Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | Apr. 28, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | KPTI | |
Entity Registrant Name | KARYOPHARM THERAPEUTICS INC. | |
Entity Central Index Key | 1,503,802 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,118,234 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 25,577 | $ 49,663 |
Short-term investments | 84,307 | 79,889 |
Restricted cash | 200 | |
Prepaid expenses and other current assets | 2,146 | 2,084 |
Total current assets | 112,230 | 131,636 |
Property and equipment, net | 2,654 | 2,836 |
Long-term investments | 40,257 | 45,434 |
Restricted cash | 279 | 479 |
Other assets | 15 | |
Total assets | 155,435 | 180,385 |
Current liabilities: | ||
Accounts payable | 4,245 | 4,751 |
Accrued expenses | 10,740 | 11,362 |
Deferred rent | 286 | 280 |
Other current liabilities | 210 | 83 |
Total current liabilities | 15,481 | 16,476 |
Deferred rent, net of current portion | 1,591 | 1,666 |
Total liabilities | 17,072 | 18,142 |
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; 41,902,255 and 41,887,829 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 4 | 4 |
Additional paid-in capital | 534,838 | 528,617 |
Accumulated other comprehensive loss | (204) | (274) |
Accumulated deficit | (396,275) | (366,104) |
Total stockholders' equity | 138,363 | 162,243 |
Total liabilities and stockholders' equity | $ 155,435 | $ 180,385 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
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 | 41,902,255 | 41,887,829 |
Common stock, shares outstanding | 41,902,255 | 41,887,829 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Contract and grant revenue | $ 68 | |
Operating expenses: | ||
Research and development | 24,083 | $ 21,795 |
General and administrative | 6,264 | 5,554 |
Total operating expenses | 30,347 | 27,349 |
Loss from operations | (30,279) | (27,349) |
Other income (expense): | ||
Interest income | 400 | 286 |
Other income (expense) | (15) | 4 |
Total other income (expense), net | 385 | 290 |
Loss before income taxes | (29,894) | (27,059) |
Provision for income taxes | (23) | |
Net loss | $ (29,917) | $ (27,059) |
Net loss per share-basic and diluted | $ (0.71) | $ (0.75) |
Weighted-average number of common shares outstanding used in net loss per share-basic and diluted | 41,894,796 | 35,878,502 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (29,917) | $ (27,059) |
Comprehensive income (loss) | ||
Unrealized gain on investments | 59 | 343 |
Foreign currency translation adjustments | 11 | 33 |
Comprehensive loss | $ (29,847) | $ (26,683) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Operating activities | ||
Net loss | $ (29,917) | $ (27,059) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 183 | 179 |
Net amortization of premiums and discounts on investments | 267 | 314 |
Stock-based compensation expense | 5,909 | 5,158 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (61) | 243 |
Accounts payable | (522) | 294 |
Accrued expenses and other liabilities | (498) | (2,282) |
Deferred rent | (69) | (12) |
Net cash used in operating activities | (24,708) | (23,165) |
Investing activities | ||
Purchases of property and equipment | (39) | |
Proceeds from maturities of investments | 25,624 | 65,793 |
Purchases of investments | (25,075) | (59,003) |
Net cash provided by investing activities | 549 | 6,751 |
Financing activities | ||
Proceeds from the exercise of stock options | 57 | 196 |
Net cash provided by financing activities | 57 | 196 |
Effect of exchange rate on cash | 16 | 48 |
Net decrease in cash and cash equivalents | (24,086) | (16,170) |
Cash and cash equivalents at beginning of period | 49,663 | 58,358 |
Cash and cash equivalents at end of period | 25,577 | $ 42,188 |
Supplemental disclosure of non-cash financing activity | ||
Deferred financing costs included in accounts payable | $ 15 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Karyopharm Therapeutics Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Form 10-K Basis of Consolidation The condensed consolidated financial statements at March 31, 2017 include the accounts of Karyopharm Therapeutics Inc. (a Delaware corporation), the accounts of Karyopharm Securities Corp. (a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014), and the accounts of Karyopharm Therapeutics (Bermuda) Ltd. (a wholly-owned Bermuda subsidiary of the Company formed in March 2015). All intercompany balances and transactions have been eliminated in consolidation. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Changes and Error Corrections [Abstract] | |
Recently Issued Accounting Pronouncements | 2. Recently Issued Accounting Pronouncements In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash beginning-of-period end-of-period In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 2014-09 2014-09 The Company does not currently have and has never had any contracts that are within the scope of ASC 606 or its predecessor guidance, ASC 605 Revenue Recognition Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). paid-in |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 3. Fair Value of Financial Instruments Financial instruments, including cash, restricted cash, prepaid expenses and other current assets, accounts payable and accrued expenses are presented in the condensed consolidated financial statements at amounts that approximate fair value at March 31, 2017 and December 31, 2016. 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 Items classified as Level 2 within the valuation hierarchy consist of commercial paper, corporate debt securities and U.S. government agency securities. 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 March 31, 2017 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 $ 24,157 $ 24,157 $ — $ — Investments: Current: Corporate debt securities 61,099 — 61,099 — Commercial paper 18,713 — 18,713 — U.S. government and agency securities 4,495 — 4,495 — Non-current: Corporate debt securities (one to two year maturity) 40,257 — 40,257 — $ 148,721 $ 24,157 $ 124,564 $ — The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2016 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 $ 37,916 $ 37,916 $ — $ — Investments: Current: Corporate debt securities 52,722 — 52,722 — Commercial paper 24,668 — 24,668 — U.S. government and agency securities 2,499 — 2,499 — Non-current: Corporate debt securities (one to two year maturity) 43,435 — 43,435 — U.S. government securities 1,999 — 1,999 — $ 163,239 $ 37,916 $ 125,323 $ — |
Investments
Investments | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Investments [Abstract] | |
Investments | 4. Investments The following table summarizes the Company’s investments as of March 31, 2017 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 61,136 $ 11 $ (48 ) $ 61,099 Commercial paper 18,712 2 (1 ) 18,713 U.S. government and agency securities 4,500 — (5 ) 4,495 Non-current: Corporate debt securities (one to two year maturity) 40,312 16 (71 ) 40,257 $ 124,660 $ 29 $ (125 ) $ 124,564 The following table summarizes the Company’s investments as of December 31, 2016 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 52,762 $ 5 $ (45 ) $ 52,722 Commercial paper 24,670 5 (7 ) 24,668 U.S. government and agency securities 2,500 — (1 ) 2,499 Non-current: Corporate debt securities (one to two year maturity) 43,546 29 (140 ) 43,435 U.S. government and agency securities 2,000 — (1 ) 1,999 $ 125,478 $ 39 $ (194 ) $ 125,323 At March 31, 2017 and December 31, 2016, the Company held 46 and 58 debt securities, respectively, that were in an unrealized loss position for less than one year. The aggregate fair value of debt securities in an unrealized loss position at March 31, 2017 and December 31, 2016 was $75,993 and $95,949. There were no individual securities that were in a significant unrealized loss position or that had been in an unrealized loss position for greater than one year as of March 31, 2017 or December 31, 2016. The Company reviews investments for other-than-temporary impairment whenever the fair value of an investment is less than the amortized cost and evidence indicates that an investment’s carrying amount is not recoverable within a reasonable period of time. Other-than-temporary impairments of investments are recognized in the condensed consolidated statements of operations if the Company has experienced a credit loss and has the intent to sell the investment or if it is more likely than not that the Company will be required to sell the investment before recovery of the amortized cost basis. Evidence considered in this assessment includes reasons for the impairment, compliance with the Company’s investment policy, the severity and the duration of the impairment and changes in value subsequent to the end of the period. |
Property and Equipment, net
Property and Equipment, net | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, net | 5. Property and Equipment, net Property and equipment, net consists of the following (in thousands): Estimated Useful March 31, December 31, Laboratory equipment 4 $ 538 $ 538 Furniture and fixtures 5 381 381 Office and computer equipment 3 372 371 Leasehold improvements Lesser of useful life or lease term 3,391 3,391 4,682 4,681 Less accumulated depreciation and amortization (2,028 ) (1,845 ) $ 2,654 $ 2,836 |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consist of the following (in thousands): March 31, December 31, Research and development costs $ 8,359 $ 6,855 Payroll and employee-related costs 1,637 3,476 Professional fees 474 480 Other 270 551 $ 10,740 $ 11,362 |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 7. Net Loss Per Share Basic and diluted net loss per common share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration for common stock equivalents. The Company’s potentially dilutive shares, which include outstanding stock options and unvested restricted stock 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: Three Months Ended 2017 2016 Outstanding stock options 6,867,142 5,371,000 Unvested restricted stock units 462,250 495,400 |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 8. Stock-based Compensation Stock options A summary of the Company’s stock option activity and related information follows: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2016 5,574,179 $ 16.55 7.7 $ 12,178 Granted 1,498,700 10.39 Exercised (11,380 ) 4.98 Canceled (194,357 ) 13.12 Outstanding at March 31, 2017 6,867,142 $ 15.32 7.9 $ 25,224 Exercisable at March 31, 2017 3,257,441 $ 16.66 6.8 $ 14,617 Total stock-based compensation expense related to stock options for the three months ended March 31, 2017 and 2016 was $4,939 and $4,005, respectively. As of March 31, 2017, there was $34,446 of total unrecognized stock-based compensation expense related to stock options. The expense is expected to be recognized over a weighted-average period of 2.7 years. Restricted stock units A restricted stock unit (“RSU”) represents the right to receive one share of the Company’s common stock upon vesting of the RSU. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. In November 2015, the Company granted RSUs with service conditions that vest in two equal annual installments provided that the employee remains employed with the Company. In January 2017, the Company granted performance-based RSUs which vest upon the achievement of certain performance goals subject to the employee’s continued employment. In the event the performance goals are not achieved, none of the RSUs will vest. The grant date fair value of the performance-based RSUs is $2.6 million and will be recognized on an accelerated attribution basis when the RSUs are deemed probable to the date the awards vest. No stock-based compensation expense was recognized during the three months ended March 31, 2017, as the likelihood of the performance-based RSUs being earned was not deemed probable. The following is a summary of RSU activity under the 2013 Stock Incentive Plan for the three months ended March 31, 2017: Number of Weighted-Average Unvested at December 31, 2016 214,300 $ 17.91 Granted 261,600 10.39 Forfeited (10,425 ) 12.72 Vested (3,225 ) 17.91 Unvested at March 31, 2017 462,250 $ 13.48 The total stock-based compensation expense related to RSUs for the three months ended March 31, 2017 and 2016 was $917 and $1,100, respectively. As of March 31, 2017, $2,252 of unrecognized compensation costs related to unvested non-performance-based Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (“ESPP”) that permits eligible employees to enroll in two six-month six-month For the three months ended March 31, 2017 and 2016, the Company recorded stock-based compensation expense related to the ESPP of $53 and $52, respectively. As of March 31, 2017, 491,093 shares of the Company’s common stock remain available for issuance under the ESPP. As of March 31, 2017, there was $18 of total unrecognized stock-based compensation expense related to the ESPP. The expense is expected to be recognized over a period of one month. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies In March 2014, the Company entered into an operating lease for approximately 29,933 square feet of office and research space in Newton, Massachusetts. The Company uses the leased premises as its corporate headquarters and for research and development purposes. The lease was amended on December 31, 2014 by extending the lease term of the lease from November 30, 2021 to September 30, 2022. The amendment provides for the expansion of the premises leased by the Company by approximately 16,234 square feet, and provides the Company with the rights of first offer to lease approximately 27,701 square feet of additional space. The Company may extend the lease term for one additional five year period. The Company is recording rent expense on a straight-line basis through the end of the lease term, inclusive of the period in which there are no scheduled rent payments. The Company has recorded deferred rent on the condensed consolidated balance sheets at March 31, 2017 and December 31, 2016, accordingly. The lease provides the Company with an allowance for improvements of $1,616, all of which was incurred in the first quarter of 2015. All improvements were deemed normal tenant improvements, were recorded as leasehold improvements and deferred rent and will be recorded as a reduction to rent expense ratably over the lease term. The Company has provided a security deposit in the form of a cash-collateralized letter of credit in the amount of $400, which amount may be reduced to $200 in January 2018. The amount is classified as restricted cash on the condensed consolidated balance sheet. As of March 31, 2017 $200 has been reclassified to current assets. In November 2014, the Company signed a five-year operating lease agreement in Munich, Germany for approximately 3,681 square feet of office space. The lease is for the period February 2015 through January 2020. Pursuant to the lease agreement, the Company is obligated to make aggregate rent payments of €374 (approximately $402), through January 31, 2020. The Company is recording rent expense on a straight-line basis through the end of the lease term, inclusive of the period in which there are no scheduled rent payments. The Company recorded rent expense totaling $301 and $288 for the three months ended March 31, 2017 and 2016, respectively. |
Equity
Equity | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Equity | 10. 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”). On November 7, 2016, the Company entered into an amendment to the Controlled Equity Offering Sales Agreement (as amended, the “Agreement”) that provides that it may sell additional Shares having an additional aggregate offering price of up to $50.0 million on or after November 7, 2016. Under the Agreement, Cantor may sell the Shares by methods deemed to be an “at-the-market” 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 May 1, 2017, the Company had sold an aggregate of 7,042,413 Shares under the Agreement, for net proceeds of approximately $66.5 million. The Company did not sell any Shares under the Agreement during the three months ended March 31, 2017. During April 2017, the Company sold an aggregate of 1,276,017 Shares under the Agreement, for net proceeds of approximately $14.5 million. |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | 11. Subsequent Event On April 3, 2017, the Company’s Executive Vice President, Chief Financial Officer and Treasurer resigned. The Company entered into a consulting agreement (the “Consulting Agreement”) with the former Executive Vice President, Chief Financial Officer and Treasurer, pursuant to which he will provide certain advisory and other consulting services to the Company until January 31, 2018 (or such earlier date upon which the Consulting Agreement terminates in accordance with its terms). As compensation for and during such services, certain of the former Executive Vice President, Chief Financial Officer and Treasurer’s outstanding and unvested equity awards shall continue to vest according to their terms. The Company also entered into a separation agreement (the “Separation Agreement”) with the former Executive Vice President, Chief Financial Officer and Treasurer in connection with his separation from service. Pursuant to the terms of the Separation Agreement and in consideration of a customary release of any claims by the former Executive Vice President, Chief Financial Officer and Treasurer against the Company, he will be entitled to severance payments in the aggregate amount of $278,250 to be paid in semi-monthly installments for a period of nine months beginning on the first payroll period after the Separation Agreement becomes effective, continuation of healthcare benefits for up to nine months and continued vesting of certain of the former Executive Vice President, Chief Financial Officer and Treasurer’s unvested equity awards during the term of the Consulting Agreement. On April 28, 2017, the Company completed a follow-on S-3 No. 333-214489) On April 28, 2017, the Company entered into a license agreement (the “Agreement”) with a biopharmaceutical company (the “Licensee”) engaged in the research, development and commercialization of animal health medicines, pursuant to which the Company has granted an exclusive, worldwide license to develop and commercialize verdinexor (KPT-335) for |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Karyopharm Therapeutics Inc. (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Form 10-K |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements at March 31, 2017 include the accounts of Karyopharm Therapeutics Inc. (a Delaware corporation), the accounts of Karyopharm Securities Corp. (a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), the accounts of Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014), and the accounts of Karyopharm Therapeutics (Bermuda) Ltd. (a wholly-owned Bermuda subsidiary of the Company formed in March 2015). All intercompany balances and transactions have been eliminated in consolidation. |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash beginning-of-period end-of-period In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842) In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of Effective Date 2014-09, Revenue from Contracts with Customers (Topic 606) 2014-09 2014-09 2014-09 The Company does not currently have and has never had any contracts that are within the scope of ASC 606 or its predecessor guidance, ASC 605 Revenue Recognition Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). paid-in |
Fair Value of Financial Instr19
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Financial Assets That Have Been Measured at Fair Value | The following table presents information about the Company’s financial assets that have been measured at fair value at March 31, 2017 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 $ 24,157 $ 24,157 $ — $ — Investments: Current: Corporate debt securities 61,099 — 61,099 — Commercial paper 18,713 — 18,713 — U.S. government and agency securities 4,495 — 4,495 — Non-current: Corporate debt securities (one to two year maturity) 40,257 — 40,257 — $ 148,721 $ 24,157 $ 124,564 $ — The following table presents information about the Company’s financial assets that have been measured at fair value at December 31, 2016 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 $ 37,916 $ 37,916 $ — $ — Investments: Current: Corporate debt securities 52,722 — 52,722 — Commercial paper 24,668 — 24,668 — U.S. government and agency securities 2,499 — 2,499 — Non-current: Corporate debt securities (one to two year maturity) 43,435 — 43,435 — U.S. government securities 1,999 — 1,999 — $ 163,239 $ 37,916 $ 125,323 $ — |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Schedule of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company’s investments as of March 31, 2017 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 61,136 $ 11 $ (48 ) $ 61,099 Commercial paper 18,712 2 (1 ) 18,713 U.S. government and agency securities 4,500 — (5 ) 4,495 Non-current: Corporate debt securities (one to two year maturity) 40,312 16 (71 ) 40,257 $ 124,660 $ 29 $ (125 ) $ 124,564 The following table summarizes the Company’s investments as of December 31, 2016 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 52,762 $ 5 $ (45 ) $ 52,722 Commercial paper 24,670 5 (7 ) 24,668 U.S. government and agency securities 2,500 — (1 ) 2,499 Non-current: Corporate debt securities (one to two year maturity) 43,546 29 (140 ) 43,435 U.S. government and agency securities 2,000 — (1 ) 1,999 $ 125,478 $ 39 $ (194 ) $ 125,323 |
Property and Equipment, net (Ta
Property and Equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): Estimated Useful March 31, December 31, Laboratory equipment 4 $ 538 $ 538 Furniture and fixtures 5 381 381 Office and computer equipment 3 372 371 Leasehold improvements Lesser of useful life or lease term 3,391 3,391 4,682 4,681 Less accumulated depreciation and amortization (2,028 ) (1,845 ) $ 2,654 $ 2,836 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): March 31, December 31, Research and development costs $ 8,359 $ 6,855 Payroll and employee-related costs 1,637 3,476 Professional fees 474 480 Other 270 551 $ 10,740 $ 11,362 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect | The following potentially dilutive securities were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect: Three Months Ended 2017 2016 Outstanding stock options 6,867,142 5,371,000 Unvested restricted stock units 462,250 495,400 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of Stock Option Activity for Employees and Nonemployees | A summary of the Company’s stock option activity and related information follows: Shares Weighted- Weighted- Aggregate Outstanding at December 31, 2016 5,574,179 $ 16.55 7.7 $ 12,178 Granted 1,498,700 10.39 Exercised (11,380 ) 4.98 Canceled (194,357 ) 13.12 Outstanding at March 31, 2017 6,867,142 $ 15.32 7.9 $ 25,224 Exercisable at March 31, 2017 3,257,441 $ 16.66 6.8 $ 14,617 |
Summary of RSU Activity | The following is a summary of RSU activity under the 2013 Stock Incentive Plan for the three months ended March 31, 2017: Number of Weighted-Average Unvested at December 31, 2016 214,300 $ 17.91 Granted 261,600 10.39 Forfeited (10,425 ) 12.72 Vested (3,225 ) 17.91 Unvested at March 31, 2017 462,250 $ 13.48 |
Recently Issued Accounting Pr25
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Jan. 01, 2017 |
ASU 2016-09 [Member] | ||
Adjustments For Change In Accounting Principle [Line Items] | ||
Deferred tax asset | $ 1,844 | |
Additional Paid-In Capital [Member] | ||
Adjustments For Change In Accounting Principle [Line Items] | ||
Adjustment to increase additional paid-in capital and charge accumulated deficit | $ 254 | |
Accumulated Deficit [Member] | ||
Adjustments For Change In Accounting Principle [Line Items] | ||
Adjustment to increase additional paid-in capital and charge accumulated deficit | $ (254) |
Fair Value of Financial Instr26
Fair Value of Financial Instruments - Schedule of Financial Assets That Have Been Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Financial assets | ||
Total | $ 148,721 | $ 163,239 |
Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 61,099 | 52,722 |
Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 18,713 | 24,668 |
Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,495 | 2,499 |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 1,999 | |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 40,257 | 43,435 |
Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 24,157 | 37,916 |
Level 1 [Member] | ||
Financial assets | ||
Total | 24,157 | 37,916 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 24,157 | 37,916 |
Level 2 [Member] | ||
Financial assets | ||
Total | 124,564 | 125,323 |
Level 2 [Member] | Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 61,099 | 52,722 |
Level 2 [Member] | Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 18,713 | 24,668 |
Level 2 [Member] | Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,495 | 2,499 |
Level 2 [Member] | Non-current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 1,999 | |
Level 2 [Member] | Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | $ 40,257 | $ 43,435 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 124,660 | $ 125,478 |
Gross Unrealized Gains | 29 | 39 |
Gross Unrealized Loss | (125) | (194) |
Fair Value | 124,564 | 125,323 |
Current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 61,136 | 52,762 |
Gross Unrealized Gains | 11 | 5 |
Gross Unrealized Loss | (48) | (45) |
Fair Value | 61,099 | 52,722 |
Current [Member] | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 18,712 | 24,670 |
Gross Unrealized Gains | 2 | 5 |
Gross Unrealized Loss | (1) | (7) |
Fair Value | 18,713 | 24,668 |
Current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 4,500 | 2,500 |
Gross Unrealized Loss | (5) | (1) |
Fair Value | 4,495 | 2,499 |
Non-current [Member] | US Government and Agency Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 2,000 | |
Gross Unrealized Loss | (1) | |
Fair Value | 1,999 | |
Non-current [Member] | Corporate Debt Securities (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 40,312 | 43,546 |
Gross Unrealized Gains | 16 | 29 |
Gross Unrealized Loss | (71) | (140) |
Fair Value | $ 40,257 | $ 43,435 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Mar. 31, 2017USD ($)Securities | Dec. 31, 2016USD ($)Securities |
Investments, Debt and Equity Securities [Abstract] | ||
Number of debt securities with unrealized loss position for less than one year | 46 | 58 |
Aggregate fair value of debt securities | $ | $ 75,993 | $ 95,949 |
Number of debt securities with unrealized loss position for greater than one year | 0 | 0 |
Property and Equipment, net - S
Property and Equipment, net - Schedule of Property and Equipment, Net (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,682 | $ 4,681 |
Less accumulated depreciation and amortization | (2,028) | (1,845) |
Property and equipment, net | $ 2,654 | 2,836 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 4 years | |
Property and equipment, gross | $ 538 | 538 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 5 years | |
Property and equipment, gross | $ 381 | 381 |
Office and Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | 3 years | |
Property and equipment, gross | $ 372 | 371 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 3,391 | $ 3,391 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current [Abstract] | ||
Research and development costs | $ 8,359 | $ 6,855 |
Payroll and employee-related costs | 1,637 | 3,476 |
Professional fees | 474 | 480 |
Other | 270 | 551 |
Total Accrued Expenses | $ 10,740 | $ 11,362 |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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) | 6,867,142 | 5,371,000 |
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) | 462,250 | 495,400 |
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 | 3 Months Ended | 12 Months Ended |
Mar. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock option activity, shares outstanding, at beginning of period | 5,574,179 | |
Stock option activity, shares granted | 1,498,700 | |
Stock option activity, shares exercised | (11,380) | |
Stock option activity, shares canceled | (194,357) | |
Stock option activity, shares outstanding, at end of period | 6,867,142 | 5,574,179 |
Stock option activity, options exercisable at end of period | 3,257,441 | |
Weighted average exercise price, options outstanding at beginning of period | $ 16.55 | |
Weighted average exercise price, options granted | 10.39 | |
Weighted average exercise price, options exercised | 4.98 | |
Weighted average exercise price, option canceled | 13.12 | |
Weighted average exercise price, options outstanding at end of period | 15.32 | $ 16.55 |
Weighted average exercise price, options exercisable at end of period | $ 16.66 | |
Weighted average remaining contractual life outstanding | 7 years 10 months 24 days | 7 years 8 months 12 days |
Weighted average exercise price exercisable | 6 years 9 months 18 days | |
Aggregate intrinsic value outstanding | $ 25,224 | $ 12,178 |
Aggregate intrinsic value exercisable | $ 14,617 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |
Jan. 31, 2017USD ($) | Mar. 31, 2017USD ($)PurchasePeriodRightshares | Mar. 31, 2016USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Right to received shares of common stock (shares) | Right | 1 | ||
ESPP [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 53,000 | $ 52,000 | |
Total unrecognized stock-based compensation expense | $ 18,000 | ||
Period for recognition of unrecognized expense | 1 month | ||
Number of purchase period | PurchasePeriod | 2 | ||
Purchase period | 6 months | ||
Purchase price of common stock | 85.00% | ||
Number of shares of common stock authorized | shares | 242,424 | ||
Common stock shares available for issuance under ESPP | shares | 491,093 | ||
Percentage of shares of common stock available for issuance | 1.00% | ||
Employee stock purchase plan, description | In 2013, the Company's stockholders approved the reservation of 242,424 shares of the Company's common stock for issuance under the ESPP, plus an annual increase to be added on the first day of each fiscal year, commencing on January 1, 2015 and ending on December 31, 2023, equal to the lesser of 484,848 shares of the Company's common stock, 1% of the number of outstanding shares on such date, or an amount determined by the board of directors. | ||
ESPP [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock shares available for issuance under ESPP | shares | 484,848 | ||
Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 4,939,000 | 4,005,000 | |
Total unrecognized stock-based compensation expense | $ 34,446,000 | ||
Period for recognition of unrecognized expense | 2 years 8 months 12 days | ||
Performance-based RSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | $ 2,600,000 | $ 0 | |
Unvested Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock based compensation expense | 917,000 | $ 1,100,000 | |
Total unrecognized stock-based compensation expense | $ 2,252,000 | ||
Period for recognition of unrecognized expense | 8 months 12 days |
Stock-based Compensation - Su34
Stock-based Compensation - Summary of RSU Activity (Detail) - Unvested Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares underlying RSUs, Unvested beginning balance | shares | 214,300 |
Number of shares underlying RSUs, Granted | shares | 261,600 |
Number of shares underlying RSUs, Forfeited | shares | (10,425) |
Number of shares underlying RSUs, Vested | shares | (3,225) |
Number of shares underlying RSUs, Unvested ending balance | shares | 462,250 |
Weighted-Average grant date fair value, Unvested beginning balance | $ / shares | $ 17.91 |
Weighted-Average grant date fair value, Granted | $ / shares | 10.39 |
Weighted-Average grant date fair value, Forfeited | $ / shares | 12.72 |
Weighted-Average grant date fair value, Vested | $ / shares | 17.91 |
Weighted-Average grant date fair value, Unvested ending balance | $ / shares | $ 13.48 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Nov. 30, 2014EUR (€)ft² | Mar. 31, 2014USD ($)ft²Lease | Mar. 31, 2017USD ($)ft² | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Nov. 30, 2014USD ($)ft² | |
Commitments and Contingencies Disclosure [Abstract] | ||||||
Office and laboratory space leased | ft² | 3,681 | 29,933 | 3,681 | |||
Number of additional lease term | Lease | 1 | |||||
Additional extension term of lease | 5 years | |||||
Allowance for improvements | $ 1,616 | |||||
Security deposit in the form of a letter of credit | $ 400 | |||||
Security deposit in the form of a letter of credit which may be reduced in January 2018 | $ 200 | |||||
Operating lease amendment, leased premises expansion | ft² | 16,234 | |||||
Operating lease amendment, additional space | ft² | 27,701 | |||||
Reclassified to current assets | $ 200 | |||||
Operating lease agreement term | 5 years | |||||
Scheduled rent payments due | € 374 | $ 402 | ||||
Total rent expense | $ 301 | $ 288 |
Equity - Controlled Equity Offe
Equity - Controlled Equity Offering Sales Agreement - Additional Information (Detail) - Cantor Fitzgerald & Co. [Member] - Controlled Equity Offering Sales Agreement [Member] - USD ($) | May 01, 2017 | Apr. 30, 2017 | Mar. 31, 2017 | Nov. 07, 2016 | Dec. 07, 2015 |
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 | 0 | ||||
Subsequent Event [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 | 7,042,413 | 1,276,017 | |||
Net proceeds from sale of common stock | $ 66,500,000 | $ 14,500,000 | |||
Maximum [Member] | |||||
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||||
Aggregate offering price | $ 50,000,000 | $ 50,000,000 | |||
Percentage of commission of gross proceeds from the sale of Shares | 3.00% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - USD ($) | Apr. 28, 2017 | Apr. 03, 2017 | Mar. 31, 2017 |
Consulting Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Severance payment description | The former Executive Vice President, Chief Financial Officer and Treasurer against the Company, he will be entitled to severance payments in the aggregate amount of $278,250 to be paid in semi-monthly installments for a period of nine months beginning on the first payroll period after the Separation Agreement becomes effective, continuation of healthcare benefits for up to nine months and continued vesting of certain of the former Executive Vice President, Chief Financial Officer and Treasurer’s unvested equity awards during the term of the Consulting Agreement. | ||
Subsequent Event [Member] | Follow-on Offering [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares of common stock sold in public offering | 3,902,439 | ||
Public offering price of common shares | $ 10.25 | ||
Aggregate proceeds after deducting underwriting discounts, commissions and other estimated offering expenses | $ 37,800,000 | ||
Option exercisable period | P30D | ||
Subsequent Event [Member] | Follow-on Offering [Member] | Common Stock [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Additional shares granted to underwriters | 585,365 | ||
Subsequent Event [Member] | Consulting Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Severance payments | $ 278,250,000 | ||
Subsequent Event [Member] | License Agreement [Member] | |||
Subsequent Event [Line Items] | |||
Upfront payment receivable | $ 1,000,000 | ||
Subsequent Event [Member] | License Agreement [Member] | Maximum [Member] | |||
Subsequent Event [Line Items] | |||
Milestone payments receivable | $ 43,500,000 |