | 1,091 | ||||||||||
Valuation allowance | (12,457 | ) | (2,537 | ) | (1,091 | ) | |||||||
Total deferred tax assets | 30 | — | — | ||||||||||
Deferred tax liabilities: | |||||||||||||
Property and equipment | (30 | ) | — | — | |||||||||
Total deferred tax liabilities | (30 | ) | — | — | |||||||||
Net deferred tax assets | $ | — | $ | — | $ | — | |||||||
Schedule of Unrecognized Tax Benefits | A reconciliation of the unrecognized tax benefits is as follows (in thousands): | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Unrecognized tax benefits as of the beginning of the year | $ | 43 | $ | 5 | $ | — | |||||||
Increase related to prior year tax provisions | 272 | 7 | — | ||||||||||
Increase related to current year tax provisions | 156 | 31 | 5 | ||||||||||
Unrecognized tax benefits as of the end of the year | $ | 471 | $ | 43 | $ | 5 | |||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Earnings Per Share [Abstract] | |||||||||||||
Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders | The following table sets forth the computation of the basic and diluted net loss per share for the years ended December 31, 2014, 2013 and 2012 (in thousands, except per share data): | ||||||||||||
FOR THE YEARS ENDED DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Net loss | $ | (25,404 | ) | $ | (5,276 | ) | $ | (1,811 | ) | ||||
Deemed dividend | (3,230 | ) | — | — | |||||||||
Net loss attributable to common stockholders | (28,634 | ) | (5,276 | ) | (1,811 | ) | |||||||
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share: | |||||||||||||
Shares issued | 11,651 | 3,673 | 3,673 | ||||||||||
Less: restricted stock subject to repurchase | — | — | (30 | ) | |||||||||
Net shares outstanding | 11,651 | 3,673 | 3,643 | ||||||||||
Basic and diluted net loss per common share | $ | (2.46 | ) | $ | (1.44 | ) | $ | (0.50 | ) | ||||
Schedule of Antidilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share | The following common stock equivalents outstanding at the end of the periods presented were excluded from the calculation of diluted net loss per share for the periods indicated because including them would have had an anti-dilutive effect: | ||||||||||||
(Shares in thousands) | AS OF | ||||||||||||
DECEMBER 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Options to purchase common stock | 4,932 | 3,640 | 3,595 | ||||||||||
Warrants to purchase common stock | — | 264 | 264 | ||||||||||
Series A preferred stock | — | 3,899 | 1,789 | ||||||||||
Warrants to purchase preferred stock | — | 55 | 55 | ||||||||||
4,932 | 7,858 | 5,703 | |||||||||||
Selected_Quarterly_Financial_I1
Selected Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Schedule of Quarterly Financial Information | The following amounts are in thousands, except per share amounts: | ||||||||||||||||
Quarter Ended | |||||||||||||||||
Quarterly Results of Operations | March 31, | June 30, | September 30, | December 31, | |||||||||||||
2014 | 2014 | 2014 | 2014 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenue | $ | 30 | $ | 135 | $ | 204 | $ | 203 | |||||||||
Total operating expenses | $ | (1,636 | ) | $ | (4,588 | ) | $ | (8,144 | ) | $ | (10,606 | ) | |||||
Net loss | $ | (1,663 | ) | $ | (5,094 | ) | $ | (8,256 | ) | $ | (10,391 | ) | |||||
Deemed dividend (1) | $ | — | $ | (3,230 | ) | $ | — | $ | — | ||||||||
Net loss attributable to common stockholders | $ | (1,663 | ) | $ | (8,324 | ) | $ | (8,256 | ) | $ | (10,391 | ) | |||||
Basic and diluted net loss per share | $ | (0.45 | ) | $ | (2.27 | ) | $ | (0.50 | ) | $ | (0.46 | ) | |||||
Quarter Ended | |||||||||||||||||
Quarterly Results of Operations | March 31, | June 30, | September 30, | December 31, | |||||||||||||
2013 | 2013 | 2013 | 2013 | ||||||||||||||
(In thousands, except per share amounts) | |||||||||||||||||
Revenue | $ | 300 | $ | 150 | $ | 30 | $ | — | |||||||||
Total operating expenses | $ | (342 | ) | $ | (855 | ) | $ | (808 | ) | $ | (1,929 | ) | |||||
Net loss | $ | (49 | ) | $ | (721 | ) | $ | (813 | ) | $ | (3,693 | ) | |||||
Basic and diluted net loss per share | $ | (0.01 | ) | $ | (0.20 | ) | $ | (0.22 | ) | $ | (1.01 | ) | |||||
(1) | In April 2014, we repurchased 531,208 shares of Series A convertible preferred stock for $4.0 million. The difference between the repurchase price of $7.53 per share and original issuance price of $1.45 per share was recorded as a deemed dividend of $3.2 million to a preferred stockholder and effected the calculation of net loss attributable to common stockholders and net loss per share for the year ended December 31, 2014. |
Description_of_Business_Additi
Description of Business - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | |
Aug. 05, 2014 | Dec. 31, 2014 | Jan. 31, 2015 | Dec. 31, 2013 | |
Class of Stock [Line Items] | ||||
Date of incorporation | 17-Jul-06 | |||
Accumulated deficit | ($36,715,000) | ($8,869,000) | ||
Issuance of common stock upon exercise of overallotment by underwriters | 900,000 | |||
Net proceeds from initial public offering | 106,453,000 | |||
Conversion of preferred stock, common stock issued upon conversion | 10,689,027 | |||
IPO [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued during period | 6,900,000 | |||
Common stock, shares issued, price per share | 17 | |||
Net proceeds from initial public offering | 106,500,000 | |||
IPO [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued during period | 2,369,375 | |||
Proceeds from issue of common stock | 130,500,000 | |||
Private Placement [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued during period | 588,235 | |||
Common stock, shares issued, price per share | 17 | |||
Proceeds from issue of common stock | 10,000,000 | |||
Over-Allotment Option [Member] | Subsequent Event [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, shares issued during period | 359,918 | |||
Warrants [Member] | ||||
Class of Stock [Line Items] | ||||
Conversion of warrants into shares of common stock, shares | 407,131 | |||
Conversion of warrants into shares of common stock, value | 600,000 | |||
Underwriting discount or commissions | 0 |
Recovered_Sheet1
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | ||
31-May-14 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Targets | Segment | |||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deposits | $100,000 | $100,000 | ||
Number of reportable segments | 1 | |||
Number of operating segments | 1 | |||
Impairment losses of long lived assets | 0 | |||
Deferred offering costs | 400,000 | 50,000 | ||
Collaboration fee for exclusive worldwide license per target | 2,000,000 | |||
Initial collaboration term | 3 years | |||
Additional collaboration term | 5 years | |||
Eligible contingent payments | 80,000,000 | |||
Potential milestone payments | 640,000,000 | |||
Potential target of collaborations | 8 | |||
Reimbursement of research and development expense | 35.00% | |||
Agreement termination scenario description | Regeneron may terminate the agreement for convenience at any time on a target by target basis or in totality upon a 30-day notice. Each party can terminate the agreement if another party commits a material breach or material default in performance of its obligations and such breach or default is not cured within 60 days. The agreement is automatically terminated upon initiation of any bankruptcy proceedings, reorganization or dissolution of either party. The Company can terminate the agreement upon 30-day notice if Regeneron challenges the validity, scope or enforceability of any Company patent. | |||
Revenue from licensing of intellectual property | 30,000 | |||
Government grant revenue | 0 | 480,000 | 30,000 | |
Tax credits due to reduction of research and development expense | 304,000 | 93,000 | ||
Australian Tax Authorities [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Tax credits due to reduction of research and development expense | 100,000 | 800,000 | 0 | |
Collaborative Arrangement [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Deferred revenue | 7,500,000 | |||
Upfront Payment Arrangement [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Initial upfront non-refundable cash payments received | 8,000,000 | |||
Series A and B Convertible Preferred Stock [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Gain (loss) on changes in fair value recorded in income statement | -800,000 | |||
Reclassification of fair value to additional paid-in capital | 900,000 | |||
Regeneron Corporation [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Research collaboration and license agreement revenue | 500,000 | |||
Regeneron Corporation [Member] | Upfront Payment Arrangement [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Revenue recognized | 6,500,000 | |||
Deferred revenue | $1,500,000 | |||
Performance period | 8 years | |||
Minimum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 3 years | |||
Maximum [Member] | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Estimated useful lives of assets | 5 years |
Fair_Value_Measurements_and_Fa2
Fair Value Measurements and Fair Value of Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Fair Value Disclosures [Abstract] | |||
Probability of change in control | 5.00% | 5.00% | |
Discount rate of future cash flows to net present value | 21.00% | ||
Liabilities transferred within Level 3 | $0 | $0 | $0 |
Fair_Value_Measurements_and_Fa3
Fair Value Measurements and Fair Value of Financial Instruments - Financial Assets Measured and Recognized at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Assets: | ||
Total assets | $40,000 | |
Liabilities: | ||
Total liabilities | 133 | |
Common Stock [Member] | Warrants [Member] | ||
Liabilities: | ||
Total liabilities | 42 | |
Total liabilities | 42 | |
Series A and B Convertible Preferred Stock [Member] | Warrants [Member] | ||
Liabilities: | ||
Total liabilities | 91 | |
Total liabilities | 91 | |
Money Market Funds [Member] | ||
Assets: | ||
Total assets | 40,000 | |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Assets: | ||
Total assets | 40,000 | |
Quoted Prices in Active Markets (Level 1) [Member] | Money Market Funds [Member] | ||
Assets: | ||
Total assets | 40,000 | |
Significant Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Total liabilities | 133 | |
Significant Unobservable Inputs (Level 3) [Member] | Common Stock [Member] | Warrants [Member] | ||
Liabilities: | ||
Total liabilities | 42 | |
Significant Unobservable Inputs (Level 3) [Member] | Series A and B Convertible Preferred Stock [Member] | Warrants [Member] | ||
Liabilities: | ||
Total liabilities | $91 |
Fair_Value_Measurements_and_Fa4
Fair Value Measurements and Fair Value of Financial Instruments - Summary of Changes in Estimated Fair Value of Warrants Liabilities and Embedded Derivative Liability (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Embedded Derivative Liability [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | $18 | ||
De-recognition of embedded derivative upon convertible notes conversion | -18 | ||
Embedded derivative on notes payable issuance | 24 | ||
Change in fair value | -6 | ||
Ending balance | 18 | ||
Common Stock [Member] | Warrants [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 42 | 5 | |
Issuance of common stock warrant | -41 | ||
Obligation to issue a warrant | 5 | ||
Change in fair value | -1 | 37 | |
Ending balance | 42 | 5 | |
Series A and B Convertible Preferred Stock [Member] | Warrants [Member] | |||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||
Beginning balance | 91 | 36 | 49 |
Change in fair value | 760 | 55 | -13 |
Exercises | -851 | ||
Ending balance | $91 | $36 |
Significant_Agreements_Additio
Significant Agreements - Additional Information (Detail) (University of California [Member], USD $) | 1 Months Ended | 12 Months Ended |
31-May-10 | Dec. 31, 2014 | |
University of California [Member] | ||
License Agreement [Line Items] | ||
Upfront license fee paid | $100,000 | |
Annual maintenance fee payable | 50,000 | |
Aggregate amount of milestone payments for first indication | 900,000 | |
Additional milestone payments for up to two additional indications | 500,000 | |
Additional milestone payments recognized | $0 |
Property_and_Equipment_Net_Sch
Property and Equipment, Net - Schedule of Property and Equipment, Net (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $1,275 | $97 |
Less accumulated depreciation | -190 | -28 |
Property and equipment, net | 1,085 | 69 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 142 | 10 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,012 | 87 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 73 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $48 |
Property_and_Equipment_Net_Add
Property and Equipment, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $162 | $26 | $1 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Employee compensation | $1,509 | $162 |
Accrued professional fees | 1,236 | 162 |
Accrued clinical and process development costs | 942 | 54 |
Other | 20 | 15 |
Total accrued expenses and other current liabilities | $3,707 | $393 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Claims | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Lease renewal term | 4 years | ||
Lease expiration date | 8-May-20 | ||
Rent expense | $662,000 | $53,000 | $17,000 |
Accrued royalties | 0 | ||
Royalty payment | 100,000 | ||
Claims paid to date related to indemnification issues | 0 | ||
Number of claims to date | 0 | ||
Accruals or expenses related to indemnification issues | $0 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Schedule of Future Minimum Commitments (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
2015 | $826 |
2016 | 1,099 |
2017 | 1,129 |
2018 | 1,162 |
2019 | 1,197 |
2020 and thereafter | 403 |
Total minimum lease payments | $5,816 |
RelatedParty_Convertible_Notes1
Related-Party Convertible Notes - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 8 Months Ended | 1 Months Ended | |||||
Aug. 05, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Nov. 30, 2012 | Sep. 30, 2013 | Apr. 30, 2014 | Jan. 31, 2014 | Aug. 28, 2012 | Oct. 22, 2013 | |
Debt Instrument [Line Items] | ||||||||||
Total liabilities | $133,000 | |||||||||
Principal plus interest converted to stock | 2,000,000 | 2,059,000 | ||||||||
Conversion of preferred stock, shares converted | 10,689,027 | |||||||||
Loss on extinguished of debt | 204,000 | 1,671,000 | ||||||||
Fair value and repurchase of beneficial conversion feature | 2,000,000 | |||||||||
Outstanding convertible notes | 0 | |||||||||
Embedded Derivative Liability [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Total liabilities | 24,000 | |||||||||
Series B Convertible Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Share price | $7.53 | |||||||||
Two Thousand Twelve Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of convertible notes | 2,000,000 | |||||||||
Accrued interest rate | 5.00% | |||||||||
proceeds from convertible debt | 500,000 | 1,500,000 | ||||||||
Description of change of control | Upon occurrence of a change of control transaction prior to the maturity date, 130% of $2.0 million minus the outstanding principal balance would be payable to the investor. The change of control provision met the accounting definition of an embedded derivative and required bifurcation. | |||||||||
Principal plus interest converted to stock | 2,100,000 | |||||||||
Loss on extinguished of debt | 1,700,000 | |||||||||
Two Thousand Twelve Notes [Member] | Series A Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Conversion of preferred stock, shares converted | 1,419,959 | |||||||||
Share price | $1.45 | |||||||||
2013 Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Aggregate principal amount of convertible notes | 5,000,000 | |||||||||
Accrued interest rate | 5.00% | |||||||||
Loss on extinguished of debt | 200,000 | |||||||||
Aggregate principal borrowed amount of convertible notes | 1,000,000 | 1,000,000 | ||||||||
Stated maturity date of notes | 31-Dec-16 | |||||||||
Percentage of conversion price to original issuance price | 90.00% | |||||||||
Fair value and repurchase of beneficial conversion feature | $1,000,000 | $1,000,000 | ||||||||
2013 Notes [Member] | Series B Convertible Preferred Stock [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Conversion of preferred stock, shares converted | 295,115 | |||||||||
Percentage of conversion price to original issuance price | 90.00% | |||||||||
Conversion price per share | $6.78 | |||||||||
Original issuance price per share | $7.53 |
Convertible_Preferred_Stock_Ad
Convertible Preferred Stock - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||
Aug. 05, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2013 | Apr. 30, 2014 | |
Class of Stock [Line Items] | ||||||
Loss on extinguished of debt | ($204,000) | ($1,671,000) | ||||
General and administrative expense | 7,998,000 | 1,783,000 | 536,000 | |||
Convertible preferred stock, value | 3,230,000 | |||||
Conversion of preferred stock, common stock issued upon conversion | 10,689,027 | |||||
Two Thousand Twelve Notes [Member] | ||||||
Class of Stock [Line Items] | ||||||
Loss on extinguished of debt | -1,700,000 | |||||
Series B Convertible Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued for cash | 7,025,888 | 7,025,888 | ||||
Convertible preferred stock, price per share | $7.53 | |||||
Proceeds on issuance of convertible preferred stock | 52,900,000 | |||||
Series B Convertible Preferred Stock [Member] | Related Party [Member] | ||||||
Class of Stock [Line Items] | ||||||
Proceeds on issuance of convertible preferred stock | 2,000,000 | |||||
Convertible preferred stock, shares issued | 295,115 | |||||
Series A Convertible Preferred Stock [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued for cash | 689,655 | 689,655 | ||||
Shares issued, price per share | $1.45 | |||||
Convertible preferred stock, price per share | $2.63 | |||||
General and administrative expense | 800,000 | |||||
Common stock to be issued for each share of convertible preferred stock | 1 | |||||
Noncumulative dividends, percentage | 8.00% | |||||
Dividends declared | $0 | |||||
Voting rights description | Each holder had the right to one vote for each share of common stock into which such Series A convertible preferred stock could have been converted. Certain financing, acquisition, disposition, and recapitalization transactions required the vote of the majority of the shares of outstanding Series A convertible preferred stock, provided that at least 1,000,000 shares of convertible preferred stock were issued and outstanding. | |||||
Liquidation preference price per share | $1.45 | |||||
Shares repurchased, number of shares | 531,208 | 531,208 | ||||
Convertible preferred stock, value | 770,000 | 4,000,000 | ||||
Share repurchased, price per share | $7.53 | |||||
Preferred stockholder, deemed dividend | $3,200,000 | |||||
Series A Convertible Preferred Stock [Member] | Two Thousand Twelve Notes [Member] | ||||||
Class of Stock [Line Items] | ||||||
Shares issued upon conversion of convertible notes | 1,419,959 |
Warrants_Summary_of_Warrants_t
Warrants - Summary of Warrants to Purchase Shares of Common Stock and Convertible Preferred Stock Outstanding and Exercisable (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 31, 2014 | Aug. 31, 2012 | |
Investors [Member] | Issued in Connection With Conversion of 2006-2009 Notes [Member] | Series A Convertible Preferred Stock [Member] | Warrants Issue Date 09/07/2010 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Issue Date | 7-Sep-10 | ||
Warrant to Purchase | 54,716 | ||
Exercise price | $1.45 | ||
Expiration Date | 7-Sep-15 | ||
Investors [Member] | Issued in Connection With Conversion of 2006-2009 Notes [Member] | Common Stock [Member] | Warrants Issue Date 09/07/2010 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Issue Date | 7-Sep-10 | ||
Warrant to Purchase | 59,000 | ||
Exercise price | $0.15 | ||
Expiration Date | 7-Sep-15 | ||
LEI [Member] | |||
Class of Warrant or Right [Line Items] | |||
Warrant to Purchase | 25,000 | ||
Exercise price | $2.75 | ||
LEI [Member] | Issued in Connection With License Agreement [Member] | Common Stock [Member] | Warrants Issue Date 08/20/2010 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Issue Date | 20-Aug-10 | ||
Warrant to Purchase | 125,000 | ||
Exercise price | $0.00 | ||
Expiration Date | 20-Aug-15 | ||
LEI [Member] | Issued in Connection With License Agreement [Member] | Common Stock [Member] | Warrants Issue Date 02/24/2012 [Member] | |||
Class of Warrant or Right [Line Items] | |||
Issue Date | 24-Feb-12 | ||
Warrant to Purchase | 80,000 | ||
Exercise price | $0.19 | ||
Expiration Date | 24-Feb-17 |
Warrants_Summary_of_Fair_Value
Warrants - Summary of Fair Value of Each Warrant Estimated Using Black-Scholes Valuation Model (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Estimated Fair Value Of Warrants [Line Items] | ||
Expected Term (In Years) | 1 year 1 month 6 days | |
Expected Volatility | 70.00% | |
Risk-Free Interest Rate | 0.10% | |
Dividend Yield | 0.00% | |
Fair Value of Underlying Shares | $17 | |
Common Stock [Member] | ||
Estimated Fair Value Of Warrants [Line Items] | ||
Warrant Issue Date | Aug-12 | |
Expected Term (In Years) | 5 years | |
Expected Volatility | 75.00% | |
Risk-Free Interest Rate | 1.60% | |
Dividend Yield | 0.00% | |
Fair Value of Underlying Shares | $2.75 | |
Series A Convertible Preferred Stock [Member] | ||
Estimated Fair Value Of Warrants [Line Items] | ||
Warrant Issue Date | Sep-10 | |
Expected Term (In Years) | 1 year 8 months 5 days | |
Expected Volatility | 59.00% | |
Risk-Free Interest Rate | 0.30% | |
Dividend Yield | 0.00% | |
Fair Value of Underlying Shares | $2.96 |
Warrants_Additional_Informatio
Warrants - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | |||
Aug. 05, 2014 | Dec. 31, 2014 | Aug. 31, 2012 | 31-May-14 | Dec. 31, 2013 | Mar. 31, 2014 | |
Class of Warrant or Right [Line Items] | ||||||
Fair value of common stock price per share | $17 | |||||
Contractual term of warrant | 1 year 1 month 6 days | |||||
Fair value of obligation risk free interest rate | 0.10% | |||||
Fair value of obligation expected volatility rate | 70.00% | |||||
Fair value of obligation expected dividend yield | 0.00% | |||||
Fair value of warrant liability | $133,000 | |||||
Proceeds from warrants exercised | 600,000 | 606,000 | ||||
Warrants [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Conversion of warrants into shares of common stock, shares | 407,131 | |||||
Series A and B Convertible Preferred Stock [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Gain (loss) on changes in fair value recorded in income statement | -800,000 | |||||
Reclassification of fair value to permanent equity | 900,000 | |||||
Series A and B Convertible Preferred Stock [Member] | Warrants [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Fair value of warrant liability | 91,000 | |||||
LEI [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrant to purchase shares of common stock | 25,000 | |||||
Fair value of obligation to issue warrant | 5,000 | |||||
Fair value of common stock price per share | $0.30 | |||||
Contractual term of warrant | 5 years | |||||
Fair value of obligation risk free interest rate | 0.70% | |||||
Fair value of obligation expected volatility rate | 86.00% | |||||
Fair value of obligation expected dividend yield | 0.00% | |||||
Fair value of warrant liability | 42,000 | |||||
Exercise price | $2.75 | |||||
Financial Services Firm [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrant to purchase shares of common stock | 63,415 | |||||
Fair value of common stock price per share | $6.83 | |||||
Contractual term of warrant | 5 years | |||||
Exercise price | $6.83 | |||||
Warrant expiration date | 15-May-19 | |||||
Financial Services Firm [Member] | Warrants [Member] | ||||||
Class of Warrant or Right [Line Items] | ||||||
Fair value of obligation risk free interest rate | 1.55% | |||||
Fair value of obligation expected volatility rate | 75.00% | |||||
Fair value of obligation expected dividend yield | 0.00% | |||||
Fair value of warrant liability | $300,000 |
Stock_Option_Plan_Additional_I
Stock Option Plan - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 26, 2006 | Jul. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted period | 6 years | 6 years | 6 years | ||
Weighted-average fair values of options granted | $9.56 | $0.37 | $0.21 | ||
Total intrinsic value of options exercised | $15,700,000 | $0 | $0 | ||
Stock-based compensation expense related to employees options | 1,672,000 | 136,000 | 20,000 | ||
Unrecognized stock-based compensation expense related to employees' awards | 15,100,000 | ||||
Unrecognized stock-based compensation, weighted-average period | 3 years 6 months | ||||
Total share-based compensation | 8,567,000 | 515,000 | 76,000 | ||
Non Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total share-based compensation | 6,895,000 | 379,000 | 56,000 | ||
2014 Equity Incentive Award Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares authorized for issuance | 7,544,207 | ||||
Shares available for future grants | 2,043,715 | ||||
Percentage of annual increase in number of shares available for future issuance | 4.00% | ||||
Stock options granted description | Options under the 2006 Plan and 2014 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the shares on the date of grant as determined by the board of directors, provided, however, that the exercise price of an ISO and NSO granted to a 10% shareholder may not be less than 110% of the estimated fair value of the shares on the date of grant. | ||||
Stock options granted to employees and non-employees vesting period | 4 years | ||||
2014 Equity Incentive Award Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted period | 10 years | ||||
2014 Equity Incentive Award Plan [Member] | IPO [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares available for future grant | 2,088,332 | ||||
2014 Employee Stock Purchase Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares available for future grant | 208,833 | ||||
Percentage increase in shares issued | 1.00% | ||||
Non Employee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized stock-based compensation expense related to employees' awards | $3,400,000 | ||||
Unrecognized stock-based compensation, weighted-average period | 2 years 10 months 24 days |
Stock_Option_Plan_Summary_of_S
Stock Option Plan - Summary of Stock Options Activity (Detail) (2006 Equity Incentive Plan [Member], USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
2006 Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Nonvested, Number of Shares [Roll Forward] | |||
NUMBER OF SHARES, Beginning Balance | 3,640,000 | 3,595,000 | 705,000 |
NUMBER OF SHARES, Options granted | 1,870,700 | 45,000 | 2,890,000 |
NUMBER OF SHARES, Options exercised | -496,759 | ||
NUMBER OF SHARES, Options cancelled | -82,083 | ||
NUMBER OF SHARES, Ending Balance | 4,931,858 | 3,640,000 | 3,595,000 |
NUMBER OF SHARES, Vested and expected to vest | 4,831,195 | ||
NUMBER OF SHARES, Exercisable | 1,885,366 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
WEIGHTED-AVERAGE EXERCISE PRICE, Beginning Balance | $0.16 | $0.16 | $0.05 |
WEIGHTED-AVERAGE EXERCISE PRICE, Options granted | $14.58 | $0.34 | $0.19 |
WEIGHTED-AVERAGE EXERCISE PRICE, Options exercised | $0.04 | ||
WEIGHTED-AVERAGE EXERCISE PRICE, Options cancelled | $1.91 | ||
WEIGHTED-AVERAGE EXERCISE PRICE, Ending Balance | $5.61 | $0.16 | $0.16 |
WEIGHTED-AVERAGE EXERCISE PRICE, Vested and expected to vest | $5.09 | ||
WEIGHTED-AVERAGE EXERCISE PRICE, Exercisable | $0.39 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 8 years 2 months 12 days | 8 years 3 months 18 days | 9 years 3 months 18 days |
AGGREGATE INTRINSIC VALUE, Beginning Balance | $9,411 | $495 | |
WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS), Vested and expected to vest | 8 years 2 months 12 days | ||
WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS), Exercisable | 7 years 4 months 24 days | ||
AGGREGATE INTRINSIC VALUE, Ending Balance | 238,653 | 9,411 | 495 |
AGGREGATE INTRINSIC VALUE, Vested and expected to vest | 236,275 | ||
AGGREGATE INTRINSIC VALUE, Exercisable | $101,080 |
Stock_Option_Plan_Summary_of_I
Stock Option Plan - Summary of Information with Respect to Stock Options Outstanding and Currently Exercisable and Vested (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Range 1 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
RANGE OF EXERCISE PRICES, LOWER RANGE | $0.00 |
RANGE OF EXERCISE PRICES, UPPER PRICES | $0.27 |
OPTIONS OUTSTANDING, NUMBER OUTSTANDING | 3,071,158 |
OPTIONS OUTSTANDING, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 7 years 6 months |
OPTIONS EXERCISABLE AND VESTED, NUMBER OUTSTANDING | 1,789,700 |
OPTIONS EXERCISABLE AND VESTED, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 7 years 3 months 18 days |
Range 2 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
RANGE OF EXERCISE PRICES, LOWER RANGE | $0.28 |
RANGE OF EXERCISE PRICES, UPPER PRICES | $2.95 |
OPTIONS OUTSTANDING, NUMBER OUTSTANDING | 484,200 |
OPTIONS OUTSTANDING, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 9 years 1 month 6 days |
OPTIONS EXERCISABLE AND VESTED, NUMBER OUTSTANDING | 91,500 |
OPTIONS EXERCISABLE AND VESTED, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 9 years |
Range 3 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
RANGE OF EXERCISE PRICES, LOWER RANGE | $2.96 |
RANGE OF EXERCISE PRICES, UPPER PRICES | $9.16 |
OPTIONS OUTSTANDING, NUMBER OUTSTANDING | 265,000 |
OPTIONS OUTSTANDING, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 9 years 3 months 18 days |
Range 4 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
RANGE OF EXERCISE PRICES, LOWER RANGE | $9.17 |
RANGE OF EXERCISE PRICES, UPPER PRICES | $11.50 |
OPTIONS OUTSTANDING, NUMBER OUTSTANDING | 278,400 |
OPTIONS OUTSTANDING, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 9 years 6 months |
Range 5 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
RANGE OF EXERCISE PRICES, LOWER RANGE | $11.51 |
RANGE OF EXERCISE PRICES, UPPER PRICES | $35 |
OPTIONS OUTSTANDING, NUMBER OUTSTANDING | 743,850 |
OPTIONS OUTSTANDING, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 9 years 8 months 12 days |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
RANGE OF EXERCISE PRICES, LOWER RANGE | $35.01 |
RANGE OF EXERCISE PRICES, UPPER PRICES | $50.49 |
OPTIONS OUTSTANDING, NUMBER OUTSTANDING | 89,250 |
OPTIONS OUTSTANDING, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 9 years 10 months 24 days |
OPTIONS EXERCISABLE AND VESTED, NUMBER OUTSTANDING | 4,166 |
OPTIONS EXERCISABLE AND VESTED, WEIGHTED-AVERAGE REMAINING CONTRACTUAL LIFE (IN YEARS) | 9 years 10 months 24 days |
Stock_Option_Plan_StockBased_C
Stock Option Plan - Stock-Based Compensation Expense Related to Issuance of Stock Option Awards to Employees and Nonemployees (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | $8,567 | $515 | $76 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | 7,331 | 362 | 54 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total share-based compensation | $1,236 | $153 | $22 |
Stock_Option_Plan_Schedule_of_
Stock Option Plan - Schedule of Employees Stock Purchase Plan Valuation Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 79.00% | 80.00% | 82.00% |
Expected term (in years) | 6 years | 6 years | 6 years |
Risk-free interest rate | 1.90% | 1.00% | 0.90% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Non Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 79.00% | 79.00% | 78.00% |
Expected term (in years) | 7 years 6 months | 7 years 10 months 24 days | 9 years |
Risk-free interest rate | 2.20% | 1.80% | 1.60% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
401k_Savings_Plan_Additional_I
401(k) Savings Plan - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | ||
Contribution by company | $25,000 | $0 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Taxes [Line Items] | |||
Income tax benefit of expense | $0 | $0 | $0 |
Statutory federal income tax rate | 34.00% | ||
Increase in valuation allowance due to net operating loss | 9,900,000 | 1,400,000 | 400,000 |
Increase in equity | 7,400,000 | ||
Unrecognized tax benefits | 471,000 | 43,000 | 5,000 |
Unrecognized tax benefits, if recognized would effective annual tax rate | 0 | ||
Accrued interest or penalties related to uncertain tax positions | 0 | 0 | |
Interest or penalties recognized | 0 | 0 | |
Domestic Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
NOL carryforwards | 39,600,000 | ||
NOL carryforwards expiration | Expire at various years beginning with 2026 | ||
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | 500,000 | ||
Tax credit carryforwards expiration | Expire at various years beginning with 2032 | ||
State credit carryforwards [Member] | |||
Income Taxes [Line Items] | |||
NOL carryforwards | 41,000,000 | ||
NOL carryforwards expiration | Expire at various years beginning with 2016 | ||
State credit carryforwards [Member] | Research Tax Credit Carryforward [Member] | |||
Income Taxes [Line Items] | |||
Tax credit carryforwards | 500,000 | ||
Foreign Tax Authority [Member] | |||
Income Taxes [Line Items] | |||
NOL carryforwards | $200,000 | ||
Minimum [Member] | |||
Income Taxes [Line Items] | |||
Tax examinations, year under examination | 2010 | ||
Maximum [Member] | |||
Income Taxes [Line Items] | |||
Tax examinations, year under examination | 2014 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Loss Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. | ($25,006) | ($5,031) | ($1,051) |
Foreign | -398 | -245 | -760 |
loss before income taxes | ($25,404) | ($5,276) | ($1,811) |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Income Tax Expense Computed Statutory Federal Income Tax and Financial Statements (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Federal income tax expense at statutory rate | ($8,637) | ($1,794) | ($616) |
Loss on extinguishment of related-party convertible notes | 69 | 568 | |
Non-deductible foreign research expenses | 85 | 26 | 222 |
Non-deductible expenses | 446 | 74 | 5 |
Research and development tax credits | -304 | -93 | |
Change in valuation allowance | 8,349 | 1,209 | 359 |
Foreign rate differential | -8 | 10 | 30 |
Total tax expense (benefit) | $0 | $0 | $0 |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Deferred tax assets: | |||
Net operating loss carryforwards | $8,526 | $1,876 | $827 |
Accruals, reserve and other | 222 | 109 | 88 |
Stock-based compensation | 3,032 | 183 | 32 |
Tax credit carryforwards | 659 | 145 | 13 |
Property and equipment | 2 | ||
Intangibles | 24 | 223 | 130 |
Other | 24 | -1 | 1 |
Total deferred tax assets before valuation allowance | 12,487 | 2,537 | 1,091 |
Valuation allowance | -12,457 | -2,537 | -1,091 |
Total deferred tax assets | 30 | ||
Deferred tax liabilities: | |||
Property and equipment | -30 | ||
Total deferred tax liabilities | -30 | ||
Net deferred tax assets | $0 | $0 | $0 |
Income_Taxes_Schedule_of_Unrec
Income Taxes - Schedule of Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Unrecognized tax benefits as of the beginning of the year | $43 | $5 | |
Increase related to prior year tax provisions | 272 | 7 | |
Increase related to current year tax provisions | 156 | 31 | 5 |
Unrecognized tax benefits as of the end of the year | $471 | $43 | $5 |
Net_Loss_Per_Share_Computation
Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share Attributable to Common Stockholders (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Earnings Per Share [Abstract] | |||||||||||
Net loss | ($10,391) | ($8,256) | ($5,094) | ($1,663) | ($3,693) | ($813) | ($721) | ($49) | ($25,404) | ($5,276) | ($1,811) |
Deemed dividend | -3,230 | -3,230 | |||||||||
Net loss attributable to common stockholders | ($10,391) | ($8,256) | ($8,324) | ($1,663) | ($28,634) | ($5,276) | ($1,811) | ||||
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share: | |||||||||||
Shares issued | 11,651 | 3,673 | 3,673 | ||||||||
Less: restricted stock subject to repurchase | -30 | ||||||||||
Net shares outstanding | 11,651 | 3,673 | 3,643 | ||||||||
Basic and diluted net loss per common share | ($0.46) | ($0.50) | ($2.27) | ($0.45) | ($1.01) | ($0.22) | ($0.20) | ($0.01) | ($2.46) | ($1.44) | ($0.50) |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Antidilutive Common Stock Equivalents Excluded from Calculation of Diluted Net Loss Per Share (Detail) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 4,932 | 7,858 | 5,703 |
Options to Purchase Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 4,932 | 3,640 | 3,595 |
Warrants to Purchase Common Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 264 | 264 | |
Series A Preferred Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 3,899 | 1,789 | |
Warrants to Purchase Preference Stock [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Antidilutive common stock equivalents excluded from calculation of diluted net loss per share | 55 | 55 |
Selected_Quarterly_Financial_I2
Selected Quarterly Financial Information - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $203 | $204 | $135 | $30 | $30 | $150 | $300 | $572 | $480 | $30 | |
Total operating expenses | -10,606 | -8,144 | -4,588 | -1,636 | -1,929 | -808 | -855 | -342 | -24,974 | -3,934 | -1,846 |
Net loss | -10,391 | -8,256 | -5,094 | -1,663 | -3,693 | -813 | -721 | -49 | -25,404 | -5,276 | -1,811 |
Deemed dividend | -3,230 | -3,230 | |||||||||
Net loss attributable to common stockholders | ($10,391) | ($8,256) | ($8,324) | ($1,663) | ($28,634) | ($5,276) | ($1,811) | ||||
Basic and diluted net loss per share | ($0.46) | ($0.50) | ($2.27) | ($0.45) | ($1.01) | ($0.22) | ($0.20) | ($0.01) | ($2.46) | ($1.44) | ($0.50) |
Selected_Quarterly_Financial_I3
Selected Quarterly Financial Information - Schedule of Quarterly Financial Information (Parenthetical) (Detail) (USD $) | 1 Months Ended | 12 Months Ended |
Apr. 30, 2014 | Dec. 31, 2014 | |
Schedule Of Quarterly Financial Information [Line Items] | ||
Convertible preferred stock, value | $3,230,000 | |
Series A Convertible Preferred Stock [Member] | ||
Schedule Of Quarterly Financial Information [Line Items] | ||
Shares repurchased, number of shares | 531,208 | 531,208 |
Convertible preferred stock, value | 4,000,000 | 770,000 |
Share repurchased, price per share | $7.53 | |
Preferred stockholder, deemed dividend | $3,200,000 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended |
In Thousands, except Share data, unless otherwise specified | Aug. 05, 2014 | Jan. 31, 2015 |
IPO [Member] | ||
Subsequent Event [Line Items] | ||
Issuance of common stock | 6,900,000 | |
Subsequent Event [Member] | IPO [Member] | ||
Subsequent Event [Line Items] | ||
Issuance of common stock | 2,369,375 | |
Net proceeds from issuance of common stock | $130,500 | |
Subsequent Event [Member] | Over-Allotment Option [Member] | ||
Subsequent Event [Line Items] | ||
Issuance of common stock | 359,918 |