Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2014 | 5-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Trading Symbol | 'EPZM | ' |
Entity Registrant Name | 'EPIZYME, INC. | ' |
Entity Central Index Key | '0001571498 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 33,154,689 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $237,058 | $123,564 |
Accounts receivable | 8,151 | 33,667 |
Prepaid expenses and other current assets | 2,078 | 2,421 |
Total current assets | 247,287 | 159,652 |
Property and equipment, net | 2,631 | 2,157 |
Restricted cash and other assets | 1,146 | 1,179 |
Total Assets | 251,064 | 162,988 |
Current Liabilities: | ' | ' |
Accounts payable | 3,884 | 4,698 |
Accrued expenses | 4,831 | 6,632 |
Current portion of deferred revenue | 15,966 | 23,243 |
Total current liabilities | 24,681 | 34,573 |
Deferred revenue, net of current portion | 25,261 | 23,629 |
Other long-term liabilities | 478 | 473 |
Commitments and contingencies | ' | ' |
Stockholders' Equity: | ' | ' |
Preferred stock, $0.0001 par value; 5,000,000 shares authorized; 0 shares issued and outstanding | ' | ' |
Common stock, $0.0001 par value; 125,000,000 shares authorized; 32,886,550 shares and 28,494,447 shares issued, respectively; 32,885,162 shares and 28,488,892 shares outstanding, respectively | 3 | 3 |
Additional paid-in capital | 263,605 | 160,390 |
Accumulated deficit | -62,964 | -56,080 |
Total stockholders' equity | 200,644 | 104,313 |
Total Liabilities and Stockholders' Equity | $251,064 | $162,988 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 32,886,550 | 28,494,447 |
Common stock, shares outstanding | 32,885,162 | 28,488,892 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Loss (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' |
Collaboration revenue | $13,391 | $8,882 |
Operating expenses: | ' | ' |
Research and development | 15,347 | 13,361 |
General and administrative | 4,956 | 2,998 |
Total operating expenses | 20,303 | 16,359 |
Operating loss | -6,912 | -7,477 |
Other income (expense): | ' | ' |
Interest income | 16 | 19 |
Other income (expense), net | 12 | -39 |
Other income (expense), net | 28 | -20 |
Net loss | -6,884 | -7,497 |
Less: accretion of redeemable convertible preferred stock to redemption value | ' | 157 |
Loss allocable to common stockholders | -6,884 | -7,654 |
Loss per share allocable to common stockholders: | ' | ' |
Basic | ($0.22) | ($4.27) |
Diluted | ($0.22) | ($4.27) |
Weighted average shares outstanding: | ' | ' |
Basic | 30,959 | 1,791 |
Diluted | 30,959 | 1,791 |
Comprehensive loss | ($6,884) | ($7,497) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($6,884) | ($7,497) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 169 | 179 |
Stock-based compensation | 1,463 | 335 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | 25,516 | -73 |
Prepaid expenses and other current assets | 343 | -15 |
Accounts payable | -1,321 | 1,524 |
Accrued expenses | -1,804 | -350 |
Deferred revenue | -5,645 | -6,228 |
Restricted cash and other assets | 33 | -832 |
Other long-term liabilities | 5 | -67 |
Net cash provided by (used in) operating activities | 11,875 | -13,024 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchases of property and equipment | -316 | -40 |
Net cash used in investing activities | -316 | -40 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Proceeds from public offering, net of commissions | 101,283 | ' |
Proceeds from stock options exercised | 650 | 168 |
Issuance of shares under employee stock purchase plan | 201 | ' |
Payment of public offering costs | -468 | -38 |
Proceeds from reimbursement of public offering costs | 269 | ' |
Net cash provided by financing activities | 101,935 | 130 |
Net increase (decrease) in cash and cash equivalents | 113,494 | -12,934 |
Cash and cash equivalents, beginning of period | 123,564 | 97,981 |
Cash and cash equivalents, end of period | 237,058 | 85,047 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ' | ' |
Purchases of property and equipment unpaid at period end | 327 | 21 |
Accretion of redeemable convertible preferred stock to redemption value | ' | 157 |
Public offering costs incurred but unpaid at period end | $183 | $1,222 |
Overview_and_Basis_of_Presenta
Overview and Basis of Presentation | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Overview and Basis of Presentation | ' | |
1 | Overview and Basis of Presentation | |
Epizyme, Inc. (collectively referred to with its wholly owned, controlled subsidiary, Epizyme Securities Corporation, as “Epizyme” or the “Company”) is a clinical stage biopharmaceutical company that discovers, develops and plans to commercialize innovative personalized therapeutics for patients with genetically defined cancers. The Company has built a proprietary product platform that it uses to create small molecule inhibitors of a 96-member class of enzymes known as histone methyltransferases (HMTs). Genetic alterations can result in changes to the activity of HMTs, making them oncogenic. The Company’s therapeutic strategy is to inhibit oncogenic HMTs to treat the underlying causes of the associated genetically defined cancers. | ||
The consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2013 (the “Annual Report”). | ||
The unaudited consolidated financial statements include the accounts of Epizyme and its subsidiary. All intercompany transactions and balances of subsidiaries have been eliminated in consolidation. In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The three months ended March 31, 2014 and 2013 are referred to as the first quarter of 2014 and 2013, respectively. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period. | ||
In February 2014, the Company completed a public offering of its common stock, which resulted in the sale of 3,673,901 shares, including all additional shares available to cover over-allotments, at a price of $29.25 per share. The Company received net proceeds before expenses from this offering of $101.3 million after deducting underwriting discounts and commissions paid by the Company. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 3 Months Ended | |
Mar. 31, 2014 | ||
Accounting Policies [Abstract] | ' | |
Summary of Significant Accounting Policies | ' | |
2 | Summary of Significant Accounting Policies | |
There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report. | ||
Recent Accounting Pronouncements | ||
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 amends Accounting Standards Codification (“ASC”) 740, Income Taxes, by providing guidance on the financial statement presentation of an unrecognized benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. ASU 2013-11 was effective for the Company for interim and annual periods beginning after December 15, 2013. The adoption of this ASU did not have any impact on the Company’s consolidated financial statements. |
Fair_Value_Measurements
Fair Value Measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
3 | Fair Value Measurements | ||||||||||||||||
The Company classifies fair value based measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1 such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs. | |||||||||||||||||
The Company’s financial instruments as of March 31, 2014 and December 31, 2013 consisted primarily of cash and cash equivalents, accounts receivable and accounts payable. As of March 31, 2014 and December 31, 2013, the Company’s financial assets recognized at fair value consisted of the following: | |||||||||||||||||
Fair Value as of March 31, 2014 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents | $ | 221,987 | $ | 221,987 | $ | — | $ | — | |||||||||
Total | $ | 221,987 | $ | 221,987 | $ | — | $ | — | |||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents | $ | 121,424 | $ | 121,424 | $ | — | $ | — | |||||||||
Total | $ | 121,424 | $ | 121,424 | $ | — | $ | — | |||||||||
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
4 | Accrued Expenses | ||||||||
Accrued expenses consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Employee compensation and benefits | $ | 1,000 | $ | 2,607 | |||||
Contract termination obligation | 274 | 355 | |||||||
Research and development and professional expenses | 3,557 | 3,670 | |||||||
Accrued expenses | $ | 4,831 | $ | 6,632 | |||||
Contract termination obligation includes estimated lease exit charges related to the Company’s former facility at 325 Vassar Street in Cambridge, Massachusetts. As of December 31, 2013, the Company had a recorded contract termination obligation of $0.4 million. During the three months ended March 31, 2014, the Company made cash payments of $0.2 million and recorded sublease income of $0.1 million, resulting in total remaining contract termination obligations of $0.3 million as of March 31, 2014. |
Income_Taxes
Income Taxes | 3 Months Ended | |
Mar. 31, 2014 | ||
Income Tax Disclosure [Abstract] | ' | |
Income Taxes | ' | |
5 | Income Taxes | |
The Company did not record a federal or state income tax provision or benefit for the three months ended March 31, 2014 and 2013 due to the expected loss before income taxes to be incurred for the years ended December 31, 2014 and 2013, respectively, as well as the Company’s continued maintenance of a full valuation allowance against its net deferred tax assets. |
Collaborations
Collaborations | 3 Months Ended | |
Mar. 31, 2014 | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | |
Collaborations | ' | |
6 | Collaborations | |
Celgene | ||
In April 2012, the Company entered into a collaboration and license agreement with Celgene Corporation and Celgene International Sàrl (collectively, “Celgene”) to discover, develop and commercialize, in all countries other than the United States, small molecule HMT inhibitors targeting the DOT1L HMT, including the Company’s product candidate EPZ-5676, and any other HMT targets from the Company’s product platform for patients with genetically defined cancers, excluding targets already selected by the Company’s two other existing therapeutic collaborations (the “available targets”). | ||
Agreement Structure | ||
Under the terms of the agreement, the Company recorded a $65.0 million upfront payment and $25.0 million from the sale of its series C redeemable convertible preferred stock to an affiliate of Celgene, of which $3.0 million was considered a premium and included as collaboration arrangement consideration for a total upfront payment of $68.0 million. In addition, the Company has recorded a $25.0 million clinical development milestone payment and $2.3 million of global development co-funding through March 31, 2014. The Company is also eligible to receive up to $35.0 million in additional substantive clinical development milestone payments and up to $100.0 million in substantive regulatory milestone payments related to DOT1L as well as up to $65.0 million in payments, including a combination of substantive clinical development milestone payments and an option exercise fee for each selected target, and up to $100.0 million in substantive regulatory milestone payments for each available target as to which Celgene exercises its option during an initial option period ending in July 2015. Celgene has the right to extend the option period until July 2016 by making a significant option extension payment. As to DOT1L and each available target as to which Celgene exercises its option, the Company retains all product rights in the United States and is eligible to receive royalties for each target at defined percentages ranging from the mid-single digits to the mid-teens on net product sales outside of the United States subject to reduction in specified circumstances. Due to the uncertainty of pharmaceutical development and the high historical failure rates generally associated with drug development, the Company may not receive any additional milestone or royalty payments from Celgene. The next potential milestone payment that the Company might be entitled to receive under this agreement is a $35.0 million substantive milestone for the initiation of a pivotal clinical trial, as defined in the agreement, for its DOT1L inhibitor. | ||
The Company is obligated to conduct and solely fund research and development costs of the Phase 1 clinical trials for EPZ-5676. For all development costs other than the development costs of the Phase 1 clinical trials for EPZ-5676, Celgene and the Company will equally co-fund global development and each party will solely fund territory-specific development costs for its territory. The Company is obligated to conduct and solely fund research and development costs through the effectiveness of the first investigational new drug application (“IND”) for an HMT inhibitor directed to each available target selected by Celgene, after which point Celgene and the Company will equally co-fund global development and each party will solely fund territory-specific development costs for its territory. In the first quarter of 2014, the Company recorded accounts receivable of $0.4 million related to non-Phase 1 global development costs subject to the co-funding provisions of the agreement. Co-funded amounts receivable from Celgene are recorded as a reduction to research and development expense. | ||
Collaboration Revenue | ||
Through March 31, 2014, in addition to amounts allocated to Celgene’s purchase of shares of the Company’s series C redeemable convertible preferred stock, the Company had recorded a total of $95.3 million in cash and accounts receivable under the Celgene agreement, including the $3.0 million implied premium on Celgene’s purchase of shares of the Company’s series C redeemable convertible preferred stock. Through March 31, 2014, the Company has recognized $63.4 million of collaboration revenue, including $1.7 million and $3.6 million in the three months ended March 31, 2014 and 2013, respectively, and $2.3 million of global development co-funding as a reduction to research and development expense, including $0.4 million in the three months ended March 31, 2014, in the consolidated statements of operations and comprehensive loss related to this agreement. Revenue recognized in the three months ended March 31, 2014 reflects the Company’s current plan to reach IND effectiveness for a licensed compound from the other potential DOT1L product candidates by mid-2016. As a result, the remaining deferred revenue of approximately $6.9 million attributed to this deliverable as of March 31, 2014 will be recognized ratably through June 30, 2016. As of March 31, 2014 and December 31, 2013, the Company had deferred revenue of $29.7 million and $31.3 million, respectively, related to this agreement. | ||
Eisai | ||
In April 2011, the Company entered into a collaboration and license agreement with Eisai Co. Ltd. (“Eisai”) under which the Company granted Eisai an exclusive worldwide license to its small molecule HMT inhibitors directed to the EZH2 HMT, including the Company’s product candidate EPZ-6438, while retaining an opt-in right to co-develop, co-commercialize and share profits with Eisai as to licensed products in the United States. Additionally, as part of the research collaboration, the Company agreed to provide research and development services related to the licensed compounds through December 31, 2014. | ||
Agreement Structure | ||
Under the terms of the agreement, the Company recorded a $3.0 million upfront payment, $7.0 million in preclinical research and development milestone payments, a $6.0 million clinical development milestone payment and $19.2 million for research and development services through March 31, 2014. The Company is eligible to receive up to $25.0 million in additional clinical development milestone payments, including substantive milestone payments of up to $10.0 million, up to $55.0 million in regulatory milestone payments and up to $115.0 million in sales-based milestone payments. The Company is also eligible to receive royalties at a percentage in the mid-single digits on any net product sales outside of the United States and at a percentage from the mid-single digits to low double-digits on any product sales in the United States, subject to reduction in specified circumstances. Due to the uncertainty of pharmaceutical development and the high historical failure rates generally associated with drug development, the Company may not receive any additional milestone payments or royalty or profit share payments from Eisai. The next potential milestone payment that the Company might be entitled to receive under this agreement is a $10.0 million substantive milestone for the initiation of the Phase 2 portion of the ongoing Phase 1/2 clinical trial of EPZ-6438. | ||
Eisai solely funds all research, development and commercialization costs for licensed compounds, except for the cost obligations that the Company will undertake if it exercises its opt-in right to co-develop, co-commercialize and share profits with Eisai as to licensed products in the United States. If the Company exercises its opt-in right to a licensed compound, the licensed compound would become a shared product as to which (i) Eisai’s obligation to pay royalties to the Company as to such shared product in the United States will terminate; (ii) Eisai and the Company will share in net profits or losses with respect to such shared product in the United States; (iii) 25.0% of specified past development costs will become creditable by Eisai against future milestones or royalties due to the Company, subject to certain limitations specified in the agreement; (iv) all subsequent milestone payments that become payable by Eisai after the Company exercises its opt-in right will be decreased by 50.0% in certain circumstances; and (v) Eisai and the Company will share equally in subsequent development costs allocated to the United States. | ||
Collaboration Revenue | ||
Through March 31, 2014, the Company recorded a total of $35.2 million in cash and accounts receivable under the Eisai agreement. Through March 31, 2014, the Company has recognized $34.0 million of collaboration revenue, including $1.6 million and $2.3 million in the three months ended March 31, 2014 and 2013, respectively, in the consolidated statements of operations and comprehensive loss related to this agreement. As of March 31, 2014 and December 31, 2013, the Company had deferred revenue of $1.2 million and $1.6 million, respectively, related to this agreement. | ||
GSK | ||
In January 2011, the Company entered into a collaboration and license agreement with Glaxo Group Limited, an affiliate of GlaxoSmithKline (“GSK”), to discover, develop and commercialize novel small molecule HMT inhibitors directed to available targets from the Company’s platform. Under the terms of the agreement, the Company granted GSK exclusive worldwide license rights to HMT inhibitors directed to three targets. Additionally, as part of the research collaboration, the Company agreed to provide research and development services related to the licensed targets pursuant to agreed upon research plans until the earlier of the achievement of development candidate selection for a target or the end of the research term on January 8, 2015. During 2013, development candidate selection was achieved for the first target under the collaboration and license agreement, and, accordingly, the Company is no longer providing research and development services related to this target as of March 31, 2014. | ||
In March 2014, the Company and GSK amended certain terms of this agreement for the third target, revising the license terms with respect to candidate compounds and amending the corresponding financial terms, including reallocating milestone payments and increasing royalty rates as to the third target. In connection with the execution of this amendment, the Company recorded a $3.0 million upfront payment. This $3.0 million upfront payment has been allocated equally to the remaining two targets for which the Company is actively providing research and development services, as these remaining two targets are at similar stages of development, have equal probabilities of success and the remaining research services are expected to be performed concurrently on a ratable basis over the research term. The $3.0 million is being recognized as collaboration revenue, on a target-by-target basis, ratably from the execution of the amendment, in March 2014, through the end of the research term, or earlier if a target reaches development candidate selection. | ||
Agreement Structure | ||
Under the agreement, the Company recorded a $20.0 million upfront payment, a $3.0 million payment upon the execution of the March 2014 agreement amendment, $6.0 million of fixed research funding, $14.0 million of preclinical research and development milestone payments and $3.6 million for research and development services through March 31, 2014. The Company is eligible to receive up to $19.0 million in additional substantive preclinical research and development milestone payments, up to $109.0 million in clinical development milestone payments, up to $275.0 million in regulatory milestone payments and up to $218.0 million in sales-based milestone payments. In addition, GSK is required to pay the Company royalties, at percentages from the mid-single digits to the low double-digits, on a licensed product-by-licensed product basis, on worldwide net product sales, subject to reduction in specified circumstances. Due to the uncertainty of pharmaceutical development and the high historical failure rates generally associated with drug development, the Company may not receive any additional milestone payments or royalty payments from GSK. Due to the varying stages of development of each licensed target, the Company is not able to determine the next milestone that might be achieved under this agreement, if any. | ||
For each selected target in the collaboration, the Company is primarily responsible for research until the selection of the development candidate, and GSK is solely responsible for subsequent development and commercialization. GSK provided a fixed amount of research funding during the second and third years of the research term and is obligated to provide research funding equal to 100.0% of research and development costs, subject to specified limitations, for research activities conducted by the Company in the fourth year of the research term. | ||
Collaboration Revenue | ||
Through March 31, 2014, the Company recorded a total of $46.6 million in payments under the GSK agreement. Through March 31, 2014, the Company has recognized $36.2 million of collaboration revenue, including $10.1 million and $3.0 million in the three months ended March 31, 2014 and 2013, respectively, in the consolidated statements of operations and comprehensive loss related to this agreement, including a $2.0 million preclinical research and development milestone achieved and recognized as collaboration revenue in the three months ended March 31, 2014. As of March 31, 2014 and December 31, 2013, the Company had deferred revenue of $10.4 million and $13.9 million, respectively, related to this agreement. | ||
Companion Diagnostics | ||
Roche | ||
In December 2012, Eisai and the Company entered into an agreement with Roche Molecular Systems, Inc. (“Roche”) under which Eisai and the Company are funding Roche’s development of a companion diagnostic to identify patients who possess certain point mutations in EZH2. In October 2013, this agreement was amended to include additional point mutations in EZH2. The development costs under the agreement with Roche are the responsibility of Eisai until such time, if any, as the Company exercises its opt-in right under the collaboration agreement with Eisai. Under the terms of the amended agreement, Eisai agreed to pay Roche defined milestone payments of up to $21.5 million to develop and to make commercially available the companion diagnostic. As a result, the cost of the companion diagnostic agreement, prior to the Company’s potential future exercise of its opt-in right under the Eisai collaboration, will not be reflected in the Company’s consolidated statements of operations and comprehensive loss. If the Company exercises its opt-in right to co-develop, co-commercialize and share profits in the United States as to EPZ-6438, Eisai will be entitled to offset up to 25.0% of the funding amount it has previously paid to Roche against future milestone payments and royalties that Eisai may be obligated to pay to the Company under the Eisai collaboration and license agreement, and the Company will become obligated to fund up to half of the defined milestones that remain payable to Roche as of the time the Company opts-in. | ||
Abbott | ||
In February 2013, the Company entered into an agreement with Abbott Molecular Inc. (“Abbott”) under which the Company agreed to fund Abbott’s development of a companion diagnostic to identify patients with the mixed lineage leukemia (“MLL-r”) genetic alteration targeted by the Company’s EPZ-5676 product candidate. Under the terms of the agreement, the Company paid Abbott an upfront payment of $0.9 million upon the execution of the agreement, is obligated to make aggregate milestone-based development payments of up to $6.0 million and is obligated to reimburse Abbott for specified costs not to exceed $0.9 million. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
7 | Stock-Based Compensation | ||||||||||||||||
Total stock-based compensation expense related to stock options, restricted stock and the employee stock purchase plan was $1.5 million and $0.3 million for the three months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Research and development | $ | 681 | $ | 155 | |||||||||||||
General and administrative | 782 | 180 | |||||||||||||||
Total | $ | 1,463 | $ | 335 | |||||||||||||
Stock Options | |||||||||||||||||
The weighted-average fair value of options, estimated as of the grant date using the Black-Scholes option pricing model, was $23.58 and $4.14 per option for those options granted during the three months ended March 31, 2014 and 2013, respectively. Key assumptions used to apply this pricing model were as follows: | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Risk-free interest rate | 1.6 | % | 0.9 | % | |||||||||||||
Expected life of options | 6.0 years | 6.0 years | |||||||||||||||
Expected volatility of underlying stock | 93.6 | % | 96.2 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
The following is a summary of stock option activity for the three months ended March 31, 2014: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price per | Contractual | ||||||||||||||||
Share | Term | ||||||||||||||||
(In years) | (In thousands) | ||||||||||||||||
Outstanding at December 31, 2013 | 4,728,503 | $ | 3.13 | ||||||||||||||
Granted | 484,571 | 31.03 | |||||||||||||||
Exercised | (710,400 | ) | 0.91 | ||||||||||||||
Forfeited or expired | (771 | ) | 2.51 | ||||||||||||||
Outstanding at March 31, 2014 | 4,501,903 | $ | 6.48 | 7.8 | $ | 78,802 | |||||||||||
Exercisable at March 31, 2014 | 2,444,442 | $ | 1.09 | 6.7 | $ | 52,989 | |||||||||||
As of March 31, 2014, there was $19.9 million of unrecognized compensation cost related to stock options that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 2.8 years. | |||||||||||||||||
Restricted Stock | |||||||||||||||||
The following is a summary of restricted stock activity for the three months ended March 31, 2014: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Share | |||||||||||||||||
Outstanding at December 31, 2013 | 5,555 | $ | 0.6 | ||||||||||||||
Vested | (4,167 | ) | 0.6 | ||||||||||||||
Outstanding at March 31, 2014 | 1,388 | $ | 0.6 | ||||||||||||||
As of March 31, 2014, there was an insignificant amount of unrecognized compensation cost related to restricted stock that is expected to vest. |
Loss_Per_Share
Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Loss Per Share | ' | ||||||||
8 | Loss Per Share | ||||||||
Basic (loss) earnings per share is computed by dividing (loss) income allocable to common stockholders by the weighted average number of common shares outstanding. During periods of income, participating securities are allocated a proportional share of income determined by dividing total weighted average participating securities by the sum of the total weighted average common shares and participating securities (the “two-class method”). The Company’s restricted stock and, prior to its automatic conversion, redeemable convertible preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities. Participating securities have the effect of diluting both basic and diluted earnings per share during periods of income. During periods of loss, no loss is allocated to participating securities since they have no contractual obligation to share in the losses of the Company. Diluted (loss) earnings per share is computed after giving consideration to the dilutive effect of stock options that are outstanding during the period, except where such non-participating securities would be anti-dilutive. | |||||||||
Basic and diluted loss per share allocable to common stockholders are computed as follows: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands except per share data) | |||||||||
Net loss | $ | (6,884 | ) | $ | (7,497 | ) | |||
Less: accretion of redeemable convertible preferred stock to redemption value | — | 157 | |||||||
Loss allocable to common stockholders | $ | (6,884 | ) | $ | (7,654 | ) | |||
Weighted average shares outstanding | 30,959 | 1,791 | |||||||
Basic and diluted loss per share allocable to common stockholders | $ | (0.22 | ) | $ | (4.27 | ) | |||
In June 2013, the Company issued 5,913,300 shares of common stock in connection with its initial public offering (“IPO”) and 20,633,046 shares of common stock in connection with the automatic conversion of its redeemable convertible preferred stock upon the closing of the IPO. In February 2014, the Company issued an additional 3,673,901 shares of common stock in connection with a public offering. The issuance of these shares resulted in a significant increase in the Company’s shares outstanding, to 32,885,162 shares as of March 31, 2014, and in the weighted average shares outstanding for the three months ended March 31, 2014 when compared to the comparable prior year period and is expected to continue to impact the year-over-year comparability of the Company’s (loss) earnings per share calculations through 2014. | |||||||||
The following common stock equivalents were excluded from the calculation of diluted loss per share allocable to common stockholders because their inclusion would have been anti-dilutive: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Redeemable convertible preferred stock | — | 20,633 | |||||||
Stock options | 4,502 | 4,533 | |||||||
Unvested restricted stock | 1 | 18 | |||||||
Shares issuable under employee stock purchase plan | 2 | — | |||||||
4,505 | 25,184 | ||||||||
Related_Party_Transactions
Related Party Transactions | 3 Months Ended | |
Mar. 31, 2014 | ||
Related Party Transactions [Abstract] | ' | |
Related Party Transactions | ' | |
9 | Related Party Transactions | |
The Company’s collaboration partner Celgene has made a series of equity investments in the Company, owning 3,334,640 shares of common stock as of December 31, 2013. In the first quarter of 2014, in connection with the Company’s public offering of common stock, Celgene made an additional investment in the Company, acquiring an additional 340,000 shares of the Company’s common stock, maintaining an ownership percentage representing 9.8% of the Company’s fully diluted equity and 11.1% of the voting interests of the Company as of March 31, 2014. Refer to Note 6, Collaborations, for additional information regarding this collaboration agreement. | ||
Under the Celgene collaboration agreement, the Company recognized $1.7 million and $3.6 million of collaboration revenue in the three months ended March 31, 2014 and 2013, respectively, and as of March 31, 2014 and December 31, 2013, had recorded $29.7 million and $31.3 million of deferred revenue related to the Celgene collaboration arrangement, respectively. Additionally, in the three months ended March 31, 2014, the Company recorded $0.4 million in global development co-funding from Celgene. As of March 31, 2014 and December 31, 2013, the Company had accounts receivable of $0.4 million and $26.2 million related to this collaboration arrangement. |
Subsequent_Events
Subsequent Events | 3 Months Ended | |
Mar. 31, 2014 | ||
Subsequent Events [Abstract] | ' | |
Subsequent Events | ' | |
10 | Subsequent Events | |
In April 2014, the Company and GSK agreed to the selection of a lead candidate for the third target under the agreement, earning the Company a $1.0 million milestone payment. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | |
In July 2013, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) No. 2013-11, Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. ASU 2013-11 amends Accounting Standards Codification (“ASC”) 740, Income Taxes, by providing guidance on the financial statement presentation of an unrecognized benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. The ASU does not affect the recognition or measurement of uncertain tax positions under ASC 740. ASU 2013-11 was effective for the Company for interim and annual periods beginning after December 15, 2013. The adoption of this ASU did not have any impact on the Company’s consolidated financial statements. |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Summary of Company's Financial Assets Recognized at Fair Value | ' | ||||||||||||||||
As of March 31, 2014 and December 31, 2013, the Company’s financial assets recognized at fair value consisted of the following: | |||||||||||||||||
Fair Value as of March 31, 2014 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents | $ | 221,987 | $ | 221,987 | $ | — | $ | — | |||||||||
Total | $ | 221,987 | $ | 221,987 | $ | — | $ | — | |||||||||
Fair Value as of December 31, 2013 | |||||||||||||||||
Total | Level 1 | Level 2 | Level 3 | ||||||||||||||
(In thousands) | |||||||||||||||||
Cash equivalents | $ | 121,424 | $ | 121,424 | $ | — | $ | — | |||||||||
Total | $ | 121,424 | $ | 121,424 | $ | — | $ | — | |||||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses | ' | ||||||||
Accrued expenses consisted of the following: | |||||||||
March 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Employee compensation and benefits | $ | 1,000 | $ | 2,607 | |||||
Contract termination obligation | 274 | 355 | |||||||
Research and development and professional expenses | 3,557 | 3,670 | |||||||
Accrued expenses | $ | 4,831 | $ | 6,632 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Schedule of Stock-Based Compensation Expense | ' | ||||||||||||||||
Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows: | |||||||||||||||||
Three Months Ended March 31, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
(In thousands) | |||||||||||||||||
Research and development | $ | 681 | $ | 155 | |||||||||||||
General and administrative | 782 | 180 | |||||||||||||||
Total | $ | 1,463 | $ | 335 | |||||||||||||
Assumptions Used to Applying Pricing Model | ' | ||||||||||||||||
Key assumptions used to apply this pricing model were as follows: | |||||||||||||||||
Three Months Ended | Three Months Ended | ||||||||||||||||
March 31, 2014 | March 31, 2013 | ||||||||||||||||
Risk-free interest rate | 1.6 | % | 0.9 | % | |||||||||||||
Expected life of options | 6.0 years | 6.0 years | |||||||||||||||
Expected volatility of underlying stock | 93.6 | % | 96.2 | % | |||||||||||||
Expected dividend yield | 0 | % | 0 | % | |||||||||||||
Summary of Stock Option Activity | ' | ||||||||||||||||
The following is a summary of stock option activity for the three months ended March 31, 2014: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Options | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price per | Contractual | ||||||||||||||||
Share | Term | ||||||||||||||||
(In years) | (In thousands) | ||||||||||||||||
Outstanding at December 31, 2013 | 4,728,503 | $ | 3.13 | ||||||||||||||
Granted | 484,571 | 31.03 | |||||||||||||||
Exercised | (710,400 | ) | 0.91 | ||||||||||||||
Forfeited or expired | (771 | ) | 2.51 | ||||||||||||||
Outstanding at March 31, 2014 | 4,501,903 | $ | 6.48 | 7.8 | $ | 78,802 | |||||||||||
Exercisable at March 31, 2014 | 2,444,442 | $ | 1.09 | 6.7 | $ | 52,989 | |||||||||||
Summary of Restricted Stock Activity | ' | ||||||||||||||||
The following is a summary of restricted stock activity for the three months ended March 31, 2014: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average Grant | ||||||||||||||||
Date Fair Value | |||||||||||||||||
per Share | |||||||||||||||||
Outstanding at December 31, 2013 | 5,555 | $ | 0.6 | ||||||||||||||
Vested | (4,167 | ) | 0.6 | ||||||||||||||
Outstanding at March 31, 2014 | 1,388 | $ | 0.6 | ||||||||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Earnings Per Share [Abstract] | ' | ||||||||
Basic and Diluted Loss Per Share | ' | ||||||||
Basic and diluted loss per share allocable to common stockholders are computed as follows: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands except per share data) | |||||||||
Net loss | $ | (6,884 | ) | $ | (7,497 | ) | |||
Less: accretion of redeemable convertible preferred stock to redemption value | — | 157 | |||||||
Loss allocable to common stockholders | $ | (6,884 | ) | $ | (7,654 | ) | |||
Weighted average shares outstanding | 30,959 | 1,791 | |||||||
Basic and diluted loss per share allocable to common stockholders | $ | (0.22 | ) | $ | (4.27 | ) | |||
Common Stock Equivalents Excluded from Calculation of Diluted Loss Per Share Attributable to Common Stockholders | ' | ||||||||
The following common stock equivalents were excluded from the calculation of diluted loss per share allocable to common stockholders because their inclusion would have been anti-dilutive: | |||||||||
Three Months Ended March 31, | |||||||||
2014 | 2013 | ||||||||
(In thousands) | |||||||||
Redeemable convertible preferred stock | — | 20,633 | |||||||
Stock options | 4,502 | 4,533 | |||||||
Unvested restricted stock | 1 | 18 | |||||||
Shares issuable under employee stock purchase plan | 2 | — | |||||||
4,505 | 25,184 | ||||||||
Overview_and_Basis_of_Presenta1
Overview and Basis of Presentation - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Feb. 28, 2014 | Jun. 30, 2013 | Mar. 31, 2014 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' | ' |
Number of initial public offering of common stock | 3,673,901 | 5,913,300 | ' |
Common stock price per share | $29.25 | ' | ' |
Net proceeds from public offering | $101,283 | ' | $101,283 |
Fair_Value_Measurements_Summar
Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | $221,987 | $121,424 |
Total | 221,987 | 121,424 |
Level 1 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | 221,987 | 121,424 |
Total | 221,987 | 121,424 |
Level 2 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Total | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Total | ' | ' |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses (Detail) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities Current [Abstract] | ' | ' |
Employee compensation and benefits | $1,000 | $2,607 |
Contract termination obligation | 274 | 355 |
Research and development and professional expenses | 3,557 | 3,670 |
Accrued expenses | $4,831 | $6,632 |
Accrued_Expenses_Additional_In
Accrued Expenses - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Restructuring Reserve [Abstract] | ' | ' |
Contract termination obligations | $0.30 | $0.40 |
Cash payments for contract termination obligations | 0.2 | ' |
Sublease income | $0.10 | ' |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' |
Federal income tax provision or benefit | $0 | $0 |
State income tax provision or benefit | $0 | $0 |
Collaborations_Additional_Info
Collaborations - Additional Information (Detail) (USD $) | 3 Months Ended | 36 Months Ended | 3 Months Ended | 39 Months Ended | 1 Months Ended | 3 Months Ended | 24 Months Ended | 1 Months Ended | |||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Feb. 28, 2013 | |
Eisai [Member] | Eisai [Member] | Eisai [Member] | Eisai [Member] | GSK [Member] | GSK [Member] | GSK [Member] | GSK [Member] | Roche [Member] | Celgene [Member] | Celgene [Member] | Celgene [Member] | Celgene [Member] | Celgene [Member] | Celgene [Member] | Celgene [Member] | Abbott [Member] | |||
DOT1L [Member] | DOT1L [Member] | Available Targets [Member] | |||||||||||||||||
Alternative Compound [Member] | |||||||||||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company received upfront payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $65,000,000 | ' | ' | ' | ' | ' |
Proceeds from redeemable convertible preferred stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' |
Upfront payment recorded | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | 20,000,000 | ' | ' | ' | ' | 68,000,000 | ' | ' | ' | ' | ' |
Clinical development milestone achieved | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | 25,000,000 | ' | ' | ' | ' | ' |
Global development co-funding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | 2,300,000 | ' | ' | ' | ' | ' |
Clinical development milestone payments | ' | ' | 25,000,000 | ' | 25,000,000 | ' | 109,000,000 | ' | 109,000,000 | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' |
Additional milestone payments | ' | ' | 55,000,000 | ' | 55,000,000 | ' | 275,000,000 | ' | 275,000,000 | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | 100,000,000 | ' |
Additional payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 65,000,000 | ' | ' | ' |
Option period ending | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'July 2015 | ' | ' | ' | ' | ' | ' | ' |
Right to extend option exercise period date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2016-07 | ' | ' | ' | ' | ' | ' | ' |
Potential milestone payments receivable | ' | ' | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35,000,000 | ' | ' | ' |
Accounts receivable related to non-phase 1 global development costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' |
Cash and accounts receivable | ' | ' | ' | ' | 35,200,000 | ' | ' | ' | 46,600,000 | ' | ' | ' | ' | 95,300,000 | ' | ' | ' | ' | ' |
Premium received on purchase of shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' |
Collaboration revenue | 13,391,000 | 8,882,000 | 1,600,000 | 2,300,000 | 34,000,000 | ' | 10,100,000 | 3,000,000 | 36,200,000 | ' | ' | 1,700,000 | 3,600,000 | 63,400,000 | ' | ' | ' | ' | ' |
Deferred revenue | ' | ' | 1,200,000 | ' | 1,200,000 | 1,600,000 | 10,400,000 | ' | 10,400,000 | 13,900,000 | ' | 29,700,000 | ' | 29,700,000 | 31,300,000 | ' | 6,900,000 | ' | ' |
Milestone payments received | ' | ' | ' | ' | 7,000,000 | ' | 2,000,000 | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development services compensation earned | ' | ' | ' | ' | 19,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sales-based milestone payments | ' | ' | 115,000,000 | ' | 115,000,000 | ' | 218,000,000 | ' | 218,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Entitled offset funding percentage | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Decreased rate of certain circumstances | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Upfront payment paid by the Company | ' | ' | ' | ' | ' | ' | 3,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 900,000 |
Fixed research funding received | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development services | ' | ' | ' | ' | ' | ' | 3,600,000 | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional substantive preclinical research and development milestone payments | ' | ' | ' | ' | ' | ' | 19,000,000 | ' | 19,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage rate of research and development costs | ' | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Development milestone payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Development milestone payments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,000,000 |
Maximum reimbursable costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $900,000 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Stock-based compensation expense related to stock options and restricted stock | $1,463,000 | $335,000 |
Weighted-average fair value of options granted | $23.58 | $4.14 |
Unrecognized compensation cost related to stock options | $19,900,000 | ' |
Expected weighted average remaining vesting period for recognized cost | '2 years 9 months 18 days | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | $1,463 | $335 |
Research and Development [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | 681 | 155 |
General and Administrative [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Share-based compensation expense | $782 | $180 |
StockBased_Compensation_Assump
Stock-Based Compensation - Assumptions Used to Applying Pricing Model (Detail) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions And Methodology [Abstract] | ' | ' |
Risk-free interest rate | 1.60% | 0.90% |
Expected life of options | '6 years | '6 years |
Expected volatility of underlying stock | 93.60% | 96.20% |
Expected dividend yield | 0.00% | 0.00% |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock Option Activity (Detail) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding [Roll Forward] | ' |
Number of Options, Outstanding, Beginning balance | 4,728,503 |
Number of Options, Granted | 484,571 |
Number of Options, Exercised | -710,400 |
Number of Options, Forfeited or expired | -771 |
Number of Options, Outstanding, Ending balance | 4,501,903 |
Number of Options, Exercisable | 2,444,442 |
Weighted Average Exercise Price per Share, Outstanding, Beginning balance | $3.13 |
Weighted Average Exercise Price per Share, Granted | $31.03 |
Weighted Average Exercise Price per Share, Exercised | $0.91 |
Weighted Average Exercise Price per Share, Forfeited or expired | $2.51 |
Weighted Average Exercise Price per Share, Outstanding, Ending balance | $6.48 |
Weighted Average Exercise Price per Share, Exercisable | $1.09 |
Weighted Average Remaining Contractual Term (In Years), Outstanding | '7 years 9 months 18 days |
Weighted Average Remaining Contractual Term (In Years), Exercisable | '6 years 8 months 12 days |
Aggregate Intrinsic Value, Outstanding | $78,802 |
Aggregate Intrinsic Value, Exercisable | $52,989 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested [Roll Forward] | ' |
Number of Shares, Outstanding, Beginning balance | 5,555 |
Number of Shares, Vested | -4,167 |
Number of Shares, Outstanding, Ending balance | 1,388 |
Weighted Average Grant Date Fair Value per Share, Beginning balance | $0.60 |
Weighted Average Grant Date Fair Value per Share, Vested | $0.60 |
Weighted Average Grant Date Fair Value per Share, Ending balance | $0.60 |
Loss_Per_Share_Schedule_of_Bas
Loss Per Share - Schedule of Basic and Diluted Loss Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Earnings Per Share [Abstract] | ' | ' |
Net loss | ($6,884) | ($7,497) |
Less: accretion of redeemable convertible preferred stock to redemption value | ' | 157 |
Loss allocable to common stockholders | ($6,884) | ($7,654) |
Weighted average shares outstanding | 30,959 | 1,791 |
Basic and diluted loss per share allocable to common stockholders | ($0.22) | ($4.27) |
Loss_Per_Share_Additional_Info
Loss Per Share - Additional Information (Detail) | 1 Months Ended | |||
Feb. 28, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | ' | ' | ' | ' |
Additional shares of common stock in connection with IPO | 3,673,901 | 5,913,300 | ' | ' |
Common stock in connection with the automatic conversion of its redeemable convertible preferred stock | ' | 20,633,046 | ' | ' |
Shares outstanding | ' | ' | 32,885,162 | 28,488,892 |
Loss_Per_Share_Common_Stock_Eq
Loss Per Share - Common Stock Equivalents from Calculation of Diluted Loss Per Share Attributable to Common Stockholders (Detail) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from the calculation of diluted loss per share | 4,505 | 25,184 |
Redeemable Convertible Preferred Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from the calculation of diluted loss per share | ' | 20,633 |
Stock Options [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from the calculation of diluted loss per share | 4,502 | 4,533 |
Unvested Restricted Stock [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from the calculation of diluted loss per share | 1 | 18 |
Shares Issuable Under Employee Stock Purchase Plan [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Common stock equivalents excluded from the calculation of diluted loss per share | 2 | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Feb. 28, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Beneficial Owner [Member] | Beneficial Owner [Member] | Beneficial Owner [Member] | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Diluted equity | ' | ' | ' | ' | 9.80% | ' | ' |
Additional investment in common stock | 3,673,901 | 5,913,300 | ' | ' | 340,000 | ' | ' |
Equity investments in common Stock | ' | ' | 32,885,162 | 28,488,892 | ' | ' | 3,334,640 |
Percentage of voting interests | ' | ' | ' | ' | 11.10% | ' | ' |
Collaboration revenue related to agreement | ' | ' | ' | ' | $1.70 | $3.60 | ' |
Deferred revenue related to agreement | ' | ' | ' | ' | 29.7 | ' | 31.3 |
Global development co-funding from Celgene | ' | ' | ' | ' | 0.4 | ' | ' |
Accounts receivable related to collaboration arrangement | ' | ' | ' | ' | $0.40 | ' | $26.20 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (GSK [Member], USD $) | 3 Months Ended | 39 Months Ended | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 30, 2014 |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | ' | ' | ' |
Milestone payment | $2 | $14 | $1 |