Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | Apr. 30, 2015 | |
Entity [Abstract] | ||
Entity Registrant Name | Kindred Biosciences, Inc. | |
Entity Central Index Key | 1561743 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 19,732,482 |
Condensed_Balance_Sheets
Condensed Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $5,418 | $12,969 |
Short-term investments | 89,171 | 88,058 |
Prepaid expenses and other | 591 | 477 |
Total current assets | 95,180 | 101,504 |
Property and equipment, net | 391 | 394 |
Other assets | 22 | 22 |
Total assets | 95,593 | 101,920 |
Current liabilities: | ||
Accounts payable | 347 | 420 |
Accrued compensation | 762 | 1,457 |
Accrued liabilities | 1,045 | 975 |
Total current liabilities | 2,154 | 2,852 |
Long-term liability | 41 | 44 |
Total liabilities | 2,195 | 2,896 |
Commitments and contingencies (Note 6) | ||
Stockholders' equity: | ||
Common stock, $0.0001 par value; 100,000,000 shares authorized; 19,732,482 and 19,724,482 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 2 | 2 |
Additional paid-in capital | 131,610 | 130,521 |
Accumulated other comprehensive loss | -10 | -27 |
Accumulated deficit | -38,204 | -31,472 |
Total stockholders' equity | 93,398 | 99,024 |
Total liabilities and stockholders' equity | $95,593 | $101,920 |
Condensed_Balance_Sheets_Paren
Condensed Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (USD per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 19,732,482 | 19,724,482 |
Common stock, shares outstanding | 19,732,482 | 19,724,482 |
Condensed_Statements_of_Operat
Condensed Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses: | ||
Research and development | $4,809 | $4,498 |
General and administrative | 1,953 | 1,679 |
Total operating expenses | 6,762 | 6,177 |
Loss from operations | -6,762 | -6,177 |
Interest income | 30 | 9 |
Net loss | -6,732 | -6,168 |
Change in unrealized gains or losses on available-for-sale securities | 17 | 0 |
Comprehensive loss | ($6,715) | ($6,168) |
Net loss per share, basic and diluted | ($0.34) | ($0.38) |
Weighted-average number of common shares outstanding, basic and diluted | 19,726 | 16,222 |
Condensed_Statements_of_Cash_F
Condensed Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash Flows from Operating Activities | ||
Net loss | ($6,732) | ($6,168) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation expense | 1,078 | 1,077 |
Depreciation and amortization expense | 34 | 4 |
Amortization of premium on marketable securities | 32 | 0 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other | -114 | -425 |
Accounts payable | -73 | 982 |
Accrued liabilities and accrued compensation | -628 | -263 |
Net cash used in operating activities | -6,403 | -4,793 |
Cash Flows from Investing Activities | ||
Purchase of short-term investments | -25,128 | -24,008 |
Sale of short-term investments | 3,000 | 0 |
Maturities of short-term investments | 21,000 | 0 |
Purchase of property and equipment | -31 | -19 |
Net cash used in investing activities | -1,159 | -24,027 |
Cash Flows from Financing Activities | ||
Exercise of stock options | 11 | 4 |
Net cash provided by financing activities | 11 | 4 |
Net decrease in cash and cash equivalents | -7,551 | -28,816 |
Cash and cash equivalents at beginning of period | 12,969 | 65,329 |
Cash and cash equivalents at end of period | 5,418 | 36,513 |
Common Stock | ||
Supplemental disclosure of non-cash financing activities: | ||
Issuance of common stock and stock options for accrued consulting expenses | $0 | $303 |
Description_of_Business_Basis_
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2015 | |
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 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, 2014 included in our annual report on Form 10-K as filed with the SEC on March 13, 2015. 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. 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, the sale of our common stock in our initial public offering in December 2013 and the sale of our common stock in our April 2014 follow-on public offering. We believe that our cash, cash equivalents and short-term investments totaling $94,589,000 as of March 31, 2015, 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 otherwise adversely affect the holdings 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 condensed financial statements include, but are not limited to, the valuation of 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. | |
Comprehensive Loss | |
Our comprehensive loss includes the change in unrealized gains or losses on available-for-sale securities. The cumulative amount of gains or losses are reflected as a separate component of stockholders' equity in the condensed balance sheets as accumulated other comprehensive loss. | |
Recently Issued Accounting Pronouncements | |
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance regarding management’s responsibility to assess whether substantial doubt exists regarding the ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). This ASU is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are currently evaluating the new guidance and have not determined the impact this standard may have on our condensed financial statements. | |
We do not believe there are any other recently issued standards not yet effective that will have a material impact on our financial statements when the standards become effective. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value Measurements | 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 liabilities 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. | |||||||||||||||||
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 March 31, 2015 | |||||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Unobservable Inputs | |||||||||||||
Active Markets (Level 1) | Observable Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 4,413 | $ | 4,413 | $ | — | $ | — | |||||||||
Short-term investments: | |||||||||||||||||
U.S. treasury bills | 29,136 | — | 29,136 | — | |||||||||||||
U.S. treasury bonds and notes | 60,035 | — | 60,035 | — | |||||||||||||
$ | 93,584 | $ | 4,413 | $ | 89,171 | $ | — | ||||||||||
Fair Value Measurements as of December 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 | $ | 834 | $ | 834 | $ | — | $ | — | |||||||||
Short-term investments: | |||||||||||||||||
U.S. treasury bills | 5,998 | — | 5,998 | — | |||||||||||||
U.S. treasury bonds and notes | 82,060 | — | 82,060 | — | |||||||||||||
$ | 88,892 | $ | 834 | $ | 88,058 | $ | — | ||||||||||
There were no transfers of assets between Level 1, Level 2 or Level 3 of the fair value hierarchy at March 31, 2015 or December 31, 2014. | |||||||||||||||||
At March 31, 2015 and December 31, 2014, we did not have any financial liabilities which were measured at fair value on a recurring basis. |
ShortTerm_Investments
Short-Term Investments | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
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 (loss). | ||||||||||||||||
The fair value of available-for-sale short-term investments by type of security at March 31, 2015 were as follows (in thousands): | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. treasury bills | $ | 29,127 | $ | 9 | $ | — | $ | 29,136 | ||||||||
U.S. treasury bonds and notes | 60,054 | 17 | (36 | ) | 60,035 | |||||||||||
$ | 89,181 | $ | 26 | $ | (36 | ) | $ | 89,171 | ||||||||
The fair value of available-for-sale short-term investments by type of security at December 31, 2014 were as follows (in thousands): | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. treasury bills | $ | 5,994 | $ | 4 | $ | — | $ | 5,998 | ||||||||
U.S. treasury bonds and notes | 82,091 | — | (31 | ) | 82,060 | |||||||||||
$ | 88,085 | $ | 4 | $ | (31 | ) | $ | 88,058 | ||||||||
Accrued_Liabilities
Accrued Liabilities | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accrued Liabilities | Accrued Liabilities | |||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | |||||||
Research and development costs | $ | 794 | $ | 715 | ||||
Other expenses | 237 | 247 | ||||||
Deferred rent | 55 | 57 | ||||||
1,086 | 1,019 | |||||||
Less current portion | (1,045 | ) | (975 | ) | ||||
Long-term liability (deferred rent) | $ | 41 | $ | 44 | ||||
StockBased_Awards_and_Common_S
Stock-Based Awards and Common Stock | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, directors and 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: | ||||||||
Stock Option Plan | Three months ended March 31, | |||||||
2015 | 2014 | |||||||
Shares underlying options granted | 646,333 | 764,213 | ||||||
Weighted-average exercise price | $6.77 | $15.92 | ||||||
Weighted average risk- free interest rate | 1.44% | 1.50% | ||||||
Weighted average expected term (years) | 6.1 | 6.1 | ||||||
Weighted average expected volatility | 96.70% | 90% | ||||||
Expected dividend yield | — | — | ||||||
Weighted-average grant date fair value per share | $5.24 | $11.80 | ||||||
Our Employee Stock Purchase Plan (the "Stock Purchase Plan"), adopted in December 2014, permits eligible employees to purchase common stock at a discount through payroll deductions during defined six-month consecutive offering periods beginning December 1 with the exception of our first offering period which commenced on January 1, 2015 for a five month duration. The price at which the stock is purchased is equal to the lower of 85% of the fair market value of the common stock on the first day of the offering or 85% of the fair market value of our common stock on the purchase date. A total of 200,000 shares of common stock are authorized for issuance under the Stock Purchase Plan. A participant may purchase a maximum of 2,000 shares of common stock during each offering period, not to exceed $25,000 worth of common stock on the offering date during each calendar year. We use the Black-Scholes option pricing model, in combination with the discounted employee price, in determining the value of the Stock Purchase Plan expense to be recognized during each offering period. The following assumptions were used in the Black-Scholes option pricing model to calculate employee stock-based compensation: | ||||||||
Stock Purchase Plan | Three months ended March 31, | |||||||
2015 | 2014 | |||||||
Weighted average risk-free interest rate | 0.08% | — | ||||||
Weighted average expected term (years) | 0.4 | — | ||||||
Weighted average expected volatility | 58.64% | — | ||||||
Expected dividend yield | — | — | ||||||
Weighted-average grant date fair value per share | $2.06 | — | ||||||
We did not issue any common stock under the Stock Purchase Plan for the three months ended March 31, 2015. At March 31, 2015, we had an outstanding liability of $138,000, which is included in accrued compensation on the condensed balance sheet, for employee contributions to the Stock Purchase Plan for shares pending issuance at the end of the offering period. | ||||||||
We recorded stock-based compensation expense as follows (in thousands): | ||||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Research and development | $ | 464 | $ | 328 | ||||
General and administrative | 614 | 749 | ||||||
$ | 1,078 | $ | 1,077 | |||||
We had an aggregate of approximately $10,794,000 of unrecognized stock-based compensation expense for options outstanding as of March 31, 2015 which is expected to be recognized over a weighted-average period of 3.0 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
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 were 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. We terminated this agreement in January 2015. | ||||||
In April 2014, we entered into new noncancelable operating leases for laboratory space and office space through November 2017. In January 2015, we amended the lease to expand the laboratory space for an additional 2,431 square feet. In addition, we have two equipment leases, one expiring in July 2017 and the other expiring in July 2019. | ||||||
As of March 31, 2015, we are obligated to make minimum lease payments under noncancelable operating leases as follows (in thousands): | ||||||
Year ending December 31, | Lease Payments | |||||
2015 (remaining of year) | $ | 239 | ||||
2016 | 327 | |||||
2017 | 241 | |||||
2018 | 1 | |||||
2019 | 1 | |||||
Total | $ | 809 | ||||
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
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, | ||||||||
2015 | 2014 | |||||||
Basic and diluted net loss per share: | ||||||||
Numerator: | ||||||||
Net loss | $ | (6,732 | ) | $ | (6,168 | ) | ||
Denominator: | ||||||||
Weighted-average number of common shares outstanding, basic and diluted | 19,726 | 16,222 | ||||||
Net loss per share, basic and diluted | $ | (0.34 | ) | $ | (0.38 | ) | ||
There was no difference between the Company’s net loss and the net loss attributable to common stockholders for all periods presented. | ||||||||
Stock options to purchase 2,947,748 shares of common stock as of March 31, 2015, were excluded from the computation of diluted net loss per share attributable to common stockholders for the three months ended March 31, 2015, because their effect was anti-dilutive. | ||||||||
Stock option to purchase 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 their effect was anti-dilutive. |
Description_of_Business_Basis_1
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Liquidity | Liquidity |
We have incurred losses and negative cash flows from operations and have not generated any revenue since our inception. 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, the sale of our common stock in our initial public offering in December 2013 and the sale of our common stock in our April 2014 follow-on public offering. We believe that our cash, cash equivalents and short-term investments totaling $94,589,000 as of March 31, 2015, 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 otherwise adversely affect the holdings or the rights of our stockholders. | |
Use of Estimates | 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 condensed financial statements include, but are not limited to, the valuation of 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. | |
Comprehensive Loss | Comprehensive Loss |
Our comprehensive loss includes the change in unrealized gains or losses on available-for-sale securities. The cumulative amount of gains or losses are reflected as a separate component of stockholders' equity in the condensed balance sheets as accumulated other comprehensive loss. | |
Recently Issued Accounting Pronouncements | Recently Issued Accounting Pronouncements |
In August 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-15, Presentation of Financial Statements - Going Concern (Subtopic 205-40) - Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which provides guidance regarding management’s responsibility to assess whether substantial doubt exists regarding the ability to continue as a going concern and to provide related footnote disclosures. In connection with preparing financial statements for each annual and interim reporting period, management should evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the company’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the date that the financial statements are available to be issued when applicable). This ASU is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. We are currently evaluating the new guidance and have not determined the impact this standard may have on our condensed financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of financial assets measured at fair value on a 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 March 31, 2015 | |||||||||||||||||
Description | Total | Quoted Prices in | Significant Other | Unobservable Inputs | |||||||||||||
Active Markets (Level 1) | Observable Inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Cash equivalents: | |||||||||||||||||
Money market funds | $ | 4,413 | $ | 4,413 | $ | — | $ | — | |||||||||
Short-term investments: | |||||||||||||||||
U.S. treasury bills | 29,136 | — | 29,136 | — | |||||||||||||
U.S. treasury bonds and notes | 60,035 | — | 60,035 | — | |||||||||||||
$ | 93,584 | $ | 4,413 | $ | 89,171 | $ | — | ||||||||||
Fair Value Measurements as of December 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 | $ | 834 | $ | 834 | $ | — | $ | — | |||||||||
Short-term investments: | |||||||||||||||||
U.S. treasury bills | 5,998 | — | 5,998 | — | |||||||||||||
U.S. treasury bonds and notes | 82,060 | — | 82,060 | — | |||||||||||||
$ | 88,892 | $ | 834 | $ | 88,058 | $ | — | ||||||||||
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 3 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||
Schedule of fair value of available-for-sale short term investments | The fair value of available-for-sale short-term investments by type of security at March 31, 2015 were as follows (in thousands): | |||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. treasury bills | $ | 29,127 | $ | 9 | $ | — | $ | 29,136 | ||||||||
U.S. treasury bonds and notes | 60,054 | 17 | (36 | ) | 60,035 | |||||||||||
$ | 89,181 | $ | 26 | $ | (36 | ) | $ | 89,171 | ||||||||
The fair value of available-for-sale short-term investments by type of security at December 31, 2014 were as follows (in thousands): | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
U.S. treasury bills | $ | 5,994 | $ | 4 | $ | — | $ | 5,998 | ||||||||
U.S. treasury bonds and notes | 82,091 | — | (31 | ) | 82,060 | |||||||||||
$ | 88,085 | $ | 4 | $ | (31 | ) | $ | 88,058 | ||||||||
Accrued_Liabilities_Tables
Accrued Liabilities (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of accrued liabilities | Accrued liabilities consisted of the following (in thousands): | |||||||
31-Mar-15 | 31-Dec-14 | |||||||
Research and development costs | $ | 794 | $ | 715 | ||||
Other expenses | 237 | 247 | ||||||
Deferred rent | 55 | 57 | ||||||
1,086 | 1,019 | |||||||
Less current portion | (1,045 | ) | (975 | ) | ||||
Long-term liability (deferred rent) | $ | 41 | $ | 44 | ||||
StockBased_Awards_and_Common_S1
Stock-Based Awards and Common Stock (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||||||
Schedule of Stock Option Plan valuation assumptions | The table below shows the number of shares of common stock underlying options granted to employees, directors and 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: | |||||||
Stock Option Plan | Three months ended March 31, | |||||||
2015 | 2014 | |||||||
Shares underlying options granted | 646,333 | 764,213 | ||||||
Weighted-average exercise price | $6.77 | $15.92 | ||||||
Weighted average risk- free interest rate | 1.44% | 1.50% | ||||||
Weighted average expected term (years) | 6.1 | 6.1 | ||||||
Weighted average expected volatility | 96.70% | 90% | ||||||
Expected dividend yield | — | — | ||||||
Weighted-average grant date fair value per share | $5.24 | $11.80 | ||||||
Schedule of Stock Purchase Plan valuation assumptions | The following assumptions were used in the Black-Scholes option pricing model to calculate employee stock-based compensation: | |||||||
Stock Purchase Plan | Three months ended March 31, | |||||||
2015 | 2014 | |||||||
Weighted average risk-free interest rate | 0.08% | — | ||||||
Weighted average expected term (years) | 0.4 | — | ||||||
Weighted average expected volatility | 58.64% | — | ||||||
Expected dividend yield | — | — | ||||||
Weighted-average grant date fair value per share | $2.06 | — | ||||||
Schedule of stock-based compensation expense | We recorded stock-based compensation expense as follows (in thousands): | |||||||
Three months ended March 31, | ||||||||
2015 | 2014 | |||||||
Research and development | $ | 464 | $ | 328 | ||||
General and administrative | 614 | 749 | ||||||
$ | 1,078 | $ | 1,077 | |||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 3 Months Ended | |||||
Mar. 31, 2015 | ||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||
Schedule of future minimum lease payments under noncancelable operating leases | As of March 31, 2015, we are obligated to make minimum lease payments under noncancelable operating leases as follows (in thousands): | |||||
Year ending December 31, | Lease Payments | |||||
2015 (remaining of year) | $ | 239 | ||||
2016 | 327 | |||||
2017 | 241 | |||||
2018 | 1 | |||||
2019 | 1 | |||||
Total | $ | 809 | ||||
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 3 Months Ended | |||||||
Mar. 31, 2015 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Calculation of basic and diluted 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, | ||||||||
2015 | 2014 | |||||||
Basic and diluted net loss per share: | ||||||||
Numerator: | ||||||||
Net loss | $ | (6,732 | ) | $ | (6,168 | ) | ||
Denominator: | ||||||||
Weighted-average number of common shares outstanding, basic and diluted | 19,726 | 16,222 | ||||||
Net loss per share, basic and diluted | $ | (0.34 | ) | $ | (0.38 | ) |
Description_of_Business_Basis_2
Description of Business, Basis of Presentation and Summary of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Accounting Policies [Abstract] | |
Cash, cash equivalents, and short-term investments | $94,589 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (Recurring basis, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $93,584 | $88,892 |
Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 4,413 | 834 |
Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 89,171 | 88,058 |
Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 0 | 0 |
U.S. treasury bills | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 29,136 | 5,998 |
U.S. treasury bills | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. treasury bills | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 29,136 | 5,998 |
U.S. treasury bills | Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. treasury bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 60,035 | 82,060 |
U.S. treasury bonds and notes | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
U.S. treasury bonds and notes | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 60,035 | 82,060 |
U.S. treasury bonds and notes | Unobservable Inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Short-term investments | 0 | 0 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,413 | 834 |
Money market funds | Quoted Prices in Active Markets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 4,413 | 834 |
Money market funds | Significant Other Observable Inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 0 | 0 |
Money market funds | Unobservable 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, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Gain (Loss) on Investments [Line Items] | ||
Amortized Cost | $89,181 | $88,085 |
Gross Unrealized Gains | 26 | 4 |
Gross Unrealized Losses | -36 | -31 |
Fair Value | 89,171 | 88,058 |
U.S. treasury bills | ||
Gain (Loss) on Investments [Line Items] | ||
Amortized Cost | 29,127 | 5,994 |
Gross Unrealized Gains | 9 | 4 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 29,136 | 5,998 |
U.S. treasury bonds and notes | ||
Gain (Loss) on Investments [Line Items] | ||
Amortized Cost | 60,054 | 82,091 |
Gross Unrealized Gains | 17 | 0 |
Gross Unrealized Losses | -36 | -31 |
Fair Value | $60,035 | $82,060 |
Accrued_Liabilities_Details
Accrued Liabilities (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Research and development costs | $794 | $715 |
Other expenses | 237 | 247 |
Deferred rent | 55 | 57 |
Accrued Liabilities | 1,086 | 1,019 |
Less current portion | -1,045 | -975 |
Long-term liability (deferred rent) | $41 | $44 |
StockBased_Awards_and_Common_S2
Stock-Based Awards and Common Stock - Stock Option Plan (Details) (Employee Stock Option, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Stock Option | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares underlying options granted | 646,333 | 764,213 |
Weighted-average exercise price, in dollars per share | $6.77 | $15.92 |
Weighted average risk-free interest rate | 1.44% | 1.50% |
Weighted average expected term (years) | 6 years 1 month 6 days | 6 years 1 month 6 days |
Weighted average expected volatility | 96.70% | 90.00% |
Expected dividend yield | 0.00% | 0.00% |
Weighted-average grant date fair value per share, in dollars per share | $5.24 | $11.80 |
StockBased_Awards_and_Common_S3
Stock-Based Awards and Common Stock - Narrative (Details) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding liability included in accrued compensation | $138,000 |
Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized stock-based compensation | 10,794,000 |
Weighted- average period for recognition (years) | 3 years 0 months 18 days |
Employee Stock Purchase Plan | Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Purchase price of common stock, percent of fair market value | 85.00% |
Shares reserved for future issuance (in shares) | 200,000 |
Maximum number of shares participant may purchase during each offering period (in shares) | 2,000 |
Maximum value of shares participant may purchase during each offering period | $25,000 |
StockBased_Awards_and_Common_S4
Stock-Based Awards and Common Stock - Stock Purchase Plan (Details) (Employee Stock Purchase Plan, USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Stock Purchase Plan | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Weighted average risk-free interest rate | 0.08% | 0.00% |
Weighted average expected term (years) | 0 years 4 months 28 days | 0 years |
Weighted average expected volatility | 58.64% | 0.00% |
Expected dividend yield | 0.00% | 0.00% |
Weighted-average grant date fair value per share, in dollars per share | $2.06 | $0 |
StockBased_Awards_and_Common_S5
Stock-Based Awards and Common Stock - Stock-Based Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $1,078 | $1,077 |
Research and development | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | 464 | 328 |
General and administrative | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $614 | $749 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jan. 14, 2015 |
equipment_lease | sqft | |
Property, Plant and Equipment [Line Items] | ||
Number of equipment leases | 2 | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2015 (remaining of year) | $239 | |
2016 | 327 | |
2017 | 241 | |
2018 | 1 | |
2019 | 1 | |
Total | $809 | |
Laboratory space | Operating Lease | ||
Property, Plant and Equipment [Line Items] | ||
Square footage of laboratory space | 2,431 |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator: | ||
Net loss | ($6,732) | ($6,168) |
Denominator: | ||
Weighted-average number of common shares outstanding, basic and diluted | 19,726,000 | 16,222,000 |
Net loss per share, basic and diluted | ($0.34) | ($0.38) |
Stock Options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from EPS computation | 2,947,748 | 2,127,627 |