Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2017 | Aug. 04, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Clearside Biomedical, Inc. | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | CLSD | |
Document Type | 10-Q | |
Entity Central Index Key | 1,539,029 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 25,336,482 |
Balance Sheets
Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 16,675 | $ 34,824 |
Short-term investments | 49,360 | 48,807 |
Prepaid expenses | 675 | 396 |
Other current assets | 292 | 290 |
Total current assets | 67,002 | 84,317 |
Property and equipment, net | 963 | 94 |
Restricted cash | 360 | 360 |
Other assets | 90 | 42 |
Total assets | 68,415 | 84,813 |
Current liabilities: | ||
Accounts payable | 3,732 | 2,594 |
Accrued liabilities | 1,639 | 2,791 |
Current portion of long-term debt | 1,600 | |
Current portion of deferred rent | 145 | 3 |
Other current liabilities | 20 | 20 |
Total current liabilities | 7,136 | 5,408 |
Long-term debt | 6,196 | 7,586 |
Deferred rent | 607 | |
Deferred revenue | 150 | 160 |
Total liabilities | 14,089 | 13,154 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized and no shares issued at June 30, 2017 and December 31, 2016 | ||
Common stock, $0.001 par value; 100,000,000 shares authorized at June 30, 2017 and December 31, 2016; 25,336,482 and 24,573,033 shares issued and outstanding at June 30, 2017 and December 31, 2016, respectively | 25 | 25 |
Additional paid-in capital | 143,715 | 136,892 |
Accumulated deficit | (89,391) | (65,245) |
Accumulated other comprehensive loss | (23) | (13) |
Total stockholders’ equity | 54,326 | 71,659 |
Total liabilities and stockholders’ equity | $ 68,415 | $ 84,813 |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares, issued | 25,336,482 | 24,573,033 |
Common stock, shares outstanding | 25,336,482 | 24,573,033 |
Statements of Operations and Co
Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Income Statement [Abstract] | ||||
License and collaboration revenue | $ 130 | $ 5 | $ 135 | $ 510 |
Operating expenses: | ||||
Research and development | 11,478 | 4,213 | 19,068 | 8,802 |
General and administrative | 2,290 | 970 | 4,961 | 2,243 |
Total operating expenses | 13,768 | 5,183 | 24,029 | 11,045 |
Loss from operations | (13,638) | (5,178) | (23,894) | (10,535) |
Other (expense) income, net | (135) | 76 | (252) | (16) |
Net loss | $ (13,773) | $ (5,102) | $ (24,146) | $ (10,551) |
Net loss per share of common stock — basic and diluted | $ (0.54) | $ (0.62) | $ (0.96) | $ (1.94) |
Weighted average shares outstanding — basic and diluted | 25,309,966 | 8,243,864 | 25,280,314 | 5,452,105 |
Net loss | $ (13,773) | $ (5,102) | $ (24,146) | $ (10,551) |
Unrealized loss on available-for-sale investments | (2) | (10) | ||
Comprehensive loss | $ (13,775) | $ (5,102) | $ (24,156) | $ (10,551) |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Operating activities | ||
Net loss | $ (24,146) | $ (10,551) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 87 | 32 |
Share-based compensation expense | 1,531 | 494 |
Non-cash interest expense | 105 | 70 |
Accretion of debt discount | 105 | 40 |
Change in fair value of warrant liability | (156) | |
Amortization and accretion on available-for-sale investments, net | 30 | |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (239) | (555) |
Other assets | (48) | 744 |
Accounts payable and accrued liabilities | (14) | 518 |
Deferred revenue | (10) | (510) |
Deferred rent | 70 | (5) |
Net cash used in operating activities | (22,529) | (9,879) |
Investing activities | ||
Purchase of available-for-sale investments | (25,603) | |
Maturities of available-for-sale investments | 25,010 | |
Acquisition of property and equipment | (319) | |
Net cash used in investing activities | (912) | |
Financing activities | ||
Proceeds from follow-on public offering, net of issuance costs | 5,057 | |
Proceeds from exercise of stock options | 195 | |
Proceeds from shares issued under employee stock purchase plan | 40 | |
Proceeds from initial public offering, net of issuance costs | 45,275 | |
Principal payments made on long-term debt | (400) | |
Net cash provided by financing activities | 5,292 | 44,875 |
Net (decrease) increase in cash and cash equivalents | (18,149) | 34,996 |
Cash and cash equivalents, beginning of period | 34,824 | 20,283 |
Cash and cash equivalents, end of period | 16,675 | 55,279 |
Supplemental schedule of noncash investing and financing activities | ||
Tenant improvements paid by landlord | $ 637 | |
Conversion of convertible preferred stock to common stock | 48,198 | |
Reclassification of deferred initial public offering costs | 1,597 | |
Unpaid initial public offering costs in accounts payable and accrued expenses | 334 | |
Accretion of redeemable convertible preferred stock to redemption value | $ 883 |
The Company
The Company | 6 Months Ended |
Jun. 30, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
The Company | 1. The Company Clearside Biomedical, Inc. (the “Company”) is a late-stage clinical biopharmaceutical company developing first-in-class drug therapies to treat blinding diseases of the eye. The Company’s current product candidates focus on treatments for diseases affecting the retina and choroid, especially diseases associated with macular edema, and are injected into the suprachoroidal space (“SCS”) using its proprietary SCS Microinjector. Incorporated in the State of Delaware on May 26, 2011, the Company has its corporate headquarters in Alpharetta, Georgia. The Company’s activities since inception have primarily consisted of developing product and technology rights, raising capital and performing research and development activities. The Company has no current source of revenue to sustain present activities, and does not expect to generate meaningful revenue until and unless the Company receives regulatory approval of and successfully commercializes its product candidates. The Company is subject to a number of risks and uncertainties similar to those of other life science companies at a similar stage of development, including, among others, the need to obtain adequate additional financing, successful development efforts including regulatory approval of products, compliance with government regulations, successful commercialization of potential products, protection of proprietary technology and dependence on key individuals. Liquidity The Company has funded its operations primarily through the proceeds of its public offerings of common stock, sale of convertible preferred stock and the issuance of long-term debt. The Company will continue to need to obtain additional financing to fund future operations, including completing the development and commercialization of its primary product candidates. The Company will need to expend substantial resources for research and development, including costs associated with the clinical testing of its product candidates. The Company will also need to obtain additional financing to conduct additional trials for the regulatory approval of its product candidates if requested by regulatory bodies, and completing the development of any additional product candidates that might be acquired. If such products were to receive regulatory approval, the Company would need to prepare for the potential commercialization of its product candidates and fund the commercial launch of the products, if the Company decides to commercialize the products on its own. Moreover, the Company’s fixed expenses such as rent and other contractual commitments are substantial and are expected to increase in the future. The Company had cash, cash equivalents and short-term investments of $66.0 million as of June 30, 2017. In the absence of product or other revenues, the amount, timing, nature or source of which cannot be predicted, the Company’s losses will continue as it conducts its research and development activities. Until the Company can generate a sufficient amount of revenue, the Company may finance future cash needs through public or private equity offerings, license agreements, debt financings, collaborations, strategic alliances and marketing or distribution arrangements. The Company has incurred losses and negative cash flows since inception and expects operating losses and negative cash flows to continue into the foreseeable future. However, the Company is able to control spending on development activities while still advancing clinical trials for key product candidates and expects that the cash on hand as of June 30, 2017 will be sufficient to fund its operations into the fourth quarter of 2018. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies Basis of Presentation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Unaudited Interim Financial Information The accompanying balance sheet as of June 30, 2017, statements of operations and comprehensive loss for the three and six months ended June 30, 2017 and 2016 and statements of cash flows for the six months ended June 30, 2017 and 2016 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2017, its results of operations for the three and six months ended June 30, 2017 and 2016 and its cash flows for the six months ended June 30, 2017 and 2016. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2017 and 2016 are unaudited. The results for the three and six months ended June 30, 2017 are not indicative of results to be expected for the year ending December 31, 2017, any other interim periods or any future year or period. These unaudited financial statements should be read in conjunction with the audited financial statements and related footnotes, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the accounting for useful lives to calculate depreciation and amortization, clinical trial estimates and related accrued liabilities, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates. Research and Development Costs Research and development costs are charged to expense as incurred and include, but are not limited to: • employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical trials and nonclinical studies; • costs associated with nonclinical and clinical development activities; • costs associated with technology and intellectual property licenses; • costs for the Company’s research and development facility; and • depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued expense. No material adjustments to these estimates have been recorded in these financial statements. Share-Based Compensation The Company recognizes compensation costs related to stock options and restricted stock granted to employees, directors and consultants ratably over the requisite service period, which in most cases is the vesting period of the award for employees, based on the estimated fair value of the awards on the date of grant. Compensation expense for options granted to non-employees is determined as the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of the awards granted to non-employees is re-measured each period until the related service is complete. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations and comprehensive loss based upon the underlying employees’ roles within the Company. Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase. Short-Term Investments Short-term investments are investments with original maturities of between 90 and 365 days when purchased and are comprised of certificates of deposit, commercial paper, corporate and government bonds and government agency securities. The Company classifies its short-term investments as available-for-sale securities. Short-term investments are recorded at fair value and unrealized gains and losses are recorded within accumulated other comprehensive income (loss) until realized. In addition, the Company evaluates the short-investments with unrealized losses to determine whether such losses are other-than-temporary. Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances. Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation-Stock Compensation (Topic 718). In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. The guidance simplifies the presentation of deferred income taxes. The guidance eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet and now requires entities to classify all deferred tax assets and liabilities as noncurrent. Recent Accounting Pronouncements Not Yet Adopted In November 2016, the FASB issued ASU 2016-18, Restricted Cash In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
Property and Equipment, Net
Property and Equipment, Net | 6 Months Ended |
Jun. 30, 2017 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 3. Property and Equipment, Net Property and equipment, net consisted of the following (dollar amounts in thousands): Estimated Useful Lives (Years) June 30, 2017 December 2016 Furniture and fixtures 5 $ 286 $ 69 Machinery and equipment 5 121 121 Computer equipment 3 41 27 Leasehold improvements Lesser of useful life remaining lease term 667 45 1,115 262 Less: Accumulated depreciation (152 ) (168 ) $ 963 $ 94 In connection with the Company’s relocation to its new corporate headquarters (see Note 9), the Company wrote off $45,000 of fully amortized leasehold improvements. In addition, the Company wrote off $58,000 of fully depreciated furniture and fixtures that were not re-located to the new corporate headquarters. |
Accrued Liabilities
Accrued Liabilities | 6 Months Ended |
Jun. 30, 2017 | |
Payables And Accruals [Abstract] | |
Accrued Liabilities | 4. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): June 30, December 2017 2016 Accrued research and development $ 576 $ 1,153 Accrued bonuses 471 870 Accrued professional fees 179 410 Accrued vacation 148 72 Accrued interest payable 54 52 Accrued expense 211 234 $ 1,639 $ 2,791 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 5. Long-Term Debt Loan and Security Agreements In September 2016, the Company entered into an amended and restated loan and security agreement (the “loan agreement”) with Silicon Valley Bank (“SVB”), MidCap Funding XII Trust and MidCap Financial Trust (together, “MidCap” and collectively with SVB, the “Lenders”), which amended and restated in its entirety the Company’s prior loan and security agreement with SVB dated as of April 14, 2015 (the “original loan agreement”), under which the Company had borrowed $6.0 million in April and May 2015. The loan agreement provides for new term loans of up to $15.0 million, with a floating interest rate equal to 7% plus the greater of (i) the 30-day U.S. LIBOR, reported in the Wall Street Journal on the last business day of the month that immediately precedes the month in which the interest will accrue, or (ii) 0.50%. The interest rate on the original loan agreement was equal to the lender’s prime rate less 0.50 percent. Under the terms of the loan agreement, an initial tranche of $8.0 million was advanced on September 28, 2016. The remaining $7.0 million will become available beginning on the later of (i) September 30, 2017 and (ii) the date on which the Lenders have received evidence, in form and substance reasonably satisfactory to them, that the Company has produced clinical trial data sufficient to file a New Drug Application for its product candidate CLS-TA for the treatment of macular edema associated with non-infectious uveitis. Once the draw period for the remaining $7.0 million has commenced, the Company may draw funds at its discretion until the earlier of (i) December 31, 2017 and (ii) the occurrence of an event of default under the loan agreement. The Company is required to pay accrued interest only through December 31, 2017 on the outstanding amount, followed by 30 equal payments of principal and accrued interest. The Company has the option to prepay the outstanding balance of the term loans in full, subject to a prepayment fee of (i) 3% of the original principal amount of the aggregate term loans for any prepayment prior to September 28, 2017 or (ii) 2% of the original principal amount of the aggregate term loans for any prepayment between September 28, 2017 and May 31, 2020. A final payment of $0.5 million, or 6.50% of the aggregate borrowed amount, is due at maturity of the loan on June 1, 2020, or upon the prepayment of the facility or the acceleration of amounts due under the facility as a result of an event of default, and is being accreted in long-term debt over the life of the loan. Of the initial $8.0 million advanced on September 28, 2016, $5.3 million was used to repay all amounts outstanding under the original loan agreement. Closing costs incurred in the refinancing portion of the loan were recorded as expense while the financing costs for the new portion of the loan are recorded in long-term debt and being accreted over the life of the loan. Upon repayment of the original loan agreement, all remaining closing costs associated with the original loan agreement are being accreted to long-term debt over the life of the loan agreement. The term loans under the loan agreement are secured by substantially all of the Company’s assets, except that the collateral does not include any of the Company’s intellectual property. However, pursuant to the terms of a negative pledge arrangement, the Company has agreed not to encumber any of its intellectual property. Interest expense on the borrowings under the loan agreements was $162,000 and $44,000 for the three months ended June 30, 2017 and 2016, respectively, and $317,000 and $89,000 for the six months ended June 30, 2017 and 2016, respectively. Accretion of the scheduled final payment was $53,000 and $36,000 for the three months ended June 30, 2017 and 2016, respectively, and $105,000 and $74,000 for the six months ended June 30, 2017 and 2016, respectively. Accretion of the deferred debt issuance costs was $53,000 and $14,000 for the three months ended June 30, 2017 and 2016, respectively, and $105,000 and $36,000 for the six months ended June 30, 2017 and 2016, respectively. As of June 30, 2017, the scheduled payments for the loan agreement, including the scheduled final payment in 2020, were as follows (in thousands): Year Ending December 31, Principal Interest and Final Total 2017 $ — $ 307 $ 307 2018 3,200 476 3,676 2019 3,200 234 3,434 2020 1,600 545 2,145 $ 8,000 $ 1,562 $ 9,562 |
Common Stock
Common Stock | 6 Months Ended |
Jun. 30, 2017 | |
Equity [Abstract] | |
Common Stock | 6. Common Stock The Company’s amended and restated certificate of incorporation authorizes the Company to issue 100,000,000 shares of $0.001 par value common stock. As of June 30, 2017 and December 31, 2016, there were 25,336,482 and 24,573,033 shares of common stock outstanding, respectively. |
Stock Purchase Warrants
Stock Purchase Warrants | 6 Months Ended |
Jun. 30, 2017 | |
Stock Purchase Warrants [Abstract] | |
Stock Purchase Warrants | 7. Stock Purchase Warrants In April 2015, in connection with the original loan agreement (see Note 5), the Company issued a warrant to SVB to purchase up to 57,143 shares of Series B preferred stock at a price per share of $3.50. The term of the warrant extends until 10 years from the grant date and the warrant is exercisable at any time during that 10-year period. The warrant was automatically converted into a warrant to purchase 25,974 shares of common stock at an exercise price of $7.70 in June 2016 upon the closing of the Company’s initial public offering. This warrant had a fair value of $0.2 million and was net exercised on October 12, 2016, resulting in the issuance of 17,883 shares of common stock. In September 2016, in connection with the loan agreement (see Note 5), the Company issued warrants to the Lenders to purchase up to 29,796 shares of common stock at a price per share of $10.74. The warrants expire in September 2026, or earlier upon the occurrence of specified mergers or acquisitions of the Company, and are immediately exercisable . |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 8. Share-Based Compensation Share-based compensation is accounted for in accordance with the provisions of ASC 718, Compensation-Stock Compensation Stock Options The Company has granted stock option awards to employees, directors and consultants from its 2011 Stock Incentive Plan (the “2011 Plan”) and its 2016 Equity Incentive Plan (the “2016 Plan”). The estimated fair value of options granted is determined as of the date of grant using the Black-Scholes option pricing model. The resulting fair value is recognized ratably over the requisite service period, which is generally the vesting period of the awards. Options granted to non-employees are re-measured at each financial reporting period until required services are performed. The following table summarizes the activity related to stock options during the six months ended June 30, 2017: Weighted Number of Average Shares Exercise Price Options outstanding at January 1, 2017 2,243,575 $ 5.78 Granted 171,250 8.22 Exercised (158,322 ) 1.22 Forfeited (21,125 ) 7.38 Options outstanding at June 30, 2017 2,235,378 6.28 Options exercisable at December 31, 2016 500,797 0.92 Options exercisable at June 30, 2017 751,922 1.88 As of June 30, 2017, the Company had $9.4 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted average period of 3.0 years. Employee Stock Purchase Plan In January 2016, the Company’s board of directors adopted and approved, and in January 2016 the Company’s stockholders approved, the Clearside Biomedical, Inc. 2016 Employee Stock Purchase Plan (the “2016 ESPP”) which became effective on June 1, 2016. The first offering period for the 2016 ESPP commenced January 1, 2017. The 2016 ESPP is considered a compensatory plan and the fair value of the discount and the look-back period are estimated using the Black-Scholes option pricing model and expense is recognized over the six month withholding period prior to the purchase date. During the six months ended June 30, 2017, the Company issued 5,127 shares of common stock purchased under the 2016 ESPP. Share-based compensation expense for options granted under the 2011 Plan and the 2016 Plan and shares purchased under the 2016 ESPP is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Research and development $ 332 $ 108 $ 657 $ 240 General and administrative 447 125 874 253 Total $ 779 $ 233 $ 1,531 $ 493 |
Commitment and Contingencies
Commitment and Contingencies | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 9. Commitments and Contingencies Lease Commitment Summary The Company had previously leased office space under non-cancelable operating leases which expired in March 2017. In November 2016, the Company signed a new office lease agreement to lease approximately 20,000 square feet of office space in Alpharetta, Georgia for its corporate headquarters. The lease agreement is for a 6.5 year term with a renewal option for one additional five-year term. Rental payments are $35,145 per month subject to an increase of 3% per year. Rent expense under this lease is recognized on a straight-line basis over the term of the lease. In addition, the lease agreement requires payment of the pro-rata share of the annual operating expenses associated with the premises. The Company relocated to this new space in March 2017. Total future minimum lease payments were as follows at June 30, 2017 (in thousands): Year Ending December 31, 2017 $ 105 2018 431 2019 444 2020 458 2021 472 Thereafter 860 Total minimum lease payments $ 2,770 Rent expense was $58,000 and $20,000 for three months ended June 30, 2017 and 2016, respectively, and $98,000 and $41,000 for the six months ended June 30, 2017 and 2016, respectively. Contract Service Providers In the course of the Company’s normal business operations, it has agreements with contract service providers to assist in the performance of its research and development, clinical research and manufacturing. Substantially all of these contracts are on an as needed basis. |
License and Collaboration Agree
License and Collaboration Agreements | 6 Months Ended |
Jun. 30, 2017 | |
License And Collaboration Agreements [Abstract] | |
License and Collaboration Agreements | 10. License and Collaboration Agreements In August 2014, the Company entered into a royalty-bearing license agreement with NovaMedica LLC (“NovaMedica”). Under this agreement, the Company granted to NovaMedica the right to use the Company’s intellectual property to develop and commercialize the intended products (the “Covered Products”) and to have the exclusive right to sell those products in Russia and specified adjacent territories involving the use of the corticosteroid triamcinolone acetonide as the sole active pharmaceutical ingredient for administration in the SCS. In connection with this royalty-bearing license, NovaMedica made an upfront payment to the Company of $200,000. The Company is currently developing product candidates that when completed would be subject to this license giving NovaMedica the exclusive right to then sell the products in the specified geographic territories. In mid-December 2015, the Company received positive results from the Phase 2 clinical trial relating to the product candidate and determined, based on these results, that the intellectual property could become commercially feasible. Beginning in the first quarter of 2016, the Company began recognizing the $200,000 to revenue over the period of time estimated to complete clinical development and commercialization of the Covered Products and the beginning of the first set of patent expirations in 2027. The Company recorded $5,000 and $10,000 of license revenue during each of the three and six months ended June 30, 2017 and 2016, respectively, for this license agreement. NovaMedica is jointly owned by Rusnano MedInvest LLC and Domain Russia Investments Limited. In April 2015, the Company entered into a license and collaboration agreement (the “Spark Agreement”) with Spark Therapeutics, Inc. (“Spark”) under which Spark could acquire the exclusive rights to license the Company’s microinjector technology and access to the SCS within the eye for development and ultimate commercialization of Spark’s gene therapy treatments to be delivered via the microinjector. In conjunction with executing the Spark Agreement, Spark made an upfront, non-refundable payment to the Company of $500,000. In February 2016, the initial study was completed and Spark elected not to extend the arrangement nor license the technology which terminated the Spark Agreement in accordance with its terms. During the six months ended June 30, 2016, the Company recorded as revenue the $500,000 upfront payment as the amount was non-refundable and the Company had no further obligations under the Spark Agreement. The Company has periodically entered into other short-term collaboration agreements to evaluate the potential use of its proprietary SCS microinjector with third-party product candidates for the treatment of various diseases. Funds received from these collaboration agreements are recognized as revenue over the term of the agreement. The Company recorded $125,000 of revenue from these collaboration agreements during each of the three and six months ended June 30, 2017. |
Available-for-Sale Investments
Available-for-Sale Investments | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Available-for-Sale Investments | 11. Available-for-Sale Investments The following table summarizes the Company’s available-for-sale investments (in thousands): June 30, 2017 Amortized Unrealized Fair Cost Loss Value Government bonds and agency obligations $ 24,665 $ (15 ) $ 24,650 Commercial paper 9,882 — 9,882 Certificates of deposit 6,838 — 6,838 Corporate bonds 7,998 (8 ) 7,990 Total available-for-sale investments $ 49,383 $ (23 ) $ 49,360 |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 12. Fair Value Measurements The Company records certain financial assets and liabilities at fair value in accordance with the provisions of ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Unadjusted quoted prices in active, accessible markets for identical assets or liabilities. • Level 2—Other inputs that are directly or indirectly observable in the marketplace. • Level 3—Unobservable inputs that are supported by little or no market activity. The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s material financial instruments at June 30, 2017 and December 31, 2016 consisted primarily of cash and cash equivalents, short-term investments and long-term debt. The fair value of cash and cash equivalents, government bonds, other current assets and accounts payable approximate their respective carrying values due to the short term nature of these instruments and are classified as Level 1 in the fair hierarchy. The fair value of long-term debt approximates the carrying value due to variable interest rates that correspond to market rates. The Company has determined its short-term investments, comprised of certificates of deposit, corporate bonds, commercial paper and agency obligations, to be Level 2 in the fair value hierarchy. The fair value was determined using a market approach, based on prices and other relevant information generated by market transactions involving similar assets. The short-term investments consist of investments with original maturity dates from date of acquisition of 90 to 365 days and are classified as available-for-sale. There were no significant transfers between Levels 1, 2 and 3 during the six months ended June 30, 2017 and the year ended December 31, 2016. The following tables summarize the fair value of financial assets that are measured at fair value and the classification by level of input within the fair value hierarchy (in thousands): June 30, 2017 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 8,185 $ — $ — $ 8,185 Restricted cash money market 360 — — 360 Government bonds 22,984 — — 22,984 Agency obligations — 6,160 — 6,160 Certificates of deposit — 6,838 — 6,838 Corporate bonds — 7,990 — 7,990 Commercial paper — 13,878 — 13,878 Total financial assets $ 31,529 $ 34,866 $ — $ 66,395 December 31, 2016 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 29,928 $ — $ — $ 29,928 Restricted cash money market 360 — — 360 Government bonds 19,027 — — 19,027 Certificates of deposit — 6,579 — 6,579 Agency obligations — 4,179 — 4,179 Corporate bonds — 7,262 — 7,262 Commercial paper — 16,656 — 16,656 Total financial assets $ 49,315 $ 34,676 $ — $ 83,991 |
Net Loss per Share
Net Loss per Share | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss Per Share | 13. Net Loss Per Share Basic net loss per share is calculated by dividing the net loss by the weighted average number of shares of common stock outstanding for the period, without consideration of the dilutive effect of potential common stock equivalents. Diluted net loss per share gives effect to all dilutive potential shares of common stock outstanding during this period. For all periods presented, the Company’s potential common stock equivalents, which include convertible preferred stock, stock options, unvested restricted stock and stock purchase warrants, have been excluded from the computation of diluted net loss per share as their inclusion would have the effect of reducing the net loss per share. Therefore, the denominator used to calculate both basic and diluted net loss per share is the same in all periods presented. The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Outstanding stock options 2,235,378 1,258,420 2,235,378 1,258,420 Stock purchase warrants 29,796 25,974 29,796 25,974 Unvested restricted stock — 1,281 — 1,281 2,265,174 1,285,675 2,265,174 1,285,675 |
Significant Accounting Polici19
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The Company’s financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). |
Unaudited Interim Financial Information | Unaudited Interim Financial Information The accompanying balance sheet as of June 30, 2017, statements of operations and comprehensive loss for the three and six months ended June 30, 2017 and 2016 and statements of cash flows for the six months ended June 30, 2017 and 2016 are unaudited. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and, in the opinion of management, reflect all adjustments, which include normal recurring adjustments, necessary for the fair presentation of the Company’s financial position as of June 30, 2017, its results of operations for the three and six months ended June 30, 2017 and 2016 and its cash flows for the six months ended June 30, 2017 and 2016. The financial data and other information disclosed in these notes related to the three and six months ended June 30, 2017 and 2016 are unaudited. The results for the three and six months ended June 30, 2017 are not indicative of results to be expected for the year ending December 31, 2017, any other interim periods or any future year or period. These unaudited financial statements should be read in conjunction with the audited financial statements and related footnotes, which are included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and reported amounts of income and expenses during the reporting periods. Significant items subject to such estimates and assumptions include the accounting for useful lives to calculate depreciation and amortization, clinical trial estimates and related accrued liabilities, share-based compensation expense and income tax valuation allowance. Actual results could differ from these estimates. |
Research and Development Costs | Research and Development Costs Research and development costs are charged to expense as incurred and include, but are not limited to: • employee-related expenses, including salaries, benefits, travel and share-based compensation expense for research and development personnel; • expenses incurred under agreements with contract research organizations, contract manufacturing organizations and consultants that conduct clinical trials and nonclinical studies; • costs associated with nonclinical and clinical development activities; • costs associated with technology and intellectual property licenses; • costs for the Company’s research and development facility; and • depreciation expense for assets used in research and development activities. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as patient enrollment, clinical site activations, or information provided to the Company by its vendors on their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the patterns of costs incurred, and are reflected in the financial statements as prepaid or accrued expense. No material adjustments to these estimates have been recorded in these financial statements. |
Share-Based Compensation | Share-Based Compensation The Company recognizes compensation costs related to stock options and restricted stock granted to employees, directors and consultants ratably over the requisite service period, which in most cases is the vesting period of the award for employees, based on the estimated fair value of the awards on the date of grant. Compensation expense for options granted to non-employees is determined as the fair value of consideration received or the fair value of the equity instruments issued, whichever is more reliably measured. The fair value of the awards granted to non-employees is re-measured each period until the related service is complete. All share-based compensation costs are recorded in general and administrative or research and development costs in the statements of operations and comprehensive loss based upon the underlying employees’ roles within the Company. |
Cash Equivalents | Cash Equivalents Cash equivalents consist of short-term, highly liquid investments with an original term of three months or less at the date of purchase. |
Short-Term Investments | Short-Term Investments Short-term investments are investments with original maturities of between 90 and 365 days when purchased and are comprised of certificates of deposit, commercial paper, corporate and government bonds and government agency securities. The Company classifies its short-term investments as available-for-sale securities. Short-term investments are recorded at fair value and unrealized gains and losses are recorded within accumulated other comprehensive income (loss) until realized. In addition, the Company evaluates the short-investments with unrealized losses to determine whether such losses are other-than-temporary. |
Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits | Concentration of Credit Risk Arising From Cash Deposits in Excess of Insured Limits The Company maintains its cash in bank deposits that at times may exceed federally insured limits. The Company has not experienced any loss in such accounts. The Company believes it is not exposed to any significant risks with respect to its cash balances. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncements Recently Adopted In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation-Stock Compensation (Topic 718). In November 2015, the FASB issued ASU 2015-17, Income Taxes (Topic 740) Balance Sheet Classification of Deferred Taxes. The guidance simplifies the presentation of deferred income taxes. The guidance eliminates the current requirement to present deferred tax assets and liabilities as current and noncurrent in a classified balance sheet and now requires entities to classify all deferred tax assets and liabilities as noncurrent. Recent Accounting Pronouncements Not Yet Adopted In November 2016, the FASB issued ASU 2016-18, Restricted Cash In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows Classification of Certain Cash Receipts and Cash Payments In February 2016, the FASB issued ASU No. 2016-02, Leases (ASC 842), In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers |
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 consisted of the following (dollar amounts in thousands): Estimated Useful Lives (Years) June 30, 2017 December 2016 Furniture and fixtures 5 $ 286 $ 69 Machinery and equipment 5 121 121 Computer equipment 3 41 27 Leasehold improvements Lesser of useful life remaining lease term 667 45 1,115 262 Less: Accumulated depreciation (152 ) (168 ) $ 963 $ 94 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consisted of the following (in thousands): June 30, December 2017 2016 Accrued research and development $ 576 $ 1,153 Accrued bonuses 471 870 Accrued professional fees 179 410 Accrued vacation 148 72 Accrued interest payable 54 52 Accrued expense 211 234 $ 1,639 $ 2,791 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Scheduled Payments for the Loan Agreement | As of June 30, 2017, the scheduled payments for the loan agreement, including the scheduled final payment in 2020, were as follows (in thousands): Year Ending December 31, Principal Interest and Final Total 2017 $ — $ 307 $ 307 2018 3,200 476 3,676 2019 3,200 234 3,434 2020 1,600 545 2,145 $ 8,000 $ 1,562 $ 9,562 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Activity Related to Stock Options | The following table summarizes the activity related to stock options during the six months ended June 30, 2017: Weighted Number of Average Shares Exercise Price Options outstanding at January 1, 2017 2,243,575 $ 5.78 Granted 171,250 8.22 Exercised (158,322 ) 1.22 Forfeited (21,125 ) 7.38 Options outstanding at June 30, 2017 2,235,378 6.28 Options exercisable at December 31, 2016 500,797 0.92 Options exercisable at June 30, 2017 751,922 1.88 |
Summary of Share-based Compensation Expense | Share-based compensation expense for options granted under the 2011 Plan and the 2016 Plan and shares purchased under the 2016 ESPP is reflected in the statements of operations and comprehensive loss as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Research and development $ 332 $ 108 $ 657 $ 240 General and administrative 447 125 874 253 Total $ 779 $ 233 $ 1,531 $ 493 |
Commitment and Contingencies (T
Commitment and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Total Future Minimum Commitments Due Under Non-Cancelable Operating Leases | Total future minimum lease payments were as follows at June 30, 2017 (in thousands): Year Ending December 31, 2017 $ 105 2018 431 2019 444 2020 458 2021 472 Thereafter 860 Total minimum lease payments $ 2,770 |
Available-for-Sale Investments
Available-for-Sale Investments (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Company's Available-For-Sale Investments | The following table summarizes the Company’s available-for-sale investments (in thousands): June 30, 2017 Amortized Unrealized Fair Cost Loss Value Government bonds and agency obligations $ 24,665 $ (15 ) $ 24,650 Commercial paper 9,882 — 9,882 Certificates of deposit 6,838 — 6,838 Corporate bonds 7,998 (8 ) 7,990 Total available-for-sale investments $ 49,383 $ (23 ) $ 49,360 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Assets Measured at Fair Value | The following tables summarize the fair value of financial assets that are measured at fair value and the classification by level of input within the fair value hierarchy (in thousands): June 30, 2017 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 8,185 $ — $ — $ 8,185 Restricted cash money market 360 — — 360 Government bonds 22,984 — — 22,984 Agency obligations — 6,160 — 6,160 Certificates of deposit — 6,838 — 6,838 Corporate bonds — 7,990 — 7,990 Commercial paper — 13,878 — 13,878 Total financial assets $ 31,529 $ 34,866 $ — $ 66,395 December 31, 2016 Level 1 Level 2 Level 3 Recorded Value Financial Assets: Cash and money markets $ 29,928 $ — $ — $ 29,928 Restricted cash money market 360 — — 360 Government bonds 19,027 — — 19,027 Certificates of deposit — 6,579 — 6,579 Agency obligations — 4,179 — 4,179 Corporate bonds — 7,262 — 7,262 Commercial paper — 16,656 — 16,656 Total financial assets $ 49,315 $ 34,676 $ — $ 83,991 |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 6 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share | The Company’s potential common stock equivalents that have been excluded from the computation of diluted net loss per share for all periods presented because of their antidilutive effect consisted of the following: Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Outstanding stock options 2,235,378 1,258,420 2,235,378 1,258,420 Stock purchase warrants 29,796 25,974 29,796 25,974 Unvested restricted stock — 1,281 — 1,281 2,265,174 1,285,675 2,265,174 1,285,675 |
The Company - Additional Inform
The Company - Additional Information (Detail) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Entity incorporation date | May 26, 2011 |
Cash, cash equivalents and short-term investments | $ 66 |
Significant Accounting Polici29
Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2017 | |
Accounting Policies [Abstract] | |
Short-term investments maturity start period | 90 days |
Short-term investments maturity end period | 365 days |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 1,115 | $ 262 |
Less: Accumulated depreciation | (152) | (168) |
Property and equipment, net | 963 | 94 |
Furniture and Fixtures | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 286 | 69 |
Estimated Useful Lives (Years) | 5 years | |
Machinery and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 121 | 121 |
Estimated Useful Lives (Years) | 5 years | |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 41 | 27 |
Estimated Useful Lives (Years) | 3 years | |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and Equipment, gross | $ 667 | $ 45 |
Estimated Useful Lives (Years) | Lesser of useful life or remaining lease term |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Furniture and Fixtures | |
Property Plant And Equipment [Line Items] | |
Amount of property and equipment written off | $ 58,000 |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Amount of property and equipment written off | $ 45,000 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Payables And Accruals [Abstract] | ||
Accrued research and development | $ 576 | $ 1,153 |
Accrued bonuses | 471 | 870 |
Accrued professional fees | 179 | 410 |
Accrued vacation | 148 | 72 |
Accrued interest payable | 54 | 52 |
Accrued expense | 211 | 234 |
Accrued liabilities, current | $ 1,639 | $ 2,791 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Details) - USD ($) | Sep. 28, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Sep. 30, 2017 | May 31, 2015 | Apr. 30, 2015 |
Debt Instrument [Line Items] | ||||||||
Long term debt | $ 8,000,000 | $ 8,000,000 | ||||||
Interest expense on borrowings | 162,000 | $ 44,000 | 317,000 | $ 89,000 | ||||
Accretion of scheduled final payment | 53,000 | 36,000 | 105,000 | 74,000 | ||||
Accretion of deferred debt issuance costs | 53,000 | $ 14,000 | 105,000 | $ 36,000 | ||||
Silicon Valley Bank , MidCap Funding XII Trust and MidCap Financial Trust | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum borrowing capacity | 15,000,000 | $ 15,000,000 | $ 6,000,000 | $ 6,000,000 | ||||
Interest rate | 0.50% | |||||||
Debt instrument, description of variable rate basis | 30-day U.S. LIBOR | |||||||
Long term debt | $ 8,000,000 | |||||||
Debt Instrument, Payment Terms | The Company is required to pay accrued interest only through December 31, 2017 on the outstanding amount, followed by 30 equal payments of principal and accrued interest. | |||||||
Final payment during maturity, percentage | 6.50% | |||||||
Final payment during maturity | $ 500,000 | $ 500,000 | ||||||
Debt instrument, maturity date | Jun. 1, 2020 | |||||||
Repay all the amount outstanding under the original loan agreement | $ 5,300,000 | |||||||
Silicon Valley Bank , MidCap Funding XII Trust and MidCap Financial Trust | Scenario Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, remaining borrowing capacity | $ 7,000,000 | |||||||
Silicon Valley Bank , MidCap Funding XII Trust and MidCap Financial Trust | Prepayment prior to September 28, 2017 | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment fee percentage of the original principal amount of the aggregate term loans | 3.00% | 3.00% | ||||||
Silicon Valley Bank , MidCap Funding XII Trust and MidCap Financial Trust | Prepayment between September 28, 2017 and May 31, 2020 | ||||||||
Debt Instrument [Line Items] | ||||||||
Prepayment fee percentage of the original principal amount of the aggregate term loans | 2.00% | 2.00% | ||||||
Silicon Valley Bank , MidCap Funding XII Trust and MidCap Financial Trust | Floating Interest Rate | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest rate | 7.00% |
Long-Term Debt - Scheduled Paym
Long-Term Debt - Scheduled Payments for Loan Agreement (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Debt Disclosure [Abstract] | |
Principal, 2018 | $ 3,200 |
Principal, 2019 | 3,200 |
Principal, 2020 | 1,600 |
Principal | 8,000 |
Interest and Final Payment, 2017 | 307 |
Interest and Final Payment, 2018 | 476 |
Interest and Final Payment, 2019 | 234 |
Interest and Final Payment, 2020 | 545 |
Interest and Final Payment | 1,562 |
Total, 2017 | 307 |
Total, 2018 | 3,676 |
Total, 2019 | 3,434 |
Total, 2020 | 2,145 |
Total | $ 9,562 |
Common Stock - Additional Infor
Common Stock - Additional Information (Detail) - $ / shares | Jun. 30, 2017 | Dec. 31, 2016 |
Equity [Abstract] | ||
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares outstanding | 25,336,482 | 24,573,033 |
Stock Purchase Warrants - Addit
Stock Purchase Warrants - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions | Oct. 12, 2016 | Jun. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2016 | Apr. 30, 2015 |
Preferred Stock Warrants | Series B Preferred Stock | |||||
Class Of Warrant Or Right [Line Items] | |||||
Class of warrant Exercise | $ 3.50 | ||||
Warrant exercisable term | 10 years | ||||
Fair value of warrant | $ 0.2 | ||||
Number of shares, exercised | 17,883 | ||||
Preferred Stock Warrants | Series B Preferred Stock | Convertible Warrant | |||||
Class Of Warrant Or Right [Line Items] | |||||
Number of stock that can be purchased by each warrant | 25,974 | ||||
Class of warrant Exercise | $ 7.70 | ||||
Preferred Stock Warrants | Maximum | Series B Preferred Stock | |||||
Class Of Warrant Or Right [Line Items] | |||||
Number of stock that can be purchased by each warrant | 57,143 | ||||
Convertible Stock Warrant | Amended and Restated Loan And Security Agreement | |||||
Class Of Warrant Or Right [Line Items] | |||||
Class of warrant Exercise | $ 10.74 | ||||
Warrants expiration term | 2026-09 | ||||
Weighted average remaining life of warrants | 9 years 3 months | ||||
Convertible Stock Warrant | Maximum | Amended and Restated Loan And Security Agreement | |||||
Class Of Warrant Or Right [Line Items] | |||||
Number of stock that can be purchased by each warrant | 29,796 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Activity Related to Stock Options (Details) - Stock Options - $ / shares | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Number of Shares, Options outstanding, Beginning balance | 2,243,575 | |
Number of Shares, Granted | 171,250 | |
Number of Shares, Exercised | (158,322) | |
Number of Shares, Forfeited | (21,125) | |
Number of Shares, Options outstanding, Ending balance | 2,235,378 | |
Number of Shares, Options exercisable | 751,922 | 500,797 |
Weighted Average Exercise Price, Options outstanding, Beginning balance | $ 5.78 | |
Weighted Average Exercise Price, Granted | 8.22 | |
Weighted Average Exercise Price, Exercised | 1.22 | |
Weighted Average Exercise Price, Forfeited | 7.38 | |
Weighted Average Exercise Price, Options outstanding, Ending balance | 6.28 | |
Weighted Average Exercise Price, Options exercisable | $ 1.88 | $ 0.92 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2017USD ($)shares | |
2016 Employee Stock Purchase Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Common stock purchased | shares | 5,127 |
Stock Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Unrecognized compensation expense related to unvested stock options | $ | $ 9.4 |
Expected to be recognized over a weighted average period | 3 years |
Share-Based Compensation - Su39
Share-Based Compensation - Summary of Share-based Compensation Expense (Details) - Stock Options - 2011 Stock Incentive Plan, 2016 Equity Incentive Plan and 2016 Employee Stock Purchase Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 779 | $ 233 | $ 1,531 | $ 493 |
Research and Development | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | 332 | 108 | 657 | 240 |
General and Administrative | ||||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||||
Share-based compensation expense | $ 447 | $ 125 | $ 874 | $ 253 |
Commitment and Contingencies -
Commitment and Contingencies - Additional Information (Details) | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Nov. 30, 2016USD ($)ft² | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | |
Commitment And Contingencies [Line Items] | |||||
Non-cancelable operating leases, expiration date | 2017-03 | ||||
Rent expense | $ 58,000 | $ 20,000 | $ 98,000 | $ 41,000 | |
GEORGIA | |||||
Commitment And Contingencies [Line Items] | |||||
Area of office leased | ft² | 20,000 | ||||
Operating lease agreement term | 6 years 6 months | ||||
Operating lease agreement renewal option term | 5 years | ||||
Minimum monthly lease payments | $ 35,145 | ||||
Percentage of increase per year | 3.00% |
Commitment and Contingencies 41
Commitment and Contingencies - Total Future Minimum Commitments Due Under Non-Cancelable Operating Leases (Details) $ in Thousands | Jun. 30, 2017USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 105 |
2,018 | 431 |
2,019 | 444 |
2,020 | 458 |
2,021 | 472 |
Thereafter | 860 |
Total minimum lease payments | $ 2,770 |
License and Collaboration Agr42
License and Collaboration Agreements - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Mar. 31, 2016 | Apr. 30, 2015 | Aug. 31, 2014 | |
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Revenue from collaborative agreements | $ 125,000 | $ 125,000 | |||||
NovaMedica | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
License revenue | $ 5,000 | $ 5,000 | $ 10,000 | $ 10,000 | |||
Patent expirations period | 2,027 | ||||||
NovaMedica | Upfront payment | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
Deferred revenue | $ 200,000 | $ 200,000 | |||||
Spark Therapeutics, Inc. | Upfront payment | |||||||
Research And Development Arrangement Contract To Perform For Others [Line Items] | |||||||
License revenue | $ 500,000 | ||||||
Upfront, non-refundable payment | $ 500,000 |
Available-for-Sale Investment43
Available-for-Sale Investments - Summary of Company's Available-For-Sale Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 49,383 | |
Unrealized Loss | (23) | |
Fair Value | 49,360 | $ 48,807 |
Government Bonds and Agency Obligations | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,665 | |
Unrealized Loss | (15) | |
Fair Value | 24,650 | |
Commercial Paper | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 9,882 | |
Fair Value | 9,882 | |
Certificates of Deposit | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 6,838 | |
Fair Value | 6,838 | |
Corporate Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,998 | |
Unrealized Loss | (8) | |
Fair Value | $ 7,990 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | |
Jun. 30, 2017 | Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | ||
Short-term investments maturity start period | 90 days | |
Short-term investments maturity end period | 365 days | |
Significant transfers between Levels 1, 2 and 3 | $ 0 | $ 0 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Assets Measured at Fair Value (Detail) - USD ($) $ in Thousands | Jun. 30, 2017 | Dec. 31, 2016 |
Financial Assets: | ||
Total financial assets | $ 66,395 | $ 83,991 |
Corporate Bonds | ||
Financial Assets: | ||
Total financial assets | 7,990 | 7,262 |
Commercial Paper | ||
Financial Assets: | ||
Total financial assets | 13,878 | 16,656 |
Cash and Money Markets | ||
Financial Assets: | ||
Total financial assets | 8,185 | 29,928 |
Certificates of Deposit | ||
Financial Assets: | ||
Total financial assets | 6,838 | 6,579 |
Restricted Cash Money Market | ||
Financial Assets: | ||
Total financial assets | 360 | 360 |
Government Bonds | ||
Financial Assets: | ||
Total financial assets | 22,984 | 19,027 |
Agency Obligations | ||
Financial Assets: | ||
Total financial assets | 6,160 | 4,179 |
Level 1 | ||
Financial Assets: | ||
Total financial assets | 31,529 | 49,315 |
Level 1 | Cash and Money Markets | ||
Financial Assets: | ||
Total financial assets | 8,185 | 29,928 |
Level 1 | Restricted Cash Money Market | ||
Financial Assets: | ||
Total financial assets | 360 | 360 |
Level 1 | Government Bonds | ||
Financial Assets: | ||
Total financial assets | 22,984 | 19,027 |
Level 2 | ||
Financial Assets: | ||
Total financial assets | 34,866 | 34,676 |
Level 2 | Corporate Bonds | ||
Financial Assets: | ||
Total financial assets | 7,990 | 7,262 |
Level 2 | Commercial Paper | ||
Financial Assets: | ||
Total financial assets | 13,878 | 16,656 |
Level 2 | Certificates of Deposit | ||
Financial Assets: | ||
Total financial assets | 6,838 | 6,579 |
Level 2 | Agency Obligations | ||
Financial Assets: | ||
Total financial assets | $ 6,160 | $ 4,179 |
Net Loss Per Share - Potential
Net Loss Per Share - Potential Common Stock Equivalents Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 2,265,174 | 1,285,675 | 2,265,174 | 1,285,675 |
Outstanding Stock Options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 2,235,378 | 1,258,420 | 2,235,378 | 1,258,420 |
Stock Purchase Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 29,796 | 25,974 | 29,796 | 25,974 |
Unvested Restricted Stock | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation of earnings per share | 1,281 | 1,281 |