Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2017 | May 01, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2017 | |
Document Fiscal Year Focus | 2,017 | |
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 | 58,358,225 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 64,381 | $ 77,895 |
Marketable securities | 146,774 | 164,297 |
Accounts receivable | 8 | 23 |
Prepaid expenses and other current assets | 8,825 | 6,457 |
Total current assets | 219,988 | 248,672 |
Property and equipment, net | 3,269 | 3,124 |
Restricted cash and other assets | 649 | 645 |
Total Assets | 223,906 | 252,441 |
Current Liabilities: | ||
Accounts payable | 7,345 | 4,994 |
Accrued expenses | 12,430 | 16,007 |
Current portion of capital lease obligation | 580 | 620 |
Other current liabilities | 125 | |
Total current liabilities | 20,480 | 21,621 |
Capital lease obligation, net of current portion | 110 | |
Deferred revenue, net of current portion | 28,809 | 28,809 |
Other long-term liabilities | 96 | 201 |
Commitments and contingencies | ||
Stockholders' Equity: | ||
Common stock $0.0001 par value; 125,000 shares authorized; 58,350 shares and 58,050 shares issued and outstanding, respectively | 6 | 6 |
Additional paid-in capital | 560,919 | 555,473 |
Accumulated other comprehensive loss | (94) | (106) |
Accumulated deficit | (386,310) | (353,673) |
Total stockholders' equity | 174,521 | 201,700 |
Total Liabilities and Stockholders' Equity | $ 223,906 | $ 252,441 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 125,000,000 | 125,000,000 |
Common stock, shares issued | 58,350,000 | 58,050,000 |
Common stock, shares outstanding | 58,350,000 | 58,050,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Income Statement [Abstract] | ||
Collaboration revenue | $ 472 | |
Operating expenses: | ||
Research and development | $ 24,695 | 17,740 |
General and administrative | 8,269 | 5,846 |
Total operating expenses | 32,964 | 23,586 |
Loss from operations | (32,964) | (23,114) |
Other income, net: | ||
Interest income, net | 438 | 220 |
Other income, net | 4 | 15 |
Other income, net | 442 | 235 |
Net loss | (32,522) | (22,879) |
Other comprehensive income: | ||
Unrealized gain on available for sale securities | 12 | |
Comprehensive loss | $ (32,510) | $ (22,879) |
Loss per share allocable to common stockholders: | ||
Basic | $ (0.56) | $ (0.41) |
Diluted | $ (0.56) | $ (0.41) |
Weighted average shares outstanding: | ||
Basic | 58,219 | 55,149 |
Diluted | 58,219 | 55,149 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (32,522) | $ (22,879) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 411 | 389 |
Stock-based compensation | 2,757 | 2,373 |
Amortization of discount on investments | (18) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | 15 | 86 |
Prepaid expenses and other current assets | (2,230) | (990) |
Accounts payable | 1,913 | (2,417) |
Accrued expenses | (3,577) | (1,607) |
Deferred revenue | (472) | |
Restricted cash and other assets | (4) | 117 |
Other liabilities | 20 | (46) |
Net cash used in operating activities | (33,235) | (25,446) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchases of available for sale securities | (40,785) | |
Maturities of available for sale securities | 58,200 | |
Purchases of property and equipment | (118) | (70) |
Net cash provided by (used in) investing activities | 17,297 | (70) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Payment under capital lease obligation | (150) | (135) |
Proceeds from public offering, net of commissions | 1,587 | 130,067 |
Proceeds from stock options exercised | 641 | 141 |
Issuance of shares under employee stock purchase plan | 346 | 150 |
Payment of public offering costs | (374) | |
Net cash provided by financing activities | 2,424 | 129,849 |
Net (decrease) increase in cash and cash equivalents | (13,514) | 104,333 |
Cash and cash equivalents, beginning of period | 77,895 | 208,323 |
Cash and cash equivalents, end of period | 64,381 | $ 312,656 |
SUPPLEMENTAL CASH FLOW INFORMATION: | ||
Purchases of property and equipment unpaid at period end | 438 | |
Unrealized gain on investments | 12 | |
Cumulative catch up related to the adoption of ASU 2016-09 | $ 115 |
Overview
Overview | 3 Months Ended |
Mar. 31, 2017 | |
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 patients with cancer and other diseases. The Company’s lead product candidate, tazemetostat, is a potent and selective inhibitor of EZH2, 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 (“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 8, Collaborations Collaborations Through March 31, 2017, the Company has raised an aggregate of $730.3 million to fund its operations, of which $207.8 million was non-equity The Company commenced active operations in early 2008. Since its inception, the Company has generated an accumulated deficit of $386.3 million through March 31, 2017, 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 clinical trials and preclinical studies, 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, 2017 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The condensed 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 condensed 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 The unaudited condensed consolidated financial statements include the accounts of Epizyme, Inc. 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, 2017 and 2016 are referred to as the first quarter of 2017 and 2016, 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 There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2017, 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”) 2014-09, Revenue From Contracts With Customers 2014-09 Revenue Recognition 2016-10 2016-12, ASU 2014-09. 2014-09 2014-09, In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“Topic 230”) In November 2016, the FASB issued ASU 2016-18, Restricted Cash 2016-18, 2018-18 2016-18 Going Concern At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. The Company’s evaluation entails analyzing prospective operating budgets and forecasts for expectations of the Company’s cash needs, and comparing those needs to the current cash, cash equivalent and marketable security balances. After considering the Company’s current research and development plans and the timing expectations related to the progress of its programs, and after considering its existing cash, cash equivalents and marketable securities as of March 31, 2017, the Company did not identify conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these financial statements were issued. Share-Based Payment As of January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting paid-in-capital |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable Securities | 3. Marketable Securities The following table summarizes the available for sale securities held at March 31, 2017 (in thousands): Description Amortized Cost Unrealized Unrealized Fair Value Commercial paper $ 51,577 $ — $ (21 ) $ 51,556 Corporate notes 76,291 — (69 ) 76,222 U.S. government agency securities and U.S. Treasuries 19,000 — (4 ) 18,996 Total $ 146,868 $ — $ (94 ) $ 146,774 The following table summarizes the available for sale securities held at December 31, 2016 (in thousands): Description Amortized Cost Unrealized Unrealized Fair Value Commercial paper $ 68,407 $ — $ (32 ) $ 68,375 Corporate notes 70,489 — (81 ) 70,408 U.S. government agency securities and U.S. Treasuries 25,507 7 — 25,514 Total $ 164,403 $ 7 $ (113 ) $ 164,297 The amortized cost of available for sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At March 31, 2017, the balance in the Company’s accumulated other comprehensive loss was composed solely of activity related to the Company’s available for sale marketable securities. There were no realized gains or losses recognized on the sale or maturity of available-for-sale The aggregate fair value of available for sale securities held by the Company in an unrealized loss position for less than twelve months as of March 31, 2017 was $137.6 million. The aggregate unrealized loss for those securities in an unrealized loss position for less than twelve months as of March 31, 2017 was $0.1 million. The Company determined that there was no material change in the credit risk of any of its investments. As a result, the Company determined it did not hold any investments with any other-than-temporary impairment as of March 31, 2017. The weighted average maturity of the Company’s portfolio was approximately two months at March 31, 2017. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The Company’s financial instruments as of March 31, 2017 and December 31, 2016 consisted primarily of cash and cash equivalents, marketable securities and accounts receivable and accounts payable. As of March 31, 2017 and December 31, 2016, the Company’s financial assets recognized at fair value consisted of the following: Fair Value as of March 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 55,646 $ 52,396 $ 3,250 $ — Marketable securities: Commercial paper 51,556 — 51,556 — Corporate notes 76,222 — 76,222 — U.S. government agency securities and treasuries 18,996 — 18,996 — Total $ 202,420 $ 52,396 $ 150,024 $ — Fair Value as of December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 62,854 $ 59,862 $ 2,992 $ — Marketable securities: Commercial paper 68,375 — 68,375 — Corporate notes 70,408 — 70,408 — U.S. government agency securities and treasuries 25,514 — 25,514 — Total $ 227,151 $ 59,862 $ 167,289 $ — Cash equivalents and marketable securities have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third-party pricing services or other market observable data. The Company measures its cash equivalents at fair value on a recurring basis. The cash equivalents that the Company classifies within Level 1 of the fair value hierarchy are classified within Level 1 because they are valued using observable inputs that reflect quoted prices for identical assets in active markets. The Company measures its marketable securities at fair value on a recurring basis and classifies those instruments and some cash equivalents within Level 2 of the fair value hierarchy. The pricing services used by management utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine the fair value of marketable securities. |
Supplemental Balance Sheet Info
Supplemental Balance Sheet Information | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Supplemental Balance Sheet Information | 5. Supplemental Balance Sheet Information Accrued expenses consisted of the following: March 31, December 31, (In thousands) Employee compensation and benefits $ 1,725 $ 4,100 Research and development expenses 8,303 10,925 Professional services and other 2,402 982 Accrued expenses $ 12,430 $ 16,007 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The Company did not record a federal or state income tax provision or benefit for the three months ended March 31, 2017 and 2016 due to the expected loss before income taxes to be incurred for the years ended December 31, 2017 and 2016, 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, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies There have been no significant changes to the Company’s commitments and contingencies in the three months ended March 31, 2017, as compared to those disclosed in Note 7, Commitments and Contingencies A $1.5 million payment obligation was incurred in the first quarter of 2017 upon the achievement of a milestone under the companion diagnostic agreement with Roche Molecular Systems, Inc. (“Roche Molecular”). |
Collaborations
Collaborations | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborations | 8. Collaborations Celgene In April 2012, the Company entered into a collaboration and license agreement with Celgene. On July 8, 2015, the Company entered into an amendment and restatement of the collaboration and license agreement with Celgene. Original 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 the DOT1L HMT, including pinometostat, and an option, on a target-by-target 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 has received a $25.0 million clinical development milestone payment and $7.0 million of global development co-funding mid-single mid-teens The Company was obligated to conduct and solely fund research and development costs of the Phase 1 clinical trials for pinometostat. For all remaining DOT1L program development costs, Celgene and the Company were to equally co-fund Amended and Restated Agreement Structure 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 other option rights have been narrowed to small molecule 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 HMT inhibitors targeting 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 Celgene’s option is exercisable at the time of the Company’s investigational new drug application (“IND”) filing for an HMT inhibitor targeting the applicable Option Target, upon the payment by Celgene at such time of a pre-specified • 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 • The Company’s research and development obligations with respect to each Option Target under the amended and restated 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 Under the amended and restated 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 milestones 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 is also eligible to receive royalties on each of the Option Targets as specified in the amended and restated agreement. The Company is also 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. 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 Celgene. Due to the varying stages of development of each target, the Company is not able to determine the next milestone that might be earned, if any. 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 co-fund Collaboration Revenue Through March 31, 2017, the Company has recognized $74.3 million of total collaboration revenue since the inception of the collaboration, including $0.5 million in the three months ended March 31, 2016. No revenue was earned in the three months ended March 31, 2017. The Company recognized total global development co-funding 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 has 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. In addition, in the third quarter of 2016, the Company recognized a $6.0 million clinical milestone following GSK’s initiation of patient dosing in a Phase 1 clinical trial of a PRMT5 inhibitor that was discovered by the Company and licensed to GSK. As of March 31, 2017, the Company was eligible to receive up to $18.0 million in additional preclinical research and development milestone payments, up to $103.0 million in clinical development milestone payments, up to $278.0 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 product-by-licensed Subsequent Events Collaboration Revenue Through March 31, 2017, the Company earned a total of $59.0 million under the GSK agreement, which the Company recognized as collaboration revenue in the condensed consolidated statements of operations and comprehensive loss. No revenue was earned in the three months ended March 31, 2017 or 2016. The Company did not have any deferred revenue related to this agreement as of March 31, 2017 or December 31, 2016 and any future revenues will relate to any milestone payments and royalties received under the agreement, if any. Roche Molecular In December 2012, Eisai and the Company entered into an agreement with Roche Molecular under which Eisai and the Company engaged Roche Molecular to develop a companion diagnostic to identify patients who possess certain activating mutations of EZH2. In October 2013, this agreement was amended to include additional mutations in EZH2. The development costs due under the amended agreement with Roche Molecular were the responsibility of Eisai until the execution of the amended and restated collaboration and license agreement with Eisai in March 2015, at which time the Company assumed responsibility for the remaining development costs due under the agreement. In December 2015, the Company entered into a second amendment to the companion diagnostic agreement with Roche Molecular. As of March 31, 2017, the Company is responsible for the remaining development costs of $12.0 million due under the agreement. The Company expects the remaining development costs under the agreement to be incurred and paid through 2019. Under the agreement with Roche Molecular, Roche Molecular is obligated to use commercially reasonable efforts to develop and to make commercially available the companion diagnostic. Roche Molecular has exclusive rights to commercialize the companion diagnostic. The agreement with Roche Molecular will expire when the Company is no longer developing or commercializing tazemetostat. The Company may terminate the agreement by giving Roche Molecular 90 days’ written notice if the Company discontinues development and commercialization of tazemetostat or determines, in conjunction with Roche Molecular, that the companion diagnostic is not needed for use with tazemetostat. Either the Company or Roche Molecular 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 Molecular may become entitled to specified termination fees. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Total stock-based compensation expense related to stock options, restricted stock units and the employee stock purchase plan was $2.8 million and $2.4 million for the three months ended March 31, 2017 and 2016, respectively. Stock-based compensation expense is classified in the consolidated statements of operations and comprehensive loss as follows: Three Months Ended March 31, 2017 2016 (In thousands) Research and development $ 1,392 $ 1,247 General and administrative 1,365 1,126 Total $ 2,757 $ 2,373 Stock Options The weighted-average grant date fair value of options, estimated as of the grant date using the Black-Scholes option pricing model, was $8.20 and $6.12 per option for those options granted during the three months ended March 31, 2017 and 2016, respectively. Key assumptions used to apply this pricing model were as follows: Three Months Ended March 31, 2017 2016 Risk-free interest rate 1.8 % 1.2 % Expected life of options 6.0 years 6.0 years Expected volatility of underlying stock 74.5 % 78.8 % Expected dividend yield 0.0 % 0.0 % The following is a summary of stock option activity for the three months ended March 31, 2017: Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at December 31, 2016 4,059 $ 14.32 Granted 1,527 12.47 Exercised (104 ) 6.17 Forfeited or expired (296 ) 11.75 Outstanding at March 31, 2017 5,186 $ 14.08 8.4 $ 25,794 Exercisable at March 31, 2017 1,493 $ 17.13 7.0 $ 6,746 As of March 31, 2017, there was $30.2 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 3.0 years. Restricted Stock Units The following is a summary of restricted stock unit activity for the three months ended March 31, 2017: Number of (in thousands) Weighted Outstanding at December 31, 2016 64 $ 12.20 Granted — — Vested (7 ) 12.20 Outstanding at March 31, 2017 57 $ 12.20 As of March 31, 2017, there was $0.7 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 1.9 years. |
Loss Per Share
Loss Per Share | 3 Months Ended |
Mar. 31, 2017 | |
Earnings Per Share [Abstract] | |
Loss Per Share | 10. Loss Per Share Basic and diluted loss per share allocable to common stockholders are computed as follows: Three Months Ended March 31, 2017 2016 (In thousands except per share Net loss $ (32,522 ) $ (22,879 ) Weighted average shares outstanding 58,219 55,149 Basic and diluted loss per share allocable to common stockholders $ (0.56 ) $ (0.41 ) 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, 2017 2016 (In thousands) Stock options 5,186 4,199 Unvested restricted stock units 57 86 Shares issuable under employee stock purchase plan 16 7 5,259 4,292 |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 11. Related Party Transactions Celgene has made a series of equity investments in the Company, owning 3,674,640 shares of common stock representing 6.3% of the Company’s outstanding common stock as of March 31, 2017. Refer to Note 8, Collaborations, |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events | 12. Subsequent Events GSK Milestone In May 2017, pursuant to its collaboration and license agreement with GSK (Note 8), the Company earned a $10.0 million milestone payment from GSK. The milestone payment is the result of GSK’s initiation of good laboratory practices, or GLP, toxicology studies for a first-in-class |
Summary of Significant Accoun18
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed 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 condensed 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 The unaudited condensed consolidated financial statements include the accounts of Epizyme, Inc. 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, 2017 and 2016 are referred to as the first quarter of 2017 and 2016, 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 There have been no material changes to the Company’s significant accounting policies during the three months ended March 31, 2017, 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”) 2014-09, Revenue From Contracts With Customers 2014-09 Revenue Recognition 2016-10 2016-12, ASU 2014-09. 2014-09 2014-09, In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) right-of-use In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“Topic 230”) In November 2016, the FASB issued ASU 2016-18, Restricted Cash 2016-18, 2018-18 2016-18 |
Going Concern | Going Concern At each reporting period, the Company evaluates whether there are conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date that the financial statements are issued. The Company is required to make certain additional disclosures if it concludes substantial doubt exists and it is not alleviated by the Company’s plans or when its plans alleviate substantial doubt about the Company’s ability to continue as a going concern. The Company’s evaluation entails analyzing prospective operating budgets and forecasts for expectations of the Company’s cash needs, and comparing those needs to the current cash, cash equivalent and marketable security balances. After considering the Company’s current research and development plans and the timing expectations related to the progress of its programs, and after considering its existing cash, cash equivalents and marketable securities as of March 31, 2017, the Company did not identify conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern within one year from the date these financial statements were issued. |
Share-Based Payment | Share-Based Payment As of January 1, 2017, the Company adopted ASU 2016-09, Improvements to Employee Share-Based Payment Accounting paid-in-capital |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-Sale Securities Held | The following table summarizes the available for sale securities held at March 31, 2017 (in thousands): Description Amortized Cost Unrealized Unrealized Fair Value Commercial paper $ 51,577 $ — $ (21 ) $ 51,556 Corporate notes 76,291 — (69 ) 76,222 U.S. government agency securities and U.S. Treasuries 19,000 — (4 ) 18,996 Total $ 146,868 $ — $ (94 ) $ 146,774 The following table summarizes the available for sale securities held at December 31, 2016 (in thousands): Description Amortized Cost Unrealized Unrealized Fair Value Commercial paper $ 68,407 $ — $ (32 ) $ 68,375 Corporate notes 70,489 — (81 ) 70,408 U.S. government agency securities and U.S. Treasuries 25,507 7 — 25,514 Total $ 164,403 $ 7 $ (113 ) $ 164,297 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Summary of Company's Financial Assets Recognized at Fair Value | As of March 31, 2017 and December 31, 2016, the Company’s financial assets recognized at fair value consisted of the following: Fair Value as of March 31, 2017 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 55,646 $ 52,396 $ 3,250 $ — Marketable securities: Commercial paper 51,556 — 51,556 — Corporate notes 76,222 — 76,222 — U.S. government agency securities and treasuries 18,996 — 18,996 — Total $ 202,420 $ 52,396 $ 150,024 $ — Fair Value as of December 31, 2016 Total Level 1 Level 2 Level 3 (In thousands) Cash equivalents $ 62,854 $ 59,862 $ 2,992 $ — Marketable securities: Commercial paper 68,375 — 68,375 — Corporate notes 70,408 — 70,408 — U.S. government agency securities and treasuries 25,514 — 25,514 — Total $ 227,151 $ 59,862 $ 167,289 $ — |
Supplemental Balance Sheet In21
Supplemental Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consisted of the following: March 31, December 31, (In thousands) Employee compensation and benefits $ 1,725 $ 4,100 Research and development expenses 8,303 10,925 Professional services and other 2,402 982 Accrued expenses $ 12,430 $ 16,007 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 (In thousands) Research and development $ 1,392 $ 1,247 General and administrative 1,365 1,126 Total $ 2,757 $ 2,373 |
Assumptions Used in Applying Pricing Model | Key assumptions used to apply this pricing model were as follows: Three Months Ended March 31, 2017 2016 Risk-free interest rate 1.8 % 1.2 % Expected life of options 6.0 years 6.0 years Expected volatility of underlying stock 74.5 % 78.8 % 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, 2017: Number of Weighted Weighted Aggregate (In thousands) (In years) (In thousands) Outstanding at December 31, 2016 4,059 $ 14.32 Granted 1,527 12.47 Exercised (104 ) 6.17 Forfeited or expired (296 ) 11.75 Outstanding at March 31, 2017 5,186 $ 14.08 8.4 $ 25,794 Exercisable at March 31, 2017 1,493 $ 17.13 7.0 $ 6,746 |
Summary of Restricted Stock Activity | The following is a summary of restricted stock unit activity for the three months ended March 31, 2017: Number of (in thousands) Weighted Outstanding at December 31, 2016 64 $ 12.20 Granted — — Vested (7 ) 12.20 Outstanding at March 31, 2017 57 $ 12.20 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2017 | |
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, 2017 2016 (In thousands except per share Net loss $ (32,522 ) $ (22,879 ) Weighted average shares outstanding 58,219 55,149 Basic and diluted loss per share allocable to common stockholders $ (0.56 ) $ (0.41 ) |
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, 2017 2016 (In thousands) Stock options 5,186 4,199 Unvested restricted stock units 57 86 Shares issuable under employee stock purchase plan 16 7 5,259 4,292 |
Overview - Additional Informati
Overview - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Dec. 31, 2016 | |
Basis Of Presentation [Line Items] | ||
Proceeds from sale of redeemable convertible preferred stock | $ 76,000 | |
Initial public offering completion date | 2013-05 | |
Cash, cash equivalents, and marketable securities | $ 211,200 | |
Accumulated deficit | (386,310) | $ (353,673) |
Collaborative Arrangement [Member] | ||
Basis Of Presentation [Line Items] | ||
Aggregate fund, amount | 730,300 | |
Non-equity funding through collaboration agreement | 207,800 | |
IPO [Member] | ||
Basis Of Presentation [Line Items] | ||
Sale of common stock in public offering | 446,500 | |
Proceeds from sale of redeemable convertible preferred stock | $ 1,600 |
Summary of Significant Accoun25
Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Accounting Policies [Abstract] | |
Change in amount of valuation allowance and deferred tax asset | $ 25.7 |
Amount charged to retained earnings | $ 0.1 |
Marketable Securities - Summary
Marketable Securities - Summary of Available-for-Sale Securities Held (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities Held, Amortized Cost | $ 146,868 | $ 164,403 |
Available-For-Sale Securities Held, Unrealized Gains | 7 | |
Available-For-Sale Securities Held, Unrealized Losses | (94) | (113) |
Available-For-Sale Securities Held, Fair Value | 146,774 | 164,297 |
Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities Held, Amortized Cost | 51,577 | 68,407 |
Available-For-Sale Securities Held, Unrealized Losses | (21) | (32) |
Available-For-Sale Securities Held, Fair Value | 51,556 | 68,375 |
Corporate Notes [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities Held, Amortized Cost | 76,291 | 70,489 |
Available-For-Sale Securities Held, Unrealized Losses | (69) | (81) |
Available-For-Sale Securities Held, Fair Value | 76,222 | 70,408 |
U.S. Government Agency Securities and Treasuries [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-For-Sale Securities Held, Amortized Cost | 19,000 | 25,507 |
Available-For-Sale Securities Held, Unrealized Gains | 7 | |
Available-For-Sale Securities Held, Unrealized Losses | (4) | |
Available-For-Sale Securities Held, Fair Value | $ 18,996 | $ 25,514 |
Marketable Securities - Additio
Marketable Securities - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Investments, Debt and Equity Securities [Abstract] | |
Realized gains (losses) recognized on sale of marketable equity securities | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, Less than Twelve Months, Fair Value | 137,600,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Aggregate Loss | $ 100,000 |
Weighted average maturity period | 2 months |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Company's Financial Assets Recognized at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cash equivalents | $ 55,646 | $ 62,854 |
Total | 202,420 | 227,151 |
Commercial Paper [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Marketable securities | 51,556 | 68,375 |
Corporate Notes [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Marketable securities | 76,222 | 70,408 |
U.S. Government Agency Securities and Treasuries [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Marketable securities | 18,996 | 25,514 |
Level 1 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cash equivalents | 52,396 | 59,862 |
Total | 52,396 | 59,862 |
Level 2 [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Cash equivalents | 3,250 | 2,992 |
Total | 150,024 | 167,289 |
Level 2 [Member] | Commercial Paper [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Marketable securities | 51,556 | 68,375 |
Level 2 [Member] | Corporate Notes [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Marketable securities | 76,222 | 70,408 |
Level 2 [Member] | U.S. Government Agency Securities and Treasuries [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Marketable securities | $ 18,996 | $ 25,514 |
Supplemental Balance Sheet In29
Supplemental Balance Sheet Information - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2017 | Dec. 31, 2016 |
Accrued Liabilities, Current [Abstract] | ||
Employee compensation and benefits | $ 1,725 | $ 4,100 |
Research and development expenses | 8,303 | 10,925 |
Professional services and other | 2,402 | 982 |
Accrued expenses | $ 12,430 | $ 16,007 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
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, 2017USD ($) | |
Roche [Member] | |
Other Commitments [Line Items] | |
Payment obligation incurred | $ 1.5 |
Collaborations - Additional Inf
Collaborations - Additional Information (Detail) | Jul. 08, 2015OptionTargets | May 31, 2017USD ($) | Mar. 31, 2014USD ($) | Mar. 31, 2017USD ($) | Sep. 30, 2016USD ($) | Mar. 31, 2016USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2016USD ($) | Mar. 31, 2016USD ($) | Mar. 31, 2017USD ($) |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Collaboration revenue | $ 472,000 | |||||||||
Roche [Member] | ||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Notice period in days | 90 days | |||||||||
DOT1L [Member] | ||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Clinical development milestone payment | $ 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 | ||||||||
Celgene [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 | 68,000,000 | |||||||||
Clinical development milestone achieved | 25,000,000 | |||||||||
Global development co-funding | 100,000 | 100,000 | 7,000,000 | |||||||
Number of option targets | OptionTargets | 3 | |||||||||
Collaboration revenue | 0 | 500,000 | $ 74,300,000 | |||||||
Deferred revenue | 28,800,000 | 28,800,000 | $ 28,800,000 | 28,800,000 | ||||||
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] | DOT1L [Member] | ||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Clinical development milestone payment | 35,000,000 | |||||||||
Additional milestone payments | 100,000,000 | |||||||||
Celgene [Member] | Available Targets [Member] | ||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Additional milestone payments | 100,000,000 | |||||||||
Additional payments | 65,000,000 | |||||||||
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] | ||||||||||
Additional milestone payments | 365,000,000 | 365,000,000 | ||||||||
Development milestone and license payments associated with the Option Targets | 75,000,000 | |||||||||
Sales-based milestone payments | 170,000,000 | 170,000,000 | ||||||||
GSK [Member] | ||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Upfront payment recorded | $ 3,000,000 | $ 20,000,000 | ||||||||
Clinical development milestone achieved | $ 6,000,000 | |||||||||
Clinical development milestone payment | 103,000,000 | 103,000,000 | ||||||||
Additional milestone payments | 278,000,000 | 278,000,000 | ||||||||
Sales-based milestone payments | 218,000,000 | 218,000,000 | ||||||||
Collaboration revenue | 0 | $ 0 | ||||||||
Deferred revenue | 0 | $ 0 | 0 | |||||||
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 | 59,000,000 | |||||||||
GSK [Member] | Subsequent Event [Member] | ||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Milestone payments received | $ 10,000,000 | |||||||||
Collaborative Arrangement [Member] | Roche [Member] | ||||||||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||||||||
Remaining unpaid milestone payments | $ 12,000,000 | $ 12,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense related to stock options and restricted stock | $ 2,757 | $ 2,373 |
Weighted-average fair value of options granted | $ 8.20 | $ 6.12 |
Unrecognized compensation cost related to restricted stock | $ 30,200 | |
Expected weighted average remaining vesting period for recognized cost | 3 years | |
Unvested Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unrecognized compensation cost related to restricted stock | $ 700 | |
Expected weighted average remaining vesting period for recognized cost | 1 year 10 months 24 days |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 2,757 | $ 2,373 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | 1,392 | 1,247 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Share-based compensation expense | $ 1,365 | $ 1,126 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used in Applying Pricing Model (Detail) - Employee Stock Option [Member] | 3 Months Ended | |
Mar. 31, 2017 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk-free interest rate | 1.80% | 1.20% |
Expected life of options | 6 years | 6 years |
Expected volatility of underlying stock | 74.50% | 78.80% |
Expected dividend yield | 0.00% | 0.00% |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock Option Activity (Detail) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Number of Options, Outstanding, Beginning balance | shares | 4,059 |
Number of Options, Granted | shares | 1,527 |
Number of Options, Exercised | shares | (104) |
Number of Options, Forfeited or expired | shares | (296) |
Number of Options, Outstanding, Ending balance | shares | 5,186 |
Number of Options, Exercisable | shares | 1,493 |
Weighted Average Exercise Price per Share, Outstanding, Beginning balance | $ / shares | $ 14.32 |
Weighted Average Exercise Price per Share, Granted | $ / shares | 12.47 |
Weighted Average Exercise Price per Share, Exercised | $ / shares | 6.17 |
Weighted Average Exercise Price per Share, Forfeited or expired | $ / shares | 11.75 |
Weighted Average Exercise Price per Share, Outstanding, Ending balance | $ / shares | 14.08 |
Weighted Average Exercise Price per Share, Exercisable | $ / shares | $ 17.13 |
Weighted Average Remaining Contractual Term (In Years), Outstanding | 8 years 4 months 24 days |
Weighted Average Remaining Contractual Term (In Years), Exercisable | 7 years |
Aggregate Intrinsic Value, Outstanding | $ | $ 25,794 |
Aggregate Intrinsic Value, Exercisable | $ | $ 6,746 |
Stock-Based Compensation - Su37
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) - Unvested Restricted Stock Units [Member] shares in Thousands | 3 Months Ended |
Mar. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Units, Outstanding, Beginning balance | shares | 64 |
Number of Units, Granted | shares | 0 |
Number of Units, Vested | shares | (7) |
Number of Units, Outstanding, Ending balance | shares | 57 |
Weighted Average Grant Date Fair Value per Unit, Beginning balance | $ / shares | $ 12.20 |
Weighted Average Grant Date Fair Value per Unit, Granted | $ / shares | 0 |
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, 2017 | Mar. 31, 2016 | |
Earnings Per Share [Abstract] | ||
Net loss | $ (32,522) | $ (22,879) |
Weighted average shares outstanding | 58,219 | 55,149 |
Basic and diluted loss per share allocable to common stockholders | $ (0.56) | $ (0.41) |
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, 2017 | Mar. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from the calculation of diluted loss per share | 5,259 | 4,292 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Common stock equivalents excluded from the calculation of diluted loss per share | 5,186 | 4,199 |
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 | 57 | 86 |
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 | 16 | 7 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - shares | Mar. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Equity investments in common stock | 58,350,000 | 58,050,000 |
Beneficial Owner [Member] | ||
Related Party Transaction [Line Items] | ||
Equity investments in common stock | 3,674,640 | |
Equity investments in outstanding common stock percentage | 6.30% |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | 1 Months Ended |
May 31, 2017USD ($) | |
Subsequent Event [Member] | GSK [Member] | |
Subsequent Event [Line Items] | |
Milestone payment received | $ 10 |