Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 15, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | ITCI | ||
Entity Registrant Name | Intra-Cellular Therapies, Inc. | ||
Entity Central Index Key | 1,567,514 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 43,410,277 | ||
Entity Public Float | $ 1.4 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 48,642,225 | $ 47,159,303 |
Investment securities, available-for-sale | 335,458,459 | 428,041,021 |
Accounts receivable | 94,339 | 30,660 |
Prepaid expenses and other current assets | 4,005,093 | 8,025,147 |
Total current assets | 388,200,116 | 483,256,131 |
Property and equipment, net | 627,614 | 775,522 |
Other assets | 75,765 | 71,875 |
Total assets | 388,903,495 | 484,103,528 |
Current liabilities: | ||
Accounts payable | 3,754,647 | 1,632,905 |
Accrued and other current liabilities | 5,329,293 | 3,423,464 |
Accrued employee benefits | 1,448,394 | 1,207,143 |
Total current liabilities | 10,532,334 | 6,263,512 |
Long-term deferred rent | 2,868,622 | 1,597,105 |
Total liabilities | 13,400,956 | 7,860,617 |
Stockholders' equity: | ||
Common stock, $.0001 par value: 100,000,000 shares authorized; 43,292,906 and 43,155,875 shares issued and outstanding at December 31, 2016 and 2015, respectively | 4,329 | 4,316 |
Additional paid-in capital | 685,290,815 | 669,878,103 |
Accumulated deficit | (309,475,366) | (193,049,098) |
Accumulated comprehensive loss | (317,239) | (590,410) |
Total stockholders' equity | 375,502,539 | 476,242,911 |
Total liabilities and stockholders' equity | $ 388,903,495 | $ 484,103,528 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 43,292,906 | 43,155,875 |
Common stock, shares outstanding | 43,292,906 | 43,155,875 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||
License and collaboration revenue | $ 30,659 | $ 547,546 | |
Grant Revenue | $ 330,702 | 60,705 | 29,755 |
Total revenues | 330,702 | 91,364 | 577,301 |
Costs and expenses: | |||
Research and development | 93,831,530 | 87,718,074 | 21,226,345 |
General and administrative | 24,758,063 | 18,187,286 | 10,337,679 |
Total costs and expenses | 118,589,593 | 105,905,360 | 31,564,024 |
Loss from operations | (118,258,891) | (105,813,996) | (30,986,723) |
Interest income | (2,935,077) | (1,022,455) | (303,936) |
Interest expense | 36,781 | 7,073 | |
Loss before provision for income taxes | (115,360,595) | (104,791,541) | (30,689,860) |
Income tax expense | 1,065,673 | 1,600 | 1,600 |
Net loss | $ (116,426,268) | $ (104,793,141) | $ (30,691,460) |
Net loss per common share: | |||
Basic & Diluted | $ (2.69) | $ (2.91) | $ (1.07) |
Weighted average number of common shares: | |||
Basic & Diluted | 43,240,188 | 36,069,237 | 28,650,067 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (116,426,268) | $ (104,793,141) | $ (30,691,460) |
Other comprehensive loss: | |||
Unrealized gain (loss) on investment securities | 273,171 | (485,777) | (104,633) |
Comprehensive loss | $ (116,153,097) | $ (105,278,918) | $ (30,796,093) |
Statement of Shareholders' Equi
Statement of Shareholders' Equity - USD ($) | Total | March 11, 2015 [Member] | September 28, 2015 [Member] | Common Stock [Member] | Common Stock [Member]March 11, 2015 [Member] | Common Stock [Member]September 28, 2015 [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member]March 11, 2015 [Member] | Additional Paid-in Capital [Member]September 28, 2015 [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Loss [Member] |
Common shares issued | $ 115,442,747 | $ 706 | $ 115,442,041 | ||||||||
Balance at Dec. 31, 2013 | 31,615,275 | $ 2,216 | 89,177,556 | $ (57,564,497) | |||||||
Common shares issued, shares | 7,063,300 | ||||||||||
Balance, shares at Dec. 31, 2013 | 22,159,446 | ||||||||||
Exercise of stock options | 162,980 | $ 25 | 162,955 | ||||||||
Exercise of stock options, shares | 247,165 | ||||||||||
Stock issued for services | 176,085 | $ 1 | 176,084 | ||||||||
Stock issued for services, shares | 10,923 | ||||||||||
Stock subscription | 109,833 | $ 2 | 109,831 | ||||||||
Stock subscription, shares | 18,225 | ||||||||||
Share-based compensation | 3,843,878 | 3,843,878 | |||||||||
Net loss | (30,691,460) | (30,691,460) | |||||||||
Other comprehensive gain (loss) | (104,633) | $ (104,633) | |||||||||
Balance at Dec. 31, 2014 | 120,554,705 | $ 2,950 | 208,912,345 | (88,255,957) | (104,633) | ||||||
Balance, shares at Dec. 31, 2014 | 29,499,059 | ||||||||||
Common shares issued | $ 121,804,369 | $ 327,436,205 | $ 541 | $ 793 | $ 121,803,828 | $ 327,435,412 | |||||
Common shares issued, shares | 5,411,481 | 7,935,000 | |||||||||
Exercise of stock options | 653,046 | $ 31 | 653,015 | ||||||||
Exercise of stock options, shares | 305,005 | ||||||||||
Stock issued for services | 182,599 | $ 1 | 182,598 | ||||||||
Stock issued for services, shares | 5,330 | ||||||||||
Share-based compensation | 10,890,905 | 10,890,905 | |||||||||
Net loss | (104,793,141) | (104,793,141) | |||||||||
Other comprehensive gain (loss) | (485,777) | (485,777) | |||||||||
Balance at Dec. 31, 2015 | 476,242,911 | $ 4,316 | 669,878,103 | (193,049,098) | (590,410) | ||||||
Balance, shares at Dec. 31, 2015 | 43,155,875 | ||||||||||
Exercise of stock options | $ 477,734 | $ 12 | 477,722 | ||||||||
Exercise of stock options, shares | 123,745 | 123,745 | |||||||||
Restricted Stock issued to employee | $ 0 | $ 0 | 0 | 0 | 0 | ||||||
Restricted Stock issued to employee, shares | 1,757 | ||||||||||
Stock issued for services | 233,772 | $ 1 | 233,771 | ||||||||
Stock issued for services, shares | 11,529 | ||||||||||
Share-based compensation | 14,701,219 | 14,701,219 | |||||||||
Net loss | (116,426,268) | (116,426,268) | |||||||||
Other comprehensive gain (loss) | 273,171 | 273,171 | |||||||||
Balance at Dec. 31, 2016 | $ 375,502,539 | $ 4,329 | $ 685,290,815 | $ (309,475,366) | $ (317,239) | ||||||
Balance, shares at Dec. 31, 2016 | 43,292,906 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating activities | |||
Net loss | $ (116,426,268) | $ (104,793,141) | $ (30,691,460) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation expense | 196,872 | 139,626 | 25,481 |
Share-based compensation expense | 14,701,219 | 10,890,905 | 3,843,878 |
Issuance of stock for services | 233,772 | 182,599 | 176,085 |
Amortization of premiums on investment activities | 544,354 | 712,675 | 297,223 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (63,679) | 20,943 | 284,715 |
Prepaid expenses and other assets | 4,016,164 | (6,737,125) | (466,099) |
Accounts payable | 2,121,742 | (419,860) | (1,342,302) |
Accrued liabilities and employee benefits | 2,147,080 | (3,873,692) | 5,065,329 |
Deferred rent | 1,271,517 | 1,597,105 | |
Net cash used in operating activities | (91,257,227) | (102,279,965) | (22,807,150) |
Investing activities | |||
Purchases of investments | (395,757,168) | (514,308,249) | (103,601,836) |
Maturities of investments | 488,068,547 | 153,389,448 | 36,879,308 |
Purchase of property and equipment | (48,964) | (860,595) | (11,762) |
Net cash provided by (used in) investing activities | 92,262,415 | (361,779,396) | (66,734,290) |
Financing activities | |||
Proceeds from line of credit | 125,000,000 | ||
Repayment of line of credit | (125,000,000) | ||
Proceeds from stock option exercises | 477,734 | 653,046 | 162,980 |
Proceeds from stock subscription | 109,833 | ||
Proceeds of public offerings | 449,996,887 | 116,191,285 | |
Payment of costs of public offerings | (756,313) | (748,538) | |
Net cash provided by financing activities | 477,734 | 449,893,620 | 115,715,560 |
Net increase (decrease) in cash and cash equivalents | 1,482,922 | (14,165,741) | 26,174,120 |
Cash and cash equivalents at beginning of period | 47,159,303 | 61,325,044 | 35,150,924 |
Cash and cash equivalents at end of period | 48,642,225 | $ 47,159,303 | 61,325,044 |
Cash paid for interest | 36,781 | $ 7,073 | |
Cash paid for taxes | $ 1,000,000 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | 1. Organization Intra-Cellular Therapies, Inc. (the “Company”), through its wholly-owned operating subsidiaries, ITI, Inc. (“ITI”) and ITI Limited, is a biopharmaceutical company focused on the discovery and clinical development of innovative, small molecule drugs that address underserved medical needs in neuropsychiatric and neurological disorders by targeting intracellular signaling mechanisms within the central nervous system (“CNS”). The Company’s lead product candidate, lumateperone, is in Phase 3 clinical development as a novel treatment for schizophrenia, bipolar depression and agitation associated with dementia, including Alzheimer’s disease. The Company was originally incorporated in the State of Delaware in August 2012 under the name “Oneida Resources Corp.” Prior to a reverse merger that occurred on August 29, 2013, or the Merger, Oneida Resources Corp. was a “shell” company registered under the Securities Exchange Act of 1934 (the “Exchange Act”) with no specific business plan or purpose until it began operating the business of ITI, through the Merger transaction on August 29, 2013. ITI was incorporated in Delaware in May 2001 to focus primarily on the development of novel drugs for the treatment of neuropsychiatric and neurologic diseases and other disorders of the CNS. Effective upon the Merger, a wholly-owned subsidiary of the Company merged with and into ITI, and ITI continues as the operating subsidiary of the Company. On March 11, 2015, the Company completed a public offering of common stock in which the Company sold 5,411,481 shares of common stock, which included the exercise of the underwriters’ option to purchase an additional 661,481 shares, at an offering price of $24.00 per share for aggregate gross proceeds of approximately $129.9 million. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $121.8 million. On September 28, 2015, the Company completed a public offering of common stock in which the Company sold 7,935,000 shares of common stock, which included the exercise of the underwriters’ option to purchase an additional 1,035,000 shares, at an offering price of $43.50 per share for aggregate gross proceeds of approximately $345.2 million. After deducting underwriting discounts, commissions and offering expenses, the net proceeds to the Company were approximately $327.4 million. In September 2016, the Company licensed certain intellectual property rights to its wholly-owned subsidiary, ITI Limited, which was formed in the third quarter of 2016. Although the license of intellectual property rights did not result in any gain or loss in the consolidated statements of operations, the $125 million of gain related to the transaction helped generate net taxable income for tax purposes in the U.S. and the Company utilized a portion of our available federal and state net operating loss carryforwards to offset the majority of this gain. Any taxes incurred related to intercompany transactions were treated as tax expense in the Company’s consolidated statement of operations. In addition to the license, the Company also entered into a research and development agreement with ITI Limited pursuant to which the Company will conduct research and development services related to the license agreement and charge ITI Limited for these services. In order to further its research projects and support its collaborations, the Company will require additional financing until such time, if ever, that revenue streams are sufficient to generate consistent positive cash flow from operations. Possible sources of funds include public or private sales of the Company’s equity securities, sales of debt securities, the incurrence of debt from commercial lenders, strategic collaborations, licensing a portion or all of the Company’s product candidates and technology and, to a lesser extent, grant funding. On September 2, 2016, the Company filed a universal shelf registration statement on Form S-3, |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The accompanying consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly own subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is discovering and developing drugs for the treatment of neurological and psychiatric disorders. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market mutual funds, and certificates of deposit with a maturity date of three months or less. The carrying values of cash and cash equivalents approximate the fair market value. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the balance sheet. In conjunction with the capitalization of ITI Limited, the Company entered into a short term line of credit with a lender collateralized by Company investments held by the lender. Investment Securities Investment securities may consist of investments in U.S. Treasuries, various U.S. governmental agency debt securities, corporate bonds, certificates of deposit, and other fixed income securities with an average maturity of twelve months or less. Management classifies the Company’s investments as available-for-sale. available-for-sale Investment securities consisted of the following (in thousands): December 31, 2016 Amortized Unrealized Unrealized Estimated U.S. government agency securities $ 67,199 $ 1 $ (74 ) $ 67,126 FDIC certificates of deposit (1) 20,740 1 — 20,741 Certificates of deposit 64,500 — — 64,500 Commercial paper 67,352 11 (52 ) 67,311 Corporate bonds/notes 115,985 — (205 ) 115,780 $ 335,776 $ 13 $ (331 ) $ 335,458 December 31, 2015 Amortized Unrealized Unrealized Estimated U.S. government agency securities $ 61,510 $ — $ (271 ) $ 61,239 FDIC certificates of deposit (1) 41,343 1 (11 ) 41,333 Certificates of deposit 219,500 — — 219,500 Commercial paper 30,122 — (48 ) 30,074 Corporate bonds/notes 76,157 — (262 ) 75,895 $ 428,632 $ 1 $ (592 ) $ 428,041 (1) “FDIC certificates of deposit” consist of deposits that are less than $250,000. The Company has classified all of its investment securities available-for-sale, available-for-sale The Company monitors its investment portfolio for impairment quarterly or more frequently if circumstances warrant. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, the Company records an impairment charge within earnings attributable to the estimated credit loss. In determining whether a decline in the value of an investment is other-than-temporary, the Company evaluates currently available factors that may include, among others: (1) general market conditions; (2) the duration and extent to which fair value has been less than the carrying value; (3) the investment issuer’s financial condition and business outlook; and (4) the Company’s assessment as to whether it is more likely than not that the Company will be required to sell a security prior to recovery of its amortized cost basis. As of December 31, 2016 the Company had $25.5 million of investments that had been held for greater than one year that have a temporary impairment of approximately $25,000. As of December 31, 2015 the Company had approximately $9.2 million of investments that have been held for greater than one year which had a temporary impairment of approximately $19,000. The Company attributes the unrealized losses on the available-for-sale Fair Value Measurements The Company applies the fair value method under ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. • Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. • Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity—e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy. The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of December 31, 2016 and December 31, 2015. The carrying value of cash held in money market funds of approximately $10.7 million as of December 31, 2016 and $31.1 million as of December 31, 2015, is included in cash and cash equivalents and approximates market value based on quoted market price or Level 1 inputs. The fair value measurements of the Company’s cash equivalents and available-for-sale Fair Value Measurements at December 31, Quoted Prices Significant Significant Money market funds $ 10,724 $ 10,724 $ — $ — U.S. government agency securities 67,126 — 67,126 — FDIC certificates of deposit 20,741 — 20,741 — Certificates of deposit 64,500 — 64,500 — Commercial paper 67,311 — 67,311 — Corporate bonds/notes 115,780 — 115,780 — $ 346,182 $ 10,724 $ 335,458 $ — Fair Value Measurements at December 31, Quoted Prices Significant Significant Money market funds $ 31,114 $ 31,114 $ — $ — U.S. government agency securities 61,239 — 61,239 — FDIC certificates of deposit 41,333 — 41,333 — Certificates of deposit 219,500 — 219,500 — Commercial paper 30,074 — 30,074 — Corporate bonds/notes 75,895 — 75,895 — $ 459,155 $ 31,114 $ 428,041 $ — Financial Instruments The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, accounts receivable, prepaids, accounts payable and accrued liabilities, to approximate their fair value because of their relatively short maturities at December 31, 2016 and December 31, 2015. Management believes that the risks associated with its financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing. Concentration of Credit Risk Cash equivalents are held with major financial institutions in the United States. Certificates of deposit, cash and cash equivalents held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. Accounts Receivable Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is not probable. The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2016 and 2015, as the Company has a history of collecting on all its accounts including government agencies and collaborations funding its research. Property and Equipment Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the assets or the term of the related lease. Expenditures for maintenance and repairs are charged to operations as incurred. When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC 360, Property, Plant and Equipment Revenue Recognition Revenue is recognized when all terms and conditions of the agreements have been met, including persuasive evidence of an arrangement, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. The Company is reimbursed for certain costs incurred on specified research projects under the terms and conditions of grants, collaboration agreements, and awards. The Company records the amount of reimbursement as revenues on a gross basis in accordance with ASC Topic 605-45, Revenue Recognition/Principal Agent Considerations The Company has entered into arrangements involving the delivery of more than one element. Each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting. For the Company, this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The Company adopted this accounting standard on a prospective basis for all Multiple-Deliverable Revenue Arrangements (“MDRAs”) entered into on or after January 1, 2011, and for any MDRAs that were entered into prior to January 1, 2011, but materially modified on or after that date. The Company has adopted ASC Topic 605-28, Milestone Method • The milestone payments are non-refundable; • Achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; • Substantive effort on the Company’s part is involved in achieving the milestone; • The amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and • A reasonable amount of time passes between the up-front Determination as to whether a payment meets the aforementioned conditions involves management’s judgment. If any of these conditions are not met, the resulting payment would not be considered a substantive milestone, and therefore, the resulting payment would be considered part of the consideration for the single unit of accounting and be recognized as revenue in accordance with the revenue models described above. In addition, the determination that one such payment was not a substantive milestone could prevent the Company from concluding that subsequent milestone payments were substantive milestones and, as a result, any additional milestone payments could also be considered part of the consideration for the single unit of accounting and would be recognized as revenue as such performance obligations are performed under either the proportional performance or straight-line methods, as applicable . Research and Development Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include preclinical analytical testing, outside services, providers, materials and consulting fees. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as the case may be. As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate clinical trial expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the progress of the clinical trial as measured by subject progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the years ended December 31, 2016 and 2015, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. Income Taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 more-likely-than-not Comprehensive Income (Loss) All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner Share-Based Compensation Share-based payments are accounted for in accordance with the provisions of ASC Topic 718, Compensation—Stock Compensation For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. For awards that contain a performance vesting condition, expense is amortized using the accelerated attribution method. As share-based compensation expense recognized in the statements of operations for the years ended December 31, 2016, 2015 and 2014 is based on share-based awards ultimately expected to vest, it has been reduced for estimated forfeitures. ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting The Company utilizes the Black-Scholes model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. Expected volatility rates are based on a combination of the historical volatility of the common stock of comparable publicly traded entities and the limited historical information about the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the limited historical exercise data, the expected life is determined using the “simplified method,” which is defined as the midpoint between the vesting date and the end of the contractual term. The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero. Prior to January 1, 2014, given that there was no active market for the Company’s common stock, the exercise price of the stock options on the date of grant was determined and approved by the board of directors using several factors, including progress and milestones achieved in the Company’s business development and performance, the price per share of its convertible preferred stock offerings and general industry and economic trends. In establishing the estimated fair value of the common stock, the Company considered the guidance set forth in American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation A restricted stock unit (“RSU”) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. The Company has granted RSUs that vest in three equal annual installments provided that the employee remains employed with the Company. Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law shall be considered to be a deductible difference in applying ASC Topic 740, Income Taxes Since the Company had net operating loss carryforwards as of December 31, 2016, 2015 and 2014, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations. Equity instruments issued to non-employees 505-50, Equity/Equity-Based Payments to Non-Employees Loss Per Share Basic net loss per common share is determined by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and RSUs. The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the loss from operations for the years ended December 31, 2016, 2015 and 2014: Years Ended December 31, 2016 2015 2014 Common Stock Equivalents 1,225,614 1,322,311 958,712 RSUs 32,781 — — Recently Issued Accounting Standards In August 2014, the FASB issued ASU No. 2014-15, No. 2014-15 In May 2014, the FASB issued Accounting Standards Update No. 2014-09 2014-09), 2014-09 2014-09 2014-09 The Company started an initial impact assessment of the potential changes from adopting ASU 2014-09. 2014-09 In January 2016, the FASB issued Accounting Standards Update 2016-01, 2016-01”). 2016-01 available-for-sale 2016-01 In February 2016, the FASB issued Accounting Standards Update 2016-02, 2016-02”). 2016-02 2016-02 No. 2016-02 In March 2016, the FASB issued Accounting Standards Update 2016-09, 2016-09”). 2016-09 2016-09 2016-09 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | 3. Property and Equipment Property and equipment consist of the following: December 31, 2016 2015 Computer equipment $ 39,095 $ 42,064 Furniture and fixtures 292,423 266,695 Scientific equipment 2,844,865 2,823,601 3,176,383 3,132,360 Less accumulated depreciation (2,548,769 ) (2,356,838 ) $ 627,614 $ 775,522 Depreciation expense for the years ended December 31, 2016, 2015 and 2014 was $196,872, $139,626 and $25,481, respectively. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-Based Compensation | 4. Share-Based Compensation The Company’s Amended and Restated 2013 Equity Incentive Plan (the “2013 Plan”) to provide for the granting of stock-based awards, such as stock options, restricted common stock, RSUs and stock appreciation rights to employees, directors and consultants as determined by the Board of Directors. In August 2013, in connection with the Merger, the Company assumed the ITI 2003 Equity Incentive Plan, as amended (the “2003 Plan”), which expired by its terms in July 2013. As of December 31, 2016, there were options to purchase 666,909 shares of common stock outstanding under the 2003 Plan and options to purchase 2,434,123 shares of common stock outstanding under the 2013 Plan. Effective in November 2013, the Company adopted the 2013 Plan. The Company initially reserved 2,850,000 shares of common stock for issuance under the 2013 Plan. In both January 2015 and 2014, the number of shares of common stock reserved for issuance under the 2013 Plan automatically increased by 800,000 pursuant to the evergreen provisions of the 2013 Plan. On June 16, 2015, the stockholders of the Company approved, at the Company’s 2015 Annual Meeting of Stockholders, an amendment to the 2013 Plan to increase the number of shares of common stock available for issuance under the plan by 3,100,000 shares, to increase by 100,000 shares the maximum number of shares available for the issuance of options, stock appreciation rights and other similar awards to any one participant in any calendar year for purposes of meeting the requirements for qualified performance-based compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”), and to eliminate the evergreen provisions of the 2013 Plan under which 800,000 shares were automatically added to the plan on each of January 1, 2014 and 2015. Stock options granted under the 2013 Plan may be either incentive stock options (“ISOs”) as defined by the Code, or non-qualified Total stock-based compensation expense related to all of the Company’s share-based awards, including stock options and RSUs to employees, directors and consultants recognized during the years ended December 31, 2016, 2015 and 2014, was comprised of the following: Years Ended December 31, 2016 2015 2014 Research and development $ 4,472,658 $ 4,768,131 $ 1,842,828 General and administrative 10,228,561 6,122,774 2,001,050 Total share-based compensation expense $ 14,701,219 $ 10,890,905 $ 3,843,878 The following table describes the weighted-average assumptions used for calculating the value of options granted during the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Dividend yield 0 % 0 % 0 % Expected volatility 80.0%-90.0 % 80.0 % 80.0 % Weighted-average risk-free interest rate 1.7 % 1.8 % 2.0 % Expected term (in years) 5.9 5.9 6.3 Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of December 31, 2016, and changes during the period then ended, are summarized as follows: Number of Weighted- Aggregate Weighted- Outstanding at December 31, 2015 2,737,657 $ 13.72 $ 109,778,658 7.64 years Options granted 487,121 $ 48.85 9.15 years Options exercised (123,745 ) $ 3.86 3.05 years Options canceled or expired (1 ) $ 1.36 0.00 years Outstanding at December 31, 2016 3,101,032 $ 19.63 $ 9,351,908 7.18 years Vested or expected to vest at December 31, 2016 3,101,032 $ 19.63 Exercisable at December 31, 2016 2,025,757 $ 12.59 $ 9,310,898 6.64 years The weighted-average grant date fair value for awards granted during the years ended December 31, 2016, 2015, and 2014, was $48.85, $21.00, and $16.50 per share, respectively. Total intrinsic value of the options exercised during the years ended December 31, 2016, 2015, and 2014 was approximately $2,984,283, $10,951,057 and $3,696,775, respectively. The total fair value of shares vested in the years ended December 31, 2016, 2015 and 2014, was approximately $9,310,898, $5,207,073 and $3,703,000, respectively. During 2016, 2015 and 2014, the Company granted options to certain scientific advisory board members of the Company to purchase 5,000, 45,571 and 95,000 shares of common stock, respectively, at an average exercise price per share of $53.63, $17.57, and $16.86, respectively. The options vest ratably over a period of 12 to 24 months. Stock compensation related to these grants will fluctuate with any changes in the underlying value of the Company’s common stock, as the performance period is not fixed. As of December 31, 2016 and 2015 there was $3,022,843 and $291,644, respectively, of unrecognized compensation costs related to unvested RSUs. The unrecognized share-based compensation expense related to stock option awards at December 31, 2016, is $15,022,101 and will be recognized over a weighted-average period of 1.7 years. The fair value of an RSU is based on the closing price of the Company’s common stock on the date of grant. Information regarding RSU activity, including with respect to grants to employees as of December 31, 2016 and changes during the year then ended, is summarized as follows: Number of Weighted- Outstanding at December 31, 2015 5,272 $ 56.90 RSU’s granted in 2016 78,806 $ 53.63 RSU’s vested in 2016 (1,757 ) $ 56.90 Outstanding at December 31, 2016 82,321 $ 53.77 The Company recognized non-cash |
Line of Credit
Line of Credit | 12 Months Ended |
Dec. 31, 2016 | |
Debt Disclosure [Abstract] | |
Line of Credit | 5. Line of Credit On September 30, 2016, the Company entered into a secured line of credit with a lender for an amount not to exceed $150.8 million. This line of credit was secured by approximately $150.8 million of collateral held by the lender. The interest on advances under this line of credit was fixed at LIBOR plus 2.991% on the date of advance. The Company borrowed $125.0 million on September 30, 2016 and repaid the entire amount on October 3, 2016. Interest expense under this secured line of credit was $36,781 for the year ended December 31, 2016. On October 6, 2016, the line of credit was terminated by the Company. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes Total income tax expense for the years ended December 31, 2016, 2015, and 2014 is allocated as follows: 2016 2015 2014 Current $ 1,065,673 $ 1,600 $ 1,600 Deferred (19,605,520 ) (51,165,859 ) (14,655,320 ) Valuation allowance 19,605,520 51,165,859 14,655,320 Provision for income taxes $ 1,065,673 $ 1,600 $ 1,600 A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2016, 2015, and 2014 is as follows: December 31, 2016 2015 2014 Income tax benefit at statutory federal rate 35.00 % 35.00 % 35.00 % Royalty Income (37.93 ) 0.00 0.00 Other Permanent differences (0.78 ) (0.56 ) 0.12 Foreign rate differential (8.61 ) 0.00 0.00 Return-to-provision—R&D (0.03 ) 0.00 (0.05 ) R&D Credit—current year 2.13 4.19 2.32 Reserve for uncertain tax positions (0.02 ) 0.00 (0.01 ) Change in effective state tax rates (6.98 ) (0.05 ) (0.14 ) State income tax expense (.70 ) 10.24 10.50 Change in valuation allowance 16.99 (48.82 ) (47.75 ) Provision for income taxes (0.93 )% (0.00 )% (0.01 )% Deferred income taxes reflect the net tax effect of temporary differences that exist between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes, using enacted tax rates in effect for the year in which the differences are expected to reverse. As of December 31, 2016, the Company had $121.0 million of federal net operating loss carryforwards, which expire at various dates through 2035. The gross amount of the state net operating loss carryforwards is equal to or less than the federal net operating loss carryforwards and expires over various periods based on individual state tax law. In general, businesses with U.S. net operating losses (“NOLs”) are considered loss corporations for U.S. federal income tax purposes. Pursuant to Section 382 of the Code, loss corporations that undergo an ownership change, as defined under the Code, may be subject to an annual limitation on the amount of NOLs (and certain other tax attributes) available to offset taxable income earned after such ownership change. For the year ended December 31, 2015, the Company performed a Section 382 ownership analysis and determined that an ownership change occurred (within the meaning of Section 382 of the Code) in 2015. Based on the analysis performed, however, the Company does not believe that the Section 382 annual limitation will impact the Company’s ability to utilize the tax attributes that existed as of the date of the ownership change in a material manner. If the Company experiences an ownership change in the future, the tax benefits related to the NOLs and tax credit carryforwards may be further limited or lost. In September 2016, the Company licensed certain intellectual property rights to its wholly-owned subsidiary, ITI Limited, which was formed in the third quarter of 2016. The costs to develop, test, manufacture and perform other activities related to the lumateperone (also known as ITI-007) program will be the responsibility of ITI Limited and will be incurred outside of the United States. Therefore, the majority of expected losses incurred by the Company during the next several years will not result in additional NOLs to be carried forward and used against future net income. At December 31, 2016, the Company had $1.3 million in excess tax benefits related to stock-based compensation deductions, the benefit of which will be recorded to additional paid-in-capital December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 49,627,652 $ 76,741,198 Accrued employee benefits 535,158 543,466 Research and development credit 9,367,227 6,962,731 Stock compensation 9,360,025 5,641,993 Federal AMT credit 1,062,451 — Deferred rent 1,095,220 725,195 Deferred tax liabilities: Depreciation (44,732 ) (6,062 ) Net deferred tax asset 71,003,001 90,608,521 Valuation allowance (71,003,001 ) (90,608,521 ) Net deferred tax asset $ — $ — Based upon the Company’s historical operating performance and the reported cumulative net losses to date, the Company presently does not have sufficient objective evidence to support the recovery of its net deferred tax assets. Accordingly, the Company has established a full valuation allowance against its net deferred tax assets for financial reporting purposes because it is not more likely than not that these deferred tax assets will be realized. The total amount of unrecognized tax benefits as of December 31, 2016 and December 31, 2015 were $1.7 million and $1.7 million respectively. If recognized none of these tax benefits would affect the effective tax rate due to valuation allowances. The following summarizes the significant components of gross unrecognized tax benefits as of December 31, 2016 and 2015, respectively: December 31, 2016 2015 Balance at January 1, $ 1,720,912 $ 1,717,635 Current Year Uncertain Tax Positions: Gross Increases 17,903 3,277 Balance at December 31, $ 1,738,815 $ 1,720,912 |
Collaborations and License Agre
Collaborations and License Agreements | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations and License Agreements | 7. Collaborations and License Agreements The Bristol-Myers Squibb License Agreement On May 31, 2005, the Company entered into a worldwide, exclusive License Agreement with Bristol-Myers Squibb Company (“BMS”), pursuant to which the Company holds a license to certain patents and know-how Under the agreement, the Company made an upfront payment of $1.0 million to BMS, a milestone payment of $1.25 million in December 2013, and a milestone payment of $1.5 million in December 2014 following the initiation of the Company’s first Phase 3 clinical trial for lumateperone for patients with exacerbated schizophrenia. Possible milestone payments remaining total $12.0 million. Under the agreement, the Company may be obliged to make other milestone payments to BMS for each licensed product of up to an aggregate of approximately $14.75 million. The Company is also obliged to make tiered single digit percentage royalty payments on sales of licensed products. The Company is obliged to pay to BMS a percentage of non-royalty The agreement extends, and royalties are payable, on a country-by-country product-by-product In September 2016, the Company transferred certain of its rights under the BMS Agreement to its wholly owned subsidiary, ITI Limited. In connection with the transfer, the Company guaranteed ITI Limited’s performance of its obligations under the BMS Agreement. The Takeda Pharmaceutical License and Collaboration Agreement and Termination Agreement On February 25, 2011, the Company entered into a license and collaboration agreement (the “Takeda License Agreement”) with Takeda Pharmaceutical Company Limited (“Takeda”) under which the Company agreed to collaborate to research, develop and commercialize its proprietary compound ITI-214 ITI-214 On October 31, 2014, the Company entered into an agreement with Takeda terminating the Takeda License Agreement, pursuant to which all rights granted under the Takeda License Agreement were returned to the Company. On September 15, 2015, Takeda completed the transfer of the Investigational New Drug Application (“IND”) for ITI-214 ITI-214 ITI-214 non-CNS |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies The Company currently has an operating lease agreement with a commitment for $16,255,927 for laboratory and office facilities through 2027. At December 31, 2016, future minimum lease payments under leases having an initial or remaining non-cancellable Year 2017 1,299,845 2018 1,457,008 2019 1,500,718 2020 1,545,740 2021 1,592,112 Thereafter 8,860,504 $ 16,255,927 Rent expense for the years ended December 31, 2016, 2015 and 2014 was $1,419,940, $1,385,207 and $853,504, respectively. |
Employee Benefit Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Benefit Plan | 9. Employee Benefit Plan The Company sponsors a defined contribution 401(k) plan covering all full-time employees. Participants may elect to contribute their annual pre-tax |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 10. Related Parties In the first quarter of 2015, the Company moved its headquarters to 430 East 29th Street, New York, New York 10016. The Company has entered into a long-term lease for approximately 16,753 square feet of useable laboratory and office space . |
Unaudited Quarterly Financial I
Unaudited Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Quarterly Financial Information | 11. Unaudited Quarterly Financial Information The tables herein set forth the Company’s unaudited condensed consolidated 2016 and 2015 quarterly statements of operations. The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2016 quarters ended: 2016 Quarter Ended December 31, September 30, June 30, March 31, Revenue $ 97,895 $ 4,362 $ 228,445 $ — Net loss (27,485,039 ) (30,265,327 ) (30,834,454 ) (27,841,449 ) Basic and diluted net loss per share $ (0.64 ) $ (0.70 ) $ (0.71 ) $ (0.64 ) The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2015 quarters ended: 2015 Quarter Ended December 31, September 30, June 30, March 31, Revenue $ 30,659 $ — $ 57,390 $ 3,315 Net loss (28,834,516 ) (32,160,483 ) (21,511,318 ) (22,286,824 ) Basic and diluted net loss per share $ (0.67 ) $ (0.91 ) $ (0.61 ) $ (0.72 ) |
Summary of Significant Accoun19
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements of Intra-Cellular Therapies, Inc. and its wholly own subsidiaries have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). Any reference in these notes to applicable guidance is meant to refer to the authoritative United States generally accepted accounting principles as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Update (“ASU”) of the Financial Accounting Standards Board (“FASB”). All intercompany accounts and transactions have been eliminated in consolidation. The Company currently operates in one operating segment. Operating segments are defined as components of an enterprise about which separate discrete information is available for the chief operating decision maker, or decision making group, in deciding how to allocate resources and assessing performance. The Company views its operations and manages its business in one segment, which is discovering and developing drugs for the treatment of neurological and psychiatric disorders. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although actual results could differ from those estimates, management does not believe that such differences would be material. |
Cash and Cash Equivalents | Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less from the date of purchase to be cash equivalents. Cash and cash equivalents consist of checking accounts, money market accounts, money market mutual funds, and certificates of deposit with a maturity date of three months or less. The carrying values of cash and cash equivalents approximate the fair market value. Certificates of deposit, commercial paper, corporate notes and corporate bonds with a maturity date of more than three months are classified separately on the balance sheet. In conjunction with the capitalization of ITI Limited, the Company entered into a short term line of credit with a lender collateralized by Company investments held by the lender. |
Investment Securities | Investment Securities Investment securities may consist of investments in U.S. Treasuries, various U.S. governmental agency debt securities, corporate bonds, certificates of deposit, and other fixed income securities with an average maturity of twelve months or less. Management classifies the Company’s investments as available-for-sale. available-for-sale Investment securities consisted of the following (in thousands): December 31, 2016 Amortized Unrealized Unrealized Estimated U.S. government agency securities $ 67,199 $ 1 $ (74 ) $ 67,126 FDIC certificates of deposit (1) 20,740 1 — 20,741 Certificates of deposit 64,500 — — 64,500 Commercial paper 67,352 11 (52 ) 67,311 Corporate bonds/notes 115,985 — (205 ) 115,780 $ 335,776 $ 13 $ (331 ) $ 335,458 December 31, 2015 Amortized Unrealized Unrealized Estimated U.S. government agency securities $ 61,510 $ — $ (271 ) $ 61,239 FDIC certificates of deposit (1) 41,343 1 (11 ) 41,333 Certificates of deposit 219,500 — — 219,500 Commercial paper 30,122 — (48 ) 30,074 Corporate bonds/notes 76,157 — (262 ) 75,895 $ 428,632 $ 1 $ (592 ) $ 428,041 (1) “FDIC certificates of deposit” consist of deposits that are less than $250,000. The Company has classified all of its investment securities available-for-sale, available-for-sale The Company monitors its investment portfolio for impairment quarterly or more frequently if circumstances warrant. In the event that the carrying value of an investment exceeds its fair value and the decline in value is determined to be other-than-temporary, the Company records an impairment charge within earnings attributable to the estimated credit loss. In determining whether a decline in the value of an investment is other-than-temporary, the Company evaluates currently available factors that may include, among others: (1) general market conditions; (2) the duration and extent to which fair value has been less than the carrying value; (3) the investment issuer’s financial condition and business outlook; and (4) the Company’s assessment as to whether it is more likely than not that the Company will be required to sell a security prior to recovery of its amortized cost basis. As of December 31, 2016 the Company had $25.5 million of investments that had been held for greater than one year that have a temporary impairment of approximately $25,000. As of December 31, 2015 the Company had approximately $9.2 million of investments that have been held for greater than one year which had a temporary impairment of approximately $19,000. The Company attributes the unrealized losses on the available-for-sale |
Fair Value Measurements | Fair Value Measurements The Company applies the fair value method under ASC Topic 820, Fair Value Measurements and Disclosures • Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. • Level 2—Fair value is determined by using inputs other than Level 1 quoted prices that are directly or indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models, such as interest rates and yield curves that can be corroborated by observable market data. • Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity—e.g., determining an appropriate adjustment to a discount factor for illiquidity associated with a given security. The Company evaluates financial assets and liabilities subject to fair value measurements on a recurring basis to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC Topic 820 hierarchy. The Company has no assets or liabilities that were measured using quoted prices for significant unobservable inputs (Level 3 assets and liabilities) as of December 31, 2016 and December 31, 2015. The carrying value of cash held in money market funds of approximately $10.7 million as of December 31, 2016 and $31.1 million as of December 31, 2015, is included in cash and cash equivalents and approximates market value based on quoted market price or Level 1 inputs. The fair value measurements of the Company’s cash equivalents and available-for-sale Fair Value Measurements at December 31, Quoted Prices Significant Significant Money market funds $ 10,724 $ 10,724 $ — $ — U.S. government agency securities 67,126 — 67,126 — FDIC certificates of deposit 20,741 — 20,741 — Certificates of deposit 64,500 — 64,500 — Commercial paper 67,311 — 67,311 — Corporate bonds/notes 115,780 — 115,780 — $ 346,182 $ 10,724 $ 335,458 $ — Fair Value Measurements at December 31, Quoted Prices Significant Significant Money market funds $ 31,114 $ 31,114 $ — $ — U.S. government agency securities 61,239 — 61,239 — FDIC certificates of deposit 41,333 — 41,333 — Certificates of deposit 219,500 — 219,500 — Commercial paper 30,074 — 30,074 — Corporate bonds/notes 75,895 — 75,895 — $ 459,155 $ 31,114 $ 428,041 $ — |
Financial Instruments | Financial Instruments The Company considers the recorded costs of its financial assets and liabilities, which consist of cash equivalents, accounts receivable, prepaids, accounts payable and accrued liabilities, to approximate their fair value because of their relatively short maturities at December 31, 2016 and December 31, 2015. Management believes that the risks associated with its financial instruments are minimal as the counterparties are various corporations, financial institutions and government agencies of high credit standing. |
Concentration of Credit Risk | Concentration of Credit Risk Cash equivalents are held with major financial institutions in the United States. Certificates of deposit, cash and cash equivalents held with banks may exceed the amount of insurance provided on such deposits. Generally, these deposits may be redeemed upon demand and, therefore, bear minimal risk. |
Accounts Receivable | Accounts Receivable Accounts receivable that management has the intent and ability to collect are reported in the balance sheets at outstanding amounts, less an allowance for doubtful accounts. The Company writes off uncollectible receivables when the likelihood of collection is not probable. The Company evaluates the collectability of accounts receivable on a regular basis. The allowance, if any, is based upon various factors including the financial condition and payment history of customers, an overall review of collections experience on other accounts and economic factors or events expected to affect future collections experience. No allowance was recorded as of December 31, 2016 and 2015, as the Company has a history of collecting on all its accounts including government agencies and collaborations funding its research. |
Property and Equipment | Property and Equipment Property and equipment is stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from three to five years. Leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the assets or the term of the related lease. Expenditures for maintenance and repairs are charged to operations as incurred. When indicators of possible impairment are identified, the Company evaluates the recoverability of the carrying value of its long-lived assets based on the criteria established in ASC 360, Property, Plant and Equipment |
Revenue Recognition | Revenue Recognition Revenue is recognized when all terms and conditions of the agreements have been met, including persuasive evidence of an arrangement, delivery has occurred or services have been rendered, price is fixed or determinable and collectability is reasonably assured. The Company is reimbursed for certain costs incurred on specified research projects under the terms and conditions of grants, collaboration agreements, and awards. The Company records the amount of reimbursement as revenues on a gross basis in accordance with ASC Topic 605-45, Revenue Recognition/Principal Agent Considerations The Company has entered into arrangements involving the delivery of more than one element. Each required deliverable is evaluated to determine whether it qualifies as a separate unit of accounting. For the Company, this determination is generally based on whether the deliverable has “stand-alone value” to the customer. The Company adopted this accounting standard on a prospective basis for all Multiple-Deliverable Revenue Arrangements (“MDRAs”) entered into on or after January 1, 2011, and for any MDRAs that were entered into prior to January 1, 2011, but materially modified on or after that date. The Company has adopted ASC Topic 605-28, Milestone Method • The milestone payments are non-refundable; • Achievement of the milestone involves a degree of risk and was not reasonably assured at the inception of the arrangement; • Substantive effort on the Company’s part is involved in achieving the milestone; • The amount of the milestone payment is reasonable in relation to the effort expended or the risk associated with achievement of the milestone; and • A reasonable amount of time passes between the up-front Determination as to whether a payment meets the aforementioned conditions involves management’s judgment. If any of these conditions are not met, the resulting payment would not be considered a substantive milestone, and therefore, the resulting payment would be considered part of the consideration for the single unit of accounting and be recognized as revenue in accordance with the revenue models described above. In addition, the determination that one such payment was not a substantive milestone could prevent the Company from concluding that subsequent milestone payments were substantive milestones and, as a result, any additional milestone payments could also be considered part of the consideration for the single unit of accounting and would be recognized as revenue as such performance obligations are performed under either the proportional performance or straight-line methods, as applicable . |
Research and Development | Research and Development Except for payments made in advance of services, the Company expenses its research and development costs as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel and resources and the costs of clinical trials. Other research and development expenses include preclinical analytical testing, outside services, providers, materials and consulting fees. Costs for certain development activities, such as clinical trials, are recognized based on an evaluation of the progress to completion of specific tasks using data such as subject enrollment, clinical site activations or information provided to the Company by its vendors with respect to their actual costs incurred. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected in the financial statements as prepaid or accrued research and development expense, as the case may be. As part of the process of preparing its financial statements, the Company is required to estimate its expenses resulting from its obligations under contracts with vendors, clinical research organizations and consultants and under clinical site agreements in connection with conducting clinical trials. The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts. The Company’s objective is to reflect the appropriate clinical trial expenses in its financial statements by matching those expenses with the period in which services are performed and efforts are expended. The Company accounts for these expenses according to the progress of the clinical trial as measured by subject progression and the timing of various aspects of the trial. The Company determines accrual estimates through financial models taking into account discussion with applicable personnel and outside service providers as to the progress or state of consummation of trials, or the services completed. During the course of a clinical trial, the Company adjusts its clinical expense recognition if actual results differ from its estimates. The Company makes estimates of its accrued expenses as of each balance sheet date based on the facts and circumstances known to it at that time. The Company’s clinical trial accruals are dependent upon the timely and accurate reporting of contract research organizations and other third-party vendors. Although the Company does not expect its estimates to be materially different from amounts actually incurred, its understanding of the status and timing of services performed relative to the actual status and timing of services performed may vary and may result in it reporting amounts that are too high or too low for any particular period. For the years ended December 31, 2016 and 2015, there were no material adjustments to the Company’s prior period estimates of accrued expenses for clinical trials. |
Income Taxes | Income Taxes Income taxes are accounted for using the liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the year in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are established when necessary to reduce net deferred tax assets to the amount expected to be realized. Income tax expense is the tax payable for the period and the change during the period in deferred tax assets and liabilities. The Company accounts for uncertain tax positions pursuant to ASC Topic 740 (previously included in FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes—an Interpretation of FASB Statement No. 109 more-likely-than-not |
Comprehensive Income (Loss) | Comprehensive Income (Loss) All components of comprehensive income (loss), including net income (loss), are reported in the financial statements in the period in which they are incurred. Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner |
Share-Based Compensation | Share-Based Compensation Share-based payments are accounted for in accordance with the provisions of ASC Topic 718, Compensation—Stock Compensation For all awards granted with time-based vesting conditions, expense is amortized using the straight-line attribution method. For awards that contain a performance vesting condition, expense is amortized using the accelerated attribution method. As share-based compensation expense recognized in the statements of operations for the years ended December 31, 2016, 2015 and 2014 is based on share-based awards ultimately expected to vest, it has been reduced for estimated forfeitures. ASC Topic 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Pre-vesting The Company utilizes the Black-Scholes model for estimating fair value of its stock options granted. Option valuation models, including the Black-Scholes model, require the input of subjective assumptions, and changes in the assumptions used can materially affect the grant date fair value of an award. These assumptions include the risk-free rate of interest, expected dividend yield, expected volatility and the expected life of the award. Expected volatility rates are based on a combination of the historical volatility of the common stock of comparable publicly traded entities and the limited historical information about the Company’s common stock. The expected life of stock options is the period of time for which the stock options are expected to be outstanding. Given the limited historical exercise data, the expected life is determined using the “simplified method,” which is defined as the midpoint between the vesting date and the end of the contractual term. The risk-free interest rates are based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The Company has not paid dividends to its stockholders since its inception and does not plan to pay cash dividends in the foreseeable future. Therefore, the Company has assumed an expected dividend rate of zero. Prior to January 1, 2014, given that there was no active market for the Company’s common stock, the exercise price of the stock options on the date of grant was determined and approved by the board of directors using several factors, including progress and milestones achieved in the Company’s business development and performance, the price per share of its convertible preferred stock offerings and general industry and economic trends. In establishing the estimated fair value of the common stock, the Company considered the guidance set forth in American Institute of Certified Public Accountants Practice Guide, Valuation of Privately-Held-Company Equity Securities Issued as Compensation A restricted stock unit (“RSU”) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. The Company has granted RSUs that vest in three equal annual installments provided that the employee remains employed with the Company. Under ASC Topic 718, the cumulative amount of compensation cost recognized for instruments classified as equity that ordinarily would result in a future tax deduction under existing tax law shall be considered to be a deductible difference in applying ASC Topic 740, Income Taxes Since the Company had net operating loss carryforwards as of December 31, 2016, 2015 and 2014, no excess tax benefits for the tax deductions related to share-based awards were recognized in the statements of operations. Equity instruments issued to non-employees 505-50, Equity/Equity-Based Payments to Non-Employees |
Loss Per Share | Loss Per Share Basic net loss per common share is determined by dividing the net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock option grants and RSUs. The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the loss from operations for the years ended December 31, 2016, 2015 and 2014: Years Ended December 31, 2016 2015 2014 Common Stock Equivalents 1,225,614 1,322,311 958,712 RSUs 32,781 — — |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In August 2014, the FASB issued ASU No. 2014-15, No. 2014-15 In May 2014, the FASB issued Accounting Standards Update No. 2014-09 2014-09), 2014-09 2014-09 2014-09 The Company started an initial impact assessment of the potential changes from adopting ASU 2014-09. 2014-09 In January 2016, the FASB issued Accounting Standards Update 2016-01, 2016-01”). 2016-01 available-for-sale 2016-01 In February 2016, the FASB issued Accounting Standards Update 2016-02, 2016-02”). 2016-02 2016-02 No. 2016-02 In March 2016, the FASB issued Accounting Standards Update 2016-09, 2016-09”). 2016-09 2016-09 2016-09 |
Summary of Significant Accoun20
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Investment Securities | Investment securities consisted of the following (in thousands): December 31, 2016 Amortized Unrealized Unrealized Estimated U.S. government agency securities $ 67,199 $ 1 $ (74 ) $ 67,126 FDIC certificates of deposit (1) 20,740 1 — 20,741 Certificates of deposit 64,500 — — 64,500 Commercial paper 67,352 11 (52 ) 67,311 Corporate bonds/notes 115,985 — (205 ) 115,780 $ 335,776 $ 13 $ (331 ) $ 335,458 December 31, 2015 Amortized Unrealized Unrealized Estimated U.S. government agency securities $ 61,510 $ — $ (271 ) $ 61,239 FDIC certificates of deposit (1) 41,343 1 (11 ) 41,333 Certificates of deposit 219,500 — — 219,500 Commercial paper 30,122 — (48 ) 30,074 Corporate bonds/notes 76,157 — (262 ) 75,895 $ 428,632 $ 1 $ (592 ) $ 428,041 (1) “FDIC certificates of deposit” consist of deposits that are less than $250,000. |
Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities | The fair value measurements of the Company’s cash equivalents and available-for-sale Fair Value Measurements at December 31, Quoted Prices Significant Significant Money market funds $ 10,724 $ 10,724 $ — $ — U.S. government agency securities 67,126 — 67,126 — FDIC certificates of deposit 20,741 — 20,741 — Certificates of deposit 64,500 — 64,500 — Commercial paper 67,311 — 67,311 — Corporate bonds/notes 115,780 — 115,780 — $ 346,182 $ 10,724 $ 335,458 $ — Fair Value Measurements at December 31, Quoted Prices Significant Significant Money market funds $ 31,114 $ 31,114 $ — $ — U.S. government agency securities 61,239 — 61,239 — FDIC certificates of deposit 41,333 — 41,333 — Certificates of deposit 219,500 — 219,500 — Commercial paper 30,074 — 30,074 — Corporate bonds/notes 75,895 — 75,895 — $ 459,155 $ 31,114 $ 428,041 $ — |
Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share | The following common stock equivalents were excluded in the calculation of diluted loss per share because their effect would be anti-dilutive as applied to the loss from operations for the years ended December 31, 2016, 2015 and 2014: Years Ended December 31, 2016 2015 2014 Common Stock Equivalents 1,225,614 1,322,311 958,712 RSUs 32,781 — — |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment consist of the following: December 31, 2016 2015 Computer equipment $ 39,095 $ 42,064 Furniture and fixtures 292,423 266,695 Scientific equipment 2,844,865 2,823,601 3,176,383 3,132,360 Less accumulated depreciation (2,548,769 ) (2,356,838 ) $ 627,614 $ 775,522 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Total Stock-Based Compensation Expense | Total stock-based compensation expense related to all of the Company’s share-based awards, including stock options and RSUs to employees, directors and consultants recognized during the years ended December 31, 2016, 2015 and 2014, was comprised of the following: Years Ended December 31, 2016 2015 2014 Research and development $ 4,472,658 $ 4,768,131 $ 1,842,828 General and administrative 10,228,561 6,122,774 2,001,050 Total share-based compensation expense $ 14,701,219 $ 10,890,905 $ 3,843,878 |
Weighted-Average Assumptions Used for Calculating Value of Options Granted | The following table describes the weighted-average assumptions used for calculating the value of options granted during the years ended December 31, 2016, 2015 and 2014: 2016 2015 2014 Dividend yield 0 % 0 % 0 % Expected volatility 80.0%-90.0 % 80.0 % 80.0 % Weighted-average risk-free interest rate 1.7 % 1.8 % 2.0 % Expected term (in years) 5.9 5.9 6.3 |
Stock Option Activity | Information regarding the stock options activity, including with respect to grants to employees, directors and consultants as of December 31, 2016, and changes during the period then ended, are summarized as follows: Number of Weighted- Aggregate Weighted- Outstanding at December 31, 2015 2,737,657 $ 13.72 $ 109,778,658 7.64 years Options granted 487,121 $ 48.85 9.15 years Options exercised (123,745 ) $ 3.86 3.05 years Options canceled or expired (1 ) $ 1.36 0.00 years Outstanding at December 31, 2016 3,101,032 $ 19.63 $ 9,351,908 7.18 years Vested or expected to vest at December 31, 2016 3,101,032 $ 19.63 Exercisable at December 31, 2016 2,025,757 $ 12.59 $ 9,310,898 6.64 years |
Summary of Information Regarding RSU Activity | Information regarding RSU activity, including with respect to grants to employees as of December 31, 2016 and changes during the year then ended, is summarized as follows: Number of Weighted- Outstanding at December 31, 2015 5,272 $ 56.90 RSU’s granted in 2016 78,806 $ 53.63 RSU’s vested in 2016 (1,757 ) $ 56.90 Outstanding at December 31, 2016 82,321 $ 53.77 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Expense | Total income tax expense for the years ended December 31, 2016, 2015, and 2014 is allocated as follows: 2016 2015 2014 Current $ 1,065,673 $ 1,600 $ 1,600 Deferred (19,605,520 ) (51,165,859 ) (14,655,320 ) Valuation allowance 19,605,520 51,165,859 14,655,320 Provision for income taxes $ 1,065,673 $ 1,600 $ 1,600 |
Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate | A reconciliation of the difference between the statutory federal income tax rate and the effective income tax rate for the years ended December 31, 2016, 2015, and 2014 is as follows: December 31, 2016 2015 2014 Income tax benefit at statutory federal rate 35.00 % 35.00 % 35.00 % Royalty Income (37.93 ) 0.00 0.00 Other Permanent differences (0.78 ) (0.56 ) 0.12 Foreign rate differential (8.61 ) 0.00 0.00 Return-to-provision—R&D (0.03 ) 0.00 (0.05 ) R&D Credit—current year 2.13 4.19 2.32 Reserve for uncertain tax positions (0.02 ) 0.00 (0.01 ) Change in effective state tax rates (6.98 ) (0.05 ) (0.14 ) State income tax expense (.70 ) 10.24 10.50 Change in valuation allowance 16.99 (48.82 ) (47.75 ) Provision for income taxes (0.93 )% (0.00 )% (0.01 )% |
Deferred Tax Assets and Liabilities | The following summarizes the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2016 and 2015, respectively: December 31, 2016 2015 Deferred tax assets: Net operating loss carryforwards $ 49,627,652 $ 76,741,198 Accrued employee benefits 535,158 543,466 Research and development credit 9,367,227 6,962,731 Stock compensation 9,360,025 5,641,993 Federal AMT credit 1,062,451 — Deferred rent 1,095,220 725,195 Deferred tax liabilities: Depreciation (44,732 ) (6,062 ) Net deferred tax asset 71,003,001 90,608,521 Valuation allowance (71,003,001 ) (90,608,521 ) Net deferred tax asset $ — $ — |
Summary of Gross Unrecognized Tax Benefits | The following summarizes the significant components of gross unrecognized tax benefits as of December 31, 2016 and 2015, respectively: December 31, 2016 2015 Balance at January 1, $ 1,720,912 $ 1,717,635 Current Year Uncertain Tax Positions: Gross Increases 17,903 3,277 Balance at December 31, $ 1,738,815 $ 1,720,912 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments having Initial or Remaining Non Cancellable Lease Term | At December 31, 2016, future minimum lease payments under leases having an initial or remaining non-cancellable Year 2017 1,299,845 2018 1,457,008 2019 1,500,718 2020 1,545,740 2021 1,592,112 Thereafter 8,860,504 $ 16,255,927 |
Unaudited Quarterly Financial25
Unaudited Quarterly Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2016 quarters ended: 2016 Quarter Ended December 31, September 30, June 30, March 31, Revenue $ 97,895 $ 4,362 $ 228,445 $ — Net loss (27,485,039 ) (30,265,327 ) (30,834,454 ) (27,841,449 ) Basic and diluted net loss per share $ (0.64 ) $ (0.70 ) $ (0.71 ) $ (0.64 ) The following table sets for the Company’s unaudited condensed consolidated statements of operations for the 2015 quarters ended: 2015 Quarter Ended December 31, September 30, June 30, March 31, Revenue $ 30,659 $ — $ 57,390 $ 3,315 Net loss (28,834,516 ) (32,160,483 ) (21,511,318 ) (22,286,824 ) Basic and diluted net loss per share $ (0.67 ) $ (0.91 ) $ (0.61 ) $ (0.72 ) |
Organization - Additional Infor
Organization - Additional Information (Detail) - USD ($) | Sep. 14, 2016 | Sep. 28, 2015 | Mar. 11, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Initial public offering of common stock | 7,935,000 | |||||
Underwriters' option to purchase shares | 1,035,000 | 661,481 | ||||
Common stock price per share | $ 43.50 | |||||
Gross proceeds of public offering | $ 345,200,000 | $ 129,900,000 | $ 449,996,887 | $ 116,191,285 | ||
Net proceeds of public offering | $ 327,400,000 | $ 121,800,000 | ||||
Universal shelf registration statement, effective date value | $ 115,442,747 | |||||
ITI Limited [Member] | Intellectual Property [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Finite lived intangible assets transactional gain | $ 125,000,000 | |||||
Maximum [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Universal shelf registration statement, effective date value | $ 350,000,000 | |||||
IPO [Member] | ||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | ||||||
Initial public offering of common stock | 5,411,481 | |||||
Common stock price per share | $ 24 |
Summary of Significant Accoun27
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016USD ($)Segment | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Significant Accounting Policies [Line Items] | |||
Number of operating segments | Segment | 1 | ||
Maturity of highly liquid investments | Three months or less | ||
Maturity of certificates of deposit, commercial paper, corporate notes and corporate bonds | More than three months | ||
Investment securities, available-for-sale | $ 335,458,459 | $ 428,041,021 | |
Investment securities, available for sale noncurrent | 25,500,000 | 9,200,000 | |
Investment securities, unrealized loss | 25,000 | 19,000 | |
Carrying value of cash held in money market funds | 10,700,000 | 31,100,000 | |
Allowance recorded | $ 0 | $ 0 | |
Assumed expected dividend rate | 0.00% | 0.00% | 0.00% |
Excess tax benefits for tax deductions | $ 0 | $ 0 | $ 0 |
Significant Unobservable Inputs (Level 3) [Member] | |||
Significant Accounting Policies [Line Items] | |||
Assets measured using quoted prices | 0 | 0 | |
Liabilities measured using quoted prices | 0 | 0 | |
Contractual Maturity Dates More Than One Year and Less Than Two Years [Member] | |||
Significant Accounting Policies [Line Items] | |||
Investment securities, available-for-sale | $ 47,900,000 | $ 142,400,000 | |
Minimum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 3 years | ||
Maximum [Member] | |||
Significant Accounting Policies [Line Items] | |||
Property and equipment, estimated useful life | 5 years |
Summary of Significant Accoun28
Summary of Significant Accounting Policies - Schedule of Investment Securities (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 335,776,000 | $ 428,632,000 |
Unrealized Gains | 13,000 | 1,000 |
Unrealized (Losses) | (331,000) | (592,000) |
Estimated Fair Value | 335,458,459 | 428,041,021 |
U.S. Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,199,000 | 61,510,000 |
Unrealized Gains | 1,000 | |
Unrealized (Losses) | (74,000) | (271,000) |
Estimated Fair Value | 67,126,000 | 61,239,000 |
FDIC Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 20,740,000 | 41,343,000 |
Unrealized Gains | 1,000 | 1,000 |
Unrealized (Losses) | (11,000) | |
Estimated Fair Value | 20,741,000 | 41,333,000 |
Certificates of Deposit [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 64,500,000 | 219,500,000 |
Estimated Fair Value | 64,500,000 | 219,500,000 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 67,352,000 | 30,122,000 |
Unrealized Gains | 11,000 | |
Unrealized (Losses) | (52,000) | (48,000) |
Estimated Fair Value | 67,311,000 | 30,074,000 |
Corporate Bonds/Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 115,985,000 | 76,157,000 |
Unrealized (Losses) | (205,000) | (262,000) |
Estimated Fair Value | $ 115,780,000 | $ 75,895,000 |
Summary of Significant Accoun29
Summary of Significant Accounting Policies - Schedule of Investment Securities (Parenthetical) (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Maximum [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Deposits under FDIC certificates of deposit | $ 250,000 | $ 250,000 |
Summary of Significant Accoun30
Summary of Significant Accounting Policies - Schedule of Fair Value Measurements of Cash Equivalents and Available-for-Sale Investment Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | $ 346,182 | $ 459,155 |
Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 10,724 | 31,114 |
U.S. Government Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 67,126 | 61,239 |
FDIC Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 20,741 | 41,333 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 64,500 | 219,500 |
Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 67,311 | 30,074 |
Corporate Bonds/Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 115,780 | 75,895 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 10,724 | 31,114 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 10,724 | 31,114 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 335,458 | 428,041 |
Significant Other Observable Inputs (Level 2) [Member] | U.S. Government Agency Securities [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 67,126 | 61,239 |
Significant Other Observable Inputs (Level 2) [Member] | FDIC Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 20,741 | 41,333 |
Significant Other Observable Inputs (Level 2) [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 64,500 | 219,500 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | 67,311 | 30,074 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds/Notes [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Available-for-sale investment securities | $ 115,780 | $ 75,895 |
Summary of Significant Accoun31
Summary of Significant Accounting Policies - Common Stock Equivalents Excluded in Calculation of Diluted Loss Per Share (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Common Stock Equivalents [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of anti-dilutive securities excluded from computation of earnings per share | 1,225,614 | 1,322,311 | 958,712 |
RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Number of anti-dilutive securities excluded from computation of earnings per share | 32,781 |
Property and Equipment - Proper
Property and Equipment - Property and Equipment (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 3,176,383 | $ 3,132,360 |
Less accumulated depreciation | (2,548,769) | (2,356,838) |
Property Plant and Equipment Net | 627,614 | 775,522 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 39,095 | 42,064 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | 292,423 | 266,695 |
Scientific Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 2,844,865 | $ 2,823,601 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 196,872 | $ 139,626 | $ 25,481 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of common stock | 3,101,032 | 2,737,657 | |||
Options, maximum term | 10 years | ||||
Weighted-average grant date fair value for awards granted | $ 48.85 | $ 21 | $ 16.50 | ||
Total intrinsic value of the options exercised | $ 2,984,283 | $ 10,951,057 | $ 3,696,775 | ||
Total fair value of shares vested | $ 9,310,898 | 5,207,073 | $ 3,703,000 | ||
Options granted, Number of Shares | 487,121 | ||||
Options granted, exercise price | $ 48.85 | ||||
Unrecognized compensation costs related to unvested RSUs | $ 3,022,843 | 291,644 | |||
Unrecognized share-based compensation expense related to employee stock option awards | 15,022,101 | ||||
RSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-cash stock-based compensation expense recognized | $ 1,500,000 | $ 8,000 | |||
Common Stock Equivalents [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized share-based compensation expense, weighted-average recognition period | 1 year 8 months 12 days | ||||
Scientific Advisory Board Members [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted, Number of Shares | 5,000 | 45,571 | 95,000 | ||
Options granted, exercise price | $ 53.63 | $ 17.57 | $ 16.86 | ||
Minimum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock options (ISOs), vesting period | 2 years | ||||
Minimum [Member] | Scientific Advisory Board Members [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock options (ISOs), vesting period | 12 months | ||||
Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock options (ISOs), vesting period | 3 years | ||||
Maximum [Member] | Scientific Advisory Board Members [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Incentive stock options (ISOs), vesting period | 24 months | ||||
2013 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of common stock | 2,434,123 | ||||
Shares of common stock reserved for issuance | 2,850,000 | 800,000 | 800,000 | ||
Number of shares of common stock available for issuance under the plan | 3,100,000 | ||||
Increase in maximum number of shares available for issuance of options, stock appreciation rights and other similar awards | 100,000 | ||||
2003 Equity Incentive Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Purchase of common stock | 666,909 |
Share-Based Compensation - Tota
Share-Based Compensation - Total Stock-Based Compensation Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 14,701,219 | $ 10,890,905 | $ 3,843,878 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | 4,472,658 | 4,768,131 | 1,842,828 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total share-based compensation expense | $ 10,228,561 | $ 6,122,774 | $ 2,001,050 |
Share-Based Compensation - Weig
Share-Based Compensation - Weighted-Average Assumptions Used for Calculating Value of Options Granted (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected volatility | 80.00% | 80.00% | |
Expected volatility, minimum | 80.00% | ||
Expected volatility, maximum | 90.00% | ||
Weighted-average risk-free interest rate | 1.70% | 1.80% | 2.00% |
Expected term (in years) | 5 years 10 months 24 days | 5 years 10 months 24 days | 6 years 3 months 18 days |
Share-Based Compensation - Stoc
Share-Based Compensation - Stock Options Activity (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Outstanding at beginning of period, Number of Shares | 2,737,657 | |
Options granted, Number of Shares | 487,121 | |
Options exercised, Number of Shares | (123,745) | |
Options canceled or expired, Number of Shares | (1) | |
Outstanding at end of period, Number of Shares | 3,101,032 | 2,737,657 |
Vested or expected to vest at end of period, Number of Shares | 3,101,032 | |
Exercisable at end of period, Number of Shares | 2,025,757 | |
Outstanding at beginning of period, Weighted-Average Exercise Price | $ 13.72 | |
Options granted, Weighted-Average Exercise Price | 48.85 | |
Options exercised, Weighted-Average Exercise Price | 3.86 | |
Options canceled or expired, Weighted-Average Exercise Price | 1.36 | |
Outstanding at end of period, Weighted-Average Exercise Price | 19.63 | $ 13.72 |
Vested or expected to vest at end of period, Weighted-Average Exercise Price | 19.63 | |
Exercisable at end of period, Weighted-Average Exercise Price | $ 12.59 | |
Outstanding at end of period, Aggregate Intrinsic Value | $ 9,351,908 | $ 109,778,658 |
Exercisable at end of period, Aggregate Intrinsic Value | $ 9,310,898 | |
Options granted, Weighted-Average Contractual Life | 9 years 1 month 24 days | |
Options exercised, Weighted-Average Contractual Life | 3 years 18 days | |
Options canceled or expired, Weighted-Average Contractual Life | 0 years | |
Outstanding at end of period, Weighted-Average Contractual Life | 7 years 2 months 5 days | 7 years 7 months 21 days |
Exercisable at end of period, Weighted-Average Contractual Life | 6 years 7 months 21 days |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Information Regarding RSU Activity (Detail) - RSUs [Member] | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Outstanding at beginning of period, Number of Shares | shares | 5,272 |
RSU's granted, Number of Shares | shares | 78,806 |
RSU's vested, Number of Shares | shares | (1,757) |
Outstanding at end of period, Number of Shares | shares | 82,321 |
Outstanding at beginning of period, Weighted-Average Grant Date Fair Value | $ / shares | $ 56.90 |
RSU's granted, Weighted-Average Grant Date Fair Value | $ / shares | 53.63 |
RSU's vested, Weighted-Average Grant Date Fair Value | $ / shares | 56.90 |
Outstanding at end of period, Weighted-Average Grant Date Fair Value | $ / shares | $ 53.77 |
Line of Credit - Additional Inf
Line of Credit - Additional Information (Detail) - USD ($) | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||
Repayment of line of credit | $ 125,000,000 | ||
Interest expense | 36,781 | $ 7,073 | |
Secured Line of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit maximum amount | $ 150,800,000 | ||
Line of credit, collateral amount held by the lender | $ 150,800,000 | ||
Variable interest rate | 2.991% | ||
Line of credit borrowed amount | $ 125,000,000 | ||
Repayment of line of credit | $ 125,000,000 | ||
Description of variable rate basis | LIBOR plus 2.991% | ||
Interest expense | $ 36,781 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Current | $ 1,065,673 | $ 1,600 | $ 1,600 |
Deferred | (19,605,520) | (51,165,859) | (14,655,320) |
Valuation allowance | 19,605,520 | 51,165,859 | 14,655,320 |
Provision for income taxes | $ 1,065,673 | $ 1,600 | $ 1,600 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Statutory Federal Income Tax Rate and the Effective Income Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Income tax benefit at statutory federal rate | 35.00% | 35.00% | 35.00% |
Royalty Income | (37.93%) | 0.00% | 0.00% |
Other Permanent differences | (0.78%) | (0.56%) | 0.12% |
Foreign rate differential | (8.61%) | 0.00% | 0.00% |
Return-to-provision-R&D Credit | (0.03%) | 0.00% | (0.05%) |
R&D Credit-current year | 2.13% | 4.19% | 2.32% |
Reserve for uncertain tax positions | (0.02%) | 0.00% | (0.01%) |
Change in effective state tax rates | (6.98%) | (0.05%) | (0.14%) |
State income tax expense | (0.70%) | 10.24% | 10.50% |
Change in valuation allowance | 16.99% | (48.82%) | (47.75%) |
Provision for income taxes | (0.93%) | 0.00% | (0.01%) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
Federal net operating loss carryforwards | $ 121,000,000 | ||
Federal net operating loss carryforwards expiration year | 2,035 | ||
Excess tax benefits related to stock-based compensation | $ 1,300,000 | ||
Unrecognized tax benefits | $ 1,738,815 | $ 1,720,912 | $ 1,717,635 |
Income Taxes - Deferred Tax Ass
Income Taxes - Deferred Tax Assets and Liabilities (Detail) - USD ($) | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax assets: | ||
Net operating loss carryforwards | $ 49,627,652 | $ 76,741,198 |
Accrued employee benefits | 535,158 | 543,466 |
Research and development credit | 9,367,227 | 6,962,731 |
Stock compensation | 9,360,025 | 5,641,993 |
Federal AMT credit | 1,062,451 | |
Deferred rent | 1,095,220 | 725,195 |
Deferred tax liabilities: | ||
Depreciation | (44,732) | (6,062) |
Net deferred tax asset | 71,003,001 | 90,608,521 |
Valuation allowance | (71,003,001) | (90,608,521) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Summary of Gross
Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at January 1, | $ 1,720,912 | $ 1,717,635 |
Current Year Uncertain Tax Positions: | ||
Gross Increases | 17,903 | 3,277 |
Balance at December 31, | $ 1,738,815 | $ 1,720,912 |
Collaborations and License Ag45
Collaborations and License Agreements - Additional Information (Detail) - USD ($) | May 31, 2005 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2016 | Dec. 31, 2016 |
Bristol-Myers Squibb Company [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Company made an upfront payment | $ 1,000,000 | ||||
Company made milestone payment | $ 1,500,000 | $ 1,250,000 | |||
Company remaining milestone payment | $ 12,000,000 | ||||
Obliged to make milestone payments | $ 14,750,000 | $ 14,750,000 | |||
License expiration period | Through the later of ten years after first commercial sale of a licensed product in such country, expiration of the last licensed patent covering a licensed product. | ||||
Takeda Pharmaceutical Company Limited [Member] | |||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||
Date of termination agreement | Oct. 31, 2014 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Other Commitments [Line Items] | |||
Operating lease agreements with commitment through 2027 | $ 16,255,927 | ||
Rent expense | 1,419,940 | $ 1,385,207 | $ 853,504 |
Laboratory and Office Facilities [Member] | |||
Other Commitments [Line Items] | |||
Operating lease agreements with commitment through 2027 | $ 16,255,927 |
Commitments and Contingencies47
Commitments and Contingencies - Schedule of Future Minimum Lease Payments having Initial or Remaining Non Cancellable Lease Term (Detail) | Dec. 31, 2016USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,017 | $ 1,299,845 |
2,018 | 1,457,008 |
2,019 | 1,500,718 |
2,020 | 1,545,740 |
2,021 | 1,592,112 |
Thereafter | 8,860,504 |
Total | $ 16,255,927 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |||
Employer matching contribution | 50.00% | ||
Contributions made by participants for which the company makes matching contribution | 6.00% | ||
Contribution expense | $ 157,244 | $ 109,963 | $ 84,757 |
Related Party - Additional Info
Related Party - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015ft² | |
Related Party Transactions [Abstract] | |
Area of useable laboratory and office space | 16,753 |
Term of long term lease | 12 years |
Unaudited Quarterly Financial50
Unaudited Quarterly Financial Information - Schedule of Quarterly Financial Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 97,895 | $ 4,362 | $ 228,445 | $ 30,659 | $ 57,390 | $ 3,315 | $ 330,702 | $ 91,364 | $ 577,301 | ||
Net loss | $ (27,485,039) | $ (30,265,327) | $ (30,834,454) | $ (27,841,449) | $ (28,834,516) | $ (32,160,483) | $ (21,511,318) | $ (22,286,824) | $ (116,426,268) | $ (104,793,141) | $ (30,691,460) |
Basic and diluted net loss per share | $ (0.64) | $ (0.70) | $ (0.71) | $ (0.64) | $ (0.67) | $ (0.91) | $ (0.61) | $ (0.72) | $ (2.69) | $ (2.91) | $ (1.07) |