Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Aug. 06, 2018 | |
Document and Entity Information | ||
Entity Registrant Name | OvaScience, Inc. | |
Entity Central Index Key | 1,544,227 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 35,789,006 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 24,601 | $ 15,703 |
Short-term investments | 29,027 | 51,500 |
Prepaid expenses and other current assets | 547 | 1,578 |
Total current assets | 54,175 | 68,781 |
Property and equipment, net | 403 | 3,113 |
Investment in joint venture | 142 | 146 |
Long-term restricted cash | 789 | 789 |
Other long-term assets | 24 | 24 |
Total assets | 55,533 | 72,853 |
Current liabilities: | ||
Accounts payable | 757 | 2,242 |
Accrued expenses and other current liabilities | 3,990 | 5,562 |
Total current liabilities | 4,747 | 7,804 |
Other non-current liabilities | 576 | 751 |
Total liabilities | 5,323 | 8,555 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding | 0 | 0 |
Common stock, $0.001 par value; 100,000,000 shares authorized; 35,789,006 and 35,725,230 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively | 36 | 36 |
Additional paid-in capital | 366,735 | 365,769 |
Accumulated other comprehensive loss | (9) | (27) |
Accumulated deficit | (316,552) | (301,480) |
Total stockholders’ equity | 50,210 | 64,298 |
Total liabilities and stockholders’ equity | $ 55,533 | $ 72,853 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized (in shares) | 5,000,000 | 5,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common stock, shares issued (in shares) | 35,789,006 | 35,725,230 |
Common stock, shares outstanding (in shares) | 35,789,006 | 35,725,230 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Statement [Abstract] | ||||
Revenues | $ 81 | $ 84 | $ 148 | $ 147 |
Costs and expenses: | ||||
Costs of revenues | 54 | 274 | 166 | 543 |
Research and development | 2,394 | 4,997 | 5,015 | 10,761 |
Selling, general and administrative | 2,645 | 10,751 | 6,869 | 17,880 |
Restructuring | 2,892 | 1,992 | 3,584 | 3,480 |
Total costs and expenses | 7,985 | 18,014 | 15,634 | 32,664 |
Loss from operations | (7,904) | (17,930) | (15,486) | (32,517) |
Interest income, net | 224 | 186 | 415 | 368 |
Other income (expense), net | (19) | 25 | 2 | (35) |
Loss from equity method investment | (4) | (454) | (4) | (875) |
Loss before income taxes | (7,703) | (18,173) | (15,073) | (33,059) |
Income tax expense | 0 | 13 | 0 | 22 |
Net loss | $ (7,703) | $ (18,186) | $ (15,073) | $ (33,081) |
Net loss per share—basic and diluted (in dollars per share) | $ (0.22) | $ (0.51) | $ (0.42) | $ (0.93) |
Weighted average number of shares used in net loss per share—basic and diluted (in shares) | 35,760,000 | 35,664,000 | 35,743,000 | 35,653,000 |
Other comprehensive loss: | ||||
Unrealized gains (losses) on available-for-sale securities | $ 22 | $ 10 | $ 18 | $ 11 |
Comprehensive loss | $ (7,681) | $ (18,176) | $ (15,055) | $ (33,070) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (15,073) | $ (33,081) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 506 | 951 |
Impairment of property and equipment related to restructuring | 2,203 | 250 |
Loss on sale of property, plant and equipment | (34) | 0 |
Amortization of (discount) premium on debt securities | (100) | 91 |
Stock-based compensation expense | 912 | 5,918 |
Issuance of common stock for director fees | 55 | 74 |
Net loss on equity method investment | 4 | 875 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | 996 | (29) |
Accounts payable | (1,485) | 1,101 |
Accrued expenses, deferred rent and other non-current liabilities | (1,747) | (3,425) |
Net cash used in operating activities | (13,763) | (27,275) |
Cash flows from investing activities: | ||
Investment in joint venture | 0 | 0 |
Purchases of plant and equipment | (152) | (101) |
Maturities of short-term investments | 49,253 | 50,232 |
Proceeds from sale of property, plant and equipment | 221 | 0 |
Purchases of short-term investments | (26,662) | (43,476) |
Net cash provided by investing activities | 22,660 | 6,655 |
Cash flows from financing activities: | ||
Net cash provided by financing activities | 0 | 0 |
Net increase (decrease) in cash, cash equivalents and restricted cash | 8,897 | (20,620) |
Cash, cash equivalents and restricted cash at beginning of period | 16,492 | 44,369 |
Cash, cash equivalents and restricted cash at end of period | 25,390 | 23,749 |
Restricted Cash and Cash Equivalents [Abstract] | ||
Total cash, cash equivalents and restricted cash | $ 16,492 | $ 44,369 |
Organization
Organization | 6 Months Ended |
Jun. 30, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization OvaScience, Inc., incorporated on April 5, 2011 as a Delaware corporation, is a company focused on the development of new treatment options for women and couples struggling with infertility. Each OvaScience treatment is based on the company’s proprietary technology platform that leverages the discovery of egg precursor, or EggPC SM , cells. As used in these consolidated financial statements, the terms “OvaScience,” “the Company,” “we,” “us,” and “our” refer to the business of OvaScience, Inc. and its wholly owned subsidiaries. Our operations to date have been limited to organizing and staffing our company, business planning, raising capital, acquiring and developing our technology, identifying potential fertility treatments, developing the OvaPrime SM treatment, the OvaTure SM treatment and the AUGMENT SM treatment, introducing AUGMENT in select international in vitro fertilization ("IVF") clinics and determining the regulatory and development path for our fertility treatments. We have generated limited revenues to date, and do not anticipate significant revenues in the near term. On June 21, 2017, we announced that we would continue to focus on advancing OvaPrime in clinical development and OvaTure in preclinical development and would discontinue ongoing efforts related to the AUGMENT treatment outside of North America. To better align our organization with these strategic priorities, we restructured our workforce and reduced our workforce by approximately 50% . On January 3, 2018, we announced a further restructuring of our organization and a workforce reduction of approximately 50% . On May 3, 2018, we announced that our board of directors had approved a corporate restructuring plan furthering its on-going efforts to effectively align Company resources. In connection with the restructuring plan, we reduced our workforce by approximately 50% , with the majority of the reduction in personnel completed by June 30, 2018. On August 8, 2018, we entered into a definitive agreement with Millendo Therapeutics, Inc. ("Millendo") under which Millendo will merge with OvaScience in an all-stock transaction (Note 11). We are subject to a number of risks similar to other life science companies, including, but not limited to, risks associated with clinical and preclinical development, the need to develop and obtain marketing approval for certain of our fertility treatments, competitors developing new technological innovations, the need to successfully commercialize and gain market acceptance of our fertility treatments and protection of proprietary technology, and the outcome of our exploration of strategic alternatives. If we do not successfully develop and commercialize any of our fertility treatments, we will be unable to generate treatment revenue or achieve profitability. As of June 30, 2018 , we had an accumulated deficit of approximately $316.6 million . Liquidity We have incurred annual net operating losses in each year since our inception. We have generated limited treatment revenues related to our primary business purpose and have financed our operations primarily through private placements of our preferred stock, which was subsequently converted to common stock, and public sales of our common stock and interest income earned on cash, cash equivalents, and short-term investments balances. We have devoted substantially all of our financial resources and efforts to the research and development of our OvaPrime and OvaTure fertility treatments and the introduction of AUGMENT in select international IVF clinics. We expect to continue to incur operating losses for the next several years. We believe that our cash, cash equivalents and short-term investments of $53.6 million at June 30, 2018 , will be sufficient to fund our current operating plan for at least the next 12 months from the date of filing this Form 10-Q. There can be no assurances, however, that the current operating plan will be achieved or that additional funding, if needed, will be available on terms acceptable to us, or at all. |
Basis of presentation and signi
Basis of presentation and significant accounting policies | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation and significant accounting policies | Basis of presentation and significant accounting policies Basis of presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared by us in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). These condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements have been omitted. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which with the exception of restructuring accruals described in Note 9, consisted of normal and recurring adjustments, necessary for the fair presentation of our financial position at June 30, 2018 , results of our operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017 . The results for the three and six months ended June 30, 2018 are not necessarily indicative of future results. These condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2017, which are contained in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Annual Report on Form 10-K”) that was filed with the Securities and Exchange Commission (“SEC”) on March 15, 2018. Use of estimates and summary of significant accounting policies These condensed consolidated financial statements are presented in conformity with US GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in our 2017 Annual Report on Form 10-K. Net loss per share Basic and diluted net loss per common share are calculated by dividing net loss by the weighted average number of shares outstanding during the period. Potentially dilutive shares, including outstanding stock options and unvested restricted stock units, are only included in the calculation of diluted net loss per share when their effect is dilutive. The amounts in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): As of June 30, 2018 2017 Outstanding stock options and restricted stock units 5,396 7,469 Collaborations In December 2013, we entered into a collaboration agreement, the OvaTure Collaboration, with Intrexon Corporation, or Intrexon, governing the use of Intrexon's synthetic biology technology platform for the accelerated development of our OvaTure platform. The OvaTure Collaboration provided that Intrexon would deliver laboratory and animal data to support the successful filing of an IND for OvaTure. We participated as an equal member on the Joint Steering Committee, or JSC and Intellectual Property Committee, or IPC. The JSC agreed upon the services and the activities to be included in the work plan, and the IPC had authority over intellectual property matters. We had the tie-breaking vote if there were any disputes with the JSC. On February 1, 2018, we provided Intrexon with written notice of termination of the OvaTure Collaboration. We believed that we could continue the development of OvaTure by building out our internal capabilities and expertise under the leadership of Dr. James Lillie, our Chief Scientific Officer, and engaging with contract research organizations that have specific, complementary capabilities to our own. Recent accounting pronouncements In June 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce the cost and complexity and to improve financial reporting for non-employee share-based payments. The ASU expands the scope of Topic 718, Compensation-Stock Compensation (which currently only includes share-based payments to employees), to include share-based payments issued to non-employees for goods or services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This update is effective for annual and interim periods beginning after December 15, 2018 with early adoption permitted. Upon transition, entities will remeasure unsettled liability-classified awards and any unmeasured equity-classified awards for non-employees at fair value as of the adoption date. A cumulative-effect adjustment to retained earnings will be required as of the beginning of the fiscal year of adoption. We are currently assessing the impact ASU 2016-13 will have on our consolidated financial statements and footnote disclosures thereto. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years using a retrospective transition method to each period presented. The Company adopted this standard as of January 1, 2018 on a retrospective basis, which resulted in the recast of the prior reporting period in the statement of cash flows. For the six months ended June 30, 2018 and 2017 , $0.8 million and $0.8 million , respectively, of restricted cash is included in the total of cash and restricted cash balance at the end of period. A reconciliation of cash and restricted cash from our condensed consolidated statement of cash flows to the amounts reported within our condensed consolidated balance sheet is also included in a table below our condensed consolidated statement of cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 requires changes in the presentation of debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. This update is effective for annual and interim periods beginning after December 15, 2017 using a retrospective transition method to each period presented. We adopted this standard as of January 1, 2018 with no material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments. This may result in the earlier recognition of allowances for losses. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently assessing the impact ASU 2016-13 will have on our consolidated financial statements and footnote disclosures thereto. In February 2016, the FASB issued ASU No. 2016-02, Leases, which is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for both operating and financing leases with lease terms of more than 12 months. The amendment is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases, to address two requirements of ASU 2016-02. ASU 2018-11 allows entities to recognize a cumulative-effect adjustment from the application of ASU 2016-02 to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors with a practical expedient to not separate non-lease components from the associated lease component if certain conditions are met. We are currently assessing the impact ASU 2016-02 will have on our consolidated financial statements and footnote disclosures thereto. ASU 2014-09, Revenue from Contracts with Customers, amends the guidance for accounting for revenue from contracts with customers. ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and creates a new Topic 606, Revenue from Contracts with Customers. This guidance was effective for the Company on January 1, 2018. Two adoption methods are permitted: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU 2014-09 recognized at the date of initial application. We adopted ASU 2014-09 effective January 1, 2018 and elected to adopt ASU 2014-09 using the modified retrospective approach and applied the standard only to contracts that had not yet been completed as of January 1, 2018. The impact under this methodology to our previously reported revenues is insignificant in the periods reported, and therefore the Company did not record a cumulative catch-up to deferred revenue and accumulated deficit upon adoption of the new standard on January 1, 2018. |
OvaXon Joint Venture
OvaXon Joint Venture | 6 Months Ended |
Jun. 30, 2018 | |
Equity Method Investments and Joint Ventures [Abstract] | |
OvaXon Joint Venture | OvaXon joint venture In December 2013, we entered into a joint venture with Intrexon to leverage Intrexon’s synthetic biology technology platform and our technology relating to EggPC cells to focus on developing significant improvements in human and animal health. We and Intrexon formed OvaXon, LLC (“OvaXon”) to conduct the joint venture. Each party contributed $1.5 million of cash to OvaXon, each party has a 50% equity interest and all costs and profits will be split accordingly. Each party will also have 50% control over OvaXon and any disputes between us and Intrexon will be resolved through arbitration, if necessary. Starting in August 2017, Intrexon continued bovine EggPC work for us under the OvaTure Collaboration rather than under the OvaXon joint venture (the "August 2017 Amendment"). We are in discussions with Intrexon regarding the future of the OvaXon joint venture. OvaXon no longer qualifies as a variable interest entity as a result of the August 2017 Amendment, and our future losses associated with OvaXon are now limited. We and Intrexon have equal ability to direct the activities of OvaXon through JSC and IPC membership and 50% voting rights and therefore ability to exert significant influence over OvaXon. As we have the ability to exert significant influence over OvaXon, in accordance with ASC 323, Equity Method and Joint Ventures , we will continue to account for OvaXon under the equity method and not consolidate its financial results with ours. We recorded losses from equity method investments related to OvaXon of a de minimis amount for the three and six months ended June 30, 2018 , respectively. We recorded losses from equity method investments related to OvaXon of $0.5 million and $0.9 million for the three and six months ended June 30, 2017, respectively. As of June 30, 2018 and December 31, 2017, our investment in OvaXon was approximately $0.1 million |
Fair value
Fair value | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair value | Fair value The fair value of our financial assets reflects our estimate of amounts that we would have received in connection with the sale of such asset in an orderly transaction between market participants at the measurement date. In connection with measuring the fair value of our assets, we seek to maximize the use of observable inputs (market data obtained from independent sources) and to minimize the use of unobservable inputs (our assumptions about how market participants would price assets and liabilities). We use the following fair value hierarchy to classify assets based on the observable inputs and unobservable inputs we used to value our assets and liabilities: • Level 1—quoted prices (unadjusted) in active markets for identical assets. • Level 2—quoted prices for similar assets in active markets or inputs that are observable for the asset, either directly or indirectly through market corroboration, for substantially the full term of the financial instrument. • Level 3—unobservable inputs based on our assumptions used to measure assets at fair value. The following tables summarize our assets that are measured at fair value as of June 30, 2018 and December 31, 2017 (in thousands): Description Balance as of June 30, 2018 Level 1 Level 2 Level 3 Assets: Cash and money market funds $ 24,601 $ 24,601 $ — $ — Corporate debt securities (including commercial paper) 21,046 — 21,046 — U.S. government securities 7,981 — 7,981 — Total $ 53,628 $ 24,601 $ 29,027 $ — Description Balance as of Level 1 Level 2 Level 3 Assets: Cash and money market funds $ 15,703 $ 15,703 $ — $ — Corporate debt securities (including commercial paper) 35,531 — 35,531 — U.S. government securities 15,969 — 15,969 — Total $ 67,203 $ 15,703 $ 51,500 $ — |
Cash, cash equivalents and shor
Cash, cash equivalents and short-term investments | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Cash, cash equivalents and short-term investments | Cash, cash equivalents and short-term investments The following tables summarize our cash, cash equivalents and short-term investments as of June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and money market funds $ 24,601 $ — $ — $ 24,601 Corporate debt Due in one year or less 21,054 — (8 ) 21,046 U.S. government securities Due in one year or less 7,982 — (1 ) 7,981 Total $ 53,637 $ — $ (9 ) $ 53,628 Reported as: Cash and cash equivalents $ 24,601 $ — $ — $ 24,601 Short-term investments 29,036 — (9 ) 29,027 Total $ 53,637 $ — $ (9 ) $ 53,628 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and money market funds $ 15,703 $ — $ — $ 15,703 Corporate debt Due in one year or less 38,053 — (21 ) 38,032 U.S. government securities Due in one year or less 13,474 — (6 ) 13,468 Total $ 67,230 $ — $ (27 ) $ 67,203 Reported as: Cash and cash equivalents $ 15,703 $ — $ — $ 15,703 Short-term investments 51,527 — (27 ) 51,500 Total $ 67,230 $ — $ (27 ) $ 67,203 At June 30, 2018 and December 31, 2017 , we held five and ten debt securities that had been in an unrealized loss position for less than 12 months , respectively. At June 30, 2018 and December 31, 2017 , the aggregate fair value of the securities in an unrealized loss position for less than 12 months was $10.4 million and $22.9 million , respectively. At June 30, 2018 , we did not hold any investments that have been in a continuous unrealized loss position for 12 months or longer. We evaluate our securities for other-than-temporary impairments based on quantitative and qualitative factors, and we considered the decline in market value for the five debt securities in an unrealized loss position as of June 30, 2018 , to be primarily attributable to the then current economic and market conditions. We will likely not be required to sell these securities, and do not intend to sell these securities before the recovery of their amortized cost bases, which recovery is expected within the next 12 months. Based on our analysis, we do not consider these investments to be other-than-temporarily impaired as of June 30, 2018 . As of June 30, 2018 , we held $7.9 million in financial institution debt securities and other corporate debt securities located in Australia, Canada, Luxembourg, Norway and Sweden. As of December 31, 2017 , we held $12.0 million in financial institution debt securities and other corporate debt securities located in Australia, Luxembourg, Japan, Norway and Sweden. We had no realized gains or losses on our short-term investments for the three and six months ended June 30, 2018 and 2017. |
Property and equipment
Property and equipment | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment | Property and equipment Property and equipment and related accumulated depreciation and amortization are as follows (in thousands): As of June 30, As of December 31, 2018 2017 Laboratory equipment $ 1,732 $ 3,480 Furniture 230 371 Computer equipment 13 208 Leasehold improvements 288 2,754 Total property and equipment, gross 2,263 6,813 Less: accumulated depreciation and amortization (1,860 ) (3,700 ) Total property and equipment, net $ 403 $ 3,113 We recorded depreciation and amortization expense of $0.2 million and 0.5 million for the three and six months ended June 30, 2018 , respectively. We recorded depreciation and amortization expense of $0.5 million and $1.0 million for the three and six months ended June 30, 2017, respectively. In December 2016, we initiated a corporate restructuring and in January 2017, we commenced a search to find a buyer for certain excess fixed assets, primarily comprised of laboratory equipment. As of January 31, 2017, we met the criteria to classify such assets as held-for-sale and estimated the fair value less costs to sell these assets at $0.5 million . In June 2017, we initiated the first part of our plan to sell a portion of the fixed assets classified as held-for-sale, consisting primarily of fixed assets located domestically. In July 2017, we completed the sale of these assets with a carrying value of $0.2 million and received net proceeds of $0.3 million . We recorded a gain on the sale of these excess assets of $0.1 million . In February 2018, we completed the sale of the remaining $0.3 million of assets, primarily those located internationally and received net proceeds of $0.2 million . We recorded an immaterial loss on the sale of these assets, which is included in loss from continuing operations in our condensed consolidated statement of operations and comprehensive loss for the six months ending June 30, 2018 . In May 2018, we initiated a corporate restructuring and concluded a portion of the carrying value of our assets was not recoverable. For the three and six months ended June 30, 2018, we recorded an impairment charge of $2.2 million , which is included within our condensed consolidated statements of operations and comprehensive loss. We determined the fair value of these assets subject to impairment based on expected future cash flows using Level 2 inputs under ASC 820. In May 2018, we commenced a search to find a buyer for certain excess fixed assets, primarily comprised of laboratory equipment. As of June 30, 2018, we met the criteria to classify such assets as held-for-sale and estimated the fair value less costs to sell these assets at $0.1 million . |
Accrued expenses and other curr
Accrued expenses and other current liabilities | 6 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Accrued expenses and other current liabilities | Accrued expenses and other current liabilities Accrued expenses and other current liabilities consist of the following as of June 30, 2018 and December 31, 2017 (in thousands): As of June 30, As of December 31, 2018 2017 Compensation and related benefits, including severance $ 1,571 $ 2,215 Development, site costs and contract manufacturing 675 519 Legal, audit and tax services 1,104 1,542 Consulting 59 160 Other accrued expenses and other current liabilities 581 1,126 $ 3,990 $ 5,562 Other accrued expenses consist of accrued costs related to travel, equipment purchases, lab supplies and other miscellaneous costs. |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-based compensation | Stock-based compensation Stock options A summary of our stock option activity and related information as of June 30, 2018 is as follows: Shares Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value (in thousands) Outstanding at December 31, 2017 5,745,815 $ 7.28 8.32 $ 43 Granted 1,179,877 0.96 Forfeited/Canceled (1,529,717 ) 5.90 Outstanding at June 30 5,395,975 6.28 8.05 1 Exercisable at June 30, 2018 2,576,138 10.88 6.96 1 No stock options were exercised during the three and six months ended June 30, 2018 or June 30, 2017 . The fair value of each stock-based option award is estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Risk-free interest rate — 1.3% - 2.0% 2.7% 1.3% - 2.2% Dividend yield — — — — Volatility — 89% - 109% 83% - 85% 89% - 109% Expected term (years) 1.8 - 6.9 6.1 1.8 - 6.9 As of June 30, 2018 , we had approximately $2.8 million of total unrecognized compensation cost, related to unvested stock options, which we expect to recognize over a weighted-average period of 2.9 years. During the six months ended June 30, 2018 , we granted options to purchase 1,179,877 shares of our common stock to employees at a weighted average grant date fair value of $ 0.70 per share, and with a weighted average exercise price of $0.96 per share. No option grants were made during the three months ended June 30, 2018. During the three and six months ended June 30, 2017 , we granted options to purchase 2,183,106 and 4,015,356 shares of our common stock at weighted average grant date fair values of $1.11 and $1.15 per share, respectively, and with weighted average exercise prices of $1.46 and $1.51 per share, respectively. We did not grant any options to purchase common stock to non-employees for the three and six months ended June 30, 2018 . We granted 150,000 options to purchase common stock with a weighted average exercise price of $1.60 per share to non-employees for the three and six months ended June 30, 2017 . Stock-based awards issued to non-employees are revalued at each reporting date until vested. |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In December 2016, we initiated a reduction in workforce of approximately 30% in connection with our change in corporate strategy. As of December 31, 2017 , we had recognized all restructuring charges related to our December 2016 restructuring activities, approximately $6.9 million comprised of $2.4 million recorded as one-time termination benefits, $1.7 million as a benefit under an ongoing benefit plan, $2.0 million of fixed asset impairment charges and $0.9 million of other restructuring related charges including legal fees and contract cancellation fees. On June 21, 2017, we initiated a reduction in workforce of approximately 50% in connection with our decision to focus on the development and advancing of OvaPrime and OvaTure and to no longer offer the AUGMENT treatment on a commercial basis outside of North America. As of December 31, 2017 , we had recognized all restructuring charges related to our June 2017 restructuring activities, approximately $2.3 million comprised of $1.7 million recorded as one-time termination benefits, $0.3 million as a benefit under an ongoing benefit plan, $0.2 million of fixed asset impairment charges and $0.1 million of other restructuring related charges including legal fees. In January 2018, we initiated a reduction in workforce of approximately 50% in connection with a decision to streamline our operations and reduce our cost structure. In May 2018, we initiated a further reduction in workforce of approximately 50% in connection with our on-going efforts to effectively align Company resources. During the three months ended June 30, 2018 , we recognized restructuring charges of $2.9 million , primarily comprised of $0.7 million of one-time termination benefits and $2.2 million of asset impairment charges attributable to our May 2018 restructuring activities. During the six months ended June 30, 2018, we recognized restructuring charges of $3.6 million , primarily comprised of $1.4 million of one-time termination benefits attributable to our January 2018 and May 2018 restructuring activities and $2.2 million of asset impairment charges attributable to our May 2018 restructuring activities. As of June 30, 2018, we have recognized substantially all restructuring charges related to our January 2018 and May 2018 restructuring activities. Our restructuring charges for the three and six months ended June 30, 2018 , are included in our condensed consolidated statements of operations and comprehensive loss. For the three months ended June 30, 2017, we recognized restructuring charges of $2.0 million including $1.3 million of one-time termination benefits, $0.3 million of benefits under an ongoing benefit plan, $0.3 million of fixed asset impairment charges and $0.1 million of legal fees. For the six months ended June 30, 2017, we recognized restructuring charges of $3.5 million , including $2.3 million of one-time termination benefits, $0.3 million recorded for benefits under an ongoing benefit plan and $0.3 million of fixed asset impairment charges. Our restructuring charges for the three and six months ended June 30, 2017, are included in our condensed consolidated statements of operations and comprehensive loss. For the six months ended June 30, 2018 , we made cash payments of $1.3 million primarily related to severance benefits and other restructuring costs, primarily related to our January 2018 and May 2018 restructuring activities. For the six months ended June 30, 2017 , we made cash payments of $4.1 million primarily related to severance benefits, of which all related to our December 2016 restructuring activities. As of June 30, 2018 , our restructuring accrual was $0.5 million and was recorded in accrued expenses and other current liabilities in our condensed consolidated balance sheet. Since the execution of our restructuring activities, we have incurred a total of $12.8 million of restructuring charges, of which $6.9 million relates to our December 2016 restructuring activities, $2.3 million relates to our June 2017 restructuring activities, $0.7 million relates to our January 2018 restructuring activities and $2.9 million relates to our May 2018 restructuring activities. The following table outlines our restructuring activities for the six months ended June 30, 2018 (in thousands): Accrued restructuring balance as of December 31, 2017 $ 403 Plus: Severance 1,377 Other 44 Less: Payments (1,311 ) Accrued restructuring balance as of June 30, 2018 $ 513 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies On October 9, 2015, a purported class action lawsuit was filed in the Suffolk County Superior Court in the Commonwealth of Massachusetts against us, several of our officers and directors and certain of the underwriters from our January 2015 follow-on public offering of our common stock. The plaintiffs purported to represent those persons who purchased shares of our common stock pursuant or traceable to our January 2015 follow-on public offering. The plaintiffs alleged, among other things, that the Company made false and misleading statements and failed to disclose material information in the Company’s January 2015 Registration Statement and incorporated offering materials. Plaintiffs allege violations of Sections 11, 12 and 15 of the Securities Act of 1933, as amended, and seek, among other relief, unspecified compensatory damages, rescission, pre-and post-judgment interest and fees, costs and disbursements. On December 7, 2015, the OvaScience defendants filed a notice of removal with the Federal District Court for the District of Massachusetts. On December 30, 2015, plaintiffs filed a motion to remand the action to the Superior Court. Oral argument on the motion to remand was held on February 19, 2016. On February 23, 2016, the District Court granted plaintiffs' motion to remand the action to the Superior Court. On February 26, 2016, a second putative class action suit was filed in the Suffolk County Superior Court in the Commonwealth of Massachusetts against the Company, several of our officers and directors and certain of the underwriters from the January 2015 follow-on public offering of the Company's common stock. The complaint is substantially similar to the complaint filed in October 2015. The two actions subsequently were consolidated and plaintiffs filed a First Amended Class Action Complaint on June 17, 2016. Defendants filed motions to dismiss the complaint. Those motions were denied by order dated December 22, 2016. On August 17, 2016, an additional plaintiff, Westmoreland County Employee Retirement System (“Westmoreland”) moved to intervene in the consolidated action. The defendants opposed Westmoreland’s motion to intervene. The Superior Court granted Westmoreland’s motion to intervene on October 27, 2017. On August 7, 2017, the plaintiffs filed their motion for class certification, which the defendants opposed. Oral argument on the motion for class certification was held on September 29, 2017. On November 7, 2017, the Superior Court denied the plaintiffs’ motion for class certification. On August 14, 2017, the defendants filed their motion for summary judgment against plaintiffs Heather Carlson, Cesar Castellanos, Philipp Hofmann, and Carlos Rivas, which the plaintiffs opposed. Oral argument on the motion for summary judgment was held on October 18, 2017. On November 21, 2017, the Superior Court allowed the defendants’ motion for summary judgment, and the claims asserted by plaintiffs Heather Carlson, Cesar Castellanos, Philipp Hofmann, and Carlos Rivas in the consolidated actions were dismissed, leaving Westmoreland as the sole remaining plaintiff. On November 22, 2017, Westmoreland filed a putative class action complaint in the U.S. District Court for the District of Massachusetts against the same defendants alleging the same claims as are alleged in the state court case (the “Westmoreland Federal Action”). On January 17, 2018, the lead plaintiff in a different case, a purported shareholder class action alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934 (the “Dahhan Action”) filed a motion to intervene in the Westmoreland Federal Action and to consolidate the Westmoreland Federal Action with the Dahhan Action. On July 16, 2017, the court denied the motions to intervene and consolidate the actions. In the Westmoreland Federal Action, on January 22, 2018, Westmoreland moved for appointment of lead plaintiff and approval of lead and liaison counsel. On July 16, 2018, the Court granted the motion, appointing Westmoreland as lead plaintiff and approved lead and liaison counsel. On January 22, 2018, Westmoreland filed a motion to voluntarily dismiss the Superior Court action without prejudice. The defendants opposed that motion. Oral argument on Westmoreland’s motion for voluntary dismissal was held on April 3, 2018. On April 5, 2018, the Superior Court allowed Westmoreland’s motion for voluntary dismissal with prejudice. The Superior Court entered final judgment on April 10, 2018, dismissing Westmoreland’s claims without prejudice and dismissing the claims of plaintiffs Heather Carlson, Cesar Castellanos, Philipp Hofmann, and Carlos Rivas with prejudice. We believe that the complaints in the remaining Westmoreland Federal Action are without merit and intend to defend against litigation. There can be no assurance, however, that we will be successful. A resolution of this lawsuit adverse to the Company or the other defendants could have a material effect on our consolidated financial position and results of operations in the period in which the lawsuit is resolved. At present, we are unable to estimate potential losses, if any, related to the lawsuit. On November 9, 2016, a purported shareholder derivative action was filed in the Business Litigation Session of the Suffolk County Superior Court in the Commonwealth of Massachusetts against certain of our present and former officers and directors alleging breaches of fiduciary duty, unjust enrichment, abuse of control, gross mismanagement and corporate waste for purported actions related to the January 2015 follow-on public offering. On February 23, 2017, the court approved the parties’ joint stipulation to stay all proceedings in the action until further notice. Following a status conference in December 2017, the stay was lifted. On January 25, 2018, at the parties’ request, the court entered a second order staying all proceedings in the action under further order of the court. We believe that the complaint is without merit and intend to defend against the litigation. There can be no assurance, however, that we will be successful. At present, we are unable to estimate potential losses, if any, related to the lawsuit. On March 24, 2017, a purported shareholder class action lawsuit was filed in the U.S. District Court for the District of Massachusetts against the Company and certain of our present and former officers alleging violations of Sections 10(b) and 20(a) of the Securities Exchange Act of 1934. On July 5, 2017, the Court entered an order approving the appointment of Freedman Family Investments LLC as lead plaintiff, the firm of Robins Geller Rudman & Dowd LLP as lead counsel, and the Law Office of Alan L. Kovacs as local counsel. Plaintiff filed an amended complaint on August 25, 2017. We have filed a motion to dismiss the amended complaint, which is pending. We believe that the complaint is without merit and intend to defend against the litigation. There can be no assurance, however, that we will be successful. A resolution of this lawsuit adverse to the Company or the other defendants could have a material effect on our consolidated financial position and results of operations in the period in which the lawsuit is resolved. At present, we are unable to estimate potential losses, if any, related to the lawsuit. On June 30, 2017, a purported shareholder derivative complaint was filed in the U.S. District Court for the District of Delaware against certain of our present and former directors and the Company as a nominal defendant, alleging breach of fiduciary duties, waste of corporate assets, unjust enrichment, and violations of Section 14(a) of the Securities Exchange Act of 1934, alleging that compensation awarded to the director defendants was excessive. The parties have reached a settlement of the action whereby the Company agreed to seek shareholder approval for certain changes to non-director executive compensation. The Company also has agreed to pay $300,000 in attorney’s fees to plaintiff’s counsel, which has been accrued as of June 30, 2018. The settlement is subject to final approval by the Court. The Court has scheduled a fairness hearing for August 30, 2018. There can be no assurance, however, that the settlement will be approved. At present, we are unable to estimate potential losses should the settlement not be approved. On July 27, 2017, a purported shareholder derivative complaint was filed in the U.S. District Court for the District of Massachusetts against certain of our present and former directors and the Company as a nominal defendant, alleging breach of fiduciary duty, unjust enrichment and violations of Section 14(a) of the Securities Exchange Act of 1934 alleging that compensation awarded to the director defendants was excessive and seeking redress for purported actions related to the Company’s January 2015 follow-on public offering and public statements. On September 26, 2017, the plaintiff filed an amended complaint which eliminated all claims regarding allegedly excessive director pay. On October 27, 2017, the defendants filed a motion to dismiss the amended complaint. The court heard oral argument on the motion to dismiss on April 5, 2018. On April 13, 2018, the court granted the defendants’ motion to dismiss the complaint for failure to state a claim for relief under Section 14(a). The court also dismissed the plaintiffs’ pendent state law claims without prejudice, based on lack of subject matter jurisdiction. On April 25, 2018, the plaintiffs moved for leave to amend the complaint, and to stay this case pending the outcome of the Westmoreland Federal Action and the Dahhan Action. The defendants do not believe that the proposed amended complaint cures the defects in the current complaint, but have informed plaintiffs’ counsel that, in the interest of judicial economy, the defendants would not oppose the proposed amendment if the court would consider staying the case pending the resolution of the pending Westmoreland Federal Action and the Dahhan Action. On April 27, 2018, the court granted the plaintiffs’ motion for leave to amend the complaint and for a stay. On April 30, 2018, the plaintiffs filed their second amended complaint. Per the court’s order on April 27, 2018, the case will be stayed upon the filing of the second amended complaint. We believe that the complaint is without merit and intend to defend against the litigation. There can be no assurance, however, that we will be successful. At present, we are unable to estimate potential losses, if any, related to the lawsuit. We are not party to any other material litigation in any court. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On August 8, 2018, we entered into a definitive agreement with Millendo Therapeutics, Inc. ("Millendo") under which Millendo will merge with OvaScience in an all-stock transaction. The merger will create a leading rare endocrine disease company focused on the development of distinct and transformative treatments for several diseases where there is a significant unmet medical need. Upon completion of the merger, OvaScience will be renamed Millendo Therapeutics, Inc., and is expected to trade on the Nasdaq Capital Market under the ticker symbol MLND. An investor syndicate has committed to invest up to $30 million in the combined company, which will fund the further development, potential approval and commercialization of Millendo’s lead assets, livoletide and nevanimibe, and is expected to close before or concurrently with the completion of the merger. The total cash balance of the combined company following the closing of the merger and the financing is expected to be at least $70 million . On a pro forma basis and based upon the number of shares of OvaScience common stock to be issued in the merger, current OvaScience shareholders will own approximately 20% of the combined company and current Millendo investors will own approximately 80% of the combined company (before accounting for the additional financing transaction). The actual allocation will be subject to adjustment based on OvaScience’s net cash balance at the time of closing. The transaction has been approved by the board of directors of both companies. The merger is expected to close in the fourth quarter of 2018, subject to the approval of OvaScience shareholders at a special shareholder meeting, as well as other customary conditions. The combined company will be led by Julia Owens, Ph.D., Millendo Chief Executive Officer and President, and will be headquartered in Ann Arbor, Michigan. |
Basis of presentation and sig17
Basis of presentation and significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Basis of presentation | Basis of presentation The accompanying interim unaudited condensed consolidated financial statements have been prepared by us in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). These condensed consolidated financial statements include our accounts and the accounts of our wholly-owned subsidiaries. All intercompany transactions have been eliminated in consolidation. Certain information and footnote disclosures normally included in our annual financial statements have been omitted. In the opinion of management, the unaudited interim financial statements reflect all adjustments, which with the exception of restructuring accruals described in Note 9, consisted of normal and recurring adjustments, necessary for the fair presentation of our financial position at June 30, 2018 , results of our operations for the three and six months ended June 30, 2018 and 2017 and cash flows for the six months ended June 30, 2018 and 2017 . The results for the three and six months ended June 30, 2018 are not necessarily indicative of future results. These condensed consolidated financial statements should be read in conjunction with the audited financial statements for the year ended December 31, 2017, which are contained in our Annual Report on Form 10-K for the year ended December 31, 2017 (“2017 Annual Report on Form 10-K”) that was filed with the Securities and Exchange Commission (“SEC”) on March 15, 2018. |
Use of estimates | Use of estimates and summary of significant accounting policies These condensed consolidated financial statements are presented in conformity with US GAAP, which requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates. Our significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies,” in our 2017 Annual Report on Form 10-K. |
Net loss per share | Net loss per share Basic and diluted net loss per common share are calculated by dividing net loss by the weighted average number of shares outstanding during the period. Potentially dilutive shares, including outstanding stock options and unvested restricted stock units, are only included in the calculation of diluted net loss per share when their effect is dilutive. |
Recent accounting standards | Recent accounting pronouncements In June 2018, the Financial Accounting Standards Board ("FASB") issued ASU No. 2018-07, Compensation—Stock Compensation (Topic 718): Improvements to Non-employee Share-Based Payment Accounting. ASU 2018-07 is intended to reduce the cost and complexity and to improve financial reporting for non-employee share-based payments. The ASU expands the scope of Topic 718, Compensation-Stock Compensation (which currently only includes share-based payments to employees), to include share-based payments issued to non-employees for goods or services. Consequently, the accounting for share-based payments to non-employees and employees will be substantially aligned. This update is effective for annual and interim periods beginning after December 15, 2018 with early adoption permitted. Upon transition, entities will remeasure unsettled liability-classified awards and any unmeasured equity-classified awards for non-employees at fair value as of the adoption date. A cumulative-effect adjustment to retained earnings will be required as of the beginning of the fiscal year of adoption. We are currently assessing the impact ASU 2016-13 will have on our consolidated financial statements and footnote disclosures thereto. In November 2016, the FASB issued ASU No. 2016-18, Statement of Cash Flows (Topic 230) - Restricted Cash. ASU 2016-18 requires that a statement of cash flows explain the change during the period in the total of cash, cash equivalents, and amounts generally described as restricted cash or restricted cash equivalents. This update is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years using a retrospective transition method to each period presented. The Company adopted this standard as of January 1, 2018 on a retrospective basis, which resulted in the recast of the prior reporting period in the statement of cash flows. For the six months ended June 30, 2018 and 2017 , $0.8 million and $0.8 million , respectively, of restricted cash is included in the total of cash and restricted cash balance at the end of period. A reconciliation of cash and restricted cash from our condensed consolidated statement of cash flows to the amounts reported within our condensed consolidated balance sheet is also included in a table below our condensed consolidated statement of cash flows. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 requires changes in the presentation of debt prepayment or debt extinguishment costs, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies and distributions received from equity method investees. This update is effective for annual and interim periods beginning after December 15, 2017 using a retrospective transition method to each period presented. We adopted this standard as of January 1, 2018 with no material impact on our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments, which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments. This may result in the earlier recognition of allowances for losses. The guidance is effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years, with early adoption permitted. We are currently assessing the impact ASU 2016-13 will have on our consolidated financial statements and footnote disclosures thereto. In February 2016, the FASB issued ASU No. 2016-02, Leases, which is intended to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. Under ASU 2016-02, a lessee will be required to recognize assets and liabilities for both operating and financing leases with lease terms of more than 12 months. The amendment is effective for annual periods beginning after December 15, 2018, and interim periods within those annual periods. Early adoption is permitted. In July 2018, the FASB issued ASU 2018-11, Leases, to address two requirements of ASU 2016-02. ASU 2018-11 allows entities to recognize a cumulative-effect adjustment from the application of ASU 2016-02 to the opening balance of retained earnings in the period of adoption. In addition, ASU 2018-11 provides lessors with a practical expedient to not separate non-lease components from the associated lease component if certain conditions are met. We are currently assessing the impact ASU 2016-02 will have on our consolidated financial statements and footnote disclosures thereto. ASU 2014-09, Revenue from Contracts with Customers, amends the guidance for accounting for revenue from contracts with customers. ASU 2014-09 supersedes the revenue recognition requirements in ASC Topic 605, Revenue Recognition, and creates a new Topic 606, Revenue from Contracts with Customers. This guidance was effective for the Company on January 1, 2018. Two adoption methods are permitted: retrospectively to all prior reporting periods presented, with certain practical expedients permitted; or retrospectively with the cumulative effect of initially adopting the ASU 2014-09 recognized at the date of initial application. We adopted ASU 2014-09 effective January 1, 2018 and elected to adopt ASU 2014-09 using the modified retrospective approach and applied the standard only to contracts that had not yet been completed as of January 1, 2018. The impact under this methodology to our previously reported revenues is insignificant in the periods reported, and therefore the Company did not record a cumulative catch-up to deferred revenue and accumulated deficit upon adoption of the new standard on January 1, 2018. |
Basis of presentation and sig18
Basis of presentation and significant accounting policies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of amounts excluded from the calculation of diluted net loss per share | The amounts in the table below were excluded from the calculation of diluted net loss per share due to their anti-dilutive effect (in thousands): As of June 30, 2018 2017 Outstanding stock options and restricted stock units 5,396 7,469 |
Fair value (Tables)
Fair value (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities that are measured at fair value on a recurring basis | The following tables summarize our assets that are measured at fair value as of June 30, 2018 and December 31, 2017 (in thousands): Description Balance as of June 30, 2018 Level 1 Level 2 Level 3 Assets: Cash and money market funds $ 24,601 $ 24,601 $ — $ — Corporate debt securities (including commercial paper) 21,046 — 21,046 — U.S. government securities 7,981 — 7,981 — Total $ 53,628 $ 24,601 $ 29,027 $ — Description Balance as of Level 1 Level 2 Level 3 Assets: Cash and money market funds $ 15,703 $ 15,703 $ — $ — Corporate debt securities (including commercial paper) 35,531 — 35,531 — U.S. government securities 15,969 — 15,969 — Total $ 67,203 $ 15,703 $ 51,500 $ — |
Cash, cash equivalents and sh20
Cash, cash equivalents and short-term investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of cash, cash equivalents and short-term investments | The following tables summarize our cash, cash equivalents and short-term investments as of June 30, 2018 and December 31, 2017 (in thousands): June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and money market funds $ 24,601 $ — $ — $ 24,601 Corporate debt Due in one year or less 21,054 — (8 ) 21,046 U.S. government securities Due in one year or less 7,982 — (1 ) 7,981 Total $ 53,637 $ — $ (9 ) $ 53,628 Reported as: Cash and cash equivalents $ 24,601 $ — $ — $ 24,601 Short-term investments 29,036 — (9 ) 29,027 Total $ 53,637 $ — $ (9 ) $ 53,628 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Cash and money market funds $ 15,703 $ — $ — $ 15,703 Corporate debt Due in one year or less 38,053 — (21 ) 38,032 U.S. government securities Due in one year or less 13,474 — (6 ) 13,468 Total $ 67,230 $ — $ (27 ) $ 67,203 Reported as: Cash and cash equivalents $ 15,703 $ — $ — $ 15,703 Short-term investments 51,527 — (27 ) 51,500 Total $ 67,230 $ — $ (27 ) $ 67,203 |
Property and equipment (Tables)
Property and equipment (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment and related accumulated depreciation | Property and equipment and related accumulated depreciation and amortization are as follows (in thousands): As of June 30, As of December 31, 2018 2017 Laboratory equipment $ 1,732 $ 3,480 Furniture 230 371 Computer equipment 13 208 Leasehold improvements 288 2,754 Total property and equipment, gross 2,263 6,813 Less: accumulated depreciation and amortization (1,860 ) (3,700 ) Total property and equipment, net $ 403 $ 3,113 |
Accrued expenses and other cu22
Accrued expenses and other current liabilities (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consist of the following as of June 30, 2018 and December 31, 2017 (in thousands): As of June 30, As of December 31, 2018 2017 Compensation and related benefits, including severance $ 1,571 $ 2,215 Development, site costs and contract manufacturing 675 519 Legal, audit and tax services 1,104 1,542 Consulting 59 160 Other accrued expenses and other current liabilities 581 1,126 $ 3,990 $ 5,562 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of stock option activity and related information | A summary of our stock option activity and related information as of June 30, 2018 is as follows: Shares Weighted average exercise price per share Weighted average remaining contractual term (years) Aggregate intrinsic value (in thousands) Outstanding at December 31, 2017 5,745,815 $ 7.28 8.32 $ 43 Granted 1,179,877 0.96 Forfeited/Canceled (1,529,717 ) 5.90 Outstanding at June 30 5,395,975 6.28 8.05 1 Exercisable at June 30, 2018 2,576,138 10.88 6.96 1 |
Schedule of assumptions used to estimate fair value of each stock-based option award on the grant date using the Black-Scholes option pricing model | The fair value of each stock-based option award is estimated on the grant date using the Black-Scholes option pricing model with the following assumptions: Three months ended June 30, Six months ended June 30, 2018 2017 2018 2017 Risk-free interest rate — 1.3% - 2.0% 2.7% 1.3% - 2.2% Dividend yield — — — — Volatility — 89% - 109% 83% - 85% 89% - 109% Expected term (years) 1.8 - 6.9 6.1 1.8 - 6.9 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs | The following table outlines our restructuring activities for the six months ended June 30, 2018 (in thousands): Accrued restructuring balance as of December 31, 2017 $ 403 Plus: Severance 1,377 Other 44 Less: Payments (1,311 ) Accrued restructuring balance as of June 30, 2018 $ 513 |
Organization (Details)
Organization (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Jan. 31, 2018 | Dec. 31, 2017 | Jun. 21, 2017 |
Restructuring Cost and Reserve [Line Items] | ||||
Expected number of positions eliminated (as a percent) | 50.00% | 50.00% | ||
Accumulated deficit | $ (316,552) | $ (301,480) | ||
Cash, cash equivalents and short-term investments | $ 53,600 | |||
January 2018 Restructuring Activities | ||||
Restructuring Cost and Reserve [Line Items] | ||||
Expected number of positions eliminated (as a percent) | 50.00% |
Basis of presentation and sig26
Basis of presentation and significant accounting policies - Net loss per share (Details) - shares shares in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Outstanding stock options and restricted stock units | ||
Net loss per share | ||
Outstanding stock options and restricted stock units (in shares) | 5,396 | 7,469 |
Basis of presentation and sig27
Basis of presentation and significant accounting policies - Narrative (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Long-term restricted cash | $ 789 | $ 789 |
OvaXon Joint Venture (Details)
OvaXon Joint Venture (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2013 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Sep. 30, 2017 | |
OvaXon joint venture | |||||||
Amount contributed | $ 1,500 | ||||||
Equity interest | 50.00% | ||||||
Percentage of ownership control with disputes resolved through arbitration | 50.00% | ||||||
Loss from equity method investment | $ (4) | $ (454) | $ (4) | $ (875) | |||
Investment in joint venture | 142 | 142 | $ 146 | ||||
OvaXon | |||||||
OvaXon joint venture | |||||||
Equity interest | 50.00% | ||||||
Loss from equity method investment | $ 0 | $ (500) | $ 0 | $ 900 |
Fair value (Details)
Fair value (Details) - Fair value measurements on a recurring basis - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Assets: | ||
Total | $ 53,628 | $ 67,203 |
Level 1 | ||
Assets: | ||
Total | 24,601 | 15,703 |
Level 2 | ||
Assets: | ||
Total | 29,027 | 51,500 |
Cash and money market funds | ||
Assets: | ||
Total | 24,601 | 15,703 |
Cash and money market funds | Level 1 | ||
Assets: | ||
Total | 24,601 | 15,703 |
Corporate debt securities (including commercial paper) | ||
Assets: | ||
Total | 21,046 | 35,531 |
Corporate debt securities (including commercial paper) | Level 2 | ||
Assets: | ||
Total | 21,046 | 35,531 |
U.S. government securities | ||
Assets: | ||
Total | 7,981 | 15,969 |
U.S. government securities | Level 2 | ||
Assets: | ||
Total | $ 7,981 | $ 15,969 |
Cash, cash equivalents and sh30
Cash, cash equivalents and short-term investments - Summary (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 53,637 | $ 67,230 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (9) | (27) |
Fair Value | 53,628 | 67,203 |
Cash and money market funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,601 | 15,703 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 24,601 | 15,703 |
Corporate debt securities due in one year or less | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 21,054 | 38,053 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (8) | (21) |
Fair Value | 21,046 | 38,032 |
U.S. government securities due In one year or less | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 7,982 | 13,474 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | (6) |
Fair Value | 7,981 | 13,468 |
Cash and cash equivalents | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,601 | 15,703 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 24,601 | 15,703 |
Short-term investments | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 29,036 | 51,527 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (9) | (27) |
Fair Value | $ 29,027 | $ 51,500 |
Cash, cash equivalents and sh31
Cash, cash equivalents and short-term investments - Narrative (Details) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2018USD ($)security | Jun. 30, 2017USD ($) | Jun. 30, 2018USD ($)security | Jun. 30, 2017USD ($) | Dec. 31, 2017USD ($)security | |
Schedule of Available-for-sale Securities [Line Items] | |||||
Debt securities in an unrealized position for less than 12 months (in securities) | security | 5 | 5 | 10 | ||
Aggregate fair value of securities in an unrealized loss position for less than 12 months | $ 10,400,000 | $ 10,400,000 | $ 22,900,000 | ||
Number of investments in a continuous unrealized loss position (in securities) | security | 5 | 5 | |||
Securities held | $ 53,637,000 | $ 53,637,000 | 67,230,000 | ||
Debt securities | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Securities held | 7,900,000 | 7,900,000 | 12,000,000 | ||
Short-term investments | |||||
Schedule of Available-for-sale Securities [Line Items] | |||||
Securities held | 29,036,000 | 29,036,000 | $ 51,527,000 | ||
Realized gains on investments | 0 | $ 0 | 0 | $ 0 | |
Realized losses on investments | $ 0 | $ 0 | $ 0 | $ 0 |
Property and equipment (Details
Property and equipment (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Feb. 28, 2018 | Jul. 31, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Jan. 31, 2017 | |
Property and equipment | ||||||||
Total property and equipment, gross | $ 2,263 | $ 2,263 | $ 6,813 | |||||
Less: accumulated depreciation and amortization | (1,860) | (1,860) | (3,700) | |||||
Total property and equipment, net | 403 | 403 | 3,113 | |||||
Depreciation and amortization expense | 200 | $ 500 | 506 | $ 951 | ||||
Fixed assets held-for-sale | $ 300 | $ 500 | ||||||
Carrying value of assets sold | $ 200 | |||||||
Proceeds from sale of property held-for-sale | $ 200 | 300 | ||||||
Loss on sale of property, plant and equipment | $ 100 | 34 | $ 0 | |||||
Tangible asset impairment charges | 2,200 | |||||||
Assets held-for-sale, not part of disposal group | 100 | 100 | ||||||
Laboratory equipment | ||||||||
Property and equipment | ||||||||
Total property and equipment, gross | 1,732 | 1,732 | 3,480 | |||||
Furniture | ||||||||
Property and equipment | ||||||||
Total property and equipment, gross | 230 | 230 | 371 | |||||
Computer equipment | ||||||||
Property and equipment | ||||||||
Total property and equipment, gross | 13 | 13 | 208 | |||||
Leasehold improvements | ||||||||
Property and equipment | ||||||||
Total property and equipment, gross | $ 288 | $ 288 | $ 2,754 |
(Details)
(Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Payables and Accruals [Abstract] | ||
Compensation and related benefits, including severance | $ 1,571 | $ 2,215 |
Development, site costs and contract manufacturing | 675 | 519 |
Legal, audit and tax services | 1,104 | 1,542 |
Consulting | 59 | 160 |
Other accrued expenses and other current liabilities | 581 | 1,126 |
Accrued liabilities | $ 3,990 | $ 5,562 |
Stock-based compensation - Stoc
Stock-based compensation - Stock options (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | |
Shares | |||||
Granted (in shares) | 1,179,877 | 2,183,106 | 4,015,356 | ||
Weighted average exercise price per share | |||||
Granted (in dollars per share) | $ 0.96 | $ 1.46 | $ 1.51 | ||
Assumptions used to estimate fair value of each stock-based option award on the grant date using the Black-Scholes option pricing model | |||||
Expected term (years) | |||||
Additional disclosures | |||||
Weighted average grant date fair value (in dollars per share) | $ 0.70 | $ 1.11 | $ 1.15 | ||
Non-Employee Stock | |||||
Shares | |||||
Granted (in shares) | 150,000 | 150,000 | |||
Weighted average exercise price per share | |||||
Granted (in dollars per share) | $ 1.60 | $ 1.60 | |||
Stock options | |||||
Shares | |||||
Outstanding at the beginning of the period (in shares) | 5,745,815 | ||||
Granted (in shares) | 1,179,877 | ||||
Forfeited/Canceled (in shares) | (1,529,717) | ||||
Outstanding at the end of the period (in shares) | 5,395,975 | 5,395,975 | 5,745,815 | ||
Exercisable at the end of the period (in shares) | 2,576,138 | 2,576,138 | |||
Weighted average exercise price per share | |||||
Outstanding at the beginning of the period (in USD per share) | $ 7.28 | ||||
Granted (in dollars per share) | 0.96 | ||||
Forfeited/Canceled (in dollars per share) | 5.90 | ||||
Outstanding at the end of period (in USD per share) | $ 6.28 | 6.28 | $ 7.28 | ||
Exercisable at the end of the period (in USD per share) | $ 10.88 | $ 10.88 | |||
Weighted average remaining contractual term (years) | |||||
Outstanding | 8 years 18 days | 8 years 3 months 25 days | |||
Exercisable at the end of the period | 6 years 11 months 15 days | ||||
Aggregate intrinsic value | |||||
Outstanding | $ 1,000 | $ 1,000 | $ 43,000 | ||
Exercisable at the end of period | $ 1,000 | $ 1,000 | |||
Assumptions used to estimate fair value of each stock-based option award on the grant date using the Black-Scholes option pricing model | |||||
Risk-free interest rate | 0.00% | 2.70% | |||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |
Volatility | 0.00% | ||||
Expected term (years) | 6 years 1 month 9 days | ||||
Additional disclosures | |||||
Stock options exercised | $ 0 | $ 0 | |||
Total unrecognized compensation cost | $ 2,800,000 | $ 2,800,000 | |||
Weighted average period for recognition of compensation cost | 2 years 10 months 24 days | ||||
Stock options | Minimum [Member] | |||||
Assumptions used to estimate fair value of each stock-based option award on the grant date using the Black-Scholes option pricing model | |||||
Risk-free interest rate | 1.30% | 1.30% | |||
Volatility | 89.00% | 83.00% | 89.00% | ||
Expected term (years) | 1 year 9 months 18 days | 1 year 9 months 18 days | |||
Stock options | Maximum [Member] | |||||
Assumptions used to estimate fair value of each stock-based option award on the grant date using the Black-Scholes option pricing model | |||||
Risk-free interest rate | 2.00% | 2.20% | |||
Volatility | 109.00% | 85.00% | 109.00% | ||
Expected term (years) | 6 years 10 months 24 days | 6 years 10 months 24 days |
Restructuring - Narrative (Deta
Restructuring - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Dec. 31, 2017 | Jan. 31, 2018 | Jun. 21, 2017 | Dec. 31, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Expected number of positions eliminated (as a percent) | 50.00% | 50.00% | 50.00% | |||||
Restructuring | $ 2,892 | $ 1,992 | $ 3,584 | $ 3,480 | ||||
Payments for restructuring | 1,311 | |||||||
Restructuring reserve | 500 | 500 | ||||||
Restructuring cost incurred to date | 12,800 | 12,800 | ||||||
One-time Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 1,300 | 2,300 | ||||||
Special Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 300 | 300 | ||||||
Fixed Asset Impairment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 300 | 300 | ||||||
Legal Fees | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | $ 100 | |||||||
May 2018 Restructuring Activities | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring cost incurred to date | 2,900 | 2,900 | ||||||
May 2018 Restructuring Activities | One-time Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 700 | |||||||
May 2018 Restructuring Activities | Fixed Asset Impairment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 2,200 | 2,200 | ||||||
January 2018 and May 2018 Restructuring Activities | One-time Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 1,400 | |||||||
Payments for restructuring | 1,300 | |||||||
December 2016 Restructuring Activities | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Expected number of positions eliminated (as a percent) | 30.00% | |||||||
Restructuring | $ 6,900 | |||||||
Restructuring cost incurred to date | 6,900 | 6,900 | ||||||
December 2016 Restructuring Activities | One-time Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 2,400 | |||||||
Payments for restructuring | $ 4,100 | |||||||
December 2016 Restructuring Activities | Special Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 1,700 | |||||||
December 2016 Restructuring Activities | Fixed Asset Impairment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 2,000 | |||||||
December 2016 Restructuring Activities | Legal Fees | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 900 | |||||||
June 2017 Restructuring Activities | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Expected number of positions eliminated (as a percent) | 50.00% | |||||||
Restructuring | 2,300 | |||||||
Restructuring cost incurred to date | 2,300 | 2,300 | ||||||
June 2017 Restructuring Activities | One-time Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 1,700 | |||||||
June 2017 Restructuring Activities | Special Termination Benefits | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 300 | |||||||
June 2017 Restructuring Activities | Fixed Asset Impairment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | 200 | |||||||
June 2017 Restructuring Activities | Legal Fees | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring | $ 100 | |||||||
January 2018 Restructuring Activities | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Expected number of positions eliminated (as a percent) | 50.00% | |||||||
Restructuring cost incurred to date | $ 700 | $ 700 |
Restructuring - Schedule of res
Restructuring - Schedule of restructuring activities (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Restructuring Reserve [Roll Forward] | ||||
Restructuring reserve, beginning balance | $ 403 | |||
Restructuring | $ 2,892 | $ 1,992 | 3,584 | $ 3,480 |
Payments for restructuring | (1,311) | |||
Restructuring reserve, ending balance | $ 513 | 513 | ||
Employee Severance | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring | 1,377 | |||
Other Restructuring | ||||
Restructuring Reserve [Roll Forward] | ||||
Restructuring | $ 44 |
Commitments and contingencies N
Commitments and contingencies Narrative (Details) | 6 Months Ended |
Jun. 30, 2017USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Fees | $ 300,000 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Millions | 5 Months Ended | |
Dec. 31, 2018 | Aug. 08, 2018 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Cash and cash equivalents, period increase (decrease) | $ 30 | |
Scenario, Forecast [Member] | ||
Subsequent Event [Line Items] | ||
Forecast cash at completion of merger | $ 70 | |
OvaScience [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition, percentage of voting interests acquired | 20.00% | |
Millendo [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Business acquisition, percentage of voting interests acquired | 80.00% |
Uncategorized Items - ovas-2018
Label | Element | Value |
Restricted Cash | us-gaap_RestrictedCash | $ 812,000 |
Restricted Cash | us-gaap_RestrictedCash | $ 789,000 |