Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Nov. 17, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | Aclaris Therapeutics, Inc. | |
Entity Central Index Key | 1,557,746 | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2015 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | No | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 20,157,503 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 25,419 | $ 10,757 |
Marketable securities | 12,986 | 5,373 |
Prepaid expenses and other current assets | 955 | 204 |
Total current assets | 39,360 | 16,334 |
Marketable securities | 518 | |
Property and equipment, net | 761 | 515 |
Deferred offering costs | 1,943 | |
Other assets | 23 | 10 |
Total assets | 42,087 | 17,377 |
Current liabilities: | ||
Accounts payable | 958 | 1,263 |
Accrued expenses | 939 | 188 |
Total current liabilities | 1,897 | 1,451 |
Deferred rent | 3 | 4 |
Total liabilities | 1,900 | 1,455 |
Convertible preferred stock (Series A, B and C), $0.00001 par value; 40,286,041 and 34,090,000 shares authorized at September 30, 2015 and December 31, 2014, respectively; 40,286,041 and 27,341,057 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively; aggregate liquidation preference of $78,282 and $35,882 at September 30, 2015 and December 31, 2014, respectively | $ 78,305 | $ 36,677 |
Stockholders' deficit: | ||
Common stock, $0.00001 par value; 110,000,000 and 77,000,000 shares authorized at September 30, 2015 and December 31, 2014, respectively; 2,730,427 and 2,730,427 shares issued and outstanding | ||
Additional paid-in capital | ||
Accumulated other comprehensive income (loss) | $ 1 | $ (6) |
Accumulated deficit | (38,119) | (20,749) |
Total stockholders' deficit | (38,118) | (20,755) |
Total liabilities, convertible preferred stock and stockholders' deficit | $ 42,087 | $ 17,377 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Condensed Consolidated Balance Sheets (Unaudited) | ||
Convertible preferred stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Convertible preferred stock, shares authorized | 40,286,041 | 34,090,000 |
Convertible preferred stock, shares issued | 40,286,041 | 27,341,057 |
Convertible preferred stock, shares outstanding | 40,286,041 | 27,341,057 |
Liquidation Preference | $ 78,282 | $ 35,882 |
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 110,000,000 | 77,000,000 |
Common stock, shares issued | 2,730,427 | 2,730,427 |
Common stock, shares outstanding | 2,730,427 | 2,730,427 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited) | ||||
Revenue | $ 0 | $ 0 | $ 0 | $ 0 |
Operating expenses: | ||||
Research and development | 9,408 | 2,097 | 12,937 | 4,453 |
General and administrative | 1,232 | 565 | 2,928 | 1,478 |
Total operating expenses | 10,640 | 2,662 | 15,865 | 5,931 |
Loss from operations | (10,640) | (2,662) | (15,865) | (5,931) |
Interest income | 7 | 5 | 16 | 11 |
Net loss | (10,633) | (2,657) | (15,849) | (5,920) |
Accretion of convertible preferred stock | (995) | (479) | (2,353) | (1,394) |
Net loss attributable to common stockholders | $ (11,628) | $ (3,136) | $ (18,202) | $ (7,314) |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (5.11) | $ (1.75) | $ (8.44) | $ (4.36) |
Weighted average common shares outstanding, basic and diluted (in shares) | 2,274,617 | 1,794,909 | 2,155,685 | 1,675,976 |
Other comprehensive income (loss): | ||||
Unrealized gain (loss) on marketable securities, net of tax of $0 | $ 1 | $ (3) | $ 7 | $ (3) |
Total other comprehensive income (loss) | 1 | (3) | 7 | (3) |
Comprehensive loss | $ (10,632) | $ (2,660) | $ (15,842) | $ (5,923) |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited) | ||||
Unrealized gain (loss) on marketable securities, tax | $ 0 | $ 0 | $ 0 | $ 0 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (UNAUDITED) - 9 months ended Sep. 30, 2015 - USD ($) $ in Thousands | Common Stock | Additional Paid-In Capital | Accumulated Other Comprehensive Income (Loss) | Accumulated Deficit | Total |
Balance at Dec. 31, 2014 | $ 36,677 | ||||
Balance (in shares) at Dec. 31, 2014 | 27,341,057 | ||||
Increase (Decrease) in Temporary Equity | |||||
Issuance of Series C convertible preferred stock, net of issuance costs of $136 | $ 39,864 | ||||
Issuance of Series C convertible preferred stock, net of issuance costs of $136 (in shares) | 12,944,984 | ||||
Accretion of convertible preferred stock to redemption value | $ 1,764 | ||||
Balance at Sep. 30, 2015 | $ 78,305 | ||||
Balance (in shares) at Sep. 30, 2015 | 40,286,041 | ||||
Balance at Dec. 31, 2014 | $ (6) | $ (20,749) | $ (20,755) | ||
Balance (in shares) at Dec. 31, 2014 | 2,730,427 | 2,730,427 | |||
Increase (Decrease) in Stockholders' Equity | |||||
Unrealized gain on marketable securities | 7 | $ 7 | |||
Stock-based compensation expense | $ 243 | 243 | |||
Accretion of convertible preferred stock to redemption value | $ (243) | (1,521) | (1,764) | ||
Net loss | (15,849) | (15,849) | |||
Balance at Sep. 30, 2015 | $ 1 | $ (38,119) | $ (38,118) | ||
Balance (in shares) at Sep. 30, 2015 | 2,730,427 | 2,730,427 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK AND STOCKHOLDERS' DEFICIT (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2015USD ($) | |
Condensed Consolidated Statements Of Convertible Preferred Stock and Stockholders' Deficit (Unaudited) | |
Issuance of Series C convertible preferred stock, issuance costs | $ 136 |
CONDENSED CONSOLIDATED STATEME8
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (15,849) | $ (5,920) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation expense | 57 | 9 |
Stock-based compensation expense | 243 | 8 |
Deferred rent | (1) | 1 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other assets | (764) | (397) |
Accounts payable | (491) | 920 |
Accrued expenses | 573 | 505 |
Net cash used in operating activities | (16,232) | (4,874) |
Cash flows from investing activities: | ||
Purchases of property and equipment | (375) | (148) |
Purchases of marketable securities | (13,002) | |
Proceeds from sales and maturities of marketable securities | 5,914 | 3,734 |
Net cash (used in) provided by investing activities | (7,463) | 3,586 |
Cash flows from financing activities: | ||
Proceeds from issuance of convertible preferred stock, net of issuance costs | 39,864 | 10,588 |
Payments of initial public offering costs | (1,507) | |
Net cash provided by financing activities | 38,357 | 10,588 |
Net increase in cash and cash equivalents | 14,662 | 9,300 |
Cash and cash equivalents at beginning of period | 10,757 | 9,588 |
Cash and cash equivalents at end of period | 25,419 | 18,888 |
Supplemental disclosures of non-cash investing and financing activities: | ||
Additions to property and equipment purchases included in accounts payable | 19 | 8 |
Accretion of convertible preferred stock to redemption value | 1,764 | 1,393 |
Fair value of preferred stock purchased put option on date of issuance | $ 1,039 | |
Deferred offering costs included in accounts payable and accrued expenses | $ 436 |
Organization and Nature of Busi
Organization and Nature of Business | 9 Months Ended |
Sep. 30, 2015 | |
Organization and Nature of Business | |
Organization and Nature of Business | 1. Organization and Nature of Business Aclaris Therapeutics, Inc. (the “Company”) was incorporated under the laws of the State of Delaware in 2012. The Company is a clinical-stage specialty pharmaceutical company focused on identifying, developing and commercializing innovative and differentiated drugs to address significant unmet needs in dermatology. The Company’s lead drug candidate, A-101, is a proprietary high-concentration hydrogen peroxide topical solution that the Company is developing as a prescription treatment for seborrheic keratosis (“SK”), a common non-malignant skin tumor. The Company has completed three Phase 2 clinical trials of A-101 in patients with SK. On July 17, 2015, Aclaris Therapeutics International Limited was established as a wholly-owned subsidiary of the Company. Initial Public Offering On October 6, 2015, the Company’s registration statement on Form S-1 relating to its initial public offering of its common stock (the “IPO”) was declared effective by the Securities and Exchange Commission (“SEC”). The shares began trading on The NASDAQ Global Select Market on October 7, 2015. The IPO closed on October 13, 2015, and 5,000,000 shares of common stock were sold at a price to the public of $11.00 per share, for aggregate gross proceeds of $55,000. In addition, upon the closing of the IPO, all of the Company’s outstanding convertible preferred stock was converted into an aggregate total of 11,677,076 shares of common stock. On October 12, 2015, the underwriters of the IPO exercised in full their option to purchase additional shares, and on October 13, 2015, the Company’s sold 750,000 additional shares of common stock at a price to the public of $11.00 per share, for aggregate gross proceeds of $8,250. The Company paid to the underwriters underwriting discounts and commissions of $4,428 in connection with the IPO, including the underwriters’ exercise of their option to purchase additional shares. In addition, the Company incurred expenses of approximately $2,200 in connection with the IPO. Thus, the net offering proceeds to the Company, after deducting underwriting discounts and commissions and offering expenses, were $56,623. Reverse Stock Split On September 24, 2015, the Company effected a 1-for-3.45 reverse stock split of its issued and outstanding shares of common stock and a proportional adjustment to the existing conversion ratios for each series of the Company’s convertible preferred stock (see Note 6). Accordingly, all share and per share amounts for all periods presented in these financial statements and notes thereto have been adjusted retroactively, where applicable, to reflect this reverse stock split and adjustment of the preferred stock conversion ratios. Liquidity The Company’s financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. At September 30, 2015, the Company had working capital of $37,463, an accumulated deficit of $38,119 and cash, cash equivalents and marketable securities of $38,405. Upon consummation of its IPO on October 13, 2015, the Company received cash proceeds, net of underwriting discounts and commissions, of $58,823. The Company has not generated any product revenues and has not achieved profitable operations. There is no assurance that profitable operations will ever be achieved, and, if achieved, will be sustained on a continuing basis. In addition, development activities, clinical and pre-clinical testing, and commercialization of the Company’s products will require significant additional financing. The Company expects that its cash and cash equivalents as of September 30, 2015, together with the proceeds received in connection with its IPO in October 2015, will be sufficient to fund its operations for at least the next 24 months. The future viability of the Company is dependent on its ability to generate cash from operating activities or to raise additional capital to finance its operations. The Company’s failure to raise capital as and when needed could have a negative impact on its financial condition and ability to pursue its business strategies. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The financial statements include the consolidated accounts of the Company and its wholly-owned subsidiary, Aclaris Therapeutics International Limited. All intercompany transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. Unaudited Interim Financial Information The accompanying condensed consolidated balance sheet as of September 30, 2015, the condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 and 2014, the condensed consolidated statement of convertible preferred stock and stockholders’ deficit for the nine months ended September 30, 2015, and the condensed consolidated statements of cash flows for the nine months ended September 30, 2015 and 2014 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual financial statements and, in the opinion of management, reflect all adjustments, which include only normal recurring adjustments, necessary for the fair statement of the Company’s financial position as of September 30, 2015, the results of its operations and comprehensive loss for the three and nine months ended September 30, 2015 and 2014 and its cash flows for the nine months ended September 30, 2015 and 2014. The financial data and other information disclosed in these notes related to the nine months ended September 30, 2015 and 2014 are unaudited. The results for the nine months ended September 30, 2015 are not necessarily indicative of results to be expected for the year ending December 31, 2015, any other interim periods, or any future year or period. The unaudited interim financial statements of the Company included herein have been prepared, pursuant to the rules and regulations of the SEC. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted from this report, as is permitted by such rules and regulations. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements and the notes thereto for the year ended December 31, 2014 included in the Company’s final prospectus filed on October 8, 2015 with the SEC pursuant to Rule 424(b)(4) of the Securities Act of 1933, as amended (the “Securities Act”). Significant Accounting Policies The Company’s significant accounting policies are disclosed in the audited financial statements for the year ended December 31, 2014 included in the Company’s final prospectus filed on October 8, 2015 with the SEC pursuant to the Securities Act. Since the date of such financial statements, there have been no changes to the Company’s significant accounting policies, other than those detailed below. Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs (non-current) until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the offering. As of September 30, 2015, the Company had recorded $1,943 of deferred offering costs incurred in connection with the IPO. The deferred offering costs were offset against the net proceeds received upon completion of the IPO in October 2015. |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Financial Assets and Liabilities | |
Fair Value of Financial Assets and Liabilities | 3. Fair Value of Financial Assets and Liabilities The following tables present information about the Company’s assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values: Fair Value Measurements as of September 30, 2015 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ $ — $ — $ Marketable securities — — $ $ $ — $ Fair Value Measurements as of December 31, 2014 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ $ — $ — $ Marketable securities — — $ $ $ — $ As of September 30, 2015 and December 31, 2014, the Company’s cash equivalents, which were invested in money market funds, were valued based on Level 1 inputs. In determining the fair value of its corporate debt securities and U.S. government agency debt securities as of September 30, 2015 and December 31, 2014, the Company relied on quoted prices for identical securities in markets that are not active, a Level 2 input. These quoted prices were obtained by the Company with the assistance of a third-party pricing service based on available trade, bid and other observable market data for identical securities. Quarterly, the Company compares the quoted prices obtained from the third-party pricing service to other available independent pricing information to validate the reasonableness of the quoted prices provided. The Company evaluates whether adjustments to third-party pricing is necessary and, historically, the Company has not made adjustments to quoted prices obtained from the third-party pricing service. During the nine months ended September 30, 2015 and the years ended December 31, 2014, there were no transfers between Level 1, Level 2 and Level 3. As of September 30, 2015 and December 31, 2014, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows: September 30, 2015 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Marketable securities: Corporate debt securities $ $ $ — $ $ $ $ — $ December 31, 2014 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Marketable securities: Corporate debt securities $ $ — $ ) $ U.S. government agency debt securities — — $ $ — $ ) $ As of September 30, 2015 and December 31, 2014, the Company’s corporate debt securities had credit ratings of A and above and remaining maturities of less than 8 months and less than 13 months, respectively. |
Property and Equipment, Net
Property and Equipment, Net | 9 Months Ended |
Sep. 30, 2015 | |
Property and Equipment, Net | |
Property and Equipment, Net | 4. Property and Equipment, Net Property and equipment, net consisted of the following: September 30, 2015 December 31, 2014 Computer equipment $ $ Manufacturing equipment — Construction in progress Less: Accumulated depreciation ) ) $ $ Depreciation expense was $32 and $3 for the three months ended September 30, 2015 and 2014, respectively, and $57 and $9 for the nine months ended September 30, 2015 and 2014, respectively. Construction in progress as of September 30, 2015 consisted of manufacturing equipment, which is expected to be placed into service in 2016. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2015 | |
Accrued Expenses | |
Accrued Expenses | 5. Accrued Expenses Accrued expenses consisted of the following: September 30, 2015 December 31, 2014 Payroll and payroll-related costs $ $ — Clinical trial expenses Deferred offering costs — Other $ $ |
Convertible Preferred Stock
Convertible Preferred Stock | 9 Months Ended |
Sep. 30, 2015 | |
Convertible Preferred Stock. | |
Convertible Preferred Stock | 6. Convertible Preferred Stock The Company issued Series A, Series B and Series C convertible preferred stock (collectively, the “Preferred Stock”). As of September 30, 2015 and December 31, 2014, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 40,286,041 shares and 34,090,000 shares, respectively, of Preferred Stock, $0.00001 par value. In September 2014, the Company entered into a stock purchase agreement pursuant to which the Company agreed to sell to the investors an initial issuance (the “First Tranche”) of 6,451,057 shares of Series B convertible preferred stock (the “Series B preferred stock”) at $1.65 per share for gross proceeds of $10,644. Per the terms of that stock purchase agreement, upon the successful attainment of two specified milestones, the Company was entitled to call a second tranche of 6,451,057 shares of Series B preferred stock at $1.65 per share (the “purchased put option”). The Company had the right, but not the obligation, to exercise its purchased put option after successful attainment of the specified milestones as confirmed by a vote of five-sixths of the members of the Company’s board of directors and 60% of voting stockholders of the Company. The two milestones related to (i) the successful achievement of the primary efficacy endpoint and demonstrated safety of a specified Phase 2b clinical trial of A-101 in patients with SK, and (ii) the occurrence of an end-of-Phase 2 meeting with the U.S. Food and Drug Administration (“FDA”), as a result of which the FDA did not raise any objection to the Company proceeding to a Phase 3 clinical trial of A-101 in patients with SK. In connection with the initial issuance of Series B preferred stock in September 2014, the Company recorded the First Tranche transaction, net of issuance costs of $60, and the $1,039 issuance-date fair value of the purchased put option. The purchased put option was recorded as a charge to accumulated deficit within stockholders’ deficit and as an increase to the carrying value of Series B preferred stock based on the Company’s conclusion that the purchased put option met the equity classification criteria at time of issuance as the purchased put option (i) was a freestanding financial instrument that did not require the Company to issue shares that are potentially redeemable and (ii) required gross physical settlement in all circumstances. The fair value of the purchased put option was determined on the date of its issuance using the Black-Scholes option-pricing model with the following assumptions and inputs: risk-free interest rate of 0.08%, expected term of nine months, expected volatility of 80.0%, no expected dividends and fair value of underlying instruments of $1.65. The fair value calculation also included an estimate of a 60% probability of occurrence of the successful attainment of the specified milestones that triggered the Company’s ability to exercise the purchased put option, as well as an estimate of a 60% probability of the Company exercising the purchased put option, if it became exercisable. On August 28, 2015, the Company issued 12,944,984 shares of Series C convertible preferred stock (“Series C preferred stock”) at a price of $3.09 per share for gross proceeds of $40,000. The rights and preferences of the Series C preferred stock were similar to those of the Series A and Series B preferred stock, except that (1) the Original Issue Price for Series C preferred stock was $3.09 per share, (2) the holders of the Series C preferred stock did not have redemption rights, and (3) the holders of the Series C preferred stock had specified protective rights not held by the holders of the Series A and Series B preferred stock. In connection with the closing of the Series C preferred stock financing, the redemption rights of the Series A and Series B preferred stock were removed at that time. As a result of the removal of the redemption rights, as of August 25, 2015, the Company ceased the periodic recording of adjustments to accrete the carrying values of Series A and Series B preferred stock to their respective redemption values through September 30, 2019, which had been the first required redemption date. The accretion for the three and nine months ended September 30, 2015 represents both the issuance costs and cumulative accrued but unpaid dividends through August 28, 2015. Subsequent to August 28, 2015, the Company was no longer required to record the accumulated undeclared dividends on its balance sheet, but is required to deduct accumulated undeclared dividends as part of its loss per share calculation. Also in connection with the closing of the Series C preferred stock financing, the terms of a qualified public offering requiring the conversion of all shares of the Company’s Preferred Stock into common stock were changed and the Series B preferred stock purchase agreement was amended to terminate the Company’s purchased put option with respect to a second tranche of Series B preferred stock. The Preferred Stock was subject to redemption under certain deemed liquidation events, and as such, the Preferred Stock was considered contingently redeemable for accounting purposes. Accordingly, the Preferred Stock was recorded within temporary equity in the condensed consolidated financial statements. The Company has not adjusted the Preferred Stock to its redemption amount at each reporting period, as the redemption of such Preferred Stock was not deemed probable of occurrence during the periods presented. The redemption of the Preferred Stock was not considered probable as the redemption was contingent on the occurrence of such deemed liquidation events which the Company concluded were not probable for the periods presented. Preferred Stock consisted of the following: September 30, 2015 Preferred Shares Authorized Preferred Shares Issued and Outstanding Carrying Value Liquidation Preference Common Stock Issuable Upon Conversion Series A convertible preferred stock $ $ Series B convertible preferred stock Series C convertible preferred stock $ $ December 31, 2014 Preferred Shares Authorized Preferred Shares Issued and Outstanding Carrying Value Liquidation Preference Common Stock Issuable Upon Conversion Series A convertible preferred stock $ $ Series B convertible preferred stock $ $ Each share of Preferred Stock was convertible into common stock at the option of the stockholder at any time after the date of issuance. Each share of the Preferred Stock was convertible into shares of common stock, at the applicable conversion ratio of each series of Preferred Stock then in effect, upon the earlier of (i) a qualified public offering with net proceeds of not less than $40,000 and a price of not less than $12.80 per share, subject to appropriate adjustment for any stock dividend, stock split, combination or other similar recapitalization, and (ii) the date specified by written consent or agreement of the holders of 60% of the then-outstanding shares of Preferred Stock, voting together as a single class (on an as-converted basis). The conversion ratio of each series of Preferred Stock was determined by dividing the Original Issue Price of each series of preferred stock by the Conversion Price of each series. The Conversion Price was $3.45 for Series A preferred stock, $5.6925 for Series B preferred stock and $10.6605 for Series C preferred stock and was subject to adjustment as set forth in the Company’s certificate of incorporation, as amended and restated. As of September 30, 2015 and December 31, 2014, all outstanding shares of Series A and Series B preferred stock were convertible into common stock on a 3.45-for-1 basis. As previously discussed in Note 1, the Company completed its IPO in October 2015. Upon the closing of the IPO, all of the Company’s outstanding Preferred Stock was converted into an aggregate total of 11,677,076 shares of common stock. |
Stockholders' Deficit
Stockholders' Deficit | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Deficit | |
Stockholders' Deficit | 7. Stockholders’ Deficit Common Stock As of September 30, 2015 and December 31, 2014, the Company’s certificate of incorporation, as amended and restated, authorized the Company to issue 110,000,000 shares and 77,000,000 shares, respectively, of $0.00001 par value common stock. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are entitled to receive dividends, as may be declared by the board of directors, if any, subject to the preferential dividend rights of the Preferred Stock. When dividends are declared on shares of common stock, the Company must declare at the same time a dividend payable to the holders of Preferred Stock equivalent to the dividend amount they would receive if each preferred share were converted into common stock. The Company may not pay dividends to common stockholders until all dividends accrued or declared but unpaid on the Preferred Stock have been paid in full. No dividends had been declared through September 30, 2015. As of September 30, 2015 and December 31, 2014, the Company had reserved 13,216,245 shares and 8,425,181 shares of common stock, respectively, for the conversion of the outstanding shares of Series A, Series B and Series C preferred stock (see Note 6) and the exercise of outstanding stock options and the number of shares remaining available for future grant under the Company’s 2012 Plan (see Note 8). Restricted Common Stock The Company has granted restricted common stock with time-based vesting conditions. Unvested shares of restricted common stock may not be sold or transferred by the holder. These restrictions lapse according to the time-based vesting conditions of each award. Upon a qualified public offering or a change in control of the Company, all unvested shares of restricted common stock vest immediately. In July 2012, the Company issued 2,730,427 shares of common stock to its founders in connection with the Company’s formation, of which 1,918,834 shares were subject to vesting pursuant to restricted stock agreements, with 25% of such shares vesting in July 2013 and the remaining 75% vesting in equal monthly installments over a three-year period thereafter. The estimated grant-date fair value of these restricted common shares was $0.00001 per share, equal to the par value of each share. As of September 30, 2015 and December 31, 2014, 399,757 shares and 759,538 shares, respectively, were subject to repurchase. The table below summarizes the Company’s restricted stock activity since January 1, 2015: Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted common stock as of December 31, 2014 $ Vested $ Unvested restricted common stock as of September 30, 2015 $ The aggregate intrinsic value of restricted stock awards that vested during the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 was $1,091, $170, $2,026 and $269, respectively. As previously discussed in Note 1, the Company completed its IPO in October 2015. As a result of the IPO, all of the Company’s remaining unvested restricted common stock vested in full. |
Stock-Based Awards
Stock-Based Awards | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Awards | |
Stock-Based Awards | 8. Stock-Based Awards 2012 Equity Compensation Plan The Company’s 2012 Equity Compensation Plan, as amended and restated (the “2012 Plan”), provides for the Company to sell or issue common stock or restricted common stock, or to grant incentive stock options or nonqualified stock options for the purchase of common stock, to employees, members of the board of directors and consultants of the Company. The 2012 Plan is administered by the board of directors or, at the discretion of the board of directors, by a committee of the board. The exercise prices, vesting and other restrictions are determined at the discretion of the board of directors, or their committee if so delegated, except that the exercise price per share of stock options may not be less than 100% of the fair market value of the share of common stock on the date of grant and the term of stock options may not be greater than ten years. The Company generally grants stock-based awards with service conditions only (“service-based” awards). Stock options granted under the 2012 Plan generally vest over four years and expire after ten years. The total number of shares of common stock that may be issued under the 2012 Plan was 500,262 shares as of December 31, 2014. On August 25, 2015, the Company effected an increase in the number of shares of common stock reserved for issuance under the 2012 Plan from 500,262 shares to 1,539,169 shares. As of September 30, 2015 and December 31, 2014, 398,645 and 0 shares remained available for grant under the 2012 Plan, respectively. As required by the 2012 Plan, the exercise price for stock options granted is not to be less than the fair value of common shares as determined by the Company as of the date of grant. The Company values its common stock by taking into consideration its most recently available valuation of common shares performed by management and the board of directors as well as additional factors which may have changed since the date of the most recent contemporaneous valuation through the date of grant. 2015 Equity Incentive Plan On September 15, 2015, the Company’s board of directors adopted and on September 16, 2015, the Company’s stockholders approved the 2015 Equity Incentive Plan (the “2015 Plan”), which became effective in connection with the IPO in October 2015. As of the time the 2015 Plan became effective, no further grants may be made under the 2012 Plan. The 2015 Plan provides for the grant of incentive stock options, nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance stock awards, cash-based awards and other stock-based awards. The number of shares initially reserved for issuance under the 2015 Plan was 2,784,395 shares of common stock. The number of shares of common stock that may be issued under the 2015 Plan will automatically increase on January 1 of each year, beginning on January 1, 2016 and ending on January 1, 2025, in an amount equal to the lesser of (i) 4.0% of the shares of the Company’s common stock outstanding on December 31 of the preceding calendar year or (ii) an amount determined by the Company’s board of directors. The shares of common stock underlying any awards that expire, are otherwise terminated, settled in cash or repurchased by the Company under the 2015 Plan and the 2012 Plan will be added back to the shares of common stock available for issuance under the 2015 Plan. On October 6, 2015, in conjunction with the pricing of the IPO, the Company issued 89,800 stock options. Stock Option Valuation The assumptions that the Company used to determine the fair value of the stock options granted to employees and directors were as follows, presented on a weighted average basis: Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Risk-free interest rate % % Expected term (in years) Expected volatility % % Expected dividend yield % % The Company recognizes compensation expense for only the portion of awards that are expected to vest. For the three and nine months ended September 30, 2015 and 2014, the Company applied an expected forfeiture rate of 0%. Stock Options The following table summarizes stock option activity under the 2012 Plan from January 1, 2015 through September 30, 2015: Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) Outstanding as of December 31, 2014 $ $ Granted $ Exercised — — Forfeited and canceled — — Outstanding as of September 30, 2015 $ $ Options vested and expected to vest as of September 30, 2015 $ $ Options exercisable as of September 30, 2015 (1) $ $ (1) All options granted to date under the 2012 Plan are exercisable immediately, subject to a repurchase right in the Company’s favor that lapses as the option vests. This amount reflects the number of shares under options that were vested, as opposed to exercisable, as of September 30, 2015. The weighted average grant-date fair value of stock options granted during the nine months ended September 30, 2015 was $8.34 per share. The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock. Stock-Based Compensation For the three and nine months ended September 30, 2015 and 2014, the Company recorded stock-based compensation in the following expense categories of its statements of operations and comprehensive loss: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development $ $ $ $ General and administrative $ $ $ $ As of September 30, 2015, the Company had an aggregate of $5,906 of unrecognized stock-based compensation cost, which is expected to be recognized over a weighted average period of 3.53 years. |
Net Loss per Share
Net Loss per Share | 9 Months Ended |
Sep. 30, 2015 | |
Net Loss per Share | |
Net Loss per Share | 9. Net Loss per Share Basic and diluted net loss per share attributable to common stockholders was calculated as follows: Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net loss $ ) $ ) $ ) $ ) Accretion of convertible preferred stock to redemption value ) ) ) ) Net loss attributable to common stockholders $ ) $ ) $ $ ) Denominator: Weighted average shares of common stock outstanding Less: Weighted average shares of unvested restricted common stock outstanding ) ) ) ) Weighted average common shares outstanding used in calculating net loss per share attributable to common stockholders, basic and diluted Net loss per share attributable to common stockholders, basic and diluted $ ) $ ) $ ) $ ) To calculate net loss attributable to common stockholders for the period, the Company reduced the net loss for the accretion of issuance costs and cumulative dividends accrued but not paid through August 28, 2015, and the remaining cumulative dividends accrued but not paid through September 30, 2015. The Company’s potential dilutive securities, which include stock options, unvested restricted common stock and Preferred Stock, have been excluded from the computation of diluted net loss per share as the effect would be to reduce the net loss per share. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share attributable to common stockholders is the same. The following potential common shares, presented based on amounts outstanding at each period end, were excluded from the calculation of diluted net loss per share attributable to common stockholders for both the three and nine months ended September 30, 2015 and 2014 because including them would have had an anti-dilutive effect: 2015 2014 Stock options to purchase common stock Unvested restricted common stock Convertible preferred stock (as converted to common stock) |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | 10. Commitments and Contingencies Lease In September 2013, the Company entered into a sublease agreement for its office space with related parties (see Note 11), with a term ending on November 30, 2016. As part of an amendment to the sublease agreement entered into in December 2014, the Company increased the amount of office space to be leased and agreed to new monthly lease terms commencing in January 2015. On August 14, 2015, the Company further amended its sublease agreement to increase the square footage of the space and to extend the term of the lease to November 2019. Rent expense under operating leases was $34 and $17 for the three months ended September 30, 2015 and 2014, respectively, and $86 and $50 for the nine months ended September 30, 2015 and 2014, respectively. The Company recognizes rent expense on a straight-line basis over the lease period and has accrued for rent expense incurred but not yet paid. As of September 30, 2015, future minimum lease payments under the sublease were as follows: Years Ending December 31, 2015 $ 2016 2017 2018 2019 Total $ |
Related Party Transactions
Related Party Transactions | 9 Months Ended |
Sep. 30, 2015 | |
Related Party Transactions | |
Related Party Transactions | 11. Related Party Transactions In September 2013, the Company entered into a direct sublease agreement with NeXeption, Inc. (“NeXeption”) for its leased space (see Note 10). A member of the Company’s board of directors is a current executive officer of NeXeption. Total payments made during the three months ended September 30, 2015 and 2014 and the nine months ended September 30, 2015 and 2014 under these sublease agreements were $34, $17, $86 and $50, respectively. In February 2014, the Company entered into a services agreement with NST, LLC (“NST”) under which NST provides certain pharmaceutical development, management and other administrative services to the Company. Certain officers of the Company are also founding partners of NST. Under the same agreement, the Company also provides services to NST and is reimbursed for those services. The Company may offset any payments owed by the Company to NST against payments that are owed by NST to the Company for the provision of NST personnel, including consultants, to the Company. During the three months ended September 30, 2015 and 2014 and nine months ended September 30, 2015 and 2014, gross expenses incurred by the Company under the services agreement totaled $105, $119, $358 and $358, respectively, and gross expenses charged to NST by the Company totaled $132, $103, $376 and $310, respectively. For the three months ended September 30, 2015 and 2014 and nine months ended September 30, 2015 and 2014, the Company recorded $36, $79, $172 and $238, respectively, of general and administrative expenses and $63, $63, $190 and $190, respectively, as a reduction of research and development expenses related to these transactions. During the three months ended September 30, 2015 and 2014 and nine months ended September 30, 2015 and 2014, payments made to NST by the Company totaled $0, $5, $16 and $37, respectively. Related to this agreement, no amounts were due to or due from NST at September 30, 2015. |
License Agreement with Rigel Ph
License Agreement with Rigel Pharmaceuticals, Inc. | 9 Months Ended |
Sep. 30, 2015 | |
License Agreement with Rigel Pharmaceuticals, Inc. | |
License Agreement with Rigel Pharmaceuticals, Inc. | 12. License Agreement with Rigel Pharmaceuticals, Inc. In August 2015, the Company entered into an exclusive, worldwide license and collaboration agreement with Rigel Pharmaceuticals, Inc. (“Rigel”) for the development and commercialization of products containing specified JAK inhibitors developed by Rigel. Under this agreement, the Company intends to develop these JAK inhibitors for the treatment of alopecia areata and potentially for other dermatological conditions. During the three months ended September 30, 2015, the Company made an upfront non-refundable payment of $8,000 to Rigel. In addition, the Company has agreed to make aggregate payments of up to $80,000 upon the achievement of specified pre-commercialization milestones, such as clinical trials and regulatory approvals. Further, the Company has agreed to pay up to an additional $10,000 to Rigel upon the achievement of a second set of development milestones. With respect to any products the Company commercializes under the agreement, the Company will pay Rigel quarterly tiered royalties on its annual net sales of each product at a high single-digit percentage of annual net sales, subject to specified reductions, until the date that all of the patent rights for that product have expired, as determined on a country-by-country and product-by-product basis or, in specified countries under specified circumstances, ten years from the first commercial sale of such product. The agreement terminates on the date of expiration of all royalty obligations unless earlier terminated by either party for a material breach. The Company may also terminate the agreement without cause at any time upon advance written notice to Rigel. Rigel, after consultation with the Company, will be responsible for maintaining and prosecuting the patent rights, and the Company will have final decision-making authority regarding such patent rights for a product in the United States and the European Union. To the extent that the Company and Rigel jointly develop intellectual property, the parties will confer and decide which party will be responsible for filing, prosecuting and maintaining those patent rights. The agreement also establishes a joint steering committee composed of an equal number of representatives for each party which will monitor progress in the development of products. The Company accounted for the transaction as an asset acquisition as the licensing arrangement did not meet the definition of a business pursuant to the guidance prescribed in Accounting Standards Codification Topic 805, Business Combinations . Accordingly, the Company recorded the $8,000 upfront payment as research and development expense in the three months ended September 30, 2015. The Company will record as expense any contingent milestone payments or royalties in the period in which such liabilities are incurred. The Company concluded that licensing arrangement with Rigel did not meet the definition of a business because the transaction principally resulted in its acquisition of intellectual property. As part of the transaction, the Company did not acquire any employees or tangible assets, or any processes, protocols or operating systems. In addition, at the time of the acquisition, there were no activities being conducted related to the licensed patents. The Company will expense the acquired intellectual property asset as of the acquisition date on the basis that costs of intangible assets that are purchased from others for use in research and development activities and that have no alternative future uses are research and development costs at the time the costs are incurred. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes | |
Income Taxes | 13. Income Taxes The Company did not record a federal or state income tax benefit for the Company’s losses for the three and nine months ended September 30, 2015 and 2014 due to the Company’s conclusion that a valuation allowance is required. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2015 | |
Subsequent Events | |
Subsequent Events | 14. Subsequent Events On October 6, 2015, in connection with the IPO, the Company’s Registration Statement on Form S-1 was declared effective by the SEC, and on October 7, 2015, the Company’s Common Stock began trading on the NASDAQ Global Select Market under the symbol ACRS. On October 13, 2015, immediately prior to the closing of the IPO, all outstanding shares of Preferred Stock automatically converted into shares of Common Stock at the applicable conversion ratio then in effect. As a result of the conversion, as of October 13, 2015, the Company had no shares of Preferred Stock outstanding. On October 13, 2015, the Company closed the IPO. The Company received net proceeds of $56,623 from the IPO, net of underwriting discounts and commissions and other estimated offering expenses (see Note 1). On October 13, 2015, the Board granted 89,800 options with an exercise price of $11.00 per share pursuant to the 2015 Plan. The awards vest over periods of between three and four years and expire after ten years (see Note 8). On October 13, 2015, in connection with the IPO, the Company amended and restated its certificate of incorporation to reflect the following authorized share increases: 110,000,000 shares of capital stock, consisting of 100,000,000 shares of common stock, par value $0.00001 per share and 10,000,000 shares of preferred stock, par value $0.00001 per share. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2015 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). The financial statements include the consolidated accounts of the Company and its wholly-owned subsidiary, Aclaris Therapeutics International Limited. All intercompany transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the accrual of research and development expenses and the valuation of common stock and stock-based awards. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from the Company’s estimates. |
Deferred Offering costs | Deferred Offering Costs The Company capitalizes certain legal, accounting and other third-party fees that are directly associated with in-process equity financings as deferred offering costs (non-current) until such financings are consummated. After consummation of the equity financing, these costs are recorded in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the offering. As of September 30, 2015, the Company had recorded $1,943 of deferred offering costs incurred in connection with the IPO. The deferred offering costs were offset against the net proceeds received upon completion of the IPO in October 2015. |
Fair Value of Financial Asset24
Fair Value of Financial Assets and Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Fair Value of Financial Assets and Liabilities | |
Schedule of assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values | Fair Value Measurements as of September 30, 2015 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ $ — $ — $ Marketable securities — — $ $ $ — $ Fair Value Measurements as of December 31, 2014 Using: Level 1 Level 2 Level 3 Total Assets: Cash equivalents $ $ — $ — $ Marketable securities — — $ $ $ — $ |
Schedule of the fair value of the Company's available for sale marketable securities by type of security | September 30, 2015 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Marketable securities: Corporate debt securities $ $ $ — $ $ $ $ — $ December 31, 2014 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Marketable securities: Corporate debt securities $ $ — $ ) $ U.S. government agency debt securities — — $ $ — $ ) $ |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Property and Equipment, Net | |
Schedule of property and equipment, net | September 30, 2015 December 31, 2014 Computer equipment $ $ Manufacturing equipment — Construction in progress Less: Accumulated depreciation ) ) $ $ |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Accrued Expenses | |
Schedule of accrued expenses | September 30, 2015 December 31, 2014 Payroll and payroll-related costs $ $ — Clinical trial expenses Deferred offering costs — Other $ $ |
Convertible Preferred Stock (Ta
Convertible Preferred Stock (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Convertible Preferred Stock. | |
Schedule of redeemable preferred stock | September 30, 2015 Preferred Shares Authorized Preferred Shares Issued and Outstanding Carrying Value Liquidation Preference Common Stock Issuable Upon Conversion Series A convertible preferred stock $ $ Series B convertible preferred stock Series C convertible preferred stock $ $ December 31, 2014 Preferred Shares Authorized Preferred Shares Issued and Outstanding Carrying Value Liquidation Preference Common Stock Issuable Upon Conversion Series A convertible preferred stock $ $ Series B convertible preferred stock $ $ |
Stockholders' Deficit (Tables)
Stockholders' Deficit (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stockholders' Deficit | |
Summary of restricted stock activity | Number of Shares Weighted Average Grant Date Fair Value Per Share Unvested restricted common stock as of December 31, 2014 $ Vested $ Unvested restricted common stock as of September 30, 2015 $ |
Stock-Based Awards (Tables)
Stock-Based Awards (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock-Based Awards | |
Assumptions used to determine fair value of stock options granted | Nine Months Ended September 30, 2015 Nine Months Ended September 30, 2014 Risk-free interest rate % % Expected term (in years) Expected volatility % % Expected dividend yield % % |
Summary of stock option activity | Number of Shares Weighted Average Exercise Price Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (in years) Outstanding as of December 31, 2014 $ $ Granted $ Exercised — — Forfeited and canceled — — Outstanding as of September 30, 2015 $ $ Options vested and expected to vest as of September 30, 2015 $ $ Options exercisable as of September 30, 2015 (1) $ $ (1) All options granted to date under the 2012 Plan are exercisable immediately, subject to a repurchase right in the Company’s favor that lapses as the option vests. This amount reflects the number of shares under options that were vested, as opposed to exercisable, as of September 30, 2015. |
Stock-based compensation expense | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Research and development $ $ $ $ General and administrative $ $ $ $ |
Net Loss per Share (Tables)
Net Loss per Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Net Loss per Share | |
Basic and diluted net loss per share attributable to common stockholders | Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator: Net loss $ ) $ ) $ ) $ ) Accretion of convertible preferred stock to redemption value ) ) ) ) Net loss attributable to common stockholders $ ) $ ) $ $ ) Denominator: Weighted average shares of common stock outstanding Less: Weighted average shares of unvested restricted common stock outstanding ) ) ) ) Weighted average common shares outstanding used in calculating net loss per share attributable to common stockholders, basic and diluted Net loss per share attributable to common stockholders, basic and diluted $ ) $ ) $ ) $ ) |
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders | 2015 2014 Stock options to purchase common stock Unvested restricted common stock Convertible preferred stock (as converted to common stock) |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Commitments and Contingencies | |
Schedule of future minimum lease payments under the sublease | Years Ending December 31, 2015 $ 2016 2017 2018 2019 Total $ |
Organization and Nature of Bu32
Organization and Nature of Business (Details) | Sep. 30, 2015item |
A101 | |
Production information | |
Number of clinical trials completed | 3 |
Nature of Business and Basis of
Nature of Business and Basis of Presentation (Details 2) $ / shares in Units, $ in Thousands | Oct. 13, 2015USD ($)$ / sharesshares | Sep. 30, 2015USD ($) | Sep. 24, 2015 | Oct. 31, 2015shares | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Dec. 31, 2014USD ($) |
Initial public offering | |||||||||
Reverse stock split | 0.2899 | ||||||||
Working capital | $ 37,463 | $ 37,463 | $ 37,463 | ||||||
Accumulated deficit | 38,119 | 38,119 | 38,119 | $ 20,749 | |||||
Cash, cash equivalents and marketable securities | $ 38,405 | 38,405 | 38,405 | ||||||
Product revenues | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Minimum period following balance sheet that the cash and cash equivalents of the entity are expected to be sufficient to fund operations (in months) | 24 months | ||||||||
Subsequent event | |||||||||
Initial public offering | |||||||||
Common stock shares issued upon conversion of convertible preferred stock | shares | 11,677,076 | 11,677,076 | |||||||
Payments for underwriting discounts and commissions | $ 4,428 | ||||||||
Offering costs incurred | 2,200 | ||||||||
Net offering proceeds | 56,623 | ||||||||
Offering proceeds, net of underwriting discounts and commissions | $ 58,823 | ||||||||
Subsequent event | IPO | |||||||||
Initial public offering | |||||||||
Number of shares issued in offering | shares | 5,000,000 | ||||||||
Issuance price (in dollars per share) | $ / shares | $ 11 | ||||||||
Gross proceeds from initial public offering | $ 55,000 | ||||||||
Subsequent event | Exercise of over-allotment option | |||||||||
Initial public offering | |||||||||
Number of shares issued in offering | shares | 750,000 | ||||||||
Issuance price (in dollars per share) | $ / shares | $ 11 | ||||||||
Gross proceeds from initial public offering | $ 8,250 |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Deferred offering costs | |
Deferred offering costs | $ 1,943 |
Fair Value of Financial Asset35
Fair Value of Financial Assets and Liabilities (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Assets: | ||
Marketable securities | $ 12,986 | $ 5,891 |
Transfers from Level 1 to Level 2 | 0 | 0 |
Transfers from Level 2 to Level 1 | 0 | 0 |
Transfers into or out of Level 3 | 0 | 0 |
Recurring | ||
Assets: | ||
Cash equivalents | 25,020 | 10,012 |
Marketable securities | 12,986 | 5,891 |
Total assets measured at fair value | 38,006 | 15,903 |
Recurring | Level 1 | ||
Assets: | ||
Cash equivalents | 25,020 | 10,012 |
Total assets measured at fair value | 25,020 | 10,012 |
Recurring | Level 2 | ||
Assets: | ||
Marketable securities | 12,986 | 5,891 |
Total assets measured at fair value | $ 12,986 | $ 5,891 |
Fair Value of Financial Asset36
Fair Value of Financial Assets and Liabilities (Details 2) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Marketable securities: | ||
Amortized Cost | $ 12,985 | $ 5,897 |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (6) | |
Fair Value | 12,986 | 5,891 |
Corporate debt securities | ||
Marketable securities: | ||
Amortized Cost | 12,985 | 5,096 |
Gross Unrealized Gain | 1 | |
Gross Unrealized Loss | (6) | |
Fair Value | $ 12,986 | $ 5,090 |
Corporate debt securities | Maximum | ||
Marketable securities: | ||
Remaining term of maturities (in months) | 8 months | 13 months |
U.S. government agencies debt securities | ||
Marketable securities: | ||
Amortized Cost | $ 801 | |
Fair Value | $ 801 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Property and Equipment, net | |||||
Property and equipment | $ 845 | $ 845 | $ 542 | ||
Less: accumulated depreciation | (84) | (84) | (27) | ||
Property and equipment, net | 761 | 761 | 515 | ||
Depreciation | 32 | $ 3 | 57 | $ 9 | |
Computer equipment | |||||
Property and Equipment, net | |||||
Property and equipment | 190 | 190 | 36 | ||
Manufacturing equipment | |||||
Property and Equipment, net | |||||
Property and equipment | 578 | 578 | |||
Construction in progress | |||||
Property and Equipment, net | |||||
Property and equipment | $ 77 | $ 77 | $ 506 |
Accrued Expenses (Details)
Accrued Expenses (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Accrued Expenses | ||
Payroll and payroll-related costs | $ 463 | |
Clinical trial expenses | 284 | $ 163 |
Deferred offering costs | 178 | |
Other | 14 | 25 |
Accrued expenses, total | $ 939 | $ 188 |
Convertible Preferred Stock (De
Convertible Preferred Stock (Details) $ / shares in Units, $ in Thousands | Oct. 13, 2015shares | Aug. 28, 2015USD ($)$ / sharesshares | Oct. 31, 2015shares | Sep. 30, 2014USD ($)Milestonedirector$ / sharesshares | Sep. 30, 2015USD ($)$ / sharesshares | Dec. 31, 2014USD ($)$ / sharesshares |
Convertible Preferred Stock | ||||||
Authorized (in shares) | 40,286,041 | 34,090,000 | ||||
Par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 | ||||
New issues (in shares) | 12,944,984 | |||||
Issuance costs of temporary equity | $ | $ 136 | |||||
Preferred shares issued (in shares) | 40,286,041 | 27,341,057 | ||||
Preferred shares outstanding (in shares) | 40,286,041 | 27,341,057 | ||||
Carrying Value | $ | $ 78,305 | $ 36,677 | ||||
Liquidation Preference | $ | $ 78,282 | $ 35,882 | ||||
Common Stock Issuable Upon Conversion | 11,677,076 | 7,924,919 | ||||
Minimum net proceeds received in qualified public offering requiring mandatory conversion of temporary equity | $ | $ 40,000 | |||||
Minimum share price in qualified public offering requiring mandatory conversion of temporary equity (in dollars per share) | $ / shares | $ 12.80 | |||||
Minimum percentage of holders required for determination of conversion date | 60.00% | |||||
Subsequent event | ||||||
Convertible Preferred Stock | ||||||
Preferred shares outstanding (in shares) | 0 | |||||
Common stock shares issued upon conversion of convertible preferred stock | 11,677,076 | 11,677,076 | ||||
Series A convertible preferred stock | ||||||
Convertible Preferred Stock | ||||||
Authorized (in shares) | 20,890,000 | 20,890,000 | ||||
Preferred shares issued (in shares) | 20,890,000 | 20,890,000 | ||||
Preferred shares outstanding (in shares) | 20,890,000 | 20,890,000 | ||||
Carrying Value | $ | $ 26,178 | $ 24,879 | ||||
Liquidation Preference | $ | $ 26,491 | $ 25,023 | ||||
Common Stock Issuable Upon Conversion | 6,055,060 | 6,055,060 | ||||
Conversion price (in dollars per share) | $ / shares | $ 3.45 | |||||
Conversion ratio | 3.45 | 3.45 | ||||
Series B convertible preferred stock | ||||||
Convertible Preferred Stock | ||||||
Authorized (in shares) | 6,451,057 | 13,200,000 | ||||
New issues (in shares) | 6,451,057 | |||||
Issue price of shares (in dollars per share) | $ / shares | $ 1.65 | |||||
Proceeds from issuance | $ | $ 10,644 | |||||
Issuance costs of temporary equity | $ | $ 60 | |||||
Preferred shares issued (in shares) | 6,451,057 | 6,451,057 | ||||
Preferred shares outstanding (in shares) | 6,451,057 | 6,451,057 | ||||
Carrying Value | $ | $ 12,263 | $ 11,798 | ||||
Liquidation Preference | $ | $ 11,496 | $ 10,859 | ||||
Common Stock Issuable Upon Conversion | 1,869,859 | 1,869,859 | ||||
Conversion price (in dollars per share) | $ / shares | $ 5.6925 | |||||
Conversion ratio | 3.45 | 3.45 | ||||
Series B convertible preferred stock | Put option | Long position | ||||||
Convertible Preferred Stock | ||||||
Number of milestones to attain for call of purchased put option | Milestone | 2 | |||||
Number of shares that may be exercised under option | 6,451,057 | |||||
Price at which shares may be exercised under option (in dollars per share) | $ / shares | $ 1.65 | |||||
Number of directors for confirming exercise of option | director | 5 | |||||
Percentage of voting stockholders for confirming exercise of option | 60.00% | |||||
Fair value of purchased put option | $ | $ 1,039 | |||||
Risk-free interest rate assumption (as a percent) | 0.08% | |||||
Expected term (in months) | 9 months | |||||
Expected volatility (as a percent) | 80.00% | |||||
Expected dividends | $ / shares | $ 0 | |||||
Fair value of underlying instruments (as a percent) | $ / shares | $ 1.65 | |||||
Probability of occurrence of successful attainment of specified milestones triggering exercise of option (as a percent) | 60.00% | |||||
Probability of occurrence of option exercised when exercisable (as a percent) | 60.00% | |||||
Series C convertible preferred stock | ||||||
Convertible Preferred Stock | ||||||
Authorized (in shares) | 12,944,984 | |||||
New issues (in shares) | 12,944,984 | |||||
Issue price of shares (in dollars per share) | $ / shares | $ 3.09 | |||||
Proceeds from issuance | $ | $ 40,000 | |||||
Preferred shares issued (in shares) | 12,944,984 | |||||
Preferred shares outstanding (in shares) | 12,944,984 | |||||
Carrying Value | $ | $ 39,864 | |||||
Liquidation Preference | $ | $ 40,295 | |||||
Common Stock Issuable Upon Conversion | 3,752,157 | |||||
Conversion price (in dollars per share) | $ / shares | $ 10.6605 |
Stockholders' Deficit (Details)
Stockholders' Deficit (Details) | 9 Months Ended | |
Sep. 30, 2015USD ($)Vote$ / sharesshares | Dec. 31, 2014$ / sharesshares | |
Stockholders' Deficit | ||
Common stock shares authorized | 110,000,000 | 77,000,000 |
Common stock par value (in dollars per share) | $ / shares | $ 0.00001 | $ 0.00001 |
Number of votes per share | Vote | 1 | |
Dividends declared | $ | $ 0 | |
Common stock shares reserved | 13,216,245 | 8,425,181 |
Stockholders' Deficit (Details
Stockholders' Deficit (Details 2) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Stock-based awards | ||||||
Number of shares of stock issued to founders, including restricted stock | 2,730,427 | |||||
Number of shares of restricted stock issued | 1,918,834 | |||||
Estimated grant-date fair value (in dollars per share) | $ 0.00001 | |||||
Number of restricted stock shares subject to repurchase | 399,757 | 399,757 | 759,538 | |||
Number of Shares | ||||||
Number of shares, beginning balance | 759,538 | |||||
Number of shares, Vested | 359,781 | |||||
Number of shares, ending balance | 399,757 | 399,757 | ||||
Weighted Average Grant Date Fair Value Per Share | ||||||
Weighted average grant date fair value, beginning balance (in dollars per share) | $ 0.00001 | |||||
Weighted average grant date fair value, vested (in dollars per share) | 0.00001 | |||||
Weighted average grant date fair value, ending balance (in dollars per share) | $ 0.00001 | $ 0.00001 | ||||
Aggregate intrinsic value of awards that vested during the period | $ 1,091 | $ 170 | $ 2,026 | $ 269 | ||
Unvested restricted common stock | Tranche One | ||||||
Stock-based awards | ||||||
Percentage of stock subject to vesting (as a percent) | 25.00% | |||||
Vesting period (in years) | 1 year | |||||
Unvested restricted common stock | Tranche Two | ||||||
Stock-based awards | ||||||
Percentage of stock subject to vesting (as a percent) | 75.00% | |||||
Vesting period (in years) | 3 years |
Stock-Based Awards (Details)
Stock-Based Awards (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 06, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Sep. 15, 2015 | Aug. 25, 2015 |
Aggregate Intrinsic Value | ||||||||
Weighted average grant-date fair value of stock options granted (in dollars per share) | $ 8.34 | |||||||
Employee, director and consultant stock options | ||||||||
Stock Option Valuation | ||||||||
Risk-free interest rate (as a percent) | 1.73% | 1.85% | ||||||
Expected term (in years) | 6 years 2 months 19 days | 6 years 2 months 5 days | ||||||
Expected volatility (as a percent) | 96.65% | 116.05% | ||||||
Expected dividend yield (as a percent) | 0.00% | 0.00% | ||||||
Expected forfeiture rate (as a percent) | 0.00% | 0.00% | 0.00% | 0.00% | ||||
2012 Equity Compensation Plan | ||||||||
Stock-based awards | ||||||||
Exercise price as percentage of fair market value of common stock at grant date required, minimum | 100.00% | 100.00% | ||||||
Number of shares authorized | 500,262 | 1,539,169 | ||||||
Number of shares available for grant | 398,645 | 0 | 398,645 | |||||
Options granted (in shares) | 640,262 | |||||||
Number of Shares | ||||||||
Number of Shares, beginning balance | 500,262 | |||||||
Number of Shares, Granted | 640,262 | |||||||
Number of Shares, ending balance | 1,140,524 | 500,262 | 1,140,524 | |||||
Number of Shares, Options vested and expected to vest | 1,140,524 | 1,140,524 | ||||||
Number of Shares, Options exercisable | 130,075 | 130,075 | ||||||
Weighted Average Exercise Price | ||||||||
Weighted Average Exercise Price, beginning balance (in dollars per share) | $ 1.22 | |||||||
Weighted Average Exercise Price, Granted (in dollars per share) | 10.66 | |||||||
Weighted Average Exercise Price, ending balance (in dollars per share) | $ 6.79 | $ 1.22 | 6.79 | |||||
Weighted Average Exercise Price, Options vested and expected to vest (in dollars per share) | 6.79 | 6.79 | ||||||
Weighted Average Exercise Price, Options exercisable (in dollars per share) | $ 0.67 | $ 0.67 | ||||||
Weighted Average Remaining Contractual Term | ||||||||
Weighted Average Remaining Contractual Term (in years) | 9 years 9 months 7 days | 9 years 6 months 11 days | ||||||
Weighted Average Remaining Contractual Term, Options vested and expected to vest (in years) | 9 years 6 months 11 days | |||||||
Weighted Average Remaining Contractual Term, Options exercisable (in years) | 8 years 9 months 11 days | |||||||
Aggregate Intrinsic Value | ||||||||
Aggregate Intrinsic Value | $ 5,110 | $ 305 | $ 5,110 | |||||
Aggregate Intrinsic Value, Options vested and expected to vest | 5,110 | 5,110 | ||||||
Aggregate Intrinsic Value, Options exercisable | $ 1,343 | $ 1,343 | ||||||
2012 Equity Compensation Plan | Maximum | ||||||||
Stock-based awards | ||||||||
Term of award (in years) | 10 years | |||||||
Vesting period (in years) | 4 years | |||||||
2015 Equity Incentive Plan | ||||||||
Stock-based awards | ||||||||
Number of shares authorized | 2,784,395 | |||||||
Percentage increase to shares available for grant from common outstanding as of preceding December 31 (as a percent) | 4.00% | |||||||
Options granted (in shares) | 89,800 | |||||||
Number of Shares | ||||||||
Number of Shares, Granted | 89,800 |
Stock-Based Awards (Details 2)
Stock-Based Awards (Details 2) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock-based compensation expense | ||||
Stock-based compensation expense | $ 158 | $ 6 | $ 243 | $ 8 |
Unrecognized stock-based compensation cost | 5,906 | $ 5,906 | ||
Weighted average period unrecognized stock-based compensation cost to be recognized (in years) | 3 years 6 months 11 days | |||
Research and development expense. | ||||
Stock-based compensation expense | ||||
Stock-based compensation expense | 47 | 2 | $ 74 | 4 |
General and administrative expense. | ||||
Stock-based compensation expense | ||||
Stock-based compensation expense | $ 111 | $ 4 | $ 169 | $ 4 |
Net Loss per Share (Details)
Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Numerator: | ||||
Net loss | $ (10,633) | $ (2,657) | $ (15,849) | $ (5,920) |
Accretion of convertible preferred stock to redemption value | (995) | (479) | (2,353) | (1,394) |
Net loss attributable to common stockholders | $ (11,628) | $ (3,136) | $ (18,202) | $ (7,314) |
Denominator: | ||||
Weighted average shares of common stock outstanding (in shares) | 2,730,427 | 2,730,427 | 2,730,427 | 2,730,427 |
Less: Weighted average shares of unvested restricted common stock outstanding (in shares) | (455,810) | (935,518) | (574,742) | (1,054,451) |
Weighted average common shares outstanding used in calculating net loss per share attributable to common stockholders, basic and diluted (in shares) | 2,274,617 | 1,794,909 | 2,155,685 | 1,675,976 |
Net loss per share attributable to common stockholders, basic and diluted (in dollars per share) | $ (5.11) | $ (1.75) | $ (8.44) | $ (4.36) |
Net Loss per Share (Details 2)
Net Loss per Share (Details 2) - shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect | ||||
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders | 13,217,357 | 8,972,495 | 13,217,357 | 8,972,495 |
Employee, director and consultant stock options | ||||
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect | ||||
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders | 1,140,524 | 168,110 | 1,140,524 | 168,110 |
Unvested restricted common stock | ||||
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect | ||||
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders | 399,757 | 879,466 | 399,757 | 879,466 |
Convertible preferred stock | ||||
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders because including them would have had an anti-dilutive effect | ||||
Potential common shares excluded from the calculation of diluted net loss per share attributable to common stockholders | 11,677,076 | 7,924,919 | 11,677,076 | 7,924,919 |
Commitments and Contingencies46
Commitments and Contingencies (Details) - Director - Direct sublease agreement - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Lease | ||||
Expenses incurred under related party transactions | $ 34 | $ 17 | $ 86 | $ 50 |
Future minimum lease payments under the sublease | ||||
2,015 | 42 | 42 | ||
2,016 | 193 | 193 | ||
2,017 | 198 | 198 | ||
2,018 | 202 | 202 | ||
2,019 | 189 | 189 | ||
Total | $ 824 | $ 824 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Director | Direct sublease agreement | ||||
Related Party Transactions | ||||
Payments made for related party transactions | $ 34 | $ 17 | $ 86 | $ 50 |
Expenses incurred under related party transactions | 34 | 17 | 86 | 50 |
Certain officers | Services agreement | ||||
Related Party Transactions | ||||
Payments made for related party transactions | 0 | 5 | 16 | 37 |
Expenses incurred under related party transactions | 105 | 119 | 358 | 358 |
Other revenue earned from related party transactions | 132 | 103 | 376 | 310 |
Amounts due to or from related party | 0 | 0 | ||
Certain officers | Services agreement | General and administrative expense. | ||||
Related Party Transactions | ||||
Net expenses (revenues) from related party transactions | 36 | 79 | 172 | 238 |
Certain officers | Services agreement | Research and development expense. | ||||
Related Party Transactions | ||||
Net expenses (revenues) from related party transactions | $ (63) | $ (63) | $ (190) | $ (190) |
License Agreement with Rigel 48
License Agreement with Rigel Pharmaceuticals, Inc. (Details) - License and collaboration agreement - Rigel - JAK inhibitors - USD ($) $ in Thousands | Aug. 27, 2015 | Sep. 30, 2015 |
License Agreement | ||
Upfront non-refundable payment | $ 8,000 | |
Maximum aggregate payments owed upon achievement of specified pre-commercialization milestones | $ 80,000 | |
Maximum additional payments owed upon achievement of second set of development milestones | $ 10,000 | |
Period from first commercial product sale that royalties are owed (in years) | 10 years | |
Research and development expense. | ||
License Agreement | ||
Upfront payment recognized as expense | $ 8,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Income Taxes | ||||
Federal income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |
State income tax benefit | $ 0 | $ 0 | $ 0 | $ 0 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ / shares in Units, $ in Thousands | Oct. 13, 2015 | Oct. 06, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Subsequent events | ||||
Preferred shares outstanding (in shares) | 40,286,041 | 27,341,057 | ||
Common stock, par value (in dollars per share) | $ 0.00001 | $ 0.00001 | ||
2015 Equity Incentive Plan | ||||
Subsequent events | ||||
Options granted (in shares) | 89,800 | |||
Subsequent event | ||||
Subsequent events | ||||
Preferred shares outstanding (in shares) | 0 | |||
Net offering proceeds | $ 56,623 | |||
Number of additional shares of capital stock authorized | 110,000,000 | |||
Number of additional shares of common stock authorized | 100,000,000 | |||
Common stock, par value (in dollars per share) | $ 0.00001 | |||
Number of additional shares of preferred stock authorized | 10,000,000 | |||
Preferred stock, par value (in dollars per share) | $ 0.00001 | |||
Subsequent event | 2015 Equity Incentive Plan | ||||
Subsequent events | ||||
Options granted (in shares) | 89,800 | |||
Exercise price of options granted (in dollars per share) | $ 11 | |||
Subsequent event | 2015 Equity Incentive Plan | Employee, director and consultant stock options | ||||
Subsequent events | ||||
Term of award (in years) | 10 years | |||
Subsequent event | 2015 Equity Incentive Plan | Employee, director and consultant stock options | Minimum | ||||
Subsequent events | ||||
Vesting period (in years) | 3 years | |||
Subsequent event | 2015 Equity Incentive Plan | Employee, director and consultant stock options | Maximum | ||||
Subsequent events | ||||
Vesting period (in years) | 4 years |