Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 27, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RGLS | |
Entity Registrant Name | REGULUS THERAPEUTICS INC. | |
Entity Central Index Key | 1,505,512 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 52,781,008 |
Condensed Balance Sheets
Condensed Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 19,249 | $ 15,960 |
Short-term investments | 85,849 | 98,103 |
Restricted cash | 918 | 1,256 |
Prepaid expenses | 9,272 | 8,159 |
Contract and other receivables | 61 | 10,021 |
Other current assets | 410 | 759 |
Total current assets | 115,759 | 134,258 |
Property and equipment, net | 10,956 | 5,400 |
Intangibles, net | 1,069 | 1,081 |
Other assets | 354 | 344 |
Total assets | 128,138 | 141,083 |
Current liabilities: | ||
Accounts payable | 3,622 | 2,717 |
Accrued liabilities | 5,456 | 6,329 |
Accrued compensation | 1,211 | 2,392 |
Current portion of deferred revenue | 723 | 1,194 |
Total current liabilities | 11,012 | 12,632 |
Deferred revenue, less current portion | 2,047 | 2,065 |
Other long-term liabilities | 7,850 | 2,308 |
Total liabilities | $ 20,909 | $ 17,005 |
Commitments and Contingencies | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; 200,000,000 shares authorized, 52,774,550 and 52,669,266 shares issued and outstanding at March 31, 2016 (unaudited) and December 31, 2015, respectively | $ 53 | $ 53 |
Additional paid-in capital | 319,990 | 315,673 |
Accumulated other comprehensive loss | (92) | (133) |
Accumulated deficit | (212,722) | (191,515) |
Total stockholders’ equity | 107,229 | 124,078 |
Total liabilities and stockholders’ equity | $ 128,138 | $ 141,083 |
Condensed Balance Sheets (Paren
Condensed Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 52,774,550 | 52,669,266 |
Common stock, shares outstanding | 52,774,550 | 52,669,266 |
Condensed Statements of Operati
Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Total revenues | $ 489 | $ 4,200 |
Operating expenses: | ||
Research and development | 16,764 | 13,427 |
General and administrative | 5,103 | 3,644 |
Total operating expenses | 21,867 | 17,071 |
Loss from operations | (21,378) | (12,871) |
Other income (expense): | ||
Interest and other income | 190 | 199 |
Interest and other expense | (24) | (8) |
Loss from valuation of convertible note payable | 0 | (1,811) |
Loss before income taxes | (21,212) | (14,491) |
Income tax benefit | 5 | 4 |
Net loss | (21,207) | (14,487) |
Other comprehensive loss: | ||
Unrealized gain on short-term investments, net | 40 | 58 |
Comprehensive loss | $ (21,167) | $ (14,429) |
Net loss per share, basic and diluted (in dollars per share) | $ (0.40) | $ (0.29) |
Weighted average shares used to compute basic and diluted net loss per share (in shares) | 52,710,672 | 50,071,165 |
Strategic Alliances and Collaborations | ||
Revenues: | ||
Total revenues | $ 489 | $ 4,200 |
Condensed Statements of Cash Fl
Condensed Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating activities | ||
Net loss | $ (21,207) | $ (14,487) |
Adjustments to reconcile net loss to net cash used in operating activities | ||
Depreciation and amortization expense | 419 | 394 |
Loss from valuation of convertible note payable | 0 | 1,811 |
Stock-based compensation | 3,749 | 3,103 |
Amortization of premium on investments, net | 198 | 425 |
Loss on disposal of long-term assets | 0 | 50 |
Change in operating assets and liabilities: | ||
Contracts and other receivables | 9,959 | (2,469) |
Prepaid expenses | (1,113) | (148) |
Other assets | 338 | 226 |
Accounts payable | 906 | 471 |
Accrued liabilities | (596) | 899 |
Accrued compensation | (1,181) | (1,059) |
Deferred revenue | (489) | (389) |
Deferred rent and other liabilities | 87 | (79) |
Net cash used in operating activities | (8,930) | (11,252) |
Investing activities | ||
Purchases of short-term investments | (20,475) | (37,157) |
Sales and maturities of short-term investments | 32,572 | 30,010 |
Purchases of property and equipment | (395) | (236) |
Acquisition of intangibles | (11) | (7) |
Net cash provided by (used in) investing activities | 11,691 | (7,390) |
Financing activities | ||
Proceeds from issuance of common stock, net | 363 | 257 |
Proceeds from exercise of common stock options | 206 | 695 |
Principal payments on other long-term obligations | (41) | (37) |
Net cash provided by financing activities | 528 | 915 |
Net increase (decrease) in cash and cash equivalents | 3,289 | (17,727) |
Cash and cash equivalents at beginning of period | 15,960 | 37,327 |
Cash and cash equivalents at end of period | 19,249 | 19,600 |
Supplemental disclosure of cash flow information | ||
Net changes in restricted cash | (338) | 0 |
Interest paid | (5) | (8) |
Income taxes paid | (1) | (1) |
Supplemental disclosure of non-cash investing and financing activities | ||
Allowance for tenant improvements | 5,470 | 0 |
Amounts accrued for property and equipment | $ 86 | $ 14 |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, the accompanying financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the results for the interim periods presented. Interim financial results are not necessarily indicative of results anticipated for the full year. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2015 , from which the balance sheet information herein was derived. Use of Estimates Our condensed financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements and accompanying notes. An estimated loss contingency is accrued in our financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. Revenue Recognition Our revenues generally consist of upfront payments for licenses or options to obtain licenses in the future, milestone payments and payments for other research services under strategic alliance and collaboration agreements. We recognize revenues when all four of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery of the products and/or services has occurred; (3) the selling price is fixed or determinable; and (4) collectability is reasonably assured. Multiple element arrangements, such as our strategic alliance agreements with Sanofi and AstraZeneca AB (“AstraZeneca”), are analyzed to determine whether the deliverables within the agreement can be separated or whether they must be accounted for as a single unit of accounting. Deliverables under the agreement will be accounted for as separate units of accounting provided that (i) a delivered item has value to the customer on a stand-alone basis; and (ii) if the agreement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. The allocation of consideration amongst the deliverables under the agreement is derived using a “best estimate of selling price” if vendor specific objective evidence and third-party evidence of fair value is not available. If the delivered element does not have stand-alone value, the arrangement is then accounted for as a single unit of accounting, and we recognize the consideration received under the arrangement as revenue on a straight-line basis, which approximates effort over our estimated period of performance, which for us is often the expected term of the research and development plan. Milestones We apply the milestone method of accounting to recognize revenue from milestone payments when earned, as evidenced by written acknowledgment from the collaborator or other persuasive evidence that the milestone has been achieved and the payment is non-refundable, provided that the milestone event is substantive. A milestone event is defined as an event (i) that can only be achieved based in whole or in part on either our performance or on the occurrence of a specific outcome resulting from our performance; (ii) for which there is substantive uncertainty at the inception of the arrangement that the event will be achieved; and (iii) that would result in additional payments being due to us. Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. A milestone event is substantive if all of the following conditions are met: (i) the consideration is commensurate with either our performance to achieve the milestone, or the enhancement of the value to the delivered item(s) as a result of a specific outcome resulting from our performance to achieve the milestone; (ii) the consideration relates solely to past performance; and (iii) the consideration is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement. We assess whether a milestone is substantive at the inception of each arrangement. If a milestone is deemed non-substantive, we will account for that milestone payment using a method consistent with the related units of accounting for the arrangement over the related performance period. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. Amounts not expected to be recognized within the next 12 months are classified as non-current deferred revenue. Stock-Based Compensation We account for stock-based compensation expense related to stock options granted to employees and members of our board of directors by estimating the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. We recognize stock-based compensation expense using the accelerated multiple-option approach. Under the accelerated multiple-option approach (also known as the graded-vesting method), we recognize compensation expense over the requisite service period for each separately vesting tranche of the award as though the award was in substance multiple awards, resulting in accelerated expense recognition over the vesting period. For performance-based awards granted to employees (i) the fair value of the award is determined on the grant date, (ii) we assess the probability of the individual milestones under the award being achieved and (iii) the fair value of the shares subject to the milestone is expensed over the implicit service period commencing once management believes the performance criteria is probable of being met. We account for stock options granted to non-employees using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. Fair Value Option Applicable accounting policies permit entities to choose, at specified election dates, to measure specified items at fair value if the decision about the election is: (1) applied instrument by instrument, (2) irrevocable, and (3) applied to an entire instrument. The balance of our convertible note payable, which was valued under the fair value option, was converted into shares of common stock in January 2015 (see Note 4). Clinical Trial and Preclinical Study Accruals We make estimates of our accrued expenses as of each balance sheet date in our financial statements based on the facts and circumstances known to us at that time. Our accrued expenses for preclinical studies and clinical trials are based on estimates of costs incurred and fees that may be associated with services provided by clinical trial investigational sites, clinical research organizations (“CROs”) and for other clinical trial-related activities. Payments under certain contracts with such parties depend on factors such as successful enrollment of patients, site initiation and the completion of clinical trial milestones. In accruing for these services, we estimate the time period over which services will be performed and the level of effort to be expended in each period. If possible, we obtain information regarding unbilled services directly from these service providers. However, we may be required to estimate these services based on other information available to us. If we underestimate or overestimate the activities or fees associated with a study or service at a given point in time, adjustments to research and development expenses may be necessary in future periods. Historically, our estimated accrued liabilities have approximated actual expense incurred. Subsequent changes in estimates may result in a material change in our accruals. Restricted Cash Restricted cash consists of amounts received for a specific and limited purpose, and therefore not available for general operating activities. In August 2015, we received $1.4 million in connection with our facility lease agreement with Walton Torrey Owner B, L.L.C, entered into in July 2015. The use of these funds are restricted to costs associated with the relocation of our corporate headquarters. As of March 31, 2016 , our restricted cash balance was $0.9 million . Prepaid Expenses We capitalize the purchase of certain raw materials and related supplies for use in the manufacturing of drug product in our clinical development programs, as we have determined that these materials have alternative future use. We can use these raw materials and related supplies in multiple clinical drug products, and therefore have future use independent of the development status of any particular drug program until it is utilized in the manufacturing process. We periodically review these capitalized materials for indicators of impairment, including shelf life, continued alternative future use and obsolescence. We have not recorded any adjustments to the carrying value of these materials to date. These materials are recorded as prepaid expenses in our consolidated balance sheets. Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-19”). Adoption of ASU No. 2014-9 requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update is effective for annual reporting periods beginning after December 15, 2017 and interim periods therein and requires expanded disclosures. We are currently evaluating the impact of adoption on our financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern , which requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. This standard is effective for annual reporting periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. The adoption of this guidance will have no impact on our financial statements. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as non-current in the balance sheet. This standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted and in 2015 the Company elected to adopt this ASU prospectively. The adoption of this standard did not have a material impact on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which eliminates the requirement for public companies to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Additionally, the standard requires public entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Furthermore, the standard requires presentation of financial assets and liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted. We are currently evaluating the impact of adoption on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, which increases transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. We are currently evaluating the impact of adoption on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted. We are currently evaluating the impact of adoption on our financial statements. |
Net Loss Per Share
Net Loss Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of common shares outstanding for the period, without consideration for common stock equivalents. Diluted net loss per share is calculated by dividing the net loss by the weighted-average number of common share equivalents outstanding for the period determined using the treasury-stock method. Dilutive common stock equivalents are comprised of options outstanding under our stock option plans. For all periods presented, there is no difference in the number of shares used to calculate basic and diluted net loss per share. Potentially dilutive securities not included in the calculation of diluted net loss per share because to do so would be anti-dilutive consisted of 2,413,720 and 2,813,279 shares attributable to common stock options for the three months ended March 31, 2016 and 2015 , respectively. |
Investments
Investments | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments We invest our excess cash in commercial paper and debt instruments of financial institutions and corporations. As of March 31, 2016 , our short-term investments had a weighted average maturity of less than two years. The following tables summarize our short-term investments (in thousands): Maturity (in years) Amortized cost Unrealized Estimated fair value Gains Losses As of March 31, 2016 Corporate debt securities 2 or less $ 70,394 $ 20 $ (49 ) $ 70,365 Certificates of deposit 2 or less 11,240 — — 11,240 Commercial paper 1 or less 4,235 9 — 4,244 Total $ 85,869 $ 29 $ (49 ) $ 85,849 Maturity (in years) Amortized cost Unrealized Estimated fair value Gains Losses As of December 31, 2015 Corporate debt securities 2 or less $ 81,054 $ 16 $ (103 ) $ 80,967 Certificates of deposit 2 or less 13,640 — — 13,640 Commercial paper 1 or less 3,490 6 — 3,496 Total $ 98,184 $ 22 $ (103 ) $ 98,103 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Fair Value Measurements We have certain financial assets recorded at fair value which have been classified as Level 1, 2, or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. Accounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The accounting standards provide an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors that market participants would use in valuing the asset or liability. The accounting standards prioritize the inputs used in measuring the fair value into the following hierarchy: • Level 1 includes financial instruments for which quoted market prices for identical instruments are available in active markets. • Level 2 includes financial instruments for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets with insufficient volume or infrequent transactions (less active markets) or model-driven valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 includes financial instruments for which fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including management’s own assumptions. Financial Assets Measured at Fair Value The following table presents our fair value hierarchy for assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 (in thousands): Fair value as of March 31, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 17,482 $ 17,482 $ — $ — Corporate debt securities 70,365 — 70,365 — Certificates of deposit 11,240 — 11,240 — Commercial paper 4,244 — 4,244 — $ 103,331 $ 17,482 $ 85,849 $ — Fair value as of December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 15,152 $ 15,152 $ — $ — Corporate debt securities 80,967 — 80,967 — Certificates of deposit 13,640 — 13,640 — Commercial paper 3,496 — 3,496 — $ 113,255 $ 15,152 $ 98,103 $ — We obtain pricing information from quoted market prices or quotes from brokers/dealers. We generally determine the fair value of our investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. Refer to Note 3 for information regarding our investments. Financial Liabilities Measured at Fair Value In October 2012, in conjunction with our initial public offering, the amended and restated convertible promissory note originally issued in February 2010 rolled over into a new promissory note (the "Post-IPO GSK Note"). The Post-IPO GSK Note was established in the principal amount of $5.4 million , with a maturity date of October 9, 2015 . We used an income approach in the form of a convertible bond valuation model to value our convertible note payable. The convertible bond model considered the debt and option characteristics of the note. On January 29, 2015, the principal amount outstanding under the Post-IPO GSK Note of $5.4 million was converted into 1,356,738 shares of our common stock at a conversion price of $4.00 per share. A final valuation upon conversion was performed, considering only the option characteristics of the note as its conversion was certain. Key inputs of volatility, risk-free rate and credit spread were considered, however, the final valuation was substantially driven by the number of shares of common stock issued upon conversion ( 1,356,738 ) and our stock price on the date of conversion ( $18.58 ). Upon issuance of the common stock, the fair value of the convertible note was classified into stockholders' equity. We recorded a loss from the change in valuation of the convertible note payable of $1.8 million in the condensed statements of operations and comprehensive loss upon conversion in January 2015. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Shares Reserved for Future Issuance The following shares of common stock were reserved for future issuance as of March 31, 2016 : Common stock options outstanding 6,624,083 Common stock available for future grant under 2012 Equity Incentive Plan 2,491,184 Common stock available for future grant under 2015 Inducement Plan 581,806 Employee Stock Purchase Plan 1,697,431 Total common shares reserved for future issuance 11,394,504 The following table summarizes our stock option activity under all equity incentive plans for the three months ended March 31, 2016 (shares in thousands): Number of options Weighted average exercise price Options outstanding at December 31, 2015 5,126 $ 8.91 Granted 1,960 $ 6.75 Exercised (43 ) $ 4.83 Canceled/forfeited/expired (419 ) $ 10.61 Options outstanding at March 31, 2016 6,624 $ 8.19 Stock-Based Compensation The following table summarizes the weighted average assumptions used to estimate the fair value of stock options and performance stock awards granted to employees under our 2012 Equity Incentive Plan and 2015 Inducement Plan and the shares purchasable under our Employee Stock Purchase Plan during the periods presented: Three months ended 2016 2015 Stock options Risk-free interest rate 1.4 % 1.7 % Volatility 79.9 % 75.1 % Dividend yield — — Expected term (years) 5.9 6.1 Performance stock options Risk-free interest rate 1.5 % 1.8 % Volatility 79.4 % 76.4 % Dividend yield — — Expected term (years) 6.0 6.0 Employee stock purchase plan shares Risk-free interest rate 0.3 % 0.1 % Volatility 79.2 % 72.9 % Dividend yield — — Expected term (years) 0.5 0.5 The following table summarizes the allocation of our stock-based compensation expense for all stock awards during the periods presented (in thousands): Three months ended 2016 2015 Research and development $ 1,432 $ 1,956 General and administrative 2,317 1,147 Total $ 3,749 $ 3,103 |
Strategic Alliances and Collabo
Strategic Alliances and Collaborations | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Strategic Alliances and Collaborations | Strategic Alliances and Collaborations The following table summarizes our total revenues from our strategic alliances and collaborations during the periods presented (in thousands): Three months ended 2016 2015 AstraZeneca $ 471 $ 3,582 Sanofi 18 18 Biogen — 600 Total $ 489 $ 4,200 AstraZeneca In August 2012, we entered into a collaboration and license agreement with AstraZeneca. Under the terms of the agreement, we have agreed to collaborate with AstraZeneca to identify, research and develop compounds targeting three micro RNA alliance targets primarily in the fields of cardiovascular diseases, metabolic diseases and oncology. Pursuant to the agreement, we granted AstraZeneca an exclusive, worldwide license to thereafter develop, manufacture and commercialize lead compounds designated by AstraZeneca in the course of the collaboration activities against the alliance targets for all human therapeutic uses. Under the terms of the agreement we are required to use commercially reasonable efforts to perform all research, development and manufacturing activities described in the research plan, at our cost, until the acceptance of an investigational new drug application ("IND") or the end of the research term, which extends until the fourth anniversary of the date of the agreement, or August 2016, and may be extended only by mutual written agreement of us and AstraZeneca. Following the earlier to occur of the acceptance of an IND in a major market or the end of the research term, AstraZeneca will assume all costs, responsibilities and obligations for further development, manufacture and commercialization of alliance product candidates. Under the terms of the agreement, we received an upfront payment of $3.0 million in October 2012. We determined the elements within the agreement should be treated as a single unit of accounting because the delivered element, the license, does not have stand-alone value. As a result, we are recognizing revenue related to the upfront payment on a straight-line basis over our estimated period of performance, which is four years based on the expected term of the research and development plan. Concurrently with the collaboration and license agreement, we entered into a Common Stock Purchase Agreement (“CSPA”) with AstraZeneca, pursuant to which we agreed to sell to AstraZeneca an aggregate of $25.0 million of our common stock in a private placement concurrently with our initial public offering, at a price per share equal to the initial public offering price. In October 2012, in accordance with the CSPA, we sold AstraZeneca 6,250,000 shares of our common stock at a price per share of $4.00 . Further, the CSPA stipulated that AstraZeneca could not sell, transfer, make any short sale of, or grant any option for the sale of any common stock for a 365 -day period following the effective date of our initial public offering. Accounting standards for multiple element arrangements contains a presumption that separate contracts negotiated and/or entered into at or near the same time with the same entity were negotiated as a package and should be evaluated as a single agreement. We valued the discount applied to the shares of common stock due to the one -year restriction. Based upon restricted stock studies of similar duration and a Black-Scholes valuation to measure a discount for lack of marketability, $4.3 million was attributed to the collaboration and license agreement. We continue to recognize the $4.3 million into revenue ratably over the estimated period of performance of the collaboration. As of March 31, 2016 , deferred revenue associated with the collaboration and license agreement and CSPA was $0.7 million , which we are expecting to recognize over the remaining contractual term and corresponding estimated period of performance of approximately five months. In March 2015, we earned a $2.5 million preclinical milestone payment upon AstraZeneca’s selection of RG-125, a GalNAc-conjugated anti-miR targeting micro RNA-103/107, as a lead compound under the agreement. In December 2015, we earned a $10.0 million clinical milestone payment upon AstraZeneca's first patient dosing in a first-in-human Phase I clinical study of RG-125. If all three targets are successfully developed and commercialized through pre-agreed sales targets, we could receive additional milestone payments of up to $485.5 million , including preclinical milestones of up to $2.5 million upon selection of a lead compound, up to $113.0 million for clinical milestones, and up to $370.0 million for commercialization milestones. In addition, we are entitled to receive royalties based on a percentage of net sales which will range from the mid-single digits to the low end of the 10 to 20% range, depending upon the product and the volume of sales, which royalties may be reduced in certain, limited circumstances. We have evaluated the contingent event-based payments under our collaboration and license agreement with AstraZeneca and determined that the preclinical milestone and the milestone earned for the initiation of a Phase I clinical trial meet the definition of substantive milestones. Accordingly, revenue for these achievements was recognized in its entirety in the period when the milestone is achieved and collectability is reasonably assured. Other contingent event-based payments under the agreement for which payment is contingent upon the results of AstraZeneca’s performance will not be accounted for using the milestone method. Such payments will be recognized as revenue over the remaining estimated period of performance, if any, and when collectability is reasonably assured. In January 2015, we entered into a letter agreement with AstraZeneca to amend the collaboration and license agreement. Under the terms of the letter agreement, we agreed to perform additional miR-103/107 program research and development activities related to RG-125. AstraZeneca agreed to fund 50% of the costs for these additional activities, as outlined in the letter agreement. In accordance with the collaboration and license agreement, AstraZeneca funded 100% of the costs for product manufacturing activities outlined in the letter agreement necessary to support a Phase I clinical study. In December 2015, we completed a technology transfer to AstraZeneca and have no further obligations to AstraZeneca for future development of RG-125. We recognized $0.6 million for the three months ended March 31, 2015 for the performance of research and development and product manufacturing activities outlined in the letter agreement. As of December 31, 2015, the Company's obligations under the letter agreement were complete. Sanofi In July 2012, we amended and restated our collaboration and license agreement with Sanofi to expand the potential therapeutic applications of the micro RNA alliance targets to be developed under such agreement. We determined that the elements within the strategic alliance agreement with Sanofi should be treated as a single unit of accounting because the delivered elements did not have stand-alone value to Sanofi. The following elements were delivered as part of the strategic alliance with Sanofi: (1) a license for up to four micro RNA targets; and (2) a research license under our technology alliance. In June 2013, the original research term expired, upon which we and Sanofi entered into an option agreement pursuant to which Sanofi was granted an exclusive right to negotiate the co-development and commercialization of certain of our unencumbered micro RNA programs and we were granted the exclusive right to negotiate with Sanofi for co-development and commercialization of certain miR-21 anti-miRs in oncology and Alport syndrome. In July 2013, we received an upfront payment of $2.5 million , of which $1.25 million is creditable against future amounts payable by Sanofi to us under any future co-development and commercialization agreement we enter pursuant to the option agreement. Revenue associated with the creditable portion of this option payment remained deferred as of March 31, 2016 , and will remain deferred until its application to a creditable transaction. The non-creditable portion of this payment, $1.25 million , was recognized as revenue over the option period from the effective date of the option agreement in June 2013 through the expiration of the option period in January 2014. In February 2014, we and Sanofi entered into a second amended and restated collaboration and license agreement (the “2014 Sanofi Amendment”) to renew our strategic alliance to discover, develop and commercialize micro RNA therapeutics to focus on specific orphan disease and oncology targets. Under the terms of our renewed alliance, Sanofi will have opt-in rights to our preclinical fibrosis program targeting miR-21 for the treatment of Alport syndrome, our preclinical program targeting miR-21 for oncology indications, and our preclinical program targeting miR-221/222 for hepatocellular carcinoma (“HCC”). We are responsible for developing each of these programs to proof-of-concept, at which time Sanofi has an exclusive option on each program. If Sanofi chooses to exercise its option on any of these programs, Sanofi will reimburse us for a significant portion of our preclinical and clinical development costs and will also pay us an option exercise fee for any such program, provided that $1.25 million of the $2.5 million upfront option fee paid to us by Sanofi in connection with the June 2013 option agreement will be creditable against such option exercise fee. In addition, we will be eligible to receive clinical and regulatory milestone payments and potentially commercial milestone payments for these programs. We also continue to be eligible to receive royalties on micro RNA therapeutic products commercialized by Sanofi and will have the right to co-promote these products. In connection with the 2014 Sanofi Amendment, we entered into a Common Stock Purchase Agreement (the “Purchase Agreement”), pursuant to which we sold 1,303,780 shares of our common stock to Aventisub LLC (formerly Aventis Holdings, Inc.) (“Aventis”), an entity affiliated with Sanofi, in a private placement at a price per share of $7.67 for an aggregate purchase price of $10.0 million . Under the terms of the Purchase Agreement, Aventis was not permitted to sell, transfer, make any short sale of, or grant any option for the sale of any common stock for the 12 -month period following its effective date. The Purchase Agreement and the 2014 Sanofi Amendment were negotiated concurrently and were therefore evaluated as a single agreement. Based upon restricted stock studies of similar duration and a Black-Scholes valuation to measure the discount for lack of marketability, approximately $0.4 million of the proceeds from the Purchase Agreement was attributed to the 2014 Sanofi Amendment, and represents consideration for the value of the program targeting miR-221/222 for HCC. As this element does not have stand-alone value, we are recognizing the $0.4 million allocated consideration into revenue ratably over the estimated period of performance of the miR-221/222 program. As of March 31, 2016 , deferred revenue associated with the Purchase Agreement and the 2014 Sanofi Amendment was $0.3 million , which we are expecting to recognize over the remaining estimated period of performance of approximately four years. We are eligible to receive milestone payments of up to $101.8 million for proof-of-concept option exercise fees (net of $1.25 million creditable, as noted above), $15.0 million for clinical milestones and up to $300.0 million for regulatory and commercial milestones. In addition, we are entitled to receive royalties based on a percentage of net sales of any products from the miR-21 and miR-221/222 programs which, in the case of sales in the United States, will be in the middle of the 10 to 20% range, and, in the case of sales outside of the United States, will range from the low end to the middle of the 10 to 20% range, depending upon the volume of sales. If we exercise our option to co-promote a product, we will continue to be eligible to receive royalties on net sales of each product in the United States at the same rate, unless we elect to share a portion of Sanofi’s profits from sales of such product in the United States in lieu of royalties. We have evaluated the contingent event-based payments under the 2014 Sanofi Amendment and determined that the milestone payments meet the definition of substantive milestones. Accordingly, revenue for these achievements will be recognized in their entirety in the period when the milestone is achieved and collectability is reasonably assured. Other contingent event-based payments under the 2014 Sanofi Amendment for which payment is contingent upon the results of Sanofi’s performance will not be accounted for using the milestone method. Such payments will be recognized as revenue over the remaining estimated period of performance, if any, and when collectability is reasonably assured. Biogen In August 2014, we entered into a collaboration and license agreement with Biogen to collaborate on micro RNA biomarkers for multiple sclerosis. Pursuant to the terms of the collaboration and license agreement, we received an upfront payment of $2.0 million . We determined that the elements within the collaboration and license agreement were to be treated as a single unit of accounting because the delivered element, the license, did not have stand-alone value to Biogen. As a result, we recognized revenue relating to the upfront payment of $2.0 million on a straight-line basis over the estimated period of performance, which was approximately one year based on the expected term of the research and development plan. In July 2015, the collaboration and license agreement was amended to modify the conditions of the third research-based milestone. Additionally, the amendment extended the expected research term from 12 months to 14 months . We recognized the remaining upfront payment on a straight-line basis over the amended expected term. As of December 31, 2015, our period of performance was complete and the deferred revenue balance was zero . In January 2015, May 2015, and September 2015, we earned research milestone payments under the collaboration and license agreement of $0.1 million , $0.3 million and $0.3 million , respectively. We evaluated the contingent event-based payments under our collaboration and license agreement with Biogen and determined that the research milestone payments met the definition of substantive milestones. Accordingly, revenue for these achievements was recognized in the period the milestones were achieved and collectability was reasonably assured. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions We have entered into certain agreements with related parties in the ordinary course of business to license intellectual property and to procure administrative and research and development support services. In September 2014, we entered into an agreement with Sanofi-Aventis Deutschland GmbH (“Sanofi Deutschland”), a contract manufacturing subsidiary of Sanofi, for the manufacture of certain drug substance requirements and other services to support our preclinical and clinical activities associated with the RG-012 program. Pursuant to this agreement, we may engage Sanofi Deutschland from time-to-time to manufacture RG-012 drug product on our behalf. Expenses incurred under the Sanofi agreement for services performed or out-of-pocket expenses were $0.8 million for the three months ended March 31, 2016 , compared to $0.4 million for the three months ended March 31, 2015 . In February 2015, we entered into a letter agreement with Alnylam Pharmaceuticals, Inc. ("Alnylam") pursuant to which we and Alnylam agreed to the financial terms for certain technology acquired by Alnylam within the licensed patent rights under our Amended and Restated License and Collaboration Agreement (the “Additional Patent Rights”) with Alnylam and Ionis Pharmaceuticals, Inc. In addition to any royalties payable by us to Alnylam pursuant to the terms of the Amended and Restated License and Collaboration Agreement, we agreed to pay Alnylam an additional low single-digit royalty on net sales of certain products utilizing the Additional Patent Rights, with the exact royalty percentage payable being dependent on the total amount of net sales during the calendar year. We also agreed to pay Alnylam milestone payments on certain products utilizing the additional patent rights of up to $33.0 million per product upon the achievement of certain regulatory milestone events. There was no activity under this agreement for the three months ended March 31, 2016 . |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On May 1, 2016, we commenced the term of the facility lease agreement with Walton Torrey Owner B, L.L.C., which we entered into in July 2015, for approximately 59,000 square feet of office and laboratory space in San Diego, California, for a term of 96 months. We anticipate completing the relocation of the Company's headquarters in the second quarter of 2016. |
Basis of Presentation and Sum14
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In management’s opinion, the accompanying financial statements reflect all adjustments, consisting of normal recurring adjustments, considered necessary for a fair presentation of the results for the interim periods presented. Interim financial results are not necessarily indicative of results anticipated for the full year. These unaudited condensed financial statements should be read in conjunction with the Company’s audited financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2015 , from which the balance sheet information herein was derived. |
Use of Estimates | Use of Estimates Our condensed financial statements are prepared in accordance with GAAP, which requires us to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities in our financial statements and accompanying notes. An estimated loss contingency is accrued in our financial statements if it is probable that a liability has been incurred and the amount of the loss can be reasonably estimated. Although these estimates are based on our knowledge of current events and actions we may undertake in the future, actual results may ultimately differ from these estimates and assumptions. |
Revenue Recognition | Revenue Recognition Our revenues generally consist of upfront payments for licenses or options to obtain licenses in the future, milestone payments and payments for other research services under strategic alliance and collaboration agreements. We recognize revenues when all four of the following criteria are met: (1) persuasive evidence of an arrangement exists; (2) delivery of the products and/or services has occurred; (3) the selling price is fixed or determinable; and (4) collectability is reasonably assured. Multiple element arrangements, such as our strategic alliance agreements with Sanofi and AstraZeneca AB (“AstraZeneca”), are analyzed to determine whether the deliverables within the agreement can be separated or whether they must be accounted for as a single unit of accounting. Deliverables under the agreement will be accounted for as separate units of accounting provided that (i) a delivered item has value to the customer on a stand-alone basis; and (ii) if the agreement includes a general right of return relative to the delivered item, delivery or performance of the undelivered item is considered probable and substantially in the control of the vendor. The allocation of consideration amongst the deliverables under the agreement is derived using a “best estimate of selling price” if vendor specific objective evidence and third-party evidence of fair value is not available. If the delivered element does not have stand-alone value, the arrangement is then accounted for as a single unit of accounting, and we recognize the consideration received under the arrangement as revenue on a straight-line basis, which approximates effort over our estimated period of performance, which for us is often the expected term of the research and development plan. Milestones We apply the milestone method of accounting to recognize revenue from milestone payments when earned, as evidenced by written acknowledgment from the collaborator or other persuasive evidence that the milestone has been achieved and the payment is non-refundable, provided that the milestone event is substantive. A milestone event is defined as an event (i) that can only be achieved based in whole or in part on either our performance or on the occurrence of a specific outcome resulting from our performance; (ii) for which there is substantive uncertainty at the inception of the arrangement that the event will be achieved; and (iii) that would result in additional payments being due to us. Events for which the occurrence is either contingent solely upon the passage of time or the result of a counterparty’s performance are not considered to be milestone events. A milestone event is substantive if all of the following conditions are met: (i) the consideration is commensurate with either our performance to achieve the milestone, or the enhancement of the value to the delivered item(s) as a result of a specific outcome resulting from our performance to achieve the milestone; (ii) the consideration relates solely to past performance; and (iii) the consideration is reasonable relative to all the deliverables and payment terms (including other potential milestone consideration) within the arrangement. We assess whether a milestone is substantive at the inception of each arrangement. If a milestone is deemed non-substantive, we will account for that milestone payment using a method consistent with the related units of accounting for the arrangement over the related performance period. Deferred Revenue Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying balance sheets. Amounts not expected to be recognized within the next 12 months are classified as non-current deferred revenue. |
Stock-Based Compensation | Stock-Based Compensation We account for stock-based compensation expense related to stock options granted to employees and members of our board of directors by estimating the fair value of each stock option on the date of grant using the Black-Scholes option pricing model. We recognize stock-based compensation expense using the accelerated multiple-option approach. Under the accelerated multiple-option approach (also known as the graded-vesting method), we recognize compensation expense over the requisite service period for each separately vesting tranche of the award as though the award was in substance multiple awards, resulting in accelerated expense recognition over the vesting period. For performance-based awards granted to employees (i) the fair value of the award is determined on the grant date, (ii) we assess the probability of the individual milestones under the award being achieved and (iii) the fair value of the shares subject to the milestone is expensed over the implicit service period commencing once management believes the performance criteria is probable of being met. We account for stock options granted to non-employees using the fair value approach. Stock options granted to non-employees are subject to periodic revaluation over their vesting terms. |
Fair Value Option | Fair Value Option Applicable accounting policies permit entities to choose, at specified election dates, to measure specified items at fair value if the decision about the election is: (1) applied instrument by instrument, (2) irrevocable, and (3) applied to an entire instrument. The balance of our convertible note payable, which was valued under the fair value option, was converted into shares of common stock in January 2015 (see Note 4). Fair Value Measurements We have certain financial assets recorded at fair value which have been classified as Level 1, 2, or 3 within the fair value hierarchy as described in the accounting standards for fair value measurements. Accounting standards define fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants as of the measurement date. Market participants are buyers and sellers in the principal market that are (i) independent, (ii) knowledgeable, (iii) able to transact, and (iv) willing to transact. The accounting standards provide an established hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that the most observable inputs be used when available. Observable inputs are inputs that market participants would use in valuing the asset or liability and are developed based on market data obtained from independent sources. Unobservable inputs are inputs that reflect our assumptions about the factors that market participants would use in valuing the asset or liability. The accounting standards prioritize the inputs used in measuring the fair value into the following hierarchy: • Level 1 includes financial instruments for which quoted market prices for identical instruments are available in active markets. • Level 2 includes financial instruments for which there are inputs other than quoted prices included within Level 1 that are observable for the instrument such as quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets with insufficient volume or infrequent transactions (less active markets) or model-driven valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. • Level 3 includes financial instruments for which fair value is derived from valuation techniques in which one or more significant inputs are unobservable, including management’s own assumptions. |
Clinical Trial and Preclinical Study Accruals | Clinical Trial and Preclinical Study Accruals We make estimates of our accrued expenses as of each balance sheet date in our financial statements based on the facts and circumstances known to us at that time. Our accrued expenses for preclinical studies and clinical trials are based on estimates of costs incurred and fees that may be associated with services provided by clinical trial investigational sites, clinical research organizations (“CROs”) and for other clinical trial-related activities. Payments under certain contracts with such parties depend on factors such as successful enrollment of patients, site initiation and the completion of clinical trial milestones. In accruing for these services, we estimate the time period over which services will be performed and the level of effort to be expended in each period. If possible, we obtain information regarding unbilled services directly from these service providers. However, we may be required to estimate these services based on other information available to us. If we underestimate or overestimate the activities or fees associated with a study or service at a given point in time, adjustments to research and development expenses may be necessary in future periods. Historically, our estimated accrued liabilities have approximated actual expense incurred. Subsequent changes in estimates may result in a material change in our accruals. |
Restricted Cash | Restricted Cash Restricted cash consists of amounts received for a specific and limited purpose, and therefore not available for general operating activities. |
Prepaid Expenses | Prepaid Expenses We capitalize the purchase of certain raw materials and related supplies for use in the manufacturing of drug product in our clinical development programs, as we have determined that these materials have alternative future use. We can use these raw materials and related supplies in multiple clinical drug products, and therefore have future use independent of the development status of any particular drug program until it is utilized in the manufacturing process. We periodically review these capitalized materials for indicators of impairment, including shelf life, continued alternative future use and obsolescence. We have not recorded any adjustments to the carrying value of these materials to date. These materials are recorded as prepaid expenses in our consolidated balance sheets. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued ASU No. 2014-9, Revenue from Contracts with Customers (“ASU 2014-19”). Adoption of ASU No. 2014-9 requires that an entity recognize revenue to depict the transfer of goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This update is effective for annual reporting periods beginning after December 15, 2017 and interim periods therein and requires expanded disclosures. We are currently evaluating the impact of adoption on our financial statements. In August 2014, the FASB issued ASU No. 2014-15, Presentation of Financial Statements Going Concern , which requires management to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosure in certain circumstances. This standard is effective for annual reporting periods ending after December 15, 2016 and interim periods thereafter. Early application is permitted. The adoption of this guidance will have no impact on our financial statements. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes, which requires that deferred tax liabilities and assets be classified as non-current in the balance sheet. This standard is effective for annual reporting periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted and in 2015 the Company elected to adopt this ASU prospectively. The adoption of this standard did not have a material impact on our financial statements. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities , which eliminates the requirement for public companies to disclose the method(s) and significant assumptions used to estimate the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet. Additionally, the standard requires public entities to use the exit price notion when measuring the fair value of financial instruments for disclosure purposes. Furthermore, the standard requires presentation of financial assets and liabilities by measurement category and form of financial asset on the balance sheet or accompanying notes to the financial statements. The standard is effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years. Early application is permitted. We are currently evaluating the impact of adoption on our financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases, which increases transparency and comparability among organizations by requiring recognition of lease assets and lease liabilities on the balance sheet and disclosure of key information about leasing arrangements. The standard is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. We are currently evaluating the impact of adoption on our financial statements. In March 2016, the FASB issued ASU No. 2016-09, Compensation – Stock Compensation: Improvements to Employee Share-Based Payment Accounting, which is intended to simplify several aspects of accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The standard is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early application is permitted. We are currently evaluating the impact of adoption on our financial statements. |
Investments (Tables)
Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Short-Term Investments | The following tables summarize our short-term investments (in thousands): Maturity (in years) Amortized cost Unrealized Estimated fair value Gains Losses As of March 31, 2016 Corporate debt securities 2 or less $ 70,394 $ 20 $ (49 ) $ 70,365 Certificates of deposit 2 or less 11,240 — — 11,240 Commercial paper 1 or less 4,235 9 — 4,244 Total $ 85,869 $ 29 $ (49 ) $ 85,849 Maturity (in years) Amortized cost Unrealized Estimated fair value Gains Losses As of December 31, 2015 Corporate debt securities 2 or less $ 81,054 $ 16 $ (103 ) $ 80,967 Certificates of deposit 2 or less 13,640 — — 13,640 Commercial paper 1 or less 3,490 6 — 3,496 Total $ 98,184 $ 22 $ (103 ) $ 98,103 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents our fair value hierarchy for assets measured at fair value on a recurring basis as of March 31, 2016 and December 31, 2015 (in thousands): Fair value as of March 31, 2016 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 17,482 $ 17,482 $ — $ — Corporate debt securities 70,365 — 70,365 — Certificates of deposit 11,240 — 11,240 — Commercial paper 4,244 — 4,244 — $ 103,331 $ 17,482 $ 85,849 $ — Fair value as of December 31, 2015 Total Level 1 Level 2 Level 3 Assets: Cash equivalents $ 15,152 $ 15,152 $ — $ — Corporate debt securities 80,967 — 80,967 — Certificates of deposit 13,640 — 13,640 — Commercial paper 3,496 — 3,496 — $ 113,255 $ 15,152 $ 98,103 $ — |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Common Stock Reserved for Future Issuance | The following shares of common stock were reserved for future issuance as of March 31, 2016 : Common stock options outstanding 6,624,083 Common stock available for future grant under 2012 Equity Incentive Plan 2,491,184 Common stock available for future grant under 2015 Inducement Plan 581,806 Employee Stock Purchase Plan 1,697,431 Total common shares reserved for future issuance 11,394,504 |
Stock Option Activity | The following table summarizes our stock option activity under all equity incentive plans for the three months ended March 31, 2016 (shares in thousands): Number of options Weighted average exercise price Options outstanding at December 31, 2015 5,126 $ 8.91 Granted 1,960 $ 6.75 Exercised (43 ) $ 4.83 Canceled/forfeited/expired (419 ) $ 10.61 Options outstanding at March 31, 2016 6,624 $ 8.19 |
Assumptions Used to Estimate Fair Value of Stock Options and Performance Stock and Employee Stock Purchase Plan | The following table summarizes the weighted average assumptions used to estimate the fair value of stock options and performance stock awards granted to employees under our 2012 Equity Incentive Plan and 2015 Inducement Plan and the shares purchasable under our Employee Stock Purchase Plan during the periods presented: Three months ended 2016 2015 Stock options Risk-free interest rate 1.4 % 1.7 % Volatility 79.9 % 75.1 % Dividend yield — — Expected term (years) 5.9 6.1 Performance stock options Risk-free interest rate 1.5 % 1.8 % Volatility 79.4 % 76.4 % Dividend yield — — Expected term (years) 6.0 6.0 Employee stock purchase plan shares Risk-free interest rate 0.3 % 0.1 % Volatility 79.2 % 72.9 % Dividend yield — — Expected term (years) 0.5 0.5 |
Stock-Based Compensation | The following table summarizes the allocation of our stock-based compensation expense for all stock awards during the periods presented (in thousands): Three months ended 2016 2015 Research and development $ 1,432 $ 1,956 General and administrative 2,317 1,147 Total $ 3,749 $ 3,103 |
Strategic Alliances and Colla18
Strategic Alliances and Collaborations (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Revenue from Strategic Alliances | The following table summarizes our total revenues from our strategic alliances and collaborations during the periods presented (in thousands): Three months ended 2016 2015 AstraZeneca $ 471 $ 3,582 Sanofi 18 18 Biogen — 600 Total $ 489 $ 4,200 |
Basis of Presentation and Sum19
Basis of Presentation and Summary of Significant Accounting Policies (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2015 |
Accounting Policies [Abstract] | |||
Restricted cash | $ 918 | $ 1,256 | $ 1,400 |
Net Loss Per Share (Detail)
Net Loss Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Potentially dilutive securities not included in calculation of diluted net loss per share (in shares) | 2,413,720 | 2,813,279 |
Investments (Summary of Short-T
Investments (Summary of Short-Term Investments) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Investment [Line Items] | ||
Maturity weighted average period, in years (less than) | 2 years | |
Amortized cost | $ 85,869 | $ 98,184 |
Unrealized Gains | 29 | 22 |
Unrealized Losses | (49) | (103) |
Estimated fair value | $ 85,849 | $ 98,103 |
Corporate debt securities | ||
Investment [Line Items] | ||
Maturity (or less) (in years) | 2 years | 2 years |
Amortized cost | $ 70,394 | $ 81,054 |
Unrealized Gains | 20 | 16 |
Unrealized Losses | (49) | (103) |
Estimated fair value | $ 70,365 | $ 80,967 |
Certificates of deposit | ||
Investment [Line Items] | ||
Maturity (or less) (in years) | 2 years | 2 years |
Amortized cost | $ 11,240 | $ 13,640 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Estimated fair value | $ 11,240 | $ 13,640 |
Commercial paper | ||
Investment [Line Items] | ||
Maturity (or less) (in years) | 1 year | 1 year |
Amortized cost | $ 4,235 | $ 3,490 |
Unrealized Gains | 9 | 6 |
Unrealized Losses | 0 | 0 |
Estimated fair value | $ 4,244 | $ 3,496 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on Recurring Basis) (Detail) - Fair Value, Measurements, Recurring - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 103,331 | $ 113,255 |
Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 17,482 | 15,152 |
Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 70,365 | 80,967 |
Certificates of deposit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 11,240 | 13,640 |
Commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 4,244 | 3,496 |
Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 17,482 | 15,152 |
Level 1 | Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 17,482 | 15,152 |
Level 1 | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Certificates of deposit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 1 | Commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 85,849 | 98,103 |
Level 2 | Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 2 | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 70,365 | 80,967 |
Level 2 | Certificates of deposit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 11,240 | 13,640 |
Level 2 | Commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 4,244 | 3,496 |
Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Cash equivalents | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Corporate debt securities | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Certificates of deposit | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | 0 | 0 |
Level 3 | Commercial paper | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Assets measured at fair value on a recurring basis | $ 0 | $ 0 |
Fair Value Measurements (Detail
Fair Value Measurements (Detail) - USD ($) | Jan. 29, 2015 | Jan. 31, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Oct. 31, 2012 |
Fair Value Disclosures [Abstract] | |||||
Debt Instrument, Face Amount | $ 5,400,000 | ||||
Number of convertible note payable converted in to common stock (in shares) | 1,356,738 | ||||
Conversion price per share (in dollars per share) | $ 4 | ||||
Stock price at date of conversion (in dollars per share) | $ 18.58 | ||||
Gain (loss) in estimated fair value of convertible note payable | $ (1,800,000) | $ 0 | $ (1,811,000) |
Stockholders' Equity (Common St
Stockholders' Equity (Common Stock Reserved for Future Issuance) (Detail) - shares | Mar. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock options outstanding | 6,624,083 | 5,126,000 |
Total common shares reserved for future issuance | 11,394,504 | |
Common stock available for future grant under 2012 Equity Incentive Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for future grant | 2,491,184 | |
Common stock available for future grant under 2015 Inducement Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for future grant | 581,806 | |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock available for future grant | 1,697,431 |
Stockholders' Equity (Stock Opt
Stockholders' Equity (Stock Option Activity) (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Number of options | |
Number of options, outstanding at December 31, 2015 (in shares) | shares | 5,126,000 |
Number of options, Granted (in shares) | shares | 1,960,000 |
Number of options, Exercised (in shares) | shares | (43,000) |
Number of options, Canceled/forfeited/expired (in shares) | shares | (419,000) |
Number of options, outstanding at March 31, 2016 (in shares) | shares | 6,624,083 |
Weighted average exercise price | |
Weighted average exercise price, Options outstanding at December 31, 2015 (in dollars per share) | $ / shares | $ 8.91 |
Weighted average exercise price, Granted (in dollars per share) | $ / shares | 6.75 |
Weighted average exercise price, Exercised (in dollars per share) | $ / shares | 4.83 |
Weighted average exercise price, Canceled/forfeited/expired (in dollars per share) | $ / shares | 10.61 |
Weighted average exercise price, Options outstanding at March 31, 2016 (in dollars per share) | $ / shares | $ 8.19 |
Stockholders' Equity (Assumptio
Stockholders' Equity (Assumptions Used to Estimate Fair Value of Stock Options and Performance Stock and Employee Stock Purchase Plan) (Detail) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Stock Purchase Plan | ||
Weighted average assumptions | ||
Risk-free interest rate | 0.30% | 0.10% |
Volatility | 79.20% | 72.90% |
Dividend yield | 0.00% | 0.00% |
Expected term (years) | 6 months | 6 months |
Stock options | ||
Weighted average assumptions | ||
Risk-free interest rate | 1.40% | 1.70% |
Volatility | 79.90% | 75.10% |
Dividend yield | 0.00% | 0.00% |
Expected term (years) | 5 years 10 months 24 days | 6 years 1 month 6 days |
Performance stock options | ||
Weighted average assumptions | ||
Risk-free interest rate | 1.50% | 1.80% |
Volatility | 79.40% | 76.40% |
Dividend yield | 0.00% | 0.00% |
Expected term (years) | 6 years | 6 years |
Stockholders' Equity (Stock-Bas
Stockholders' Equity (Stock-Based Compensation Expense Allocation) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | $ 3,749 | $ 3,103 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | 1,432 | 1,956 |
General and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expenses | $ 2,317 | $ 1,147 |
Strategic Alliances and Colla28
Strategic Alliances and Collaborations (Revenue from Strategic Alliances) (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenue from External Customer [Line Items] | ||
Total revenues | $ 489 | $ 4,200 |
Strategic Alliances and Collaborations | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 489 | 4,200 |
Strategic Alliances and Collaborations | AstraZeneca | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 471 | 3,582 |
Strategic Alliances and Collaborations | Sanofi | ||
Revenue from External Customer [Line Items] | ||
Total revenues | 18 | 18 |
Strategic Alliances and Collaborations | Biogen | ||
Revenue from External Customer [Line Items] | ||
Total revenues | $ 0 | $ 600 |
Strategic Alliances and Colla29
Strategic Alliances and Collaborations (Detail) | 1 Months Ended | 3 Months Ended | 8 Months Ended | |||||||||||
Dec. 31, 2015USD ($)shares | Sep. 30, 2015USD ($) | Jul. 31, 2015 | May. 31, 2015USD ($) | Mar. 31, 2015USD ($) | Jan. 31, 2015USD ($) | Aug. 31, 2014USD ($) | Feb. 28, 2014USD ($)$ / sharesshares | Jul. 31, 2013USD ($) | Oct. 31, 2012USD ($)$ / sharesshares | Aug. 31, 2012USD ($)agreement | Mar. 31, 2016USD ($)shares | Mar. 31, 2015USD ($) | Jan. 31, 2014USD ($) | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Common stock value | $ 53,000 | $ 53,000 | ||||||||||||
Common stock, shares issued | shares | 52,669,266 | 52,774,550 | ||||||||||||
AstraZeneca | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Number of collaborative areas granted | agreement | 3 | |||||||||||||
Initial upfront option payment | $ 3,000,000 | |||||||||||||
Expected term of research and development plan (years) | 4 years | |||||||||||||
Common stock value | $ 25,000,000 | |||||||||||||
Common stock, shares issued | shares | 6,250,000 | |||||||||||||
Price per share (in dollars per share) | $ / shares | $ 4 | |||||||||||||
Restriction period in which Alliances could not sell, transfer, make any short sale of, or grant any option for the sale of any common stock | 365 days | |||||||||||||
Restricting common stock valuation measurement period | 1 year | |||||||||||||
Deferred revenue | $ 4,300,000 | |||||||||||||
Deferred revenue remaining recognition period | 5 months | |||||||||||||
Expected revenue through milestone payments | $ 485,500,000 | |||||||||||||
AstraZeneca | Minimum | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Royalties based on percentage of net sales | 10.00% | |||||||||||||
AstraZeneca | Maximum | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Royalties based on percentage of net sales | 20.00% | |||||||||||||
AstraZeneca | Common Stock Purchase Agreement | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Deferred revenue | $ 700,000 | |||||||||||||
AstraZeneca | Preclinical | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Milestone payments, earned | $ 2,500,000 | |||||||||||||
Expected revenue through milestone payments | 2,500,000 | |||||||||||||
AstraZeneca | Clinical | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Milestone payments, earned | $ 10,000,000 | |||||||||||||
Expected revenue through milestone payments | 113,000,000 | |||||||||||||
AstraZeneca | Commercialization | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Expected revenue through milestone payments | $ 370,000,000 | |||||||||||||
AstraZeneca | Side Letter | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Revenue recognized | $ 600,000 | |||||||||||||
AstraZeneca | Side Letter | Pre-IND and API manufacturing activities | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Percentage of cost funded | 50.00% | |||||||||||||
AstraZeneca | Side Letter | Phase I clinical study product manufacturing activities | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Percentage of cost funded | 100.00% | |||||||||||||
Sanofi | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Deferred revenue | $ 400,000 | |||||||||||||
Sanofi | Private Placement | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Common stock value | $ 10,000,000 | |||||||||||||
Common stock, shares issued | shares | 1,303,780 | |||||||||||||
Price per share (in dollars per share) | $ / shares | $ 7.67 | |||||||||||||
Restriction period in which Alliances could not sell, transfer, make any short sale of, or grant any option for the sale of any common stock | 12 months | |||||||||||||
Sanofi | Minimum | United States | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Royalties based on percentage of net sales | 10.00% | |||||||||||||
Sanofi | Minimum | Outside of the United States | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Royalties based on percentage of net sales | 10.00% | |||||||||||||
Sanofi | Maximum | United States | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Royalties based on percentage of net sales | 20.00% | |||||||||||||
Sanofi | Maximum | Outside of the United States | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Royalties based on percentage of net sales | 20.00% | |||||||||||||
Sanofi | Development Commercialization And License Agreement | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Initial upfront option payment | $ 2,500,000 | |||||||||||||
Milestone payments, earned | $ 2,500,000 | |||||||||||||
Deferred Revenue Creditable Against Future Milestones | $ 1,250,000 | $ 1,250,000 | $ 1,250,000 | |||||||||||
Upfront payment non-creditable portion recognized | $ 1,250,000 | |||||||||||||
Sanofi | Common Stock Purchase Agreement | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Deferred revenue | $ 300,000 | |||||||||||||
Deferred revenue remaining recognition period | 4 years | |||||||||||||
Sanofi | Clinical | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Expected revenue through milestone payments | $ 15,000,000 | |||||||||||||
Sanofi | Proof-of-Concept Trial | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Expected revenue through milestone payments | 101,800,000 | |||||||||||||
Sanofi | Regulatory and Commercialization Milestones | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Expected revenue through milestone payments | $ 300,000,000 | |||||||||||||
Biogen | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Initial upfront option payment | $ 2,000,000 | |||||||||||||
Deferred revenue | $ 0 | |||||||||||||
Deferred revenue remaining recognition period | 14 months | 1 year | 12 months | |||||||||||
Biogen | Research and development | ||||||||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||||||||
Milestone payments, earned | $ 300,000 | $ 300,000 | $ 100,000 | |||||||||||
Revenue recognized | $ 2,000,000 |
Related Party Transactions (Det
Related Party Transactions (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | |
Sanofi | |||
Related Party Transaction [Line Items] | |||
Expenses incurred for services performed or out-of-pocket expenses under the Sanofi agreement | $ 0.8 | $ 0.4 | |
Alnylam | |||
Related Party Transaction [Line Items] | |||
Potential milestone payments to related party | $ 33 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event ft² in Thousands | May. 01, 2016ft² |
Subsequent Event [Line Items] | |
Area of rented facility space (in square feet) | 59 |
Lease Term (in months) | 96 months |