Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KPTI | |
Entity Registrant Name | KARYOPHARM THERAPEUTICS INC. | |
Entity Central Index Key | 1503802 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,694,800 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $51,453 | $150,609 |
Short-term investments | 194,956 | 55,115 |
Prepaid expenses and other current assets | 2,910 | 2,027 |
Total current assets | 249,319 | 207,751 |
Property and equipment, net | 3,282 | 2,754 |
Long-term investments | 38,539 | 8,658 |
Other assets | 500 | 774 |
Restricted cash | 400 | 400 |
Total assets | 292,040 | 220,337 |
Current liabilities: | ||
Accounts payable | 6,957 | 6,288 |
Accrued expenses | 7,417 | 5,825 |
Deferred rent | 200 | 126 |
Other current liabilities | 128 | 62 |
Total current liabilities | 14,702 | 12,301 |
Deferred rent, net of current portion | 1,813 | 1,242 |
Total liabilities | 16,515 | 13,543 |
Stockholders' equity | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 35,687,196 and 32,699,380 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 4 | 3 |
Additional paid-in capital | 439,914 | 345,166 |
Accumulated other comprehensive income (loss) | 19 | -29 |
Accumulated deficit | -164,412 | -138,346 |
Total stockholders' equity | 275,525 | 206,794 |
Total liabilities and stockholders' equity | $292,040 | $220,337 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,687,196 | 32,699,380 |
Common stock, shares outstanding | 35,687,196 | 32,699,380 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Contract and grant revenue | $171 | |
Operating expenses: | ||
Research and development | 20,751 | 10,979 |
General and administrative | 5,399 | 2,904 |
Total operating expenses | 26,150 | 13,883 |
Loss from operations | -26,150 | -13,712 |
Other income (expense): | ||
Interest income | 141 | 18 |
Other expense | -58 | |
Total other income (expense), net | 83 | 18 |
Net loss | ($26,067) | ($13,694) |
Net loss per share applicable to common stockholders-basic and diluted | ($0.74) | ($0.46) |
Weighted-average number of common shares outstanding used in net loss per share applicable to common stockholders-basic and diluted | 35,317,181 | 29,606,683 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net loss | ($26,067) | ($13,694) |
Comprehensive income (loss): | ||
Unrealized gain on investments | 52 | |
Foreign currency translation adjustments | -4 | |
Comprehensive loss | ($26,019) | ($13,694) |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities | ||
Net loss | ($26,067) | ($13,694) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 136 | 43 |
Net amortization of premiums and discounts on investments | 231 | |
Stock-based compensation expense | 3,749 | 2,846 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | -887 | -691 |
Other assets | -967 | |
Accounts payable | 268 | 1,533 |
Accrued expenses and other liabilities | 1,701 | 383 |
Deferred revenue | -22 | |
Deferred rent | 644 | |
Net cash used in operating activities | -20,225 | -10,569 |
Investing activities | ||
Purchases of property and equipment | -178 | -125 |
Increase in restricted cash | -400 | |
Proceeds from maturities of investments | 15,000 | |
Purchases of investments | -184,902 | |
Net cash used in investing activities | -170,080 | -525 |
Financing activities | ||
Proceeds from the issuance of common stock, net of issuance costs | 90,990 | |
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan | 170 | 13 |
Net cash provided by financing activities | 91,160 | 13 |
Effect of exchange rate on cash | -11 | |
Net decrease in cash and cash equivalents | -99,156 | -11,081 |
Cash and cash equivalents at beginning of period | 150,609 | 155,974 |
Cash and cash equivalents at end of period | 51,453 | 144,893 |
Supplemental disclosure of non-cash financing activity | ||
Property and equipment purchases included in accounts payable and accrued expenses | 486 | |
Vesting of restricted common stock | 43 | 1 |
Deferred financing costs included in accounts payable | $160 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies |
Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements of Karyopharm Therapeutics Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (“SEC”) on March 13, 2015. | |
Basis of Consolidation | |
The consolidated financial statements at March 31, 2015 include the accounts of Karyopharm Therapeutics Inc. (a Delaware corporation), the accounts of Karyopharm Securities Corp. (“KPSC”, a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), and the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company, formed in August 2014). All intercompany balances and transactions have been eliminated in consolidation. |
Recently_Issued_Accounting_Pro
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification Topic 605, Revenue Recognition and most industry-specific guidance. The new standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The update 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. This new guidance is expected to be effective for annual reporting periods (including interim reporting periods within those years) beginning January 1, 2018; early adoption in 2017 is permitted. Companies have the option of applying this new guidance retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. The Company has not yet determined the potential effects of the adoption of this standard on its consolidated financial position, results of operations or cash flows. | |
In August 2014, the FASB issued ASU No. 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. ASU No. 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU No. 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in the financial statement footnotes. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of ASU No. 2014-15 on its consolidated financial statements and related disclosures. | |
The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2015 that had an effect on the Company’s condensed consolidated financial statements. |
Fair_Value_of_Financial_Instru
Fair Value of Financial Instruments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments | ||||||||||||||||
Financial instruments, including cash, restricted cash, accounts payable and accrued expenses are carried in the condensed consolidated financial statements at amounts that approximate fair value at March 31, 2015 and December 31, 2014. | |||||||||||||||||
The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported fair values. The fair value hierarchy prioritizes valuation inputs based on the observable nature of those inputs. The fair value hierarchy applies only to the valuation inputs used in determining the reported fair value of the investments and is not a measure of the investment credit quality. The hierarchy defines three levels of valuation inputs: | |||||||||||||||||
Level 1 inputs | Quoted prices in active markets for identical assets or liabilities | ||||||||||||||||
Level 2 inputs | Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly | ||||||||||||||||
Level 3 inputs | Unobservable inputs that reflect the Company’s own assumptions about the assumptions market participants would use in pricing the asset or liability | ||||||||||||||||
The following table presents information about the Company’s financial assets that have been measured at fair value at March 31, 2015 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): | |||||||||||||||||
Description | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 21,676 | $ | 21,676 | $ | — | $ | — | |||||||||
Corporate debt securities | 10,014 | — | 10,014 | — | |||||||||||||
Commercial paper | 2,000 | — | 2,000 | — | |||||||||||||
Investments | 233,495 | — | 233,495 | — | |||||||||||||
$ | 267,185 | $ | 21,676 | $ | 245,509 | $ | — | ||||||||||
The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2014 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): | |||||||||||||||||
Description | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 129,209 | $ | 129,209 | $ | — | $ | — | |||||||||
Investments | 63,773 | — | 63,773 | — | |||||||||||||
$ | 192,982 | $ | 129,209 | $ | 63,773 | $ | — | ||||||||||
Investments
Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Schedule of Investments [Abstract] | |||||||||||||||||
Investments | 4. Investments | ||||||||||||||||
The following table summarizes the Company’s investments as of March 31, 2015 (in thousands): | |||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Loss | ||||||||||||||||
Current: | |||||||||||||||||
Certificates of deposit | $ | 15,000 | $ | — | $ | — | $ | 15,000 | |||||||||
Corporate debt securities | 106,536 | 10 | (53 | ) | 106,493 | ||||||||||||
Commercial paper | 73,425 | 38 | — | 73,463 | |||||||||||||
Non-current: | |||||||||||||||||
Corporate debt securities | 31,205 | 39 | (7 | ) | 31,237 | ||||||||||||
U.S. government and agency securities | 7,299 | 3 | — | 7,302 | |||||||||||||
$ | 233,465 | $ | 90 | $ | (60 | ) | $ | 233,495 | |||||||||
The following table summarizes the Company’s investments as of December 31, 2014 (in thousands): | |||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Loss | ||||||||||||||||
Current: | |||||||||||||||||
Certificates of deposit | $ | 15,000 | $ | — | $ | — | $ | 15,000 | |||||||||
Corporate debt securities | 10,144 | 1 | (10 | ) | 10,135 | ||||||||||||
Commercial paper | 29,980 | — | — | 29,980 | |||||||||||||
Non-current: | |||||||||||||||||
Corporate debt securities | 5,122 | 1 | (10 | ) | 5,113 | ||||||||||||
U.S. government and agency securities | 3,549 | 1 | (5 | ) | 3,545 | ||||||||||||
$ | 63,795 | $ | 3 | $ | (25 | ) | $ | 63,773 | |||||||||
At March 31, 2015 and December 31, 2014, the Company held forty-nine and eleven debt securities that were in an unrealized loss position for less than one year, respectively. The aggregate fair value of debt securities in an unrealized loss position at March 31, 2015 and December 31, 2014 was $91,976 and $12,635, respectively. There were no individual securities that were in a significant unrealized loss position or that had been in an unrealized loss position for greater than one year as of March 31, 2015 and December 31, 2014. | |||||||||||||||||
The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the condensed consolidated statements of operations if the Company has experienced a credit loss, has the intent to sell the investment, or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. |
Property_and_Equipment_net
Property and Equipment, net | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property and Equipment, net | 5. Property and Equipment, net | ||||||||||
Property and equipment, net consists of the following (in thousands): | |||||||||||
Estimated Useful | March 31, | December 31, | |||||||||
Life Years | 2015 | 2014 | |||||||||
Laboratory equipment | 4 | $ | 483 | $ | 434 | ||||||
Furniture and fixtures | 5 | 186 | 95 | ||||||||
Office and computer equipment | 3 | 262 | 170 | ||||||||
Construction in progress | — | 50 | 92 | ||||||||
Leasehold improvements | Lesser of useful life | 2,931 | 2,457 | ||||||||
or lease term | |||||||||||
3,912 | 3,248 | ||||||||||
Less accumulated depreciation and amortization | (630 | ) | (494 | ) | |||||||
$ | 3,282 | $ | 2,754 | ||||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Accrued Expenses | 6. Accrued Expenses | ||||||||
Accrued expenses consist of the following (in thousands): | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Research and development costs | $ | 5,880 | $ | 3,624 | |||||
Payroll and employee-related costs | 971 | 1,568 | |||||||
Professional fees | 267 | 324 | |||||||
Other | 299 | 309 | |||||||
$ | 7,417 | $ | 5,825 | ||||||
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net Loss Per Share | 7. Net Loss Per Share | ||||||||
Basic and diluted net loss per common share is calculated by dividing net loss applicable to common stockholders by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. The Company’s potentially dilutive shares, which include outstanding stock options and unvested restricted stock, are considered to be common stock equivalents and are only included in the calculation of diluted net loss per share when their effect is dilutive. | |||||||||
The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect at March 31, 2015 and 2014: | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Outstanding stock options | 4,060,163 | 2,505,749 | |||||||
Unvested restricted stock | 2,841 | 143,620 |
Stockbased_Compensation
Stock-based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Stock-based Compensation | 8. Stock-based Compensation | ||||||||||||||||
During 2010, the Company established the 2010 Stock Incentive Plan (the “2010 Plan”). In October 2013, the Company adopted the 2013 Stock Incentive Plan (the “2013 Plan”). The 2013 Plan became effective upon the closing of the Company’s initial public offering (“IPO”) in November 2013. The 2013 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock units and other stock-based awards. Upon effectiveness of the IPO, the number of shares of common stock that were reserved under the 2013 Plan was the sum of 969,696 shares plus 198,372, the number of shares available under the 2010 Plan. The number of shares reserved under the 2013 Plan is increased by the number of shares of common stock (up to a maximum of 2,126,377 shares) subject to outstanding awards under the 2010 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company. The 2013 Plan includes an “evergreen provision” that allows for an annual increase in the number of shares of common stock available for issuance under the 2013 Plan. The annual increase will be added on the first day of each year beginning in 2014 and each subsequent anniversary until the expiration of the 2013 Plan, equal to the lowest of: (i) 1,939,393 shares of common stock, (ii) 4.0% of the number of shares of common stock outstanding and (iii) an amount determined by the board of directors. On January 1, 2015, the shares available under the 2013 Plan increased by 1,308,431 shares of common stock. No additional awards may be granted under the 2010 Plan. | |||||||||||||||||
Restricted stock | |||||||||||||||||
A summary of the Company’s unvested restricted stock as of March 31, 2015 and changes during the three months ended March 31, 2015 is as follows: | |||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Purchase Price | |||||||||||||||||
per Share | |||||||||||||||||
Unvested at December 31, 2014 | 4,262 | $ | 0.26 | ||||||||||||||
Vested | (1,421 | ) | 0.26 | ||||||||||||||
Unvested at March 31, 2015 | 2,841 | $ | 0.26 | ||||||||||||||
As of March 31, 2015, there was $86 of total unrecognized stock-based compensation expense related to unvested restricted stock. The expense is expected to be recognized over a weighted average period of 0.4 years. | |||||||||||||||||
Stock options | |||||||||||||||||
A summary of the Company’s stock option activity and related information follows: | |||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average Exercise | Average | Intrinsic | |||||||||||||||
Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | (in thousands) | |||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at December 31, 2014 | 3,012,923 | $ | 16.65 | 8.7 | $ | 64,659 | |||||||||||
Granted | 1,104,000 | 27.69 | |||||||||||||||
Exercised | (29,247 | ) | 5.8 | ||||||||||||||
Canceled | (27,513 | ) | 31.15 | ||||||||||||||
Outstanding at March 31, 2015 | 4,060,163 | $ | 19.63 | 8.8 | $ | 52,226 | |||||||||||
Exercisable at March 31, 2015 | 1,038,773 | $ | 7.29 | 7.7 | $ | 24,548 | |||||||||||
Vested and expected to vest at March 31, 2015 | 3,805,337 | $ | 13.03 | 8.8 | $ | 49,588 | |||||||||||
As of March 31, 2015, there was $48,337 of total unrecognized stock-based compensation expense related to stock options. The expense is expected to be recognized over a weighted average period of 3.3 years. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
The Company has an Employee Stock Purchase Plan (“ESPP”) that permits eligible employees to enroll in a twelve-month offering period comprising two six-month purchase periods. Participants may purchase shares of the Company’s common stock, through payroll deductions, at a price equal to 85% of the fair market value of the common stock on the first day of the applicable six-month offering period or the last day of the applicable six-month purchase period, whichever is lower. Purchase dates under the ESPP occur on or about May 1 and November 1 of each year. In 2013, the Company’s shareholders approved 242,424 shares of the Company’s common stock for issuance under the ESPP, plus an annual increase to be added on the first day of each fiscal year, commencing on January 1, 2015 and ending on December 31, 2023, equal to the lesser of 484,848 shares of the Company’s common stock, 1% of the number of outstanding shares on such date, or an amount determined by the board of directors. | |||||||||||||||||
For the three months ended March 31, 2015 and 2014, the Company recorded stock-based compensation expense related to ESPP of $33 and zero, respectively. As of March 31, 2015, 563,329 shares of the Company’s common stock remain available for issuance under the ESPP. As of March 31, 2015, there was $7 of total unrecognized stock-based compensation expense related to the ESPP. The expense is expected to be recognized over a period of one month. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies |
In March 2014, the Company entered into an operating lease for approximately 29,933 square feet of office and research space in Newton, Massachusetts. The Company uses the leased premises as its corporate headquarters and for research and development purposes. The lease was amended on December 31, 2014 by extending the lease term of the lease from November 30, 2021 to approximately September 30, 2022. The amendment provides for the expansion of the premises leased by the Company by approximately 16,234 square feet, and provides the Company with the rights of first offer to lease approximately 27,701 square feet of additional space. The Company may extend the lease term for one additional five year period. The Company is recording rent expense on a straight-line basis through the end of the lease term, inclusive of the period in which there are no scheduled rent payments. The Company has recorded deferred rent on the condensed consolidated balance sheets at March 31, 2015 and December 31, 2014, accordingly. The lease provides the Company with an allowance for improvements of $1,616, of which all was incurred through March 31, 2015, was deemed normal tenant improvements and is recorded as leasehold improvements and deferred rent, and will be recorded as a reduction to rent expense ratably over the lease term. The Company has provided a security deposit in the form of a cash-collateralized letter of credit in the amount of $400, which amount may be reduced to $200 in January 2018. The amount is classified as restricted cash on the condensed consolidated balance sheet. | |
In November 2014, the Company signed a five-year operating lease agreement in Munich, Germany for approximately 3,681 square feet of office space. The lease is for the period February 2015 through January 2020. Pursuant to the lease agreement, the Company is obligated to make aggregate rent payments of €374, (approximately $403) through January 31, 2020. The Company is recording rent expense on a straight-line basis through the end of the lease term, inclusive of the period in which there are no scheduled rent payments. | |
The Company recorded rent expense totaling $224 and $47 for the three months ended March 31, 2015 and 2014, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2015 | |
Equity [Abstract] | |
Equity | 10. Equity |
In January 2015, the Company completed an underwritten offering of 2,950,000 shares of its common stock at a public offering price of $33.00 per share. The net proceeds received by the Company were $90,830 after deducting the underwriting discount and offering expenses payable by the Company. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation |
The accompanying unaudited condensed consolidated financial statements of Karyopharm Therapeutics Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three months ended March 31, 2015 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2015. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2014 as filed with the Securities and Exchange Commission (“SEC”) on March 13, 2015. | |
Basis of Consolidation | Basis of Consolidation |
The consolidated financial statements at March 31, 2015 include the accounts of Karyopharm Therapeutics Inc. (a Delaware corporation), the accounts of Karyopharm Securities Corp. (“KPSC”, a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), and the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company, formed in August 2014). All intercompany balances and transactions have been eliminated in consolidation. | |
Recently Issued Accounting Pronouncements | In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), which supersedes the revenue recognition requirements in Accounting Standards Codification Topic 605, Revenue Recognition and most industry-specific guidance. The new standard requires that an entity recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. The update 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. This new guidance is expected to be effective for annual reporting periods (including interim reporting periods within those years) beginning January 1, 2018; early adoption in 2017 is permitted. Companies have the option of applying this new guidance retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying this update recognized at the date of initial application. The Company has not yet determined the potential effects of the adoption of this standard on its consolidated financial position, results of operations or cash flows. |
In August 2014, the FASB issued ASU No. 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. ASU No. 2014-15 is intended to define management’s responsibility to evaluate whether there is substantial doubt about an organization’s ability to continue as a going concern and to provide related footnote disclosures. Substantial doubt about an entity’s ability to continue as a going concern exists when relevant conditions and events, considered in the aggregate, indicate that it is probable that the entity will be unable to meet its obligations as they become due within one year after the date that the financial statements are issued (or available to be issued). ASU No. 2014-15 provides guidance to an organization’s management, with principles and definitions that are intended to reduce diversity in the timing and content of disclosures that are commonly provided by organizations in the financial statement footnotes. ASU No. 2014-15 is effective for annual reporting periods ending after December 15, 2016, and to annual and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of adoption of ASU No. 2014-15 on its consolidated financial statements and related disclosures. | |
The Company did not adopt any new accounting pronouncements during the three months ended March 31, 2015 that had an effect on the Company’s condensed consolidated financial statements. |
Fair_Value_of_Financial_Instru1
Fair Value of Financial Instruments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of Financial Assets That Have Been Measured at Fair Value | The following table presents information about the Company’s financial assets that have been measured at fair value at March 31, 2015 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): | ||||||||||||||||
Description | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 21,676 | $ | 21,676 | $ | — | $ | — | |||||||||
Corporate debt securities | 10,014 | — | 10,014 | — | |||||||||||||
Commercial paper | 2,000 | — | 2,000 | — | |||||||||||||
Investments | 233,495 | — | 233,495 | — | |||||||||||||
$ | 267,185 | $ | 21,676 | $ | 245,509 | $ | — | ||||||||||
The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2014 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): | |||||||||||||||||
Description | Total | Quoted Prices | Significant | Significant | |||||||||||||
in Active | Other | Unobservable | |||||||||||||||
Markets | Observable | Inputs | |||||||||||||||
(Level 1) | Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Financial assets | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 129,209 | $ | 129,209 | $ | — | $ | — | |||||||||
Investments | 63,773 | — | 63,773 | — | |||||||||||||
$ | 192,982 | $ | 129,209 | $ | 63,773 | $ | — | ||||||||||
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Schedule of Investments [Abstract] | |||||||||||||||||
Summary of Investments | The following table summarizes the Company’s investments as of March 31, 2015 (in thousands): | ||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Loss | ||||||||||||||||
Current: | |||||||||||||||||
Certificates of deposit | $ | 15,000 | $ | — | $ | — | $ | 15,000 | |||||||||
Corporate debt securities | 106,536 | 10 | (53 | ) | 106,493 | ||||||||||||
Commercial paper | 73,425 | 38 | — | 73,463 | |||||||||||||
Non-current: | |||||||||||||||||
Corporate debt securities | 31,205 | 39 | (7 | ) | 31,237 | ||||||||||||
U.S. government and agency securities | 7,299 | 3 | — | 7,302 | |||||||||||||
$ | 233,465 | $ | 90 | $ | (60 | ) | $ | 233,495 | |||||||||
The following table summarizes the Company’s investments as of December 31, 2014 (in thousands): | |||||||||||||||||
Amortized Cost | Gross Unrealized | Gross Unrealized | Fair Value | ||||||||||||||
Gains | Loss | ||||||||||||||||
Current: | |||||||||||||||||
Certificates of deposit | $ | 15,000 | $ | — | $ | — | $ | 15,000 | |||||||||
Corporate debt securities | 10,144 | 1 | (10 | ) | 10,135 | ||||||||||||
Commercial paper | 29,980 | — | — | 29,980 | |||||||||||||
Non-current: | |||||||||||||||||
Corporate debt securities | 5,122 | 1 | (10 | ) | 5,113 | ||||||||||||
U.S. government and agency securities | 3,549 | 1 | (5 | ) | 3,545 | ||||||||||||
$ | 63,795 | $ | 3 | $ | (25 | ) | $ | 63,773 | |||||||||
Property_and_Equipment_net_Tab
Property and Equipment, net (Tables) | 3 Months Ended | ||||||||||
Mar. 31, 2015 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): | ||||||||||
Estimated Useful | March 31, | December 31, | |||||||||
Life Years | 2015 | 2014 | |||||||||
Laboratory equipment | 4 | $ | 483 | $ | 434 | ||||||
Furniture and fixtures | 5 | 186 | 95 | ||||||||
Office and computer equipment | 3 | 262 | 170 | ||||||||
Construction in progress | — | 50 | 92 | ||||||||
Leasehold improvements | Lesser of useful life | 2,931 | 2,457 | ||||||||
or lease term | |||||||||||
3,912 | 3,248 | ||||||||||
Less accumulated depreciation and amortization | (630 | ) | (494 | ) | |||||||
$ | 3,282 | $ | 2,754 | ||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Research and development costs | $ | 5,880 | $ | 3,624 | |||||
Payroll and employee-related costs | 971 | 1,568 | |||||||
Professional fees | 267 | 324 | |||||||
Other | 299 | 309 | |||||||
$ | 7,417 | $ | 5,825 | ||||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect at March 31, 2015 and 2014: | ||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Outstanding stock options | 4,060,163 | 2,505,749 | |||||||
Unvested restricted stock | 2,841 | 143,620 |
Stockbased_Compensation_Tables
Stock-based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Company's Unvested Restricted Stock | A summary of the Company’s unvested restricted stock as of March 31, 2015 and changes during the three months ended March 31, 2015 is as follows: | ||||||||||||||||
Shares | Weighted- | ||||||||||||||||
Average | |||||||||||||||||
Purchase Price | |||||||||||||||||
per Share | |||||||||||||||||
Unvested at December 31, 2014 | 4,262 | $ | 0.26 | ||||||||||||||
Vested | (1,421 | ) | 0.26 | ||||||||||||||
Unvested at March 31, 2015 | 2,841 | $ | 0.26 | ||||||||||||||
Summary of Stock Option Activity and Related Information | A summary of the Company’s stock option activity and related information follows: | ||||||||||||||||
Shares | Weighted- | Weighted- | Aggregate | ||||||||||||||
Average Exercise | Average | Intrinsic | |||||||||||||||
Price | Remaining | Value | |||||||||||||||
Per Share | Contractual | (in thousands) | |||||||||||||||
Term (years) | |||||||||||||||||
Outstanding at December 31, 2014 | 3,012,923 | $ | 16.65 | 8.7 | $ | 64,659 | |||||||||||
Granted | 1,104,000 | 27.69 | |||||||||||||||
Exercised | (29,247 | ) | 5.8 | ||||||||||||||
Canceled | (27,513 | ) | 31.15 | ||||||||||||||
Outstanding at March 31, 2015 | 4,060,163 | $ | 19.63 | 8.8 | $ | 52,226 | |||||||||||
Exercisable at March 31, 2015 | 1,038,773 | $ | 7.29 | 7.7 | $ | 24,548 | |||||||||||
Vested and expected to vest at March 31, 2015 | 3,805,337 | $ | 13.03 | 8.8 | $ | 49,588 | |||||||||||
Fair_Value_of_Financial_Instru2
Fair Value of Financial Instruments - Schedule of Financial Assets That Have Been Measured at Fair Value (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Financial assets | ||
Investments | $233,495 | $63,773 |
Total | 267,185 | 192,982 |
Corporate Debt Securities [Member] | ||
Financial assets | ||
Cash equivalents | 10,014 | |
Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 21,676 | 129,209 |
Commercial Paper [Member] | ||
Financial assets | ||
Cash equivalents | 2,000 | |
Level 1 [Member] | ||
Financial assets | ||
Total | 21,676 | 129,209 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 21,676 | 129,209 |
Level 2 [Member] | ||
Financial assets | ||
Investments | 233,495 | 63,773 |
Total | 245,509 | 63,773 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Cash equivalents | 10,014 | |
Level 2 [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Cash equivalents | $2,000 |
Investments_Summary_of_Investm
Investments - Summary of Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $233,465 | $63,795 |
Gross Unrealized Gains | 90 | 3 |
Gross Unrealized Loss | -60 | -25 |
Fair Value | 233,495 | 63,773 |
Current [Member] | Certificates of Deposit [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 15,000 | 15,000 |
Fair Value | 15,000 | 15,000 |
Current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 106,536 | 10,144 |
Gross Unrealized Gains | 10 | 1 |
Gross Unrealized Loss | -53 | -10 |
Fair Value | 106,493 | 10,135 |
Current [Member] | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 73,425 | 29,980 |
Gross Unrealized Gains | 38 | |
Fair Value | 73,463 | 29,980 |
Non-current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 31,205 | 5,122 |
Gross Unrealized Gains | 39 | 1 |
Gross Unrealized Loss | -7 | -10 |
Fair Value | 31,237 | 5,113 |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 7,299 | 3,549 |
Gross Unrealized Gains | 3 | 1 |
Gross Unrealized Loss | -5 | |
Fair Value | $7,302 | $3,545 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | Securities | Securities |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized loss position for less than one year | 49 | 11 |
Number of debt securities with unrealized loss position for greater than one year | 0 | 0 |
Aggregate fair value of debt securities | $91,976 | $12,635 |
Property_and_Equipment_net_Sch
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $3,912 | $3,248 |
Less accumulated depreciation and amortization | -630 | -494 |
Property and equipment, net | 3,282 | 2,754 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Property and equipment, gross | 483 | 434 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Property and equipment, gross | 186 | 95 |
Office and Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Property and equipment, gross | 262 | 170 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 50 | 92 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $2,931 | $2,457 |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Research and development costs | $5,880 | $3,624 |
Payroll and employee-related costs | 971 | 1,568 |
Professional fees | 267 | 324 |
Other | 299 | 309 |
Total Accrued Expenses | $7,417 | $5,825 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Outstanding Stock Options [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 4,060,163 | 2,505,749 |
Unvested Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Dilutive securities excluded from the calculation of diluted net loss per share due to anti-dilutive effect (in shares) | 2,841 | 143,620 |
Stockbased_Compensation_Additi
Stock-based Compensation - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Jan. 02, 2015 | Oct. 31, 2013 | Mar. 31, 2015 | Mar. 31, 2014 |
PurchasePeriod | |||||
Unvested Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized stock-based compensation expense | $86 | $86 | |||
Period for recognition of unrecognized expense | 4 months 24 days | ||||
Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized stock-based compensation expense | 48,337 | 48,337 | |||
Period for recognition of unrecognized expense | 3 years 3 months 18 days | ||||
2013 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock approved for issuance | 969,696 | ||||
Annual increase in number of additional shares authorized under the Plan through December 31, 2023 | 1,939,393 | ||||
Number of additional shares available under the 2013 plan | 1,308,431 | 198,372 | |||
Percentage applied to the outstanding shares as annual increase in the number of shares authorized for issuance | 4.00% | ||||
2013 Plan [Member] | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of additional shares authorized under the 2010 Plan | 2,126,377 | ||||
ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock approved for issuance | 242,424 | 242,424 | |||
Total unrecognized stock-based compensation expense | 7 | 7 | |||
Period for recognition of unrecognized expense | 1 month | ||||
Offering period | 12 months | ||||
Number of purchase period | 2 | 2 | |||
Purchase period | 6 months | ||||
Purchase price of common stock | 85.00% | ||||
Stock based compensation expense | $33 | $0 | |||
Common stock shares available for issuance under ESPP | 563,329 | 563,329 | |||
Percentage of shares of common stock available for issuance | 1.00% | ||||
Employee stock purchase plan, description | In 2013, the Companybs shareholders approved 242,424 shares of the Companybs common stock for issuance under the ESPP, plus an annual increase to be added on the first day of each fiscal year, commencing on JanuaryB 1, 2015 and ending on DecemberB 31, 2023, equal to the least of 484,848 shares of the Companybs common stock, 1% of the number of outstanding shares on such date, or an amount determined by the board of directors. | ||||
ESPP [Member] | Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Common stock shares available for issuance under ESPP | 484,848 | 484,848 |
Stockbased_Compensation_Summar
Stock-based Compensation - Summary of Company's Unvested Restricted Stock (Detail) (Unvested Restricted Stock [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Unvested Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of the period (in shares) | 4,262 |
Vested | -1,421 |
Unvested at the end of the period (in shares) | 2,841 |
Unvested at the beginning of the period (in shares) | $0.26 |
Vested | $0.26 |
Unvested at the end of the period | $0.26 |
Stockbased_Compensation_Summar1
Stock-based Compensation - Summary of Stock Option Activity and Related Information (Detail) (Stock Option [Member], USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option activity, shares outstanding, at beginning of period | 3,012,923 | |
Stock option activity, shares granted | 1,104,000 | |
Stock option activity, shares exercised | -29,247 | |
Stock option activity, shares canceled | -27,513 | |
Stock option activity, shares outstanding, at end of period | 4,060,163 | 3,012,923 |
Stock option activity, options exercisable at end of period | 1,038,773 | |
Stock option activity, options vested and expected to vest at end of period | 3,805,337 | |
Weighted average exercise price, options outstanding at beginning of period | $16.65 | |
Weighted average exercise price, options granted | $27.69 | |
Weighted average exercise price, Option Exercised | $5.80 | |
Weighted average exercise price, Option Canceled | $31.15 | |
Weighted average exercise price, options outstanding at end of period | $19.63 | $16.65 |
Weighted average exercise price, options exercisable at end of period | $7.29 | |
Weighted average exercise price, Option Vested and expected to vest at the end of period | $13.03 | |
Weighted average remaining contractual life outstanding | 8 years 9 months 18 days | 8 years 8 months 12 days |
Weighted average exercise price exercisable | 7 years 8 months 12 days | |
Weighted average exercise price vested and expected to vest | 8 years 9 months 18 days | |
Aggregate intrinsic value outstanding | $52,226 | $64,659 |
Aggregate intrinsic value exercisable | 24,548 | |
Aggregate intrinsic value vested and expected to vest | $49,588 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |||
In Thousands, unless otherwise specified | Nov. 30, 2014 | Nov. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2015 | Mar. 31, 2014 |
USD ($) | EUR (€) | USD ($) | USD ($) | USD ($) | |
sqft | Lease | sqft | sqft | ||
sqft | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Office and laboratory space leased | 3,681 | 3,681 | 29,933 | 29,933 | |
Number of additional lease term | 1 | ||||
Additional extension term of lease | 5 years | ||||
Allowance for improvements | $1,616 | ||||
Security deposit in the form of a letter of credit | 400 | 400 | |||
Security deposit in the form of a letter of credit which may be reduced in January 2018 | 200 | 200 | |||
Operating lease amendment, leased premises expansion | 16,234 | ||||
Operating lease amendment, additional space | 27,701 | ||||
Operating lease agreement term | 5 years | 5 years | |||
Scheduled rent payments due | 403 | 374 | |||
Total rent expense | $224 | $47 |
Equity_Additional_Information_
Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Jan. 31, 2015 | Dec. 31, 2014 |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Underwritten offering price per share | $0.00 | $0.00 | |
Net proceeds after deducting underwriting discounts, commissions and expenses payable | $90,990 | ||
Underwriting Offering [Member] | |||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Common stock issued and sold pursuant to underwriters option to purchase shares | 2,950,000 | ||
Underwritten offering price per share | $33 | ||
Net proceeds after deducting underwriting discounts, commissions and expenses payable | $90,830 |