Kindred Biosciences (KIN) 10-Q 14 May 14 2014 Q1 Quarterly report Financial data

DEI_Document

DEI Document	3 Months Ended
	Mar. 31, 2014	Apr. 30, 2014
Entity [Abstract]	'	'
Entity Registrant Name	'Kindred Biosciences, Inc.	'
Entity Central Index Key	'0001561743	'
Current Fiscal Year End Date	'--12-31	'
Entity Filer Category	'Non-accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	19,677,120

Condensed_Balance_Sheets

Condensed Balance Sheets (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Current Assets	'	'
Cash and cash equivalents	$36,513	$65,329
Short-term investments	24,015	0
Prepaid expenses and other	565	148
Total current assets	61,093	65,477
Property and equipment, net	27	12
Total assets	61,120	65,489
Current Liabilities	'	'
Accounts payable	1,671	689
Accrued liabilities	958	1,521
Total liabilities	2,629	2,210
Commitments and contingencies (Note 6)	'	'
Stockholders Equity	'	'
Common stock, $0.0001 par value; 100,000,000 shares authorized; 16,227,120 and 16,214,620 shares issued and outstanding at March 31, 2014 and December 31, 2013, respectively	2	2
Additional paid-in capital	68,990	67,610
Deficit accumulated during the development stage	-10,501	-4,333
Total stockholders' equity	58,491	63,279
Total liabilities and stockholders' equity	$61,120	$65,489

Condensed_Balance_Sheets_Paren

Condensed Balance Sheets (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
Statement of Financial Position [Abstract]	'	'
Common Stock, Par or Stated Value Per Share	$0.00	$0.00
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Shares, Issued	16,227,120	16,214,620
Shares, Outstanding	16,227,120	16,214,620

Condensed_Statements_of_Operat

Condensed Statements of Operations and Comprehensive Loss (USD $)	3 Months Ended		18 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Operating Expenses [Abstract]	'	'	'
Research and development	$4,498	$141	$7,713
General and administrative	1,679	83	2,803
Total operating expenses	6,177	224	10,516
Loss from operations	-6,177	-224	-10,516
Interest income	9	0	15
Net loss and comprehensive loss	($6,168)	($224)	($10,501)
Net loss per share attributable to common stockholders, basic and diluted, in dollars per share	($0.38)	($0.07)	'
Weighted-average common shares outstanding, basic and diluted	16,222	3,000	'

Condensed_Statements_of_Cash_F

Condensed Statements of Cash Flows (USD $)	3 Months Ended		18 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014
Cash Flows from Operating Activities	'	'	'
Net loss	($6,168)	($224)	($10,501)
Adjustments to reconcile net loss to net cash used in operating activities:	'	'	'
Stock-based compensation expense	1,077	39	2,010
Depreciation expense	4	0	7
Changes in operating assets and liabilities:	'	'	'
Prepaid expenses and other	-425	0	-572
Accounts payable	982	-4	1,670
Due to related party	0	21	0
Accrued liabilities	-263	17	957
Net cash used in operating activities	-4,793	-151	-6,429
Cash Flows from Investing Activities	'	'	'
Payments to Acquire Short-term Investments	-24,008	0	-24,008
Payments to Acquire Property, Plant, and Equipment	-19	0	-34
Net Cash Provided by (Used in) Investing Activities	-24,027	0	-24,042
Cash Flows from Financing Activities	'	'	'
Exercise of stock options	4	0	15
Net proceeds from note payable to related party	0	0	10
Net proceeds from sale of common stock in initial public offering	0	0	56,149
Payment of initial public offering costs	0	0	-1,277
Net cash provided by financing activities	4	0	66,984
Net increase (decrease) in cash and cash equivalents	-28,816	-151	36,513
Cash and cash equivalents at the beginning of period	65,329	938	0
Cash and cash equivalents at end of period	36,513	787	36,513
Supplemental Cash Flow Information [Abstract]	'	'	'
Cash paid for income taxes during the period	0	0	1
Conversion of Series AA, A-1 and A-1A Preferred Stock into Common Stock	'	'	'
Supplemental disclosure of non-cash financing activities:	'	'	'
Conversion of stock	0	0	12,099
Note Payable	'	'	'
Supplemental disclosure of non-cash financing activities:	'	'	'
Conversion of note payable into Series AA convertible preferred stock	0	0	10
Series AA Convertible Preferred Stock	'	'	'
Cash Flows from Financing Activities	'	'	'
Proceeds from Issuance of Convertible Preferred Stock	0	0	990
Supplemental disclosure of non-cash financing activities:	'	'	'
Offering costs in connection with Series AA convertible preferred stock	0	0	13
Issuance of stock for consulting expenses, legal fees and other offering costs	0	0	15
Common Stock	'	'	'
Supplemental disclosure of non-cash financing activities:	'	'	'
Issuance of stock for consulting expenses, legal fees and other offering costs	303	0	838
Series A-1 Convertible Preferred Stock	'	'	'
Cash Flows from Financing Activities	'	'	'
Proceeds from Issuance of Convertible Preferred Stock	0	0	5,865
Supplemental disclosure of non-cash financing activities:	'	'	'
Issuance of stock for consulting expenses, legal fees and other offering costs	0	0	32
Series A-1A Convertible Preferred Stock	'	'	'
Cash Flows from Financing Activities	'	'	'
Proceeds from Issuance of Convertible Preferred Stock	0	0	5,232
Supplemental disclosure of non-cash financing activities:	'	'	'
Issuance of stock for consulting expenses, legal fees and other offering costs	$0	$0	$78

Description_of_Business_Basis_

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies	'
	Description of Business, Basis of Presentation and Summary of Significant Accounting Policies
	Kindred Biosciences, Inc. ("we", "us" or "our") was incorporated on September 25, 2012 (inception) in the State of Delaware. We are a development stage biopharmaceutical company focused on saving and improving the lives of pets. Our activities since inception have consisted principally of raising capital, establishing facilities, recruiting management and technical staff and performing research and development and advancing our product candidates seeking regulatory approval. Our headquarters are in Burlingame, California.
	We are subject to risks common to companies in the biotechnology and pharmaceutical industries. There can be no assurance that our research and development will be successfully completed, that adequate patent or other intellectual property protection for our technology will be obtained, that any products developed will obtain necessary government regulatory approval or that any approved products will be commercially viable. We operate in an environment of substantial competition from other animal health companies. In addition, we are dependent upon the services of our employees and consultants, as well as third-party contract research organizations and manufacturers.
	The accompanying unaudited interim condensed financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States (“U.S. GAAP”) for complete financial statements. These unaudited interim condensed financial statements should be read in conjunction with the audited financial statements and notes thereto for the year ended December 31, 2013 included in our Form 10-K as filed with the SEC on March 14, 2014, as amended. In the opinion of management, all adjustments, consisting of a normal and recurring nature, considered necessary for a fair presentation, have been included in these unaudited interim condensed financial statements.
	Liquidity
	We have incurred losses and negative cash flows from operations and have not generated any revenue since our inception in September 2012 through March 31, 2014. We expect to continue to incur losses and negative cash flows, which will increase significantly from historical levels as we expand our product development activities, seek regulatory approvals for our product candidates, establish a biologics manufacturing capability, and begin to commercialize any approved products. To date, we have been funded primarily through sales of our former convertible preferred stock and the sale of common stock in our initial public offering in December 2013. On April 8, 2014, we completed another public offering of our shares of common stock resulting in net proceeds of approximately $58,100,000. We believe that our cash, cash equivalents and short-term investments as of March 31, 2014, together with the net proceeds from our April 2014 public offering, are sufficient to fund our planned operations for at least the next 24 months.
	If we require additional funding for operations, we may seek such funding through public or private equity or debt financings or other sources, such as corporate collaborations and licensing arrangements. We may not be able to obtain financing on acceptable terms, or at all, and we may not be able to enter into corporate collaborations or licensing arrangements. The terms of any financing may result in dilution or other adversely affect the holding or the rights of our stockholders.
	Use of Estimates
	The preparation of financial statements and related disclosures in conformity with U.S. 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 revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock and stock-based awards, the realization of deferred tax assets and the accrual of research and development expenses. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates.
	Recently Issued Accounting Pronouncements
	We believe recently issued standards that are not yet effective will not have a material impact on our financial statements when the standards become effective.

Fair_Value_Measurments

Fair Value Measurments	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Fair Value Measurments	'
	Fair Value Measurements
	Certain assets and liabilities are carried at fair value. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. A fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last is considered unobservable, is used to measure fair value:
	Level 1: Quoted prices in active markets for identical assets or liabilities.
	Level 2: Observable inputs (other than Level 1 quoted prices) such as quoted prices in active markets for similar assets or liabilities, quoted prices in markets that are not active for identical or similar assets or liabilities, or other inputs that are observable or can be corroborated by observable market data.
	Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques.
	The carrying amount of financial instruments, including cash and cash equivalents, accounts payable and accrued expenses approximate fair value due to the short maturities of these financial instruments.
	Financial assets, which consist of money market funds and available-for-sale securities, are measured at fair value on a recurring basis and are summarized as follows (in thousands):
		Fair Value Measurements as of December 31, 2013
	Description	Total		Quoted Prices in		Significant Other		Unobservable Inputs
				Active Markets (Level 1)		Observable Inputs		(Level 3)
						(Level 2)
	Cash equivalents:
	Money market funds	$	65,310	$	65,310	$	—	$	—
		$	65,310	$	65,310	$	—	$	—
		Fair Value Measurements as of March 31, 2014
	Description	Total		Quoted Prices in		Significant Other		Unobservable Inputs
				Active Markets (Level 1)		Observable Inputs		(Level 3)
						(Level 2)
	Cash equivalents:
	Money market funds	$	30,472	$	30,472	$	—	$	—
	Short-term investments:
	Treasury bills	5,999		—		5,999		—
	U.S. federal agency notes	6,000		—		6,000		—
	U.S. treasury bonds and notes	12,016		—		12,016		—
		$	54,487	$	30,472	$	24,015	$	—
	There were no transfers of assets between Level 1, Level 2 or Level 3 of the fair value hierarchy at March 31, 2014 or December 31, 2013.
	At March 31, 2014 and December 31, 2013, we did not have any financial liabilities which were measured at fair value on a recurring basis.

ShortTerm_Investments_Notes

Short-Term Investments (Notes)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Short-Term Investments	'
	Short-Term Investments
	We classify all highly-liquid investments with stated maturities of greater than three months from the date of purchase and remaining maturities of less than one year as short-term investments. Investments with maturities beyond one year may be classified as short-term based on their highly liquid nature and because such investments are viewed as being available to support current operations. We classify and account for short-term investments as available-for-sale and reflect realized gains and losses using the specific identification method. Changes in market value if any, excluding other-than-temporary impairments, are reflected in other comprehensive income. At March 31, 2014, the carrying value of our short-term investments approximated their fair value.
	The fair value of available-for-sale short-term investments by type of security at March 31, 2014 were as follows (in thousands):
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	U.S. treasury bills	$	5,999	$	—	$	—	$	5,999
	U.S. government agency notes	6,000		—		—		6,000
	U.S. treasury bonds and notes	12,016		—		—		12,016
		$	24,015	$	—	$	—	$	24,015
	At March 31, 2014 short-term investments with maturities beyond one year consisted of U.S. government bonds with carrying values of $3,001,000 and $3,011,000 that mature on April 30, 2015 and June 15, 2015, respectively. These investments are classified as current assets since they are viewed as available to support current operations. We held no short-term investments at December 31, 2013.

Accrued_Liabilities

Accrued Liabilities	3 Months Ended
	Mar. 31, 2014
Payables and Accruals [Abstract]	'
Accrued Liabilities	'
	Accrued Liabilities
	Accrued liabilities consisted of the following (in thousands):
		31-Mar-14		31-Dec-14
	Accrued payroll and related expenses	$	322	$	635
	Accrued consulting expenses	4		304
	Accrued research and development costs	548		159
	Accrued offering costs	—		381
	Accrued other expenses	84		42
		$	958	$	1,521

StockBased_Awards_and_Common_S

Stock-Based Awards and Common Stock	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Awards and Common Stock	'
	Stock-Based Awards and Common Stock
	The table below shows the number of shares of common stock underlying options granted to employees and directors, the assumptions used in the Black-Scholes option pricing model used to value those options and the resulting weighted-average grant date fair value per share:
		Three Months Ended March 31,
		2014		2013
	Shares underlying options granted	731,500		540,000
	Weighted-average exercise price	$15.94		$0.35
	Risk- free interest rate	1.44%-1.46%		0.62%-0.85%
	Expected term (years)	5.3 - 6.1		5
	Expected volatility	90%		90%
	Expected dividend yield	—		—
	Weighted-average grant date fair value per share	$11.73		$0.22
	The table below shows the number of shares of common stock underlying options granted to consultants, the assumptions used in the Black-Scholes option pricing model used to value those options and the resulting weighted-average grant date fair value per share:
		Three Months Ended March 31,
		2014		2013
	Shares underlying options granted	32,713		36,525
	Weighted-average exercise price	$15.41		$0.32
	Risk- free interest rate	2.61%		0.62%
	Expected term (years)	10		10
	Expected volatility	90%		90%
	Expected dividend yield	—		—
	Weighted-average grant date fair value per share	$13.32		$0.27
	In February 2014, we issued 12,500 shares of common stock with an intrinsic value of $202,000 upon exercise of stock options by a board member at a price of $0.32 per share, for total proceeds of $4,000.
	We recorded stock-based compensation expense for the three months ended March 31, 2014 and 2013, respectively, as follows (in thousands):
		Three Months Ended March 31,
		2014			2013
	Research and development	$	328		$	33
	General and administrative	749			6
		$	1,077		$	39
	We had an aggregate of approximately $8,874,000 of unrecognized stock-based compensation expense for options outstanding as of March 31, 2014 which is expected to be recognized over a weighted-average period of 3.3 years.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies
	In March 2014 we entered into a license agreement under which we made an up-front payment and are obligated to make annual payments and, subject to certain terms and conditions, milestone payments upon achievement of development milestones and a royalty based on sales of products developed under the agreement

Net_Loss_Per_Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Net Loss Per Share	'
	Net Loss Per Share
	Basic and diluted net loss per share was calculated as follows (in thousands, except per share amounts):
		Three Months Ended March 31,
		2014			2013
	Basic and diluted net loss per share attributable to common stockholders:
	Numerator:
	Net loss attributable to common stockholders	$	(6,168	)	$	(224	)
	Denominator:
	Weighted-average common shares outstanding, basic and diluted	16,222			3,000
	Net loss per common share attributable to common shareholders, basic and diluted	$	(0.38	)	$	(0.07	)
	Stock options to purchase of 2,127,627 shares of common stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the three months ended March 31, 2014, because they were anti-dilutive.
	Stock options to purchase of 576,525 shares of common stock and 1,000,000 shares of common stock issuable upon the conversion of preferred stock were excluded from the computation of diluted net loss per share attributable to common stockholders for the three months ended March 31, 2013, because they were anti-dilutive.

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events [Abstract]	'
Subsequent Events	'
	Subsequent Events
	On April 8, 2014, we completed a public offering of 3,450,000 shares of common stock at a price of $18.00 per share, for net proceeds of approximately $58,100,000, after deducting underwriting discounts, commissions and offering expenses.
	In April 2014 we entered into a lease for laboratory space under which we are obligated to make lease payments of approximately $5,000 per month. The initial lease term is for a period of 36 months, and we have an option to renew the lease for one additional year at a market rate.

Description_of_Business_Basis_1

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Accounting Policies [Abstract]	'
Liquidity Disclosure	'
	Liquidity
	We have incurred losses and negative cash flows from operations and have not generated any revenue since our inception in September 2012 through March 31, 2014. We expect to continue to incur losses and negative cash flows, which will increase significantly from historical levels as we expand our product development activities, seek regulatory approvals for our product candidates, establish a biologics manufacturing capability, and begin to commercialize any approved products. To date, we have been funded primarily through sales of our former convertible preferred stock and the sale of common stock in our initial public offering in December 2013. On April 8, 2014, we completed another public offering of our shares of common stock resulting in net proceeds of approximately $58,100,000. We believe that our cash, cash equivalents and short-term investments as of March 31, 2014, together with the net proceeds from our April 2014 public offering, are sufficient to fund our planned operations for at least the next 24 months.
Use of Estimates, Policy	'
	Use of Estimates
	The preparation of financial statements and related disclosures in conformity with U.S. 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 revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in these financial statements include, but are not limited to, the valuation of common stock and stock-based awards, the realization of deferred tax assets and the accrual of research and development expenses. Estimates are periodically reviewed in light of changes in circumstances, facts and experience. Actual results could differ from those estimates.
New Accounting Pronouncements, Policy	'
	Recently Issued Accounting Pronouncements
	We believe recently issued standards that are not yet effective will not have a material impact on our financial statements when the standards become effective.

Fair_Value_Measurments_Tables

Fair Value Measurments (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Disclosures [Abstract]	'
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	'
	Financial assets, which consist of money market funds and available-for-sale securities, are measured at fair value on a recurring basis and are summarized as follows (in thousands):
		Fair Value Measurements as of December 31, 2013
	Description	Total		Quoted Prices in		Significant Other		Unobservable Inputs
				Active Markets (Level 1)		Observable Inputs		(Level 3)
						(Level 2)
	Cash equivalents:
	Money market funds	$	65,310	$	65,310	$	—	$	—
		$	65,310	$	65,310	$	—	$	—
		Fair Value Measurements as of March 31, 2014
	Description	Total		Quoted Prices in		Significant Other		Unobservable Inputs
				Active Markets (Level 1)		Observable Inputs		(Level 3)
						(Level 2)
	Cash equivalents:
	Money market funds	$	30,472	$	30,472	$	—	$	—
	Short-term investments:
	Treasury bills	5,999		—		5,999		—
	U.S. federal agency notes	6,000		—		6,000		—
	U.S. treasury bonds and notes	12,016		—		12,016		—
		$	54,487	$	30,472	$	24,015	$	—

ShortTerm_Investments_Tables

Short-Term Investments (Tables)	3 Months Ended
	Mar. 31, 2014
Investments, Debt and Equity Securities [Abstract]	'
Fair Value to Amortized Cost Basis Reconciliation	'
	The fair value of available-for-sale short-term investments by type of security at March 31, 2014 were as follows (in thousands):
		Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
	U.S. treasury bills	$	5,999	$	—	$	—	$	5,999
	U.S. government agency notes	6,000		—		—		6,000
	U.S. treasury bonds and notes	12,016		—		—		12,016
		$	24,015	$	—	$	—	$	24,015

Accrued_Liabilities_Tables

Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2014
Payables and Accruals [Abstract]	'
Schedule of Accounts Payable and Accrued Liabilities	'
	Accrued liabilities consisted of the following (in thousands):
		31-Mar-14		31-Dec-14
	Accrued payroll and related expenses	$	322	$	635
	Accrued consulting expenses	4		304
	Accrued research and development costs	548		159
	Accrued offering costs	—		381
	Accrued other expenses	84		42
		$	958	$	1,521

StockBased_Awards_and_Common_S1

Stock-Based Awards and Common Stock (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Share-based Compensation Information	'
	The table below shows the number of shares of common stock underlying options granted to employees and directors, the assumptions used in the Black-Scholes option pricing model used to value those options and the resulting weighted-average grant date fair value per share:
		Three Months Ended March 31,
		2014		2013
	Shares underlying options granted	731,500		540,000
	Weighted-average exercise price	$15.94		$0.35
	Risk- free interest rate	1.44%-1.46%		0.62%-0.85%
	Expected term (years)	5.3 - 6.1		5
	Expected volatility	90%		90%
	Expected dividend yield	—		—
	Weighted-average grant date fair value per share	$11.73		$0.22
	The table below shows the number of shares of common stock underlying options granted to consultants, the assumptions used in the Black-Scholes option pricing model used to value those options and the resulting weighted-average grant date fair value per share:
		Three Months Ended March 31,
		2014		2013
	Shares underlying options granted	32,713		36,525
	Weighted-average exercise price	$15.41		$0.32
	Risk- free interest rate	2.61%		0.62%
	Expected term (years)	10		10
	Expected volatility	90%		90%
	Expected dividend yield	—		—
	Weighted-average grant date fair value per share	$13.32		$0.27
Schedule of Allocated Share-based Compensation Expense	'
	We recorded stock-based compensation expense for the three months ended March 31, 2014 and 2013, respectively, as follows (in thousands):
		Three Months Ended March 31,
		2014			2013
	Research and development	$	328		$	33
	General and administrative	749			6
		$	1,077		$	39

Net_Loss_Per_Share_Tables

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Share [Abstract]	'
Basic and Diluted Earnings Per Share Reconciliation	'
	Basic and diluted net loss per share was calculated as follows (in thousands, except per share amounts):
		Three Months Ended March 31,
		2014			2013
	Basic and diluted net loss per share attributable to common stockholders:
	Numerator:
	Net loss attributable to common stockholders	$	(6,168	)	$	(224	)
	Denominator:
	Weighted-average common shares outstanding, basic and diluted	16,222			3,000
	Net loss per common share attributable to common shareholders, basic and diluted	$	(0.38	)	$	(0.07	)

Description_of_Business_Basis_2

Description of Business, Basis of Presentation and Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) (USD $)	3 Months Ended		18 Months Ended	0 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Apr. 08, 2014
				Subsequent Event
Subsequent Event [Line Items]	'	'	'	'
Net proceeds from sale of common stock in initial public offering	$0	$0	$56,149	$58,100

Fair_Value_Measurments_Details

Fair Value Measurments (Details) (Fair Value, Measurement Frequency, USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Estimate of Fair Value Measurement	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial assets, fair value	$54,487	$65,310
Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial assets, fair value	30,472	65,310
Fair Value, Inputs, Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial assets, fair value	24,015	0
Fair Value, Inputs, Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Financial assets, fair value	0	0
Treasury bills | Estimate of Fair Value Measurement	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	5,999	'
Treasury bills | Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	0	'
Treasury bills | Fair Value, Inputs, Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	5,999	'
Treasury bills | Fair Value, Inputs, Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	0	'
U.S. federal agency notes | Estimate of Fair Value Measurement	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	6,000	'
U.S. federal agency notes | Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	0	'
U.S. federal agency notes | Fair Value, Inputs, Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	6,000	'
U.S. federal agency notes | Fair Value, Inputs, Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	0	'
U.S. treasury bonds and notes | Estimate of Fair Value Measurement	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	12,016	'
U.S. treasury bonds and notes | Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	0	'
U.S. treasury bonds and notes | Fair Value, Inputs, Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	12,016	'
U.S. treasury bonds and notes | Fair Value, Inputs, Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Short-term investments:	0	'
Money Market Funds [Member] | Estimate of Fair Value Measurement	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash equivalents:	30,472	65,310
Money Market Funds [Member] | Fair Value, Inputs, Level 1	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash equivalents:	30,472	65,310
Money Market Funds [Member] | Fair Value, Inputs, Level 2	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash equivalents:	0	0
Money Market Funds [Member] | Fair Value, Inputs, Level 3	'	'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'
Cash equivalents:	$0	$0

ShortTerm_Investments_Details

Short-Term Investments (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Gain (Loss) on Investments [Line Items]	'
Amortized Cost	$24,015
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair value	24,015
US Government Bonds | Fixed Income Investment, Maturing April 30, 2015	'
Gain (Loss) on Investments [Line Items]	'
U.S government bonds, Carrying value	3,001
US Government Bonds | Fixed Income Investment, Maturing June 15, 2015	'
Gain (Loss) on Investments [Line Items]	'
U.S government bonds, Carrying value	3,011
U.S. treasury bills	'
Gain (Loss) on Investments [Line Items]	'
Amortized Cost	5,999
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair value	5,999
U.S. government agency notes	'
Gain (Loss) on Investments [Line Items]	'
Amortized Cost	6,000
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair value	6,000
U.S. treasury bonds and notes	'
Gain (Loss) on Investments [Line Items]	'
Amortized Cost	12,016
Gross Unrealized Gains	0
Gross Unrealized Losses	0
Fair value	$12,016

Accrued_Liabilities_Details

Accrued Liabilities (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Payables and Accruals [Abstract]	'	'
Accrued payroll and related expenses	$322	$635
Accrued consulting expenses	4	304
Accrued research and development costs	548	159
Accrued offering costs	0	381
Accrued other expenses	84	42
Accrued liabilities	$958	$1,521

StockBased_Awards_and_Common_S2

Stock-Based Awards and Common Stock (Details) (USD $)

3 Months Ended

18 Months Ended

3 Months Ended

1 Months Ended

3 Months Ended

In Thousands, except Share data, unless otherwise specified

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Feb. 28, 2014

Mar. 31, 2014

Mar. 31, 2013

Employees and Directors

Employees and Directors

Employees and Directors

Employees and Directors

Employees and Directors

Employees and Directors

Board Member

Consultants

Consultants

Minimum

Minimum

Maximum

Maximum

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

'

'

'

'

'

'

'

'

'

'

'

'

Shares underlying options granted

'

'

'

731,500

540,000

'

'

'

'

'

32,713

36,525

Weighted-average exercise price, in dollars per share

'

'

'

$15.94

$0.35

'

'

'

'

'

$15.41

$0.32

Risk Free Interest Rate

'

'

'

'

'

1.44%

0.62%

1.46%

0.85%

'

2.61%

0.62%

Expected term

'

'

'

'

'5 years

'5 years 3 months 18 days

'

'6 years 1 month 6 days

'

'

'10 years

'10 years

Expected volatility

'

'

'

90.00%

90.00%

'

'

'

'

'

90.00%

90.00%

Expected dividend yield

'

'

'

0.00%

0.00%

'

'

'

'

'

0.00%

0.00%

Weighted-average grant date fair value per share, in dollars per share

'

'

'

$11.73

$0.22

'

'

'

'

'

$13.32

$0.27

Shares issued under option exercises

'

'

'

'

'

'

'

'

'

12,500

'

'

Option exercises in period, intrinsic value

'

'

'

'

'

'

'

'

'

$202

'

'

Option exercises in period, in dollars per share

'

'

'

'

'

'

'

'

'

$0.32

'

'

Proceed from options exercised

$4

$0

$15

'

'

'

'

'

'

$4

'

'

StockBased_Awards_and_Common_S3

Stock-Based Awards and Common Stock (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Allocated Share-based Compensation Expense	$1,077	$39
Research and Development Expense	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Allocated Share-based Compensation Expense	328	33
General and Administrative Expense	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Allocated Share-based Compensation Expense	749	6
Stock Option	'	'
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]	'	'
Share-based compensation cost not yet recognized	$8,874	'
Share-based compensation cost not yet recognized, period for recognition	'3 years 3 months 18 days	'

Net_Loss_Per_Share_Details

Net Loss Per Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Basic and diluted net loss per share attributable to common stockholders:	'	'
Net loss attributable to common stockholders	($6,168)	($224)
Weighted-average common shares outstanding, basic and diluted	16,222,000	3,000,000
Net loss per common share attributable to common shareholders, basic and diluted	($0.38)	($0.07)
Stock Options	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from calculation of earnings per share	2,127,627	576,525
Convertible Preferred Stock	'	'
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]	'	'
Antidilutive securities excluded from calculation of earnings per share	'	1,000,000

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended		18 Months Ended	0 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Apr. 08, 2014
				Subsequent Event
Subsequent Event [Line Items]	'	'	'	'
Stock issued during period	'	'	'	3,450
Share price	'	'	'	$18
Net proceeds from sale of common stock in initial public offering	$0	$0	$56,149	$58,100
Contractual lease payment amount, per month	'	'	'	$5
Term of lease arrangement	'	'	'	'36 months