Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | KPTI | |
Entity Registrant Name | KARYOPHARM THERAPEUTICS INC. | |
Entity Central Index Key | 1,503,802 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,711,150 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 24,231 | $ 150,609 |
Short-term investments | 196,955 | 55,115 |
Prepaid expenses and other current assets | 4,066 | 2,027 |
Total current assets | 225,252 | 207,751 |
Property and equipment, net | 3,234 | 2,754 |
Long-term investments | 34,407 | 8,658 |
Other assets | 774 | |
Restricted cash | 400 | 400 |
Total assets | 263,293 | 220,337 |
Current liabilities: | ||
Accounts payable | 4,469 | 6,288 |
Accrued expenses | 9,333 | 5,825 |
Deferred rent | 200 | 126 |
Other current liabilities | 97 | 62 |
Total current liabilities | 14,099 | 12,301 |
Deferred rent, net of current portion | 1,867 | 1,242 |
Total liabilities | $ 15,966 | $ 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; 35,703,418 and 32,699,380 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively | $ 4 | $ 3 |
Additional paid-in capital | 444,574 | 345,166 |
Accumulated other comprehensive loss | (143) | (29) |
Accumulated deficit | (197,108) | (138,346) |
Total stockholders' equity | 247,327 | 206,794 |
Total liabilities and stockholders' equity | $ 263,293 | $ 220,337 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 35,703,418 | 32,699,380 |
Common stock, shares outstanding | 35,703,418 | 32,699,380 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Contract and grant revenue | $ 150 | $ 21 | $ 150 | $ 193 |
Operating expenses: | ||||
Research and development | 27,006 | 13,159 | 47,757 | 24,138 |
General and administrative | 6,157 | 3,310 | 11,556 | 6,214 |
Total operating expenses | 33,163 | 16,469 | 59,313 | 30,352 |
Loss from operations | (33,013) | (16,448) | (59,163) | (30,159) |
Other income: | ||||
Interest income | 267 | 17 | 408 | 34 |
Other income (expense) | 51 | (7) | ||
Total other income, net | 318 | 17 | 401 | 34 |
Net loss | $ (32,695) | $ (16,431) | $ (58,762) | $ (30,125) |
Net loss per share applicable to common stockholders-basic and diluted | $ (0.92) | $ (0.55) | $ (1.65) | $ (1.02) |
Weighted-average number of common shares outstanding used in net loss per share applicable to common stockholders-basic and diluted | 35,697,012 | 29,659,457 | 35,508,146 | 29,633,215 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (32,695) | $ (16,431) | $ (58,762) | $ (30,125) |
Comprehensive loss | ||||
Unrealized loss on investments | (94) | (42) | ||
Foreign currency translation adjustments | (68) | (73) | ||
Comprehensive loss | $ (32,857) | $ (16,431) | $ (58,877) | $ (30,125) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Operating activities | ||
Net loss | $ (58,762) | $ (30,125) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 292 | 85 |
Net amortization of premiums and discounts on investments | 816 | |
Stock-based compensation expense | 8,231 | 6,734 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (2,038) | (994) |
Other assets | 774 | (645) |
Accounts payable | (1,782) | 1,685 |
Accrued expenses and other liabilities | 3,446 | 629 |
Deferred revenue | (43) | |
Deferred rent | 699 | 223 |
Net cash used in operating activities | (48,324) | (22,451) |
Investing activities | ||
Purchases of property and equipment | (774) | (449) |
Increase in restricted cash | (400) | |
Proceeds from maturities of investments | 41,069 | |
Purchases of investments | (209,517) | |
Net cash used in investing activities | (169,222) | (849) |
Financing activities | ||
Proceeds from the issuance of common stock, net of issuance costs | 90,830 | |
Issuance costs from the sale of common stock | (427) | |
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan | 347 | 60 |
Net cash provided by (used in) financing activities | 91,177 | (367) |
Effect of exchange rate on cash | (9) | |
Net decrease in cash and cash equivalents | (126,378) | (23,667) |
Cash and cash equivalents at beginning of period | 150,609 | 155,974 |
Cash and cash equivalents at end of period | 24,231 | 132,307 |
Supplemental disclosure of non-cash financing activity | ||
Property and equipment purchases included in accounts payable and accrued expenses | 52 | |
Vesting of restricted common stock | $ 84 | $ 77 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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 and six months ended June 30, 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 June 30, 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), the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014), and the accounts of Karyopharm Therapeutics (Bermuda) Ltd. (a wholly-owned Bermuda subsidiary of the Company formed in March 2015). All intercompany balances and transactions have been eliminated in consolidation. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 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. The Company did not adopt any new accounting pronouncements during the six months ended June 30, 2015 that had an effect on the Company’s condensed consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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 Financial assets Cash equivalents: Money market funds $ 11,470 $ 11,470 $ — $ — Corporate debt securities 2,151 — 2,151 — Investments 231,362 — 231,362 — $ 244,983 $ 11,470 $ 233,513 $ — 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 Financial assets Cash equivalents: Money market funds $ 129,209 $ 129,209 $ — $ — Investments 63,773 — 63,773 — $ 192,982 $ 129,209 $ 63,773 $ — |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Investments [Abstract] | |
Investments | 4. Investments The following table summarizes the Company’s investments as of June 30, 2015 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Certificates of deposit $ 15,000 $ — $ — $ 15,000 Corporate debt securities 126,266 9 (63 ) 126,212 Commercial paper 55,719 24 — 55,743 Non-current: Corporate debt securities (one to two years) 29,642 4 (39 ) 29,607 U.S. government and agency securities 4,799 1 — 4,800 $ 231,426 $ 38 $ (102 ) $ 231,362 The following table summarizes the Company’s investments as of December 31, 2014 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value 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 June 30, 2015 and December 31, 2014, the Company held 64 and 11 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 June 30, 2015 and December 31, 2014 was $116,237 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 June 30, 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 | 6 Months Ended |
Jun. 30, 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 June 30, December 31, Laboratory equipment 4 $ 493 $ 434 Furniture and fixtures 5 238 95 Office and computer equipment 3 283 170 Construction in progress — 52 92 Leasehold improvements Lesser of useful life 2,952 2,457 4,018 3,248 Less accumulated depreciation and amortization (784 ) (494 ) $ 3,234 $ 2,754 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, December 31, Research and development costs $ 6,837 $ 3,624 Payroll and employee-related costs 1,995 1,568 Professional fees 260 324 Other 241 309 $ 9,333 $ 5,825 |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 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: Three and Six Months Ended 2015 2014 Outstanding stock options 4,326,014 2,523,158 Unvested restricted stock 1,421 104,856 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and changes during the six months ended June 30, 2015 is as follows: Shares Weighted- Unvested at December 31, 2014 4,262 $ 0.26 Vested 2,841 0.26 Unvested at June 30, 2015 1,421 $ 0.26 As of June 30, 2015, there was $38 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 three months. Stock options A summary of the Company’s stock option activity and related information follows: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2014 3,012,923 $ 16.65 8.7 $ 64,659 Granted 1,466,500 27.93 Exercised (37,225 ) 5.97 Canceled (116,184 ) 27.45 Outstanding at June 30, 2015 4,326,014 $ 20.28 8.6 $ 41,482 Exercisable at June 30, 2015 1,230,409 $ 9.20 7.6 $ 23,324 Vested and expected to vest at June 30, 2015 4,063,224 $ 20.08 8.62 $ 39,629 As of June 30, 2015, there was $48,515 of total unrecognized stock-based compensation expense related to stock options. The expense is expected to be recognized over a weighted average period of 3.0 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 six months ended June 30, 2015 and 2014, the Company withheld $125 and zero, respectively, from employees on an after tax basis related to the purchase of 5,403 and zero shares, respectively, of the Company’s common stock under the ESPP. For the six months ended June 30, 2015 and 2014, the Company recorded stock-based compensation expense related to the ESPP of $78 and zero, respectively. As of June 30, 2015, 557,926 shares of the Company’s common stock remain available for issuance under the ESPP. As of June 30, 2015, there was $75 of total unrecognized stock-based compensation expense related to the ESPP. The expense is expected to be recognized over a period of four months. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 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. As of June 30, 2015, $568 related to the tenant improvement was included in prepaid expenses and other current assets. 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 $415) 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 $240 and $104 for the three months ended June 30, 2015 and 2014, respectively, and $464 and $151 for the six months ended June 30, 2015 and 2014, respectively. |
Equity
Equity | 6 Months Ended |
Jun. 30, 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 Accoun17
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [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 and six months ended June 30, 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 June 30, 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), the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014), and the accounts of Karyopharm Therapeutics (Bermuda) Ltd. (a wholly-owned Bermuda subsidiary of the Company formed in March 2015). All intercompany balances and transactions have been eliminated in consolidation. |
Recently Issued Accounting Pronouncements | In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers 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. The Company did not adopt any new accounting pronouncements during the six months ended June 30, 2015 that had an effect on the Company’s condensed consolidated financial statements. |
Fair Value of Financial Instr18
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 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 Financial assets Cash equivalents: Money market funds $ 11,470 $ 11,470 $ — $ — Corporate debt securities 2,151 — 2,151 — Investments 231,362 — 231,362 — $ 244,983 $ 11,470 $ 233,513 $ — 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 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) | 6 Months Ended |
Jun. 30, 2015 | |
Schedule of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company’s investments as of June 30, 2015 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Certificates of deposit $ 15,000 $ — $ — $ 15,000 Corporate debt securities 126,266 9 (63 ) 126,212 Commercial paper 55,719 24 — 55,743 Non-current: Corporate debt securities (one to two years) 29,642 4 (39 ) 29,607 U.S. government and agency securities 4,799 1 — 4,800 $ 231,426 $ 38 $ (102 ) $ 231,362 The following table summarizes the Company’s investments as of December 31, 2014 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value 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 (Ta
Property and Equipment, net (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): Estimated Useful June 30, December 31, Laboratory equipment 4 $ 493 $ 434 Furniture and fixtures 5 238 95 Office and computer equipment 3 283 170 Construction in progress — 52 92 Leasehold improvements Lesser of useful life 2,952 2,457 4,018 3,248 Less accumulated depreciation and amortization (784 ) (494 ) $ 3,234 $ 2,754 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): June 30, December 31, Research and development costs $ 6,837 $ 3,624 Payroll and employee-related costs 1,995 1,568 Professional fees 260 324 Other 241 309 $ 9,333 $ 5,825 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 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: Three and Six Months Ended 2015 2014 Outstanding stock options 4,326,014 2,523,158 Unvested restricted stock 1,421 104,856 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 and changes during the six months ended June 30, 2015 is as follows: Shares Weighted- Unvested at December 31, 2014 4,262 $ 0.26 Vested 2,841 0.26 Unvested at June 30, 2015 1,421 $ 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 Outstanding at December 31, 2014 3,012,923 $ 16.65 8.7 $ 64,659 Granted 1,466,500 27.93 Exercised (37,225 ) 5.97 Canceled (116,184 ) 27.45 Outstanding at June 30, 2015 4,326,014 $ 20.28 8.6 $ 41,482 Exercisable at June 30, 2015 1,230,409 $ 9.20 7.6 $ 23,324 Vested and expected to vest at June 30, 2015 4,063,224 $ 20.08 8.62 $ 39,629 |
Fair Value of Financial Instr24
Fair Value of Financial Instruments - Schedule of Financial Assets That Have Been Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Financial assets | ||
Investments | $ 231,362 | $ 63,773 |
Total | 244,983 | 192,982 |
Corporate Debt Securities [Member] | ||
Financial assets | ||
Cash equivalents | 2,151 | |
Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 11,470 | 129,209 |
Level 1 [Member] | ||
Financial assets | ||
Total | 11,470 | 129,209 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 11,470 | 129,209 |
Level 2 [Member] | ||
Financial assets | ||
Investments | 231,362 | 63,773 |
Total | 233,513 | $ 63,773 |
Level 2 [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Cash equivalents | $ 2,151 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 231,426 | $ 63,795 |
Gross Unrealized Gains | 38 | 3 |
Gross Unrealized Loss | (102) | (25) |
Fair Value | 231,362 | 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 | 126,266 | 10,144 |
Gross Unrealized Gains | 9 | 1 |
Gross Unrealized Loss | (63) | (10) |
Fair Value | 126,212 | 10,135 |
Current [Member] | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 55,719 | 29,980 |
Gross Unrealized Gains | 24 | |
Fair Value | 55,743 | 29,980 |
Non-current [Member] | Corporate Debt Securities (One to Two Years) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 29,642 | |
Gross Unrealized Gains | 4 | |
Gross Unrealized Loss | (39) | |
Fair Value | 29,607 | |
Non-current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 5,122 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Loss | (10) | |
Fair Value | 5,113 | |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 4,799 | 3,549 |
Gross Unrealized Gains | 1 | 1 |
Gross Unrealized Loss | (5) | |
Fair Value | $ 4,800 | $ 3,545 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Jun. 30, 2015USD ($)Securities | Dec. 31, 2014USD ($)Securities |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized loss position for less than one year | 64 | 11 |
Number of debt securities with unrealized loss position for greater than one year | 0 | 0 |
Aggregate fair value of debt securities | $ | $ 116,237 | $ 12,635 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,018 | $ 3,248 |
Less accumulated depreciation and amortization | (784) | (494) |
Property and equipment, net | $ 3,234 | 2,754 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Property and equipment, gross | $ 493 | 434 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Property and equipment, gross | $ 238 | 95 |
Office and Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Property and equipment, gross | $ 283 | 170 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 52 | 92 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 2,952 | $ 2,457 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Research and development costs | $ 6,837 | $ 3,624 |
Payroll and employee-related costs | 1,995 | 1,568 |
Professional fees | 260 | 324 |
Other | 241 | 309 |
Total Accrued Expenses | $ 9,333 | $ 5,825 |
Net Loss Per Share - Schedule o
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) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 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) | 4,326,014 | 2,523,158 | 4,326,014 | 2,523,158 |
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) | 1,421 | 104,856 | 1,421 | 104,856 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ in Thousands | Jun. 30, 2015USD ($)PurchasePeriodshares | Jan. 02, 2015shares | Oct. 31, 2013shares | Jun. 30, 2015USD ($)PurchasePeriodshares | Jun. 30, 2014USD ($)shares |
Unvested Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized stock-based compensation expense | $ | $ 38 | $ 38 | |||
Period for recognition of unrecognized expense | 3 months | ||||
Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Total unrecognized stock-based compensation expense | $ | $ 48,515 | $ 48,515 | |||
Period for recognition of unrecognized expense | 3 years | ||||
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 | $ | $ 75 | $ 75 | |||
Period for recognition of unrecognized expense | 4 months | ||||
Offering period | 12 months | ||||
Number of purchase period | PurchasePeriod | 2 | 2 | |||
Purchase period | 6 months | ||||
Purchase price of common stock | 85.00% | ||||
Stock based compensation expense | $ | $ 78 | $ 0 | |||
Common stock shares available for issuance under ESPP | 557,926 | 557,926 | |||
Percentage of shares of common stock available for issuance | 1.00% | ||||
Employee stock purchase plan, description | 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. | ||||
Employee stock purchase plan, amount withheld from employees | $ | $ 125 | $ 0 | |||
Common stock available for payment related to tax withholding | 5,403 | 0 | |||
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 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Company's Unvested Restricted Stock (Detail) - 6 months ended Jun. 30, 2015 - Unvested Restricted Stock [Member] - $ / shares | Total |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of the period (in shares) | 4,262 |
Vested | 2,841 |
Unvested at the end of the period (in shares) | 1,421 |
Unvested at the beginning of the period (in shares) | $ 0.26 |
Vested | 0.26 |
Unvested at the end of the period | $ 0.26 |
Stock-based Compensation - Su32
Stock-based Compensation - Summary of Stock Option Activity and Related Information (Detail) - Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2015 | Dec. 31, 2014 | |
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 | 1,466,500 | |
Stock option activity, shares exercised | (37,225) | |
Stock option activity, shares canceled | (116,184) | |
Stock option activity, shares outstanding, at end of period | 4,326,014 | 3,012,923 |
Stock option activity, options exercisable at end of period | 1,230,409 | |
Stock option activity, options vested and expected to vest at end of period | 4,063,224 | |
Weighted average exercise price, options outstanding at beginning of period | $ 16.65 | |
Weighted average exercise price, options granted | 27.93 | |
Weighted average exercise price, Option Exercised | 5.97 | |
Weighted average exercise price, Option Canceled | 27.45 | |
Weighted average exercise price, options outstanding at end of period | 20.28 | $ 16.65 |
Weighted average exercise price, options exercisable at end of period | 9.20 | |
Weighted average exercise price, Option Vested and expected to vest at the end of period | $ 20.08 | |
Weighted average remaining contractual life outstanding | 8 years 7 months 6 days | 8 years 8 months 12 days |
Weighted average exercise price exercisable | 7 years 7 months 6 days | |
Weighted average exercise price vested and expected to vest | 8 years 7 months 13 days | |
Aggregate intrinsic value outstanding | $ 41,482 | $ 64,659 |
Aggregate intrinsic value exercisable | 23,324 | |
Aggregate intrinsic value vested and expected to vest | $ 39,629 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Nov. 30, 2014EUR (€)ft² | Mar. 31, 2014USD ($)ft²Lease | Jun. 30, 2015USD ($)ft² | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)ft² | Jun. 30, 2014USD ($) | Nov. 30, 2014USD ($)ft² | |
Commitments and Contingencies Disclosure [Abstract] | |||||||
Office and laboratory space leased | ft² | 3,681 | 29,933 | 3,681 | ||||
Number of additional lease term | Lease | 1 | ||||||
Additional extension term of lease | 5 years | ||||||
Allowance for improvements | $ 1,616 | ||||||
Security deposit in the form of a letter of credit | $ 400 | ||||||
Security deposit in the form of a letter of credit which may be reduced in January 2018 | $ 200 | ||||||
Operating lease amendment, leased premises expansion | ft² | 16,234 | 16,234 | |||||
Operating lease amendment, additional space | ft² | 27,701 | 27,701 | |||||
Tenant Improvements | $ 568 | $ 568 | |||||
Operating lease agreement term | 5 years | ||||||
Scheduled rent payments due | € 374 | $ 415 | |||||
Total rent expense | $ 240 | $ 104 | $ 464 | $ 151 |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||
Jan. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Underwritten offering price per share | $ 0.0001 | $ 0.0001 | |
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 |