Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 02, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | EPZM | |
Entity Registrant Name | EPIZYME, INC. | |
Entity Central Index Key | 1,571,498 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 57,222,744 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current Assets: | ||
Cash and cash equivalents | $ 312,656 | $ 208,323 |
Accounts receivable | 176 | 262 |
Prepaid expenses and other current assets | 5,468 | 4,478 |
Total current assets | 318,300 | 213,063 |
Property and equipment, net | 3,770 | 4,089 |
Restricted cash and other assets | 634 | 751 |
Total Assets | 322,704 | 217,903 |
Current Liabilities: | ||
Accounts payable | 2,236 | 4,653 |
Accrued expenses | 9,728 | 11,335 |
Current portion of capital lease obligation | 576 | 561 |
Current portion of deferred revenue | 1,428 | 1,900 |
Total current liabilities | 13,968 | 18,449 |
Capital lease obligation, net of current portion | 580 | 730 |
Deferred revenue, net of current portion | 28,809 | 28,809 |
Other long-term liabilities | $ 337 | $ 383 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Preferred stock, $0.0001 par value; 5,000 shares authorized; 0 shares issued and outstanding | ||
Common stock, $0.0001 par value; 125,000 shares authorized; 57,218 shares and 41,786 shares issued and outstanding, respectively | $ 6 | $ 4 |
Additional paid-in capital | 545,344 | 412,989 |
Accumulated deficit | (266,340) | (243,461) |
Total stockholders' equity | 279,010 | 169,532 |
Total Liabilities and Stockholders' Equity | $ 322,704 | $ 217,903 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
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 | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 57,218,000 | 41,786,000 |
Common stock, shares outstanding | 57,218,000 | 41,786,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
Collaboration revenue | $ 472 | $ 911 |
Operating expenses: | ||
Research and development | 17,740 | 57,051 |
General and administrative | 5,846 | 5,237 |
Total operating expenses | 23,586 | 62,288 |
Operating loss | (23,114) | (61,377) |
Other income, net: | ||
Interest income, net | 220 | 31 |
Other income, net | 15 | 20 |
Other income, net | 235 | 51 |
Net loss | $ (22,879) | $ (61,326) |
Loss per share allocable to common stockholders: | ||
Basic | $ (0.41) | $ (1.75) |
Diluted | $ (0.41) | $ (1.75) |
Weighted average shares outstanding: | ||
Basic | 55,149 | 34,992 |
Diluted | 55,149 | 34,992 |
Comprehensive loss | $ (22,879) | $ (61,326) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (22,879) | $ (61,326) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Acquired in-process research and development | 40,000 | |
Depreciation and amortization | 389 | 260 |
Stock-based compensation | 2,373 | 2,416 |
Loss on disposal of property and equipment | 6 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 86 | 1,710 |
Prepaid expenses and other current assets | (990) | 305 |
Accounts payable | (2,417) | (3,201) |
Accrued expenses | (1,607) | (1,848) |
Deferred revenue | (472) | (931) |
Restricted cash and other assets | 117 | (84) |
Other long-term liabilities | (46) | (18) |
Net cash used in operating activities | (25,446) | (22,711) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Acquisition of in-process research and development | (40,000) | |
Purchases of property and equipment | (70) | (163) |
Net cash used in investing activities | (70) | (40,163) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment under capital lease obligation | (135) | (55) |
Proceeds from public offering, net of commissions | 130,067 | 117,030 |
Proceeds from stock options exercised | 141 | 99 |
Issuance of shares under employee stock purchase plan | 150 | 239 |
Payment of public offering costs | (374) | (30) |
Net cash provided by financing activities | 129,849 | 117,283 |
Net increase in cash and cash equivalents | 104,333 | 54,409 |
Cash and cash equivalents, beginning of period | 208,323 | 190,095 |
Cash and cash equivalents, end of period | $ 312,656 | 244,504 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION: | ||
Equipment acquired under capital lease | 1,732 | |
Public offering costs incurred but unpaid at period end | $ 338 |
Overview
Overview | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Overview | 1. Overview 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 novel epigenetic therapies for cancer patients. The Company’s lead product candidate, tazemetostat, is a potent and selective inhibitor of the EZH2 HMT, an enzyme that plays an important role in various cancers. The Company owns the global development and commercialization rights to tazemetostat outside of Japan. Eisai Co. Ltd, or Eisai, holds the rights to develop and commercialize tazemetostat in Japan, and holds a limited right of first negotiation for the rest of Asia. The Company has additional programs in development, including pinometostat, a clinical program that is subject to a collaboration with Celgene Corporation and Celgene RIVOT Ltd., an affiliate of Celgene Corporation (“Celgene”) (refer to Note 7, Collaborations Collaborations In January 2016, the Company raised $130.1 million of net proceeds after underwriting discounts and commissions, but before direct and incremental costs of the offering, upon the sale of 15,333,334 shares of its common stock in a public offering. Through March 31, 2016, the Company has raised an aggregate of $722.2 million to fund its operations, of which $201.6 million was non-equity funding through its collaboration agreements, $444.6 million was from the sale of common stock in the Company’s public offerings and $76.0 million was from the sale of redeemable convertible preferred stock in private financings prior to the Company’s initial public offering in May 2013. As of March 31, 2016, the Company had $312.7 million in cash and cash equivalents. The Company commenced active operations in early 2008. Since its inception, the Company has generated an accumulated deficit of $266.3 million through March 31, 2016 and will require substantial additional capital to fund its research and development. The Company is subject to risks common to companies in the biotechnology industry, including, but not limited to, risks of failure of preclinical studies and clinical trials, the need to obtain additional financing to fund the future development of tazemetostat and the rest of its pipeline, the need to obtain marketing approval for its product candidates, the need to successfully commercialize and gain market acceptance of its product candidates, dependence on key personnel, protection of proprietary technology, compliance with government regulations, development by competitors of technological innovations and ability to transition from pilot-scale manufacturing to large-scale production of products. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation 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, 2015 (the “Annual Report”). The unaudited consolidated financial statements include the accounts of the Company and its wholly owned, controlled subsidiary, Epizyme Securities Corporation. 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 consolidated 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, 2016 and 2015 are referred to as the first quarter of 2016 and 2015, 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. Significant Accounting Policies As the clinical development plan for tazemetostat progresses, the Company expects research and development expenses and, in particular, the accounting for clinical trial accruals to be an increasingly significant accounting policy. Research and Development Expenses Research and development expenses are expensed as incurred. Research and development expenses are comprised of costs incurred in providing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract research and development services, and other outside costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. External research and development expenses associated with the Company’s programs include clinical trial site costs, clinical manufacturing costs, costs incurred for consultants and other outside services, such as data management and statistical analysis support, and materials and supplies used in support of the clinical and preclinical programs. Internal costs of the Company’s clinical programs include salaries, stock based compensation, and the portion of the Company’s facility costs allocated to research and development expense. When third-party service providers’ billing terms do not coincide with the Company’s period-end, the Company is required to make estimates of its obligations to those third parties, including clinical trial and pharmaceutical development costs, contractual services costs and costs for supply of its drug candidates, incurred in a given accounting period and record accruals at the end of the period. The Company bases its estimates on its knowledge of the research and development programs, services performed for the period, past history for related activities and the expected duration of the third-party service contract, where applicable. The Company generally accrues expenses related to research and development activities based on the services received and efforts expended pursuant to contracts with multiple contract research organizations that conduct and manage clinical trials, as well as other vendors that provide research and development services. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to vendors will exceed the level of services provided and result in a prepayment of the clinical expense. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from estimates, the Company would adjust the accrual or prepaid accordingly in future periods. There have been no other material changes or other required disclosures to the Company’s significant accounting policies during the three months ended March 31, 2016, as compared to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers Revenue Recognition In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern Presentation of Financial Statements—Going Concern In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 and December 31, 2015 consisted primarily of cash and cash equivalents, accounts receivable and accounts payable. As of March 31, 2016 and December 31, 2015, the Company’s financial assets recognized at fair value consisted of the following: Fair Value as of March 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 297,269 $ 297,269 $ — $ — Total $ 297,269 $ 297,269 $ — $ — Fair Value as of December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 197,023 $ 197,023 $ — $ — Total $ 197,023 $ 197,023 $ — $ — |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accrued Expenses | 4. Accrued Expenses Accrued expenses consisted of the following: March 31, 2016 December 31, 2015 (In thousands) Employee compensation and benefits $ 1,342 $ 3,314 Research and development expenses 7,056 6,518 Professional services and other 1,330 1,503 Accrued expenses $ 9,728 $ 11,335 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 or 2015 due to the expected loss before income taxes to be incurred for the years ended December 31, 2016 and 2015, as well as the Company’s continued maintenance of a full valuation allowance against its net deferred tax assets. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 6. Commitments and Contingencies There have been no significant changes to the Company’s commitments and contingencies in the three months ended March 31, 2016, as compared to those disclosed in Note 6, “ Commitments and Contingencies The Company made a $3.0 million milestone payment in the first quarter of 2016 under the second amendment to the companion diagnostic agreement with Roche Molecular Systems, Inc. (“Roche”). |
Collaborations
Collaborations | 3 Months Ended |
Mar. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations | 7. Collaborations Celgene In April 2012, the Company entered into a collaboration and license agreement with Celgene. In July 2015, the Company entered into an amendment and restatement of its collaboration and license agreement with Celgene. Agreement Structure Under the original agreement, the Company granted Celgene an exclusive license, for all countries other than the United States, to small molecule HMT inhibitors targeting DOT1L, including pinometostat, and an option, on a target-by-target basis, to exclusively license, for all countries other than the United States, rights to small molecule HMT inhibitors targeting any other HMT targets, excluding EZH2 and targets covered by the collaboration and license agreement with GSK. Under the original agreement, Celgene’s option was exercisable during an option period that would have expired in July 2015. Under the amended and restated collaboration and license agreement: • Celgene retains its exclusive license to small molecule HMT inhibitors targeting DOT1L, including pinometostat, • Celgene’s option rights have been narrowed to HMT inhibitors targeting three predefined targets (the “Option Targets”), • The exclusive licenses to HMT inhibitors targeting two of the Option Targets that Celgene may acquire have been expanded to include the United States, with the exclusive license to the third Option Target continuing to be for all countries other than the United States, • Celgene’s option period has been extended for each of the Option Targets and is exercisable at the time of the Company’s IND filing for an HMT inhibitor targeting the applicable Option Target, upon the payment by Celgene at such time of a pre-specified development milestone-based license payment, • Celgene’s license may be maintained beyond the end of phase 1 clinical development for each of the Option Targets, upon payment by Celgene at such time of a pre-specified development milestone-based license payment, and • The Company’s research and development obligations with respect to each Option Target under the amended agreement have been extended for at least an additional three years, subject to Celgene exercising its option with respect to such Option Target at IND filing. Subject to the Company’s Opt-Out rights described below, the Company’s research and development obligations have been expanded to include the completion of a phase 1 clinical trial as to each Option Target following Celgene’s exercise of its option at IND filing. The amended and restated agreement eliminated the right of first negotiation that the Company had granted to Celgene under the original agreement with respect to business combination transactions that the Company may desire to pursue with third parties. The Company is primarily responsible for the research strategy under the collaboration. During each applicable option period the Company is required to use commercially reasonable efforts to carry out a mutually agreed-upon research plan for each Option Target. Subject to the Company’s opt-out right, for the DOT1L target and each of the Option Targets, the Company is required to conduct and solely fund development costs of the Phase 1 clinical trials for HMT inhibitors directed to such targets. After the completion of Phase 1 development, as to DOT1L and the Option Target for which the Company retains U.S. rights, Celgene and the Company will equally co-fund global development and each party will solely fund territory-specific development costs for its respective territory; and, as to the other two Option Targets, after the completion of Phase 1 development, Celgene will solely fund all development costs on a worldwide basis. Under the original agreement, the Company received 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 received a $25.0 million clinical development milestone payment and $6.9 million of global development co-funding through March 31, 2016. Under the amended agreement, the Company received a $10.0 million upfront payment in exchange for the Company’s extension of Celgene’s option rights to the Option Targets and the Company’s research and development obligations. In addition, the Company is eligible to earn an aggregate of up to $75.0 million in development milestone and license payments, up to $365.0 million in regulatory milestone payments and up to $170.0 million in sales milestone payments related to the three Option Targets. The Company remains eligible to earn $35.0 million in an additional clinical development milestone payment and up to $100.0 million in regulatory milestone payments related to DOT1L. The Company is also eligible to receive royalties on each of the Option Targets as specified in the amended and restated agreement. 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. Collaboration Revenue Through March 31, 2016, the Company has recognized $72.9 million of total collaboration revenue since the inception of the collaboration, including $0.5 million and $0.1 million in the three months ended March 31, 2016 and 2015, respectively, and $0.1 million and $0.5 million in the three months ended March 31, 2016 and 2015, respectively, of total global development co-funding as a reduction to research and development expense. GSK In January 2011, the Company entered into a collaboration and license agreement with 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 during a research term that ended January 8, 2015. In March 2014, the Company and GSK amended certain terms of this agreement for the third licensed 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. The Company substantially completed all research obligations under this agreement by the end of the first quarter of 2015 and completed the transfer of the remaining data and materials for these programs to GSK in the second quarter of 2015. 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, $15.0 million of preclinical research and development milestone payments and $9.0 million for research and development services. The Company is eligible to receive up to $18.0 million in additional 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. GSK became solely responsible for development and commercialization for each licensed target in the collaboration when the research term ended on January 8, 2015. Collaboration Revenue Through March 31, 2016, the Company has received a total of $53.0 million in cash under the GSK agreement, which the Company recognized as collaboration revenue in the condensed consolidated statements of operations and comprehensive loss, including $0.8 million in the three months ended March 31, 2015. As of December 31, 2015, the Company did not have any remaining deferred revenue related to this agreement and any future revenues will relate to any milestone payments and royalties received under the agreement, if any. Eisai In April 2011, the Company entered into a collaboration and license agreement with 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 tazemetostat, while retaining an opt-in right to co-develop, co-commercialize and share profits with Eisai as to licensed products in the United States (the “original agreement”). Additionally, as part of the research collaboration, the Company provided research and development services related to the licensed compounds through December 31, 2014. As of December 31, 2014, the Company had completed its performance obligations under the original agreement. In March 2015, the Company entered into an amended and restated collaboration and license agreement with Eisai, under which the Company reacquired worldwide rights, excluding Japan, to its EZH2 program, including tazemetostat. Under the amended and restated collaboration and license agreement, the Company is responsible for global development, manufacturing and commercialization outside of Japan of tazemetostat and any other EZH2 product candidates, with Eisai retaining development and commercialization rights in Japan, as well as a right to elect to manufacture tazemetostat and any other EZH2 product candidates in Japan. Under the original agreement, Eisai was solely responsible for funding all research, development and commercialization costs for EZH2 compounds. Under the amended and restated collaboration and license agreement, the Company is solely responsible for funding global development, manufacturing and commercialization costs for EZH2 compounds outside of Japan, including the remaining development costs due under a Roche companion diagnostic agreement, and Eisai is solely responsible for funding Japan-specific development and commercialization costs for EZH2 compounds. The Company recorded the reacquisition of worldwide rights, excluding Japan, to the EZH2 program, including tazemetostat, under the amended and restated collaboration and license agreement with Eisai as an acquisition of an in-process research and development asset. As this asset was acquired without corresponding processes or activities that would constitute a business, has not achieved regulatory approval for marketing and, absent obtaining such approval, has no alternative future use, the Company recorded the $40.0 million upfront payment made to Eisai in March 2015 as research and development expense in the consolidated statements of operations and comprehensive loss. The Company has also agreed to pay Eisai up to $20.0 million in clinical development milestone payments, up to $50.0 million in regulatory milestone payments and royalties at a percentage in the mid-teens on worldwide net sales of any EZH2 product, excluding net sales in Japan. The Company is eligible to receive from Eisai royalties at a percentage in the mid-teens on net sales of any EZH2 product in Japan. Companion Diagnostics Roche. Under the agreement with Roche, Roche is obligated to use commercially reasonable efforts to develop and to make commercially available the companion diagnostic. Roche has exclusive rights to commercialize the companion diagnostic. The agreement with Roche will expire when the Company is no longer developing or commercializing tazemetostat. The Company may terminate the agreement by giving Roche 90 days’ written notice if the Company discontinues development and commercialization of tazemetostat or determines, in conjunction with Roche, that the companion diagnostic is not needed for use with tazemetostat. Either the Company or Roche may also terminate the agreement in the event of a material breach by the other party, in the event of material changes in circumstances that are contrary to key assumptions specified in the agreement or in the event of specified bankruptcy or similar circumstances. Under specified termination circumstances, Roche may become entitled to specified termination fees. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation Total stock-based compensation expense related to stock options, restricted stock units and the employee stock purchase plan was $2.4 million and $2.4 million for the three months ended March 31, 2016 and 2015, respectively. Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows: Three Months Ended March 31, 2016 2015 (In thousands) Research and development $ 1,247 $ 1,358 General and administrative 1,126 1,058 Total $ 2,373 $ 2,416 Stock Options The weighted-average fair value of options, estimated as of the grant date using the Black-Scholes option pricing model, was $6.12 and $15.01 per option for those options granted during the three months ended March 31, 2016 and 2015, respectively. Key assumptions used to apply this pricing model were as follows: Three Months Ended March 31 2016 2015 Risk-free interest rate 1.2 % 1.5 % Expected life of options 6.0 years 6.0 years Expected volatility of underlying stock 78.8 % 84.4 % Expected dividend yield 0.0 % 0.0 % The following is a summary of stock option activity for the three months ended March 31, 2016: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at December 31, 2015 3,100 $ 15.20 Granted 1,405 9.03 Exercised (47 ) 3.03 Forfeited or expired (259 ) 16.88 Outstanding at March 31, 2016 4,199 $ 13.24 7.4 $ 15,087 Exercisable at March 31, 2016 1,489 $ 10.19 3.8 $ 10,021 As of March 31, 2016, there was $21.8 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 3.1 years. Restricted Stock Units The following is a summary of restricted stock unit activity for the three months ended March 31, 2016: Number of Units Weighted Average Grant Date Fair Value per Unit Outstanding at December 31, 2015 37,313 $ 18.49 Granted 80,732 $ 9.29 Vested (31,971 ) 12.20 Outstanding at March 31, 2016 86,074 $ 12.20 In February 2016 the Company granted 80,732 restricted stock units with a grant date fair value of $9.29 per unit, in accordance with the Company’s chief financial officer’s employment agreement. One quarter of these restricted stock units vested on February 9, 2016 and the remaining three quarters will vest on a straight line basis over 36 months. As of March 31, 2016 there was $0.9 million of unrecognized compensation cost related to restricted stock units that are expected to vest. These costs are expected to be recognized over a weighted average remaining vesting period of 2.9 years. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 9. Loss Per Share Basic and diluted loss per share allocable to common stockholders are computed as follows: Three Months Ended March 31, 2016 2015 (In thousands except per share data) Net loss $ (22,879 ) $ (61,326 ) Weighted average shares outstanding 55,149 34,992 Basic and diluted loss per share allocable to common stockholders $ (0.41 ) $ (1.75 ) In January 2016, the Company issued an additional 15,333,334 shares of common stock in connection with a public offering. The issuance of these shares contributed to a significant increase in the Company’s shares outstanding as of March 31, 2016 and in the weighted average shares outstanding for the three months ended March 31, 2016 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 2016. 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, 2016 2015 (In thousands) Stock options 4,199 3,496 Unvested restricted stock units 86 37 Shares issuable under employee stock purchase plan 7 2 4,292 3,535 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 10. Related Party Transactions Celgene has made a series of equity investments in the Company, owning 3,674,640 shares of common stock representing 6.4% of the Company’s common stock as of March 31, 2016. Refer to Note 7, Collaborations The Company recognized $0.5 million and $0.1 million of collaboration revenue in the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016 and December 31, 2015, the Company’s deferred revenue balances included $30.2 million and $30.7 million related to the Celgene amended and restated agreement and original agreement, respectively. Additionally, in the three months ended March 31, 2016 and 2015, respectively, the Company recorded $0.1 million and $0.5 million, respectively, in global development co-funding from Celgene. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 11. Subsequent Events On April 15, 2016, the Company entered into a Sales Agreement with Cowen and Company, LLC (“Cowen”) to sell, from time to time, shares of the Company’s common stock having an aggregate sales price of up to $50,000,000 through an “at the market offering” program under which Cowen will act as sales agent (the “ATM Offering”). Through May 6, 2016, the Company has not sold any shares of its common stock in the ATM Offering. The Company has no obligation to sell any of its common stock under the Sales Agreement. |
Summary of Significant Accoun17
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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, 2015 (the “Annual Report”). The unaudited consolidated financial statements include the accounts of the Company and its wholly owned, controlled subsidiary, Epizyme Securities Corporation. 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 consolidated 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, 2016 and 2015 are referred to as the first quarter of 2016 and 2015, 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. |
Significant Accounting Policies | Significant Accounting Policies As the clinical development plan for tazemetostat progresses, the Company expects research and development expenses and, in particular, the accounting for clinical trial accruals to be an increasingly significant accounting policy. |
Research and Development Expenses | Research and Development Expenses Research and development expenses are expensed as incurred. Research and development expenses are comprised of costs incurred in providing research and development activities, including salaries and benefits, facilities costs, overhead costs, contract research and development services, and other outside costs. Nonrefundable advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made. External research and development expenses associated with the Company’s programs include clinical trial site costs, clinical manufacturing costs, costs incurred for consultants and other outside services, such as data management and statistical analysis support, and materials and supplies used in support of the clinical and preclinical programs. Internal costs of the Company’s clinical programs include salaries, stock based compensation, and the portion of the Company’s facility costs allocated to research and development expense. When third-party service providers’ billing terms do not coincide with the Company’s period-end, the Company is required to make estimates of its obligations to those third parties, including clinical trial and pharmaceutical development costs, contractual services costs and costs for supply of its drug candidates, incurred in a given accounting period and record accruals at the end of the period. The Company bases its estimates on its knowledge of the research and development programs, services performed for the period, past history for related activities and the expected duration of the third-party service contract, where applicable. The Company generally accrues expenses related to research and development activities based on the services received and efforts expended pursuant to contracts with multiple contract research organizations that conduct and manage clinical trials, as well as other vendors that provide research and development services. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. There may be instances in which payments made to vendors will exceed the level of services provided and result in a prepayment of the clinical expense. Payments under some of these contracts depend on factors such as the successful enrollment of subjects and the completion of clinical trial milestones. In accruing service fees, the Company estimates the time period over which services will be performed and the level of effort to be expended in each period. If the actual timing of the performance of services or the level of effort varies from estimates, the Company would adjust the accrual or prepaid accordingly in future periods. There have been no other material changes or other required disclosures to the Company’s significant accounting policies during the three months ended March 31, 2016, as compared to the significant accounting policies disclosed in Note 2, Summary of Significant Accounting Policies |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue From Contracts With Customers Revenue Recognition In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity’s Ability to Continue as a Going Concern Presentation of Financial Statements—Going Concern In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets Recognized at Fair Value | As of March 31, 2016 and December 31, 2015, the Company’s financial assets recognized at fair value consisted of the following: Fair Value as of March 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 297,269 $ 297,269 $ — $ — Total $ 297,269 $ 297,269 $ — $ — Fair Value as of December 31, 2015 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 197,023 $ 197,023 $ — $ — Total $ 197,023 $ 197,023 $ — $ — |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: March 31, 2016 December 31, 2015 (In thousands) Employee compensation and benefits $ 1,342 $ 3,314 Research and development expenses 7,056 6,518 Professional services and other 1,330 1,503 Accrued expenses $ 9,728 $ 11,335 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based 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, 2016 2015 (In thousands) Research and development $ 1,247 $ 1,358 General and administrative 1,126 1,058 Total $ 2,373 $ 2,416 |
Assumptions Used to Applying Pricing Model | Key assumptions used to apply this pricing model were as follows: Three Months Ended March 31 2016 2015 Risk-free interest rate 1.2 % 1.5 % Expected life of options 6.0 years 6.0 years Expected volatility of underlying stock 78.8 % 84.4 % Expected dividend yield 0.0 % 0.0 % |
Summary of Stock Option Activity | The following is a summary of stock option activity for the three months ended March 31, 2016: Number of Options Weighted Average Exercise Price per Share Weighted Average Remaining Contractual Term Aggregate Intrinsic Value (In thousands) (In years) (In thousands) Outstanding at December 31, 2015 3,100 $ 15.20 Granted 1,405 9.03 Exercised (47 ) 3.03 Forfeited or expired (259 ) 16.88 Outstanding at March 31, 2016 4,199 $ 13.24 7.4 $ 15,087 Exercisable at March 31, 2016 1,489 $ 10.19 3.8 $ 10,021 |
Summary of Restricted Stock Activity | The following is a summary of restricted stock unit activity for the three months ended March 31, 2016: Number of Units Weighted Average Grant Date Fair Value per Unit Outstanding at December 31, 2015 37,313 $ 18.49 Granted 80,732 $ 9.29 Vested (31,971 ) 12.20 Outstanding at March 31, 2016 86,074 $ 12.20 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
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, 2016 2015 (In thousands except per share data) Net loss $ (22,879 ) $ (61,326 ) Weighted average shares outstanding 55,149 34,992 Basic and diluted loss per share allocable to common stockholders $ (0.41 ) $ (1.75 ) |
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, 2016 2015 (In thousands) Stock options 4,199 3,496 Unvested restricted stock units 86 37 Shares issuable under employee stock purchase plan 7 2 4,292 3,535 |
Overview - Additional Informati
Overview - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
Basis Of Presentation [Line Items] | |||||
Aggregate fund, amount | $ 722,200 | ||||
Proceeds from sale of redeemable convertible preferred stock | 76,000 | ||||
Cash and cash equivalents | 312,656 | $ 244,504 | $ 208,323 | $ 190,095 | |
Sale of common stock in public offering, shares | 15,333,334 | ||||
Net proceeds from sale of shares after underwriting discounts and commissions, before direct and incremental costs | $ 130,100 | $ 130,067 | $ 117,030 | ||
Initial public offering completion date | 2013-05 | ||||
Accumulated deficit | $ (266,340) | $ (243,461) | |||
Collaborative Arrangement [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Non-equity funding through collaboration agreement | 201,600 | ||||
IPO [Member] | |||||
Basis Of Presentation [Line Items] | |||||
Sale of common stock in public offering | $ 444,600 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cash equivalents | $ 297,269 | $ 197,023 |
Total | 297,269 | 197,023 |
Level 1 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cash equivalents | 297,269 | 197,023 |
Total | $ 297,269 | $ 197,023 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accrued Liabilities, Current [Abstract] | ||
Employee compensation and benefits | $ 1,342 | $ 3,314 |
Research and development expenses | 7,056 | 6,518 |
Professional services and other | 1,330 | 1,503 |
Accrued expenses | $ 9,728 | $ 11,335 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | ||
Federal income tax provision or benefit | $ 0 | $ 0 |
State income tax provision or benefit | $ 0 | $ 0 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Roche [Member] | |
Other Commitments [Line Items] | |
Milestone amount paid | $ 3 |
Collaborations - Additional Inf
Collaborations - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 36 Months Ended | 48 Months Ended | 63 Months Ended | ||||
Jul. 31, 2015OptionTargets | Mar. 31, 2015USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Collaboration revenue | $ 472,000 | $ 911,000 | |||||||
Upfront payment made | 40,000,000 | ||||||||
Roche [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Notice period in days | 90 days | ||||||||
Eisai [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Upfront payment made | $ 40,000,000 | ||||||||
Clinical development milestone payments obligation | $ 20,000,000 | $ 20,000,000 | $ 20,000,000 | ||||||
Regulatory milestone payments obligation | 50,000,000 | 50,000,000 | 50,000,000 | ||||||
Celgene [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Number of option targets | OptionTargets | 3 | ||||||||
Company received upfront payment | 65,000,000 | ||||||||
Proceeds from redeemable convertible preferred stock | 25,000,000 | ||||||||
Upfront payment recorded | 68,000,000 | ||||||||
Clinical development milestone achieved | 25,000,000 | ||||||||
Global development co-funding | 100,000 | 500,000 | 6,900,000 | ||||||
Collaboration revenue | 500,000 | 100,000 | 72,900,000 | ||||||
Celgene [Member] | Minimum [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Option targets under amended and restated agreement extended period | 3 years | ||||||||
Celgene [Member] | United States [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Number of option targets | OptionTargets | 2 | ||||||||
Celgene [Member] | Non-US [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Number of option targets | OptionTargets | 1 | ||||||||
Celgene [Member] | Option Targets [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Company received upfront payment | 10,000,000 | ||||||||
Celgene [Member] | Option Targets [Member] | Maximum [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Development milestone and license payments associated with the Option Targets | 75,000,000 | ||||||||
Additional milestone payments | 365,000,000 | 365,000,000 | 365,000,000 | ||||||
Sales-based milestone payments | 170,000,000 | 170,000,000 | 170,000,000 | ||||||
GSK [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Upfront payment recorded | $ 3,000,000 | $ 20,000,000 | |||||||
Additional milestone payments | 275,000,000 | 275,000,000 | |||||||
Sales-based milestone payments | 218,000,000 | 218,000,000 | |||||||
Clinical development milestone payment | 109,000,000 | 109,000,000 | |||||||
Collaboration revenue | 800,000 | ||||||||
Fixed research funding received | 6,000,000 | ||||||||
Milestone payments received | 15,000,000 | ||||||||
Research and development services | 9,000,000 | ||||||||
Additional substantive preclinical research and development milestone payments | $ 18,000,000 | $ 18,000,000 | |||||||
Cash and accounts receivable | 53,000,000 | ||||||||
Deferred revenue | $ 0 | ||||||||
Collaborative Arrangement [Member] | Roche [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Remaining unpaid milestone payments | 12,000,000 | 12,000,000 | 12,000,000 | ||||||
DOT1L [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Clinical development milestone payment | 35,000,000 | 35,000,000 | 35,000,000 | ||||||
DOT1L [Member] | Maximum [Member] | |||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | |||||||||
Additional milestone payments | $ 100,000,000 | $ 100,000,000 | $ 100,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2016 | Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense related to stock options and restricted stock | $ 2,373 | $ 2,416 | |
Weighted-average fair value of options granted | $ 6.12 | $ 15.01 | |
Unrecognized compensation cost related to stock options | $ 21,800 | ||
Expected weighted average period for recognition of compensation cost | 3 years 1 month 6 days | ||
Unvested Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected weighted average period for recognition of compensation cost | 2 years 10 months 24 days | ||
Number of Shares, Granted | 80,732 | ||
Weighted Average Grant Date Fair Value per Share, Granted | $ 9.29 | ||
Vesting terms | One quarter of these restricted stock units vested on February 9, 2016 and the remaining three quarters will vest on a straight line basis over a three year period. | ||
Unrecognized compensation cost related to restricted stock units | $ 900 | ||
Unvested Restricted Stock Units [Member] | February 9, 2016 Grant [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of Shares, Granted | 80,732 | ||
Weighted Average Grant Date Fair Value per Share, Granted | $ 9.29 | ||
Vesting period | 36 months |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 2,373 | $ 2,416 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 1,247 | 1,358 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 1,126 | $ 1,058 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Applying Pricing Model (Detail) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.20% | 1.50% |
Expected life of options | 6 years | 6 years |
Expected volatility of underlying stock | 78.80% | 84.40% |
Expected dividend yield | 0.00% | 0.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options, Outstanding, Beginning balance | shares | 3,100 |
Number of Options, Granted | shares | 1,405 |
Number of Options, Exercised | shares | (47) |
Number of Options, Forfeited or expired | shares | (259) |
Number of Options, Outstanding, Ending balance | shares | 4,199 |
Number of Options, Exercisable | shares | 1,489 |
Weighted Average Exercise Price per Share, Outstanding, Beginning balance | $ / shares | $ 15.2 |
Weighted Average Exercise Price per Share, Granted | $ / shares | 9.03 |
Weighted Average Exercise Price per Share, Exercised | $ / shares | 3.03 |
Weighted Average Exercise Price per Share, Forfeited or expired | $ / shares | 16.88 |
Weighted Average Exercise Price per Share, Outstanding, Ending balance | $ / shares | 13.24 |
Weighted Average Exercise Price per Share, Exercisable | $ / shares | $ 10.19 |
Weighted Average Remaining Contractual Term (In Years), Outstanding | 7 years 4 months 24 days |
Weighted Average Remaining Contractual Term (In Years), Exercisable | 3 years 9 months 18 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 15,087 |
Aggregate Intrinsic Value, Exercisable | $ | $ 10,021 |
Stock-Based Compensation - Su32
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Unvested Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding, Beginning balance | shares | 37,313 |
Number of Units, Granted | shares | 80,732 |
Number of Units, Vested | shares | (31,971) |
Number of Units, Outstanding, Ending balance | shares | 86,074 |
Weighted Average Grant Date Fair Value per Unit, Beginning balance | $ / shares | $ 18.49 |
Weighted Average Grant Date Fair Value per Unit, Granted | $ / shares | 9.29 |
Weighted Average Grant Date Fair Value per Unit, Vested | $ / shares | 12.20 |
Weighted Average Grant Date Fair Value per Unit, Ending balance | $ / shares | $ 12.20 |
Loss Per Share - Schedule of Ba
Loss Per Share - Schedule of Basic and Diluted Loss per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (22,879) | $ (61,326) |
Weighted average shares outstanding | 55,149 | 34,992 |
Basic and diluted loss per share allocable to common stockholders | $ (0.41) | $ (1.75) |
Loss per Share - Additional Inf
Loss per Share - Additional Information (Detail) | 1 Months Ended |
Jan. 31, 2016shares | |
Earnings Per Share [Abstract] | |
Sale of common stock in public offering, shares | 15,333,334 |
Loss Per Share - Common Stock E
Loss Per Share - Common Stock Equivalents from Calculation of Diluted Loss per Share Attributable to Common Stockholders (Detail) - shares shares in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from the calculation of diluted loss per share | 4,292 | 3,535 |
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 | 4,199 | 3,496 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from the calculation of diluted loss per share | 86 | 37 |
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 | 7 | 2 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Related Party Transaction [Line Items] | |||
Equity investments in common stock | 57,218,000 | 41,786,000 | |
Beneficial Owner [Member] | |||
Related Party Transaction [Line Items] | |||
Equity investments in common stock | 3,674,640 | ||
Equity investments in common stock percentage | 6.40% | ||
Collaboration revenue related to agreement | $ 0.5 | $ 0.1 | |
Deferred revenue | 30.2 | $ 30.7 | |
Global development co-funding from Celgene | $ 0.1 | $ 0.5 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Subsequent Event [Member] - USD ($) | 1 Months Ended | |
May. 06, 2016 | Apr. 15, 2016 | |
Common stock to be sold - ATM | $ 50,000,000 | |
Common stock sold - ATM | 0 |