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 |