Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Jul. 31, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | KPTI | |
Entity Registrant Name | KARYOPHARM THERAPEUTICS INC. | |
Entity Central Index Key | 1,503,802 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 47,138,861 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 55,381 | $ 49,663 |
Short-term investments | 88,073 | 79,889 |
Restricted cash | 200 | |
Prepaid expenses and other current assets | 2,070 | 2,084 |
Total current assets | 145,724 | 131,636 |
Property and equipment, net | 2,473 | 2,836 |
Long-term investments | 37,269 | 45,434 |
Restricted cash | 284 | 479 |
Total assets | 185,750 | 180,385 |
Current liabilities: | ||
Accounts payable | 3,247 | 4,751 |
Accrued expenses | 12,876 | 11,362 |
Deferred revenue | 1,025 | |
Deferred rent | 292 | 280 |
Other current liabilities | 80 | 83 |
Total current liabilities | 17,520 | 16,476 |
Deferred rent, net of current portion | 1,516 | 1,666 |
Total liabilities | 19,036 | 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; 47,123,208 and 41,887,829 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 5 | 4 |
Additional paid-in capital | 592,534 | 528,617 |
Accumulated other comprehensive loss | (165) | (274) |
Accumulated deficit | (425,660) | (366,104) |
Total stockholders' equity | 166,714 | 162,243 |
Total liabilities and stockholders' equity | $ 185,750 | $ 180,385 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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 | 47,123,208 | 41,887,829 |
Common stock, shares outstanding | 47,123,208 | 41,887,829 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
Contract and grant revenue | $ 3 | $ 59 | $ 71 | $ 59 |
Operating expenses: | ||||
Research and development | 23,120 | 24,579 | 47,203 | 46,374 |
General and administrative | 6,635 | 5,956 | 12,899 | 11,510 |
Total operating expenses | 29,755 | 30,535 | 60,102 | 57,884 |
Loss from operations | (29,752) | (30,476) | (60,031) | (57,825) |
Other income (expense): | ||||
Interest income | 412 | 329 | 812 | 615 |
Other expense | (29) | (11) | (44) | (7) |
Total other income, net | 383 | 318 | 768 | 608 |
Loss before income taxes | (29,369) | (30,158) | (59,263) | (57,217) |
Provision for income taxes | (18) | (41) | ||
Net loss | $ (29,387) | $ (30,158) | $ (59,304) | $ (57,217) |
Net loss per share-basic and diluted | $ (0.64) | $ (0.84) | $ (1.35) | $ (1.59) |
Weighted-average number of common shares outstanding used in net loss per share-basic and diluted | 45,831,239 | 35,956,470 | 43,873,892 | 35,917,486 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (29,387) | $ (30,158) | $ (59,304) | $ (57,217) |
Comprehensive income (loss) | ||||
Unrealized gain (loss) on investments | (34) | 64 | 25 | 407 |
Foreign currency translation adjustments | 73 | (20) | 84 | 13 |
Comprehensive loss | $ (29,348) | $ (30,114) | $ (59,195) | $ (56,797) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net loss | $ (59,304) | $ (57,217) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 363 | 358 |
Net amortization of premiums and discounts on investments | 592 | 595 |
Stock-based compensation expense | 11,038 | 11,563 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 19 | 503 |
Other assets | (89) | |
Accounts payable | (1,507) | 233 |
Accrued expenses and other liabilities | 1,484 | 70 |
Deferred revenue | 1,025 | |
Deferred rent | (139) | (75) |
Net cash used in operating activities | (46,429) | (44,059) |
Investing activities | ||
Purchases of property and equipment | (45) | |
Proceeds from maturities of investments | 60,979 | 110,046 |
Purchases of investments | (61,564) | (87,033) |
Net cash (used in) provided by investing activities | (585) | 22,968 |
Financing activities | ||
Proceeds from the issuance of common stock, net of issuance costs | 52,323 | |
Proceeds from the exercise of stock options and shares issued under employee stock purchase plan | 303 | 436 |
Net cash provided by financing activities | 52,626 | 436 |
Effect of exchange rate on cash | 106 | 14 |
Net increase (decrease) in cash and cash equivalents | 5,718 | (20,641) |
Cash and cash equivalents at beginning of period | 49,663 | 58,358 |
Cash and cash equivalents at end of period | $ 55,381 | 37,717 |
Supplemental disclosure of non-cash financing activity | ||
Deferred financing costs included in accounts payable | $ 22 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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., a Delaware corporation (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2017. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (“SEC”) on March 16, 2017. Basis of Consolidation The condensed consolidated financial statements at June 30, 2017 include the accounts of (i) the Company, (ii) Karyopharm Securities Corp. (a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), (iii) Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014) and (iv) 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. Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists; services have been performed or products have been delivered; the fee is fixed or determinable; and collection is reasonably assured. The Company evaluates multiple element agreements under the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification, or ASC, Revenue Recognition (Topic 605). When evaluating multiple element arrangements under Topic 605, the Company identifies the deliverables included within the agreement and determines whether the deliverables under the arrangement represent separate units of accounting. Deliverables under the arrangement are a separate unit of accounting if (i) the delivered item has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item and delivery or performance of the undelivered items are considered probable and substantially within the Company’s control. This evaluation requires subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. In determining the units of accounting, management evaluates certain criteria, including whether the deliverables have standalone value, based on the consideration of the relevant facts and circumstances for each arrangement. The Company considers whether the licensor can use the license or other deliverables for their intended purpose without the receipt of the remaining elements, and whether the value of the deliverable is dependent on the undelivered items and whether there are other vendors that can provide the undelivered items. Arrangement consideration generally includes up-front license fees. The Company determines how to allocate arrangement consideration to identified units of accounting based on the selling price hierarchy provided under the relevant guidance. The Company determines the estimated selling price for deliverables using vendor-specific objective evidence, or VSOE, of selling price, if available, third-party evidence, or TPE, if VSOE is not available, or best estimate of selling price, or BESP, if neither VSOE nor TPE is available. Determining the BESP for a deliverable requires significant judgment. Up-Front License Fees Up-front payments received in connection with licenses of the Company’s technology rights are deferred if facts and circumstances dictate that the license does not have stand-alone value. When management believes the license to its intellectual property does not have stand-alone value from the other deliverables to be provided in the arrangement, it is combined with other deliverables and the revenue of the combined unit of accounting is recorded based on the method appropriate for the last delivered item. Milestones At the inception of each arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive, in accordance with Accounting Standards Update, or ASU, No. 2010-17, Revenue Recognition—Milestone Method. A milestone is defined as an event that can only be achieved based on the Company’s performance and there is substantive uncertainty about whether the event will be achieved at the inception of the arrangement. Events that are contingent only on the passage of time or only on counterparty performance are not considered milestones under accounting guidance. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the Company’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) the consideration relates solely to past performance (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement and (d) the milestone fee is refundable or adjusts based on future performance or non-performance. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. Payments that are contingent upon the achievement of a substantive milestone are recognized in their entirety in the period in which the milestone is achieved, assuming all other revenue recognition criteria are met. Sales-based and commercial milestones are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. |
Recently Issued Accounting Pron
Recently Issued Accounting Pronouncements | 6 Months Ended |
Jun. 30, 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 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 Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers The Company will adopt ASC 606 effective January 1, 2018. The Company has not yet finalized its assessment of the impact of ASC 606, which is currently only applicable to the Company’s arrangement with Anivive Lifesciences, Inc., as described in Note 7. Collaboration and License Agreements. However, the Company anticipates that it will adopt the modified retrospective approach and does not expect the adoption to have a material effect on the Company’s consolidated financial statements. Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2017 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Cash equivalents: Money market funds $ 32,601 $ 32,601 $ — $ — Investments: Current: Corporate debt securities 64,372 — 64,372 — Commercial paper 19,205 — 19,205 — U.S. government and agency securities 4,496 — 4,496 — Non-current: Corporate debt securities (one to two year maturity) 34,769 — 34,769 Certificates of deposit (one to two year maturity) 2,500 — 2,500 — $ 157,943 $ 32,601 $ 125,342 $ — 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 in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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 | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Investments [Abstract] | |
Investments | 4. Investments The following table summarizes the Company’s investments as of June 30, 2017 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 64,449 $ 3 $ (79 ) $ 64,373 Commercial paper 19,207 — (3 ) 19,204 U.S. government and agency securities 4,500 — (4 ) 4,496 Non-current: Corporate debt securities (one to two year maturity) 34,816 12 (59 ) 34,769 Certificates of deposit (one to two year maturity) 2,500 — — 2,500 $ 125,472 $ 15 $ (145 ) $ 125,342 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 June 30, 2017 and December 31, 2016, the Company held 63 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 June 30, 2017 and December 31, 2016 was $103,498 and $95,949, respectively. There were no individual securities that were in a significant unrealized loss position or that had been in an unrealized loss position for greater than one year as of June 30, 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 | 6 Months Ended |
Jun. 30, 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 Life Years June 30, 2017 December 31, 2016 Laboratory equipment 4 $ 538 $ 538 Furniture and fixtures 5 381 381 Office and computer equipment 3 371 371 Leasehold improvements Lesser of useful life or lease term 3,391 3,391 4,681 4,681 Less accumulated depreciation and amortization (2,208 ) (1,845 ) $ 2,473 $ 2,836 |
Accrued Expenses
Accrued Expenses | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Accrued Expenses | 6. Accrued Expenses Accrued expenses consist of the following (in thousands): June 30, 2017 December 31, 2016 Research and development costs $ 9,688 $ 6,855 Payroll and employee-related costs 2,138 3,476 Professional fees 779 480 Other 271 551 $ 12,876 $ 11,362 |
Collaboration and License Agree
Collaboration and License Agreements | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Collaboration and License Agreements | 7. Collaboration and License Agreements Anivive Agreement On April 28, 2017, the Company entered into a license agreement with Anivive Lifesciences, Inc. (“Anivive”), a biopharmaceutical company engaged in the research, development and commercialization of animal health medicines, pursuant to which the Company has granted Anivive an exclusive, worldwide license to develop and commercialize verdinexor (KPT-335) for the treatment of cancer in companion animals (the “Anivive Agreement”). Pursuant to the terms of the Anivive Agreement, the Company received an upfront payment of $1.0 million. In addition, the Company will be eligible to receive potential future technology transfer and clinical, regulatory and commercial development milestone payments totaling up to $43.5 million, as well as a low double digit royalty based on Anivive’s future net sales of verdinexor following commercialization. The potential future milestone payments are comprised of $0.25 million for completion of the technology transfer, $5.75 million based on achievement of clinical and regulatory milestone events and $37.5 million based on achievement of sales milestone events. In accordance with ASC 605, the Company identified the deliverables at the inception of the Anivive Agreement. The significant deliverables were determined to include the license and the Company’s responsibility to transfer the technology package relating to verdinexor. The Company determined that the license does not have stand-alone value separate and apart from the transfer of the verdinexor technology package to Anivive because (1) there are no other vendors selling similar licenses on a stand-alone basis and (2) Anivive is unable to use the license for its intended purpose without the technology transfer. As such, the Company determined that there is one unit of accounting. The total consideration of $1.25 million, including the $1.0 million upfront payment and a $0.25 million payment for completion of the technology transfer, was allocated to the single unit of accounting and will be recognized as revenue once the technology transfer is completed, which is the final item to be delivered in the unit of accounting. The technology transfer is expected to be completed within six months of the date of the Anivive Agreement. As of June 30, 2017, $1.0 million was included in deferred revenue under the Anivive Agreement and is classified as a current liability in the consolidated balance sheet. |
Net Loss Per Share
Net Loss Per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 8. 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 and Six Months Ended June 30, 2017 2016 Outstanding stock options 6,846,192 5,421,363 Unvested restricted stock units 439,250 479,000 |
Stock-based Compensation
Stock-based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based Compensation | 9. 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 1,880,200 10.18 Exercised (15,686 ) 5.39 Canceled (592,501 ) 16.04 Outstanding at June 30, 2017 6,846,192 $ 14.87 7.5 $ 10,758 Exercisable at June 30, 2017 3,553,381 $ 16.60 6.2 $ 8,857 Total stock-based compensation expense related to stock options for the six months ended June 30, 2017 and 2016 was $8,973 and $9,080, respectively. As of June 30, 2017, there was $26,250 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 (“Time-Based RSUs”). During the six months ended June 30, 2017, the Company granted performance-based RSUs, which vest upon the achievement of certain performance goals subject to the employee’s continued employment (“Performance-Based RSUs”). In the event the performance goals are not achieved, none of the Performance-Based 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 Performance-Based RSUs are deemed probable of achievement to the date the awards vest. No stock-based compensation expense related to the Performance-Based RSUs was recognized during the six months ended June 30, 2017, as the likelihood of the Performance-Based RSUs being earned was not deemed probable of achievement as of June 30, 2017. The following is a summary of RSU activity under the 2013 Stock Incentive Plan for the six months ended June 30, 2017: Number of Weighted-Average Grant Date Unvested at December 31, 2016 214,300 $ 17.91 Granted 289,800 10.31 Forfeited (59,550 ) 12.90 Vested (5,300 ) 17.91 Unvested at June 30, 2017 439,250 $ 13.27 The total stock-based compensation expense related to RSUs for the six months ended June 30, 2017 and 2016 was $1,594 and $2,367, respectively. As of June 30, 2017, $1,147 of unrecognized compensation costs related to unvested Time-Based RSUs are expected to be recognized over a weighted-average period of 0.4 years. Employee Stock Purchase Plan The Company has an Employee Stock Purchase Plan (“ESPP”) that permits eligible employees to enroll in six-month offering 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 or last day of the applicable six-month offering period, whichever is lower. Purchase dates under the ESPP occur on or about May 1 and November 1 of each year. In 2013, the Company’s 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. For the six months ended June 30, 2017 and 2016, the Company recorded stock-based compensation expense related to the ESPP of $100 and $116, respectively. As of June 30, 2017, 454,977 shares of the Company’s common stock remained available for issuance under the ESPP. As of June 30, 2017, there was $69 of total unrecognized stock-based compensation expense related to the ESPP. The expense is expected to be recognized over a period of four months. Impact of Separation Agreement During the three months ended June 30, 2017, the Company recorded $371 of stock-based compensation expense on share-based payment awards previously granted to a former executive who entered into a separation agreement and consulting agreement with the Company in April 2017. Generally, the agreements provided for continued vesting of certain unvested stock options and Time-Based RSUs as of the separation date under the original terms of the share-based payment awards through the term of the consulting agreement. The related stock-based compensation expense was recorded in the three months ended June 30, 2017. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. 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 June 30, 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 June 30, 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 $427), 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 $297 and $290 for the three months ended June 30, 2017 and 2016, respectively, and $598 and $579 for the six months ended June 30, 2017 and 2016, respectively. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Equity | 11. Equity Underwritten Offering On April 28, 2017, the Company completed a follow-on offering under its shelf registration statement on Form S-3 (File No. 333-214489) pursuant to which the Company issued an aggregate of 3,902,439 shares of common stock at a public offering price of $10.25 per share. The Company received net proceeds of approximately $37.9 million from the offering after deducting the underwriting discount and commissions and offering expenses. Controlled Equity Offering Sales Agreement On December 7, 2015, the Company entered into a Controlled Equity Offering Sales 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 (the “Shares”), up to an aggregate offering price of $50.0 million. On November 7, 2016, the Company entered into an amendment to the Controlled Equity Offering Sales Agreement (as amended, the “Agreement”) that provides that the Company may issue and 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” 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 July 31, 2017, the Company had sold an aggregate of 7,042,213 Shares under the Agreement, for net proceeds of approximately $66.5 million. The Company sold an aggregate of 1,276,017 Shares under the Agreement during the three months ended June 30, 2017 for net proceeds of approximately $14.4 million. |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of Karyopharm Therapeutics Inc., a Delaware corporation (the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial reporting and as required by Regulation S-X, Rule 10-01. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (including those which are normal and recurring) considered necessary for a fair presentation of the interim financial information have been included. When preparing financial statements in conformity with GAAP, the Company must make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues, expenses and related disclosures at the date of the financial statements. Actual results could differ from those estimates. Additionally, operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for any other interim period or for the fiscal year ending December 31, 2017. For further information, refer to the financial statements and footnotes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 as filed with the Securities and Exchange Commission (“SEC”) on March 16, 2017. |
Basis of Consolidation | Basis of Consolidation The condensed consolidated financial statements at June 30, 2017 include the accounts of (i) the Company, (ii) Karyopharm Securities Corp. (a wholly-owned Massachusetts corporation of the Company incorporated in December 2013), (iii) Karyopharm Europe GmbH (a wholly-owned German Limited Liability Company formed in August 2014) and (iv) 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. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when persuasive evidence of an arrangement exists; services have been performed or products have been delivered; the fee is fixed or determinable; and collection is reasonably assured. The Company evaluates multiple element agreements under the Financial Accounting Standards Board’s, or FASB, Accounting Standards Codification, or ASC, Revenue Recognition (Topic 605). When evaluating multiple element arrangements under Topic 605, the Company identifies the deliverables included within the agreement and determines whether the deliverables under the arrangement represent separate units of accounting. Deliverables under the arrangement are a separate unit of accounting if (i) the delivered item has value to the customer on a standalone basis and (ii) if the arrangement includes a general right of return relative to the delivered item and delivery or performance of the undelivered items are considered probable and substantially within the Company’s control. This evaluation requires subjective determinations and requires management to make judgments about the individual deliverables and whether such deliverables are separable from the other aspects of the contractual relationship. In determining the units of accounting, management evaluates certain criteria, including whether the deliverables have standalone value, based on the consideration of the relevant facts and circumstances for each arrangement. The Company considers whether the licensor can use the license or other deliverables for their intended purpose without the receipt of the remaining elements, and whether the value of the deliverable is dependent on the undelivered items and whether there are other vendors that can provide the undelivered items. Arrangement consideration generally includes up-front license fees. The Company determines how to allocate arrangement consideration to identified units of accounting based on the selling price hierarchy provided under the relevant guidance. The Company determines the estimated selling price for deliverables using vendor-specific objective evidence, or VSOE, of selling price, if available, third-party evidence, or TPE, if VSOE is not available, or best estimate of selling price, or BESP, if neither VSOE nor TPE is available. Determining the BESP for a deliverable requires significant judgment. |
Up-Front License Fees | Up-Front License Fees Up-front payments received in connection with licenses of the Company’s technology rights are deferred if facts and circumstances dictate that the license does not have stand-alone value. When management believes the license to its intellectual property does not have stand-alone value from the other deliverables to be provided in the arrangement, it is combined with other deliverables and the revenue of the combined unit of accounting is recorded based on the method appropriate for the last delivered item. |
Milestones | Milestones At the inception of each arrangement that includes milestone payments, the Company evaluates whether each milestone is substantive, in accordance with Accounting Standards Update, or ASU, No. 2010-17, Revenue Recognition—Milestone Method. A milestone is defined as an event that can only be achieved based on the Company’s performance and there is substantive uncertainty about whether the event will be achieved at the inception of the arrangement. Events that are contingent only on the passage of time or only on counterparty performance are not considered milestones under accounting guidance. This evaluation includes an assessment of whether (a) the consideration is commensurate with either (1) the Company’s performance to achieve the milestone, or (2) the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the Company’s performance to achieve the milestone, (b) the consideration relates solely to past performance (c) the consideration is reasonable relative to all of the deliverables and payment terms within the arrangement and (d) the milestone fee is refundable or adjusts based on future performance or non-performance. The Company evaluates factors such as the scientific, clinical, regulatory, commercial and other risks that must be overcome to achieve the respective milestone, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement in making this assessment. Payments that are contingent upon the achievement of a substantive milestone are recognized in their entirety in the period in which the milestone is achieved, assuming all other revenue recognition criteria are met. Sales-based and commercial milestones are accounted for as royalties and are recorded as revenue upon achievement of the milestone, assuming all other revenue recognition criteria are met. |
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 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 Revenue from Contracts with Customers (Topic 606) Revenue from Contracts with Customers The Company will adopt ASC 606 effective January 1, 2018. The Company has not yet finalized its assessment of the impact of ASC 606, which is currently only applicable to the Company’s arrangement with Anivive Lifesciences, Inc., as described in Note 7. Collaboration and License Agreements. However, the Company anticipates that it will adopt the modified retrospective approach and does not expect the adoption to have a material effect on the Company’s consolidated financial statements. Recently Adopted Accounting Standards In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation (Topic 718). |
Fair Value of Financial Instr19
Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2017 and indicates the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands): Description Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Financial assets Cash equivalents: Money market funds $ 32,601 $ 32,601 $ — $ — Investments: Current: Corporate debt securities 64,372 — 64,372 — Commercial paper 19,205 — 19,205 — U.S. government and agency securities 4,496 — 4,496 — Non-current: Corporate debt securities (one to two year maturity) 34,769 — 34,769 Certificates of deposit (one to two year maturity) 2,500 — 2,500 — $ 157,943 $ 32,601 $ 125,342 $ — 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 in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) 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) | 6 Months Ended |
Jun. 30, 2017 | |
Schedule of Investments [Abstract] | |
Summary of Investments | The following table summarizes the Company’s investments as of June 30, 2017 (in thousands): Amortized Cost Gross Unrealized Gross Unrealized Fair Value Current: Corporate debt securities $ 64,449 $ 3 $ (79 ) $ 64,373 Commercial paper 19,207 — (3 ) 19,204 U.S. government and agency securities 4,500 — (4 ) 4,496 Non-current: Corporate debt securities (one to two year maturity) 34,816 12 (59 ) 34,769 Certificates of deposit (one to two year maturity) 2,500 — — 2,500 $ 125,472 $ 15 $ (145 ) $ 125,342 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) | 6 Months Ended |
Jun. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | Property and equipment, net consists of the following (in thousands): Estimated Useful Life Years June 30, 2017 December 31, 2016 Laboratory equipment 4 $ 538 $ 538 Furniture and fixtures 5 381 381 Office and computer equipment 3 371 371 Leasehold improvements Lesser of useful life or lease term 3,391 3,391 4,681 4,681 Less accumulated depreciation and amortization (2,208 ) (1,845 ) $ 2,473 $ 2,836 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): June 30, 2017 December 31, 2016 Research and development costs $ 9,688 $ 6,855 Payroll and employee-related costs 2,138 3,476 Professional fees 779 480 Other 271 551 $ 12,876 $ 11,362 |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 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 and Six Months Ended June 30, 2017 2016 Outstanding stock options 6,846,192 5,421,363 Unvested restricted stock units 439,250 479,000 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 6 Months Ended |
Jun. 30, 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 1,880,200 10.18 Exercised (15,686 ) 5.39 Canceled (592,501 ) 16.04 Outstanding at June 30, 2017 6,846,192 $ 14.87 7.5 $ 10,758 Exercisable at June 30, 2017 3,553,381 $ 16.60 6.2 $ 8,857 |
Summary of RSU Activity | The following is a summary of RSU activity under the 2013 Stock Incentive Plan for the six months ended June 30, 2017: Number of Weighted-Average Grant Date Unvested at December 31, 2016 214,300 $ 17.91 Granted 289,800 10.31 Forfeited (59,550 ) 12.90 Vested (5,300 ) 17.91 Unvested at June 30, 2017 439,250 $ 13.27 |
Recently Issued Accounting Pr25
Recently Issued Accounting Pronouncements - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Jan. 01, 2017 | |
ASU 2016-09 [Member] | ||
Adjustments For Change In Accounting Principle [Line Items] | ||
Increase in 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 | Jun. 30, 2017 | Dec. 31, 2016 |
Financial assets | ||
Total | $ 157,943 | $ 163,239 |
Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 64,372 | 52,722 |
Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 19,205 | 24,668 |
Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,496 | 2,499 |
Non-current [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 2,500 | |
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 | 34,769 | 43,435 |
Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 32,601 | 37,916 |
Level 1 [Member] | ||
Financial assets | ||
Total | 32,601 | 37,916 |
Level 1 [Member] | Money Market Funds [Member] | ||
Financial assets | ||
Cash equivalents | 32,601 | 37,916 |
Level 2 [Member] | ||
Financial assets | ||
Total | 125,342 | 125,323 |
Level 2 [Member] | Current [Member] | Corporate Debt Securities [Member] | ||
Financial assets | ||
Investments | 64,372 | 52,722 |
Level 2 [Member] | Current [Member] | Commercial Paper [Member] | ||
Financial assets | ||
Investments | 19,205 | 24,668 |
Level 2 [Member] | Current [Member] | US Government and Agency Securities [Member] | ||
Financial assets | ||
Investments | 4,496 | 2,499 |
Level 2 [Member] | Non-current [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Financial assets | ||
Investments | 2,500 | |
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 | $ 34,769 | $ 43,435 |
Investments - Summary of Invest
Investments - Summary of Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | $ 125,472 | $ 125,478 |
Gross Unrealized Gains | 15 | 39 |
Gross Unrealized Loss | (145) | (194) |
Fair Value | 125,342 | 125,323 |
Current [Member] | Corporate Debt Securities [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 64,449 | 52,762 |
Gross Unrealized Gains | 3 | 5 |
Gross Unrealized Loss | (79) | (45) |
Fair Value | 64,373 | 52,722 |
Current [Member] | Commercial Paper [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 19,207 | 24,670 |
Gross Unrealized Gains | 5 | |
Gross Unrealized Loss | (3) | (7) |
Fair Value | 19,204 | 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 | (4) | (1) |
Fair Value | 4,496 | 2,499 |
Non-current [Member] | Certificates of Deposit (One to Two Year Maturity) [Member] | ||
Summary of Investment Holdings [Line Items] | ||
Amortized Cost | 2,500 | |
Fair Value | 2,500 | |
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 | 34,816 | 43,546 |
Gross Unrealized Gains | 12 | 29 |
Gross Unrealized Loss | (59) | (140) |
Fair Value | $ 34,769 | $ 43,435 |
Investments - Additional Inform
Investments - Additional Information (Detail) $ in Thousands | Jun. 30, 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 | 63 | 58 |
Aggregate fair value of debt securities | $ | $ 103,498 | $ 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 | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 4,681 | $ 4,681 |
Less accumulated depreciation and amortization | (2,208) | (1,845) |
Property and equipment, net | $ 2,473 | 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 | $ 371 | 371 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated useful life | Lesser of useful life or lease term | |
Property and equipment, gross | $ 3,391 | $ 3,391 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current [Abstract] | ||
Research and development costs | $ 9,688 | $ 6,855 |
Payroll and employee-related costs | 2,138 | 3,476 |
Professional fees | 779 | 480 |
Other | 271 | 551 |
Total Accrued Expenses | $ 12,876 | $ 11,362 |
Collaboration and License Agr31
Collaboration and License Agreements - Additional Information (Detail) - USD ($) | Apr. 28, 2017 | Jun. 30, 2017 |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Deferred Revenue ,current | $ 1,025,000 | |
License Agreement [Member] | Anivive Lifesciences, Inc. [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Total consideration amount | $ 1,250,000 | |
Deferred Revenue | 250,000 | |
Deferred Revenue ,current | $ 1,000,000 | |
License Agreement [Member] | Anivive Lifesciences, Inc. [Member] | Clinical Development And Regulatory Milestone [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Milestone payments receivable | 5,750,000 | |
License Agreement [Member] | Anivive Lifesciences, Inc. [Member] | Sales Milestone Events [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Milestone payments receivable | 37,500,000 | |
License Agreement [Member] | Anivive Lifesciences, Inc. [Member] | Maximum [Member] | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Milestone payments receivable | $ 43,500,000 | |
Technology transfer completion period | 6 months |
Net Loss Per Share - Schedule o
Net Loss Per Share - Schedule of Potentially Dilutive Securities Were Excluded From The Calculation of Diluted Net Loss Per Share Due to Their Anti-Dilutive Effect (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 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) | 6,846,192 | 5,421,363 | 6,846,192 | 5,421,363 |
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) | 439,250 | 479,000 | 439,250 | 479,000 |
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 | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | 1,880,200 | |
Stock option activity, shares exercised | (15,686) | |
Stock option activity, shares canceled | (592,501) | |
Stock option activity, shares outstanding, at end of period | 6,846,192 | 5,574,179 |
Stock option activity, options exercisable at end of period | 3,553,381 | |
Weighted average exercise price, options outstanding at beginning of period | $ 16.55 | |
Weighted average exercise price, options granted | 10.18 | |
Weighted average exercise price, options exercised | 5.39 | |
Weighted average exercise price, option canceled | 16.04 | |
Weighted average exercise price, options outstanding at end of period | 14.87 | $ 16.55 |
Weighted average exercise price, options exercisable at end of period | $ 16.60 | |
Weighted average remaining contractual life outstanding | 7 years 6 months | 7 years 8 months 12 days |
Weighted average exercise price exercisable | 6 years 2 months 12 days | |
Aggregate intrinsic value outstanding | $ 10,758 | $ 12,178 |
Aggregate intrinsic value exercisable | $ 8,857 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |
Nov. 30, 2015Installment | Jun. 30, 2017USD ($)shares | Jun. 30, 2017USD ($)Rightshares | Jun. 30, 2016USD ($) | |
Former Executive [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 371,000 | |||
ESPP [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 100,000 | $ 116,000 | ||
Total unrecognized stock-based compensation expense | $ 69,000 | $ 69,000 | ||
Period for recognition of unrecognized expense | 4 months | |||
Offering period | 6 months | |||
Purchase price of common stock | 85.00% | |||
Number of shares of common stock authorized | shares | 242,424 | 242,424 | ||
Common stock shares available for issuance under ESPP | shares | 454,977 | 454,977 | ||
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 | 484,848 | ||
Stock Option [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 8,973,000 | 9,080,000 | ||
Total unrecognized stock-based compensation expense | $ 26,250,000 | $ 26,250,000 | ||
Period for recognition of unrecognized expense | 2 years 8 months 12 days | |||
Unvested Restricted Stock Units [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 1,594,000 | $ 2,367,000 | ||
Total unrecognized stock-based compensation expense | $ 1,147,000 | $ 1,147,000 | ||
Period for recognition of unrecognized expense | 4 months 24 days | |||
Right to received shares of common stock (shares) | Right | 1 | |||
Service condition that vest in equal annual installment | Installment | 2 | |||
Performance-Based RSUs [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | |||
Share based compensation grant date fair value | $ 2,600,000 |
Stock-based Compensation - Su35
Stock-based Compensation - Summary of RSU Activity (Detail) - Unvested Restricted Stock Units [Member] | 6 Months Ended |
Jun. 30, 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 | 289,800 |
Number of shares underlying RSUs, Forfeited | shares | (59,550) |
Number of shares underlying RSUs, Vested | shares | (5,300) |
Number of shares underlying RSUs, Unvested ending balance | shares | 439,250 |
Weighted-Average grant date fair value, Unvested beginning balance | $ / shares | $ 17.91 |
Weighted-Average grant date fair value, Granted | $ / shares | 10.31 |
Weighted-Average grant date fair value, Forfeited | $ / shares | 12.90 |
Weighted-Average grant date fair value, Vested | $ / shares | 17.91 |
Weighted-Average grant date fair value, Unvested ending balance | $ / shares | $ 13.27 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) € in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Nov. 30, 2014EUR (€)ft² | Mar. 31, 2014USD ($)ft²Lease | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Mar. 31, 2015USD ($) | Jun. 30, 2017USD ($)ft² | Jun. 30, 2016USD ($) | Nov. 30, 2014USD ($)ft² | |
Commitments and Contingencies Disclosure [Abstract] | ||||||||
Office and laboratory space leased | ft² | 3,681 | 29,933 | 3,681 | |||||
Number of additional lease term | Lease | 1 | |||||||
Additional extension term of lease | 5 years | |||||||
Allowance for improvements | $ 1,616 | |||||||
Security deposit in the form of a letter of credit | $ 400 | |||||||
Security deposit in the form of a letter of credit which may be reduced in January 2018 | $ 200 | |||||||
Operating lease amendment, leased premises expansion | ft² | 16,234 | 16,234 | ||||||
Operating lease amendment, additional space | ft² | 27,701 | 27,701 | ||||||
Reclassified to current assets | $ 200 | $ 200 | ||||||
Operating lease agreement term | 5 years | |||||||
Scheduled rent payments due | € 374 | $ 427 | ||||||
Total rent expense | $ 297 | $ 290 | $ 598 | $ 579 |
Equity - Controlled Equity Offe
Equity - Controlled Equity Offering Sales Agreement - Additional Information (Detail) - USD ($) | Jul. 31, 2017 | Apr. 28, 2017 | Jun. 30, 2017 | Jun. 30, 2017 | Nov. 07, 2016 | Dec. 07, 2015 |
Follow-on Offering [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 | 3,902,439 | |||||
Public offering price of common shares | $ 10.25 | |||||
Net proceeds after deducting underwriting discounts, commissions and offering expenses | $ 37,900,000 | |||||
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 | 1,276,017 | |||||
Net proceeds from sale of common stock | $ 14,400,000 | |||||
Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [Member] | 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 | 7,042,213 | |||||
Net proceeds from sale of common stock | $ 66,500,000 | |||||
Maximum [Member] | Cantor Fitzgerald & Co. [Member] | Controlled Equity Offering Sales Agreement [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% |