Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 02, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MYOK | |
Entity Registrant Name | MyoKardia Inc | |
Entity Central Index Key | 1,552,451 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 31,455,894 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 135,594 | $ 135,797 |
Short-term investments | 12,039 | 4,072 |
Receivable from collaboration partner | 45,000 | |
Prepaid expenses and other current assets | 1,813 | 1,394 |
Total current assets | 149,446 | 186,263 |
Property and equipment, net | 2,604 | 2,758 |
Long-term investments | 31,978 | 12,002 |
Other long-term assets | 388 | 283 |
Total assets | 184,416 | 201,306 |
Current liabilities | ||
Accounts payable | 2,366 | 1,798 |
Accrued liabilities | 7,064 | 8,690 |
Deferred revenue - current | 22,500 | 22,500 |
Total current liabilities | 31,930 | 32,988 |
Other long-term liabilities | 364 | 436 |
Deferred revenue - noncurrent | 16,875 | 22,500 |
Total liabilities | 49,169 | 55,924 |
Commitments and contingencies (Note 6) | ||
Stockholders’ equity | ||
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; none issued and outstanding | ||
Common stock, $0.0001 par value, 150,000,000 and 150,000,000 shares authorized at March 31, 2017 and December 31, 2016, respectively; 31,424,801 and 31,428,998 shares issued and outstanding at March 31, 2017 and December 31, 2016, respectively | 3 | 3 |
Additional paid-in capital | 224,683 | 223,208 |
Accumulated other comprehensive (loss) income | (47) | 8 |
Accumulated deficit | (89,392) | (77,837) |
Total stockholders’ equity | 135,247 | 145,382 |
Total liabilities and stockholders’ equity | $ 184,416 | $ 201,306 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 31,424,801 | 31,428,998 |
Common stock, shares outstanding | 31,424,801 | 31,428,998 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Collaboration and license revenue | $ 5,625 | $ 3,550 |
Operating expenses: | ||
Research and development | 11,917 | 8,130 |
General and administrative | 5,476 | 3,860 |
Total operating expenses | 17,393 | 11,990 |
Loss from operations | (11,768) | (8,440) |
Interest and other income, net | 221 | 20 |
Net loss | (11,547) | (8,420) |
Other comprehensive loss | (55) | |
Comprehensive loss | (11,602) | (8,420) |
Net loss attributable to common stockholders | $ (11,547) | $ (8,420) |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.37) | $ (0.32) |
Weighted average number of shares used to compute net loss per share attributable to common stockholders, basic and diluted | 31,089,310 | 26,169,152 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (11,547) | $ (8,420) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,405 | 414 |
Depreciation | 316 | 256 |
Accretion of discounts and amortization of premiums on investments | 22 | |
Change in operating assets and liabilities: | ||
Receivable from collaboration partner | 45,000 | |
Prepaid expenses and other current assets | (419) | 37 |
Other long-term assets | (105) | |
Accounts payable | 629 | (115) |
Accrued liabilities | (1,613) | (666) |
Other long-term liabilities | (44) | (11) |
Deferred revenue | (5,625) | (3,550) |
Net cash provided by (used in) operating activities | 28,019 | (12,055) |
Cash flows from investing activities: | ||
Purchases of investments | (32,020) | |
Sale of investments | 4,000 | |
Purchases of property and equipment | (185) | (562) |
Net cash used in investing activities | (28,205) | (562) |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options | 21 | |
Payments of financing-related costs | (38) | (153) |
Net cash used in financing activities | (17) | (153) |
Net decrease in cash and cash equivalents | (203) | (12,770) |
Cash and cash equivalents, beginning of period | 135,797 | 112,265 |
Cash and cash equivalents, end of period | 135,594 | 99,495 |
Supplemental disclosures of noncash investing and financing information | ||
Vesting of early exercised options and restricted stock | 54 | 71 |
Unpaid portion of property and equipment purchases included in period-end accounts payable and accrued liabilities | $ 79 | $ 18 |
Formation and Business of the C
Formation and Business of the Company | 3 Months Ended |
Mar. 31, 2017 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Formation and Business of the Company | 1. Formation and Business of the Company MyoKardia, Inc. (the “Company”) is a clinical stage biopharmaceutical company pioneering a precision medicine approach to discover, develop and commercialize targeted therapies for the treatment of serious and neglected rare cardiovascular diseases. Our initial focus is on the treatment of heritable cardiomyopathies, a group of rare, genetically-driven forms of heart failure that result from biomechanical defects in cardiac muscle contraction. We have used our precision medicine platform to generate a robust pipeline of therapeutic programs for the chronic treatment of the two most common forms of heritable cardiomyopathy—hypertrophic cardiomyopathy (“HCM”), and dilated cardiomyopathy (“DCM”). The Company is currently enrolling subjects in a Phase 2 clinical trial of MYK-461, our product candidate for the treatment of HCM, and in a Phase 1 clinical trial of MYK-491, our product candidate for the treatment of DCM. Using our precision medicine development strategy, we believe we have efficiently generated clinical proof of mechanism for MYK-461 in both healthy volunteers and in HCM patients, and we intend to pursue a similar path for MYK-491. In 2016, MYK-461 was granted Orphan Drug Designation by the U.S. Food and Drug Administration (“FDA”), for the treatment of symptomatic, obstructive hypertrophic cardiomyopathy (“oHCM”), a subset of HCM. Through March 31, 2017, the Company has financed its operations through an initial public offering (“IPO”), a follow-on public offering and private placements of redeemable convertible preferred stock and funds received in connection with a license and collaboration agreement with Aventis Inc., a wholly-owned subsidiary of Sanofi S.A., entered into in August 2014 (the “Collaboration Agreement”) (See Note 4). The Company received net proceeds of $93.9 million from the sale of shares of its Series A, A-1 and B redeemable convertible preferred stock. On November 3, 2015, the Company completed its IPO of 6,253,125 shares of common stock at an offering price of $10.00 per share, resulting in net proceeds of approximately $55.6 million, after deducting underwriting discounts, commissions and offering costs. On October 3, 2016, the Company completed a follow-on public offering of 4,370,000 shares of common stock at an offering price of $15.00 per share, resulting in net proceeds of approximately $61.0 million, after deducting underwriting discounts, commissions and estimated offering costs. In connection with the Collaboration Agreement, the Company has received $105.0 million from Sanofi S.A., consisting of a $35.0 million upfront payment, a $25.0 million milestone payment for the submission of an investigational new drug application (“IND”), for MYK-461 with the FDA in November 2016, and a $45.0 million continuation payment from Sanofi in January 2017. As of March 31, 2017, the Company had an accumulated deficit of $89.4 million and cash and cash equivalents of $135.6 million. The accompanying unaudited Condensed Consolidated Financial Statements, in the opinion of management, include all adjustments which the Company considers necessary for the fair statement of the Condensed Consolidated Results of Operations and Comprehensive Loss and Cash Flows for the interim periods covered and the Condensed Consolidated Financial Position of the Company at the date of the balance sheets. The consolidated financial statements of the Company as at December 31, 2016 included the Company’s accounts and have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”). The interim results presented herein are not necessarily indicative of the results of operations that may be expected for the full fiscal year ending December 31, 2017, or any other future period. The accompanying unaudited Condensed Consolidated Financial Statements and related financial information should be read in conjunction with the Company’s audited consolidated financial statements and the related notes thereto for the year ended December 31, 2016 included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 13, 2017 (the “Annual Report”). |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Significant accounting policies are described in Note 2 to the consolidated financial statements for the year ended December 31, 2016 included in the Annual Report. There have been no changes to the Company’s significant accounting policies during the three months ended March 31, 2017, except as described below. Adopted Accounting Pronouncements Beginning in fiscal year 2017, the Company adopted Accounting Standard Update (“ASU”) No. 2016-09, Improvements to employee share-based payment accounting, Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company, and has irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In November 2016, the FASB issued ASU No. 2016-18 (Topic 230), Restricted Cash, Statement of Cash Flows ment 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. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU should be applied using a retrospective transition method to each period presented. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In February ASU No. 2016-02 (Topic 842), Leases. requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. In May 2014, the FASB issued ASU No. 2014-09 (Topic 606), Revenue from Contracts with Customers ASC 605, Revenue Recognition. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 3. Fair Value Measurements Financial assets and liabilities are recorded at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs other than quoted market prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements at March 31, 2017 Total Level 1 Level 2 Level 3 Assets Money market funds $ 135,037 $ 135,037 $ — $ — U.S. government agency obligations 28,012 — 28,012 — Corporate securities 16,005 — 16,005 — Total $ 179,054 $ 135,037 $ 44,017 $ — Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Level 3 Assets Money market funds $ 136,481 $ 136,481 $ — $ — U.S. government agency obligations 12,075 — 12,075 — Corporate securities 3,999 — 3,999 — Total $ 152,555 $ 136,481 $ 16,074 $ — The following table is a summary of amortized cost, unrealized gain and loss, and fair value (in thousands) of the Company’s marketable securities by contractual maturities: Fair Value Measurements at March 31, 2017 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents (due within 90 days) $ 135,037 $ — $ — $ 135,037 Short-term investments (due within one year) 12,047 — (8 ) $ 12,039 Long-term investments (due between one and two years) 32,012 13 (47 ) $ 31,978 $ 179,096 $ 13 $ (55 ) $ 179,054 Fair Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents (due within 90 days) $ 136,481 $ — $ — $ 136,481 Short-term investments (due within one year) 4,072 — — 4,072 Long-term investments (due between one and two years) 11,988 14 — 12,002 $ 152,541 $ 14 $ — $ 152,555 |
Collaboration and License Agree
Collaboration and License Agreement | 3 Months Ended |
Mar. 31, 2017 | |
Collaboration And License Agreement Disclosure [Abstract] | |
Collaboration and License Agreement | 4. Collaboration and License Agreement Sanofi (Aventis Inc.) In August 2014, the Company entered into the Collaboration Agreement with Aventis Inc., a wholly-owned subsidiary of Sanofi S.A., for the research, development and potential commercialization of pharmaceutical products for the treatment, prevention and diagnosis of hypertrophic and dilated cardiomyopathy, as well as potential additional indications. Pursuant to the Collaboration Agreement, in addition to potential future royalty payments, Sanofi agreed to provide up to $200.0 million in financial consideration to the Company consisting of the following components: 1. a $35.0 million upfront cash payment 2. a $10.0 million initial equity investment 3. a $25.0 million milestone-based contingent payment 4. up to an $85.0 million project continuation payment if Sanofi elects to extend the term of the research collaboration beyond December 31, 2016, as described below 5. up to $45.0 million in funding from Sanofi of approved in-kind research and clinical activities over a four-year period. The Company is also entitled to receive tiered royalties beginning in the mid-single digits to the mid-teens on net sales of certain hypertrophic cardiomyopathy (“HCM”) and dilated cardiomyopathy (“DCM”) finished products outside the United States and on net sales of certain DCM finished products in the United States. Sanofi is eligible to receive tiered royalties beginning in the mid-single digits to the low teens on the Company’s net sales of certain HCM finished products in the United States. The Collaboration Agreement covers three main research programs, “HCM1” (or HCM-1 or MYK-461), “HCM2” (or HCM-2) and “DCM1” (or DCM-1 or MYK-491). The Company is solely responsible for conducting research and development activities through early human efficacy studies, except for specified research activities to be conducted by Sanofi. The estimated completion of proof-of-concept phases are staggered, depending on the program. Thereafter, the Company will lead worldwide development and United States commercial activities for the MYK-461 and HCM-2 programs, Sanofi will lead global development and commercial activities for DCM-1 and Sanofi will lead ex-United States development and commercial activities for the MYK-461 and HCM-2 programs where it has ex-United States commercialization rights. Sanofi also has the option to co-promote in the U.S. for potential expanded cardiovascular diseases outside of the genetically targeted indications for the MYK-461 and HCM-2 programs, with the Company having the option to co-promote the DCM-1 program in the United States. The Company accounted for the Collaboration Agreement by evaluating each of the financial components discussed above: 1. $35.0 million upfront payment. The Company received a non-refundable upfront payment and identified the following performance obligations at the inception of the Collaboration Agreement: (i) the transfer of intellectual property rights and know-how (license), (ii) the obligation to provide certain limited research and development services during the term of the license agreement and (iii) the obligation to participate on the development and commercialization committees. The Company applied the guidance under ASC 605-25, Multiple Element Arrangements, to account for this upfront payment. The Company evaluated the underlying goods and services delivered under the Collaboration Agreement and concluded that the performance obligations do not have standalone value, and accordingly accounted for the deliverables as one unit of accounting. The $35.0 million payment was recorded by the Company as deferred revenue on its consolidated balance sheet upon receipt, which the Company was recognizing as revenue on a straight-line basis over the expected term of research and development services through December 31, 2016 because there was not a more discernible pattern of performance in which the research and development services occurred. During the three months ended March 31, 2017 and 2016, the Company recognized zero and $3.6 million of revenue related to the $35.0 million upfront payment under the Collaboration Agreement, respectively. As of March 31, 2017 and December 31, 2016, the Company did not have any deferred revenue on its consolidated balance sheet, related to this upfront payment. 2. $10.0 million upfront investment in Series A-1 redeemable convertible preferred stock. In August, 2014 the Company entered into a Series A-1 redeemable convertible preferred stock purchase agreement with Sanofi. The Agreement was signed as a separate transaction from the Collaboration Agreement. Pursuant to the stock purchase agreement, the Company sold 6,666,667 shares of Series A-1 redeemable convertible preferred stock to Sanofi at $1.50 per share. The Company concluded that the $1.50 per share price represented the fair value of the redeemable convertible preferred stock issued. As of March 31, 2017, Sanofi owned 11.7% of the Company’s common stock. 3. $25.0 million milestone-based payment. The Company was eligible to receive a one-time, non-refundable, non-creditable payment of $25.0 million upon the submission of an investigational new drug application for any DCM-1 development candidate to the FDA or a comparable regulatory authority in Europe or another major market country for any DCM-1 product. The Company accounted for this milestone payment separately from the rest of the agreement. The Company has determined that the milestone was substantive as it was achieved based upon the Company’s past performance. The Company achieved this milestone in October 2016 and as a result, recognized the $25.0 million milestone payment from Sanofi as revenue during the year ended December 31, 2016. 4. Up to $85.0 million continuation payments. Under the Collaboration Agreement, Sanofi needed to determine by December 31, 2016 whether or not to continue the Collaboration Agreement. Under the terms of the Collaboration Agreement, if Sanofi so elected to continue the Collaboration Agreement, it would be obligated to pay: • a one-time, non-refundable, non-creditable cash payment of $45.0 million • an additional $40.0 million in connection with the purchase of the Company’s preferred stock, assuming the Company has not previously closed (i) either a Qualified IPO (at which time this obligation will terminate) or a private financing prior to a Qualified IPO and (ii) Sanofi has not previously purchased shares of the Company’s stock pursuant to such rights to purchase the Company’s capital stock in accordance with the terms of the Collaboration Agreement. The $40.0 million payment was reduced by $5.0 million to $35.0 million in connection with Sanofi’s subsequent purchase of shares of the Company’s Series B redeemable convertible preferred stock in April 2015, and the remaining obligation terminated in connection with the Company’s IPO in October 2015. Sanofi elected to continue the Collaboration Agreement in December 2016. The Company recorded a receivable and deferred revenue as of December 31, 2016 for the $45.0 million continuation payment, upon receipt of the election to continue, which the Company is recognizing on a straight-line basis over the expected term of research and development services through December 31, 2018 because there is no more discernable pattern of performance for which the R&D services occur. The payment was subsequently received in January 2017. In relation to this continuation payment, the Company recognized $5.6 million as revenue during the quarter ended March 31, 2017, and had deferred revenue on its consolidated balance sheet of $39.4 million as of March 31, 2017. Sanofi also had a time-restricted right to purchase $40.0 million in shares of the Company’s redeemable convertible preferred stock at the discounted price, which would have satisfied the $40.0 million obligation to purchase shares of the Company’s capital stock in connection with the continuation decision. Sanofi’s option to purchase $40.0 million of additional shares of the Company’s redeemable convertible preferred stock at the discounted price expired upon the closing of the Series B redeemable convertible preferred stock financing in April 2015. The Company had determined that Sanofi’s right to purchase the redeemable convertible preferred stock at the discounted price, and the Company’s corresponding obligation to issue this additional redeemable convertible preferred stock, represented a freestanding financial instrument. The freestanding convertible preferred stock call option liability was initially recorded at its fair value of $0.7 million in 2014. The Company did not have a liability related to the redeemable convertible preferred stock call option on its consolidated balance sheet as of March 31, 2017 and December 31, 2016. 5. Up to $45.0 million in-kind research and collaboration activities. Sanofi can fund up to $45.0 million of pre-approved funding of research and collaboration activities. Since Sanofi will pay its vendors and personnel directly as per the Collaboration Agreement, the Company will not receive cash from Sanofi and therefore will not account for the funding of the in-kind services. |
Balance Sheet Components
Balance Sheet Components | 3 Months Ended |
Mar. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | 5. Balance Sheet Components Property and Equipment Property and equipment consist of the following (in thousands): March 31, 2017 December 31, 2016 Scientific equipment $ 4,931 $ 4,858 Furniture and equipment 617 546 Capitalized software 237 237 Leasehold improvements 326 308 Total 6,111 5,949 Less: Accumulated depreciation (3,507 ) (3,191 ) Property and equipment, net $ 2,604 $ 2,758 Depreciation expense was $0.3 million and $0.3 million, for the three months ended March 31, 2017 and 2016, respectively. Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, 2017 December 31, 2016 Payroll and related expenses $ 2,272 $ 3,717 Clinical research and development 3,620 3,981 Other 1,172 992 Total accrued liabilities $ 7,064 $ 8,690 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies Purchase Commitments The Company conducts product research and development programs through a combination of internal and collaborative programs that include, among others, arrangements with universities, contract research organizations and clinical research sites. The Company has contractual arrangements with these organizations; however, these contracts are generally cancelable on 30 days’ notice and the obligations under these contracts are largely based on services performed. Facility Leases On June 29, 2012, the Company entered into a 66-month lease for approximately 12,000 square feet of office and laboratory space in South San Francisco with annual payments of approximately $0.5 million. In connection with this lease agreement, the Company also entered into a shared facilities and services agreement with Global Blood Therapeutics, Inc. (“GBT”), a co-tenant in the office building. In October 2014, the Company entered into a lease assignment agreement with the owner of the building and GBT to allow GBT to sublease the Company’s portion of the building beginning in March 2015. For the three months ended March 31, 2017 and 2016, the Company recorded approximately $0.1 million and $0.1 million, respectively, of sublease income and $0.1 million and $0.1 million, respectively, of sublease expense, which is recorded in interest and other income, net in the consolidated statements of operations and comprehensive loss. On September 15, 2014, the Company entered into a five-year lease for approximately 34,400 square feet of office and laboratory space in South San Francisco. The Company may extend the lease for an additional three year term. The initial annual lease payments are $1.3 million, increasing to $1.6 million in the final year of the agreement. The lease period commenced in January 2015. The Company received a lease abatement for the first three months of the lease term, which is recorded as deferred rent and recognized over the lease term. The Company has provided deposits for letters of credit totaling $0.3 million to secure its obligations under its leases, which have been classified as long-term assets on the Company’s consolidated balance sheet as of March 31, 2017. Rent expense, net was $0.3 million and $0.3 million, for the three months ended March 31, 2017 and 2016, respectively. Contingencies From time to time, the Company may have contingent liabilities that arise in the ordinary course of business activities. The Company accrues for such a liability when it is probable that future expenditures will be made and such expenditures can be reasonably estimated. There were no contingent liabilities requiring accrual or disclosure as of March 31, 2017, or December 31, 2016. Guarantees and Indemnifications The Company enters into standard indemnification arrangements in the ordinary course of business. Pursuant to certain of these arrangements, the Company indemnifies, holds harmless, and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third-party with respect to the Company’s technology. The term of these indemnification arrangements is generally perpetual. The maximum potential amount of future payments the Company could be required to make under these agreements is not determinable because it involves claims that may be made against the Company in the future, but have not yet been made. The Company indemnifies its officers and directors for certain events or occurrences, subject to certain limits, while the officer or director is or was serving at the Company’s request in such capacity, as permitted under Delaware law and in accordance with its certificate of incorporation and bylaws, and agreements providing for indemnification entered into with its officers and directors. The term of the indemnification period lasts as long as an officer or director may be subject to any proceeding arising out of acts or omissions of such officer or director in such capacity. The maximum amount of potential future indemnification of directors and officers is unlimited; however, the Company currently holds director and officer liability insurance. This insurance allows the transfer of risk associated with its exposure and may enable it to recover a portion of any future amounts paid. The Company believes that the fair value of these indemnification obligations is minimal. Accordingly, the Company has not recognized any liabilities relating to these obligations for any period presented. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2017 | |
Stockholders Equity Note [Abstract] | |
Stockholders' Equity | 7. Stockholders’ Equity Common Stock Reserved for Issuance The Company has reserved shares of common stock for issuance as follows: March 31, 2017 December 31, 2016 Options issued and outstanding 3,183,304 2,141,868 Shares available for issuance under 2015 Stock Option and Incentive Plan 940,841 720,921 Shares available for issuance under 2015 Employee Stock Purchase Plan 516,376 202,087 Total 4,640,521 3,064,876 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation The Company classifies stock-based compensation expense in the accompanying condensed consolidated statements of operations and comprehensive loss based on the department to which a recipient belongs. The following table sets forth stock-based compensation expense related to options granted to employees and consultants for all periods presented (in thousands): Three Months Ended March 31, 2017 2016 Research and development $ 590 $ 174 General and administrative 815 240 Total $ 1,405 $ 414 The following summarizes option activity under the 2012 Equity Incentive Plan and 2015 Stock Option and Incentive Plan: Shares Subject to Weighted Average Outstanding Options Exercise Price Per Share Balance at December 31, 2016 2,141,868 $ 6.42 Options granted 1,115,775 $ 12.29 Options exercised (14,772 ) $ 1.40 Options canceled (59,567 ) $ 9.00 Balance at March 31, 2017 3,183,304 $ 8.45 In relation As of March 31, 2016, no stock-based compensation expense had been recorded, because the Company concluded that the achievement of the applicable performance criteria had not been considered probable. |
Net Loss per Share Attributable
Net Loss per Share Attributable to Common Stockholders | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Loss per Share Attributable to Common Stockholders | 9. Net Loss per Share Attributable to Common Stockholders The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended March 31, 2017 2016 Numerator Net loss $ (11,547 ) $ (8,420 ) Net loss attributable to common stockholders, basic and diluted $ (11,547 ) $ (8,420 ) Denominator Weighted average shares outstanding 31,428,564 27,024,638 Less: weighted average shares subject to repurchase (339,254 ) (855,486 ) Weighted average shares used to compute basic and diluted net loss per share 31,089,310 26,169,152 Net loss per share attributable to common stockholders, basic and diluted $ (0.37 ) $ (0.32 ) The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: As of March 31, 2017 2016 Common stock subject to repurchase 298,915 806,035 Stock options to purchase common stock 3,183,304 1,910,181 As of March 31, 2017, the Company has contributions from plan participants of $338,400 under the 2015 Employee Stock Purchase Plan, which if converted, would be equivalent to 29,381 shares based on 85% of the stock price at the beginning of the offering period. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions In September 2012, the Company began receiving consulting and management services pursuant to an unwritten agreement with Third Rock Ventures, which is one of the Company’s largest shareholders. Charles Homcy and Kevin Starr, both directors of the Company, are venture partner and partner, respectively, of Third Rock Ventures. Charles Homcy resigned from the Board of Directors in March 2017. The consulting fees paid to Third Rock Ventures were incurred by the Company in the ordinary course of business, and were $9,000 and $22,000 for the three months ended March 31, 2017 and 2016, respectively. As of March 31, 2017 and December 31, 2016, the Company had an outstanding liability to Third Rock Ventures of $12,000 and $9,000, respectively. |
Summary of Significant Accoun16
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Adopted Accounting Pronouncements | Adopted Accounting Pronouncements Beginning in fiscal year 2017, the Company adopted Accounting Standard Update (“ASU”) No. 2016-09, Improvements to employee share-based payment accounting, |
Recent Accounting Pronouncements | Recent Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on the Company’s consolidated financial statements upon adoption. Under the Jumpstart Our Business Startups Act of 2012, as amended (the “JOBS Act”), the Company meets the definition of an emerging growth company, and has irrevocably elected to opt out of the extended transition period for complying with new or revised accounting standards pursuant to Section 107(b) of the JOBS Act. In November 2016, the FASB issued ASU No. 2016-18 (Topic 230), Restricted Cash, Statement of Cash Flows ment 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. Therefore, amounts generally described as restricted cash and restricted cash equivalents should be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU 2016-18 is effective for public business entities for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. The amendments in this ASU should be applied using a retrospective transition method to each period presented. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements. In February ASU No. 2016-02 (Topic 842), Leases. requires an entity to recognize assets and liabilities arising from a lease for both financing and operating leases. The ASU will also require new qualitative and quantitative disclosures to help investors and other financial statement users better understand the amount, timing, and uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted. In May 2014, the FASB issued ASU No. 2014-09 (Topic 606), Revenue from Contracts with Customers ASC 605, Revenue Recognition. |
Fair Value Measurements | Fair Value Measurements Financial assets and liabilities are recorded at fair value. The accounting guidance for fair value provides a framework for measuring fair value, clarifies the definition of fair value and expands disclosures regarding fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The accounting guidance establishes a three-tiered hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value as follows: Level 1—Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. Level 2—Inputs other than quoted market prices included in Level 1 are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. Level 3—Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Fair Value Assets and Liabilities Measured on Recurring Basis | The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): Fair Value Measurements at March 31, 2017 Total Level 1 Level 2 Level 3 Assets Money market funds $ 135,037 $ 135,037 $ — $ — U.S. government agency obligations 28,012 — 28,012 — Corporate securities 16,005 — 16,005 — Total $ 179,054 $ 135,037 $ 44,017 $ — Fair Value Measurements at December 31, 2016 Total Level 1 Level 2 Level 3 Assets Money market funds $ 136,481 $ 136,481 $ — $ — U.S. government agency obligations 12,075 — 12,075 — Corporate securities 3,999 — 3,999 — Total $ 152,555 $ 136,481 $ 16,074 $ — |
Summary of Fair Value Measurement of Available-for-sale Securities | The following table is a summary of amortized cost, unrealized gain and loss, and fair value (in thousands) of the Company’s marketable securities by contractual maturities: Fair Value Measurements at March 31, 2017 Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents (due within 90 days) $ 135,037 $ — $ — $ 135,037 Short-term investments (due within one year) 12,047 — (8 ) $ 12,039 Long-term investments (due between one and two years) 32,012 13 (47 ) $ 31,978 $ 179,096 $ 13 $ (55 ) $ 179,054 Fair Amortized Cost Unrealized Gain Unrealized Loss Fair Value Cash equivalents (due within 90 days) $ 136,481 $ — $ — $ 136,481 Short-term investments (due within one year) 4,072 — — 4,072 Long-term investments (due between one and two years) 11,988 14 — 12,002 $ 152,541 $ 14 $ — $ 152,555 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Summary of Property and Equipment | Property and equipment consist of the following (in thousands): March 31, 2017 December 31, 2016 Scientific equipment $ 4,931 $ 4,858 Furniture and equipment 617 546 Capitalized software 237 237 Leasehold improvements 326 308 Total 6,111 5,949 Less: Accumulated depreciation (3,507 ) (3,191 ) Property and equipment, net $ 2,604 $ 2,758 |
Summary of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, 2017 December 31, 2016 Payroll and related expenses $ 2,272 $ 3,717 Clinical research and development 3,620 3,981 Other 1,172 992 Total accrued liabilities $ 7,064 $ 8,690 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Equity [Abstract] | |
Schedule of Common Stock Reserved for Issuance | The Company has reserved shares of common stock for issuance as follows: March 31, 2017 December 31, 2016 Options issued and outstanding 3,183,304 2,141,868 Shares available for issuance under 2015 Stock Option and Incentive Plan 940,841 720,921 Shares available for issuance under 2015 Employee Stock Purchase Plan 516,376 202,087 Total 4,640,521 3,064,876 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Schedule of Stock-Based Compensation Expense Related to Options Granted to Employees and Consultants | The following table sets forth stock-based compensation expense related to options granted to employees and consultants for all periods presented (in thousands): Three Months Ended March 31, 2017 2016 Research and development $ 590 $ 174 General and administrative 815 240 Total $ 1,405 $ 414 |
Summary of Stock Option Activity Under Plans | The following summarizes option activity under the 2012 Equity Incentive Plan and 2015 Stock Option and Incentive Plan: Shares Subject to Weighted Average Outstanding Options Exercise Price Per Share Balance at December 31, 2016 2,141,868 $ 6.42 Options granted 1,115,775 $ 12.29 Options exercised (14,772 ) $ 1.40 Options canceled (59,567 ) $ 9.00 Balance at March 31, 2017 3,183,304 $ 8.45 |
Net Loss per Share Attributab21
Net Loss per Share Attributable to Common Stockholders (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Loss per Share | The following table sets forth the computation of basic and diluted net loss per share attributable to common stockholders (in thousands, except share and per share amounts): Three Months Ended March 31, 2017 2016 Numerator Net loss $ (11,547 ) $ (8,420 ) Net loss attributable to common stockholders, basic and diluted $ (11,547 ) $ (8,420 ) Denominator Weighted average shares outstanding 31,428,564 27,024,638 Less: weighted average shares subject to repurchase (339,254 ) (855,486 ) Weighted average shares used to compute basic and diluted net loss per share 31,089,310 26,169,152 Net loss per share attributable to common stockholders, basic and diluted $ (0.37 ) $ (0.32 ) |
Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share | The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been antidilutive: As of March 31, 2017 2016 Common stock subject to repurchase 298,915 806,035 Stock options to purchase common stock 3,183,304 1,910,181 |
Formation and Business of the22
Formation and Business of the Company - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 03, 2016 | Nov. 03, 2015 | Jan. 31, 2017 | Nov. 30, 2016 | Aug. 31, 2014 | Mar. 31, 2017 | Dec. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Accumulated deficit | $ (89,392) | $ (77,837) | |||||||
Cash and cash equivalents | 135,594 | 135,797 | $ 99,495 | $ 112,265 | |||||
Series A, A-1 and Series B Redeemable Convertible Preferred Stock | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Net proceeds from sale of shares of convertible stock | $ 93,900 | ||||||||
IPO | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Issuance of common stock | 6,253,125 | ||||||||
Shares issued, price per share | $ 10 | ||||||||
Net proceeds from initial public offering | $ 55,600 | ||||||||
Follow-on Offering | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Issuance of common stock | 4,370,000 | ||||||||
Shares issued, price per share | $ 15 | ||||||||
Net proceeds from issuance of common stock | $ 61,000 | ||||||||
Sanofi (Aventis Inc.) | Collaborative Agreement | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||||||||
Collaboration agreement, amount received | $ 105,000 | ||||||||
Upfront cash received under collaboration agreement | 35,000 | $ 35,000 | |||||||
Revenue recognized under milestone-based payments | $ 25,000 | $ 25,000 | |||||||
Continuation payment, amount received | $ 45,000 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Fair Value Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Assets | ||
Assets fair value | $ 179,054 | $ 152,555 |
Money market funds | ||
Assets | ||
Assets fair value | 135,037 | 136,481 |
Fair Value Measurements on Recurring Basis | Level 1 | ||
Assets | ||
Assets fair value | 135,037 | 136,481 |
Fair Value Measurements on Recurring Basis | Level 1 | Money market funds | ||
Assets | ||
Assets fair value | 135,037 | 136,481 |
Fair Value Measurements on Recurring Basis | Level 2 | ||
Assets | ||
Assets fair value | 44,017 | 16,074 |
U.S. government agency obligations | ||
Assets | ||
Assets fair value | 28,012 | 12,075 |
U.S. government agency obligations | Fair Value Measurements on Recurring Basis | Level 2 | ||
Assets | ||
Assets fair value | 28,012 | 12,075 |
Corporate securities | ||
Assets | ||
Assets fair value | 16,005 | 3,999 |
Corporate securities | Fair Value Measurements on Recurring Basis | Level 2 | ||
Assets | ||
Assets fair value | $ 16,005 | $ 3,999 |
Fair Value Measurements - Sum24
Fair Value Measurements - Summary of Fair Value Measurement of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | $ 179,096 | $ 152,541 |
Unrealized Gain | 13 | 14 |
Unrealized Loss | (55) | |
Fair Value | 179,054 | 152,555 |
Cash equivalents (due within 90 days) | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 135,037 | 136,481 |
Fair Value | 135,037 | 136,481 |
Short-term investments (due within one year) | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 12,047 | 4,072 |
Unrealized Loss | (8) | |
Fair Value | 12,039 | 4,072 |
Long-term investments (due between one and two years) | ||
Schedule Of Available For Sale Securities [Line Items] | ||
Amortized Cost | 32,012 | 11,988 |
Unrealized Gain | 13 | 14 |
Unrealized Loss | (47) | |
Fair Value | $ 31,978 | $ 12,002 |
Collaboration and License Agr25
Collaboration and License Agreement - Additional Information (Details) - Sanofi (Aventis Inc.) - Collaborative Agreement | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Nov. 30, 2016USD ($) | Apr. 30, 2015USD ($) | Aug. 31, 2014USD ($)Program$ / sharesshares | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) | |
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Upfront cash received under collaboration agreement | $ 35,000,000 | $ 35,000,000 | ||||
Initial equity investment | 10,000,000 | |||||
Eligible to receive milestone payment | $ 25,000,000 | |||||
Period for research and clinical activities | 4 years | |||||
Number of research programs | Program | 3 | |||||
Deferred revenue | $ 35,000,000 | $ 0 | $ 0 | |||
Revenue recognized under collaboration agreement | $ 0 | $ 3,600,000 | ||||
Revenue recognized under milestone-based payments | $ 25,000,000 | 25,000,000 | ||||
One-time non-refundable non-creditable cash payment | 45,000,000 | |||||
Project continuation, additional payment | 40,000,000 | |||||
Project continuation, additional payment description | an additional $40.0 million in connection with the purchase of the Company’s preferred stock, assuming the Company has not previously closed (i) either a Qualified IPO (at which time this obligation will terminate) or a private financing prior to a Qualified IPO and (ii) Sanofi has not previously purchased shares of the Company’s stock pursuant to such rights to purchase the Company’s capital stock in accordance with the terms of the Collaboration Agreement. | |||||
Time restricted rights to purchase stock, value | $ 40,000,000 | |||||
Convertible preferred stock at discount | 40,000,000 | |||||
Project continuation, revenue recognized | 5,600,000 | |||||
Project continuation, deferred revenue | 39,400,000 | |||||
Redeemable convertible preferred stock call option liability fair value | $ 700,000 | |||||
Redeemable convertible preferred stock call option liability | $ 0 | $ 0 | ||||
Series A-1 Redeemable Convertible Preferred Stock | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Issuance of common stock | shares | 6,666,667 | |||||
Fair value of stock per share price | $ / shares | $ 1.50 | |||||
Common stock owned percentage | 11.70% | |||||
Series B Redeemable Convertible Preferred Stock | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Project continuation, additional payment | $ 35,000,000 | |||||
Decrease in project continuation additional payment | $ 5,000,000 | |||||
Maximum | ||||||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||||||
Proceeds from collaboration agreement | $ 200,000,000 | |||||
Project continuation payment | 85,000,000 | |||||
Funding from approved in-kind research and clinical activities | $ 45,000,000 |
Balance Sheet Components - Summ
Balance Sheet Components - Summary of Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 6,111 | $ 5,949 |
Less: Accumulated depreciation | (3,507) | (3,191) |
Property and equipment, net | 2,604 | 2,758 |
Scientific Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 4,931 | 4,858 |
Furniture and Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 617 | 546 |
Capitalized Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | 237 | 237 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment | $ 326 | $ 308 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Balance Sheet Related Disclosures [Abstract] | ||
Depreciation expense | $ 316 | $ 256 |
Balance Sheet Components - Su28
Balance Sheet Components - Summary of Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Payroll and related expenses | $ 2,272 | $ 3,717 |
Clinical research and development | 3,620 | 3,981 |
Other | 1,172 | 992 |
Total accrued liabilities | $ 7,064 | $ 8,690 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Details) | Sep. 15, 2014USD ($)ft² | Jun. 29, 2012USD ($)ft² | Mar. 31, 2017USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Line Items] | |||||
Purchase commitment cancellation notice period | 30 days | ||||
Deposits for letter of credit | $ 300,000 | ||||
Rent expense net | 300,000 | $ 300,000 | |||
Contingent liability for accrual | 0 | $ 0 | |||
Facility Leases | |||||
Commitments And Contingencies Disclosure [Line Items] | |||||
Lease period | 5 years | 66 months | |||
Area of leased property | ft² | 34,400 | 12,000 | |||
Annual lease payments | $ 500,000 | ||||
Sublease income | 100,000 | 100,000 | |||
Sublease expense | $ 100,000 | $ 100,000 | |||
Additional period of extension in lease contract | 3 years | ||||
Initial annual lease payments | $ 1,300,000 | ||||
Increase in lease payments at final year of agreement | $ 1,600,000 | ||||
Lease commencement period | 2015-01 | ||||
Lease abatement period | 3 months |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Common Stock Reserved for Issuance (Details) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Class Of Stock [Line Items] | ||
Shares reserved for future issuance, shares | 4,640,521 | 3,064,876 |
Options Issued and Outstanding | ||
Class Of Stock [Line Items] | ||
Shares reserved for future issuance, shares | 3,183,304 | 2,141,868 |
2015 Stock Option and Incentive Plan | ||
Class Of Stock [Line Items] | ||
Shares reserved for future issuance, shares | 940,841 | 720,921 |
2015 Employee Stock Purchase Plan | ||
Class Of Stock [Line Items] | ||
Shares reserved for future issuance, shares | 516,376 | 202,087 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Related to Options Granted to Employees and Consultants (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 1,405 | $ 414 |
Research and development | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 590 | 174 |
General and administrative | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 815 | $ 240 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity Under Plans (Details) | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares Subject to Outstanding Options, Beginning Balance | shares | 2,141,868 |
Shares Subject to Outstanding Options, granted | shares | 1,115,775 |
Shares Subject to Outstanding Options, exercised | shares | (14,772) |
Shares Subject to Outstanding Options, canceled | shares | (59,567) |
Shares Subject to Outstanding Options, Ending Balance | shares | 3,183,304 |
Weighted Average Exercise Price Per Share, Beginning Balance | $ / shares | $ 6.42 |
Weighted Average Exercise Price Per Share, granted | $ / shares | 12.29 |
Weighted Average Exercise Price Per Share, exercised | $ / shares | 1.40 |
Weighted Average Exercise Price Per Share, cancelled | $ / shares | 9 |
Weighted Average Exercise Price Per Share, Ending Balance | $ / shares | $ 8.45 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Details) - USD ($) | Mar. 31, 2017 | Mar. 31, 2016 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Unrecognized share based compensation expense | $ 174,000 | $ 0 |
Net Loss per Share Attributab34
Net Loss per Share Attributable to Common Stockholders - Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Numerator | ||
Net loss | $ (11,547) | $ (8,420) |
Net loss attributable to common stockholders | $ (11,547) | $ (8,420) |
Denominator | ||
Weighted average shares outstanding | 31,428,564 | 27,024,638 |
Less: weighted average shares subject to repurchase | (339,254) | (855,486) |
Weighted average shares used to compute basic and diluted net loss per share | 31,089,310 | 26,169,152 |
Net loss per share attributable to common stockholders, basic and diluted | $ (0.37) | $ (0.32) |
Net Loss per Share Attributab35
Net Loss per Share Attributable to Common Stockholders - Summary of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Common stock subject to repurchase | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share | 298,915 | 806,035 |
Stock options to purchase common stock | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from earnings per share | 3,183,304 | 1,910,181 |
Net Loss per Share Attributab36
Net Loss per Share Attributable to Common Stockholders - Additional Information (Details) - 2015 Employee Stock Purchase Plan | 3 Months Ended |
Mar. 31, 2017USD ($)shares | |
Earnings Per Share [Line Items] | |
ESPP contributions from plan participants | $ | $ 338,400 |
Contributions converted shares under benefit plan | shares | 29,381 |
Percentage of stock price at the beginning of offering period | 85.00% |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - Third Rock Ventures - USD ($) | 3 Months Ended | ||
Mar. 31, 2017 | Mar. 31, 2016 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | |||
Related party costs | $ 9,000 | $ 22,000 | |
Due to related parties | $ 12,000 | $ 9,000 |