Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 07, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | KPTI | ||
Entity Registrant Name | KARYOPHARM THERAPEUTICS INC. | ||
Entity Central Index Key | 1,503,802 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 35,881,173 | ||
Entity Public Float | $ 628,259,799 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 58,358 | $ 150,609 |
Short-term investments | 117,275 | 55,115 |
Prepaid expenses and other current assets | 1,967 | 2,027 |
Total current assets | 177,600 | 207,751 |
Property and equipment, net | 3,483 | 2,754 |
Long-term investments | 33,878 | 8,658 |
Other assets | 774 | |
Restricted cash | 482 | 400 |
Total assets | 215,443 | 220,337 |
Current liabilities: | ||
Accounts payable | 3,808 | 6,288 |
Accrued expenses | 11,023 | 5,825 |
Deferred rent | 206 | 126 |
Other current liabilities | 95 | 62 |
Total current liabilities | 15,132 | 12,301 |
Deferred rent, net of current portion | 1,946 | 1,242 |
Total liabilities | $ 17,078 | $ 13,543 |
Commitments and contingencies (Note 8) | ||
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; 35,864,765 and 32,699,380 shares issued and outstanding at December 31, 2015 and 2014, respectively | $ 4 | $ 3 |
Additional paid-in capital | 455,170 | 345,166 |
Accumulated other comprehensive loss | (282) | (29) |
Accumulated deficit | (256,527) | (138,346) |
Total stockholders' equity | 198,365 | 206,794 |
Total liabilities and stockholders' equity | $ 215,443 | $ 220,337 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 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 | 35,864,765 | 32,699,380 |
Common stock, shares outstanding | 35,864,765 | 32,699,380 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Contract and grant revenue | $ 250 | $ 229 | $ 387 |
Operating expenses: | |||
Research and development | 97,744 | 60,127 | 28,452 |
General and administrative | 21,582 | 15,948 | 5,885 |
Total operating expenses | 119,326 | 76,075 | 34,337 |
Loss from operations | (119,076) | (75,846) | (33,950) |
Other income (expense): | |||
Interest income | 897 | 97 | 3 |
Interest expense | (1) | ||
Other expense | (2) | (27) | |
Total other income, net | 895 | 69 | 3 |
Net loss | $ (118,181) | $ (75,777) | $ (33,947) |
Net loss per share-basic and diluted | $ (3.32) | $ (2.43) | $ (5.59) |
Weighted-average number of common shares outstanding used in net loss per share-basic and diluted | 35,619,506 | 31,135,694 | 6,067,679 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (118,181) | $ (75,777) | $ (33,947) |
Other comprehensive loss: | |||
Unrealized loss on investments | (167) | (22) | |
Foreign currency translation adjustment | (86) | (7) | |
Comprehensive loss | $ (118,434) | $ (75,806) | $ (33,947) |
Consolidated Statements of Conv
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Controlled Equity Offering Sales Agreement [Member] | Special Participation Shares [Member] | Series A Convertible Preferred Shares [Member] | Series A-2 Convertible Preferred Shares [Member] | Series A-3 Convertible Preferred Shares [Member] | Series A-4 Convertible Preferred Shares [Member] | Series B Convertible Preferred Shares [Member] | Series B-1 Convertible Preferred Shares [Member] | Preferred Stock Subscription [Member] | Common Stock [Member] | Common Stock [Member]Controlled Equity Offering Sales Agreement [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Controlled Equity Offering Sales Agreement [Member] | Accumulated Other Comprehensive Loss [Member] | Retained Earnings [Member] |
Beginning balance at Dec. 31, 2012 | $ (27,877) | $ 18,278 | $ 8,980 | $ 745 | $ (28,622) | |||||||||||
Beginning balance,Shares at Dec. 31, 2012 | 10,000 | 18,437,500 | 7,638,461 | 2,123,388 | ||||||||||||
Issuance of Stock | 113,155 | $ 2,500 | $ 1 | 113,154 | ||||||||||||
Issuance of Stock (in shares) | 2,500,000 | 7,820,000 | ||||||||||||||
Proceeds from the sale of Series A-3 convertible preferred stock | $ 3,000 | |||||||||||||||
Proceeds from the sale of Series A-3 convertible preferred stock (in shares) | 1,764,706 | |||||||||||||||
Proceeds from the sale of Series B convertible preferred stock | $ 2,000 | |||||||||||||||
Proceeds from the sale of Series B convertible preferred stock (in shares) | 1,000,000 | |||||||||||||||
Issuance of convertible preferred stock, net of issuance costs | $ 46,057 | |||||||||||||||
Issuance of convertible preferred stock, net of issuance costs (in shares) | 23,100,000 | 8,636,362 | ||||||||||||||
Issuance of shares related to preferred stock subscription | $ 6,980 | $ 3,000 | $ 2,000 | $ 2,000 | $ (13,980) | |||||||||||
Issuance of shares related to preferred stock subscription (in shares) | 6,100,000 | 1,764,706 | 1,538,461 | 1,000,000 | (10,403,167) | |||||||||||
Conversion of convertible preferred stock into common stock | 99,691 | $ (20,778) | $ (6,980) | $ (3,000) | $ (2,000) | $ (48,057) | $ (18,877) | $ 2 | 99,689 | |||||||
Conversion of convertible preferred stock into common stock (in shares) | (20,937,500) | (6,100,000) | (1,764,706) | (1,538,461) | (24,100,000) | (8,636,362) | 19,114,241 | |||||||||
Settlement of special participation preferred shares | 88 | 88 | ||||||||||||||
Settlement of special participation preferred shares (in shares) | (10,000) | 12,121 | ||||||||||||||
Exercise of stock options | 34 | 34 | ||||||||||||||
Exercise of stock options (in shares) | 79,122 | |||||||||||||||
Vesting of restricted stock | 5 | 5 | ||||||||||||||
Vesting of restricted stock (in shares) | 438,386 | |||||||||||||||
Issuance of Stock | 113,155 | $ 2,500 | $ 1 | 113,154 | ||||||||||||
Issuance of Stock (in shares) | 2,500,000 | 7,820,000 | ||||||||||||||
Stock-based compensation expense | 3,785 | 3,785 | ||||||||||||||
Net loss | (33,947) | (33,947) | ||||||||||||||
Ending balance at Dec. 31, 2013 | 154,934 | $ 3 | 217,500 | (62,569) | ||||||||||||
Ending balance,Shares at Dec. 31, 2013 | 29,587,258 | |||||||||||||||
Issuance of Stock | 112,837 | 112,837 | ||||||||||||||
Issuance of Stock (in shares) | 2,844,334 | |||||||||||||||
Exercise of stock options | 284 | 284 | ||||||||||||||
Vesting of restricted stock | 305 | 305 | ||||||||||||||
Vesting of restricted stock (in shares) | 155,058 | |||||||||||||||
Issuance of Stock | $ 112,837 | 112,837 | ||||||||||||||
Exercise of stock options and shares issued under the employee stock purchase plan, (shares) | 6,202 | 112,730 | ||||||||||||||
Issuance of Stock (in shares) | 2,844,334 | |||||||||||||||
Stock-based compensation expense | $ 14,240 | 14,240 | ||||||||||||||
Unrealized loss on investments | (22) | $ (22) | ||||||||||||||
Foreign currency translation adjustment | (7) | (7) | ||||||||||||||
Net loss | (75,777) | (75,777) | ||||||||||||||
Ending balance at Dec. 31, 2014 | 206,794 | $ 3 | 345,166 | (29) | (138,346) | |||||||||||
Ending balance,Shares at Dec. 31, 2014 | 32,699,380 | |||||||||||||||
Issuance of Stock | 90,830 | $ 1,502 | $ 1 | 90,830 | $ 1,501 | |||||||||||
Issuance of Stock (in shares) | 2,950,000 | 121,314 | ||||||||||||||
Exercise of stock options | 616 | 616 | ||||||||||||||
Vesting of restricted stock (in shares) | 11,410 | |||||||||||||||
Issuance of Stock | $ 90,830 | $ 1,502 | $ 1 | 90,830 | $ 1,501 | |||||||||||
Exercise of stock options and shares issued under the employee stock purchase plan, (shares) | 25,421 | 82,661 | ||||||||||||||
Issuance of Stock (in shares) | 2,950,000 | 121,314 | ||||||||||||||
Stock-based compensation expense | $ 17,057 | 17,057 | ||||||||||||||
Unrealized loss on investments | (167) | (167) | ||||||||||||||
Foreign currency translation adjustment | (86) | (86) | ||||||||||||||
Net loss | (118,181) | (118,181) | ||||||||||||||
Ending balance at Dec. 31, 2015 | $ 198,365 | $ 4 | $ 455,170 | $ (282) | $ (256,527) | |||||||||||
Ending balance,Shares at Dec. 31, 2015 | 35,864,765 |
Consolidated Statements of Con7
Consolidated Statements of Convertible Preferred Stock and Stockholders' Equity (Deficit) (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2013 | |
Common Stock [Member] | ||
Issuance of stock, issuance costs | $ 6,520 | $ 3,207 |
Series B Convertible Preferred Shares [Member] | ||
Issuance of stock, issuance costs | 143 | |
Series B-1 Convertible Preferred Shares [Member] | ||
Issuance of stock, issuance costs | $ 123 | |
Controlled Equity Offering Sales Agreement [Member] | Common Stock [Member] | ||
Issuance of stock, issuance costs | $ 284 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities | |||
Net loss | $ (118,181) | $ (75,777) | $ (33,947) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 634 | 323 | 144 |
Noncash consulting expense | 88 | ||
Loss on disposal of fixed assets | 50 | ||
Net amortization of premiums and discounts on investments | 1,778 | 2 | |
Stock-based compensation expense | 17,057 | 14,240 | 3,785 |
Change in operating assets and liabilities: | |||
Prepaid expenses and other current assets | (55) | (45) | (1,419) |
Other assets | 500 | (470) | |
Accounts payable | (2,426) | 4,496 | 664 |
Accrued expenses and other liabilities | 5,766 | 4,445 | 382 |
Deferred revenue | (79) | 13 | |
Deferred rent | 213 | 1,368 | |
Cash received related to tenant lease incentives | 685 | ||
Net cash used in operating activities | (94,029) | (51,447) | (30,290) |
Investing activities | |||
Purchases of property and equipment | (1,416) | (2,834) | (57) |
Increase in restricted cash | (82) | (400) | |
Proceeds from maturities of investments | 215,867 | ||
Purchases of investments | (305,192) | (63,797) | |
Net cash used in investing activities | (90,823) | (67,031) | (57) |
Financing activities | |||
Proceeds from issuance of common stock, net of issuance costs | 92,084 | 112,837 | 113,155 |
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan | 616 | 284 | 341 |
Proceeds from sale of convertible preferred stock, net of issuance costs | 72,434 | ||
Net cash provided by financing activities | 92,700 | 113,121 | 185,930 |
Effect of exchange rate on cash | (99) | (8) | |
Net (decrease) increase in cash and cash equivalents | (92,251) | (5,365) | 155,583 |
Cash and cash equivalents, beginning of period | 150,609 | 155,974 | 391 |
Cash and cash equivalents, end of period | 58,358 | 150,609 | 155,974 |
Supplemental disclosure of non-cash investing and financing activities: | |||
Property and equipment purchases included in accounts payable | 52 | ||
Issuance of preferred stock in satisfaction of preferred stock subscription | 13,980 | ||
Preferred stock conversion to common stock | 99,691 | ||
Vesting of restricted common stock | 305 | $ 5 | |
Deferred financing costs included in accounts payable and accrued expenses | $ 26 | $ 274 |
Organization and Operations
Organization and Operations | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Operations | 1. Organization and Operations The Company Karyopharm Therapeutics Inc. (the “Company”) is a clinical stage pharmaceutical company that seeks to discover, develop, and commercialize drugs to treat cancer and certain other major diseases. It was incorporated in Delaware on December 22, 2008 and has a principal place of business in Newton, Massachusetts. The Company’s operations to date have consisted primarily of raising capital, product research and development, and initial market development. The Company has not generated any revenue related to its primary business purpose to date and is subject to a number of risks similar to those of other early stage life science companies, including rapid technology change, regulatory approval of products, uncertainty of market acceptance of products, compliance with government regulations, protection of proprietary technology, dependence on key individuals, competition from other companies, the need for development of commercially viable products, and the need to obtain adequate additional financing to fund the development of its product candidates. The Company has generated an accumulated deficit of $256,527 since inception. The Company has financed its operations primarily through private placements of its preferred stock, an initial public offering (“IPO”) completed in November 2013 and two follow-on offerings of common stock as well as a controlled equity offering. The Company has not completed development of any product candidate and has devoted substantially all of its financial resources and efforts to research and development, including preclinical and clinical development. The Company expects to continue to incur significant expenses and increasing operating losses for at least several years. The Company believes its cash, cash equivalents, and investments as of December 31, 2015 and proceeds from its controlled equity offering commenced in December 2015 will be sufficient to allow the Company to fund its current operating plan through at least January 1, 2017. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing drugs to treat cancer and certain other major diseases. All of the Company’s revenues are derived in the United States. All material long-lived assets of the Company reside in the United States. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, including estimates related to clinical trial accruals, stock-based compensation expense, and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. Principles of Consolidation The consolidated financial statements at December 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), the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company, incorporated in September 2014), and the accounts of Karyopharm Therapeutics (Bermuda) Ltd. (a limited liability company, registered in Bermuda in March 2015). Cash and Cash Equivalents Cash equivalents consist primarily of demand deposit accounts and deposits in short-term money market funds. Cash equivalents are stated at cost, which approximates fair value. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase. All of the Company’s securities are classified as available-for-sale and are reported in short-term investments or long-term investments based on maturity dates and whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal cycle of business. Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in Accumulated Other Comprehensive Loss on the Company’s Consolidated Balance Sheets, exclusive of other-than-temporary impairment losses, if any. Short-term and long-term investments are comprised of corporate debt securities, commercial paper, U.S. government agency securities and certificates of deposit. Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and investment securities. The Company holds these investments in highly rated financial institutions, and, by policy, limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. Fair Value Measurements Financial instruments, including cash, restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses, are presented in the consolidated financial statements at amounts that approximate fair value at December 31, 2015 and 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 Company’s cash equivalents are comprised of money market funds. The Company measures these investments at fair value. The fair value of cash equivalents is determined based on “Level 1” inputs. Items classified as Level 2 within the valuation hierarchy consist of commercial paper, corporate debt securities, U.S. government agency securities and certificates of deposit. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The Company validates the prices provided by its third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. The following table presents information about the Company’s financial assets that have been measured at fair value at December 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 Financial assets Cash equivalents: Money market funds $ 49,172 $ 49,172 $ — $ — Investments: Current: Corporate debt securities 86,447 — 86,447 — Commercial paper 29,828 29,828 U.S. government and agency securities 1,000 — 1,000 — Non-current: Corporate debt securities (one to two year maturity) 33,878 — 33,878 — $ 200,325 $ 49,172 $ 151,153 $ — 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: Current: Certificates of deposit 15,000 — 15,000 — Corporate debt securities 10,135 10,135 Commercial paper 29,980 — 29,980 — Non-current: Corporate debt securities (one to two year maturity) 5,113 — 5,113 — U.S. government and agency securities 3,545 — 3,545 — $ 192,982 $ 129,209 $ 63,773 $ — Property and Equipment, net Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful economic lives of the related assets. Expenditures for maintenance and repairs are charged to expense while the costs of significant improvements are capitalized. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the balance sheets and any related gains or losses are reflected in the consolidated statements of operations. Long-Lived Assets The Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Any long-lived assets held for disposal are reported at the lower of their carrying amounts or fair values less costs to sell. The Company has not recorded an impairment in any period since inception. Deferred Rent Deferred rent consists of rent escalation payment terms, tenant improvement allowances and other incentives received from landlords related to the Company’s operating leases. Rent escalation represents the difference between actual operating lease payments due and straight-line rent expense, which is recorded by the Company over the term of the lease. Tenant improvement allowances and other incentives are recorded as deferred rent and amortized as a reduction of periodic rent expense, over the term of the applicable lease. Revenue Recognition The Company recognizes revenue in accordance with the FASB ASC 605, Revenue Recognition • persuasive evidence of an arrangement exists; • delivery has occurred or services have been rendered; • the seller’s price to the buyer is fixed or determinable; and • collectability is reasonably assured. The Company recognizes revenue in accordance with the milestone method of revenue recognition for arrangements involving research or development or other performance obligations whereby a portion or all of the consideration is contingent upon achievement of milestone events. Under these provisions, arrangement consideration contingent upon achievement of a milestone is recognized by the Company in the period the milestone is met when the Company concludes that the milestone is substantive. At the inception of each applicable arrangement, the Company assesses each milestone and the consideration payable upon achievement of each milestone and concludes that the milestone is substantive if all of the following criteria are met: (i) the consideration is commensurate with the Company’s performance or the enhanced value of a delivered item which is a direct result of the Company’s performance to achieve the milestone, (ii) the consideration relates to past performance and there are no refund rights or other penalties related to the consideration based on completion of future performance and (iii) the consideration is reasonable relative to all the deliverables and payment terms within the arrangement. The related consideration for milestones that are considered substantive is recognized in its entirety in the period which the milestone is met. The milestone method of revenue recognition was applicable to two research agreements executed during 2013 and 2011. The agreement executed during 2013 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $100 did not represent a substantive milestone. Accordingly, the Company recognized this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. During the year ended December 31, 2015, the Company recognized $250 related to this agreement. During the year ended December 31, 2014, the Company recognized $229 related to this agreement, including $79 of the upfront payment and $150 related to other milestones associated with the agreement. During the year ended December 31, 2013 the Company recognized $21 of the upfront payment and no additional milestones were met according to this research agreement. There are no future milestones to be met under this agreement. The agreement executed during 2011 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $200 did not represent a substantive milestone. Accordingly, the Company recognized this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. The Company did not recognize revenue under this agreement during the years ended December 31, 2015 and 2014. During the year ended December 31, 2013, the Company recognized $366 related to this agreement, including $66 related to the upfront payment and $300 related to other milestones associated with the agreement. There are no future milestones to be met under this agreement. Research and Development Expenses Research and development costs are charged to expense as incurred and include, but are not limited to: • employee-related expenses, including salaries, benefits, travel and stock-based compensation expense; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical trials and preclinical studies; • the cost of acquiring, developing and manufacturing clinical trial materials; • facility, depreciation and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, insurance and other supplies; and • costs associated with preclinical activities and regulatory operations. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are accordingly reflected in the financial statements as prepaid or accrued research and development. Comprehensive Loss Comprehensive loss consists of net loss and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources, and currently consists of net loss, unrealized losses on investments and foreign currency translation adjustments. Foreign Currency Transactions The functional currency of the Company’s subsidiary in Germany is the Euro. Foreign currency transaction gains and losses are recorded in the consolidated statement of operations. Net foreign exchange losses of $2 and $27 were recorded in other expense for the years ended December 31, 2015 and 2014, respectively. There were no foreign exchange gains or losses for the year ended December 31, 2013. Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore a valuation allowance has been established for the full amount of the deferred tax assets. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. Accounting for Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation Consistent with the guidance in FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees Compensation expense related to awards to employees is recognized on a straight-line basis based on the grant date fair value over the requisite service period of the award, which is generally the vesting term. Stock-based compensation expense for awards granted to non-employees is adjusted as the award vests to reflect the current fair value of such awards, and is recognized using an accelerated attribution model. Net Loss Per Share Basic and diluted net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. The Company’s potential dilutive shares, stock options, unvested restricted stock and restricted stock units 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 December 31, 2015, 2014 and 2013 (in common stock equivalent shares): December 31, 2015 2014 2013 Outstanding stock options 4,443,317 3,012,923 2,410,522 Unvested restricted stock — 11,410 166,949 Unvested restricted stock units 508,800 — — Recently Issued Accounting Pronouncements In July 2015, the FASB deferred the effective date for Accounting Standards Updates (“ASU”) No. 2014-09, Revenue from Contracts with Customers , Revenue Recognition (Topic 605) In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued authoritative accounting guidance related to the balance sheet classification of deferred taxes. This guidance requires deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This guidance may be applied on either a prospective or retrospective basis and is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this standard prospectively in the fourth quarter of 2015, and as the Company’s deferred tax assets are fully offset by a valuation allowance, there was no impact to the Company’s financial position or results of operations upon its adoption of this standard. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): |
Property and Equipment, net
Property and Equipment, net | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 3. Property and Equipment, net Property and equipment, net consist of the following (in thousands): December 31, Estimated Useful Life Years 2015 2014 Laboratory equipment 4 $ 538 $ 434 Furniture and fixtures 5 322 95 Office and computer equipment 3 360 170 Construction in progress — — 92 Leasehold improvements Lesser of useful life or lease term 3,391 2,457 4,611 3,248 Less accumulated depreciation and amortization (1,128 ) (494 ) $ 3,483 $ 2,754 Depreciation and amortization expense recorded for the years ended December 31, 2015, 2014, and 2013 were $634, $323, and $144, respectively. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Investments | 4. Investments The following table summarizes the Company’s investments as of December 31, 2015 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 86,515 $ 4 $ (72 ) $ 86,447 Commercial paper 29,808 20 — 29,828 U.S. government and agency securities 1,000 — — 1,000 Non-current: Corporate debt securities (one to two year maturity) 34,019 2 (143 ) 33,878 $ 151,342 $ 26 $ (215 ) $ 151,153 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 (one to two year maturity) 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 December 31, 2015 and December 31, 2014, the Company held 69 and 11 debt securities, respectively, that were in an unrealized loss position for less than one year. The aggregate fair value of debt securities in unrealized loss positions at December 31, 2015 and December 31, 2014 was $117,851 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 December 31, 2015 or 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 consolidated statements of operations if the Company has experienced a credit loss or 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. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Accrued Liabilities | 5. Accrued Liabilities Accrued expenses consist of the following (in thousands): December 31, 2015 2014 Research and development costs $ 8,007 $ 3,624 Payroll and employee-related costs 2,445 1,568 Professional fees 270 324 Other 301 309 $ 11,023 $ 5,825 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 6. Related Party Transactions The Company incurred expenses for consulting and contract research services with certain related parties, including a family member of management, a board member and a private diagnostics company, of which three of the Company’s Board of Directors, including the Company’s CEO, were also members of the private company’s Board of Directors. The Company paid consulting and histopathology services of $456, $664 and $452 for the years ended December 31, 2015, 2014, and 2013, respectively. At December 31, 2015 and 2014 there was $55 and $94, respectively, included in accounts payable and accrued expenses due to related parties. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Controlled Equity Offering Sales Agreement On December 7, 2015, the Company entered into a Controlled Equity Offering Sales Agreement (the “Agreement”), with Cantor Fitzgerald & Co., as sales agent (“Cantor”), pursuant to which the Company may issue and sell, from time to time, through Cantor shares of the Company’s common stock, up to an aggregate offering price of $50.0 million (the “Shares”). Under the Agreement, Cantor may sell the Shares by methods deemed to be an “at-the-market” offering as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “Securities Act”), including sales made directly on The NASDAQ Global Select Market, on any other existing trading market for the Shares or to or through a market maker. In addition, under the Agreement, Cantor may sell the Shares by any other method permitted by law, including in privately negotiated transactions. The Company is not obligated to make any sales of the Shares under the Agreement. The Company or Cantor may suspend or terminate the offering of Shares upon notice to the other party and subject to other conditions. The Company will pay Cantor a commission of up to 3.0% of the gross proceeds from the sale of the Shares pursuant to the Agreement and has agreed to provide Cantor with customary indemnification and contribution rights. As of December 31, 2015, the Company had sold an aggregate of 121,314 shares of common stock for net proceeds of approximately $1,502 under the Agreement. Common Stock 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. In July 2014, the Company completed a public offering of its common stock, which resulted in the sale of 2,447,247 shares of its common stock at a public offering price of $42.50 per share. Also, in July 2014, the Company issued 397,087 shares of its common stock upon exercise by the underwriters of their option to purchase additional shares. The Company received net proceeds of approximately $112,837, after deducting underwriting discounts, commissions and expenses payable by the Company of $794. In November 2013, the Company closed an IPO of its common stock, which resulted in the sale of 6,800,000 shares of its common stock at a public offering price of $16.00 per share. In December 2013, the Company issued 1,020,000 shares of common stock upon the exercise by the underwriters of their option to purchase additional shares at the public offering price. The Company received net proceeds from the IPO of approximately $113,155, after deducting underwriting discounts and expenses payable by the Company. In connection with the closing of the IPO, all of the Company’s outstanding convertible preferred stock automatically converted to common stock in November 2013, resulting in an additional 19,114,241 shares of common stock of the Company becoming outstanding. Upon the closing of its IPO, the Company had 5,000,000 shares of authorized preferred stock. As of December 31, 2015, 2014 and 2013, the Company did not have any preferred stock issued or outstanding. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Operating Leases 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 provided for the expansion of the premises leased by the Company by approximately 16,234 square feet. The Company may extend the lease term for one additional five year period. The Company has agreed to pay pro rata increases in operating expenses and property taxes. 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 consolidated balance sheet at December 31, 2015 and December 31, 2014, accordingly. The lease provides the Company with an allowance for improvements of $1,616 of which $1,616 was incurred through December 31, 2015 and was deemed normal tenant improvements. Therefore, the amounts were recorded as a leasehold improvement 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 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 from February 2015 through January 2020. Pursuant to the lease agreement, the Company is obligated to make aggregate rent payments of €374, (approximately $409) 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. As of December 31, 2015, the minimum future rent payments under the lease agreements are as follows (in thousands): 2016 $ 1,326 2017 1,400 2018 1,423 2019 1,447 2020 1,389 Thereafter 2,498 Total future minimum lease payments $ 9,483 The Company recorded rent expense totaling $1,033, $520 and $174 for the years ended December 31, 2015, 2014, and 2013, respectively. Research Agreements In July 2011 and September 2013, the Company entered into research agreements in which the Company received payments upon the achievement of certain milestones. The agreements require the Company to pay royalties on product sales, up to a predetermined maximum. The Company must also pay a royalty on any sublicense income, up to a predetermined maximum. No royalties or sublicense payments have been made to date. Litigation From time to time the Company may face legal claims or actions in the normal course of business. The Company is not currently a party to any litigation and, accordingly, does not have amounts recorded for any litigation-related matters. |
Stock-based Compensation
Stock-based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 9. Stock-based Compensation During 2010, the Company established the 2010 Stock Incentive Plan (the “Plan” or the “2010 Plan”). Under the terms of the Plan, options and other equity interests may be granted to employees, officers, directors, consultants and advisors of the Company. The exercise price of each stock option shall be the fair market value as determined in good faith by the Board of Directors (the Board) at the time each option is granted. The Company has granted service-based options under the Plan. Service-based option grants under the Plan generally vest as follows: 25% of the shares vest one calendar year from the vesting start date, 2.083% of the shares vest on the first day of each month thereafter. The options granted under the Plan generally expire in 10 years from the date of grant. In October 2013, the Company’s board of directors adopted and the Company’s stockholders approved the 2013 Stock Incentive Plan (the “2013 Plan”). The 2013 Plan became effective immediately prior to the closing of the IPO and provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards and other stock-based awards. The number of shares of common stock reserved for issuance under the 2013 Plan is equal to the sum of (1) 969,696 shares plus (2) the number of shares (up to 2,126,377 shares) equal to the sum of the number of shares of common stock then available for issuance under the 2010 Plan and the number of shares of common stock subject to outstanding awards under the 2010 Plan that expire, terminate or are otherwise surrendered, cancelled, forfeited or repurchased by the Company at their original issuance price pursuant to a contractual repurchase right plus (3) an annual increase, to be added on the first day of each fiscal year, beginning with the fiscal year ending December 31, 2014 and continuing until, and including, the fiscal year ending December 31, 2023, equal to the lesser of (A) 1,939,393 shares of common stock, (B) 4% of the number of shares of common stock outstanding on the first day of such fiscal year, and (C) an amount determined by the Board. The Company will grant no further stock options or other awards under the 2010 Plan. The Company amended the 2013 Plan in March 2015 to increase the number of shares available for issuance under the 2013 Plan by 1,308,431 shares of common stock. As of December 31, 2015, the Company had 429,180 shares available for issuance. In connection with all share-based payment awards, total stock-based compensation expense recognized was as follows (in thousands): Year Ended December 31, 2015 2014 2013 Research and development $ 8,368 $ 7,078 $ 2,567 General and administrative 8,689 7,162 1,218 Total $ 17,057 $ 14,240 $ 3,785 Stock Options Total expense related to employee and non-employee stock options for the years ended December 31, 2015, 2014 and 2013 was $16,094, $13,962, and $3,020, respectively. The following table summarizes stock option activity for employees and nonemployees: Shares Weighted- Weighted- Aggregate Options outstanding at December 31, 2014 3,012,923 $ 16.65 8.7 $ 64,659 Granted 1,795,800 26.00 Exercised (57,240 ) 4.62 Forfeited (308,166 ) 26.42 Options outstanding at December 31, 2015 4,443,317 $ 19.91 8.2 $ 15,598 Options vested or expected to vest at December 31, 2015(1) 4,335,443 $ 19.76 8.2 $ 15,532 Options exercisable at December 31, 2015 1,617,948 $ 12.95 7.4 $ 10,871 (1) This represents the number of vested options, plus the number of unvested options that the Company estimated would vest, based on the unvested options as of the year ended December 31, 2015 as adjusted for the estimated forfeiture rate. The total intrinsic value of stock options exercised for the years ended December 31, 2015, 2014 and 2013 was $1,248, $3,716, and $239, respectively. The fair value of each stock option granted to employees is estimated on the date of grant and for non-employees on each reporting date and upon vesting using the Black-Scholes option-pricing model. The following table summarizes the assumptions used in calculating the fair value of the awards: Years Ended December 31, 2015 2014 2013 Volatility 79%-88% 84%-95% 85%-93% Expected term (in years) 5.0-9.9 5.5-9.9 6.25-10 Risk-free interest rate 1.45%-2.33% 1.73%-2.15% 1.07%-3.01% Dividend 0% 0% 0% The Company uses the simplified method as prescribed by the Securities and Exchange Commission Staff Accounting Bulletin No. 107, Share-Based Payment Using the Black-Scholes option-pricing model, the weighted-average grant date fair values of options granted during the years ended December 31, 2015, 2014 and 2013 was $18.67, $29.71, and $11.09 per share, respectively. At December 31, 2015, the total unrecognized compensation related to unvested employee and non-employee stock option awards granted under the 2010 Plan and 2013 Plan, including estimated forfeitures, was $41,275, which the Company expects to recognize over a weighted-average period of approximately 2.5 years. In 2014 certain individuals changed status from employees to non-employees. The outstanding stock option awards for these individuals continued to vest under the original vesting terms of the awards as the individuals continued to provide service to the Company as consultants. In addition, in August 2014, the Company modified a stock option grant for one of these individuals to accelerate vesting of a stock option award in connection with a separation agreement. The Company recorded stock-based compensation expense of $1,866 associated with these awards. As of December 31, 2015, there was no unrecognized compensation expense related to these awards as the individuals are no longer providing service to the Company. Restricted Stock To date, the Company has granted 1,958,210 shares of restricted stock outside of the 2010 Plan and the 2013 Plan and 45,454 shares of restricted stock under the 2010 Plan. The following table summarizes the status of the Company’s unvested restricted common shares: Number of Weighted-Average Unvested at December 31, 2014 4,262 $ 0.26 Granted — — Cancelled — — Vested (4,262 ) 0.26 Unvested at December 31, 2015 — $ — The total expense related to employee and non-employee restricted stock for the years ended December 31, 2015, 2014 and 2013 was $111, $193 and $765, respectively. As of December 31, 2015, there was no unrecognized compensation cost related to employee and non-employee unvested restricted stock. Restricted Stock Unit A restricted stock unit (“RSU”) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s stock on the date of grant. In November 2015, the Company granted RSUs with service conditions (service RSUs) that vest in two equal annual installments provided that the employee remains employed with the Company. The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2015: Number of Weighted-Average Unvested at December 31, 2014 — $ — Granted 511,800 17.91 Forfeited (3,000 ) 17.91 Vested — — Unvested at December 31, 2015 508,800 $ 17.91 The total expense related to RSUs for the year ended December 31, 2015 was $660. As of December 31, 2015, $7,734 of unrecognized compensation costs related to unvested service RSUs are expected to be recognized over a weighted average period of 1.8 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 During the years ended December 31, 2015 and 2014, $352 and $141, respectively, was withheld from employees, on an after-tax basis, in order to purchase 25,421 and 6,202 shares of the Company’s common stock, respectively. For the years ended December 31, 2015 and 2014, the Company recorded stock-based compensation expense of $192 and $85, respectively. As of December 31, 2015, 537,908 shares of Company’s common stock remain available for issuance under the ESPP. As of December 31, 2015, there was $93 of total unrecognized stock-based compensation expense related to the ESPP. The expense is expected to be recognized over a period of four months. The fair value of the option component of the shares purchased under the ESPP was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Years Ended December 31, 2015 2014 Volatility 69.5%-95.5% 75% Expected term (in years) 0.5 0.5 Risk-free interest rate 0.05%-0.08% 0.05% Dividend 0% 0% |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
401(k) Plan | 10. 401(k) Plan The Company has a 401(k) retirement and profit-sharing plan (the “401(k) Plan”) covering all qualified employees. The 401(k) Plan allows each participant to contribute a portion of their base wages up to an amount not to exceed an annual statutory maximum. Effective January 1, 2011, the Company adopted a Safe Harbor Plan that provides a Company match up to 4% of salary. The Company contributed a match of $366, $197 and $91 to the 401(k) Plan for the years ended December 31, 2015, 2014 and 2013, respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company provides for income taxes under ASC Topic 740, Accounting for Income Taxes For the year ended December 31, 2015, the Company recorded income tax expense of $96 for its operations in Germany, and for the year ended December 31 2014, the Company did not record a current or deferred income tax expense or benefit. The components of income (loss) before income taxes were as follows: Year Ended December 31, 2015 2014 2013 Foreign $ (21,409 ) $ (2,887 ) $ (10,922 ) U.S. (96,676 ) (72,890 ) (23,025 ) Totals $ (118,085 ) $ (75,777 ) $ (33,947 ) Deferred taxes are recognized for temporary differences between the basis of assets and liabilities for financial statement and income tax purposes. The significant components of the Company’s deferred tax assets are comprised of the following: Year Ended 2015 2014 Deferred tax assets: U.S. and state net operating loss carryforwards $ 63,561 $ 39,970 Stock-based compensation 11,574 6,405 Accruals and other temporary differences 2,194 1,225 Research and development credits 21,590 4,161 Capitalized research and development 3,883 4,505 Total deferred tax assets 102,802 56,266 Less valuation allowance (102,802 ) (56,266 ) Net deferred tax assets $ — $ — The Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets. Based on the Company’s history of operating losses, the Company has concluded that it is more likely than not that the benefit of its deferred tax assets will not be realized. Accordingly, the Company has provided a full valuation allowance for deferred tax assets as of December 31, 2015 and 2014. The valuation allowance increased approximately $46,536 and $31,170 during the years ended December 31, 2015 and 2014, respectively, due primarily to the generation of net operating losses during the periods then ended. In November of 2015, the FASB released Accounting Standards Update (“ASU”) No. 2015-17, Balance Sheet Classification of Deferred Taxes 1) The Company has elected to early adopt and prospectively apply the rules of ASU 2015-17 to its statement of financial position. The reason for this change in accounting principle is to allow the Company to benefit from the simplified presentation of deferred income taxes and to conform to the FASB’s initiative to improve generally accepted accounting principles for which costs and complexity can be reduced. 2) Financial statement users are to be made aware the prior period statement of financial position has not been retrospectively adjusted for the Company’s early adoption of the Update. A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: Year Ended December 31, 2015 2014 2013 Federal income tax expense at statutory rate 34.0 % 34.0 % 34.0 % State income tax, net of federal benefit 3.5 % 4.9 % 4.9 % Permanent differences (5.1 )% (0.7 )% 0.0 % Research and development credit 12.2 % 1.4 % 3.9 % Foreign rate differential (6.3 )% (1.3 )% (2.9 )% Other 1.0 % 2.8 % (0.8 )% Change in valuation allowance (39.4 )% (41.1 )% (39.1 )% Effective income tax rate (0.1 )% 0.0 % 0.0 % As of December 31, 2015 and 2014, the Company had U.S. federal net operating loss carryforwards of approximately $166,680 and $105,628, respectively, which may be available to offset future income tax liabilities and expire at various dates through 2035. As of December 31, 2015 and 2014, the Company also had U.S. state net operating loss carryforwards of approximately $164,572 and $104,259, respectively, which may be available to offset future income tax liabilities and expire at various dates through 2035. Included in the U.S. federal and state net operating loss carryforwards is a deduction for option exercises of $4,600 and $3,824 as of December 31, 2015 and 2014, respectively. As of December 31, 2014, the Company had liquidated its Canadian subsidiary resulting in the loss of its net operating loss carryforwards there. As of December 31, 2015 and 2014, the Company had federal research and development tax credit carryforwards of approximately $19,988 and $3,042, respectively, available to reduce future tax liabilities which expire at various dates through 2035. As of December 31, 2015 and 2014, the Company had state research and development tax credit carryforwards of approximately $2,428 and $1,695, respectively, available to reduce future tax liabilities which expire at various dates through 2030. Under the provisions of the Internal Revenue Code, the net operating loss and tax credit carryforwards are subject to review and possible adjustment by the Internal Revenue Service and state tax authorities. Net operating loss and tax credit carryforwards may become subject to an annual limitation in the event of certain cumulative changes in the ownership interest of significant shareholders over a three-year period in excess of 50 percent, as defined under Sections 382 and 383 of the Internal Revenue Code, respectively, as well as similar state provisions. This could limit the amount of tax attributes that can be utilized annually to offset future taxable income or tax liabilities. The amount of the annual limitation is determined based on the value of the Company immediately prior to the ownership change. Subsequent ownership changes may further affect the limitation in future years. The Company has completed several financings since its inception which may have resulted in a change in control as defined by Sections 382 and 383 of the Internal Revenue Code, or could result in a change in control in the future. The Company will recognize interest and penalties related to uncertain tax positions in income tax expense. As of December 31, 2015 and 2014, the Company had no accrued interest or penalties related to uncertain tax positions and no such amounts have been recognized in the Company’s statements of operations and comprehensive loss. For all years through December 31, 2015, the Company generated research credits but has not conducted a study to document the qualified activities. This study may result in an adjustment to the Company’s research and development credit carryforwards; however, until a study is completed and any adjustment is known, no amounts are being presented as an uncertain tax position for these years. A full valuation allowance has been provided against the Company’s research and development credits and, if an adjustment is required, this adjustment would be offset by an adjustment to the deferred tax asset established for the research and development credit carryforwards and the valuation allowance. The Company or one of its subsidiaries files income tax returns in the United States, and various state and foreign jurisdictions. The federal, state and foreign income tax returns are generally subject to tax examinations for the tax years ended December 31, 2012 through December 31, 2015. To the extent the Company has tax attribute carryforwards, the tax years in which the attribute was generated may still be adjusted upon examination by the Internal Revenue Service, state or foreign tax authorities to the extent utilized in a future period. |
Selected Quarterly Financial In
Selected Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Selected Quarterly Financial Information (Unaudited) | 12. Selected Quarterly Financial Information (Unaudited) The following table summarizes the unaudited quarterly financial data for the last two fiscal years (in thousands). Year Ended December 31, 2015 First Second Third Fourth Contract and grant revenue $ — $ 150 $ 75 $ 25 Total operating expenses $ 26,150 $ 33,163 $ 30,685 $ 29,328 Loss from operations $ (26,150 ) $ (33,013 ) $ (30,610 ) $ (29,303 ) Total other income (expense) $ 83 $ 318 $ 237 $ 257 Net loss $ (26,067 ) $ (32,695 ) $ (30,373 ) $ (29,046 ) Net loss per share applicable to common stockholders, basic and diluted $ (0.74 ) $ (0.92 ) $ (0.85 ) $ (0.81 ) Year Ended December 31, 2014 First Second Third Fourth Contract and grant revenue $ 171 $ 21 $ 21 $ 16 Total operating expenses $ 13,883 $ 16,469 $ 19,765 $ 25,958 Loss from operations $ (13,712 ) $ (16,448 ) $ (19,744 ) $ (25,942 ) Total other income (expense) $ 18 $ 17 $ 20 $ 14 Net loss $ (13,694 ) $ (16,431 ) $ (19,724 ) $ (25,928 ) Net loss per share applicable to common stockholders, basic and diluted $ (0.46 ) $ (0.55 ) $ (0.61 ) $ (0.79 ) |
Summary of Significant Accoun21
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Segment Information | Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one operating segment, which is the business of discovering, developing and commercializing drugs to treat cancer and certain other major diseases. All of the Company’s revenues are derived in the United States. All material long-lived assets of the Company reside in the United States. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. On an ongoing basis, the Company’s management evaluates its estimates, including estimates related to clinical trial accruals, stock-based compensation expense, and reported amounts of revenues and expenses during the reported period. The Company bases its estimates on historical experience and other market-specific or other relevant assumptions that it believes to be reasonable under the circumstances. Although the Company regularly assesses these estimates, actual results could differ from those estimates. Changes in estimates are recorded in the period in which they become known. |
Principles of Consolidation | Principles of Consolidation The consolidated financial statements at December 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), the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company, incorporated in September 2014), and the accounts of Karyopharm Therapeutics (Bermuda) Ltd. (a limited liability company, registered in Bermuda in March 2015). |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash equivalents consist primarily of demand deposit accounts and deposits in short-term money market funds. Cash equivalents are stated at cost, which approximates fair value. The Company considers all highly liquid investments with maturities of three months or less from the date of purchase to be cash equivalents. |
Investments | Investments The Company determines the appropriate classification of its investments in debt securities at the time of purchase. All of the Company’s securities are classified as available-for-sale and are reported in short-term investments or long-term investments based on maturity dates and whether such assets are reasonably expected to be realized in cash or sold or consumed during the normal cycle of business. Available-for-sale investments are recorded at fair value, with unrealized gains or losses included in Accumulated Other Comprehensive Loss on the Company’s Consolidated Balance Sheets, exclusive of other-than-temporary impairment losses, if any. Short-term and long-term investments are comprised of corporate debt securities, commercial paper, U.S. government agency securities and certificates of deposit. |
Concentrations of Credit Risk and Off-Balance Sheet Risk | Concentrations of Credit Risk and Off-Balance Sheet Risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and investment securities. The Company holds these investments in highly rated financial institutions, and, by policy, limits the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe it is exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements. |
Fair Value Measurements | Fair Value Measurements Financial instruments, including cash, restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses, are presented in the consolidated financial statements at amounts that approximate fair value at December 31, 2015 and 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 Company’s cash equivalents are comprised of money market funds. The Company measures these investments at fair value. The fair value of cash equivalents is determined based on “Level 1” inputs. Items classified as Level 2 within the valuation hierarchy consist of commercial paper, corporate debt securities, U.S. government agency securities and certificates of deposit. The Company estimates the fair values of these marketable securities by taking into consideration valuations obtained from third-party pricing sources. These pricing sources utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include market pricing based on real-time trade data for the same or similar securities, issuer credit spreads, benchmark yields, and other observable inputs. The Company validates the prices provided by its third-party pricing sources by understanding the models used, obtaining market values from other pricing sources and analyzing pricing data in certain instances. The following table presents information about the Company’s financial assets that have been measured at fair value at December 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 Financial assets Cash equivalents: Money market funds $ 49,172 $ 49,172 $ — $ — Investments: Current: Corporate debt securities 86,447 — 86,447 — Commercial paper 29,828 29,828 U.S. government and agency securities 1,000 — 1,000 — Non-current: Corporate debt securities (one to two year maturity) 33,878 — 33,878 — $ 200,325 $ 49,172 $ 151,153 $ — 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: Current: Certificates of deposit 15,000 — 15,000 — Corporate debt securities 10,135 10,135 Commercial paper 29,980 — 29,980 — Non-current: Corporate debt securities (one to two year maturity) 5,113 — 5,113 — U.S. government and agency securities 3,545 — 3,545 — $ 192,982 $ 129,209 $ 63,773 $ — |
Property and Equipment, net | Property and Equipment, net Property and equipment are recorded at cost, less accumulated depreciation. Depreciation is recorded using the straight-line method over the estimated useful lives of the respective assets, generally three to five years. Leasehold improvements are amortized over the shorter of the lease term or the estimated useful economic lives of the related assets. Expenditures for maintenance and repairs are charged to expense while the costs of significant improvements are capitalized. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are eliminated from the balance sheets and any related gains or losses are reflected in the consolidated statements of operations. |
Long-Lived Assets | Long-Lived Assets The Company reviews the carrying values of its long-lived assets for possible impairment whenever events or changes in circumstances indicate that the carrying amounts of the assets may not be recoverable. Any long-lived assets held for disposal are reported at the lower of their carrying amounts or fair values less costs to sell. The Company has not recorded an impairment in any period since inception. |
Deferred Rent | Deferred Rent Deferred rent consists of rent escalation payment terms, tenant improvement allowances and other incentives received from landlords related to the Company’s operating leases. Rent escalation represents the difference between actual operating lease payments due and straight-line rent expense, which is recorded by the Company over the term of the lease. Tenant improvement allowances and other incentives are recorded as deferred rent and amortized as a reduction of periodic rent expense, over the term of the applicable lease. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue in accordance with the FASB ASC 605, Revenue Recognition • persuasive evidence of an arrangement exists; • delivery has occurred or services have been rendered; • the seller’s price to the buyer is fixed or determinable; and • collectability is reasonably assured. The Company recognizes revenue in accordance with the milestone method of revenue recognition for arrangements involving research or development or other performance obligations whereby a portion or all of the consideration is contingent upon achievement of milestone events. Under these provisions, arrangement consideration contingent upon achievement of a milestone is recognized by the Company in the period the milestone is met when the Company concludes that the milestone is substantive. At the inception of each applicable arrangement, the Company assesses each milestone and the consideration payable upon achievement of each milestone and concludes that the milestone is substantive if all of the following criteria are met: (i) the consideration is commensurate with the Company’s performance or the enhanced value of a delivered item which is a direct result of the Company’s performance to achieve the milestone, (ii) the consideration relates to past performance and there are no refund rights or other penalties related to the consideration based on completion of future performance and (iii) the consideration is reasonable relative to all the deliverables and payment terms within the arrangement. The related consideration for milestones that are considered substantive is recognized in its entirety in the period which the milestone is met. The milestone method of revenue recognition was applicable to two research agreements executed during 2013 and 2011. The agreement executed during 2013 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $100 did not represent a substantive milestone. Accordingly, the Company recognized this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. During the year ended December 31, 2015, the Company recognized $250 related to this agreement. During the year ended December 31, 2014, the Company recognized $229 related to this agreement, including $79 of the upfront payment and $150 related to other milestones associated with the agreement. During the year ended December 31, 2013 the Company recognized $21 of the upfront payment and no additional milestones were met according to this research agreement. There are no future milestones to be met under this agreement. The agreement executed during 2011 includes payments upon the achievement of several development milestones as well as an upfront payment. The Company concluded that the upfront payment of $200 did not represent a substantive milestone. Accordingly, the Company recognized this amount on a straight-line basis from the date when substantive services commenced through the estimated completion of the final milestone. The Company did not recognize revenue under this agreement during the years ended December 31, 2015 and 2014. During the year ended December 31, 2013, the Company recognized $366 related to this agreement, including $66 related to the upfront payment and $300 related to other milestones associated with the agreement. There are no future milestones to be met under this agreement. |
Research and Development Expenses | Research and Development Expenses Research and development costs are charged to expense as incurred and include, but are not limited to: • employee-related expenses, including salaries, benefits, travel and stock-based compensation expense; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical trials and preclinical studies; • the cost of acquiring, developing and manufacturing clinical trial materials; • facility, depreciation and other expenses, which include direct and allocated expenses for rent and maintenance of facilities, insurance and other supplies; and • costs associated with preclinical activities and regulatory operations. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are accordingly reflected in the financial statements as prepaid or accrued research and development. |
Comprehensive Loss | Comprehensive Loss Comprehensive loss consists of net loss and changes in equity during a period from transactions and other equity and circumstances generated from non-owner sources, and currently consists of net loss, unrealized losses on investments and foreign currency translation adjustments. |
Foreign Currency Transactions | Foreign Currency Transactions The functional currency of the Company’s subsidiary in Germany is the Euro. Foreign currency transaction gains and losses are recorded in the consolidated statement of operations. Net foreign exchange losses of $2 and $27 were recorded in other expense for the years ended December 31, 2015 and 2014, respectively. There were no foreign exchange gains or losses for the year ended December 31, 2013. |
Income Taxes | Income Taxes The Company uses the liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and the tax reporting basis of assets and liabilities and are measured using the enacted tax rates and laws that are expected to be in effect when the differences are expected to reverse. The Company provides a valuation allowance against net deferred tax assets unless, based upon the available evidence, it is more likely than not that the deferred tax assets will be realized. The Company has evaluated available evidence and concluded that the Company may not realize the benefit of its deferred tax assets; therefore a valuation allowance has been established for the full amount of the deferred tax assets. The Company recognizes interest and/or penalties related to income tax matters in income tax expense. |
Accounting for Stock-Based Compensation | Accounting for Stock-Based Compensation The Company accounts for its stock-based compensation awards in accordance with FASB ASC Topic 718, Compensation—Stock Compensation Consistent with the guidance in FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees Compensation expense related to awards to employees is recognized on a straight-line basis based on the grant date fair value over the requisite service period of the award, which is generally the vesting term. Stock-based compensation expense for awards granted to non-employees is adjusted as the award vests to reflect the current fair value of such awards, and is recognized using an accelerated attribution model. |
Net Loss Per Share | Net Loss Per Share Basic and diluted net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding for the period, without consideration for common stock equivalents. The Company’s potential dilutive shares, stock options, unvested restricted stock and restricted stock units 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 December 31, 2015, 2014 and 2013 (in common stock equivalent shares): December 31, 2015 2014 2013 Outstanding stock options 4,443,317 3,012,923 2,410,522 Unvested restricted stock — 11,410 166,949 Unvested restricted stock units 508,800 — — |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In July 2015, the FASB deferred the effective date for Accounting Standards Updates (“ASU”) No. 2014-09, Revenue from Contracts with Customers , Revenue Recognition (Topic 605) In September 2015, the FASB issued ASU No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments In November 2015, the FASB issued authoritative accounting guidance related to the balance sheet classification of deferred taxes. This guidance requires deferred tax liabilities and assets to be classified as noncurrent in a classified statement of financial position. This guidance may be applied on either a prospective or retrospective basis and is effective for annual reporting periods beginning after December 15, 2016, with early adoption permitted. The Company adopted this standard prospectively in the fourth quarter of 2015, and as the Company’s deferred tax assets are fully offset by a valuation allowance, there was no impact to the Company’s financial position or results of operations upon its adoption of this standard. In January 2016, the FASB issued ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842): |
Summary of Significant Accoun22
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [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 December 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 Financial assets Cash equivalents: Money market funds $ 49,172 $ 49,172 $ — $ — Investments: Current: Corporate debt securities 86,447 — 86,447 — Commercial paper 29,828 29,828 U.S. government and agency securities 1,000 — 1,000 — Non-current: Corporate debt securities (one to two year maturity) 33,878 — 33,878 — $ 200,325 $ 49,172 $ 151,153 $ — 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: Current: Certificates of deposit 15,000 — 15,000 — Corporate debt securities 10,135 10,135 Commercial paper 29,980 — 29,980 — Non-current: Corporate debt securities (one to two year maturity) 5,113 — 5,113 — U.S. government and agency securities 3,545 — 3,545 — $ 192,982 $ 129,209 $ 63,773 $ — |
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 December 31, 2015, 2014 and 2013 (in common stock equivalent shares): December 31, 2015 2014 2013 Outstanding stock options 4,443,317 3,012,923 2,410,522 Unvested restricted stock — 11,410 166,949 Unvested restricted stock units 508,800 — — |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consist of the following (in thousands): December 31, Estimated Useful Life Years 2015 2014 Laboratory equipment 4 $ 538 $ 434 Furniture and fixtures 5 322 95 Office and computer equipment 3 360 170 Construction in progress — — 92 Leasehold improvements Lesser of useful life or lease term 3,391 2,457 4,611 3,248 Less accumulated depreciation and amortization (1,128 ) (494 ) $ 3,483 $ 2,754 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company’s investments as of December 31, 2015 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 86,515 $ 4 $ (72 ) $ 86,447 Commercial paper 29,808 20 — 29,828 U.S. government and agency securities 1,000 — — 1,000 Non-current: Corporate debt securities (one to two year maturity) 34,019 2 (143 ) 33,878 $ 151,342 $ 26 $ (215 ) $ 151,153 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 (one to two year maturity) 5,122 1 (10 ) 5,113 U.S. government and agency securities 3,549 1 (5 ) 3,545 $ 63,795 $ 3 $ (25 ) $ 63,773 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): December 31, 2015 2014 Research and development costs $ 8,007 $ 3,624 Payroll and employee-related costs 2,445 1,568 Professional fees 270 324 Other 301 309 $ 11,023 $ 5,825 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Minimum Future Rent Payments Under Lease Agreement | As of December 31, 2015, the minimum future rent payments under the lease agreements are as follows (in thousands): 2016 $ 1,326 2017 1,400 2018 1,423 2019 1,447 2020 1,389 Thereafter 2,498 Total future minimum lease payments $ 9,483 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards | In connection with all share-based payment awards, total stock-based compensation expense recognized was as follows (in thousands): Year Ended December 31, 2015 2014 2013 Research and development $ 8,368 $ 7,078 $ 2,567 General and administrative 8,689 7,162 1,218 Total $ 17,057 $ 14,240 $ 3,785 |
Summary of Stock Option Activity for Employees and Nonemployees | The following table summarizes stock option activity for employees and nonemployees: Shares Weighted- Weighted- Aggregate Options outstanding at December 31, 2014 3,012,923 $ 16.65 8.7 $ 64,659 Granted 1,795,800 26.00 Exercised (57,240 ) 4.62 Forfeited (308,166 ) 26.42 Options outstanding at December 31, 2015 4,443,317 $ 19.91 8.2 $ 15,598 Options vested or expected to vest at December 31, 2015(1) 4,335,443 $ 19.76 8.2 $ 15,532 Options exercisable at December 31, 2015 1,617,948 $ 12.95 7.4 $ 10,871 (1) This represents the number of vested options, plus the number of unvested options that the Company estimated would vest, based on the unvested options as of the year ended December 31, 2015 as adjusted for the estimated forfeiture rate. |
Summary of Status of Company's Unvested Restricted Common Shares | The following table summarizes the status of the Company’s unvested restricted common shares: Number of Weighted-Average Unvested at December 31, 2014 4,262 $ 0.26 Granted — — Cancelled — — Vested (4,262 ) 0.26 Unvested at December 31, 2015 — $ — |
Summary of RSU Activity | The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2015: Number of Weighted-Average Unvested at December 31, 2014 — $ — Granted 511,800 17.91 Forfeited (3,000 ) 17.91 Vested — — Unvested at December 31, 2015 508,800 $ 17.91 |
Employee and Nonemployee Stock Option [Member] | |
Schedule of Assumptions Used to Estimate Fair Value on Grant Date Using Black Scholes Option Pricing Model | The fair value of each stock option granted to employees is estimated on the date of grant and for non-employees on each reporting date and upon vesting using the Black-Scholes option-pricing model. The following table summarizes the assumptions used in calculating the fair value of the awards: Years Ended December 31, 2015 2014 2013 Volatility 79%-88% 84%-95% 85%-93% Expected term (in years) 5.0-9.9 5.5-9.9 6.25-10 Risk-free interest rate 1.45%-2.33% 1.73%-2.15% 1.07%-3.01% Dividend 0% 0% 0% |
ESPP [Member] | |
Schedule of Assumptions Used to Estimate Fair Value on Grant Date Using Black Scholes Option Pricing Model | The fair value of the option component of the shares purchased under the ESPP was estimated using the Black-Scholes option-pricing model with the following weighted-average assumptions: Years Ended December 31, 2015 2014 Volatility 69.5%-95.5% 75% Expected term (in years) 0.5 0.5 Risk-free interest rate 0.05%-0.08% 0.05% Dividend 0% 0% |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes were as follows: Year Ended December 31, 2015 2014 2013 Foreign $ (21,409 ) $ (2,887 ) $ (10,922 ) U.S. (96,676 ) (72,890 ) (23,025 ) Totals $ (118,085 ) $ (75,777 ) $ (33,947 ) |
Schedule of Significant Components of Company's Deferred Tax Assets | The significant components of the Company’s deferred tax assets are comprised of the following: Year Ended 2015 2014 Deferred tax assets: U.S. and state net operating loss carryforwards $ 63,561 $ 39,970 Stock-based compensation 11,574 6,405 Accruals and other temporary differences 2,194 1,225 Research and development credits 21,590 4,161 Capitalized research and development 3,883 4,505 Total deferred tax assets 102,802 56,266 Less valuation allowance (102,802 ) (56,266 ) Net deferred tax assets $ — $ — |
Schedule of Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate to Income Taxes | A reconciliation of income tax expense computed at the statutory federal income tax rate to income taxes as reflected in the financial statements is as follows: Year Ended December 31, 2015 2014 2013 Federal income tax expense at statutory rate 34.0 % 34.0 % 34.0 % State income tax, net of federal benefit 3.5 % 4.9 % 4.9 % Permanent differences (5.1 )% (0.7 )% 0.0 % Research and development credit 12.2 % 1.4 % 3.9 % Foreign rate differential (6.3 )% (1.3 )% (2.9 )% Other 1.0 % 2.8 % (0.8 )% Change in valuation allowance (39.4 )% (41.1 )% (39.1 )% Effective income tax rate (0.1 )% 0.0 % 0.0 % |
Selected Quarterly Financial 29
Selected Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of Unaudited Quarterly Financial Data | The following table summarizes the unaudited quarterly financial data for the last two fiscal years (in thousands). Year Ended December 31, 2015 First Second Third Fourth Contract and grant revenue $ — $ 150 $ 75 $ 25 Total operating expenses $ 26,150 $ 33,163 $ 30,685 $ 29,328 Loss from operations $ (26,150 ) $ (33,013 ) $ (30,610 ) $ (29,303 ) Total other income (expense) $ 83 $ 318 $ 237 $ 257 Net loss $ (26,067 ) $ (32,695 ) $ (30,373 ) $ (29,046 ) Net loss per share applicable to common stockholders, basic and diluted $ (0.74 ) $ (0.92 ) $ (0.85 ) $ (0.81 ) Year Ended December 31, 2014 First Second Third Fourth Contract and grant revenue $ 171 $ 21 $ 21 $ 16 Total operating expenses $ 13,883 $ 16,469 $ 19,765 $ 25,958 Loss from operations $ (13,712 ) $ (16,448 ) $ (19,744 ) $ (25,942 ) Total other income (expense) $ 18 $ 17 $ 20 $ 14 Net loss $ (13,694 ) $ (16,431 ) $ (19,724 ) $ (25,928 ) Net loss per share applicable to common stockholders, basic and diluted $ (0.46 ) $ (0.55 ) $ (0.61 ) $ (0.79 ) |
Organization and Operations - A
Organization and Operations - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit since inception | $ (256,527) | $ (138,346) |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2015USD ($)MilestoneSegments | Dec. 31, 2014USD ($)Milestone | Dec. 31, 2013USD ($)AgreementMilestone | Dec. 31, 2011AgreementMilestone | |
Schedule Of Significant Accounting Policies [Line Items] | ||||
Number of operating segments | Segments | 1 | |||
Number of research agreements | Agreement | 2 | 2 | ||
Foreign exchange gains (losses) | $ (2,000) | $ (27,000) | $ 0 | |
Research Agreement Executed During 2011 [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Upfront payment not representing substantive milestone | $ 200,000 | |||
Amount recognized | 366,000 | |||
Amount recognized related to upfront payment | 66,000 | |||
Amount recognized related to other milestones | 300,000 | |||
Number of future milestones to be met | Milestone | 0 | 0 | 0 | |
Research Agreement Executed During 2013 [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Upfront payment not representing substantive milestone | $ 100,000 | |||
Amount recognized | $ 250,000 | $ 229,000 | ||
Number of milestones met | Milestone | 0 | |||
Research Agreement Executed During 2013 [Member] | Up-front Payment Arrangement [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Amount recognized | 79,000 | $ 21,000 | ||
Research Agreement Executed During 2013 [Member] | Other Milestones [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Amount recognized | $ 150,000 | |||
Minimum [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 3 years | |||
Maximum [Member] | ||||
Schedule Of Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 5 years |
Summary of Significant Accoun32
Summary of Significant Accounting Policies - Schedule of Financial Assets That Have Been Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Financial assets | ||
Total | $ 200,325 | $ 192,982 |
Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 86,447 | 10,135 |
Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 29,828 | 29,980 |
Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 1,000 | |
Current [Member] | Certificates of Deposit [Member] | ||
Financial assets | ||
Investments | 15,000 | |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 3,545 | |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 33,878 | 5,113 |
Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 49,172 | 129,209 |
Level 1 [Member] | ||
Financial assets | ||
Total | 49,172 | 129,209 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 49,172 | 129,209 |
Level 2 [Member] | ||
Financial assets | ||
Total | 151,153 | 63,773 |
Level 2 [Member] | Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 86,447 | 10,135 |
Level 2 [Member] | Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 29,828 | 29,980 |
Level 2 [Member] | Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 1,000 | |
Level 2 [Member] | Current [Member] | Certificates of Deposit [Member] | ||
Financial assets | ||
Investments | 15,000 | |
Level 2 [Member] | Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 3,545 | |
Level 2 [Member] | Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | $ 33,878 | $ 5,113 |
Summary of Significant Accoun33
Summary of Significant Accounting Policies - Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
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) | 4,443,317 | 3,012,923 | 2,410,522 |
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) | 11,410 | 166,949 | |
Unvested Restricted Stock Units [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) | 508,800 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,611 | $ 3,248 |
Less accumulated depreciation and amortization | (1,128) | (494) |
Property and equipment, net | $ 3,483 | 2,754 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Property and equipment, gross | $ 538 | 434 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Property and equipment, gross | $ 322 | 95 |
Office and Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Property and equipment, gross | $ 360 | 170 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 92 | |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,391 | $ 2,457 |
Property and Equipment, net - A
Property and Equipment, net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 634 | $ 323 | $ 144 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 151,342 | $ 63,795 |
Gross Unrealized Gains | 26 | 3 |
Gross Unrealized Loss | (215) | (25) |
Fair Value | 151,153 | 63,773 |
Current [Member] | Certificates of Deposit [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 15,000 | |
Fair Value | 15,000 | |
Current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 86,515 | 10,144 |
Gross Unrealized Gains | 4 | 1 |
Gross Unrealized Loss | (72) | (10) |
Fair Value | 86,447 | 10,135 |
Current [Member] | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 29,808 | 29,980 |
Gross Unrealized Gains | 20 | |
Fair Value | 29,828 | 29,980 |
Current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 1,000 | |
Fair Value | 1,000 | |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 3,549 | |
Gross Unrealized Gains | 1 | |
Gross Unrealized Loss | (5) | |
Fair Value | 3,545 | |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 34,019 | 5,122 |
Gross Unrealized Gains | 2 | 1 |
Gross Unrealized Loss | (143) | (10) |
Fair Value | $ 33,878 | $ 5,113 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Dec. 31, 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 | 69 | 11 |
Aggregate fair value of debt securities | $ | $ 117,851 | $ 12,635 |
Number of debt securities with unrealized loss position for greater than one year | 0 | 0 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Research and development costs | $ 8,007 | $ 3,624 |
Payroll and employee-related costs | 2,445 | 1,568 |
Professional fees | 270 | 324 |
Other | 301 | 309 |
Total Accrued Expenses | $ 11,023 | $ 5,825 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Consulting and Histopathology Services [Member] | |||
Related Party Transaction [Line Items] | |||
Expenses for consulting and histopathology services | $ 456 | $ 664 | $ 452 |
Consulting And Contract Research Services [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts payable or accrued expenses | $ 55 | $ 94 |
Stockholders' Equity - Controll
Stockholders' Equity - Controlled Equity Offering Sales Agreement - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 07, 2015 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||||
Issuance of common stock, net of issuance costs | $ 90,830,000 | $ 112,837,000 | $ 113,155,000 | |
Net proceeds from issuance of common stock | 92,084,000 | $ 112,837,000 | 113,155,000 | |
Common Stock [Member] | ||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||||
Issuance of common stock, net of issuance costs | $ 1,000 | |||
Controlled Equity Offering Sales Agreement [Member] | ||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||||
Issuance of common stock, net of issuance costs | 1,502,000 | |||
Controlled Equity Offering Sales Agreement [Member] | Common Stock [Member] | ||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||||
Issuance of common stock, net of issuance costs | $ 1,000 | |||
Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [Member] | ||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||||
Percentage of commission of gross proceeds from the sale of Shares | 3.00% | |||
Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [Member] | Common Stock [Member] | ||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||||
Issuance of common stock, net of issuance costs | $ 121,314 | |||
Net proceeds from issuance of common stock | $ 1,502,000 | |||
Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [Member] | Maximum [Member] | ||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | ||||
Aggregate offering price | $ 50,000,000 |
Stockholders' Equity - Common S
Stockholders' Equity - Common Stock - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Jan. 31, 2015 | Jul. 31, 2014 | Dec. 31, 2013 | Nov. 30, 2013 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||||
Underwritten offering price per share | $ 0.0001 | $ 0.0001 | |||||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 | ||||
Preferred stock, shares issued | 0 | 0 | 0 | 0 | |||
Preferred stock, shares outstanding | 0 | 0 | 0 | 0 | |||
Common Stock [Member] | |||||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||||
Net proceeds after deducting underwriting discounts, commissions and expenses payable | $ 112,837 | $ 113,155 | |||||
Number of shares of common stock sold in public offering | 2,447,247 | 6,800,000 | 2,950,000 | 2,844,334 | 7,820,000 | ||
Public offering price of common shares | $ 42.50 | $ 16 | |||||
Common stock issued upon exercise of option | 397,087 | 1,020,000 | 79,122 | ||||
Issuance of stock, underwriting discounts, commissions and expenses | $ 794 | $ 6,520 | $ 794 | $ 3,207 | |||
Number of shares of stock issued upon automatic conversion of outstanding convertible securities | 19,114,241 | ||||||
Common Stock [Member] | 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 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands | 1 Months Ended | 12 Months Ended | ||||
Nov. 30, 2014EUR (€)ft² | Mar. 31, 2014USD ($)ft²Lease | Dec. 31, 2015USD ($)ft² | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | 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 | $ 1,616,000 | |||||
Security deposit in the form of a letter of credit | $ 400,000 | |||||
Security deposit in the form of a letter of credit which may be reduced in January 2018 | $ 200,000 | |||||
Operating lease amendment, leased premises expansion | ft² | 16,234 | |||||
Tenant Improvements | $ 1,616,000 | |||||
Operating lease agreement term | 5 years | |||||
Scheduled rent payments due | € 374 | $ 409,000 | ||||
Total rent expense | 1,033,000 | $ 520,000 | $ 174,000 | |||
Royalty and sublicense payment | $ 0 |
Commitments and Contingencies43
Commitments and Contingencies - Schedule of Minimum Future Rent Payments Under Lease Agreement (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 1,326 |
2,017 | 1,400 |
2,018 | 1,423 |
2,019 | 1,447 |
2,020 | 1,389 |
Thereafter | 2,498 |
Total future minimum lease payments | $ 9,483 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2015shares | Oct. 31, 2013shares | Dec. 31, 2015USD ($)PurchasePeriod$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares | Dec. 31, 2013USD ($)$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized | shares | 429,180 | ||||
Stock based compensation expense | $ 17,057,000 | $ 14,240,000 | $ 3,785,000 | ||
Granted (in shares) | shares | 1,958,210 | ||||
Employee stock purchase plan, amount withheld from employees | $ 616,000 | $ 284,000 | |||
Common stock available for payment related to tax withholding | shares | 25,421 | 6,202 | |||
Employee and Nonemployee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 16,094,000 | $ 13,962,000 | 3,020,000 | ||
Total intrinsic value of stock options exercised | $ 1,248,000 | $ 3,716,000 | $ 239,000 | ||
Weighted-average grant date fair values of options granted (in dollars per share) | $ / shares | $ 18.67 | $ 29.71 | $ 11.09 | ||
Period for recognition of unrecognized expense | 2 years 6 months | ||||
Total unrecognized stock-based compensation expense related to unvested stock options including estimated forfeitures | $ 41,275,000 | ||||
Unvested Restricted Stock [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 111,000 | $ 193,000 | $ 765,000 | ||
Granted (in shares) | shares | 0 | ||||
Total unrecognized stock-based compensation expense | $ 0 | ||||
Non Employee Stock Option Plans [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | 1,866,000 | ||||
Employee service share-based compensation, Unvested awards, Compensation cost not yet recognized | 0 | ||||
Unvested Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock based compensation expense | $ 660,000 | ||||
Period for recognition of unrecognized expense | 1 year 9 months 18 days | ||||
Granted (in shares) | shares | 511,800 | ||||
Total unrecognized stock-based compensation expense | $ 7,734,000 | ||||
2010 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted (in shares) | shares | 45,454 | ||||
2010 Plan [Member] | Employee and Nonemployee Stock Option [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period | 10 years | ||||
2010 Plan [Member] | Employee and Nonemployee Stock Option [Member] | Percent Vesting One Calendar Year from Vesting Start Date [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 25.00% | ||||
2010 Plan [Member] | Employee and Nonemployee Stock Option [Member] | Percentage Vesting on the First Day of each Month after One Calendar Year [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting percentage | 2.083% | ||||
2013 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized | shares | 969,696 | ||||
Annual increase in number of additional shares authorized under the Plan through December 31, 2023 | shares | 1,939,393 | ||||
Percentage applied to the outstanding shares as annual increase in the number of shares authorized for issuance | 4.00% | ||||
Number of additional shares available under the 2013 plan | shares | 1,308,431 | ||||
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 | shares | 2,126,377 | ||||
ESPP [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares of common stock authorized | shares | 242,424 | ||||
Stock based compensation expense | $ 192,000 | $ 85,000 | |||
Period for recognition of unrecognized expense | 4 months | ||||
Total unrecognized stock-based compensation expense | $ 93,000 | ||||
Offering period | 12 months | ||||
Number of purchase period | PurchasePeriod | 2 | ||||
Purchase period | 6 months | ||||
Purchase price of common stock | 85.00% | ||||
Common stock shares available for issuance under ESPP | shares | 537,908 |
Stock-based Compensation - Sche
Stock-based Compensation - Schedule of Total Stock-based Compensation Expense Recognized in Connection with All Share-based Payment Awards (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 17,057 | $ 14,240 | $ 3,785 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 8,368 | 7,078 | 2,567 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 8,689 | $ 7,162 | $ 1,218 |
Stock-based Compensation - Summ
Stock-based Compensation - Summary of Stock Option Activity for Employees and Nonemployees (Detail) - Employee and Nonemployee Stock Option [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 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 | 1,795,800 | |
Stock option activity, shares exercised | (57,240) | |
Stock option activity, shares forfeited | (308,166) | |
Stock option activity, shares outstanding, at end of period | 4,443,317 | 3,012,923 |
Stock option activity, options vested or expected to vest at end of period | 4,335,443 | |
Stock option activity, options exercisable at end of period | 1,617,948 | |
Weighted average exercise price, options outstanding at beginning of period | $ 16.65 | |
Weighted average exercise price, options granted | 26 | |
Weighted average exercise price, options exercised | 4.62 | |
Weighted average exercise price, options forfeited | 26.42 | |
Weighted average exercise price, options outstanding at end of period | 19.91 | $ 16.65 |
Weighted average exercise price, options vested or expected to vest at end of period | 19.76 | |
Weighted average exercise price, options exercisable at end of period | $ 12.95 | |
Weighted average remaining contractual life outstanding | 8 years 2 months 12 days | 8 years 8 months 12 days |
Weighted average exercise price vested or expected to vest | 8 years 2 months 12 days | |
Weighted average exercise price exercisable | 7 years 4 months 24 days | |
Aggregate intrinsic value outstanding | $ 15,598 | $ 64,659 |
Aggregate intrinsic value vested or expected to vest | 15,532 | |
Aggregate intrinsic value exercisable | $ 10,871 |
Stock-based Compensation - Sc47
Stock-based Compensation - Schedule of Assumptions Used to Estimate Fair Value of Each Employee and Non-employee Stock Award on Grant Date Using Black Scholes Option Pricing Model (Detail) - Employee and Nonemployee Stock Option [Member] | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 79.00% | 84.00% | 85.00% |
Expected term (in years) | 5 years | 5 years 6 months | 6 years 3 months |
Risk-free interest rate | 1.45% | 1.73% | 1.07% |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Volatility | 88.00% | 95.00% | 93.00% |
Expected term (in years) | 9 years 10 months 24 days | 9 years 10 months 24 days | 10 years |
Risk-free interest rate | 2.33% | 2.15% | 3.01% |
Stock-based Compensation - Su48
Stock-based Compensation - Summary of Status of Company's Unvested Restricted Common Shares (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Granted | 1,958,210 |
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 |
Granted | 0 |
Cancelled | 0 |
Vested | (4,262) |
Unvested at the end of the period (in shares) | 0 |
Unvested at the beginning of the period (per share) | $ / shares | $ 0.26 |
Granted | $ / shares | 0 |
Cancelled | $ / shares | 0 |
Vested | $ / shares | 0.26 |
Unvested at the end of the period (per share) | $ / shares | $ 0 |
Stock-based Compensation - Su49
Stock-based Compensation - Summary of RSU Activity (Detail) | 12 Months Ended |
Dec. 31, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares underlying RSUs, Granted | 1,958,210 |
Unvested Restricted Stock Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares underlying RSUs, Granted | 511,800 |
Number of shares underlying RSUs, Forfeited | (3,000) |
Number of shares underlying RSUs, Vested | 0 |
Number of shares underlying RSUs, Unvested ending balance | 508,800 |
Weighted-Average grant date fair value, Granted | $ / shares | $ 17.91 |
Weighted-Average grant date fair value, Forfeited | $ / shares | 17.91 |
Weighted-Average grant date fair value, Vested | $ / shares | 0 |
Unvested at the end of the period (per share) | $ / shares | $ 17.91 |
Stock-based Compensation - Sc50
Stock-based Compensation - Schedule of Assumptions Used to Estimate Fair Value on Grant Date Using Black Scholes Option Pricing Model (Detail) - ESPP [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 75.00% | |
Expected term (in years) | 6 months | 6 months |
Risk-free interest rate | 0.05% | |
Dividend | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 69.50% | |
Risk-free interest rate | 0.05% | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Volatility | 95.50% | |
Risk-free interest rate | 0.08% |
401(k) Plan - Additional Inform
401(k) Plan - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Compensation and Retirement Disclosure [Abstract] | |||
Defined contribution plan, matching percentage | 4.00% | ||
Defined contribution plan, matching amount | $ 366 | $ 197 | $ 91 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] | |||
Foreign | $ (21,409) | $ (2,887) | $ (10,922) |
U.S. | (96,676) | (72,890) | (23,025) |
Totals | $ (118,085) | $ (75,777) | $ (33,947) |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Company's Deferred Tax Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
U.S. and state net operating loss carryforwards | $ 63,561 | $ 39,970 |
Stock-based compensation | 11,574 | 6,405 |
Accruals and other temporary differences | 2,194 | 1,225 |
Research and development credits | 21,590 | 4,161 |
Capitalized research and development | 3,883 | 4,505 |
Total deferred tax assets | 102,802 | 56,266 |
Less valuation allowance | (102,802) | (56,266) |
Net deferred tax assets | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Line Items] | |||
Increase in valuation allowance | $ 46,536,000 | $ 31,170,000 | |
Income tax expense | (118,085,000) | (75,777,000) | $ (33,947,000) |
Deduction for option exercises | $ 4,600,000 | 3,824,000 | |
Period over which certain cumulative changes in the ownership interest of significant shareholders will be considered, subject to an annual limitation of net operating loss and tax credit carryforwards | 3 years | ||
Percentage of cumulative changes in the ownership interest of significant shareholders that will be considered, subject to an annual limitation of net operating loss and tax credit carryforwards | 50.00% | ||
Accrued interest or penalties related to uncertain tax positions | $ 0 | 0 | |
Interest or penalties related to uncertain tax positions recognized in statements of operations and comprehensive loss | 0 | 0 | |
Uncertain tax position | 0 | 0 | |
Germany [Member] | |||
Income Tax Disclosure [Line Items] | |||
Income tax expense | 96,000 | ||
Internal Revenue Service (IRS) [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 166,680,000 | 105,628,000 | |
Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforwards | 19,988,000 | 3,042,000 | |
State and Local Jurisdiction [Member] | |||
Income Tax Disclosure [Line Items] | |||
Net operating loss carryforwards | 164,572,000 | 104,259,000 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax credit carryforwards | $ 2,428,000 | $ 1,695,000 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of Income Tax Expense Computed at Statutory Federal Income Tax Rate to Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Federal income tax expense at statutory rate | 34.00% | 34.00% | 34.00% |
State income tax, net of federal benefit | 3.50% | 4.90% | 4.90% |
Permanent differences | (5.10%) | (0.70%) | (0.00%) |
Research and development credit | 12.20% | 1.40% | 3.90% |
Foreign rate differential | (6.30%) | (1.30%) | (2.90%) |
Other | 1.00% | 2.80% | (0.80%) |
Change in valuation allowance | (39.40%) | (41.10%) | (39.10%) |
Effective income tax rate | (0.10%) | 0.00% | 0.00% |
Selected Quarterly Financial 56
Selected Quarterly Financial Information (Unaudited) - Schedule of Selected Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Contract and grant revenue | $ 25 | $ 75 | $ 150 | $ 16 | $ 21 | $ 21 | $ 171 | $ 250 | $ 229 | $ 387 | |
Total operating expenses | 29,328 | 30,685 | 33,163 | $ 26,150 | 25,958 | 19,765 | 16,469 | 13,883 | 119,326 | 76,075 | 34,337 |
Loss from operations | (29,303) | (30,610) | (33,013) | (26,150) | (25,942) | (19,744) | (16,448) | (13,712) | (119,076) | (75,846) | (33,950) |
Total other income (expense) | 257 | 237 | 318 | 83 | 14 | 20 | 17 | 18 | (2) | (27) | |
Net loss | $ (29,046) | $ (30,373) | $ (32,695) | $ (26,067) | $ (25,928) | $ (19,724) | $ (16,431) | $ (13,694) | $ (118,181) | $ (75,777) | $ (33,947) |
Net loss per share applicable to common stockholders, basic and diluted | $ (0.81) | $ (0.85) | $ (0.92) | $ (0.74) | $ (0.79) | $ (0.61) | $ (0.55) | $ (0.46) | $ (3.32) | $ (2.43) | $ (5.59) |